RevenueShares TM Exchange Traded Funds

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1 TM Exchange Traded Funds Revenue Weighted Fund Family Reference Guide 1

2 Contents TM Fund Family Our Partners....3 The Revenue Weighting Methodology...4 S&P Criteria...4 Price to Sales...5 Buying & Selling ETFs..6 2

3 The TM Fund Family Trading Symbol Fund Benchmark Type RWL Large Cap Fund TM Re-balances Quarterly RWK Mid Cap Fund TM RWJ RTR RWW RWV Small Cap Fund TM ADR Fund TM Financials Sector Fund TM Navellier Overall A-100 Fund TM S&P 500 S&P MidCap 400 S&P Small Cap 600 S&P ADR Index S&P 500 Financials Sector Index Navellier Overall A-100 Index Large Cap Mid Cap Small Cap Trading Exchange International Financials Specialty Net Expense Ratio Dividend Frequency.49% Quarterly.54% Quarterly.54% Quarterly.49% Quarterly.49% Quarterly.60% Quarterly Bloomberg Ricker (Index) Intraday Bloomberg Intraday Value Reuters Plus Reuters Bridge REVWLT RWLIV RWLIV RWLIV REVWMT RWKIV RWKIV RWK.IV REVWST RWJIV RWJIV RWJ.IV REVWADRT RTRIV RTRIV RTR.IV REVWFINT RWWIV RWWIV RWW.IV REVWLOUT RWVIV RWVIV RWV.IV Our Partners Standard & Poor s conducts quarterly re-balancing and maintains the index calculations. The Bank of New York/Mellon Capital acts as Transfer Agent, Custodian, Fund Administrator and ETF Fund Account. VTL Addociates, LLC acts as Fund Advisor. Index Management Solutions, LLC acts as Subadvisor by Overseeing day-to-day investing services and activities. Standard & Poor s is a registered trademark of the McGraw-Hill Companies. STANDARD & POOR S and S&P are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ) and have been licensed for use by VTL Associates, LLC, Fund Advisor. No financial product offered by VTL Associates, LLC, Fund Advisor or its affiliates is sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. 3

4 The Revenue Weighting Methodology: The stocks in our indexes are based on the same criteria Standard & Poors applies during their selection process. 1 Same Stocks 2 Ranked by Revenue 3 Re-Balanced Quarterly Our revenue weighted indexes hold the same stocks as their respective market capitalization weighted benchmarks. S&P maintains the index calculations. Each security in the Revenue- Shares TM Indexes is ranked by that company s yearly trailing revenue, as opposed to the benchmark s traditional market cap weighting. The companies with the highest revenue are given the highest ranking. Our indexes are re-balanced quarterly by S&P to match updated revenue data. Revenue data comes directly from the 10Q forms each company files with the SEC. As stated in the prospectus, securities in each TM Index are re-weighted quarterly promptly following the quarterly rebalancing of their respective underlying indexes by Standard & Poor s. The methodology weights each member of the TM index using each security s previous year s trailing revenue as the numerator, and the cumulative revenues of all companies companies in the TM index as the denominator. One cannot invest directly in an index. S&P Criteria: Index Additions: 1. U.S. Company. Determining factors include location of the company s operations, its corporate structure, its accounting standards and its exchange listings. 2. Marketing Capitalization. The market capitalization per index is reviewed from time to time to ensure consistency with market conditions. (U.S.$ Ranges: S&P 500 in excess of $4 billion, S&P MidCap 400 $1 billion to $4.4 billion, S&P SmallCap 600 $300 million to $1.4 billion). 3. Public Float. There must be public float of at least 50% which means that at least half of the company s shares must be publicly traded. 4. Financial Viability. Companies should have four consecutive quarters of positive as-reported earnings, where asreported earnings are defined as GAAP Net Income excluding discontinued operations and extraordinary items. 5. Adequate Liquidity and Reasonable Price. The ratio of annual dollar value traded to market capitalization for the company should be 1.00 or greater. Very low stock prices can affect a stock s liquidity. 6. Sector Representation. Companies industry classifications contribute to the maintenance of a sector balance that is in line with the sector composition of the universe of eligible companies with the defined market cap range. 7. Company Type. Consultants must be operating companies. Closed-end funds, holdings companies, partnerships, investment vehicles and royalty trusts are not eligible. Real Estate Investment Trusts (REITs) and business development companies (BDCs) are eligible for inclusion. Continued index membership is not necessarily subject to these guideline. Index Removals: 1. Companies that substantially violate one or more of the criteria for index inclusion. 2. Companies involved in mergers, acquisitions, or significant restructuring such that they no longer meet the inclusion criteria. 4

5 Are your ETFs on Sale? An ETF s price-to-sales ratio (P/S ratio) may help you evaluate its current worth and future potential. Price-to-sales ratios are calculated by dividing a company s market capitalization by its total sales over the past 12 months. History shows that when P/S ratios are less than 1.10, the S&P 500 generates higher returns the following year. Over the past 34 years, the average P/S ratio has been Year(s) PRICE-TO-SALES For Previous Year S&P 500 Index Average Annual Number of Years 1979 to 2012 GREATER than 1.10 LESS than % 13.67% Why TM ETFs? TM Indexes seek to have a higher weight than their benchmarks in individual stocks with lower price-to-sales (P/S) ratios than stocks with higher P/S ratios at the time of re-balancing. The chart below shows the P/S ratios for the TM Funds compared to their benchmark indexes. A fund with a low P/S ratio is considered to be trading at a discount with the most upside potential during a market recovery. As of 3/31/2013 Fund Ticker Price-to-Sales-Ratio Large Cap Fund TM RWL 0.70 S&P 500 Index 1.45 Mid Cap Fund TM RWK 0.27 S&P MidCap 400 Index 1.16 Small Cap Fund TM RWJ 0.40 S&P SmallCap 600 Index 1.05 ADR Fund TM RTR 0.57 MSCI EAFE Index 0.85 S&P ADR Index 1.09 Financials Sector Fund TM RWW 1.10 S&P 500 Financials Index 1.66 Navellier Overall A-100 Fund TM RWV 0.69 Russell 3000 Index 1.45 Past performance is not an indicator of future results. 5

6 Buying & Selling ETFs: Some Helpful Tips Tip #1: Use Limit Orders In order to know exactly what price you will get, place a limit order. What happens when you place a limit order to buy 21,700 shares at $20.65? RWL Large Cap ETF Bid Ask :02: :45: :02: :01: :45: :01: :45: :01:32 The first 5,600 shares will immediately fill at $ The remainder will stay on the books and fill at $20.65 when the shares are replenished by the market maker. TIP #2: Do Not Use Market Orders To reduce potential price manipulation, do not use market orders. WHY NOT: In the example above, what happens when a market order to buy is placed for 21,700 shares? 1. The first 5,000 shares would fill at $ Immediately, the next 15,100 shares would fill at the next level $ The remainder would be priced at $ Tip #3: Trading Volume DOES NOT Affect the NAV Trading volume can affect the price paid for an ETF, but not the net asset value (NAV). By efficiently placing ETF orders, investors can control how close the execution price they receive is to the current bid/ask. Since ETF shares can be created and redeemed at any time, shares can be bought or sold close to the NAV, regardless of daily volume. Tip #4: Place your Limit Order Close to the NAV The bid and ask will be close to the intrinsic value (buy ETF shares and sell off the individual securities for a profit). Check the current IIV (Intraday Indicative Value) using google.com, yahoo.com, Bloomberg, Reuters, Etc. Place your bid close to the NAV. Tip #5: Large Orders Do Not Affect the NAV Since share price is based on the underlying value of the securities and not supply and demand, a large order will not move the market. Historically, large market orders generally receive the worst execution prices, therefore, a remember TIP #1: Use Limit Orders. Tip #6: Redeem Shares at Any Time for a Fair Price The Authorized Participant (or market maker) will always create or redeem shares based on the value of the underlying securities plus a spread (bid/ask). Once again, using limit orders will greatly improve your overall execution prices. The NAV of the fund is NOT determined by buys and sells. Limit Order An order placed to buy or sell a set number of shares at a specific price or better. Market Order An order to buy or sell a stock immediately at the best available current price. Bid The price a buyer is willing to pay for a security. Ask The price a seller is will to accept for a security. Bid-Ask Spread The amount by which the ask price exceeds the bid. Source: Investopedia.com 6

7 Disclosure The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the Fund, and may be obtained by calling or visiting Read the prospectus and summary prospectuses carefully before investing. An investment in the Funds is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of their respective Index. The alternative weighting approach employed by the Fund (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. The risks associated with each specific fund are detailed in the prospectus and could include factors such as increased volatility, small and mid cap stocks, concentration, nondiversification, financials sector risk, ADR risk, currency exchange risk, foreign market risk, growth style investing risk, portfolio turnover risk, and/ or special risks of exchange-traded funds. Trading securities involves numerous inherent risks including Market Trading risk, in which an investment could lose money from volatility in the secondary market, or an inability to sell in the case of an illiquid or inactive market. Market risk includes the possibility that an investment could lose money over short or long periods of time due to many factors including political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market. Early Close or Trading Halt risk exists when an exchange or halts trading on a specific security making it impossible to buy or sell shares. Foreside Fund Services, LLC, Distributor. 7

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