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Exchange-traded products (ETPs) are derivatively-priced securities that trade on a national stock exchange. Types of ETPs include closed-end funds, ETFs, exchange-traded notes and exchange-traded derivative contracts. Index ETFs are passively managed and seek to track a market index, before fees and expenses, and their performance may diverge from the ETF’s underlying index. An index is a statistical composite of a specified financial market or sector; an index does not actually hold a portfolio of securities. ETFs do not attempt to outperform during rising markets or take defensive positions during declining markets. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level of trading activity, but there can be no assurance that a liquid market will be maintained for ETF shares. ETFs trade like stocks and are subject to market volatility. They are bought and sold throughout the trading day on an exchange, fluctuate in market value and may trade at prices above or below the ETF’s net asset value. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. ETFs are not actively managed and are subject to risks including those regarding short selling and margin maintenance requirements. ETF expenses will reduce returns. All ETFs are subject to risk, including possible loss of principal. ETF entail risks similar to direct stock ownership, including market, sector or industry risks. Additional risks include supply and demand, tracking error and excessive trading. Since an ETF’s share price is determined by market supply and demand forces, investors may purchase shares at a premium or discount to their net asset value. Investments in common equity ETFs are subject to systematic risk of a declining economy, any industry specific risk, and have a low priority in terms of recovery of assets in the event of a company’s liquidation. Fixed income ETFs are subject to credit risk and interest rate risk, and their value will normally decline as interest rates rise. ETFs are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

ETFs, like all registered investment companies, are obliged to distribute portfolio gains to shareholders at year’s end regardless of performance. Tax consequences will vary by individual taxpayer. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, EMA recommends consultation with a qualified tax advisor, CPA or financial planner. There are risks involved in investing in ETFs, including the possible loss of money invested. ETFs involve risks for investors, including market risk, supply and demand, tracking error and excessive trading. Since an ETF’s share price is determined by market supply and demand forces, investors may purchase shares at a premium or discount to their net asset value. Investments in common equity ETFs are subject to systematic risk of a declining economy, any industry specific risk, and have a low priority in terms of recovery of assets in the event of a company’s liquidation.

Past performance is not indicative of future results, and there can be no assurance, and clients should not assume, that future performance of any managed portfolios of Efficient Market Advisors, a Business of Cantor Fitzgerald Investments Advisers, L.P. (collectively, “EMA”) will be comparable to their past performance. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For current month-end performance figures, please contact EMA at (888) 327-4600.

EMA constructs investment portfolios using Exchange-Traded Funds (ETFs). Founded in 2004 for the sole purpose of managing ETF based separate accounts, EMA serves high net-worth investors, trusts, foundations, retirement plans and institutions. EMA has one of the longest pure-ETF investment track records in the investment management industry. EMA utilizes proprietary and third-party research to construct ETF portfolios that offer investors highly-diversified asset class exposure that is transparent, liquid, low-cost and tax-efficient. EMA’s mission is to deliver superior investment returns over full market cycles through the implementation of propriety asset allocation processes. Asset allocation and diversification strategies do not protect against market risk or loss of principal. Neither do they assure a profit nor do they protect against losses in declining markets. Investments in managed portfolios have additional management fees and expose the investor to the risks inherent within the portfolio and the specific risks of the underlying funds directly proportionate to their fund allocation. Investing involves risk, including the loss of principal. Investment returns, particularly over shorter time periods, are highly dependent on trends in the various investment markets. Investors should consider the investment objectives, risks, charges and expenses of the underlying funds that make up the managed portfolios carefully before investing.