Changing the Narrative

Security selection:???????????? 1 +1 = 1.5????????????? (value destruction)

Asset allocation: ?????????????? 1 + 1 = 3??????????????? (value generation)

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Between 2013 and 2023, 90% of active funds picked more losing stocks than winners*.

If the data supports the claim that “you cannot beat the market” through security selection, how do we add value as advisors?

Shouldn’t we simply recommend that every client buy a US large cap equity index, such as the S&P500, and call it a day?

No.

Value is created by knowing how to allocate risk across multiple asset classes (stocks, bonds, commodities).

The diversification benefits this creates is the real value-add and requires no luck or active skill.

PMV is asking advisors to consider the most important part of their portfolios - the thing they are taking for granted. Their clients’ asset allocations.

*"Mutual Fund Managers Are Wrong More Than They’re Right", January 29, 2024

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PMV Offerings

PMV has two distinct product offerings:

-????????? The PMV Adaptive Risk Parity ETF (ticker ARP). This fund can be added to client portfolios for diversification across stock, bond, commodity, and currency markets.

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-????????? The Downside Defender Portfolios. These are full portfolio solutions that PMV offers for clients across the risk spectrum. Each portfolio is designed to replicate the performance of a Downside Defender Index. PMV can provide the trading signals for you to implement, or we can do the entire management (trading, billing, reporting) for no sub-advisory fee.

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ARP – The PMV Adaptive Risk Parity ETF

FACT SHEET

Update: Returns for ARP have been strong so far in 2024, lead primarily by the strength in US equities. For April, the fund has increased its exposure to gold as inflationary pressures persist.

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The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, visit pmvcapital.com/arp. Gross expense: 2.37%; Net expense: 1.42%. Fee waivers are contractual and in effect until February 28, 2024? ?

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Working with PMV

We want to work with you!

Call us at 972-850-0141, or email me at [email protected]

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IMPORTANT INFORMATION

An investment in the fund involves risk, including possible loss of principal. In addition to the normal risks associated with investing, the Fund is subject to Momentum Risk. Therefore, the value of the Fund may decline if, among other reasons, momentum trends believed to be beneficial to the Fund stop, reverse, otherwise behave differently than predicted, or the securities selected for inclusion in the Fund’s portfolio do not perform as anticipated. The Fund may be more heavily invested in particular asset classes and may be especially sensitive to factors and economic risks that specifically affect those asset classes. Additionally, as an actively managed fund, the fund is subject to management risk.

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Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Holdings and asset allocations are subject to change.

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Standard Deviation: A measure of dispersion of monthly returns from its mean return Beta: A measure of a fund's sensitivity to market movements. Beta calculated using the S&P 500 Index. Max Drawdown measures the largest loss from peak-to-trough.

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Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Market Price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time.

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Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s summary or full prospectus, which may be obtained by visiting www.pmvcapital.com/arp. Please read the prospectus carefully before investing.

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Confidentiality Note: This message and any attachments may contain legally privileged and/or confidential information. Any unauthorized disclosure, use or dissemination of this e-mail message or its contents, either in whole or in part, is prohibited. If you are not the intended recipient of this e-mail message, kindly notify the sender and then destroy it. PMV Capital does not provide specific tax or legal advice. Any correspondence shall not constitute an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is unlawful and, in a jurisdiction where lawful, shall constitute an offer only to the offeree who has been solicited. Advisory service offered through PMV Capital Advisers, LLC, an affiliate of PMV Capital, LLC. PMV Capital Advisers, LLC is an investment adviser registered with the Securities and Exchange Commission. Registration as an investment adviser is not an endorsement of PMV Capital Advisers, LLC by securities regulators and does not mean PMV Capital Advisers, LLC has achieved a specific level of skill or ability. Additional information regarding PMV Capital Advisers, LLC, including its fees, can be found in the Form ADV, Part 2 of PMV Capital Advisers, LLC, a copy of which is available upon request or online at www.adviserinfo.sec.gov/.

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PMV Capital Advisers, LLC serves as an investment adviser to the Fund. Vident Asset Management serves as a sub-adviser to the Fund. The Fund is distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA 19456), which is not affiliated with PMV Capital Advisers, LLC or Vident Asset Management.

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