Strategist Model Disclaimer — For Professional Use Only

Please note: This report may not include returns for all strategies, as OPS relies upon strategist returns when a given strategy does not contain active accounts on the OPS platform. In such a case, if the strategist has not provided returns by the publication date of this report, a result of “NA” will be displayed. OPS may publish updated versions of this report as additional strategists provide returns after the original publication.

Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment in the fund(s) will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost. The current performance for the strategies illustrated may be higher or lower than the performance data quoted. Performance data and other information contained herein is unaudited and based on information that is deemed to be reliable. OPS creates a composite return of underlying active accounts within a given strategy. Prior to February 1, 2021 active accounts were included in a strategist model based on a beginning value of $25,000. Beginning February 1, 2021 that criteria was changed to accounts having a beginning and ending value of $10,000. In certain circumstances, accounts below $10,000 may be included if deemed to be representative of a strategist’s management. Accounts may be removed from consideration based on large cash flows, timing of investment, or other client-directed actions. OPS may also exclude accounts based on the direction of the strategist.

Returns presented are composite returns when available. When there are no active accounts, OPS will utilize returns provided by strategists. Likewise, strategists may provide historic returns for periods prior to launching on the OPS platform. OPS will utilize composite returns for any periods available. If neither composite nor strategist-provided returns are available for an entire time period, a result of “NA” will be displayed. Returns provided by strategist may not reflect the actual investment results of any individual account. In addition, such results may not reflect the impact that material economic and market factors might have had if accounts had actually been managed by the strategist for the entire period portrayed. A complete list of all fees and model start dates is available upon request. Inception date listed represents the earliest performance available either from the strategist, or OPS composite construction.

¹ Prior to 8/31/2022, certain Stock and ETF models were subject to a trading fee of up to 0.20%.

Risk Scoring of Model Portfolios: The model portfolios are subject to a risk scoring methodology. The risk scoring methodology examines factors such as: total risk; risk relative to a benchmark; market risk; and the relationship between risk and return. To the extent available, ten years historical monthly return data is utilized (weekly return data over the previous year). If ten years of historical performance is unavailable for a strategy, a risk-adjusted return is constructed based on a cluster of securities with similar investment objectives. These security clusters are maintained by a third-party firm. Risk scoring may vary over time.

Sharpe Ratio, Beta, and Correlation statistics are based on monthly returns. The S&P 500 Index is the benchmark used for Beta and Correlation. Estimated Yield is measured by utilizing the 12-month yield of the current holdings within each model. Yield experienced may vary based on trades placed, market environment, cash flows and other factors.

*This information has been compiled by Orion Portfolio Solutions,™ LLC, to represent Risk/Return Profiles from Capital Preservation to Growth. Benchmark holdings are rebalanced on a quarterly calendar basis.

*Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.