Performance: Tracking Portfolios

Tracking Portfolio Performance

For the performance of hedged portfolios created since June of 2017 and tracked in real time, see below. Returns for the hedged portfolios are net of hedging costs and net of trading costs. Click on a date to view an interactive chart.

In June of 2022, we updated the way we select our top names, by adding a new factor. That will start impacting 6-month performance shown in this table after January 24th, 2023, but we will post interim performance on our blog before then.

Portfolios Hedged Against > 2.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
October 4, 2018	1.71%	-1.49%	0.25%
January 10, 2019	1.85%	2.78%	16.42%
April 4, 2019	0.81%	3.04%	3.47%
April 11, 2019	0.73%	3.52%	3.78%
April 25, 2019	0.53%	1.97%	4.25%
May 2, 2019	0.52%	2.60%	6.14%
May 9, 2019	0.80%	4.38%	8.80%
May 23, 2019	0.74%	4.63%	11.27%
May 30, 2019	0.98%	3.00%	13.72%
July 11, 2019	1.36%	3.69%	9.86%
July 18, 2019	1.24%	3.11%	12.14%
July 25, 2019	2.10%	2.86%	10.64%
August 1, 2019	1.33%	1.53%	10.16%
August 8, 2019	1.78%	1.21%	14.22%
August 15, 2019	1.19%	1.22%	19.74%
August 22, 2019	1.79%	1.28%	15.15%
August 29, 2019	1.85%	0.67%	2.23%
September 5, 2019	1.91%	1.74%	2.55%
September 12, 2019	1.80%	0.90%	-16.86%
September 29, 2019	0.73%	-0.39%	-13.26%
October 3, 2019	1.07%	0.20%	-13.60%
October 10, 2019	0.81%	1.04%	-4.08%
November 7, 2019	2.41%	-0.15%	-5.62%
December 5, 2019	1.07%	1.66%	3.48%
December 12, 2019	1.07%	2.11%	-3.01%
December 19, 2019	1.07%	2.47%	-2.33%
December 27, 2019	0.90%	3.00%	-6.08%
January 9, 2020	0.74%	2.10%	-2.74%
February 27, 2020	1.72%	0.66%	18.32%
March 5, 2020	0.96%	1.94%	14.46%
March 12, 2020	0.65%	1.48%	36.07%
March 19, 2020	0.59%	0.10%	39.50%
March 26, 2020	0.53%	0.52%	26.92%
April 2, 2020	0.33%	1.34%	33.69%
April 9, 2020	0.23%	1.40%	25.74%
April 16, 2020	0.34%	1.82%	25.49%
April 23, 2020	0.46%	1.91%	24.95%
May 1, 2020	1.30%	2.60%	16.45%
May 7, 2020	0.60%	1.50%	22.75%
May 14, 2020	0.34%	0.93%	26.73%
May 21, 2020	0.43%	1.26%	21.52%
May 28, 2020	0.44%	1.83%	21.05%
June 4, 2020	0.45%	2.15%	19.79%
June 11, 2020	0.91%	3.52%	22.89%
June 19, 2020	0.51%	2.73%	20.61%
June 25, 2020	0.31%	1.90%	21.06%
July 2, 2020	0.39%	1.11%	20.74%
July 9, 2020	0.48%	1.50%	22.29%
July 16, 2020	0.42%	0.89%	18.09%
July 23, 2020	0.45%	0.55%	19.54%
July 30, 2020	0.77%	0.99%	15.19%
August 6, 2020	0.53%	0.28%	16.93%
August 13, 2020	0.67%	0.52%	17.54%
August 20, 2020	1.06%	-0.51%	16.26%
August 27, 2020	1.43%	-0.28%	10.11%
September 3, 2020	1.49%	-0.96%	11.35%
September 10, 2020	1.22%	-0.72%	17.65%
September 17, 2020	0.16%	-0.43%	19.28%
September 24, 2020	0.31%	-0.28%	20.70%
October 2, 2020	0.24%	-0.13%	20.91%
October 8, 2020	0.22%	-0.58%	19.73%
October 15, 2020	0.12%	-0.78%	20.58%
October 22, 2020	0.18%	-0.77%	20.54%
October 29, 2020	0.23%	-0.68%	28.26%
November 5, 2020	1.39%	0.30%	19.60%
November 12, 2020	1.32%	0.27%	15.65%
November 19, 2020	1.34%	0.35%	15.71%
November 25, 2020	2.28%	0.51%	16.20%
December 3, 2020	0.60%	-0.05%	15.07%
December 10, 2020	0.41%	-0.19%	16.38%
December 17, 2020	1.35%	-0.79%	14.22%
December 24, 2020	0.41%	-1.22%	15.96%
December 31, 2020	0.25%	-1.17%	15.25%
January 7, 2021	0.32%	-0.33%	15.36%
January 14, 2021	0.47%	0.12%	16.03%
January 21, 2021	2.36%	-0.79%	13.84%
January 28, 2021	1.57%	-0.65%	16.97%
February 4, 2021	0.58%	-0.04%	14.42%
February 11, 2021	0.57%	-0.24%	14.33%
February 18, 2021	0.82%	-0.40%	13.15%
February 25, 2021	0.45%	0.87%	18.19%
March 4, 2021	0.32%	-0.53%	21.07%
March 11, 2021	0.63%	0.26%	13.94%
March 18, 2021	0.60%	0.51%	13.86%
March 25, 2021	0.76%	0.52%	14.66%
April 1, 2021	1.09%	0.11%	9.11%
April 15, 2021	0.72%	-0.54%	7.92%
April 22, 2021	2.24%	-0.44%	10.63%
May 13, 2021	0.52%	0.04%	14.64%
May 20, 2021	0.40%	-0.19%	13.65%
May 27, 2021	0.51%	-1.08%	10.18%
June 3, 2021	0.42%	-0.09%	8.98%
June 10, 2021	1.06%	-1.31%	11.86%
June 17, 2021	1.13%	-0.94%	10.09%
June 24, 2021	0.96%	0.17%	11.46%
July 1, 2021	0.70%	0.08%	11.10%
July 8, 2021	0.83%	-0.40%	8.90%
July 15, 2021	0.93%	-0.67%	7.62%
July 22, 2021	0.48%	-0.68%	1.26%
July 29, 2021	1.61%	-0.68%	0.98%
August 5, 2021	0.55%	0.44%	2.26%
August 12, 2021	0.54%	0.00%	-0.37%
August 19, 2021	0.29%	0.74%	-0.61%
September 9, 2021	1.27%	0.02%	-4.16%
September 16, 2021	1.64%	-0.07%	-1.92%
September 23, 2021	0.28%	-0.58%	0.80%
September 30, 2021	1.70%	-0.47%	7.60%
October 7, 2021	0.13%	-0.91%	2.98%
October 14, 2021	0.11%	-0.51%	-0.41%
October 21, 2021	0.94%	-0.82%	-2.78%
October 28, 2021	0.08%	-0.69%	-6.04%
November 6, 2021	0.15%	-0.79%	-11.62%
November 11, 2021	0.67%	-0.17%	-14.75%
November 18, 2021	2.05%	-0.57%	-16.02%
November 24, 2021	1.02%	-0.13%	-15.54%
December 2, 2021	0.37%	-0.09%	-8.14%
December 9, 2021	0.36%	-0.91%	-13.35%
December 16, 2021	0.70%	-1.02%	-20.87%
December 23, 2021	1.03%	-1.06%	-19.07%
December 30, 2021	0.40%	-0.89%	-20.19%
January 6, 2022	1.99%	-0.36%	-17.49%
January 13, 2022	0.89%	-1.76%	-17.85%
January 20, 2022	1.74%	-0.49%	-10.98%
January 27, 2022	0.51%	-0.52%	-6.32%
February 3, 2022	1.15%	-1.14%	-6.51%
February 10, 2022	0.90%	-2.01%	-5.84%
February 17, 2022	0.53%	-2.28%	-1.66%
March 3, 2022	0.42%	-2.31%	-9.31%
March 10, 2022	0.46%	-1.67%	-3.73%
March 17, 2022	0.57%	-1.55%	-11.57%
March 24, 2022	1.43%	-1.81%	-17.63%
March 31, 2022	0.65%	-1.03%	-20.25%
April 7, 2022	1.48%	-0.91%	-18.47%
April 14, 2022	1.01%	-1.35%	-17.62%
April 21, 2022	1.32%	-0.47%	-13.83%
April 28, 2022	1.30%	0.20%	-8.30%
May 5, 2022	1.19%	-0.34%	-8.28%
May 12, 2022	1.19%	-0.14%	2.43%
May 20, 2022	1.21%	-0.49%	2.50%
May 26, 2022	1.25%	0.11%	0.11%
June 2, 2022	1.75%	-0.64%	-1.69%
June 11, 2022	1.41%	1.06%	1.75%
June 16, 2022	0.57%	0.20%	5.42%
June 23, 2022	1.23%	1.12%	1.70%
June 30, 2022	0.98%	1.57%	1.79%
July 7, 2022	1.07%	2.34%	0.18%
July 14, 2022	0.81%	1.16%	6.38%
July 21, 2022	1.15%	2.42%	0.14%
Average	0.90%	0.37%	6.93%

Portfolios Hedged Against > 3.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
May 2, 2019	0.98%	2.45%	6.14%
May 9, 2019	0.95%	3.06%	8.80%
August 1, 2019	1.43%	1.83%	10.16%
August 15, 2019	1.60%	0.24%	19.74%
August 22, 2019	1.61%	0.82%	15.15%
August 29, 2019	1.61%	1.34%	2.23%
September 5, 2019	1.83%	3.12%	2.55%
September 12, 2019	2.08%	1.87%	-16.86%
September 29, 2019	1.00%	1.55%	-13.26%
October 3, 2019	1.04%	2.14%	-13.60%
November 7, 2019	2.20%	1.50%	-5.62%
December 5, 2019	1.26%	3.26%	3.48%
December 12, 2019	1.13%	3.23%	-3.01%
December 19, 2019	1.79%	2.55%	-2.33%
December 27, 2019	2.31%	3.40%	-6.08%
January 9, 2020	0.77%	2.05%	-2.74%
January 16, 2020	0.74%	2.97%	-2.03%
February 27, 2020	1.73%	1.40%	18.32%
March 5, 2020	0.86%	1.24%	14.46%
March 12, 2020	0.40%	1.79%	36.07%
March 19, 2020	0.37%	0.47%	39.50%
March 26, 2020	0.95%	2.18%	26.92%
April 2, 2020	0.61%	2.13%	33.69%
April 9, 2020	0.49%	1.43%	25.74%
April 16, 2020	0.34%	0.72%	25.49%
April 23, 2020	0.42%	1.39%	24.95%
May 1, 2020	0.47%	1.01%	16.45%
May 7, 2020	1.21%	0.69%	22.75%
May 14, 2020	0.88%	1.26%	26.73%
May 21, 2020	0.87%	0.76%	21.52%
May 28, 2020	0.92%	1.50%	21.05%
June 4, 2020	0.77%	0.71%	19.79%
June 11, 2020	1.31%	2.85%	22.89%
June 19, 2020	0.58%	0.69%	20.61%
June 25, 2020	0.67%	0.86%	21.06%
July 2, 2020	0.75%	0.74%	20.74%
July 9, 2020	0.80%	0.15%	22.29%
July 16, 2020	0.69%	-0.48%	18.09%
July 23, 2020	0.66%	0.63%	19.54%
July 30, 2020	0.61%	0.34%	15.19%
August 6, 2020	0.87%	-0.94%	16.93%
August 13, 2020	0.54%	0.72%	17.54%
August 20, 2020	1.10%	-0.83%	16.26%
August 27, 2020	2.01%	-0.85%	10.11%
September 3, 2020	1.60%	0.09%	11.35%
September 10, 2020	1.45%	-0.47%	17.65%
September 17, 2020	0.56%	-0.69%	19.28%
September 24, 2020	0.33%	-0.74%	20.70%
October 2, 2020	0.41%	-0.74%	20.91%
October 8, 2020	0.44%	-0.72%	19.73%
October 15, 2020	0.40%	-0.70%	20.58%
October 22, 2020	0.42%	0.03%	20.54%
October 29, 2020	0.85%	0.11%	28.26%
November 5, 2020	1.36%	-0.28%	19.60%
November 12, 2020	1.28%	1.30%	15.65%
November 19, 2020	1.34%	0.59%	15.71%
November 25, 2020	2.33%	0.94%	16.20%
December 3, 2020	0.65%	-0.41%	15.07%
December 10, 2020	1.26%	0.12%	16.38%
December 17, 2020	3.51%	2.43%	14.22%
December 24, 2020	0.68%	-0.59%	15.96%
December 31, 2020	1.56%	-1.54%	15.25%
January 7, 2021	1.16%	-1.17%	15.36%
January 14, 2021	1.49%	2.30%	16.03%
January 21, 2021	3.83%	0.14%	13.84%
January 28, 2021	1.93%	-0.37%	16.97%
February 4, 2021	4.88%	-0.37%	14.42%
February 11, 2021	0.44%	0.05%	14.33%
February 18, 2021	0.56%	-0.43%	13.15%
February 25, 2021	0.56%	1.21%	18.19%
March 4, 2021	0.60%	-0.14%	21.07%
March 11, 2021	0.69%	0.24%	13.94%
March 18, 2021	0.68%	-0.23%	13.86%
March 25, 2021	0.84%	0.03%	14.66%
April 1, 2021	0.93%	-0.15%	9.11%
April 8, 2021	0.60%	-0.52%	7.89%
April 15, 2021	1.00%	-0.21%	7.92%
April 22, 2021	2.10%	0.90%	10.63%
May 13, 2021	1.33%	-0.10%	14.64%
May 20, 2021	1.46%	-1.42%	13.65%
May 27, 2021	0.67%	-2.19%	10.18%
June 3, 2021	0.78%	-1.30%	8.98%
June 10, 2021	1.38%	-1.22%	11.86%
June 17, 2021	1.32%	0.18%	10.09%
June 24, 2021	0.74%	-0.24%	11.46%
July 1, 2021	3.03%	-0.72%	11.10%
July 8, 2021	0.68%	0.23%	8.90%
July 15, 2021	0.89%	-0.56%	7.62%
July 22, 2021	1.19%	-2.55%	1.26%
July 29, 2021	2.36%	-0.92%	0.98%
August 5, 2021	0.63%	-1.75%	2.26%
August 12, 2021	2.55%	-1.29%	-0.37%
August 19, 2021	2.76%	0.02%	-0.61%
September 9, 2021	2.67%	-0.30%	-4.16%
September 16, 2021	1.88%	-0.53%	-1.92%
September 23, 2021	0.68%	-1.51%	0.80%
September 30, 2021	0.70%	-0.65%	7.60%
October 7, 2021	1.04%	-0.31%	2.98%
October 14, 2021	0.90%	-0.99%	-0.41%
October 21, 2021	0.48%	-0.56%	-2.78%
October 28, 2021	0.31%	-0.46%	-6.04%
November 6, 2021	0.77%	0.50%	-11.62%
November 11, 2021	1.63%	-1.42%	-14.75%
November 18, 2021	2.64%	-0.86%	-16.02%
November 24, 2021	1.31%	-0.63%	-15.54%
December 2, 2021	1.27%	-0.89%	-8.14%
December 9, 2021	1.23%	-2.05%	-13.35%
December 16, 2021	1.22%	-0.57%	-20.87%
December 23, 2021	1.14%	-0.25%	-19.07%
December 30, 2021	1.34%	-0.78%	-20.19%
January 6, 2022	2.19%	-1.01%	-17.49%
January 13, 2022	2.05%	-2.03%	-17.85%
January 20, 2022	2.24%	-1.31%	-10.98%
January 27, 2022	2.20%	-0.77%	-6.32%
February 3, 2022	1.89%	-1.89%	-6.51%
February 17, 2022	1.27%	-2.24%	-1.66%
February 24, 2022	1.00%	-2.79%	-2.70%
March 3, 2022	1.23%	-1.36%	-9.31%
March 10, 2022	1.32%	-1.47%	-3.73%
March 17, 2022	1.27%	-1.06%	-11.57%
March 24, 2022	2.01%	-3.01%	-17.63%
March 31, 2022	1.99%	-0.53%	-20.25%
April 7, 2022	2.81%	-1.34%	-18.47%
April 14, 2022	2.34%	-1.73%	-17.62%
April 21, 2022	2.38%	-0.76%	-13.83%
April 28, 2022	2.63%	-1.50%	-8.30%
May 5, 2022	1.15%	-0.47%	-8.28%
May 12, 2022	1.11%	-0.57%	2.43%
May 20, 2022	1.32%	0.43%	2.50%
May 26, 2022	1.69%	0.41%	0.11%
June 2, 2022	1.64%	-0.16%	-1.69%
June 11, 2022	1.22%	-0.07%	1.75%
June 16, 2022	0.50%	0.16%	5.42%
June 30, 2022	1.18%	1.03%	1.79%
July 7, 2022	1.28%	-0.63%	0.18%
July 14, 2022	1.35%	0.30%	6.38%
July 21, 2022	0.87%	2.68%	0.14%
Average	1.29%	0.09%	6.84%

Portfolios Hedged Against > 4.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
May 9, 2019	1.36%	2.03%	8.80%
May 30, 2019	1.29%	5.70%	13.72%
July 11, 2019	2.30%	3.72%	9.86%
July 25, 2019	1.78%	3.68%	10.64%
August 1, 2019	2.54%	2.55%	10.16%
August 8, 2019	2.22%	1.75%	14.22%
August 15, 2019	1.32%	0.36%	19.74%
August 22, 2019	2.15%	3.07%	15.15%
August 29, 2019	1.91%	1.73%	2.23%
September 5, 2019	1.77%	4.19%	2.55%
September 12, 2019	1.67%	2.71%	-16.86%
September 29, 2019	0.95%	1.88%	-13.26%
October 3, 2019	1.28%	-0.13%	-13.60%
October 10, 2019	1.04%	1.98%	-4.08%
October 17, 2019	1.06%	4.30%	-3.16%
October 24, 2019	1.15%	1.97%	-4.75%
October 31, 2019	1.29%	9.84%	-3.18%
November 7, 2019	3.05%	3.88%	-5.62%
November 14, 2019	0.95%	9.23%	-6.92%
November 21, 2019	1.32%	8.56%	-3.91%
November 28, 2019	1.90%	8.46%	-2.90%
December 5, 2019	1.28%	5.23%	3.48%
December 12, 2019	1.16%	6.86%	-3.01%
December 19, 2019	1.64%	-0.72%	-2.33%
December 27, 2019	2.03%	-0.12%	-6.08%
January 2, 2020	1.71%	-0.48%	-2.87%
January 9, 2020	1.03%	-0.63%	-2.74%
January 23, 2020	1.14%	0.06%	-1.61%
February 6, 2020	1.28%	-0.32%	1.17%
February 13, 2020	1.28%	-0.64%	0.99%
February 20, 2020	1.28%	-0.27%	1.46%
February 27, 2020	1.99%	2.76%	18.32%
March 5, 2020	0.97%	1.83%	14.46%
March 12, 2020	0.73%	1.70%	36.07%
March 19, 2020	0.38%	1.16%	39.50%
March 26, 2020	0.60%	1.80%	26.92%
April 2, 2020	0.64%	2.42%	33.69%
April 9, 2020	0.52%	0.62%	25.74%
April 16, 2020	0.86%	-0.31%	25.49%
April 23, 2020	0.34%	0.59%	24.95%
May 1, 2020	0.68%	0.69%	16.45%
May 7, 2020	1.45%	-0.30%	22.75%
May 14, 2020	0.85%	-1.11%	26.73%
May 21, 2020	0.83%	0.05%	21.52%
May 28, 2020	0.87%	0.86%	21.05%
June 4, 2020	0.85%	0.91%	19.79%
June 11, 2020	1.15%	2.57%	22.89%
June 19, 2020	0.87%	0.12%	20.61%
June 25, 2020	1.05%	1.25%	21.06%
July 2, 2020	0.90%	1.90%	20.74%
July 9, 2020	0.85%	-0.42%	22.29%
July 16, 2020	0.65%	0.45%	18.09%
July 23, 2020	0.92%	-1.92%	19.54%
July 30, 2020	0.86%	0.33%	15.19%
August 6, 2020	0.89%	-0.91%	16.93%
August 13, 2020	0.79%	0.09%	17.54%
August 20, 2020	0.73%	0.00%	16.26%
August 27, 2020	2.11%	-0.60%	10.11%
September 3, 2020	0.84%	-0.15%	11.35%
September 10, 2020	1.46%	-0.63%	17.65%
September 17, 2020	1.09%	-0.94%	19.28%
September 24, 2020	1.45%	-0.11%	20.70%
October 2, 2020	0.58%	-0.41%	20.91%
October 8, 2020	0.63%	-0.72%	19.73%
October 15, 2020	0.49%	-0.67%	20.58%
October 22, 2020	0.65%	-0.31%	20.54%
October 29, 2020	0.97%	-0.03%	28.26%
November 5, 2020	0.52%	0.12%	19.60%
November 12, 2020	1.32%	1.40%	15.65%
November 19, 2020	1.42%	0.11%	15.71%
November 25, 2020	2.28%	0.08%	16.20%
December 3, 2020	0.70%	-0.04%	15.07%
December 10, 2020	1.17%	-0.29%	16.38%
December 17, 2020	3.73%	2.01%	14.22%
December 24, 2020	0.81%	-1.84%	15.96%
December 31, 2020	1.65%	-1.97%	15.25%
January 7, 2021	1.90%	1.22%	15.36%
January 14, 2021	2.27%	1.98%	16.03%
January 21, 2021	4.98%	2.08%	13.84%
January 28, 2021	2.07%	1.49%	16.97%
February 4, 2021	5.31%	-0.18%	14.42%
February 11, 2021	0.79%	0.05%	14.33%
February 18, 2021	0.88%	2.07%	13.15%
February 25, 2021	0.76%	0.55%	18.19%
March 4, 2021	0.90%	1.79%	21.07%
March 11, 2021	0.88%	2.35%	13.94%
March 18, 2021	1.05%	-1.36%	13.86%
March 25, 2021	2.37%	1.23%	14.66%
April 1, 2021	0.89%	0.76%	9.11%
April 8, 2021	1.00%	1.43%	7.89%
April 15, 2021	0.88%	2.08%	7.92%
April 22, 2021	0.92%	1.48%	10.63%
April 29, 2021	1.61%	1.72%	10.05%
May 6, 2021	1.06%	3.22%	12.54%
May 13, 2021	1.05%	2.99%	14.64%
May 20, 2021	1.80%	0.05%	13.65%
May 27, 2021	1.85%	0.28%	10.18%
June 3, 2021	1.15%	1.14%	8.98%
June 10, 2021	2.44%	-1.60%	11.86%
June 17, 2021	2.31%	-2.82%	10.09%
June 24, 2021	2.95%	1.46%	11.46%
July 1, 2021	5.02%	0.37%	11.10%
July 8, 2021	2.04%	-1.15%	8.90%
July 15, 2021	2.83%	-0.25%	7.62%
July 22, 2021	2.20%	-1.38%	1.26%
July 29, 2021	2.93%	-1.19%	0.98%
August 5, 2021	2.09%	-2.65%	2.26%
August 12, 2021	3.46%	-2.28%	-0.37%
August 19, 2021	3.81%	-0.38%	-0.61%
September 9, 2021	3.11%	-0.98%	-4.16%
September 16, 2021	2.23%	-0.70%	-1.92%
September 23, 2021	2.15%	-0.55%	0.80%
September 30, 2021	1.74%	-1.94%	7.60%
October 7, 2021	2.84%	-0.74%	2.98%
October 14, 2021	2.08%	-0.46%	-0.41%
October 21, 2021	1.00%	-0.27%	-2.78%
October 28, 2021	1.64%	-3.00%	-6.04%
November 6, 2021	1.07%	-2.02%	-11.62%
November 11, 2021	1.25%	-1.76%	-14.75%
November 18, 2021	2.07%	-1.17%	-16.02%
November 24, 2021	1.44%	-1.90%	-15.54%
December 2, 2021	1.53%	0.15%	-8.14%
December 9, 2021	1.57%	-1.29%	-13.35%
December 16, 2021	1.47%	-3.01%	-20.87%
December 23, 2021	1.87%	-3.09%	-19.07%
December 30, 2021	1.57%	-3.66%	-20.19%
January 6, 2022	2.30%	-2.03%	-17.49%
January 13, 2022	0.69%	-1.70%	-17.85%
January 20, 2022	1.89%	-0.84%	-10.98%
January 27, 2022	0.61%	1.82%	-6.32%
February 3, 2022	2.13%	1.17%	-6.51%
February 10, 2022	1.11%	-1.84%	-5.84%
February 17, 2022	2.08%	-2.06%	-1.66%
February 24, 2022	1.72%	-2.14%	-2.70%
March 3, 2022	1.25%	-1.32%	-9.31%
March 10, 2022	1.62%	-0.53%	-3.73%
March 17, 2022	1.51%	-1.52%	-11.57%
March 24, 2022	2.11%	-2.50%	-17.63%
March 31, 2022	2.32%	-2.62%	-20.25%
April 7, 2022	2.70%	-2.04%	-18.47%
April 14, 2022	2.66%	-0.82%	-17.62%
April 21, 2022	2.00%	-1.96%	-13.83%
April 28, 2022	2.42%	-0.29%	-8.30%
May 5, 2022	1.38%	0.68%	-8.28%
May 12, 2022	1.67%	-1.14%	2.43%
May 20, 2022	1.82%	0.08%	2.50%
May 26, 2022	2.19%	0.19%	0.11%
June 2, 2022	2.25%	-0.58%	-1.69%
June 11, 2022	1.60%	-1.23%	1.75%
June 16, 2022	0.92%	-0.02%	5.42%
June 23, 2022	1.04%	0.54%	1.70%
June 30, 2022	1.32%	-1.15%	1.79%
July 7, 2022	1.22%	2.23%	0.18%
July 14, 2022	1.29%	-0.18%	6.38%
July 21, 2022	1.26%	-2.23%	0.14%
Average	1.56%	0.44%	6.26%

Portfolios Hedged Against > 5.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
July 7, 2017	2.61%	1.96%	14.07%
July 20, 2017	3.13%	-0.63%	14.62%
July 27, 2017	2.90%	3.57%	17.10%
August 31, 2017	2.26%	1.97%	10.87%
October 4, 2018	2.28%	2.31%	0.25%
October 25, 2018	1.41%	5.27%	9.26%
November 1, 2018	1.81%	3.51%	7.80%
November 21, 2018	1.92%	2.76%	9.23%
January 3, 2019	1.32%	5.00%	23.49%
January 10, 2019	1.11%	5.44%	16.42%
January 31, 2019	1.88%	5.80%	11.21%
April 4, 2019	2.19%	7.29%	3.47%
April 11, 2019	2.30%	4.12%	3.78%
April 25, 2019	2.58%	5.57%	4.25%
May 2, 2019	2.49%	0.54%	6.14%
May 9, 2019	2.02%	-0.08%	8.80%
May 30, 2019	1.79%	2.40%	13.72%
July 11, 2019	2.55%	5.75%	9.86%
July 18, 2019	3.99%	2.45%	12.14%
July 25, 2019	2.24%	3.69%	10.64%
August 1, 2019	2.19%	4.39%	10.16%
August 8, 2019	2.15%	1.72%	14.22%
August 15, 2019	1.60%	0.24%	19.74%
August 22, 2019	1.51%	4.01%	15.15%
August 29, 2019	1.61%	1.25%	2.23%
September 5, 2019	2.15%	4.92%	2.55%
September 12, 2019	1.94%	0.48%	-16.86%
September 29, 2019	1.24%	-0.81%	-13.26%
October 3, 2019	1.31%	0.18%	-13.60%
October 10, 2019	1.11%	1.12%	-4.08%
October 24, 2019	1.44%	2.11%	-4.75%
October 31, 2019	1.28%	3.70%	-3.18%
November 7, 2019	2.56%	2.11%	-5.62%
November 14, 2019	1.16%	-2.82%	-6.92%
November 21, 2019	1.44%	6.60%	-3.91%
November 28, 2019	1.72%	-1.11%	-2.90%
December 5, 2019	1.40%	2.32%	3.48%
December 12, 2019	1.44%	0.47%	-3.01%
December 19, 2019	1.76%	-0.93%	-2.33%
December 27, 2019	1.39%	-1.59%	-6.08%
January 2, 2020	1.83%	-0.49%	-2.87%
January 9, 2020	1.42%	-0.19%	-2.74%
January 16, 2020	1.15%	-3.08%	-2.03%
January 23, 2020	1.56%	-3.19%	-1.61%
February 6, 2020	1.67%	0.08%	1.17%
February 13, 2020	1.42%	0.02%	0.99%
February 20, 2020	1.46%	-1.58%	1.46%
February 27, 2020	2.21%	2.28%	18.32%
March 5, 2020	1.31%	2.47%	14.46%
March 12, 2020	0.54%	0.52%	36.07%
March 19, 2020	0.82%	1.87%	39.50%
March 26, 2020	0.54%	1.21%	26.92%
April 2, 2020	0.93%	-0.02%	33.69%
April 9, 2020	0.95%	0.50%	25.74%
April 16, 2020	0.80%	0.84%	25.49%
April 23, 2020	0.86%	0.98%	24.95%
May 1, 2020	0.68%	-0.75%	16.45%
May 7, 2020	1.29%	-0.15%	22.75%
May 14, 2020	1.06%	-1.06%	26.73%
May 21, 2020	0.81%	-0.66%	21.52%
May 28, 2020	1.21%	0.78%	21.05%
June 4, 2020	0.83%	1.29%	19.79%
June 11, 2020	1.25%	0.89%	22.89%
June 19, 2020	0.98%	1.59%	20.61%
June 25, 2020	1.18%	-0.45%	21.06%
July 2, 2020	1.43%	2.47%	20.74%
July 9, 2020	1.02%	1.51%	22.29%
July 16, 2020	0.93%	-0.08%	18.09%
July 23, 2020	1.06%	-0.52%	19.54%
July 30, 2020	1.16%	-1.31%	15.19%
August 6, 2020	1.19%	-1.26%	16.93%
August 13, 2020	0.89%	-0.08%	17.54%
August 20, 2020	0.79%	0.10%	16.26%
August 27, 2020	2.09%	0.39%	10.11%
September 3, 2020	0.96%	-0.23%	11.35%
September 10, 2020	1.82%	-0.79%	17.65%
September 17, 2020	1.13%	-0.27%	19.28%
September 24, 2020	1.57%	0.61%	20.70%
October 2, 2020	0.82%	-0.02%	20.91%
October 8, 2020	0.79%	-0.60%	19.73%
October 15, 2020	0.66%	-0.79%	20.58%
October 22, 2020	0.72%	0.23%	20.54%
October 22, 2020	0.72%	0.23%	20.54%
October 29, 2020	2.42%	2.02%	28.26%
November 5, 2020	0.74%	-0.28%	19.60%
November 12, 2020	1.50%	0.15%	15.65%
November 19, 2020	1.53%	0.03%	15.71%
November 25, 2020	2.40%	0.36%	16.20%
December 3, 2020	1.89%	-1.14%	15.07%
December 10, 2020	1.66%	2.28%	16.38%
December 17, 2020	4.18%	4.31%	14.22%
December 24, 2020	1.52%	0.72%	15.96%
December 31, 2020	3.18%	2.36%	15.25%
January 7, 2021	3.73%	4.88%	15.36%
January 14, 2021	1.91%	3.96%	16.03%
January 21, 2021	3.67%	1.55%	13.84%
January 28, 2021	2.48%	2.76%	16.97%
February 4, 2021	4.86%	0.27%	14.42%
February 11, 2021	2.74%	-0.05%	14.33%
February 18, 2021	1.97%	0.31%	13.15%
February 25, 2021	2.93%	2.75%	18.19%
March 4, 2021	2.87%	1.99%	21.07%
March 11, 2021	4.01%	3.08%	13.94%
March 18, 2021	3.09%	2.43%	13.86%
March 25, 2021	2.74%	2.66%	14.66%
April 1, 2021	2.39%	2.24%	9.11%
April 8, 2021	1.76%	2.54%	7.89%
April 15, 2021	1.87%	0.36%	7.92%
April 22, 2021	1.92%	3.21%	10.63%
April 29, 2021	2.18%	0.27%	10.05%
May 13, 2021	1.15%	2.99%	14.64%
May 20, 2021	1.59%	2.42%	13.65%
May 27, 2021	1.50%	0.47%	10.18%
June 3, 2021	1.43%	0.29%	8.98%
June 10, 2021	1.82%	0.33%	11.86%
June 17, 2021	2.54%	0.75%	10.09%
June 24, 2021	4.35%	0.41%	11.46%
July 1, 2021	3.16%	0.00%	11.10%
July 8, 2021	2.47%	0.71%	8.90%
July 15, 2021	3.29%	1.57%	7.62%
July 22, 2021	1.98%	2.33%	1.26%
July 29, 2021	2.92%	0.16%	0.98%
August 5, 2021	2.62%	-0.89%	2.26%
August 12, 2021	3.85%	0.55%	-0.37%
August 19, 2021	3.96%	-1.41%	-0.61%
September 9, 2021	3.17%	-2.56%	-4.16%
September 16, 2021	2.44%	-2.04%	-1.92%
September 23, 2021	2.19%	-2.10%	0.80%
September 30, 2021	1.55%	1.24%	7.60%
October 7, 2021	2.67%	3.08%	2.98%
October 14, 2021	2.25%	-3.01%	-0.41%
October 21, 2021	1.42%	0.80%	-2.78%
October 28, 2021	2.05%	-2.13%	-6.04%
November 6, 2021	1.74%	-3.18%	-11.62%
November 11, 2021	1.66%	-3.48%	-14.75%
November 18, 2021	1.77%	-2.18%	-16.02%
November 24, 2021	1.21%	-1.05%	-15.54%
December 2, 2021	1.56%	-0.61%	-8.14%
December 9, 2021	1.23%	-4.25%	-13.35%
December 16, 2021	1.49%	-3.93%	-20.87%
December 23, 2021	1.40%	-3.84%	-19.07%
December 30, 2021	1.23%	-4.28%	-20.19%
January 6, 2022	2.22%	-3.82%	-17.49%
January 13, 2022	1.42%	-2.30%	-17.85%
January 20, 2022	1.96%	-1.93%	-10.98%
January 27, 2022	1.10%	-3.69%	-6.32%
February 3, 2022	1.77%	-3.32%	-6.51%
February 10, 2022	1.25%	-2.23%	-5.84%
February 17, 2022	1.95%	-3.60%	-1.66%
February 24, 2022	2.63%	-1.10%	-2.70%
March 3, 2022	1.71%	-1.13%	-9.31%
March 10, 2022	2.03%	-2.83%	-3.73%
March 17, 2022	2.06%	-2.12%	-11.57%
March 24, 2022	2.32%	-3.76%	-17.63%
March 31, 2022	2.05%	-2.78%	-20.25%
April 7, 2022	2.68%	-2.44%	-18.47%
April 14, 2022	2.22%	-2.47%	-17.62%
April 21, 2022	2.79%	-2.37%	-13.83%
April 28, 2022	2.08%	1.48%	-8.30%
May 5, 2022	1.39%	2.83%	-8.28%
May 12, 2022	1.70%	-0.99%	2.43%
May 20, 2022	2.06%	-0.78%	2.50%
May 26, 2022	2.56%	0.76%	0.11%
June 2, 2022	2.69%	-0.70%	-1.69%
June 11, 2022	0.93%	0.36%	1.75%
June 16, 2022	1.88%	0.25%	5.42%
June 23, 2022	1.44%	-0.28%	1.70%
June 30, 2022	1.58%	0.70%	1.79%
July 7, 2022	1.55%	-1.13%	0.18%
July 14, 2022	1.53%	-2.43%	6.38%
July 21, 2022	2.13%	-0.46%	0.14%
Average	1.87%	0.48%	6.68%

Portfolios Hedged Against > 6.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
June 8, 2017	3.04%	3.83%	9.99%
June 29, 2017	3.08%	6.64%	11.68%
June 29, 2017	2.92%	7.82%	11.68%
July 27, 2017	3.64%	7.04%	17.10%
August 10, 2017	4.09%	1.43%	8.36%
August 31, 2017	3.35%	0.31%	10.87%
September 14, 2017	3.19%	12.81%	11.19%
September 22, 2017	3.36%	4.98%	6.67%
September 22, 2017	3.82%	7.55%	6.67%
September 28, 2017	3.15%	7.91%	4.73%
October 5, 2017	3.68%	10.57%	5.26%
October 12, 2017	3.99%	9.83%	5.38%
November 22, 2017	3.82%	3.25%	5.90%
November 30, 2017	4.93%	-5.21%	3.80%
November 30, 2017	4.48%	1.24%	3.80%
March 22, 2018	1.95%	5.95%	11.74%
March 29, 2018	1.65%	4.74%	11.48%
April 5, 2018	1.95%	0.72%	9.33%
April 12, 2018	2.10%	3.83%	4.71%
April 26, 2018	1.93%	4.43%	0.53%
October 4, 2018	3.44%	-0.48%	0.25%
October 25, 2018	2.62%	1.28%	9.26%
November 1, 2018	2.06%	-1.88%	7.80%
April 4, 2019	2.91%	9.91%	3.47%
April 25, 2019	2.98%	2.67%	4.25%
May 2, 2019	2.61%	5.77%	6.14%
May 9, 2019	2.43%	2.58%	8.80%
May 30, 2019	2.45%	5.28%	13.72%
July 11, 2019	3.01%	4.30%	9.86%
July 18, 2019	2.75%	7.38%	12.14%
August 1, 2019	2.47%	4.29%	10.16%
August 8, 2019	2.81%	4.74%	14.22%
August 15, 2019	2.54%	1.56%	19.74%
August 22, 2019	2.37%	2.04%	15.15%
August 29, 2019	2.77%	-1.44%	2.23%
September 5, 2019	2.74%	2.74%	2.55%
September 5, 2019	2.74%	2.74%	2.55%
September 12, 2019	2.46%	-0.05%	-16.86%
September 29, 2019	2.04%	-1.55%	-13.26%
October 3, 2019	1.81%	-0.23%	-13.60%
October 10, 2019	2.21%	2.93%	-4.08%
October 17, 2019	2.34%	-1.83%	-3.16%
October 17, 2019	2.30%	-1.96%	-3.16%
October 24, 2019	2.31%	-0.94%	-4.75%
October 24, 2019	2.31%	-0.94%	-4.75%
October 31, 2019	1.80%	0.91%	-3.18%
October 31, 2019	1.72%	0.77%	-3.18%
November 7, 2019	1.83%	-0.98%	-5.62%
November 14, 2019	2.34%	-2.61%	-6.92%
November 14, 2019	2.20%	-2.52%	-6.92%
November 21, 2019	2.03%	-1.67%	-3.91%
November 28, 2019	2.23%	-0.52%	-2.90%
December 5, 2019	1.94%	0.25%	3.48%
December 12, 2019	1.31%	2.04%	-3.01%
December 19, 2019	2.04%	0.77%	-2.33%
December 27, 2019	2.52%	-1.36%	-6.08%
January 2, 2020	2.11%	-0.87%	-2.87%
January 9, 2020	2.27%	-0.79%	-2.74%
January 16, 2020	1.94%	-3.42%	-2.03%
January 23, 2020	2.01%	-0.50%	-1.61%
February 6, 2020	2.25%	6.66%	1.17%
February 13, 2020	2.06%	1.08%	0.99%
February 20, 2020	2.00%	2.16%	1.46%
February 27, 2020	2.55%	2.79%	18.32%
March 5, 2020	1.74%	2.30%	14.46%
March 12, 2020	0.81%	0.90%	36.07%
March 12, 2020	0.81%	0.88%	36.07%
March 19, 2020	0.88%	3.34%	39.50%
March 26, 2020	0.47%	0.36%	26.92%
April 2, 2020	1.02%	-0.26%	33.69%
April 9, 2020	1.11%	-0.42%	25.74%
April 16, 2020	1.19%	0.45%	25.49%
April 23, 2020	0.86%	0.27%	24.95%
May 1, 2020	0.88%	-1.74%	16.45%
May 7, 2020	1.63%	-0.68%	22.75%
May 14, 2020	1.31%	-1.40%	26.73%
May 21, 2020	1.38%	-0.05%	21.52%
May 28, 2020	1.29%	1.19%	21.05%
June 4, 2020	1.13%	2.25%	19.79%
June 11, 2020	1.37%	1.59%	22.89%
June 19, 2020	1.34%	1.21%	20.61%
June 25, 2020	1.53%	1.32%	21.06%
July 2, 2020	1.42%	0.89%	20.74%
July 9, 2020	1.14%	2.66%	22.29%
July 16, 2020	1.03%	1.12%	18.09%
July 23, 2020	1.12%	-0.49%	19.54%
July 30, 2020	1.63%	-0.84%	15.19%
August 6, 2020	1.37%	-2.34%	16.93%
August 13, 2020	1.06%	0.24%	17.54%
August 20, 2020	0.91%	0.80%	16.26%
August 27, 2020	1.42%	2.58%	10.11%
September 3, 2020	1.24%	1.13%	11.35%
September 10, 2020	1.93%	-0.80%	17.65%
September 17, 2020	1.30%	-0.64%	19.28%
September 24, 2020	1.66%	1.07%	20.70%
October 2, 2020	1.10%	1.86%	20.91%
October 8, 2020	1.15%	1.40%	19.73%
October 15, 2020	1.48%	2.59%	20.58%
October 22, 2020	1.07%	-0.12%	20.54%
October 29, 2020	2.84%	0.31%	28.26%
November 5, 2020	0.85%	-0.25%	19.60%
November 12, 2020	2.06%	0.59%	15.65%
November 19, 2020	2.44%	3.63%	15.71%
November 25, 2020	2.61%	6.14%	16.20%
December 3, 2020	2.48%	-0.21%	15.07%
December 10, 2020	2.67%	1.46%	16.38%
December 17, 2020	3.33%	0.93%	14.22%
December 17, 2020	3.33%	0.93%	14.22%
December 24, 2020	2.40%	4.69%	15.96%
December 31, 2020	2.73%	2.85%	15.25%
January 7, 2021	3.83%	6.88%	15.36%
January 14, 2021	2.34%	3.26%	16.03%
January 21, 2021	3.99%	3.48%	13.84%
January 28, 2021	4.33%	1.07%	16.97%
February 4, 2021	4.09%	-1.21%	14.42%
February 11, 2021	3.67%	-2.53%	14.33%
February 18, 2021	3.78%	-1.29%	13.15%
February 25, 2021	3.91%	-1.13%	18.19%
March 4, 2021	3.78%	2.32%	21.07%
March 11, 2021	4.33%	4.10%	13.94%
March 18, 2021	3.70%	4.65%	13.86%
March 25, 2021	3.24%	3.24%	14.66%
April 1, 2021	2.93%	1.75%	9.11%
April 8, 2021	2.46%	0.74%	7.89%
April 15, 2021	2.28%	3.38%	7.92%
April 22, 2021	2.29%	3.97%	10.63%
April 29, 2021	2.75%	1.84%	10.05%
May 13, 2021	2.06%	0.43%	14.64%
May 20, 2021	2.33%	-1.48%	13.65%
May 27, 2021	2.29%	-3.55%	10.18%
June 3, 2021	2.41%	1.65%	8.98%
June 10, 2021	2.21%	-0.16%	11.86%
June 17, 2021	3.30%	-0.45%	10.09%
June 24, 2021	4.69%	-1.85%	11.46%
July 1, 2021	3.49%	3.70%	11.10%
July 8, 2021	2.96%	0.70%	8.90%
July 15, 2021	3.44%	0.92%	7.62%
July 22, 2021	2.48%	-1.32%	1.26%
July 29, 2021	4.89%	-0.68%	0.98%
August 5, 2021	2.60%	-2.49%	2.26%
August 12, 2021	4.10%	-1.93%	-0.37%
August 19, 2021	3.98%	-2.69%	-0.61%
September 9, 2021	3.09%	-2.20%	-4.16%
September 16, 2021	3.07%	-2.85%	-1.92%
September 23, 2021	2.57%	-2.23%	0.80%
September 30, 2021	1.99%	2.68%	7.60%
October 7, 2021	2.37%	1.89%	2.98%
October 14, 2021	2.36%	-1.68%	-0.41%
October 21, 2021	2.46%	-0.60%	-2.78%
October 28, 2021	2.42%	0.11%	-6.04%
November 6, 2021	1.79%	-5.08%	-11.62%
November 11, 2021	2.03%	-4.82%	-14.75%
November 18, 2021	2.18%	-4.10%	-16.02%
November 24, 2021	2.01%	-5.01%	-15.54%
December 2, 2021	1.75%	-4.01%	-8.14%
December 9, 2021	1.86%	-2.47%	-13.35%
December 16, 2021	1.98%	-4.63%	-20.87%
December 23, 2021	2.05%	-4.63%	-19.07%
December 30, 2021	2.20%	-5.04%	-20.19%
January 6, 2022	2.75%	-4.01%	-17.49%
January 13, 2022	1.89%	-4.84%	-17.85%
January 20, 2022	2.34%	-0.28%	-10.98%
January 27, 2022	1.50%	-4.08%	-6.32%
February 3, 2022	1.88%	-1.62%	-6.51%
February 10, 2022	1.81%	-4.46%	-5.84%
February 17, 2022	2.20%	1.98%	-1.66%
February 24, 2022	1.88%	-2.04%	-2.70%
March 3, 2022	1.80%	-0.53%	-9.31%
March 10, 2022	1.97%	-2.98%	-3.73%
March 17, 2022	1.89%	-4.03%	-11.57%
March 24, 2022	2.53%	-4.58%	-17.63%
March 31, 2022	2.50%	-3.80%	-20.25%
April 7, 2022	2.88%	-2.14%	-18.47%
April 14, 2022	2.78%	-4.06%	-17.62%
April 21, 2022	3.39%	-2.81%	-13.83%
April 28, 2022	2.39%	-3.55%	-8.30%
May 5, 2022	1.89%	1.31%	-8.28%
May 12, 2022	1.84%	-2.21%	2.43%
May 20, 2022	2.18%	-3.48%	2.50%
May 26, 2022	2.36%	-1.01%	0.11%
June 2, 2022	2.76%	-1.39%	-1.69%
June 11, 2022	1.29%	3.42%	1.75%
June 16, 2022	1.58%	0.00%	5.42%
June 23, 2022	2.18%	0.70%	1.70%
June 30, 2022	1.74%	-0.64%	1.79%
July 7, 2022	2.43%	-2.68%	0.18%
July 14, 2022	1.85%	-2.27%	6.38%
July 21, 2022	2.38%	2.51%	0.14%
Average	2.36%	0.65%	6.30%

Portfolios Hedged Against > 7.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
July 7, 2017	4.75%	7.58%	14.07%
July 13, 2017	4.19%	6.45%	14.85%
July 13, 2017	3.65%	4.13%	14.85%
July 20, 2017	4.46%	7.11%	14.62%
August 10, 2017	3.77%	10.13%	8.36%
August 17, 2017	3.94%	10.58%	13.48%
August 24, 2017	3.89%	10.42%	13.72%
September 28, 2017	3.80%	11.21%	4.73%
November 16, 2017	4.60%	3.16%	6.22%
November 16, 2017	4.15%	-0.52%	6.22%
December 8, 2017	3.72%	6.92%	5.73%
March 1, 2018	2.97%	5.91%	9.37%
April 12, 2018	3.48%	-1.22%	4.71%
April 12, 2018	3.15%	0.06%	4.71%
June 8, 2018	4.04%	-3.81%	-4.40%
October 4, 2018	5.20%	-1.56%	0.25%
November 1, 2018	3.39%	0.37%	7.80%
December 6, 2018	3.22%	-0.21%	6.64%
January 31, 2019	3.14%	11.02%	11.21%
April 4, 2019	3.10%	7.64%	3.47%
April 11, 2019	3.32%	3.98%	3.78%
April 25, 2019	3.62%	-1.70%	4.25%
May 2, 2019	2.88%	3.10%	6.14%
May 9, 2019	2.84%	4.33%	8.80%
May 30, 2019	2.91%	6.80%	13.72%
July 11, 2019	3.62%	1.71%	9.86%
July 18, 2019	3.60%	1.62%	12.14%
July 25, 2019	3.78%	2.45%	10.64%
August 1, 2019	3.45%	4.92%	10.16%
August 8, 2019	2.95%	3.33%	14.22%
August 15, 2019	2.93%	2.74%	19.74%
August 22, 2019	2.97%	1.66%	15.15%
August 29, 2019	3.29%	-2.78%	2.23%
September 5, 2019	3.26%	4.87%	2.55%
September 12, 2019	3.42%	-3.21%	-16.86%
September 29, 2019	3.16%	-5.55%	-13.26%
October 3, 2019	2.55%	-2.69%	-13.60%
October 10, 2019	2.72%	-4.10%	-4.08%
October 17, 2019	2.62%	-2.70%	-3.16%
October 24, 2019	2.42%	-2.66%	-4.75%
October 31, 2019	2.24%	-3.50%	-3.18%
November 7, 2019	2.63%	-1.73%	-5.62%
November 14, 2019	2.88%	1.74%	-6.92%
November 21, 2019	2.45%	-1.87%	-3.91%
November 28, 2019	2.37%	-0.83%	-2.90%
December 5, 2019	2.42%	0.07%	3.48%
December 12, 2019	1.74%	1.91%	-3.01%
December 19, 2019	2.68%	2.10%	-2.33%
December 27, 2019	3.26%	2.09%	-6.08%
January 2, 2020	2.36%	-2.98%	-2.87%
January 9, 2020	2.57%	-2.41%	-2.74%
January 16, 2020	2.11%	-4.77%	-2.03%
January 23, 2020	2.69%	-1.90%	-1.61%
February 6, 2020	2.46%	7.46%	1.17%
February 13, 2020	2.34%	0.63%	0.99%
February 20, 2020	2.18%	2.54%	1.46%
February 27, 2020	3.16%	1.26%	18.32%
March 5, 2020	1.97%	2.89%	14.46%
March 12, 2020	0.85%	-0.15%	36.07%
March 19, 2020	1.04%	3.63%	39.50%
March 26, 2020	0.64%	0.22%	26.92%
April 2, 2020	1.29%	-0.19%	33.69%
April 9, 2020	1.37%	-1.24%	25.74%
April 16, 2020	1.45%	0.11%	25.49%
April 23, 2020	1.09%	0.38%	24.95%
May 1, 2020	1.01%	-1.57%	16.45%
May 7, 2020	1.73%	-1.31%	22.75%
May 7, 2020	1.73%	-1.31%	22.75%
May 14, 2020	1.52%	-2.05%	26.73%
May 21, 2020	1.51%	0.35%	21.52%
May 28, 2020	2.06%	1.66%	21.05%
June 4, 2020	1.43%	3.25%	19.79%
June 11, 2020	1.88%	3.35%	22.89%
June 19, 2020	1.61%	2.91%	20.61%
June 25, 2020	1.60%	1.45%	21.06%
July 2, 2020	1.81%	3.01%	20.74%
July 9, 2020	1.47%	3.57%	22.29%
July 16, 2020	1.23%	2.34%	18.09%
July 23, 2020	1.27%	5.23%	19.54%
July 30, 2020	1.89%	3.00%	15.19%
August 6, 2020	1.46%	-0.36%	16.93%
August 13, 2020	1.28%	2.48%	17.54%
August 20, 2020	1.39%	1.89%	16.26%
August 27, 2020	1.55%	4.30%	10.11%
September 3, 2020	1.69%	0.86%	11.35%
September 10, 2020	1.57%	-2.06%	17.65%
September 17, 2020	2.26%	7.60%	19.28%
September 24, 2020	1.19%	2.74%	20.70%
October 2, 2020	1.41%	5.48%	20.91%
October 8, 2020	1.69%	6.33%	19.73%
October 15, 2020	2.06%	10.32%	20.58%
October 22, 2020	2.01%	6.27%	20.54%
October 29, 2020	3.08%	5.33%	28.26%
November 5, 2020	1.98%	8.49%	19.60%
November 12, 2020	3.10%	6.41%	15.65%
November 19, 2020	2.64%	7.63%	15.71%
November 25, 2020	3.14%	9.55%	16.20%
December 3, 2020	3.11%	2.16%	15.07%
December 10, 2020	3.66%	3.40%	16.38%
December 17, 2020	3.37%	0.68%	14.22%
December 24, 2020	2.80%	1.77%	15.96%
December 31, 2020	3.42%	-0.49%	15.25%
January 7, 2021	4.83%	4.77%	15.36%
January 14, 2021	2.71%	-0.79%	16.03%
January 21, 2021	5.14%	1.34%	13.84%
January 28, 2021	4.31%	2.39%	16.97%
February 4, 2021	4.56%	1.70%	14.42%
February 11, 2021	4.45%	-1.68%	14.33%
February 18, 2021	4.55%	-2.82%	13.15%
February 25, 2021	4.40%	1.03%	18.19%
March 4, 2021	3.43%	-1.55%	21.07%
March 11, 2021	3.97%	3.81%	13.94%
March 18, 2021	5.85%	2.58%	13.86%
March 25, 2021	3.75%	2.95%	14.66%
April 1, 2021	3.82%	-0.54%	9.11%
April 8, 2021	2.99%	-1.39%	7.89%
April 15, 2021	3.20%	3.15%	7.92%
April 22, 2021	3.01%	3.54%	10.63%
April 29, 2021	4.05%	-1.16%	10.05%
May 6, 2021	3.09%	0.57%	12.54%
May 13, 2021	3.00%	3.67%	14.64%
May 20, 2021	3.49%	2.47%	13.65%
May 27, 2021	3.58%	1.26%	10.18%
June 3, 2021	3.44%	-1.91%	8.98%
June 10, 2021	3.90%	2.93%	11.86%
June 17, 2021	4.25%	2.16%	10.09%
June 24, 2021	4.86%	2.66%	11.46%
July 1, 2021	4.17%	5.68%	11.10%
July 8, 2021	4.64%	2.86%	8.90%
July 15, 2021	4.12%	5.41%	7.62%
July 22, 2021	3.13%	-2.83%	1.26%
July 29, 2021	5.62%	-3.47%	0.98%
August 5, 2021	5.12%	-1.56%	2.26%
August 12, 2021	4.94%	1.54%	-0.37%
August 19, 2021	6.13%	-2.56%	-0.61%
September 9, 2021	4.28%	-1.99%	-4.16%
September 16, 2021	3.73%	-2.54%	-1.92%
September 23, 2021	3.06%	-1.29%	0.80%
September 30, 2021	3.70%	2.15%	7.60%
October 7, 2021	2.79%	4.80%	2.98%
October 14, 2021	2.77%	-2.05%	-0.41%
October 21, 2021	2.97%	-4.81%	-2.78%
October 28, 2021	2.70%	-0.68%	-6.04%
November 6, 2021	2.87%	-5.78%	-11.62%
November 11, 2021	2.96%	-1.58%	-14.75%
November 18, 2021	3.14%	-5.82%	-16.02%
November 24, 2021	3.17%	-4.69%	-15.54%
December 2, 2021	2.35%	-4.81%	-8.14%
December 9, 2021	2.50%	-3.71%	-13.35%
December 16, 2021	2.57%	-5.94%	-20.87%
December 23, 2021	2.81%	-5.84%	-19.07%
December 30, 2021	3.19%	-5.70%	-20.19%
January 13, 2022	2.71%	-5.07%	-17.85%
January 20, 2022	2.98%	-2.18%	-10.98%
January 27, 2022	2.13%	-2.68%	-6.32%
February 3, 2022	2.28%	-2.59%	-6.51%
February 10, 2022	2.08%	-2.96%	-5.84%
February 17, 2022	2.72%	-0.86%	-1.66%
February 24, 2022	1.84%	1.81%	-2.70%
March 3, 2022	2.49%	-4.23%	-9.31%
March 10, 2022	2.20%	-3.35%	-3.73%
March 17, 2022	2.41%	-2.41%	-11.57%
March 24, 2022	3.10%	-4.87%	-17.63%
March 31, 2022	2.77%	-4.27%	-20.25%
April 7, 2022	3.27%	-2.77%	-18.47%
April 14, 2022	2.98%	-3.57%	-17.62%
April 21, 2022	2.97%	-4.37%	-13.83%
April 28, 2022	2.69%	-3.89%	-8.30%
May 5, 2022	2.48%	-4.08%	-8.28%
May 12, 2022	2.43%	0.46%	2.43%
May 20, 2022	2.53%	-0.94%	2.50%
May 26, 2022	2.32%	-3.53%	0.11%
June 2, 2022	2.83%	-0.88%	-1.69%
June 11, 2022	1.61%	1.74%	1.75%
June 16, 2022	1.71%	0.73%	5.42%
June 23, 2022	2.82%	-2.25%	1.70%
June 30, 2022	2.00%	0.42%	1.79%
July 7, 2022	2.73%	0.05%	0.18%
July 14, 2022	2.48%	0.35%	6.38%
July 21, 2022	2.87%	1.77%	0.14%
Average	2.91%	0.91%	6.64%

Portfolios Hedged Against > 8.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
August 3, 2017	4.91%	11.27%	12.66%
August 10, 2017	3.99%	6.70%	8.36%
September 7, 2017	4.39%	4.39%	11.61%
September 14, 2017	4.71%	4.14%	11.19%
October 12, 2017	4.58%	2.89%	5.38%
October 19, 2017	4.89%	8.84%	6.08%
November 2, 2017	4.68%	4.46%	3.11%
November 2, 2017	4.72%	9.83%	3.11%
November 9, 2017	3.71%	-1.76%	5.34%
November 22, 2017	4.56%	6.00%	5.90%
December 8, 2017	3.87%	-4.16%	5.73%
December 14, 2017	4.22%	4.29%	5.87%
December 21, 2017	4.72%	4.10%	3.36%
March 22, 2018	3.61%	4.76%	11.74%
October 4, 2018	5.33%	-0.86%	0.25%
November 1, 2018	3.67%	0.70%	7.80%
April 25, 2019	3.92%	3.14%	4.25%
May 2, 2019	4.01%	5.77%	6.14%
May 9, 2019	3.72%	5.75%	8.80%
May 30, 2019	3.53%	9.98%	13.72%
July 11, 2019	4.35%	2.41%	9.86%
July 18, 2019	4.22%	6.73%	12.14%
July 25, 2019	4.10%	1.19%	10.64%
August 1, 2019	3.49%	2.19%	10.16%
August 1, 2019	3.49%	2.19%	10.16%
August 8, 2019	3.68%	-0.96%	14.22%
August 15, 2019	3.30%	4.78%	19.74%
August 22, 2019	3.42%	3.62%	15.15%
August 29, 2019	3.66%	-0.71%	2.23%
September 5, 2019	3.95%	0.07%	2.55%
September 12, 2019	3.70%	-3.29%	-16.86%
September 29, 2019	3.29%	-4.37%	-13.26%
October 3, 2019	3.00%	-5.14%	-13.60%
October 10, 2019	3.10%	-5.59%	-4.08%
October 17, 2019	2.80%	-2.84%	-3.16%
October 24, 2019	2.79%	-0.30%	-4.75%
October 31, 2019	2.48%	-4.10%	-3.18%
November 7, 2019	3.31%	-20.36%	-5.62%
November 14, 2019	3.63%	-1.01%	-6.92%
November 20, 2019	2.35%	1.37%	-3.40%
November 21, 2019	2.57%	-2.76%	-3.91%
November 28, 2019	2.53%	-0.97%	-2.90%
December 5, 2019	4.66%	-6.57%	3.48%
December 12, 2019	1.93%	2.27%	-3.01%
December 19, 2019	2.83%	5.22%	-2.33%
December 27, 2019	3.47%	2.44%	-6.08%
January 2, 2020	3.05%	-0.05%	-2.87%
January 9, 2020	3.31%	0.98%	-2.74%
January 16, 2020	2.71%	-2.87%	-2.03%
January 23, 2020	2.87%	-0.46%	-1.61%
February 6, 2020	3.17%	9.91%	1.17%
February 13, 2020	2.90%	3.15%	0.99%
February 20, 2020	2.72%	7.54%	1.46%
February 27, 2020	3.22%	1.56%	18.32%
March 5, 2020	2.02%	2.95%	14.46%
March 12, 2020	1.14%	0.50%	36.07%
March 19, 2020	1.14%	4.34%	39.50%
March 26, 2020	0.84%	-0.74%	26.92%
April 2, 2020	1.44%	-0.26%	33.69%
April 9, 2020	1.59%	-0.70%	25.74%
April 16, 2020	2.04%	1.70%	25.49%
April 23, 2020	1.07%	0.38%	24.95%
May 1, 2020	1.13%	1.30%	16.45%
May 7, 2020	1.93%	-0.74%	22.75%
May 14, 2020	1.66%	-1.47%	26.73%
May 21, 2020	2.10%	0.16%	21.52%
May 28, 2020	2.11%	-0.49%	21.05%
June 4, 2020	2.11%	4.98%	19.79%
June 11, 2020	2.11%	3.72%	22.89%
June 19, 2020	2.40%	3.70%	20.61%
June 25, 2020	2.20%	3.65%	21.06%
July 2, 2020	2.39%	4.45%	20.74%
July 9, 2020	1.72%	-0.96%	22.29%
July 16, 2020	1.72%	0.84%	18.09%
July 23, 2020	2.64%	-1.22%	19.54%
July 30, 2020	2.77%	1.15%	15.19%
August 6, 2020	2.09%	-2.50%	16.93%
August 13, 2020	1.89%	1.84%	17.54%
August 20, 2020	2.19%	-1.76%	16.26%
August 27, 2020	2.96%	2.25%	10.11%
September 3, 2020	1.66%	1.71%	11.35%
September 10, 2020	2.96%	0.84%	17.65%
September 17, 2020	2.91%	6.98%	19.28%
September 24, 2020	2.84%	8.27%	20.70%
October 2, 2020	2.81%	8.15%	20.91%
October 8, 2020	3.25%	2.42%	19.73%
October 15, 2020	2.99%	9.84%	20.58%
October 22, 2020	3.33%	1.17%	20.54%
October 29, 2020	3.51%	4.65%	28.26%
November 12, 2020	3.99%	7.60%	15.65%
November 19, 2020	3.21%	14.74%	15.71%
November 25, 2020	5.27%	11.11%	16.20%
December 3, 2020	3.18%	4.24%	15.07%
December 10, 2020	4.13%	4.95%	16.38%
December 17, 2020	6.30%	1.03%	14.22%
December 24, 2020	3.68%	-0.19%	15.96%
December 31, 2020	3.24%	1.79%	15.25%
January 7, 2021	4.15%	3.36%	15.36%
January 14, 2021	3.56%	4.51%	16.03%
January 21, 2021	4.18%	0.59%	13.84%
January 28, 2021	6.21%	0.94%	16.97%
February 4, 2021	4.87%	1.79%	14.42%
February 11, 2021	4.93%	-0.46%	14.33%
February 18, 2021	5.10%	-1.48%	13.15%
February 25, 2021	4.50%	-0.19%	18.19%
March 4, 2021	4.29%	0.63%	21.07%
March 11, 2021	3.76%	2.16%	13.94%
March 18, 2021	13.85%	-2.17%	13.86%
March 25, 2021	4.36%	0.10%	14.66%
April 1, 2021	5.33%	-1.45%	9.11%
April 8, 2021	3.95%	1.89%	7.89%
April 15, 2021	4.12%	-2.91%	7.92%
April 22, 2021	3.40%	5.16%	10.63%
April 29, 2021	5.04%	4.35%	10.05%
May 6, 2021	3.88%	4.06%	12.54%
May 13, 2021	3.66%	5.60%	14.64%
May 20, 2021	3.13%	2.06%	13.65%
May 27, 2021	3.62%	0.75%	10.18%
June 3, 2021	3.71%	0.82%	8.98%
June 10, 2021	4.52%	3.45%	11.86%
June 17, 2021	4.61%	3.01%	10.09%
June 24, 2021	4.78%	7.12%	11.46%
July 1, 2021	5.83%	3.85%	11.10%
July 8, 2021	4.47%	2.86%	8.90%
July 15, 2021	4.28%	-1.78%	7.62%
July 22, 2021	3.11%	-3.84%	1.26%
July 29, 2021	3.73%	-4.38%	0.98%
August 5, 2021	5.43%	-0.99%	2.26%
August 12, 2021	5.45%	-3.44%	-0.37%
August 19, 2021	5.42%	-6.20%	-0.61%
September 9, 2021	4.62%	-2.32%	-4.16%
September 16, 2021	4.00%	-3.36%	-1.92%
September 23, 2021	4.56%	-3.16%	0.80%
September 30, 2021	2.90%	1.13%	7.60%
October 7, 2021	4.58%	-3.19%	2.98%
October 14, 2021	3.41%	-2.17%	-0.41%
October 21, 2021	3.38%	-5.97%	-2.78%
October 28, 2021	3.33%	-4.13%	-6.04%
November 6, 2021	3.51%	-5.05%	-11.62%
November 11, 2021	3.56%	-4.54%	-14.75%
November 24, 2021	3.64%	-2.75%	-15.54%
December 2, 2021	3.14%	-6.65%	-8.14%
December 9, 2021	3.53%	-6.21%	-13.35%
December 16, 2021	3.81%	-7.12%	-20.87%
December 23, 2021	3.62%	-5.30%	-19.07%
December 30, 2021	4.03%	-6.52%	-20.19%
January 6, 2022	2.03%	-6.15%	-17.49%
January 13, 2022	2.65%	-1.73%	-17.85%
January 20, 2022	2.69%	-1.44%	-10.98%
January 27, 2022	2.06%	-6.31%	-6.32%
February 3, 2022	2.44%	1.16%	-6.51%
February 10, 2022	2.49%	-1.89%	-5.84%
February 17, 2022	2.91%	3.55%	-1.66%
February 24, 2022	2.19%	2.17%	-2.70%
March 3, 2022	2.86%	-3.35%	-9.31%
March 10, 2022	3.34%	-4.34%	-3.73%
March 17, 2022	2.84%	-2.14%	-11.57%
March 24, 2022	3.39%	-2.98%	-17.63%
March 31, 2022	3.03%	-4.76%	-20.25%
April 7, 2022	2.74%	-5.88%	-18.47%
April 14, 2022	3.43%	-4.10%	-17.62%
April 21, 2022	4.11%	-4.42%	-13.83%
April 28, 2022	3.42%	-3.55%	-8.30%
May 5, 2022	3.09%	-2.04%	-8.28%
May 12, 2022	3.00%	-0.53%	2.43%
May 20, 2022	2.77%	-3.03%	2.50%
May 26, 2022	2.54%	-2.69%	0.11%
June 2, 2022	2.26%	-2.35%	-1.69%
June 11, 2022	1.35%	0.16%	1.75%
June 16, 2022	1.98%	-1.41%	5.42%
June 23, 2022	2.52%	2.68%	1.70%
June 30, 2022	2.26%	-3.28%	1.79%
July 7, 2022	3.00%	-0.81%	0.18%
July 14, 2022	2.85%	0.71%	6.38%
July 21, 2022	2.94%	-0.48%	0.14%
Average	3.42%	0.60%	6.29%

Portfolios Hedged Against > 9.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
June 8, 2017	4.02%	9.25%	9.99%
June 16, 2017	3.30%	11.59%	10.94%
June 22, 2017	3.29%	13.88%	11.27%
June 29, 2017	4.24%	12.92%	11.68%
July 7, 2017	4.00%	8.40%	14.07%
July 13, 2017	4.36%	12.96%	14.85%
July 20, 2017	4.33%	10.34%	14.62%
July 27, 2017	3.69%	8.20%	17.10%
August 3, 2017	5.29%	16.52%	12.66%
August 3, 2017	5.64%	13.98%	12.66%
August 10, 2017	3.86%	4.05%	8.36%
August 17, 2017	5.40%	9.12%	13.48%
August 17, 2017	4.46%	9.41%	13.48%
August 24, 2017	4.42%	8.97%	13.72%
August 31, 2017	4.69%	4.65%	10.87%
September 7, 2017	4.04%	9.51%	11.61%
September 14, 2017	4.62%	11.27%	11.19%
September 22, 2017	4.19%	10.55%	6.67%
September 28, 2017	4.04%	8.35%	4.73%
October 5, 2017	5.34%	8.68%	5.26%
October 5, 2017	5.04%	4.62%	5.26%
October 12, 2017	4.29%	5.10%	5.38%
October 19, 2017	5.04%	9.63%	6.08%
October 26, 2017	4.79%	9.34%	5.13%
November 2, 2017	4.32%	4.72%	3.11%
November 9, 2017	4.56%	-1.48%	5.34%
November 16, 2017	4.66%	8.93%	6.22%
November 22, 2017	4.33%	-0.85%	5.90%
November 30, 2017	4.19%	-1.80%	3.80%
December 8, 2017	3.33%	4.88%	5.73%
December 14, 2017	4.32%	13.47%	5.87%
December 14, 2017	4.74%	12.47%	5.87%
December 21, 2017	4.28%	0.83%	3.36%
December 28, 2017	5.65%	14.94%	1.99%
December 28, 2017	4.94%	6.19%	1.99%
January 4, 2018	5.46%	10.83%	0.59%
January 4, 2018	6.21%	15.12%	0.59%
January 11, 2018	5.02%	-2.69%	1.12%
January 18, 2018	4.48%	-0.21%	1.55%
January 25, 2018	5.50%	3.47%	1.10%
February 1, 2018	4.30%	1.69%	0.59%
February 8, 2018	3.29%	8.07%	11.75%
February 15, 2018	4.14%	-2.10%	4.08%
February 22, 2018	3.59%	1.72%	6.73%
March 1, 2018	3.26%	4.68%	9.37%
March 8, 2018	4.17%	-3.81%	5.82%
March 15, 2018	3.46%	1.31%	6.68%
March 22, 2018	3.93%	4.01%	11.74%
March 29, 2018	3.75%	4.77%	11.48%
April 5, 2018	4.43%	3.35%	9.33%
April 12, 2018	6.49%	-2.72%	4.71%
April 12, 2018	5.24%	-0.64%	4.71%
April 19, 2018	6.53%	-4.07%	3.67%
April 19, 2018	5.59%	1.04%	3.67%
April 26, 2018	4.73%	5.67%	0.53%
April 26, 2018	5.01%	7.56%	0.53%
May 3, 2018	5.28%	1.96%	4.47%
May 3, 2018	6.89%	-1.73%	4.47%
May 10, 2018	5.11%	2.84%	3.03%
May 17, 2018	5.05%	0.60%	1.54%
May 24, 2018	5.63%	-5.27%	-2.63%
May 31, 2018	4.15%	-0.19%	2.66%
June 7, 2018	4.74%	-6.52%	-4.12%
June 14, 2018	5.98%	-4.69%	-5.71%
June 21, 2018	5.95%	-7.29%	-11.31%
June 28, 2018	4.50%	-7.56%	-7.58%
July 5, 2018	4.96%	-5.45%	-6.61%
July 12, 2018	5.27%	-6.77%	-6.32%
July 19, 2018	4.71%	-5.21%	-3.83%
July 26, 2018	4.16%	-5.21%	-5.21%
August 2, 2018	4.89%	-0.32%	-3.36%
August 9, 2018	7.45%	-0.96%	-4.12%
August 16, 2018	6.74%	-5.46%	-1.33%
August 23, 2018	6.16%	-3.52%	-1.30%
August 30, 2018	6.38%	-7.59%	-2.99%
September 6, 2018	6.69%	-6.09%	-2.75%
September 13, 2018	5.84%	-3.47%	-2.25%
September 20, 2018	5.82%	-1.86%	-2.66%
September 27, 2018	6.30%	-5.35%	-2.80%
October 4, 2018	4.45%	-1.76%	0.25%
October 11, 2018	4.36%	4.03%	6.99%
October 18, 2018	5.27%	1.97%	6.02%
October 25, 2018	4.11%	1.78%	9.26%
November 1, 2018	4.00%	4.74%	7.80%
November 8, 2018	5.27%	-2.01%	3.57%
November 15, 2018	5.01%	0.16%	5.49%
November 21, 2018	4.56%	2.16%	9.23%
November 29, 2018	5.98%	-1.05%	2.62%
December 6, 2018	5.04%	-0.60%	6.64%
December 13, 2018	4.68%	-3.27%	10.26%
December 20, 2018	2.66%	3.10%	20.94%
December 27, 2018	3.20%	3.44%	18.60%
January 3, 2019	3.16%	4.43%	23.49%
January 10, 2019	3.05%	7.21%	16.42%
January 17, 2019	3.42%	3.68%	14.28%
January 24, 2019	2.89%	2.43%	15.44%
January 31, 2019	2.89%	7.54%	11.21%
February 10, 2019	3.47%	3.93%	8.82%
February 14, 2019	3.96%	6.22%	4.43%
February 21, 2019	4.21%	7.62%	6.40%
February 28, 2019	3.95%	-3.87%	4.63%
March 7, 2019	3.97%	2.87%	9.38%
March 14, 2019	3.92%	8.44%	8.08%
March 21, 2019	4.30%	-2.51%	5.76%
March 28, 2019	4.44%	1.27%	6.24%
April 4, 2019	4.09%	4.71%	3.47%
April 11, 2019	4.53%	0.79%	3.78%
April 18, 2019	4.73%	3.17%	3.72%
April 25, 2019	4.65%	-1.35%	4.25%
May 2, 2019	4.76%	0.57%	6.14%
May 9, 2019	4.25%	0.44%	8.80%
May 16, 2019	4.32%	3.65%	9.41%
May 23, 2019	4.51%	2.93%	11.27%
May 23, 2019	3.85%	5.56%	11.27%
May 30, 2019	3.97%	3.90%	13.72%
June 6, 2019	4.16%	-1.84%	11.61%
June 13, 2019	4.67%	1.11%	10.62%
June 20, 2019	5.37%	-0.61%	9.97%
June 27, 2019	5.14%	0.35%	11.82%
July 3, 2019	5.44%	-2.31%	8.93%
July 11, 2019	4.95%	2.39%	9.86%
July 18, 2019	4.53%	5.96%	12.14%
July 18, 2019	4.53%	5.96%	12.14%
July 25, 2019	4.79%	4.09%	10.64%
August 1, 2019	4.29%	3.66%	10.16%
August 8, 2019	3.88%	0.85%	14.22%
August 15, 2019	3.70%	3.68%	19.74%
August 22, 2019	3.55%	-0.21%	15.15%
August 29, 2019	3.79%	0.84%	2.23%
September 5, 2019	4.15%	0.51%	2.55%
September 12, 2019	4.19%	-4.46%	-16.86%
September 19, 2019	3.58%	-4.78%	-19.35%
September 26, 2019	3.54%	-7.47%	-11.08%
October 3, 2019	3.33%	-1.50%	-13.60%
October 10, 2019	3.27%	-3.23%	-4.08%
October 17, 2019	2.98%	-3.30%	-3.16%
October 24, 2019	3.04%	-0.43%	-4.75%
October 31, 2019	3.20%	-1.19%	-3.18%
November 7, 2019	3.65%	-1.71%	-5.62%
November 14, 2019	4.32%	-0.28%	-6.92%
November 21, 2019	2.79%	-2.18%	-3.91%
November 28, 2019	2.72%	-2.80%	-2.90%
December 5, 2019	5.11%	-4.74%	3.48%
December 12, 2019	2.26%	0.28%	-3.01%
December 19, 2019	3.22%	4.84%	-2.33%
December 26, 2019	3.46%	-2.67%	-6.10%
January 2, 2020	3.40%	0.00%	-2.87%
January 9, 2020	3.65%	1.96%	-2.74%
January 16, 2020	2.91%	-2.15%	-2.03%
January 23, 2020	3.31%	0.09%	-1.61%
January 30, 2020	2.85%	-1.39%	-0.09%
February 6, 2020	3.36%	10.25%	1.17%
February 13, 2020	3.36%	2.09%	0.99%
February 20, 2020	3.15%	6.49%	1.46%
February 27, 2020	3.64%	1.04%	18.32%
March 12, 2020	1.37%	1.66%	36.07%
March 19, 2020	2.33%	0.20%	39.50%
March 26, 2020	1.03%	-0.40%	26.92%
April 2, 2020	1.84%	-3.03%	33.69%
April 9, 2020	1.96%	4.57%	25.74%
April 23, 2020	2.36%	4.68%	24.95%
May 1, 2020	2.84%	4.46%	16.45%
May 7, 2020	2.93%	4.18%	22.75%
May 14, 2020	2.66%	3.01%	26.73%
May 21, 2020	2.89%	-1.61%	21.52%
May 28, 2020	3.10%	7.00%	21.05%
June 4, 2020	3.03%	10.56%	19.79%
June 11, 2020	2.92%	10.26%	22.89%
June 19, 2020	3.42%	7.56%	20.61%
June 25, 2020	3.07%	5.66%	21.06%
July 2, 2020	3.35%	2.26%	20.74%
July 9, 2020	3.71%	1.02%	22.29%
July 16, 2020	3.59%	5.79%	18.09%
July 23, 2020	3.74%	6.27%	19.54%
July 30, 2020	3.59%	2.94%	15.19%
August 6, 2020	4.01%	1.15%	16.93%
August 13, 2020	3.52%	4.50%	17.54%
August 20, 2020	3.56%	4.67%	16.26%
August 27, 2020	3.94%	6.70%	10.11%
September 3, 2020	2.55%	0.84%	11.35%
September 10, 2020	3.60%	0.53%	17.65%
September 17, 2020	4.08%	0.65%	19.28%
September 24, 2020	3.77%	4.40%	20.70%
October 2, 2020	3.80%	2.21%	20.91%
October 8, 2020	3.35%	2.72%	19.73%
October 8, 2020	3.61%	3.03%	19.73%
October 15, 2020	3.40%	3.64%	20.58%
October 22, 2020	3.71%	9.57%	20.54%
October 29, 2020	3.35%	5.11%	28.26%
November 5, 2020	3.91%	-1.11%	19.60%
November 12, 2020	3.60%	7.84%	15.65%
November 25, 2020	3.90%	1.99%	16.20%
December 3, 2020	3.54%	-1.68%	15.07%
December 10, 2020	3.76%	2.56%	16.38%
December 17, 2020	3.62%	-0.02%	14.22%
December 24, 2020	3.41%	2.22%	15.96%
December 31, 2020	3.42%	3.35%	15.25%
January 7, 2021	3.26%	-0.77%	15.36%
January 21, 2021	4.63%	-4.69%	13.84%
January 28, 2021	3.56%	-2.25%	16.97%
February 4, 2021	4.70%	-3.69%	14.42%
February 11, 2021	3.80%	-5.73%	14.33%
February 18, 2021	3.96%	-6.18%	13.15%
February 25, 2021	4.71%	-5.35%	18.19%
March 4, 2021	4.02%	-0.17%	21.07%
March 11, 2021	3.58%	-2.01%	13.94%
March 18, 2021	5.10%	-0.58%	13.86%
March 25, 2021	4.20%	-5.41%	14.66%
April 1, 2021	3.33%	-0.77%	9.11%
April 8, 2021	3.11%	-4.93%	7.89%
April 15, 2021	3.52%	-4.64%	7.92%
April 22, 2021	3.39%	3.62%	10.63%
April 29, 2021	3.27%	3.70%	10.05%
May 6, 2021	2.99%	6.97%	12.54%
May 13, 2021	2.91%	11.59%	14.64%
May 20, 2021	3.08%	7.75%	13.65%
May 27, 2021	3.07%	0.74%	10.18%
June 3, 2021	4.06%	-3.14%	8.98%
June 10, 2021	2.86%	-2.66%	11.86%
June 17, 2021	2.98%	-4.38%	10.09%
June 24, 2021	3.99%	0.73%	11.46%
July 1, 2021	4.30%	-6.61%	11.10%
July 8, 2021	4.16%	-4.67%	8.90%
July 15, 2021	4.72%	1.72%	7.62%
July 22, 2021	3.34%	-8.14%	1.26%
July 29, 2021	2.91%	-6.61%	0.98%
August 5, 2021	4.04%	0.26%	2.26%
August 12, 2021	3.88%	-5.79%	-0.37%
August 19, 2021	4.31%	-4.12%	-0.61%
September 2, 2021	3.39%	-3.52%	-2.72%
September 9, 2021	3.78%	-5.78%	-4.16%
September 16, 2021	3.79%	-6.79%	-1.92%
September 23, 2021	3.62%	-4.90%	0.80%
September 30, 2021	4.27%	-0.26%	7.60%
October 7, 2021	3.62%	-1.96%	2.98%
October 14, 2021	4.59%	-2.27%	-0.41%
October 21, 2021	3.51%	0.83%	-2.78%
November 6, 2021	4.37%	-4.77%	-11.62%
November 11, 2021	3.73%	-7.07%	-14.75%
November 18, 2021	3.92%	-3.04%	-16.02%
November 24, 2021	3.69%	-4.61%	-15.54%
December 2, 2021	3.85%	-6.91%	-8.14%
December 9, 2021	3.67%	-7.92%	-13.35%
December 16, 2021	3.59%	-8.30%	-20.87%
December 23, 2021	3.43%	-8.16%	-19.07%
December 30, 2021	3.26%	-5.79%	-20.19%
January 6, 2022	3.55%	-4.91%	-17.49%
January 13, 2022	3.13%	-7.76%	-17.85%
January 20, 2022	2.86%	-6.55%	-10.98%
January 27, 2022	2.27%	-4.08%	-6.32%
February 3, 2022	2.67%	-1.25%	-6.51%
February 10, 2022	2.74%	-2.70%	-5.84%
February 17, 2022	2.93%	-2.78%	-1.66%
February 24, 2022	2.72%	1.95%	-2.70%
March 3, 2022	3.25%	-4.47%	-9.31%
March 10, 2022	2.96%	-2.08%	-3.73%
March 17, 2022	2.89%	-5.34%	-11.57%
March 24, 2022	3.82%	-7.37%	-17.63%
March 31, 2022	3.26%	-5.67%	-20.25%
April 7, 2022	3.22%	-6.13%	-18.47%
April 14, 2022	3.40%	-7.18%	-17.62%
April 21, 2022	5.18%	-5.15%	-13.83%
April 28, 2022	2.74%	0.11%	-8.30%
May 5, 2022	3.37%	-2.73%	-8.28%
May 12, 2022	3.60%	-3.78%	2.43%
May 20, 2022	3.95%	-4.06%	2.50%
May 26, 2022	2.76%	-1.43%	0.11%
June 2, 2022	3.59%	-4.08%	-1.69%
June 11, 2022	2.72%	-0.86%	1.75%
June 16, 2022	2.46%	-2.28%	5.42%
June 23, 2022	3.28%	-2.53%	1.70%
June 30, 2022	3.04%	-0.74%	1.79%
July 7, 2022	3.24%	-0.36%	0.18%
July 21, 2022	3.14%	-0.13%	0.14%
Average	3.98%	0.98%	5.87%

Portfolios Hedged Against > 10.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
July 7, 2017	4.28%	8.39%	14.07%
August 24, 2017	6.03%	9.91%	13.72%
September 7, 2017	4.58%	5.01%	11.61%
September 28, 2017	5.70%	5.39%	4.73%
September 28, 2017	5.58%	10.22%	4.73%
October 19, 2017	5.43%	13.64%	6.08%
October 26, 2017	4.76%	5.67%	5.13%
December 21, 2017	5.76%	16.94%	3.36%
January 11, 2018	5.56%	-0.56%	1.12%
January 18, 2018	5.64%	11.62%	1.55%
January 29, 2018	4.81%	1.99%	-0.30%
March 31, 2018	4.81%	6.39%	11.48%
May 10, 2018	5.18%	0.53%	3.03%
May 10, 2018	6.44%	-3.95%	3.03%
September 28, 2018	7.62%	-7.03%	-2.44%
October 15, 2018	6.10%	1.60%	6.77%
Average	5.52%	5.36%	5.48%

Portfolios Hedged Against > 11.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
July 6, 2017	4.27%	12.31%	14.81%
July 13, 2017	4.61%	15.98%	14.85%
July 27, 2017	4.28%	12.42%	17.10%
September 28, 2017	5.72%	7.17%	4.73%
Average	4.72%	11.97%	12.87%

Portfolios Hedged Against > 12.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
January 4, 2018	6.18%	13.59%	0.59%
January 11, 2018	5.90%	0.94%	1.12%
January 25, 2018	6.19%	2.65%	1.10%
February 22, 2018	4.97%	3.13%	6.73%
April 26, 2018	7.32%	21.90%	0.53%
May 3, 2018	6.14%	9.01%	4.47%
May 10, 2018	5.41%	-2.99%	3.03%
May 17, 2018	8.65%	-6.78%	1.54%
May 24, 2018	6.70%	-2.02%	-2.63%
May 24, 2018	7.58%	2.81%	-2.63%
May 31, 2018	5.13%	3.70%	2.66%
November 18, 2018	4.99%	-1.08%	5.51%
December 13, 2018	5.25%	-0.04%	10.26%
January 29, 2019	5.91%	13.19%	15.51%
March 12, 2019	4.11%	8.71%	8.80%
Average	6.03%	4.45%	3.77%

Portfolios Hedged Against > 13.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
February 8, 2018	4.48%	5.29%	11.75%
June 7, 2018	6.17%	-8.90%	-4.12%
June 14, 2018	8.56%	-7.07%	-5.71%
June 21, 2018	7.26%	-7.14%	-11.31%
June 28, 2018	7.51%	-5.45%	-7.58%
July 5, 2018	6.29%	-2.85%	-6.61%
July 12, 2018	6.69%	-8.45%	-6.32%
July 19, 2018	7.35%	-10.78%	-3.83%
July 26, 2018	5.35%	-9.83%	-5.21%
August 2, 2018	7.40%	-7.39%	-3.36%
August 9, 2018	8.02%	-2.21%	-4.12%
August 16, 2018	9.24%	2.44%	-1.33%
August 23, 2018	9.10%	-6.89%	-1.30%
August 30, 2018	8.43%	-7.43%	-2.99%
September 6, 2018	8.92%	-7.66%	-2.75%
September 13, 2018	11.05%	-4.31%	-2.25%
September 20, 2018	10.32%	1.95%	-2.66%
September 27, 2018	9.25%	-3.84%	-2.80%
October 4, 2018	7.23%	8.56%	0.25%
October 11, 2018	5.40%	2.26%	6.99%
October 18, 2018	5.76%	-1.54%	6.02%
October 25, 2018	5.69%	-5.75%	9.26%
November 1, 2018	6.66%	6.78%	7.80%
November 8, 2018	6.65%	4.18%	3.57%
November 15, 2018	5.51%	1.09%	5.49%
November 21, 2018	6.20%	6.55%	9.23%
November 29, 2018	7.52%	19.01%	2.62%
December 6, 2018	6.59%	0.03%	6.64%
December 13, 2018	6.19%	0.27%	10.26%
December 20, 2018	3.84%	1.07%	20.94%
December 27, 2018	5.15%	4.36%	18.60%
January 3, 2019	4.95%	3.44%	23.49%
January 10, 2019	5.88%	16.40%	16.42%
January 17, 2019	5.92%	5.55%	14.28%
January 24, 2019	12.05%	-5.62%	15.44%
January 31, 2019	6.61%	-1.73%	11.21%
February 10, 2019	4.18%	4.34%	8.82%
February 14, 2019	6.11%	3.52%	4.43%
February 21, 2019	6.05%	3.66%	6.40%
February 28, 2019	6.77%	-0.38%	4.63%
March 7, 2019	5.52%	-8.24%	9.38%
March 14, 2019	6.19%	-6.08%	8.08%
March 21, 2019	7.65%	1.77%	5.76%
March 28, 2019	7.52%	0.29%	6.24%
April 4, 2019	5.43%	-4.61%	3.47%
April 11, 2019	7.00%	-0.96%	3.78%
April 18, 2019	6.00%	-7.02%	3.72%
April 25, 2019	6.37%	-4.95%	4.25%
May 2, 2019	5.86%	-2.04%	6.14%
May 9, 2019	6.46%	-9.91%	8.80%
May 16, 2019	5.75%	0.54%	9.41%
May 23, 2019	4.58%	7.98%	11.27%
May 30, 2019	5.80%	4.47%	13.72%
June 6, 2019	5.46%	-9.78%	11.61%
June 13, 2019	5.45%	1.16%	10.62%
June 20, 2019	5.12%	-2.88%	9.97%
June 27, 2019	6.18%	2.03%	11.82%
July 3, 2019	7.15%	1.23%	8.93%
July 11, 2019	5.99%	1.92%	9.86%
July 18, 2019	5.07%	1.63%	12.14%
July 25, 2019	5.74%	0.01%	10.64%
August 1, 2019	5.84%	8.71%	10.16%
August 8, 2019	5.95%	3.16%	14.22%
August 15, 2019	5.77%	-4.10%	19.74%
August 29, 2019	5.79%	-3.20%	2.23%
September 5, 2019	5.99%	-3.69%	2.55%
September 12, 2019	6.39%	-5.82%	-16.86%
September 19, 2019	5.09%	-10.06%	-19.35%
September 26, 2019	5.42%	-4.14%	-11.08%
October 3, 2019	4.92%	10.74%	-13.60%
October 10, 2019	3.63%	-7.87%	-4.08%
October 17, 2019	3.47%	-7.20%	-3.16%
October 24, 2019	3.85%	10.28%	-4.75%
October 31, 2019	4.05%	-4.73%	-3.18%
November 7, 2019	7.76%	-2.03%	-5.62%
November 14, 2019	5.17%	0.18%	-6.92%
November 21, 2019	4.79%	-4.81%	-3.91%
November 28, 2019	5.52%	-6.34%	-2.90%
December 5, 2019	9.29%	-18.61%	3.48%
December 12, 2019	4.41%	-5.31%	-3.01%
December 19, 2019	4.24%	-5.44%	-2.33%
December 26, 2019	3.63%	-0.30%	-6.10%
January 2, 2020	4.86%	1.52%	-2.87%
January 9, 2020	4.10%	-3.95%	-2.74%
January 16, 2020	4.08%	-2.10%	-2.03%
January 23, 2020	5.41%	-5.34%	-1.61%
January 30, 2020	4.05%	-4.71%	-0.09%
February 6, 2020	4.19%	-4.18%	1.17%
February 13, 2020	5.14%	16.43%	0.99%
February 20, 2020	5.11%	-6.04%	1.46%
February 27, 2020	5.06%	0.73%	18.32%
March 5, 2020	4.10%	4.89%	14.46%
March 12, 2020	6.12%	-0.56%	36.07%
March 19, 2020	3.15%	3.90%	39.50%
March 26, 2020	2.06%	3.44%	26.92%
April 2, 2020	2.03%	4.85%	33.69%
April 9, 2020	2.89%	-2.61%	25.74%
April 16, 2020	3.10%	-0.90%	25.49%
April 23, 2020	2.19%	5.09%	24.95%
May 1, 2020	4.69%	1.77%	16.45%
May 7, 2020	4.64%	-0.26%	22.75%
May 14, 2020	4.09%	4.32%	26.73%
May 21, 2020	4.41%	-5.99%	21.52%
May 28, 2020	3.34%	-4.92%	21.05%
June 4, 2020	4.54%	19.14%	19.79%
June 11, 2020	4.07%	17.78%	22.89%
June 19, 2020	4.79%	7.35%	20.61%
June 25, 2020	4.74%	6.11%	21.06%
July 2, 2020	4.06%	15.72%	20.74%
July 9, 2020	5.93%	2.44%	22.29%
July 16, 2020	6.30%	1.78%	18.09%
July 23, 2020	6.22%	-10.70%	19.54%
July 30, 2020	9.82%	-5.90%	15.19%
August 6, 2020	5.45%	-5.94%	16.93%
August 13, 2020	7.51%	1.24%	17.54%
August 20, 2020	4.91%	5.58%	16.26%
August 27, 2020	7.25%	-4.76%	10.11%
September 3, 2020	5.65%	17.16%	11.35%
September 10, 2020	6.02%	-7.48%	17.65%
September 17, 2020	6.77%	-2.15%	19.28%
September 24, 2020	6.38%	-1.23%	20.70%
October 2, 2020	5.57%	-4.34%	20.91%
October 8, 2020	6.40%	-0.16%	19.73%
October 15, 2020	5.67%	5.68%	20.58%
October 22, 2020	5.94%	5.65%	20.54%
October 29, 2020	5.07%	-8.38%	28.26%
November 5, 2020	7.54%	0.47%	19.60%
November 12, 2020	5.52%	-5.35%	15.65%
November 19, 2020	6.02%	-2.79%	15.71%
November 25, 2020	7.08%	-5.22%	16.20%
December 3, 2020	6.60%	2.82%	15.07%
December 10, 2020	5.92%	-1.77%	16.38%
December 17, 2020	5.73%	5.76%	14.22%
December 24, 2020	6.15%	-1.18%	15.96%
December 31, 2020	7.40%	4.09%	15.25%
January 7, 2021	5.78%	3.68%	15.36%
January 14, 2021	7.08%	-5.90%	16.03%
January 21, 2021	6.99%	-6.68%	13.84%
January 28, 2021	8.15%	1.58%	16.97%
February 4, 2021	11.33%	-0.38%	14.42%
February 11, 2021	10.52%	-6.90%	14.33%
February 18, 2021	7.99%	-8.44%	13.15%
February 25, 2021	8.39%	-7.59%	18.19%
March 4, 2021	6.50%	-1.85%	21.07%
March 11, 2021	6.24%	-4.01%	13.94%
March 18, 2021	6.78%	-9.70%	13.86%
March 25, 2021	5.73%	-10.87%	14.66%
April 1, 2021	5.65%	-7.63%	9.11%
April 8, 2021	5.68%	-6.68%	7.89%
April 15, 2021	7.16%	-10.43%	7.92%
April 22, 2021	7.11%	-3.42%	10.63%
April 29, 2021	6.59%	-7.10%	10.05%
May 6, 2021	7.29%	11.56%	12.54%
May 13, 2021	6.16%	15.18%	14.64%
May 20, 2021	5.69%	9.28%	13.65%
May 27, 2021	4.61%	13.51%	10.18%
June 3, 2021	6.25%	0.17%	8.98%
June 10, 2021	6.15%	-6.36%	11.86%
June 17, 2021	6.36%	0.30%	10.09%
June 24, 2021	6.24%	-6.24%	11.46%
July 1, 2021	5.61%	-7.13%	11.10%
July 8, 2021	6.17%	-1.37%	8.90%
July 15, 2021	6.76%	5.38%	7.62%
July 22, 2021	7.13%	-12.10%	1.26%
July 29, 2021	6.55%	1.55%	0.98%
August 5, 2021	11.30%	0.50%	2.26%
August 12, 2021	5.52%	-5.63%	-0.37%
August 19, 2021	6.08%	-5.25%	-0.61%
September 2, 2021	8.49%	-10.15%	-2.72%
September 9, 2021	8.99%	-11.36%	-4.16%
September 16, 2021	7.98%	-3.79%	-1.92%
September 23, 2021	7.14%	-5.72%	0.80%
September 30, 2021	7.24%	-9.77%	7.60%
October 7, 2021	9.92%	2.12%	2.98%
October 14, 2021	9.04%	1.48%	-0.41%
October 21, 2021	8.77%	17.38%	-2.78%
October 28, 2021	10.02%	-11.11%	-6.04%
November 6, 2021	8.90%	-3.73%	-11.62%
November 11, 2021	7.78%	8.60%	-14.75%
November 18, 2021	8.69%	8.89%	-16.02%
November 24, 2021	7.38%	10.35%	-15.54%
December 2, 2021	6.85%	-11.35%	-8.14%
December 9, 2021	5.69%	-9.91%	-13.35%
December 16, 2021	7.47%	-11.04%	-20.87%
December 23, 2021	4.78%	-9.91%	-19.07%
December 30, 2021	6.17%	-10.91%	-20.19%
January 6, 2022	5.36%	-7.40%	-17.49%
January 13, 2022	3.97%	-10.49%	-17.85%
January 20, 2022	5.09%	-5.40%	-10.98%
January 27, 2022	7.51%	5.91%	-6.32%
February 3, 2022	4.52%	0.74%	-6.51%
February 10, 2022	5.31%	4.33%	-5.84%
February 17, 2022	4.44%	-0.79%	-1.66%
February 24, 2022	4.66%	6.64%	-2.70%
March 3, 2022	5.73%	0.71%	-9.31%
March 10, 2022	5.59%	-10.96%	-3.73%
March 17, 2022	4.69%	-2.41%	-11.57%
March 24, 2022	4.50%	-9.99%	-17.63%
April 7, 2022	5.52%	-11.05%	-18.47%
April 14, 2022	5.33%	-2.21%	-17.62%
April 28, 2022	5.51%	-6.66%	-8.30%
May 5, 2022	11.25%	-6.56%	-8.28%
May 20, 2022	10.61%	-11.33%	2.50%
May 26, 2022	4.36%	0.71%	0.11%
June 11, 2022	8.10%	-9.84%	1.75%
June 23, 2022	6.68%	-2.43%	1.70%
June 30, 2022	5.99%	-10.22%	1.79%
July 7, 2022	6.26%	-4.15%	0.18%
Average	6.21%	-1.36%	5.97%

Portfolios Hedged Against > 14.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
December 28, 2017	5.94%	9.95%	1.99%
January 18, 2018	5.98%	9.65%	1.55%
January 25, 2018	5.99%	5.65%	1.10%
February 8, 2018	4.50%	6.58%	11.75%
February 15, 2018	5.47%	-6.65%	4.08%
February 15, 2018	5.17%	-8.55%	4.08%
May 24, 2018	7.21%	-7.08%	-2.63%
May 24, 2018	6.92%	-3.39%	-2.63%
May 31, 2018	4.79%	-1.57%	2.66%
June 7, 2018	4.96%	-4.27%	-4.12%
June 14, 2018	8.13%	-6.08%	-5.71%
June 21, 2018	7.96%	-10.71%	-11.31%
June 28, 2018	7.17%	-7.76%	-7.58%
July 5, 2018	6.02%	-5.18%	-6.61%
July 12, 2018	7.25%	-7.76%	-6.32%
July 19, 2018	6.98%	-10.43%	-3.83%
July 26, 2018	6.25%	-6.50%	-5.21%
August 2, 2018	7.07%	-8.11%	-3.36%
August 9, 2018	8.08%	-2.06%	-4.12%
August 16, 2018	9.48%	-2.27%	-1.33%
August 23, 2018	9.29%	0.67%	-1.30%
August 30, 2018	8.65%	-8.29%	-2.99%
September 6, 2018	10.53%	-8.61%	-2.75%
September 13, 2018	10.54%	-3.48%	-2.25%
September 20, 2018	8.43%	-2.43%	-2.66%
September 27, 2018	10.36%	-10.62%	-2.80%
October 4, 2018	7.32%	7.16%	0.25%
October 11, 2018	6.94%	0.36%	6.99%
October 18, 2018	6.50%	-2.81%	6.02%
October 25, 2018	6.17%	4.41%	9.26%
November 1, 2018	6.82%	7.97%	7.80%
November 8, 2018	7.38%	4.98%	3.57%
November 15, 2018	8.34%	6.45%	5.49%
November 21, 2018	5.89%	2.29%	9.23%
November 29, 2018	8.69%	3.69%	2.62%
December 6, 2018	7.88%	0.52%	6.64%
December 13, 2018	6.66%	0.68%	10.26%
December 20, 2018	5.56%	3.85%	20.94%
December 27, 2018	5.38%	3.98%	18.60%
January 3, 2019	5.06%	12.87%	23.49%
January 10, 2019	4.87%	7.14%	16.42%
January 17, 2019	6.04%	6.13%	14.28%
January 24, 2019	9.91%	3.87%	15.44%
January 31, 2019	8.58%	11.21%	11.21%
February 10, 2019	4.65%	4.82%	8.82%
February 14, 2019	5.80%	2.78%	4.43%
February 21, 2019	5.99%	0.27%	6.40%
February 28, 2019	5.33%	-5.23%	4.63%
March 7, 2019	5.79%	0.49%	9.38%
March 14, 2019	5.74%	-2.33%	8.08%
March 21, 2019	6.54%	-4.77%	5.76%
March 28, 2019	6.20%	-1.36%	6.24%
April 4, 2019	5.25%	-1.42%	3.47%
April 11, 2019	7.12%	-4.16%	3.78%
April 18, 2019	5.96%	-6.92%	3.72%
April 25, 2019	5.92%	-1.42%	4.25%
May 2, 2019	7.43%	-5.03%	6.14%
May 9, 2019	6.08%	-7.43%	8.80%
May 16, 2019	5.80%	6.17%	9.41%
May 23, 2019	5.82%	-6.19%	11.27%
May 30, 2019	6.41%	4.60%	13.72%
June 6, 2019	6.01%	-5.47%	11.61%
June 13, 2019	6.17%	-1.45%	10.62%
June 20, 2019	6.01%	-0.80%	9.97%
June 27, 2019	7.09%	2.75%	11.82%
July 3, 2019	7.02%	-1.70%	8.93%
July 18, 2019	6.39%	5.65%	12.14%
July 25, 2019	6.12%	-0.30%	10.64%
August 1, 2019	5.98%	10.23%	10.16%
August 8, 2019	5.67%	3.91%	14.22%
August 15, 2019	6.08%	3.00%	19.74%
August 22, 2019	6.47%	5.12%	15.15%
August 29, 2019	6.23%	-5.07%	2.23%
September 5, 2019	5.82%	-0.61%	2.55%
September 12, 2019	6.60%	-9.50%	-16.86%
September 19, 2019	5.51%	-11.03%	-19.35%
September 26, 2019	4.97%	-7.34%	-11.08%
October 3, 2019	4.89%	5.18%	-13.60%
October 10, 2019	6.34%	-1.56%	-4.08%
October 17, 2019	5.88%	0.98%	-3.16%
October 24, 2019	5.34%	6.13%	-4.75%
October 31, 2019	5.85%	-3.41%	-3.18%
November 14, 2019	6.18%	-6.01%	-6.92%
November 21, 2019	5.55%	1.75%	-3.91%
November 28, 2019	6.34%	-8.68%	-2.90%
December 5, 2019	7.96%	-12.56%	3.48%
December 12, 2019	3.69%	0.56%	-3.01%
December 19, 2019	3.54%	-1.92%	-2.33%
December 26, 2019	4.05%	-1.22%	-6.10%
January 2, 2020	6.12%	2.88%	-2.87%
January 9, 2020	4.71%	-9.65%	-2.74%
January 16, 2020	4.91%	-2.17%	-2.03%
January 23, 2020	4.70%	2.02%	-1.61%
January 30, 2020	3.85%	-2.11%	-0.09%
February 6, 2020	5.34%	5.77%	1.17%
February 13, 2020	6.42%	4.98%	0.99%
February 20, 2020	4.68%	8.04%	1.46%
February 20, 2020	4.84%	1.21%	1.46%
February 27, 2020	5.78%	2.86%	18.32%
March 5, 2020	4.42%	5.39%	14.46%
March 12, 2020	2.84%	4.32%	36.07%
March 19, 2020	6.65%	5.09%	39.50%
March 26, 2020	3.49%	-3.31%	26.92%
April 2, 2020	3.80%	4.40%	33.69%
April 9, 2020	3.99%	-0.50%	25.74%
April 16, 2020	4.75%	-3.36%	25.49%
April 23, 2020	3.23%	0.82%	24.95%
May 1, 2020	4.12%	0.93%	16.45%
May 7, 2020	5.39%	4.21%	22.75%
May 14, 2020	4.86%	6.34%	26.73%
May 21, 2020	3.69%	5.15%	21.52%
Average	6.14%	-0.29%	5.63%

Portfolios Hedged Against > 15.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
April 23, 2017	4.86%	15.41%	10.25%
December 31, 2017	5.69%	13.07%	2.52%
January 29, 2018	5.47%	9.88%	-0.30%
February 1, 2018	4.87%	-5.69%	0.59%
February 1, 2018	5.66%	0.87%	0.59%
February 22, 2018	5.21%	5.74%	6.73%
March 1, 2018	4.92%	5.80%	9.37%
March 8, 2018	5.18%	-1.77%	5.82%
March 8, 2018	5.14%	-4.26%	5.82%
March 15, 2018	5.10%	1.73%	6.68%
March 15, 2018	4.89%	-4.70%	6.68%
March 22, 2018	5.15%	3.20%	11.74%
March 22, 2018	4.81%	5.89%	11.74%
March 29, 2018	5.11%	4.47%	11.48%
March 29, 2018	5.26%	5.03%	11.48%
March 31, 2018	5.30%	9.06%	11.48%
April 5, 2018	7.03%	-3.70%	9.33%
April 5, 2018	6.70%	-1.33%	9.33%
April 12, 2018	5.80%	3.66%	4.71%
April 26, 2018	6.50%	14.99%	0.53%
April 26, 2018	6.31%	5.01%	0.53%
May 3, 2018	6.25%	2.47%	4.47%
May 10, 2018	5.77%	-2.96%	3.03%
May 17, 2018	7.06%	-0.74%	1.54%
May 17, 2018	8.02%	4.72%	1.54%
May 31, 2018	4.90%	-2.33%	2.66%
June 7, 2018	5.36%	-9.65%	-4.12%
June 14, 2018	7.61%	-8.61%	-5.71%
June 21, 2018	7.32%	-11.82%	-11.31%
June 28, 2018	7.28%	-7.70%	-7.58%
July 5, 2018	5.98%	-6.88%	-6.61%
July 12, 2018	6.23%	-4.41%	-6.32%
July 19, 2018	6.84%	-10.71%	-3.83%
July 26, 2018	6.11%	-8.27%	-5.21%
August 2, 2018	6.12%	-6.12%	-3.36%
August 9, 2018	7.95%	-1.73%	-4.12%
August 16, 2018	8.82%	-0.80%	-1.33%
August 23, 2018	9.66%	-4.40%	-1.30%
August 30, 2018	8.32%	-8.91%	-2.99%
September 6, 2018	9.02%	-4.93%	-2.75%
September 13, 2018	10.63%	-5.37%	-2.25%
September 20, 2018	8.48%	-0.82%	-2.66%
September 27, 2018	9.06%	-4.31%	-2.80%
October 4, 2018	6.66%	1.05%	0.25%
October 11, 2018	6.15%	4.25%	6.99%
October 18, 2018	5.96%	0.20%	6.02%
October 25, 2018	5.85%	3.56%	9.26%
November 1, 2018	5.53%	9.04%	7.80%
November 8, 2018	6.12%	1.87%	3.57%
November 15, 2018	6.54%	6.50%	5.49%
November 21, 2018	5.60%	0.59%	9.23%
November 29, 2018	7.94%	-0.11%	2.62%
December 6, 2018	5.88%	1.80%	6.64%
December 13, 2018	6.41%	-1.73%	10.26%
December 20, 2018	4.84%	4.24%	20.94%
December 27, 2018	4.85%	8.54%	18.60%
January 3, 2019	4.38%	8.38%	23.49%
January 10, 2019	4.84%	4.64%	16.42%
January 17, 2019	5.22%	6.15%	14.28%
January 24, 2019	9.42%	4.86%	15.44%
January 31, 2019	7.36%	13.03%	11.21%
February 10, 2019	4.60%	12.20%	8.82%
February 14, 2019	5.23%	5.14%	4.43%
February 21, 2019	5.82%	8.64%	6.40%
February 28, 2019	5.33%	-3.35%	4.63%
March 7, 2019	4.93%	6.61%	9.38%
March 14, 2019	5.10%	9.53%	8.08%
March 21, 2019	5.86%	-4.74%	5.76%
March 28, 2019	5.40%	-5.13%	6.24%
April 4, 2019	5.58%	0.00%	3.47%
April 11, 2019	6.31%	-3.89%	3.78%
April 18, 2019	5.86%	-1.70%	3.72%
April 25, 2019	6.03%	2.26%	4.25%
May 2, 2019	6.20%	-1.73%	6.14%
May 9, 2019	5.73%	1.49%	8.80%
May 16, 2019	5.45%	5.84%	9.41%
May 23, 2019	5.75%	-2.16%	11.27%
May 30, 2019	5.11%	3.00%	13.72%
June 6, 2019	5.39%	0.16%	11.61%
June 13, 2019	5.94%	-2.18%	10.62%
June 20, 2019	6.80%	-1.01%	9.97%
June 27, 2019	6.59%	0.97%	11.82%
July 3, 2019	6.96%	0.25%	8.93%
July 11, 2019	5.88%	0.09%	9.86%
July 18, 2019	5.98%	3.84%	12.14%
July 25, 2019	5.82%	1.16%	10.64%
August 1, 2019	5.74%	9.84%	10.16%
August 8, 2019	5.56%	6.95%	14.22%
August 15, 2019	5.40%	3.34%	19.74%
August 22, 2019	5.42%	3.34%	15.15%
August 29, 2019	6.29%	-5.30%	2.23%
September 5, 2019	5.89%	-0.13%	2.55%
September 12, 2019	5.56%	-9.27%	-16.86%
September 19, 2019	5.66%	-11.97%	-19.35%
October 3, 2019	4.69%	-7.43%	-13.60%
October 17, 2019	4.67%	-1.54%	-3.16%
November 7, 2019	4.96%	-1.83%	-5.62%
November 7, 2019	5.68%	2.33%	-5.62%
November 21, 2019	4.14%	-3.34%	-3.91%
November 21, 2019	4.12%	-3.19%	-3.91%
November 28, 2019	4.50%	-7.06%	-2.90%
December 5, 2019	6.58%	-4.71%	3.48%
December 12, 2019	3.42%	-2.35%	-3.01%
December 19, 2019	4.01%	5.82%	-2.33%
December 26, 2019	4.58%	4.59%	-6.10%
January 2, 2020	4.43%	6.66%	-2.87%
January 9, 2020	4.27%	-1.26%	-2.74%
January 16, 2020	4.74%	-0.82%	-2.03%
January 30, 2020	4.50%	1.78%	-0.09%
February 6, 2020	4.92%	11.36%	1.17%
February 13, 2020	5.31%	8.37%	0.99%
February 20, 2020	4.90%	7.69%	1.46%
February 27, 2020	4.54%	2.75%	18.32%
March 5, 2020	3.80%	4.95%	14.46%
March 12, 2020	2.09%	2.54%	36.07%
March 19, 2020	9.10%	1.40%	39.50%
March 26, 2020	2.09%	2.80%	26.92%
April 2, 2020	2.77%	2.88%	33.69%
April 9, 2020	3.42%	1.78%	25.74%
April 16, 2020	4.33%	0.24%	25.49%
April 23, 2020	3.41%	3.33%	24.95%
May 1, 2020	4.66%	3.38%	16.45%
May 7, 2020	4.57%	2.86%	22.75%
May 14, 2020	4.39%	2.33%	26.73%
May 21, 2020	4.50%	11.26%	21.52%
June 4, 2020	5.50%	16.02%	19.79%
June 11, 2020	5.99%	22.08%	22.89%
June 25, 2020	5.76%	5.45%	21.06%
July 2, 2020	6.18%	12.32%	20.74%
July 9, 2020	6.72%	10.44%	22.29%
July 16, 2020	6.07%	7.70%	18.09%
July 23, 2020	6.71%	11.94%	19.54%
July 30, 2020	7.00%	13.71%	15.19%
August 6, 2020	6.60%	11.43%	16.93%
August 13, 2020	7.24%	15.24%	17.54%
August 20, 2020	6.25%	11.92%	16.26%
August 27, 2020	7.90%	12.38%	10.11%
September 3, 2020	4.57%	7.58%	11.35%
September 10, 2020	7.29%	7.95%	17.65%
September 17, 2020	7.47%	2.70%	19.28%
September 24, 2020	6.34%	7.23%	20.70%
October 2, 2020	6.75%	8.91%	20.91%
October 8, 2020	6.75%	2.52%	19.73%
October 15, 2020	6.75%	7.84%	20.58%
October 22, 2020	7.14%	9.71%	20.54%
October 29, 2020	6.36%	13.75%	28.26%
November 5, 2020	6.34%	-0.10%	19.60%
November 12, 2020	6.77%	1.40%	15.65%
November 19, 2020	7.10%	-0.87%	15.71%
November 25, 2020	7.22%	-1.96%	16.20%
December 3, 2020	7.13%	-1.72%	15.07%
December 10, 2020	7.27%	-3.59%	16.38%
December 17, 2020	6.47%	-2.77%	14.22%
December 24, 2020	6.68%	12.65%	15.96%
December 31, 2020	6.95%	7.89%	15.25%
January 7, 2021	6.70%	-9.01%	15.36%
January 14, 2021	7.43%	-10.71%	16.03%
January 21, 2021	8.02%	-2.96%	13.84%
January 28, 2021	9.39%	-9.11%	16.97%
February 4, 2021	7.78%	-8.25%	14.42%
February 11, 2021	8.57%	-10.92%	14.33%
February 18, 2021	8.63%	-7.72%	13.15%
February 25, 2021	6.67%	-6.71%	18.19%
March 4, 2021	6.72%	-3.90%	21.07%
March 11, 2021	8.00%	1.55%	13.94%
March 18, 2021	6.93%	-9.83%	13.86%
March 25, 2021	6.36%	-4.79%	14.66%
April 1, 2021	6.67%	-8.26%	9.11%
April 8, 2021	6.81%	-7.26%	7.89%
April 15, 2021	6.63%	-4.80%	7.92%
April 22, 2021	6.05%	0.06%	10.63%
April 29, 2021	6.62%	2.06%	10.05%
May 6, 2021	6.69%	14.34%	12.54%
May 13, 2021	5.16%	16.06%	14.64%
May 20, 2021	6.13%	3.91%	13.65%
May 27, 2021	6.16%	3.81%	10.18%
June 3, 2021	6.50%	-0.98%	8.98%
June 10, 2021	6.13%	-4.70%	11.86%
June 17, 2021	6.99%	-6.47%	10.09%
June 24, 2021	6.25%	-5.99%	11.46%
July 1, 2021	7.00%	-5.96%	11.10%
July 8, 2021	6.07%	-5.51%	8.90%
July 15, 2021	9.74%	-3.57%	7.62%
July 22, 2021	5.63%	-8.20%	1.26%
July 29, 2021	6.26%	-6.93%	0.98%
August 5, 2021	6.94%	-7.68%	2.26%
August 12, 2021	7.00%	1.29%	-0.37%
August 19, 2021	7.50%	-3.07%	-0.61%
September 9, 2021	10.45%	-10.69%	-4.16%
September 16, 2021	7.24%	-7.20%	-1.92%
September 23, 2021	6.81%	-6.19%	0.80%
September 30, 2021	6.41%	-5.17%	7.60%
October 7, 2021	7.25%	-0.39%	2.98%
October 14, 2021	6.94%	-0.24%	-0.41%
October 21, 2021	6.58%	0.12%	-2.78%
October 28, 2021	7.34%	-3.41%	-6.04%
November 6, 2021	7.49%	-8.75%	-11.62%
November 11, 2021	7.95%	-5.04%	-14.75%
November 18, 2021	8.46%	-2.91%	-16.02%
November 24, 2021	7.86%	-6.57%	-15.54%
December 2, 2021	6.78%	-12.40%	-8.14%
December 9, 2021	5.57%	-10.75%	-13.35%
December 16, 2021	5.01%	-8.78%	-20.87%
December 23, 2021	6.02%	-12.55%	-19.07%
December 30, 2021	4.86%	-6.30%	-20.19%
January 6, 2022	4.41%	-9.78%	-17.49%
January 13, 2022	5.25%	-8.72%	-17.85%
January 20, 2022	4.63%	-5.60%	-10.98%
January 27, 2022	4.25%	-8.67%	-6.32%
February 3, 2022	5.25%	2.09%	-6.51%
February 10, 2022	5.12%	-4.79%	-5.84%
February 17, 2022	4.55%	-4.98%	-1.66%
February 24, 2022	5.48%	0.22%	-2.70%
March 3, 2022	5.39%	-1.97%	-9.31%
March 10, 2022	5.54%	-5.18%	-3.73%
March 17, 2022	5.17%	-7.95%	-11.57%
March 24, 2022	5.75%	-11.98%	-17.63%
March 31, 2022	5.46%	-6.02%	-20.25%
April 7, 2022	5.14%	-8.99%	-18.47%
April 14, 2022	5.37%	-5.29%	-17.62%
April 21, 2022	6.08%	-9.75%	-13.83%
April 28, 2022	5.46%	-4.21%	-8.30%
May 2, 2022	11.49%	7.62%	-8.79%
May 5, 2022	8.02%	-2.91%	-8.28%
May 12, 2022	6.82%	8.58%	2.43%
May 20, 2022	8.55%	-2.53%	2.50%
May 26, 2022	3.98%	-0.72%	0.11%
June 2, 2022	6.83%	-8.34%	-1.69%
June 16, 2022	4.75%	-8.18%	5.42%
June 23, 2022	6.29%	-2.39%	1.70%
June 30, 2022	5.66%	-1.90%	1.79%
July 7, 2022	5.83%	2.36%	0.18%
July 14, 2022	7.21%	-2.31%	6.38%
July 21, 2022	6.05%	4.07%	0.14%
Average	6.12%	0.17%	5.75%

Portfolios Hedged Against > 16.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
March 1, 2018	4.71%	0.28%	9.37%
August 8, 2019	6.21%	5.70%	14.22%
February 20, 2020	6.30%	10.75%	1.46%
Average	5.74%	5.58%	8.35%

Portfolios Hedged Against > 18.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
May 30, 2019	5.33%	4.79%	13.72%
Average	5.33%	4.79%	13.72%

Portfolios Hedged Against > 19.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
December 12, 2019	4.11%	0.99%	-3.01%
Average	4.11%	0.99%	-3.01%

Portfolios Hedged Against > 20.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
June 22, 2017	5.62%	20.08%	11.27%
August 31, 2017	5.23%	9.10%	10.87%
October 12, 2017	5.97%	2.12%	5.38%
October 19, 2017	6.45%	13.05%	6.08%
October 26, 2017	5.76%	9.39%	5.13%
November 2, 2017	6.31%	10.67%	3.11%
November 9, 2017	6.37%	4.45%	5.34%
November 16, 2017	5.86%	5.18%	6.22%
November 22, 2017	6.19%	7.31%	5.90%
November 30, 2017	6.09%	-4.74%	3.80%
December 8, 2017	5.48%	4.50%	5.73%
December 14, 2017	5.07%	17.49%	5.87%
December 21, 2017	6.02%	12.33%	3.36%
December 28, 2017	6.51%	9.45%	1.99%
January 4, 2018	6.22%	12.92%	0.59%
January 11, 2018	5.85%	9.14%	1.12%
January 18, 2018	6.04%	7.89%	1.55%
January 25, 2018	6.35%	6.19%	1.10%
January 29, 2018	6.20%	10.48%	-0.30%
February 1, 2018	5.87%	0.84%	0.59%
February 8, 2018	4.87%	12.49%	11.75%
February 15, 2018	5.28%	-6.14%	4.08%
February 22, 2018	5.71%	6.90%	6.73%
March 1, 2018	5.29%	6.66%	9.37%
March 8, 2018	5.56%	-3.20%	5.82%
March 15, 2018	5.28%	2.50%	6.68%
March 22, 2018	5.01%	8.82%	11.74%
March 22, 2018	4.95%	9.58%	11.74%
March 29, 2018	5.40%	7.72%	11.48%
April 5, 2018	6.78%	0.20%	9.33%
April 12, 2018	6.08%	4.63%	4.71%
April 19, 2018	7.03%	17.36%	3.67%
April 26, 2018	6.67%	17.44%	0.53%
May 3, 2018	6.54%	7.54%	4.47%
May 10, 2018	5.72%	2.61%	3.03%
May 17, 2018	7.34%	-4.37%	1.54%
May 24, 2018	7.51%	-6.80%	-2.63%
May 31, 2018	5.15%	-4.70%	2.66%
June 7, 2018	5.68%	-11.51%	-4.12%
June 14, 2018	8.17%	-9.78%	-5.71%
June 21, 2018	7.98%	-17.22%	-11.31%
June 28, 2018	7.47%	-7.95%	-7.58%
July 5, 2018	5.85%	-13.03%	-6.61%
July 12, 2018	6.40%	-8.37%	-6.32%
July 19, 2018	7.00%	-10.54%	-3.83%
July 26, 2018	6.34%	-6.70%	-5.21%
August 2, 2018	6.37%	-3.91%	-3.36%
August 9, 2018	8.51%	-1.44%	-4.12%
August 16, 2018	9.61%	0.79%	-1.33%
August 23, 2018	10.02%	0.71%	-1.30%
August 30, 2018	8.77%	-7.98%	-2.99%
September 6, 2018	8.91%	-4.72%	-2.75%
September 13, 2018	11.31%	-5.23%	-2.25%
September 20, 2018	8.93%	-0.28%	-2.66%
September 27, 2018	9.71%	-7.29%	-2.80%
October 4, 2018	6.80%	-0.33%	0.25%
October 11, 2018	6.59%	4.16%	6.99%
October 18, 2018	6.08%	5.07%	6.02%
October 25, 2018	6.56%	-0.89%	9.26%
November 1, 2018	5.57%	9.46%	7.80%
November 8, 2018	6.30%	2.52%	3.57%
November 15, 2018	6.56%	7.03%	5.49%
November 21, 2018	6.19%	6.12%	9.23%
November 29, 2018	8.61%	0.82%	2.62%
December 6, 2018	6.14%	2.26%	6.64%
December 13, 2018	6.85%	-1.15%	10.26%
December 20, 2018	6.06%	-2.06%	20.94%
December 27, 2018	5.35%	4.93%	18.60%
January 3, 2019	5.69%	7.90%	23.49%
January 10, 2019	5.17%	5.84%	16.42%
January 17, 2019	5.94%	8.71%	14.28%
January 24, 2019	9.89%	5.45%	15.44%
January 31, 2019	8.27%	17.01%	11.21%
February 10, 2019	5.67%	8.03%	8.82%
February 14, 2019	5.72%	7.80%	4.43%
February 21, 2019	6.21%	5.32%	6.40%
February 28, 2019	5.70%	-4.64%	4.63%
March 7, 2019	5.77%	9.68%	9.38%
March 14, 2019	5.59%	1.72%	8.08%
March 21, 2019	6.34%	-5.99%	5.76%
March 28, 2019	6.17%	-6.42%	6.24%
April 4, 2019	5.88%	1.67%	3.47%
April 11, 2019	6.98%	-6.34%	3.78%
April 18, 2019	6.43%	-1.38%	3.72%
April 25, 2019	6.64%	0.37%	4.25%
May 2, 2019	6.46%	-0.10%	6.14%
May 9, 2019	6.16%	1.83%	8.80%
May 16, 2019	5.74%	2.83%	9.41%
May 23, 2019	5.93%	-1.25%	11.27%
May 30, 2019	5.68%	4.86%	13.72%
May 30, 2019	5.46%	2.83%	13.72%
June 4, 2019	6.15%	9.17%	12.08%
June 6, 2019	6.16%	-0.47%	11.61%
June 13, 2019	6.29%	0.02%	10.62%
June 20, 2019	7.37%	0.45%	9.97%
June 27, 2019	7.28%	4.95%	11.82%
July 11, 2019	6.90%	-3.46%	9.86%
July 18, 2019	6.70%	5.13%	12.14%
July 25, 2019	6.64%	1.87%	10.64%
August 1, 2019	6.54%	10.79%	10.16%
August 8, 2019	6.27%	6.70%	14.22%
August 15, 2019	5.75%	5.36%	19.74%
August 22, 2019	5.73%	5.06%	15.15%
August 29, 2019	5.60%	-3.98%	2.23%
September 5, 2019	6.72%	-1.18%	2.55%
September 12, 2019	6.17%	-11.63%	-16.86%
September 19, 2019	5.52%	-12.31%	-19.35%
September 26, 2019	5.65%	-9.73%	-11.08%
October 3, 2019	5.10%	-11.34%	-13.60%
October 10, 2019	4.78%	-8.45%	-4.08%
October 17, 2019	5.28%	-0.61%	-3.16%
October 24, 2019	5.05%	1.75%	-4.75%
October 31, 2019	4.71%	1.78%	-3.18%
November 7, 2019	5.77%	-9.99%	-5.62%
November 14, 2019	5.84%	-4.92%	-6.92%
November 21, 2019	4.68%	-9.27%	-3.91%
November 28, 2019	4.87%	-5.35%	-2.90%
December 5, 2019	7.25%	-8.96%	3.48%
December 13, 2019	4.85%	-3.27%	-3.07%
December 19, 2019	5.18%	12.24%	-2.33%
December 26, 2019	5.67%	8.92%	-6.10%
January 2, 2020	5.79%	8.72%	-2.87%
January 9, 2020	5.54%	6.92%	-2.74%
January 16, 2020	5.06%	-7.29%	-2.03%
January 23, 2020	5.49%	-3.37%	-1.61%
January 30, 2020	4.80%	-1.36%	-0.09%
February 6, 2020	5.22%	5.76%	1.17%
February 13, 2020	5.90%	6.71%	0.99%
February 20, 2020	5.88%	5.19%	1.46%
March 5, 2020	3.48%	2.40%	14.46%
March 12, 2020	2.06%	2.01%	36.07%
March 19, 2020	13.36%	2.70%	39.50%
March 26, 2020	3.51%	4.16%	26.92%
April 2, 2020	3.61%	3.77%	33.69%
April 9, 2020	5.04%	11.87%	25.74%
April 16, 2020	6.06%	4.09%	25.49%
April 23, 2020	5.54%	8.29%	24.95%
May 1, 2020	5.44%	6.32%	16.45%
May 7, 2020	6.11%	3.27%	22.75%
May 14, 2020	6.14%	4.62%	26.73%
May 21, 2020	5.93%	11.72%	21.52%
May 28, 2020	7.37%	12.93%	21.05%
June 4, 2020	6.20%	17.36%	19.79%
June 11, 2020	7.26%	26.43%	22.89%
June 19, 2020	6.63%	14.47%	20.61%
June 25, 2020	6.40%	6.39%	21.06%
June 28, 2020	7.92%	12.76%	25.07%
July 2, 2020	6.78%	11.89%	20.74%
July 2, 2020	6.78%	11.89%	20.74%
July 9, 2020	8.42%	19.51%	22.29%
July 16, 2020	8.70%	12.01%	18.09%
July 23, 2020	8.51%	21.32%	19.54%
July 30, 2020	8.84%	22.84%	15.19%
August 6, 2020	9.58%	8.33%	16.93%
August 13, 2020	10.05%	19.51%	17.54%
August 20, 2020	9.43%	20.00%	16.26%
August 27, 2020	8.93%	16.46%	10.11%
September 3, 2020	6.52%	7.32%	11.35%
September 10, 2020	10.38%	11.39%	17.65%
September 17, 2020	9.16%	-3.18%	19.28%
September 24, 2020	9.32%	4.92%	20.70%
October 2, 2020	9.31%	13.80%	20.91%
October 8, 2020	8.69%	7.26%	19.73%
October 15, 2020	8.97%	11.51%	20.58%
October 22, 2020	10.01%	8.46%	20.54%
October 29, 2020	9.17%	7.88%	28.26%
November 5, 2020	8.89%	2.32%	19.60%
November 12, 2020	8.67%	2.27%	15.65%
November 25, 2020	10.60%	2.02%	16.20%
December 3, 2020	9.38%	0.75%	15.07%
December 10, 2020	9.53%	0.61%	16.38%
December 24, 2020	8.60%	20.19%	15.96%
December 31, 2020	9.10%	10.46%	15.25%
December 31, 2020	8.88%	13.44%	15.25%
January 7, 2021	9.72%	-7.59%	15.36%
January 14, 2021	10.66%	-11.54%	16.03%
January 21, 2021	10.48%	-10.71%	13.84%
January 28, 2021	12.67%	-8.45%	16.97%
February 11, 2021	11.07%	-14.04%	14.33%
February 18, 2021	10.74%	-12.15%	13.15%
February 21, 2021	10.85%	-8.90%	14.42%
February 25, 2021	10.40%	-0.32%	18.19%
March 4, 2021	9.38%	-10.76%	21.07%
March 11, 2021	9.47%	-2.96%	13.94%
March 18, 2021	9.60%	-10.95%	13.86%
March 25, 2021	9.24%	-8.09%	14.66%
April 1, 2021	8.13%	-9.23%	9.11%
April 8, 2021	9.46%	-6.61%	7.89%
April 15, 2021	8.78%	-5.31%	7.92%
April 22, 2021	7.94%	3.59%	10.63%
April 29, 2021	8.66%	1.42%	10.05%
May 6, 2021	8.85%	35.12%	12.54%
May 13, 2021	5.73%	20.67%	14.64%
May 20, 2021	8.09%	4.71%	13.65%
May 27, 2021	8.82%	10.53%	10.18%
June 3, 2021	9.67%	0.73%	8.98%
June 10, 2021	9.25%	4.99%	11.86%
June 17, 2021	9.57%	-3.78%	10.09%
June 24, 2021	9.34%	-7.12%	11.46%
July 1, 2021	10.42%	-8.97%	11.10%
July 8, 2021	8.66%	-8.41%	8.90%
July 15, 2021	11.59%	-3.92%	7.62%
July 22, 2021	8.15%	-12.49%	1.26%
July 29, 2021	8.79%	-7.18%	0.98%
August 5, 2021	10.56%	-9.10%	2.26%
August 12, 2021	11.78%	-6.28%	-0.37%
August 19, 2021	10.19%	-8.74%	-0.61%
September 2, 2021	11.29%	-15.71%	-2.72%
September 9, 2021	13.46%	-17.13%	-4.16%
September 16, 2021	10.78%	-8.03%	-1.92%
September 23, 2021	10.54%	-8.33%	0.80%
September 30, 2021	10.09%	-6.20%	7.60%
October 7, 2021	10.05%	1.47%	2.98%
October 14, 2021	9.84%	-0.27%	-0.41%
October 21, 2021	9.03%	-2.23%	-2.78%
November 6, 2021	9.75%	-11.42%	-11.62%
November 11, 2021	11.52%	-4.09%	-14.75%
November 18, 2021	12.13%	-1.11%	-16.02%
November 24, 2021	9.95%	-9.97%	-15.54%
December 2, 2021	8.53%	-16.07%	-8.14%
December 9, 2021	5.64%	-12.47%	-13.35%
December 16, 2021	6.41%	-10.54%	-20.87%
December 23, 2021	7.61%	-16.35%	-19.07%
December 30, 2021	6.58%	-14.98%	-20.19%
January 6, 2022	5.43%	-13.09%	-17.49%
January 13, 2022	7.24%	-10.06%	-17.85%
January 20, 2022	5.27%	-4.78%	-10.98%
February 3, 2022	7.03%	-0.16%	-6.51%
February 10, 2022	6.03%	-6.06%	-5.84%
February 17, 2022	5.59%	-5.82%	-1.66%
March 3, 2022	6.61%	-4.14%	-9.31%
March 10, 2022	7.80%	-10.12%	-3.73%
March 24, 2022	8.47%	-7.75%	-17.63%
March 31, 2022	7.64%	-9.63%	-20.25%
April 7, 2022	7.35%	-9.91%	-18.47%
April 14, 2022	7.99%	-9.85%	-17.62%
April 21, 2022	9.01%	-12.79%	-13.83%
April 28, 2022	8.20%	3.03%	-8.30%
May 2, 2022	14.45%	10.13%	-8.79%
May 5, 2022	11.19%	-4.25%	-8.28%
May 12, 2022	10.58%	2.23%	2.43%
May 20, 2022	11.44%	-8.40%	2.50%
May 26, 2022	5.27%	0.85%	0.11%
June 2, 2022	9.09%	-13.44%	-1.69%
June 11, 2022	6.30%	1.22%	1.75%
June 16, 2022	5.54%	-12.51%	5.42%
June 17, 2022	50.15%	-12.98%	5.19%
June 23, 2022	12.63%	-6.59%	1.70%
June 30, 2022	7.72%	1.72%	1.79%
July 7, 2022	7.73%	3.70%	0.18%
July 14, 2022	9.82%	0.74%	6.38%
Average	7.57%	1.01%	5.84%

Portfolios Hedged Against > 25.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
August 15, 2019	6.70%	10.59%	19.74%
August 22, 2019	6.36%	6.14%	15.15%
August 29, 2019	5.94%	-3.82%	2.23%
September 5, 2019	6.31%	-1.81%	2.55%
September 12, 2019	6.41%	-6.94%	-16.86%
September 29, 2019	6.07%	-13.09%	-13.26%
October 3, 2019	6.03%	-12.75%	-13.60%
October 10, 2019	5.82%	-6.20%	-4.08%
October 17, 2019	5.89%	-10.53%	-3.16%
October 24, 2019	5.88%	0.49%	-4.75%
October 31, 2019	5.76%	5.56%	-3.18%
November 7, 2019	5.81%	-3.10%	-5.62%
November 14, 2019	6.64%	-3.92%	-6.92%
November 21, 2019	5.48%	-8.70%	-3.91%
November 28, 2019	5.50%	-5.52%	-2.90%
December 5, 2019	7.66%	-10.46%	3.48%
December 19, 2019	5.69%	12.34%	-2.33%
December 27, 2019	5.89%	0.58%	-6.08%
January 2, 2020	6.31%	7.86%	-2.87%
January 9, 2020	6.14%	6.74%	-2.74%
January 16, 2020	5.27%	-2.31%	-2.03%
January 23, 2020	6.00%	-2.36%	-1.61%
February 6, 2020	5.66%	9.80%	1.17%
February 13, 2020	6.31%	7.02%	0.99%
February 20, 2020	5.96%	6.00%	1.46%
March 5, 2020	4.37%	2.43%	14.46%
March 12, 2020	3.05%	3.08%	36.07%
March 19, 2020	15.85%	3.53%	39.50%
March 26, 2020	4.51%	5.29%	26.92%
April 2, 2020	4.13%	2.12%	33.69%
April 9, 2020	5.00%	9.17%	25.74%
April 16, 2020	9.25%	-4.00%	25.49%
April 23, 2020	5.54%	9.24%	24.95%
May 1, 2020	5.89%	5.95%	16.45%
May 7, 2020	5.00%	-3.25%	22.75%
May 14, 2020	5.31%	-4.66%	26.73%
May 21, 2020	6.01%	14.77%	21.52%
May 28, 2020	7.54%	17.04%	21.05%
June 4, 2020	7.39%	18.45%	19.79%
June 11, 2020	8.44%	27.48%	22.89%
June 19, 2020	7.07%	15.69%	20.61%
June 25, 2020	7.24%	7.47%	21.06%
July 2, 2020	9.81%	13.73%	20.74%
July 9, 2020	9.71%	21.25%	22.29%
July 16, 2020	10.68%	14.78%	18.09%
July 23, 2020	9.46%	8.15%	19.54%
July 30, 2020	12.43%	25.76%	15.19%
August 6, 2020	9.47%	16.87%	16.93%
August 13, 2020	12.96%	25.08%	17.54%
August 20, 2020	9.19%	17.70%	16.26%
August 27, 2020	13.13%	21.62%	10.11%
September 3, 2020	7.14%	9.22%	11.35%
September 10, 2020	13.21%	14.34%	17.65%
September 17, 2020	11.49%	9.05%	19.28%
September 24, 2020	10.03%	14.75%	20.70%
October 2, 2020	10.53%	14.28%	20.91%
October 8, 2020	9.75%	9.67%	19.73%
October 15, 2020	9.80%	13.52%	20.58%
October 22, 2020	11.99%	11.98%	20.54%
October 29, 2020	11.26%	15.30%	28.26%
November 5, 2020	10.29%	5.27%	19.60%
November 12, 2020	9.26%	5.36%	15.65%
November 19, 2020	10.12%	-1.04%	15.71%
November 25, 2020	11.88%	3.18%	16.20%
December 3, 2020	10.79%	5.73%	15.07%
December 10, 2020	11.34%	7.26%	16.38%
December 17, 2020	10.95%	8.98%	14.22%
December 24, 2020	12.66%	18.35%	15.96%
December 31, 2020	11.65%	11.14%	15.25%
January 7, 2021	11.92%	-4.96%	15.36%
January 14, 2021	13.34%	-13.24%	16.03%
January 21, 2021	13.07%	-11.43%	13.84%
January 28, 2021	13.31%	-12.24%	16.97%
February 4, 2021	13.46%	-8.02%	14.42%
February 11, 2021	14.92%	-17.03%	14.33%
February 18, 2021	12.23%	-8.28%	13.15%
February 25, 2021	13.99%	3.21%	18.19%
March 4, 2021	10.49%	-12.52%	21.07%
March 11, 2021	11.77%	-4.85%	13.94%
March 18, 2021	12.20%	-12.56%	13.86%
March 25, 2021	11.67%	-8.40%	14.66%
April 1, 2021	9.64%	-9.55%	9.11%
April 8, 2021	11.55%	-6.60%	7.89%
April 15, 2021	10.08%	-5.07%	7.92%
April 22, 2021	10.28%	4.88%	10.63%
April 29, 2021	10.66%	1.83%	10.05%
May 6, 2021	10.22%	37.18%	12.54%
May 13, 2021	6.54%	18.22%	14.64%
May 20, 2021	10.61%	3.00%	13.65%
May 27, 2021	10.78%	6.51%	10.18%
June 3, 2021	11.75%	2.01%	8.98%
June 10, 2021	11.68%	5.02%	11.86%
June 17, 2021	10.46%	-10.74%	10.09%
June 24, 2021	11.47%	-9.66%	11.46%
July 1, 2021	14.21%	-12.75%	11.10%
July 8, 2021	11.24%	-14.27%	8.90%
July 15, 2021	13.74%	-3.95%	7.62%
July 22, 2021	10.61%	-13.56%	1.26%
July 29, 2021	10.97%	-8.00%	0.98%
August 5, 2021	13.21%	-9.83%	2.26%
August 12, 2021	14.51%	-6.04%	-0.37%
August 19, 2021	13.41%	-9.04%	-0.61%
September 9, 2021	16.22%	-20.03%	-4.16%
September 16, 2021	13.70%	-8.23%	-1.92%
September 23, 2021	13.60%	-11.02%	0.80%
September 30, 2021	11.83%	-6.39%	7.60%
October 7, 2021	13.66%	2.82%	2.98%
October 14, 2021	13.92%	3.22%	-0.41%
October 21, 2021	10.59%	-6.23%	-2.78%
October 28, 2021	13.90%	-7.50%	-6.04%
November 6, 2021	12.37%	-15.48%	-11.62%
November 11, 2021	14.07%	-4.31%	-14.75%
November 18, 2021	14.38%	-2.34%	-16.02%
November 24, 2021	12.58%	-14.63%	-15.54%
December 2, 2021	10.32%	-18.81%	-8.14%
December 9, 2021	8.26%	-19.46%	-13.35%
December 16, 2021	7.85%	-12.05%	-20.87%
December 23, 2021	9.14%	-20.14%	-19.07%
December 30, 2021	7.84%	-6.40%	-20.19%
January 6, 2022	6.43%	-16.49%	-17.49%
January 13, 2022	8.98%	-10.80%	-17.85%
January 20, 2022	6.74%	-5.42%	-10.98%
January 27, 2022	7.08%	-5.99%	-6.32%
February 3, 2022	9.01%	-1.10%	-6.51%
February 10, 2022	7.55%	-5.59%	-5.84%
February 17, 2022	5.88%	-8.81%	-1.66%
February 24, 2022	8.32%	-5.23%	-2.70%
March 3, 2022	8.92%	-2.16%	-9.31%
March 10, 2022	9.71%	-4.41%	-3.73%
March 17, 2022	9.26%	-10.71%	-11.57%
March 24, 2022	8.00%	-18.30%	-17.63%
March 31, 2022	9.47%	-11.58%	-20.25%
April 7, 2022	8.87%	-12.45%	-18.47%
April 14, 2022	10.41%	-11.80%	-17.62%
April 21, 2022	11.08%	-7.55%	-13.83%
April 28, 2022	8.93%	3.70%	-8.30%
May 5, 2022	14.47%	-8.42%	-8.28%
May 12, 2022	13.84%	2.99%	2.43%
May 20, 2022	14.57%	-0.34%	2.50%
May 26, 2022	6.79%	-0.43%	0.11%
June 2, 2022	13.92%	-16.77%	-1.69%
June 11, 2022	10.36%	-2.81%	1.75%
June 16, 2022	6.11%	-13.98%	5.42%
June 23, 2022	19.08%	-9.10%	1.70%
June 30, 2022	9.75%	-6.23%	1.79%
July 7, 2022	10.71%	5.83%	0.18%
July 14, 2022	12.93%	-7.58%	6.38%
July 21, 2022	10.61%	4.56%	0.14%
Average	9.70%	-0.35%	5.98%

Portfolios Hedged Against > 30.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
July 11, 2019	8.06%	4.70%	9.86%
July 18, 2019	7.82%	7.00%	12.14%
July 25, 2019	7.34%	-1.55%	10.64%
August 1, 2019	7.41%	10.65%	10.16%
August 8, 2019	6.23%	9.08%	14.22%
August 15, 2019	7.35%	11.10%	19.74%
August 22, 2019	6.95%	6.77%	15.15%
August 29, 2019	6.21%	-3.53%	2.23%
September 5, 2019	6.52%	-0.95%	2.55%
September 12, 2019	6.88%	-6.57%	-16.86%
September 29, 2019	6.65%	-14.79%	-13.26%
October 3, 2019	6.57%	-13.33%	-13.60%
October 10, 2019	6.39%	-5.65%	-4.08%
October 24, 2019	6.38%	0.34%	-4.75%
October 31, 2019	6.17%	5.85%	-3.18%
November 7, 2019	6.83%	-13.28%	-5.62%
November 14, 2019	7.07%	-5.08%	-6.92%
November 29, 2019	6.30%	-3.91%	-2.11%
December 5, 2019	7.00%	1.03%	3.48%
January 9, 2020	6.42%	6.97%	-2.74%
February 13, 2020	6.73%	7.05%	0.99%
February 20, 2020	6.55%	6.75%	1.46%
March 5, 2020	4.23%	6.37%	14.46%
March 12, 2020	3.26%	3.24%	36.07%
March 19, 2020	17.20%	5.86%	39.50%
March 26, 2020	2.51%	-5.77%	26.92%
April 2, 2020	4.64%	3.02%	33.69%
April 9, 2020	5.44%	3.91%	25.74%
April 16, 2020	6.96%	7.37%	25.49%
April 23, 2020	5.87%	9.95%	24.95%
May 1, 2020	6.63%	7.23%	16.45%
May 7, 2020	5.87%	-3.13%	22.75%
May 14, 2020	5.75%	-4.40%	26.73%
May 21, 2020	6.87%	15.81%	21.52%
May 28, 2020	8.06%	17.85%	21.05%
June 4, 2020	8.29%	20.50%	19.79%
June 11, 2020	9.18%	28.92%	22.89%
June 19, 2020	7.41%	18.97%	20.61%
June 25, 2020	7.93%	8.85%	21.06%
July 2, 2020	9.16%	16.41%	20.74%
July 9, 2020	10.52%	21.70%	22.29%
July 16, 2020	10.16%	15.29%	18.09%
July 23, 2020	11.21%	6.63%	19.54%
July 30, 2020	11.45%	24.08%	15.19%
August 6, 2020	10.80%	18.99%	16.93%
August 13, 2020	16.57%	27.44%	17.54%
August 20, 2020	9.54%	17.23%	16.26%
August 27, 2020	10.93%	16.42%	10.11%
September 3, 2020	8.54%	9.02%	11.35%
September 10, 2020	12.22%	14.60%	17.65%
September 17, 2020	9.78%	2.07%	19.28%
September 24, 2020	9.74%	14.40%	20.70%
October 2, 2020	10.74%	15.85%	20.91%
October 8, 2020	11.45%	9.53%	19.73%
October 15, 2020	11.31%	14.91%	20.58%
October 22, 2020	11.41%	11.91%	20.54%
October 29, 2020	10.88%	21.35%	28.26%
November 5, 2020	8.98%	6.43%	19.60%
November 12, 2020	10.06%	6.78%	15.65%
November 19, 2020	11.39%	0.44%	15.71%
November 25, 2020	11.36%	4.03%	16.20%
December 3, 2020	12.00%	8.09%	15.07%
December 24, 2020	13.61%	25.10%	15.96%
December 31, 2020	12.85%	13.15%	15.25%
January 7, 2021	13.07%	-3.02%	15.36%
January 14, 2021	15.61%	-14.20%	16.03%
January 21, 2021	14.69%	-8.15%	13.84%
January 28, 2021	15.32%	-15.24%	16.97%
February 4, 2021	14.93%	-13.24%	14.42%
February 11, 2021	19.01%	-16.31%	14.33%
February 18, 2021	13.12%	-8.57%	13.15%
February 25, 2021	15.35%	0.38%	18.19%
March 4, 2021	12.89%	-12.88%	21.07%
March 11, 2021	13.07%	-2.37%	13.94%
March 18, 2021	14.59%	-12.74%	13.86%
March 25, 2021	14.05%	-4.12%	14.66%
April 1, 2021	12.73%	-7.80%	9.11%
April 8, 2021	13.19%	-4.73%	7.89%
April 15, 2021	15.53%	-6.73%	7.92%
April 22, 2021	12.77%	5.68%	10.63%
April 29, 2021	11.99%	1.71%	10.05%
May 6, 2021	11.49%	37.20%	12.54%
May 13, 2021	5.91%	15.43%	14.64%
May 20, 2021	11.93%	2.61%	13.65%
May 27, 2021	11.42%	9.32%	10.18%
June 3, 2021	12.68%	1.03%	8.98%
June 10, 2021	13.44%	5.58%	11.86%
June 17, 2021	12.22%	-11.74%	10.09%
June 24, 2021	13.32%	-12.53%	11.46%
July 1, 2021	17.35%	-15.72%	11.10%
July 8, 2021	14.05%	-13.28%	8.90%
July 15, 2021	14.62%	-4.06%	7.62%
July 22, 2021	13.11%	-13.54%	1.26%
July 29, 2021	12.28%	-8.07%	0.98%
August 5, 2021	14.89%	-9.97%	2.26%
August 12, 2021	16.33%	-9.19%	-0.37%
August 19, 2021	15.25%	-7.90%	-0.61%
September 9, 2021	17.60%	-24.71%	-4.16%
September 16, 2021	15.64%	-8.19%	-1.92%
September 23, 2021	15.04%	-12.55%	0.80%
September 30, 2021	13.50%	-11.28%	7.60%
October 7, 2021	16.54%	2.57%	2.98%
October 14, 2021	16.55%	1.11%	-0.41%
October 21, 2021	11.96%	-8.51%	-2.78%
October 28, 2021	15.77%	-8.40%	-6.04%
November 6, 2021	14.24%	-19.90%	-11.62%
November 11, 2021	15.77%	-5.36%	-14.75%
November 18, 2021	16.12%	-3.54%	-16.02%
November 24, 2021	14.20%	-19.55%	-15.54%
December 2, 2021	12.88%	-21.27%	-8.14%
December 9, 2021	9.38%	-21.67%	-13.35%
December 16, 2021	9.12%	-12.49%	-20.87%
December 23, 2021	10.47%	-24.47%	-19.07%
December 30, 2021	8.77%	-19.07%	-20.19%
January 6, 2022	7.34%	-20.62%	-17.49%
January 13, 2022	10.55%	-22.54%	-17.85%
January 20, 2022	7.26%	-8.83%	-10.98%
January 27, 2022	7.89%	-2.61%	-6.32%
February 3, 2022	9.89%	0.21%	-6.51%
February 10, 2022	8.55%	-5.86%	-5.84%
February 17, 2022	6.67%	-11.35%	-1.66%
February 24, 2022	9.73%	-0.82%	-2.70%
March 3, 2022	10.04%	-1.07%	-9.31%
March 10, 2022	9.24%	-1.28%	-3.73%
March 17, 2022	9.85%	-11.28%	-11.57%
March 24, 2022	9.13%	-20.01%	-17.63%
March 31, 2022	9.82%	-17.84%	-20.25%
April 7, 2022	9.97%	-14.76%	-18.47%
April 14, 2022	9.68%	-8.49%	-17.62%
April 21, 2022	11.83%	-10.79%	-13.83%
April 28, 2022	11.19%	-3.21%	-8.30%
May 5, 2022	15.36%	-3.91%	-8.28%
May 12, 2022	14.97%	4.91%	2.43%
May 20, 2022	17.68%	-4.70%	2.50%
May 26, 2022	6.69%	-0.80%	0.11%
June 2, 2022	13.69%	-18.31%	-1.69%
June 11, 2022	9.09%	-2.65%	1.75%
June 16, 2022	5.97%	-14.08%	5.42%
June 23, 2022	23.02%	-16.15%	1.70%
June 30, 2022	11.08%	-5.73%	1.79%
July 7, 2022	9.97%	4.53%	0.18%
July 14, 2022	12.69%	-9.45%	6.38%
July 21, 2022	12.01%	5.41%	0.14%
Average	10.76%	-0.71%	6.53%

Portfolios Hedged Against > 40.0% Declines

Starting Date	Expected Return	Actual Return	SPY Return
April 8, 2021	18.63%	-2.26%	7.89%
April 15, 2021	16.95%	-3.58%	7.92%
April 22, 2021	13.34%	5.94%	10.63%
April 29, 2021	13.49%	4.03%	10.05%
May 6, 2021	17.88%	11.35%	12.54%
May 13, 2021	6.75%	16.05%	14.64%
May 20, 2021	12.55%	1.58%	13.65%
May 27, 2021	11.92%	8.05%	10.18%
June 3, 2021	13.67%	-4.86%	8.98%
June 10, 2021	13.98%	4.85%	11.86%
June 17, 2021	14.15%	-13.44%	10.09%
June 24, 2021	14.24%	-19.83%	11.46%
July 1, 2021	20.12%	-20.81%	11.10%
July 15, 2021	15.99%	-4.48%	7.62%
July 22, 2021	20.69%	-19.04%	1.26%
August 5, 2021	17.55%	-8.54%	2.26%
August 12, 2021	18.69%	-1.89%	-0.37%
August 19, 2021	17.43%	-8.43%	-0.61%
September 9, 2021	18.14%	-29.96%	-4.16%
September 16, 2021	18.89%	-5.65%	-1.92%
September 23, 2021	15.33%	-20.34%	0.80%
September 30, 2021	13.18%	-18.82%	7.60%
October 7, 2021	16.65%	2.65%	2.98%
October 14, 2021	17.68%	-3.00%	-0.41%
October 21, 2021	12.40%	-14.96%	-2.78%
October 28, 2021	16.39%	-22.56%	-6.04%
November 6, 2021	15.72%	-28.23%	-11.62%
November 11, 2021	14.56%	-4.36%	-14.75%
November 18, 2021	16.40%	-4.18%	-16.02%
November 24, 2021	16.62%	-29.73%	-15.54%
December 2, 2021	14.77%	-24.54%	-8.14%
December 9, 2021	10.30%	-25.45%	-13.35%
December 16, 2021	9.78%	-11.29%	-20.87%
December 23, 2021	12.21%	-30.28%	-19.07%
December 30, 2021	10.53%	-32.14%	-20.19%
January 6, 2022	8.69%	-28.06%	-17.49%
January 13, 2022	12.38%	-28.51%	-17.85%
January 20, 2022	7.17%	-10.38%	-10.98%
February 3, 2022	11.38%	0.96%	-6.51%
February 10, 2022	9.59%	-6.50%	-5.84%
February 17, 2022	7.66%	-10.26%	-1.66%
February 24, 2022	9.91%	-2.03%	-2.70%
March 3, 2022	10.15%	0.32%	-9.31%
March 10, 2022	9.88%	-1.47%	-3.73%
March 17, 2022	10.06%	-16.29%	-11.57%
March 24, 2022	8.85%	-25.24%	-17.63%
March 31, 2022	11.25%	-21.35%	-20.25%
April 7, 2022	11.64%	-23.79%	-18.47%
April 14, 2022	9.02%	-4.47%	-17.62%
April 21, 2022	12.79%	-10.84%	-13.83%
April 28, 2022	10.98%	0.45%	-8.30%
May 5, 2022	16.34%	-1.47%	-8.28%
May 12, 2022	16.74%	3.02%	2.43%
May 20, 2022	17.56%	-4.94%	2.50%
May 26, 2022	8.14%	2.36%	0.11%
June 2, 2022	13.70%	-20.05%	-1.69%
June 11, 2022	11.04%	-3.02%	1.75%
June 16, 2022	6.91%	-13.81%	5.42%
June 23, 2022	8.09%	-14.45%	1.70%
June 24, 2022	10.73%	-10.62%	-1.43%
June 30, 2022	13.08%	-2.47%	1.79%
July 7, 2022	11.95%	8.71%	0.18%
July 14, 2022	11.95%	-12.29%	6.38%
Average	13.26%	-9.76%	-2.62%