Alternative ETF List

Benchmark: S&P 500 Quality Index

Issuer: PowerShares

Focus: Invests in companies that focus on highest quality stocks based on three fundamental variables, return on equity, accruals ratio and financial leverage ratio.

Holdings: Top weighted holdings as of May 1, 2016 included JNJ, GILD, HD, PG and IBM.

Issuer: PowerShares

Benchmark: S&P Quality Developed ex US Index

Focus: Selects holdings based on highest quality score derived from three fundamental factors- return on equity (ROE), the accruals ratio and the Financial Leverage ratio.

Holdings: Top holdings as of May 1, 2016 included Nestle SA, Roche Holding AG, Novo Nordisk A/S, Novartis AG and British American Tobacco PLC.

Issuer: iShares

Benchmark: MSCI USA Sector Neutral Quality Index

Focus: Invests in high quality stocks based on three fundamental factors- return on equity, earnings variability and debt-to-equity.

Holdings: Recent top holdings included Johnson & Johnson, Microsoft, PepsiCo, Apple, and Exxon Mobil.

Issuer: iShares

Benchmark: MSCI World ex USA Sector Neutral Quality Index

Focus: Invests in higher-quality international, developed stocks based on three fundamental factors-return on equity, earnings variability and debt-to-equity.

Holdings: Recent top holdings included Roche Holdings, Novo Nordisk, Nestle, Royal Dutch Shell and AIA Group.

Issuer: PowerShares

Symbol: PHDG

Benchmark: S&P 500 Dynamic VEQTOR Index

Focus: Actively-managed fund that rotates asset allocation between equity, cash and volatility. May help manage risk since not directly correlated to markets and can take advantage of downside market moves.

Holdings: Recently held S&P 500 index futures, CBOE Volatility Index Futures as well as Apple, Microsoft and Exxon Mobil.

Issuer: Wisdom Tree

Benchmark: Wisdom Tree Diversified Trend Indicator

Focus: Attempts to achieve positive total return in rising and falling markets utilizing various asset classes in one fund. This non-correlation to traditional equity portfolio may reduce risk to a portfolio.

Holdings: Recent large holdings from their website included U.S. Treasury Bills, Japanese yen forward contracts, soybean futures, U.S. 10-Year Treasury note futures and a short natural gas futures contract.

Issuer: ProShares

Benchmark: FTSE RAFI US 1000 Long/Short Total Return Index

Focus: Equal dollar amounts to long and short positions. Goes long the RAFI 1000 US Index (fundamentally weighted) and shorts the Russell 1000 (market cap weighted).

Holdings: Recent large holdings included Exxon Mobil, Chevron, JP Morgan, AT&T and General Electric.

Issuer: Janus/Velocity Shares

Benchmark: Velocity Shares Tail Risk Hedged Large Cap Index

Focus: Uses VIX futures to help hedge an equity portfolio. Comprised of 85% S&P 500 index ETFs and 15% exposure to volatility components to hedge against market declines. Rebalances monthly. Uses both long and short volatility futures.

Holdings: Recent top holdings included SPY, IVV, VOO and VIX futures.

Issuer: Advisor Shares (managed by Commerce Asset Management)

Benchmark: HFRI Equity Hedge Total Index

Focus: Actively managed long/short equity strategy which seeks investment results that beat the risk adjusted returns of at least 50% of the long/short equity hedge funds.

Holdings: Recent substantial holdings included cash and equivalents, short positions on Japanese yen, short position in Russell 1000 Value ETF, short position in Pound Sterling.

Symbol: QEH

Issuer: Wisdom Tree

Focus: A dynamic long-short fund, DYLS seeks to go long roughly 100, fundamentally attractive large and mid cap stocks while going short the 500 largest U.S. companies by market capitalization as a hedge.

Top Holdings: Recent long holdings included CH Robinson Worldwide, Spectra Energy, Clorox and Kimco Realty.

Expense Ratio: 0.53%

Issuer: IQ Hedge

Benchmark: IQ Hedge Long/Short Index

Focus: Seeks low correlation to equity markets by implementing a long/short strategy.

Holdings: As of Q1 2016, QLS had a large position (40% weighting) in PowerShares Senior Loan Portfolio, BKLN. Also included 20% of LQD (investment grade corporate bond ETF) and 13% of IWO. Short positions were various small cap ETFs.

Total Operating Expenses: 1.1%

Issuer: REX Shares

Benchmark: S&P 500 Dynamic Gold Hedged Index

Focus: Invests in the S&P 500 though the Vanguard S&P 500 ETF (VOO) and E-mini futures. Then goes long near-dated gold futures contracts in an attempt to hedge against a decline in the home currency (US dollar).

Expense Ratio: 0.48%

Issuer: REX Shares

Benchmark: FTSE Emerging Gold Overlay Index

Focus: Invests in emerging market equities through VWO and also goes long near dated gold futures contracts to hedge the different emerging market currencies represented in the VWO (South African rand, Mexican peso, Brazilian real, etc).

Expense Ratio: 0.65%

Issuer: Advisor Shares

Focus: Short sells domestic equities it perceives as having low earnings quality or aggressive accounting techniques.

Holdings: Recent large short positions included Cerner, GrubHub, CarMax, Lending Club and Alibaba.

Benchmark: Barclays Rate Hedged U.S. Aggregate Bond Index, Negative Five Year Duration

Focus: Uses a combination of both long bond positions and short bond futures positions to create a bond portfolio with reduced interest rate risk.

Holdings: Recent large holdings included Fannie Mae mortgage securities, U.S. Treasury notes, investment grade corporate bonds and short CME Ultra 10-year Note futures.

Issuer: Wisdom Tree

Benchmark: Wisdom Tree Dynamic Long U.S. Equity Index and Wisdom Tree Dynamic Short U.S. Equity Index.

Focus: Invests in roughly 100 companies with high quality fundamental factors while selling short the 500 companies with the largest market capitalizations. Hedge ratio is 75%.

Holdings: Recent top holdings included Cirrus Logic, Mednax, CH Robinson Worldwide, Kimco Realty and Spectra Energy.