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RETURN ATTRIBUTION REPORT

Return Attribution Report provides critical insights on the impact of Allocation and Security Selection decisions taken by the Portfolio Manager on the
portfolios return performance. This Report helps Portfolio Managers evaluate their past decisions and locate the key factors that contribute to return
differential with respect to the benchmark.

Table 1 : Portfolio Characteristics

Table 2 : Key Statistics

Base Date

02/29/2008
No. of Constituents

50

Beginning of Period

Returns* 02/01/2015

0.46%

End of Period

Volatility*04/3 0/2015

10.17%

Indxx SuperDividend US
Low Volatility Index
Beta**

0.67

Portfolio
Benchmark

S&P 500
Value-at-Risk (95%
Confidence Interval)

Portfolio Beginning Value

$305,647,000
R Square**

Portfolio Ending Value

t-stat** $305,983,000

13.04%
0.51
7.91

*Annualized Values
**With respect to benchmark

Figure 1 : Historical Industry Exposure for Portfolio

A graphical representation of the historical weights of each industry since inception. This gives a perspective about change in industry exposure on a
historical basis.

Lists the Excess Return and Excess Weight of each industry in the portfolio with respect to benchmark. It helps the Portfolio Manager in identifying key
industries that contribute to Excess Return.

Weights
Industry

Portfolio Benchmark

Return
Excess Weights

Absolute Return Contribution

Portfolio Benchmark

Portfolio Benchmark

Excess Return

Industrial Services

10.00%

2.04%

7.96%

14.12%

13.12%

1.41%

0.27%

1.14%

Consumer Non-Durables

12.00%

7.98%

4.02%

6.40%

2.52%

0.77%

0.20%

0.57%

2.00%

2.08%

-0.08%

17.29%

-2.24%

0.35%

-0.05%

0.39%

Transportation
Process Industries
Communications
Consumer Durables
Finance

2.00%

2.71%

-0.71%

21.25%

5.26%

0.43%

0.14%

0.28%

10.00%

2.38%

7.62%

3.39%

8.72%

0.34%

0.21%

0.13%

2.00%

1.46%

0.54%

6.14%

5.58%

0.12%

0.08%

0.04%

20.00%

16.50%

3.50%

5.54%

6.72%

1.11%

1.11%

0.00%

Distribution Services

0.00%

0.96%

-0.96%

0.00%

3.50%

0.00%

0.03%

-0.03%

Non-Energy Minerals

0.00%

0.38%

-0.38%

0.00%

15.61%

0.00%

0.06%

-0.06%

Commercial Services

0.00%

0.86%

-0.86%

0.00%

7.02%

0.00%

0.06%

-0.06%

Health Services

0.00%

2.35%

-2.35%

0.00%

9.02%

0.00%

0.21%

-0.21%

Miscellaneous

4.00%

0.00%

4.00%

-5.44%

0.00%

-0.22%

0.00%

-0.22%

Consumer Services

4.00%

5.85%

-1.85%

10.76%

11.59%

0.43%

0.68%

-0.25%

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RETURN ATTRIBUTION REPORT


Producer Manufacturing

0.00%

6.82%

-6.82%

0.00%

4.98%

0.00%

0.34%

-0.34%

Retail Trade

0.00%

6.77%

-6.77%

0.00%

5.72%

0.00%

0.39%

-0.39%

Electronic Technology

0.00%

10.42%

-10.42%

0.00%

4.81%

0.00%

0.50%

-0.50%

Health Technology

2.00%

12.54%

-10.54%

-6.50%

3.26%

-0.13%

0.41%

-0.54%

Technology Services

0.00%

9.49%

-9.49%

0.00%

9.71%

0.00%

0.92%

-0.92%

Energy Minerals

6.00%

5.31%

0.69%

-9.91%

7.34%

-0.59%

0.39%

-0.98%

26.00%

3.10%

22.90%

-7.52%

-7.12%

-1.96%

-0.22%

-1.74%

100.00%

100.00%

0.00%

2.05%

5.73%

-3.68%

Utilities
Total

Green color indicates Top 3 Sectors by Excess Return Red color indicates Bottom 3 Sector by Excess Return
All weights are as of 02/01/2015
Unless state all values are as of 04/30/2015

Table 4 : Snapshot Industry Allocation Impact


Identifies the industries that outperform or underperform the Overall Benchmark. Industries that outperform the benchmark and are overweighted, in the
portfolio, or industries that underperform the benchmark and are underweighted in the portfolio are favorable.

Underperform

Underweight

Overweight

Outperform
Consumer Services
Non Energy Minerals
Retail Trade
Technology Services
Commercial Services
Health Services

Health Technology
Process Industries
Electronic Technology
Distribution Services
Product Manufacturing
Transportation
Miscellaneous
Consumer Durables
Utilities
Consumer Non
Durables

Green color indicates industries with


favorable weight allocation

Finance
Energy Minerals
Industrial Services
Communications

Red color indicates industries with unfavorable weight allocation

Table 5 : Attribution Analysis Decomposing Excess Return based on Industry


Breakdown of Excess Return to Industry Allocation, Security Selection and Interaction Effect based on industry. Industry Allocation corresponds to the level
of an industrys contribution to overall Excess Return because of its weight. Security Selection corresponds to the level of an industrys contribution to overall
Excess Return because of its choice of member securities. Interaction Effect corresponds to all the Excess Return that cant be explained by Size Allocation
and Security Selection.

Breakdown of Excess Return


Industry

Excess Weights

Excess Return

Industrial Services

7.96%

Consumer Non-Durables

Industry Allocation

Security Selection

Interaction Effect

1.14%

1.04%

0.02%

0.08%

4.02%

0.57%

0.10%

0.31%

0.16%

Transportation

-0.08%

0.39%

0.00%

0.41%

-0.01%

Process Industries

-0.71%

0.28%

-0.04%

0.43%

-0.11%

Communications

7.62%

0.13%

0.66%

-0.13%

-0.41%

Consumer Durables

0.54%

0.04%

0.03%

0.01%

0.00%

Finance

3.50%

0.00%

0.24%

-0.20%

-0.04%

Distribution Services

-0.96%

-0.03%

-0.03%

-0.03%

0.03%

Non-Energy Minerals

-0.38%

-0.06%

-0.06%

-0.06%

0.06%

Commercial Services

-0.86%

-0.06%

-0.06%

-0.06%

0.06%

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RETURN ATTRIBUTION REPORT


Health Services

-2.35%

-0.21%

-0.21%

-0.21%

0.21%

Miscellaneous

4.00%

-0.22%

0.00%

0.00%

-0.22%

Consumer Services

-1.85%

-0.25%

-0.21%

-0.05%

0.02%

Producer Manufacturing

-6.82%

-0.34%

-0.34%

-0.34%

0.34%

Retail Trade

-6.77%

-0.39%

-0.39%

-0.39%

0.39%

Electronic Technology

-10.42%

-0.50%

-0.50%

-0.50%

0.50%

Health Technology

-10.54%

-0.54%

-0.34%

-1.22%

1.03%

-9.49%

-0.92%

-0.92%

-0.92%

0.92%

0.69%

-0.98%

0.05%

-0.92%

-0.12%

22.90%

-1.74%

-1.63%

-0.01%

-0.09%

0.00%

-3.68%

-2.61%

-3.86%

2.79%

Technology Services
Energy Minerals
Utilities
Total

Green color indicates Top 3 Sectors by Excess Return

Red color indicates Bottom 3 Sector by Excess Return

All weights are as of 02/01/2015


Unless state all values are as of 04/30/2015

Figure 2 : Attribution Analysis Decomposing Excess Return based on Industry (Graphical Representation)
Breakdown of Excess Return to Industry Allocation, Security Selection and Interaction Effect based on industry. Industry Allocation corresponds to the level
of an industrys contribution to overall Excess Return because of its weight. Security Selection corresponds to the level of an industrys contribution to overall
Excess Return because of its choice of member securities. Interaction Effect corresponds to all the Excess Return that cant be explained by Size Allocation
and Security Selection.
2%
1%
0%
-1%
-2%

Industry Allocation

Security Selection

Interaction Effect

Table 6 : Attribution Analysis Decomposing Excess Return based on Security Size


Breakdown of Excess Return into Size Allocation, Security Selection and Interaction Effect for different Security Size groups. Size Allocation corresponds to
the level of a Security Size groups contribution to overall Excess Return because of its weight. Security Selection corresponds to the level of a Security Size
groups contribution to overall Excess Return because of its choice of member securities. Interaction Effect corresponds to all Excess Return that cant be
explained by Size Allocation and Security Selection.

Weighting
Security
Size
Large Cap

August 15

Portfolio
28.00%

Excess
Weight
96.05%
-68.05%

Benchmark

Weighted Return
Portfolio
-0.43%

Breakdown of Excess Return

Benchmark Excess Return


5.54%

-5.96%

Size
Allocation
-3.92%

Security
Selection
-7.00%

Interaction
Effect
4.96%

RETURN ATTRIBUTION REPORT


Mid Cap
Small Cap
Total

32.00%

3.95%

28.05%

0.79%

0.19%

0.60%

1.35%

-0.09%

40.00%
100.00%

0.00%
100.00%

40.00%
0.00%

1.69%
2.05%

0.00%
5.73%

1.69%
-3.68%

0.00%
-2.58%

0.00%
-7.09%

Large Cap : Securities with Market Cap greater than $10 Billion.

-0.65%
1.69%
5.99%

Mid Cap : Securities with Market Cap between $2 Billion and $10 Billion.

Small Cap : Securities with Market Cap lesser than $2 Billion.

All weights are as of 02/01/2015


Unless state all values are as of 04/30/2015
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August 15