Indexed Aggressive Portfolio

Prepared for

Client NameJul 17, 2020

Prepared: Jul 17, 2020

Positions

Indexed Aggressive MSCI All World

Weight (%) Value ($) Weight (%) Value ($)

SPDR® Port S&P 1500 Comps Stk Mkt ETF SPTM 40 40,000 - -

SPDR® Portfolio Developed Wld ex-US ETF SPDW 25 25,000 - -

SPDR® Portfolio Emerging Markets ETF SPEM 15 15,000 - -

iShares Core US REIT ETF USRT 10 10,000 - -

SPDR® Portfolio Aggregate Bond ETF SPAB 5 5,000 - -

iShares 0-5 Year TIPS Bond ETF STIP 5 5,000 - -

iShares MSCI ACWI ETF ACWI - - 100 100,000

Cash - - - - -

As of Jun 30, 2020 100 100,000 100 100,000

Cash comprises money market accounts and funds.

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Allocation

Indexed Aggressive MSCI All World

Weight (%) Weight (%)

US stocks large cap 34.4 48.1

US stocks mid cap 11.9 8.2

US stocks small cap 3.3 -

Non US stocks 39.8 42.9

Unclassified stocks 0.2 0.3

US bonds investment grade 4.4 -

US bonds high yield - -

US bonds inflation protected 4.5 -

Non US bonds 0.4 -

Unclassified bonds - -

Alternative - -

Cash & equivalents 1 0.5

Other 0.1 -

100 100

Stocks 89.7 99.5

Bonds 9.3 -

Cash & equivalents 1 0.5

Other 0.1 -

100 100

Cash & equivalents comprises money market holdings, and fixed-income securities with maturity of less than 90 days.Alternative comprises commodity, precious metals and alternative funds.

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Stocks Analysis

Regions

0-5 5-20 20-50 >50% 0-5 5-20 20-50 >50%

Indexed Aggressive MSCI All World

North America 57.9 59.7

Latin America 1.5 1

Europe Developed 14.5 17.5

Europe Emerging 1 0.6

Africa/Middle east 1.7 1.1

Japan 6.8 7

Australasia 1.7 1.9

Asia Developed 4.8 4.3

Asia Emerging 10.1 6.8

100 100

Percentage of portfolio analyzed 89.7 99.5

Values are based on the percentage of portfolio analyzed.

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Performance

Return10%

Risk25%

-5%0

Return10%

Risk20%0

Return10%

Risk15%0

Return10%

Risk15%0

1 year 3 years 5 years 10 years (1)

Annualized Total Return

Indexed Aggressive -1.2% 3.8% 4.7% 7.5%MSCI All World 2.1% 6.2% 6.7% 9.3%Barclays US Aggregate Bond Index 8.7% 5.3% 4.3% 3.8%

Risk (standard deviation)

Indexed Aggressive 19.7% 14.7% 13% 12.6%MSCI All World 21% 16.1% 14.3% 14.2%Barclays US Aggregate Bond Index 3.7% 3.3% 3.1% 2.9%

Alpha

Indexed Aggressive -7.6% -5.1% -4.3% -4.5%MSCI All World -4.8% -3.5% -3.1% -4.2%Barclays US Aggregate Bond Index 7.4% 3.7% 3.3% 3.6%

Beta

Indexed Aggressive 0.88 0.84 0.85 0.90MSCI All World 0.94 0.93 0.94 1.01Barclays US Aggregate Bond Index 0.02 -0.00 -0.01 -0.02

Sharpe ratio

Indexed Aggressive -0.03 0.22 0.33 0.59MSCI All World 0.14 0.36 0.45 0.66Barclays US Aggregate Bond Index 1.99 1.12 1.04 1.10

Maximum drawdown

Indexed Aggressive -31.6% -31.6% -31.6% -31.6%MSCI All World -33.5% -33.5% -33.5% -33.5%Barclays US Aggregate Bond Index -6.3% -6.3% -6.3% -6.3%

Distribution rate: Indexed Aggressive: 2.51% MSCI All World: 2.11%

(1) Assets backfilled in portfolio Indexed Aggressive: STIP before 12/01/10 with Barclays US Aggregate Bond Index

Dividends: Indexed Aggressive: reinvested; MSCI All World: reinvested; Barclays US Aggregate Bond Index: reinvested

Simulation: Yearly rebalance

Advisory Fees (annual): Indexed Aggressive: 1.25%; MSCI All World: None; Barclays US Aggregate Bond Index: None

The benchmark used to calculate alpha, beta is: S&P 500 Index TR

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Performance

Cumulative returns 10y

Periodic returns 10y

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Performance

Cumulative returns Ytd

Cumulative returns Ytd

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Stress Test

Past performance for historical scenarios

Tech bubble (2000-2001): Deflating of the dot-com bubble caused a prolonged decrease in equity prices.

WTC attack (2001): Terrorist attack disrupted trading in the US markets and triggered a sell-off.

Subprime crisis (2008-2009): A rise in subprime mortgage delinquencies led to a financial crisis and recession.

Debt ceiling crisis (2011): Political deadlock in Congress prevents budget decisions and raises the possibility of USdebt default. The US is downgraded by rating agency S&P.

CoronaVirus (2020): Virus infection spreads worldwide, threatening to slow down the global economy

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Correlations

Indexed Aggressive

SPAB SPDW SPEM SPTM STIP USRTSPAB 1SPDW 0 1SPEM 0.03 0.92 1SPTM 0.02 0.93 0.82 1STIP 0.52 0.7 0.71 0.68 1USRT 0.27 0.8 0.73 0.81 0.76 1

MSCI All World

ACWIACWI 1

Correlation is the extent to which the values of different types of investments move in tandem with one another inresponse to changing economic and market conditions. Correlation is a measure on a scale of -1 to +1. Investmentswith a correlation of +0.5 or more tend to rise and fall in value at the same time. Investments with a negativecorrelation of -0.5 to -1 are more likely to gain or lose value in opposing cycles.

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Funds Expense

Indexed Aggressive

Average net expense ratio: 0.05%; Portfolio net expense ratio: 0.05%

Symbol Net expense ratio Weight Net annualFund in portfolio expense (*)

SPDR® Portfolio Emerging Markets ETF SPEM 0.11% 15% 17

SPDR® Port S&P 1500 Comps Stk Mkt ETF SPTM 0.03% 40% 12

SPDR® Portfolio Developed Wld ex-US ETF SPDW 0.04% 25% 10

iShares Core US REIT ETF USRT 0.08% 10% 8

iShares 0-5 Year TIPS Bond ETF STIP 0.06% 5% 3

SPDR® Portfolio Aggregate Bond ETF SPAB 0.04% 5% 2

100% 51

(*) in $, based on portfolio value of $100,000.

MSCI All WorldAverage net expense ratio: 0.32%; Portfolio net expense ratio: 0.32%

Symbol Net expense ratio Weight Net annualFund in portfolio expense (*)

iShares MSCI ACWI ETF ACWI 0.32% 100% 320

100% 320

(*) in $, based on portfolio value of $100,000.

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IMPORTANT DISCLOSURE INFORMATION Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that

future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended in this article)

will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. No portion of the

content should be construed as an offer or solicitation for the purchase or sale of any security. References to specific securities, investment programs or

funds are for illustrative purposes only and are not intended to be, and should not be interpreted as recommendations to purchase or sell such securities.

To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is

encouraged to consult with the professional advisors of his/her choosing.

Hypothetical Presentations: To the extent that any portion of the content reflects hypothetical results that were achieved by means of the retroactive

application of a back-tested model, such results have inherent limitations, including: (1) the model results do not reflect the results of actual trading using

client assets, but were achieved by means of the retroactive application of the referenced models, certain aspects of which may have been designed with

the benefit of hindsight; (2) back-tested performance may not reflect the impact that any material market or economic factors might have had on the

adviser’s use of the model if the model had been used during the period to actually mange client assets; and, (3) HBW’s clients may have experienced

investment results during the corresponding time periods that were materially different from those portrayed in the model.

References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations

to purchase or sell such securities. The author or HBW Advisory Services LLC (HBW) may or may not own or have owned the securities referenced and if

such securities are owned, no representation is being made that such securities will continue to be held. Maximum Annual Fee: 1.25%

Definitions

Alpha: the excess return of the investment over the benchmark, after adjusting for risk. A positive value implies that the investment has performed better

than expected, relatively to its risk. The benchmark used for alpha calculation in this report is the S&P500 Index Total Return.

Backfill: for investments with an inception date that is later than the beginning of the reporting period, the returns of a similar investment are used to fill the

missing data, when indicated. For example, a mutual fund class with long history can be used to backfill the history of another class that has a recent

inception date.

Beta: the volatility of the investment compared to the volatility of the benchmark. A value lower than 1 indicates that the investment is less volatile than the

benchmark. A value greater than 1 indicates a higher volatility. The benchmark used for beta calculation in this report is the S&P500 Index Total Return.

Cash and equivalents: short term, high credit quality and highly liquid investments such as money market funds. Correlation: a measure of association

between two investments. A positive value indicates that the investments tend to move up and down at the same time. A negative value indicates that the

investments tend to move in opposite directions. The maximum value is 1; the minimum value is -1.

Expense ratio: for investment funds, the expense ratio as reported in the fund's prospectus.

Information ratio: A risk-adjusted measure which captures excess or active returns and relates them to excess or active risk. The higher the information

ratio, the better.

Maximum drawdown: the largest percent retrenchment from an investment's peak value to the investment’s valley value for a given period.

Risk (Standard Deviation): a measure of dispersion of returns around their historical average. The higher the standard deviation, the more widely the

investment's returns vary over time.

Sharpe ratio: compares the investment return against the risk-free return (US Treasury Bill), after adjusting for risk. The greater the Sharpe ratio, the better

its risk-adjusted performance.

Sortino ratio: a modification of the Sharpe ratio, using downside deviation for the risk adjustment instead of standard deviation. The downside deviation only

considers periods of negative returns.

Yield 12-month: the sum of distributions from the asset(s) over 12 trailing months, divided by the current market price of the asset(s).

Yield SEC: for fixed income investments, the annualized yield based on the 30-day period ending on the last day of previous month

Asset allocation data ©2020 Morningstar. All rights reserved. The asset allocation data contained herein: (1) is proprietary to Morningstar and/or its content

providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers

are responsible for any damages or losses arising from any use of this information.

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