Prior to an ETF's inception date, all performance numbers are created using the underlying corresponding index data. The hypothetical returns have been developed by Dorsey, Wright & Associates ("DWA"), but have not been verified by any third party and are unaudited. The performance prior to inception was achieved by means of retroactive application of a model designed with hindsight. For the hypothetical strategy, returns do not present actual trading or reflect the impact that material economic and market factors might have had on the ETF under actual circumstances. Actual performance of the ETF following an index may differ from the performance of the hypothetical returns for the following reasons: not all stocks / ETFs / mutual funds in the Account may be weighted exactly as the index, fees are not taken into consideration. Past performance, hypothetical or actual, does not guarantee future results. In all securities trading there is a potential for loss as well as profit. It should not be assumed that recommendations made in the future will be profitable or will equal the performance as shown. Performance has been prepared without regard to any particular investor's investment objectives, financial situation, and needs. Accordingly, investors should not act on any recommendation (express or implied) or information in this report without obtaining specific advice from their financial advisors and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. However, such information has not been verified by DWA and DWA makes no representations or warranties or takes any responsibility as to the accuracy or completeness of any recommendation or information contained herein. DWA accepts no liability to the recipient whatsoever whether in contract, in tort, for negligence, or otherwise for any direct or consequential (even if foreseeable) loss of any kind arising out of the use of this document or its contents or of the recipient's relying on any such recommendation or information (except insofar as any statutory liability cannot be excluded). Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation or an offer to buy any securities or commodities mentioned herein. DWA or its officers, directors, analysts or employees may have positions in securities or commodities referred to on this website. No logo, graphic, sound or image from any AllETF content may be copied or retransmitted unless expressly permitted by Dorsey, Wright & Associates, Inc.