These actual & backtested results were generated by the implementation of Smart Portfolios Dynamic Portfolio Optimization ("DPO") technology. The DPO technology was applied to a pre-selected universe of exchange­traded funds. The actual results portrayed are for customer accounts selected to be typical in performance and size. The performance and statistical data set forth in this summary are believed to be reliable, but have not been audited. Past performance is no guarantee of future results, and there can be no assurance that the investments signaled by Smart Portfolios technology, or selected by the underlying fund managers, will result in comparable returns. These results include trading costs and commissions charged to the accounts but do not include management fees. The results include the reinvestment of all dividends and/or interest paid to the accounts, and would necessarily be lower without such reinvestment. Two common market indices are included for performance comparison: S&P 500 and NASDAQ, as well as a custom Composite Benchmark Index that we feel may be more comparable to the fund´s typical investments.

*The Composite Index is currently made up of three unmanaged benchmarks, weighted: 35% Russell 3000 Index, 35% MSCI World Index ex U.S. and 30% Barclays Capital U.S. Aggregate Bond Index

Description of Indices:
The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The MSCI World is a stock market index includes a collection of stocks of all the developed markets in the world, as defined by MSCI. This index includes securities from 23 countries, and has been calculated since 1969. The index is calculated without dividends, with net or with gross dividends reinvested, in both US dollars and local currencies. The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years. Indices are unmanaged and one cannot invest directly in an index.

Important Risk Information
An investment in the Portfolio involves risks, including the possible loss of principal. The rate of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost.

The Portfolio will allocate investments among multiple ETF asset classes including: U.S. equities, fixed income, real estate and international equities. Asset allocation does not assure a profit or protect against down markets. The stocks of smaller companies may be subject to above-average market-price fluctuations. There are specific risks associated with international investing, such as currency fluctuations, foreign taxation, differences in financial reporting practices, and rapid changes in political and economic conditions. Real estate investments may be subject to specific risks, such as risks related to general and local economic conditions and risks related to individual properties. Fixed income securities are subject to interest rate risk, prepayment risk and market risk.