Windham Capital Management

Risk Regime Strategies

The Windham Risk Regime Strategies use proprietary measures of risk that study
asset class behavior throughout various market environments to understand when risk in the
market is changing. It then seeks to tactically adjust the portfolio in response to these
changes, preserving your capital in down markets and growing your assets in up markets.

Portfolio Facts
OBJECTIVE
The Windham Risk Regime Portfolios seek to minimize losses and generate higher risk-adjusted returns by adjusting the
Portfolio in response to changing market conditions while maintaining proper diversification. The Windham Risk Regime
Portfolios are typically used as a satellite or complement to a core solution.

CONSTRUCTION
The Windham Risk Regime Portfolios use data collected over Windham’s 30-year history of researching risk and asset
allocation to build portfolios designed to grow and protect investor capital through changing market conditions. The Risk
Regime Portfolios utilize Windham’s risk measures to tactically adjust portfolio exposures up to +/- 30% risk assets vs.
the benchmark in response to changing market conditions.

INVESTABLE UNIVERSE
Multi-Asset Class - global equity, global fixed income, commodities, and real estate (accessed through ETFs and ETNs).

NUMBER OF SECURITIES
Approximately 15 ETFs/ETNs

Estimated Annual Turnover

100%

Portfolio Overview

Max Avg. Annual

Risk Regime Strategies ASSET ALLOCATION RANGES
Volatility Turnover

Risk Regime Conservative RR CONS

9.0% ~100%
(Conservative) 30/70

RRI
Risk Regime I
9.5% ~100%
(Moderately Conservative)
60% Bands

50/50

RRII
Risk Regime II Risk Assets
11.0% ~100%
(Moderate) 60/40 Defensive Assets

RRIII
Risk Regime III
13.0% ~100%
(Moderately Aggressive) 70/30

Risk Regime RR Un
Unconstrained 13.0% ~100%
Aggressive 60/40
 Risk Regime Investing

Measure & Analyze
Risk Regimes
Every day Windham analyzes our multiple,
dynamic risk measures to gain insight into
the impending market risk environment.

Sub-Asset Class Regime Shift
Selection Detected
Windham allocates to sub-asset classes Aggregated, these risk measures help
based on relative valuations, Windham determine the current
regime-specific performance history, “Risk Regime”. Windham has identified
and macro risk factors. 8 such regimes and the market averages
4-6 regime changes per year.

Risk Allocation
When Windham identifies a change in
regime, we adjust the risk/defensive
asset mix to achieve the target level of
portfolio risk, given the new
risk environment.

The Versatility of Implementation

These strategies can serve multiple purposes in your portfolio, including:

A GLOBAL ALLOCATION STRATEGY

with the flexibility to tactically invest across global asset and sub asset classes.
Implementation through ETFs provides greater liquidity, more transparency, and low fees.

A GLOBALLY DIVERSIFIED TOTAL PORTFOLIO SOLUTION

built upon a risk-driven investment approach that will dynamically adjust and provide downside protection.

A COMPLEMENT TO A STRATEGIC ASSET ALLOCATION

using a dynamic approach to stabilize a traditional long-term or valuation-based asset allocation strategy.

DISCLOSURES: The information contained in this presentation (the “Presentation”) is highly confidential and is not to be reproduced or distributed to any other persons (other than professional advisors of the
prospective investors receiving these materials). The Presentation is intended solely for the use of the persons to whom it has been delivered. This Presentation has been prepared solely for informational purposes.
The Presentation is not intended to provide professional or investment advice, and you are advised to seek independent professional advice prior to investing in any products or strategies described in the Presentation
or recommended by Windham Capital Management, LLC. In addition, this Presentation is neither an offer to buy or sell any securities, nor a solicitation of an offer to buy or sell interests or shares in any fund or strategy.
No assurance may be given that the strategies’ investment objectives will be achieved. Investments are subject to investment risks including possible loss of principal amount invested.