These Funds invest in a limited number of large market capitalization stocks and are designed to be an investor's core value holding.

When considering investment in a Transparent Value Fund, an individual should carefully consider the direction of the market and choose an investment strategy that is suitable to their individual needs, based on your own perception and expectations of the market’s direction.

Bullish outlook, you expect the market to rise:

If your expectation is that the market is positioned to rise, then consider the Transparent Value Dow Jones RBP^® U.S. Large-Cap Aggressive Index Fund. The Fund’s investment objective is to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Dow Jones RBP^® U.S. Large-Cap Aggressive Index^SM (the “Aggressive Index” or “Index”).

Index Construction :

Beta Category	Momentum Category*	RBP®	Index
High Beta	High Momentum	High RBP®, weighted by RBP®	Dow Jones RBP® U.S. Large-Cap Aggressive IndexSM

Bearish outlook, you expect the market to decline:

If you expect the market to be range-bound or to produce below-average returns or want to minimize exposure to a market decline, then the Defensive index would be a good investment. then consider the Transparent Value Dow Jones RBP^® U.S. Large-Cap Defensive Index Fund. The Fund’s investment objective is to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Dow Jones RBP^® U.S. Large-Cap Defensive Index^SM (the “Defensive Index” or “Index”).

Index Construction :

Beta Category	Momentum Category*	RBP®	Index
Low Beta	High Momentum	High RBP®, weighted by RBP®	Dow Jones RBP® U.S. Large-Cap Defensive IndexSM

Uncertain outlook, you are uncertain as to the markets direction:

If you are uncertain about the direction of the market, then consider the Transparent Value Dow Jones RBP^® U.S. Large-Cap Market Index Fund. The Fund’s investment objective is to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Dow Jones RBP^® U.S. Large-Cap Market Index^SM (the “Market Index” or “Index”).

Index Construction :

Beta Category	Momentum Category*	RBP®	Index
Beta =1	High Momentum	High RBP®, weighted by RBP®	Dow Jones RBP® U.S. Large-Cap Market IndexSM

Beta - a measure of a given stock’s volatility in relation to the volatility of a specific market. A stock that is more volatile than the market over time tends to have a beta above 1.0. If a stock is less volatile than the market over time, the stock’s beta tends to be less than 1.0. For the purposes of this report, beta is calculated over the prior two years using daily total returns compared to the total returns of the Dow Jones U.S. Total Stock Market Index.

Dow Jones RBP U.S. Large-Cap Aggressive Index^SM, Dow Jones RBP U.S. Large-Cap Market Index^SM, and Dow Jones RBP U.S. Large-Cap Defensive Index^SM - select and weight stocks based on their RBP^® rankings. These indexes seek to measure the performance of stocks that may lead their peers when ranked by RBP^® probabilities. To seek to mitigate systemic and market volatility, beta and momentum filters are used to refine the selection universe. The “aggressive” indexes include stocks measured to have beta factors greater than one, and conversely the “defensive” indexes include stocks with beta factors less than one. The “market” indexes are made up of stocks with beta factors close to one.

RBP^® - Required Business Performance^® - seeks to measure the performance that is implied in the price of a stock. It is the measurement that aims to link a company’s current stock price to what its management does on a day-to-day basis and its ability to perform in the future.

You cannot invest directly in an index.

^* Momentum is defined by a stock’s 6 month total return. For the purposes of the Dow Jones RBP^® U.S. Large-Cap Aggressive Index, Dow Jones RBP^® U.S. Large-Cap Defensive Index and Dow Jones RBP^® U.S. Large-Cap Market Index top 200 companies with highest momentum assigned to the High Momentum Category. The rest of the companies are assigned to the Low Momentum Category.