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Performance Information & Disclosures

Composite Performance Disclosure

The performance data herein represents past performance and does not guarantee future results. Investment performance fluctuates over time and units may be worth less than their original cost when redeemed. Performance current to the most recent month end may be lower or higher than the performance quoted.

This illustration of Composite Performance is calculated by using the average daily performance of the daily outstanding units, of all outstanding series, within the referenced UIT strategy, and within the referenced time period.

All time periods for the cumulative and average annual return assume distributions received in cash and recognized on the ex-dividend date during the life of the unit investment trust.

For Reinvest distribution option, all distributions are reinvested into the trust on the reinvestment date for each separate distribution using the liquidation price (also known as the reinvestment price) as the price per unit in the reinvestment calculation.

Advisory Performance is calculated excluding all Initial or Deferred Sales Charges for each unit investment trust series but does reflect the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

Brokerage Performance is calculated including all Initial or Deferred Sales Charges, the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

The performance calculations do not adjust for taxes. If adjusted for taxes, the effects of taxation would reduce the performance depicted.

Connection Performance Disclosure

The performance data herein represents past performance and does not guarantee future results. Investment performance fluctuates over time and units may be worth less than their original cost when sold or redeemed. Performance current to the most recent month end may be lower or higher than the performance quoted.

This illustration of Connection Performance considers the Rollover process whereby a unit investment trust is held until termination. Due to the dynamics of the Rollover process this calculation prioritizes rollovers into the next most applicable series within the referenced UIT strategy as available. For purposes of the Connection Performance calculation, rollover order of priority is as follows:

1. Calculate the rollover into the series that comes to market the same day on the next business day. If such series does not exist, then:

2. Calculate the rollover into the series that comes to market the next business day on the next business day, if such series does not exist, then:

3. Calculate the rollover into the series that deposits within the next 10 business days on the initial offer date, if such series does not exist then:

4. Calculate the rollover into the current primary series on the next business day. If there was not such a series, no Connection Performance will be calculated.

All time periods for the cumulative and average annual return recognize distributions on the ex-dividend date during the life of the unit investment trust.

For Cash distribution option, all distributions are reinvested at the time of purchase into the following series utilized in the historical chain of the strategy.

For Reinvest distribution option, all distributions are reinvested into the trust on the reinvestment date for each separate distribution using the liquidation price (also known as the reinvestment price) as the price per unit in the reinvestment calculation.

Advisory Performance is calculated excluding all Initial or Deferred Sales Charges for each unit investment trust series but does reflect the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

Brokerage Performance is calculated including all Initial or Deferred Sales Charges, the Creation & Development Fee and trust Operating Expenses as incurred for each unit investment trust series.

The performance calculations do not adjust for taxes. If adjusted for taxes, the effects of taxation would reduce the performance depicted.

The sponsor determines whether a subsequent series of any given unit investment trust will be issued at the same schedule or into the future. The connection performance formula is based on historical availability of the specific unit investment trusts series noted herein and may not continue at the same schedule or into the future. There is no guarantee that the connection performance calculated herein will continue into the future.

Per Series Performance Disclosure

The performance data herein represents past performance and does not guarantee future results. Investment performance fluctuates over time and units may be worth less than their original cost when sold or redeemed. Performance current to the most recent month end may be lower or higher than the performance quoted.

All time periods for the cumulative and average annual return recognize distributions on the ex-dividend date during the life of the unit investment trust.

For Reinvest distribution option, all distributions are reinvested into the trust on the reinvestment date for each separate distribution using the liquidation price (also known as the reinvestment price) as the price per unit in the reinvestment calculation.

Advisory Performance is calculated excluding all Initial or Deferred Sales Charges but does reflect the Creation & Development Fee and trust Operating Expenses as incurred.

Brokerage Performance is calculated including all Initial or Deferred Sales Charges, the Creation & Development Fee and trust Operating Expenses as incurred.

The performance calculations do not adjust for taxes. If adjusted for taxes, the effects of taxation would reduce the performance depicted.

The above Per Series Performance & Risk Metrics will not generate unless there is a minimum of 10 trading days.

Distributions and Expenses Disclosure

There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution and historical 12-month distribution rates of the securities included in the trust are for illustrative purposes only and are not indicative of the trust's distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve-month distributions paid by the securities included in the portfolio. The historical 12-month distribution rate at Public Offering Price is calculated by dividing the historical 12-month distributions by the trust's Public Offering Price. The historical 12-month distribution rate at Advisory Account Price is calculated by dividing the historical 12-month distributions by the trust's Advisory Account Price.

The historical 12-month distribution and rate are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit and rates paid by the trust may be higher or lower than the amounts shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital.

AdFi UIT Score**™**

The AdFi UIT Score is a transparent and objective investment rating system used to evaluate unit investment trust (UIT) strategies.  It assists financial professionals demonstrate a prudent investment selection and monitoring process of UIT strategies in a fashion that all clients can easily understand by using scoring metrics and visual displays.

The AdFi UIT Score is an investment rating system that helps quickly identify specific UIT strategies that may merit continued research and analysis. It also simplifies the ongoing monitoring process by highlighting strategies that show potential deficiencies.

The score evaluates UIT strategies on different criteria across a spectrum of quantitative data points to determine a minimum fiduciary standard of attention is being endured. The criteria consist of regulatory oversight, track record, expense ratio/ fees relative to peers, risk-adjusted performance relative to peers, and performance relative to peers.

The score is a snap-shot report on a selected UIT strategy. It is a valuable tool for investment decision-makers to identify and monitor UITs as a part of their due diligence process. The AdFi UIT Score represents an objective means of evaluating UIT strategies according to set criteria and is not intended, nor should it be used as, the only source of information for reaching an investment decision.

Calculating the AdFi UIT Score

The AdFi UIT Score is a peer percent ranking of a UIT strategy against a set of quantitative due diligence criteria selected to exhibit prudent fiduciary management. The AdFi UIT Score is calculated on a daily basis for UITs utilizing the composite performance, brokerage expenses, and reinvested dividends . Only UIT strategies with a one-year history receive a score.

Calculation Process

  • Each UIT strategy is evaluated against a set of factors and thresholds.
  • If a UIT strategy fails one of the factors or thresholds, points are allotted.
  • Next, the points are totaled and the total for each UIT strategy is ordered from lowest to highest within each peer group.
  • Each UIT strategy is then given a percentile ranking based on its placement in the distribution of their peer group.

UIT strategies with 0 points are automatically given an AdFi UIT Score of 0. Every other UIT strategy is then given a Score of 1-100, representing their percent ranking based on its placement in the distribution of their peer group.

The minimum track record criterion states that a UIT strategy must have one year of history before the AdFi UIT Score can be calculated. Once that threshold has been passed, the AdFi UIT Score will be presented and the historical record will begin to accrue.

AdFi UIT Score Criteria

The following factors and thresholds are used in the AdFi UIT Score calculation.

Regulatory Oversight
  • The UIT must be a U.S. Registered Investment company and regulated by The Investment Company Act of 1940.
Minimum Track Record
  • The UIT strategy must have at least 1-year of history to be scored. Strategies with less than a 1-year history are excluded from the score calculations.
Expense Ratios/Fees Relative to Peers
  • The primary UIT series fees should not be in the bottom quartile of their peer group. The rating utilizes the total annualized sales charges & operating expenses.
  • 15 points if the total annualized sales charges & operating expenses are in the 4th quartile.
Risk-adjusted Performance Relative to Peers
  • The UIT strategy risk-adjusted composite performance (calculated using Sharpe ratio and alpha) should be above the peer group median manager's risk-adjusted performance.
  • 5 points if the risk-adjusted performance is in the 3rd quartile, 10 points if the risk-adjusted performance is in the 4th quartile.
Performance Relative to Peers
  • The UIT strategy composite performance should be above the peer group's median manager return for 1-, 3-, and 5-year cumulative periods.
    • 1-Year: 5 points if in 3rd quartile, 10 points if in 4th quartile
    • 3-Year: 10 points if in 3rd quartile, 15 points in in 4th quartile
    • 5-Year: 15 points if in 3rd quartile, 20 points if in 4th quartile.

If the UIT strategy has does not have enough history for 3 or 5-year metrics, the preceding 1-year or 3-year percentile is used in its place. Applies to risk-adjusted performance and cumulative performance metrics.

AdFi UIT Score Range

The AdFi UIT Score chart provides a visual representation of the UIT score. The following thresholds provide the user with an easy-to-view assessment of the UIT strategy.

AdFi Chart

Benchmark Disclosures

The performance of the benchmark index or indices are historical and assume reinvestment of all dividends and capital gains distributions and does not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. Indices are unmanaged composites, and it is not possible to invest directly in an index. The historical performance of the index or indices are shown for illustrative purposes only; it is not meant to forecast, imply or guarantee the future performance of any particular investment, which will vary.  We make no assurance that any investment product based on an index will accurately track index performance or provide positive investment returns.

Nasdaq US Select Index Family Methodology

The Nasdaq US Select Index Family is comprised of United States (US) securities comprised from the NASDAQ US Benchmark Index and broken into three size categories by market capitalization headcount of large, mid and small cap. Each category will be based on float adjusted, market capitalization rank with large ranking from 1 to 500, mid from 501 to 1100 and small from 1101 to 1800.

  • The Nasdaq US 500 Large Cap Index includes securities ranked from 1 to 500 by float market capitalization of the NASDAQ US Benchmark Index (NQUSB).
  • The Nasdaq US 600 Mid Cap Index includes securities that are ranked from 501 to 1100 by float market capitalization of the NASDAQ US Benchmark Index (NQUSB).
  • The Nasdaq US 700 Small Cap Index includes securities ranked from 1101 to 1800 by float market capitalization of the NASDAQ US Benchmark Index (NQUSB).

The NASDAQ US 1500 Index includes up to the 1500 largest securities in the NASDAQ US Small Cap Index, NASDAQ US Mid Cap Index, and US Large Cap Index.

The NASDAQ Developed Markets Index is a float adjusted market capitalization-weighted index that includes securities in countries which are designated as Developed Markets.

The NASDAQ DM Ex United States Index is a float adjusted market capitalization-weighted index designed to track the performance of securities in countries, excluding the United States, which are designated as Developed Markets.

The NASDAQ International Dividend Achievers™ Index is comprised of non-US incorporated securities with at least five consecutive years of increasing regular dividend payments.

The NASDAQ US Broad Dividend Achievers® Index is comprised of US accepted securities with at least ten consecutive years of increasing annual regular dividend payments.

The Nasdaq US High Equity Income Index selects stocks from the Nasdaq US Benchmark Index based on factors such as liquidity, dividend yield and other quality screens. The Index is comprised of six sub-portfolios, each of which is rebalanced and reconstituted semi-annually.

The NASDAQ US Multi-Asset Diversified Income Index is designed to provide exposure to multiple asset segments, each selected to result in a consistent and high yield for the index. The Index is comprised of securities classified as US equities, US Real-Estate Investment Trusts (REITs), US preferred securities, US master-limited partnerships (MLPs) and a high-yield corporate debt Exchange-Traded Fund (ETF).

The Nasdaq US Multi-Asset REIT Index is designed to provide exposure to US REITs, which have been selected to result in consistent and high yield performance.

The NASDAQ US Preferred Security Index is designed to track the preferred security segment of the United States (US) market.

The ISE ETF 50 Index is designed to a select group of 50 track Exchange Trade Funds (ETFs) issued in the United States (U.S.).

The ISE ETF Composite Index is designed to track Exchange Trade Funds (ETFs issued in the United States (U.S.).

The Dow Jones Industrial Average (DJIA), also known as the Dow 30, is a stock market index that tracks 30 large, publicly-owned blue chip companies trading on the New York Stock Exchange (NYSE) and the NASDAQ. The Dow Jones Industrial Average represents 30 large and well-known U.S. companies covering all industries with the exception of transportation and utilities. Stocks are selected by editors of The Wall Street Journal. The index is price weighted.

The S&P BDC Index is designed to track leading business development companies that trade on major U.S. exchanges. The index is a float adjusted, capitalization-weighted Index that is intended to measure the performance of all Business Development Companies that are listed on the New York Stock Exchange or NASDAQ and satisfy specified market capitalization and other eligibility requirements.

The S&P Global Developed Aggregate Ex-Collateralized Bond Index seeks to track the performance of investment-grade debt publicly issued by sovereign, quasi-government, and investment-grade corporate entities, excluding collateralized/securitized bonds.

The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.

The S&P U.S. Aggregate Bond Index is designed to measure the performance of publicly issued U.S. dollar denominated investment-grade debt. The index is part of the S&P Aggregate Bond Index family and includes U.S. treasuries, quasi-governments, corporates, taxable municipal bonds, foreign agency, supranational, federal agency, and non-U.S. debentures, covered bonds, and residential mortgage pass-throughs.

The S-Network Composite Closed-End Fund Index (TICKER: CEFX) is a fund index designed to serve as a benchmark for closed-end funds listed in the US that principally engage in asset management processes seeking to produce taxable annual yield. The CEFX employs a modified net assets weighting methodology designed to assure accurate investment exposure across the various style segments that together comprise the taxable yield sector of the closed-end fund market. The CEFX is divided into three main closed-end fund sectors: a) Investment Grade Fixed Income Closed-End Funds; b) High-Yield Fixed Income Closed-End Funds; and c) Option Income Closed-End Funds.

The S-Network Municipal Bond Closed-End Fund Index (TICKER: CEFMX) is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the US that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The CEFMX employs a modified total net assets weighting methodology designed to assure accurate investment exposure across the various business segments that together comprise the federally taxexempt annual yield sector of the closed-end fund market. The CEFMX is divided into four main closed-end fund sectors: a) Leveraged Municipal Fixed Income Closed-End Funds; b) Unleveraged Municipal Fixed Income Closed-End Funds; c) Leveraged High Yield Municipal Fixed Income Closed-End Funds; and d) Unleveraged High Yield Municipal Fixed Income Closed-End Funds.

The S-Network CEF Bank Loan/Limited Duration Index is designed to provide an effective and diversified measure of Closed-End Funds specializing in Senior Bank Debt and Limited Duration Fixed Income Instruments.