Investor PresentationAugust 2nd, 2017

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Disclaimer:THE FOLLOWING PRESENTATION CONCERNING THE INVESTMENT PHILOSOPHY AND INVESTMENT PROCESS IS A BRIEF SUMMARY OF THE INFORMATION CONTAINED IN THE PRIVATE OFFERING MEMORANDUM OF AX MOMENTUM, L.P. THIS PRESENTATION IS NOT TO BE CONSTRUED AS AN OFFER TO SELL SECURITIES OF OR ANY INTEREST IN AX MOMENTUM, L.P., OR AS AN INVITATION OR SOLICITATION FOR OFFERS TO BUY SECURITIES OF OR ANY INTEREST IN AX MOMENTUM, L.P. NOTHING TO THE CONTRARY WITHSTANDING CONTAINED HEREIN, POTENTIAL INVESTORS ARE CAUTIONED THAT THEY MAY RELY ONLY UPON INFORMATION CONTAINED IN THE PRIVATE OFFERING MEMORANDUM OF AX MOMENTUM, L.P., THE AGREEMENT OF LIMITED PARTNERSHIP OF AX MOMENTUM, L.P. AND THE RELATED SUBSCRIPTION DOCUMENTS.

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AX MOMENTUM, L.P.

AX MOMENTUM MANAGEMENT, LLC

General Partner

9465 Counselors Row, Ste. 200

Indianapolis, Indiana 46240

(317) 941-0908

Minimum Investment:

General Partner:

Investment Advisor:

Incentive Allocation:

Management Fee:

Withdrawal:

$250,000

AX MOMENTUM MANAGEMENT, LLC

ETF MOMENTUM INVESTING, LLC10% With High Water Mark

1.35%

90 days lockup with monthly withdrawal on 30 days

notice

Terms:

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Table of Contents

1. Introduction

2. Market Anomaly Discussion

3. Investment Strategy and Process

4. Performance Metrics

5. Momentum’s Role in Your Portfolio

6. Terms and Corporate Governance

7. Contact Information

8. Disclosures

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IntroductionWe Believe Algorithmically Trading Indexes Delivers Alpha

• At AX Momentum, L.P. we buy global indexes with rising prices and seek to avoid indexes with flat or falling prices. We have branded this process Optimized IndexingTM. We typically gain index exposure using U.S. listed Exchange Traded Funds.

• We seek to own the 25-40 global indexes that are showing the strongest momentum characteristics while satisfying strict portfolio construction and diversification rules. We tactically weight each position in our portfolio using proprietary leverage algorithms designed to reduce portfolio correlation and risk.

• Each day we quantitatively measure and rank the trend strength of 183 diverse global indexes. We compare these trendscores to those in our portfolio and use this data to systematically swap poor performing indexes for better performingindexes. Our process is designed to minimize trading and reduce false positives.

• Our “Optimized IndexingTM” investment process is designed to reduce risk, avoid large drawdowns and to deliver an investment experience that is safer and less volatile than traditional indexing.

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IntroductionOur Portfolio Managers Background

John R. SarsonWorkExperience

• Guggenheim Partners – Regional Vice President

• Led Financial Advisor education and distribution in New York City and the surroundingareas

• 10 years of experience with ETF rotationalstrategies

• Formally trained in Technical Analysis, Relative Strength Investing, Sector Rotation, Closed-End Fund Arbitrage, ETFs, UITs and other product structures while at Guggenheim or its predecessors

Managing PartnerChief Risk Officer/Portfolio Manager

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• BNY Mellon – Strategic Sales Specialist

• Lord Abbett & Co. – Internal Sales Representative

Education

• B.A. in History from the University of Notre Dame,2003

• Series 66 Securities License

Stephen K. PowagaWork Experience

• Industrial Microbes, LLC – Co-Founder• Completed Seed round fundraising Summer 2015• Firm is utilizing synthetic biology to produce high

value chemical products• LS9, Inc – Corporate Strategy

• Sold firm to Renewable Energy Group (NYSE: REGI) in Jan 2014 for $61.5 MM

• Corporate Planning role required creation of complex statistical models to aid in transaction and partnering discussions

• Ocean Tomo – Valuation Consultant• Focused on intellectual property valuation,

financial modeling.

Education

• B.S. in Computer Science from the University of Notre Dame, 2003

• MBA from the Darden School of Business Administration at the University of Virginia, 2010

• Series 65 Securities License

Managing DirectorHead of Research/Portfolio Manager

GlobalTrends

I. South KoreaIndex

II. TaiwanIndex

III. ThailandIndex

IV. AustriaIndex

V. Chile Index

VI. US Equities

IntroductionA Peak at Global Trends: Summer 2017*

US Market Trends

I. Equal WeightTech

II. Equal WeightMaterials

III. Equal WeightTransport

IV. Social Media Index

V. Cyber Security Index

VI. SemiconductorsIndex

Alternatives Trends

I. Soft Commodities

II. Base Metals

III. Spin OffStrategy

IV. Global Water Index

*Non-exhaustive, illustrative purposes only

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“ETFs facilitate systematicallymeasuring performance whilesimultaneously accounting forcurrency fluctuations.” -ETFMI

Momentum is a Core MarketAnomaly

• What isMomentum?

• Academics have long noticed that securities with rising prices have a measurable tendency to continue to rise further, while assets that have seen falling prices will tend to keep falling. The Carhart 4 Factor Model extends traditional CAPM to include momentum as a factor capable of predicting future returns (size, quality, carry,momentum)3

• Why does Momentum exist?

• Markets are rational… but only until humans start interacting with them

• Rational expectations vs Extrapolative expectations

• Investor fear and greed (investment narrative)

• Systemic underreaction to new events (PEAPD)

• Key AcademicEvidence

Foundational research conclusively establishing the existence ofmomentum.• Jagedeesh and Titman (1993)

• CliffAsness (1997) Value and Momentum investing strategies were shown to have negative correlationsand that the addition of Momentum to Value portfolios can improve risk/rewardmetrics.

• Geczy and Samanov (2013) U.S. stocks from 1801 to 2012 (a 211 year period) were analyzed and price momentum was found to be present in the markets over the entire period, as well as across industry groups.

3. Carhart, M. M. “On Persistence in MutualFund Performance”, The Journal of Finance 1997

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We Capitalize on InvestorNoise

“Some have suggested that it is stories that most distinguish us from animals, and even that our species be called Homo narrans (Fisher 1984) or Homo narrator (Gould 1994) or Homo narrativus (Ferrand and Weil 2001) depending on whose Latin we use.”

–Nobel Prize Winning Economist, Robert Schiller

• Introducing judgment calls into the decision making process creates noise.

• Narratives, being the primary way humans organize what they know, can corrupt judgments.

• Research has shown that expert judgment, even when following the same protocol, can vary wildly.

• Algorithms are noise-free and not influenced by the prevailing narrative.

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We Capitalize on HumanNatureUnnatural Actions:

To effectively utilize momentum as a trading signal an investor is often required to perform a series of unnatural and potentially counter-intuitive actions:

1. Buy securities at all-time highs;

2. Sell securities immediately at the first moments of weakness;

3. Be willing to take many small losses;

4. Resist the temptation to take profits while a trend signal persists.

Extrapolative Expectations:

Recent research shows that investors, rather than operating in a rational manner, typically extrapolate current trends far into the future.

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Investment Strategy and ProcessElegant Algorithms

• Highly intentional, real world tested, three step measuring process withproxies.

• We measure price momentum using both relative and absolute methodologies.

• Historical volatility and cross-asset correlations establish the statistical significance of all pricemovements.

• Given a set of target investments, the algorithms are 100% rules based, measuring prices daily, monthly and quarterly.

• Rules are structured to avoid “overfitting” and to allow for flexibility.

• Simple algorithms control portfolio leverage, increasing return and reducing risk.

Target Investment Universe Creation:

• Target universes are designed to be mutually exclusive and collectivelyexhaustive.

• Universes must allow sufficient holdingsfor the portfolio to go fully“risk-off”.

• ETFs covering sectors, industries, commodities, countries, regions, currencies, fixed income, alternative assets, niche industries and “smart beta” strategies are all included.

• Product capacity, trading liquidity, index tracking error and expenses are all taken into consideration.

Examples of MachineLearning

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•Securities are ranked against each other to determine strongest trends

•Historic correlations provide benchmark for determining significant comparative movements

•Universes include negative beta assets

Relative Strength

•Securities are ranked based on the intrinsic strength of their price moves

•Indicators utilized include exponential moving averages, price rate of change, relative vigor index, and others

AbsoluteStrength

•Combines relative strength and absolute strength methodologies

•Absolute screens are typically utilized as a first pass with the second level security selection dependent relative strength

DualMomentum

Investment Strategy and Process

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Target Investment Universe Creation:• Strict portfolio construction rules to

achieve optimal diversification and drawdown protection by allocating across multiple uncorrelated global assets at alltimes.

• Target universes are designed to bemutually exclusive and collectivelyexhaustive.

• ETFs covering sectors, industries, commodities, countries, regions, currencies, fixed income, alternative assets, niche industries and “smart beta” strategies are all included.

Weighting Strategies by Historical Sharpe RatiosTheoreticalFoundation

• Kelly Criterion seeks to maximize the expected utility of an investment given the size of perceived risk adjusted investment edge.

• This is achieved by scaling an investment’s size, although often a fraction of the suggested Kelly exposure is utilized to account for practical reasons such as volatility and liquidity.

• Baquero and Verbeek found in their paper “Hedge Fund Flows and Performance Streaks: How Investors Weigh Information” that selecting strategies by considering the trailing 24 month Sharpe ratio overall portfolio performance improved.

Our Backtest Replicates these Findings

• With a Sharpe weighted portfolio of our momentum strategies we see modest improvements in three key metrics vs an equal weightportfolio:

• Annualized returns increase 0.40% to 13.46% from13.06%

• Beta vs the SPY drops to 0.568 from0.576

• Overall Sharpe Ratio increases to 1.01 from0.98

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Risk ManagementAny investor can identify a bull market, but not every investor keeps their gains. At AX Momentum, we exist to protect and grow assets bypairing an exhaustive search for the worlds best bull markets with a proven and repeatable sell discipline. We reduce risk and volatilitywith portfolio construction and diversification standards that have been pioneered by the endowments at Harvard and Yale.

We don’t talk about RISK, we talk about losing money.

Aversion to losing money is what compelled us to develop the strategies that power our portfolio. Our strategies are designed and tested to be safer than Index Investing and Value Investing.

We don’t buy and hold. That’s too risky for us.

We buy assets that are going up in price and sell them promptly if they start going down. It might sound simple, but when implemented with discipline, it works.

We know that risk tolerances change when portfolios suffer drawdowns. Our process is designed to never put our partners in that positionin the first place. Our firm will never make outsized bets or trade in opposition to our algorithms. We would rather haveboring performance year after year than deviate from our discipline. Human nature creates the market anomaly that our program exploits andwe don’t expect human nature to change. We remain steadfast in our belief, that No, it is not “different this time” and that the math thatpowers our investment process will continue to outperform in the future as it has done in the past.

We adhere to our proven models regardless of the noise and narratives around us.

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Risk ManagementThe Siren’s Call Will Not be Answered

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Gross Backtested Performance – July 2008 to EOY 2016

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF

FUTURE RESULTS.

Note: Hypothetical, data is shown split adjusted with dividends included. Fees, taxes, and commissions are excluded. Please see Important disclosures regarding back tests on the next page.

AX

Momentum SPY

MSCI

ACWI

60 ACWI

40 BND

Cumulative 192.5% 74.7% 19.7% 21.0%

Annualized 13.5% 6.8% 2.1% 2.3%

Max Drawdown 13.7% 42.6% 47.5% 30.5%

Sharpe Ratio (0% RFR) 1.01 0.41 0.11 0.20

Sortino Ratio (0% RFR) 2.08 0.64 0.17 0.31

Beta vs SPY 0.57 1.00 1.13 0.67

Beta vs ACWI 0.50 0.82 1.00 0.60

AX

Momentum SPY

MSCI

ACWI

60 ACWI

40 BND

2008 Jul-Dec -5.2% -29.5% -34.4% -19.8%

2009 32.5% 23.5% 30.4% 18.4%

2010 15.7% 12.8% 10.7% 7.9%

2011 4.4% -0.2% -9.9% -3.6%

2012 10.1% 13.5% 14.0% 8.8%

2013 32.1% 29.7% 19.8% 9.5%

2014 15.8% 11.3% 1.5% 2.3%

2015 0.7% -0.8% -4.6% -3.2%

2016 13.7% 9.6% 6.0% 3.9%

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AX Momentum Combined Portfolio SPY MSCI ACWI 60 ACWI/40 BND

Backtest Methodology and DisclosuresDisclosuresPerformance during the back tested period is not based on live results produced by an investor’s actual investing and trading, but was achieved by the retroactive application of a model designed with the benefit of hindsight, and is not based on live results produced by an investor’s investment and trading, and fees, expenses, transaction costs, commissions. Penalties or taxes have not been netted from the gross performance results except as is otherwise described in this presentation. The performance results include reinvestment of dividends, capital gains and other earnings. As the information was back tested, it does not reflect contemporaneous advice or record keeping by an investment adviser.

Actual, live client results may have materially differed from the presentedperformance results. This strategy and all strategies offered by AX momentum require suitability testing and may not be suitable for all investors. Past performance does not guarantee future results. A risk free rate of 0% was assumed acrossthe timeframe.

SPY seeks to provide investment results that, before expenses, corresponds generally to the price and yield performance of the S&P 500. MSCI ACWI captures all sources of equity returns in 23 developed and 23 emerging markets. The presented performance of the indices include expenses.

Methodology• Momentum Strategies included in backtest:

• Global RelativeStrength• GlobalAbsolute• US Absolute• US ValueAbsolute• GlobalDualMomentum• US DualMomentum• Negative Beta DualMomentum

• Due to data constraints only these strategies were available over the entire 8.5 year backtest period these strategies represent approx. 80% of currentportfolio.

• Cryptocurrencies were not included in backtest.

• Negative Beta Dual Momentum strategy has a constant 5% weighting cap.

• All other strategies are equal weighted from June 2008 to EOY 2010, then those strategies are weighted based on their trailing 24 month Sharpe Ratio with yearly rebalancing, consistent with our current process.

• Strategieshave a minimumweight of 5% and a maximumweight of 20%of the overallportfolio.

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

TheoreticalFoundation

• In Ayers and Nalebuff (2008) it is shown that when people are cash poor the optimal path is to potentially invest more than 100% of their available assets. Just as asset class diversification lowers risk, so does diversification across different time periods.

• Similarly, as the strongest trends manifest one should seek to allocate more than 100% of available capital into the market.

Our Backtest Replicates these Findings

• When utilizing momentum based strategies shifts to new asset classes can often be caused by declines in previous holdings, thus judicious application of leverage into strong new trends can help boost returns.

• Strong short term momentum

• Consolidated asset class trends

• Seasonality of trends

• Volatility signals

• By using leverage to temporally diversify we are able to increase returns while slightly improving our risk profile:• Approximately 1% per year in returns is added.

• Sharpe ratio improves slightly from 1.007 to 1.009.

Leverage Allows for Temporal Diversification

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Volatility and Kurtosis of Backtest – 8.5 Year

By combining our strategies we achieve lowervolatility/standard deviation when comparedwith themarket.

Further, the kurtosis of our returns demonstrate that we have had fewer outliers and less extremeoutliers.

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

AX

Momentum SPY

MSCI

ACWI

60 ACWI

40 BND

Kurtosis (0.21) 13.73 9.38 12.41

St. Dev. 12.5% 15.8% 18.6% 11.3%

AX6040 SPY BND AX Momentum

Max Drawdown: 0.11% 0.05% 0.27% N/A

Peak-To-Valley: Start - Nov 16 Start - Nov 16 Start - Nov 16 N/A

Recovery: 1 Month 1 Month 1 Month N/A

Sharpe Ratio: 4.68 3.30 -0.34 3.48

Sortino Ratio: 8.83 11.01 -2.26 22.60

Calmar Ratio: 141.32 409.43 13.90 N/A

Standard Deviation: 0.63% 1.15% 0.34% 1.54%

Downside Deviation: 0.24% 0.26% 0.44% 0.20%

Mean Return: 1.20% 1.44% 0.31% 1.89%

Positive Periods: 8 (88.89%) 8 (88.89%) 7 (77.78%) 9 (100.00%)

Negative Periods: 1 (11.11%) 1 (11.11%) 2 (22.22%) 0 (0.00%)

Gross Actual Equity Performance1 vs. Index and Benchmark2

Risk Analysis - Securities

Since Inception 12/1/16 – 7/31/17

Date AX60402 SPY BND Security - AX Momentum,LP1 Overall - AX Momentum,LPNov2016 -0.11% -0.05% -0.27% 0.00% 0.00%Dec2016 1.31% 2.03% 0.33% 1.29% 1.29%Jan2017 1.82% 1.79% 0.19% 5.40% 5.40%Feb2017 1.75% 3.93% 0.62% 2.44% 2.44%Mar2017 0.80% 0.13% -0.04% 1.32% 1.32%Apr2017 1.29% 0.99% 0.79% 0.82% 0.82%May2017 1.62% 1.41% 0.71% 1.40% 2.17%

June 2017 0.50% 0.64% 0.05% 0.96% 1.93%July 2017 1.80% 2.06% 0.40% 3.36% 2.02%

Average 1.20% 1.44% 0.31% 1.89% 1.93%Cumulative - Inception 11.30% 13.63% 2.82% 18.22% 18.69%Cumulative - YTD 9.97% 11.42% 2.75% 16.71% 17.17%

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AX Momentum,LP

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

(1)As of May 1, 2017 a 5% allocation to cryptocurrencieswas added and is not shown in this performance data. This performance pertains exclusively to our ETF based strategies.(2)The benchmark for AX Momentum,LP (AX6040)is a custom index comprised of a 60% allocation to the MSCI All Country World Index ETF (ACWI) and a 40% allocation to the Barclays AggregateBond Index ETF (BND)

Correlation to Value Investing and Indexing

Academic Evidence Suggests Inversely Correlated Periods of Index Outperformance

“Pairing Momentum and Value strategies in the same portfolio has been shown to increase

the total return of that portfolio while also reducing risk.” – ETFMI

• Broad based Value measures show NEGATIVE 0.4 to NEGATIVE 0.7 correlation to momentum overKenneth French’s full 1927-2013 sample period depending on exactmethodology

• Asness (1997) shows that value strategies typically buy securities with poor momentum characteristics and vice versa.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

4. Asness, Clifford S. et. al. “Fact, Fiction and Momentum Investing”, The Journal of Portfolio Management 2014

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Portfolio Optimization by Adding Momentum

In “Fact, Fiction and Momentum Investing”, published in The Journal of Portfolio Management 2014 by Cliff Assess, the diversification benefits that Momentum allocations offer to index portfolios create a compelling rational for inclusions exceeding 25% in assetallocations.4

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.4. Asness, Clifford S. et. al. “Fact, Fiction and Momentum Investing”, The Journal of Portfolio Management 2014

Corporate Governance

General Partner:

Custody/Clearing Broker:

Prime Broker:

Auditor:

Administrator:

Legal:

AX Momentum, LP – Indianapolis, IN

Interactive Brokers, LLC – Greenwich, CT

Interactive Brokers, LLC – Greenwich, CT

Kaplan & Co. – Vernon Hills, IL

Duncan Administration Services, LLC – Coral Springs, FL

Ice Miller, LLP – Indianapolis, IN

Law Offices of Michael Lapat

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Contact Information

AX Momentum Management, LLC

General Partner

9465 Counselors RowIndianapolis, IN 46240

Phone: 317-805-4808Email: info@etfmi.com www.axmomentum.com

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DefinitionsCumulative – Performance in percent across the entire backtest timeframe.Annualized – Performance in percent on an annual basis.Mean Return – The average time weighted return of your portfolio for a specifiedtime period.Time Weighted Return – TWR measures the percent return produced over time independent of contributionsor withdrawals. TWR eliminatesthe impact of the timing of inflows and outflows and isolates the portion of a portfolio's return that is attributable solely to the account'sactions.Max Drawdown – The largest cumulative percentage decline in the Net Asset Value of a particular strategy from the highest or peak value to the lowest or trough value after the peak.Peak-to-Valley – The time period during which the Max Drawdown (largest cumulative percentage decline in the NAV) occurred.Recovery – The time it took for the NAV of your account to recover from the valley (lowest NAV) back to the peak (highest NAV).Average Yearly Drawdown – Peak to trough drop measured on a yearly basisand averaged.Beta – The coefficient measuring a stock’s relative volatility in relation to a benchmark index.Sharpe Ratio – A ratio that measures the excess return per unit of risk. The ratio is used to characterize how well the return compensates theaccount holder for the risktaken.Sortino Ratio – The ratio measures the risk adjustedreturn of the account. The ratio penalizes only those returns that fall below the required rateof return.Calmar – A ratio used to determine return versusdrawdown risk.Kurtosis – The sharpness of the peak of a frequency distribution curve. Values around 3 more closely approximate a normal curve.Standard deviation – A statistical measurement of variability. It shows how much variation or dispersion there is from theaverage.Downside Deviation – The standard deviation for all negative returns in your portfolio in the specific timeperiod.Ending VAMI – Value Added Monthly Index. A statistical figure that tracks the daily/monthly/quarterly performance of a hypothetical $1000 investment.Positive Periods – The number of occurrences of positive performance returns. For example, if you select a monthly report with 12 months, each month with a positive return would be a positive occurrence.Negative Periods – The number of occurrences of negative performance returns. For example, if you select a monthly report with 12 months, each month with a negative return would be a negativeoccurrence.

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Disclosures 1 of 2This document (including the hypothetical/backtested performance results) is provided for informational purposes only and is subject to revision. This document is not an offer to sell or a solicitation of an offer to purchase an interest or shares (“Interests”) in any pooled vehicle. ETF Momentum Investing, LLC and AX Momentum, LP does not assume any obligation or duty to update or otherwise revise information set forth herein. This document is not to be reproduced or transmitted, in whole or in part, to other third parties, without the prior consent of ETF Momentum Investing, LLC or AX Momentum, LP .

Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of an investment managed using any of the investment strategies or styles described in this document may differ materially from those reflected in such forward-looking statements or in the hypothetical/backtested results included in this presentation. The information in this presentation is made available on an “as is,” without representation or warranty basis.

There can be no assurance that any investment strategy or style will achieve any level of performance, and investment results may vary substantially from year to year or even from month to month. An investor could lose all or substantially all of his or her investment. Both the use of a single adviser and the focus on a single investment strategy could result in the lack of diversification and consequently, higher risk. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. You should consult your investment adviser, tax, legal, accounting or other advisors about the matters discussed herein. These materials represent an assessment of the market environment at specific points in time and are intended neither to be a guarantee of future events nor as a primary basis for investment decisions. The hypothetical/backtested performance results and model performance results should not be construed as advice meeting the particular needs of any investor. Past performance (whether actual, hypothetical/back tested or model performance) is not indicative of future performance and investments in equity securities do present risk of loss. The ability to replicate the hypothetical or model performance results in actual trading could be affected by market or economic conditions, among other things.

Investors should understand that while performance results may show a general rising trend at times, there is no assurance that any such trends will continue. If such trends are broken, then investors may experience real losses. No representation is being made that any account will achieve performance results similar to those shown in this presentation. In fact, there may be substantial differences between backtested performance results and the actual results subsequently achieved by any particular investment program. There are other factors related to the markets in general or to the implementation of any specific investment program which have not been fully accounted for in the preparation of the hypothetical/back tested performance results, all of which may adversely affect actual portfolio management results. The information included in this presentation reflects the different assumptions, views and analytical methods of ETF Momentum Investing, LLC and AX Momentum, LP as of the date of this presentation.

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Disclosures 2 of 2Not FDIC Insured. No bank guarantee. If you follow these strategies, you may lose money. By using this information, you accept our Terms of Use and Privacy Policy. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in loss. There is no guarantee given or implied. We are not responsible for errors or omissions.

Performance during the back tested period is not based on live results produced by an investor’s actual investing and trading, but was achieved by the retroactive application of a model designed with the benefit of hindsight, and is not based on live results produced by an investor’s investment and trading, and fees, expenses, transaction costs, commissions, penalties or taxes have not been netted from the gross performance results except as is otherwise described in this presentation. The performance results do not include reinvestment of dividends, capital gains and other earnings. As the information was back tested, it does not reflect contemporaneous advice or record keeping by an investment adviser. Actual, live client results may have materially differed from the presented performance results.

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and actual results achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risks, and no hypothetical trading program can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

This document contains the opinions of the managers and such opinions are subject to change without notice. This document has been distributed for informational purposes only andshould not be considered as investment advice or a recommendation of any particular security, strategy or investment product. The investment strategies and themes discussed hereinmay be unsuitable for investors depending on their specific investment objectives and financial situation.No part of this document may be reproduced in any form, or referred to in any other publication, without express written permission from ETF Momentum Investing, LLC or AX Momentum, LP . If you have further questions about the business practices of ETF Momentum Investing or its managers we encourage you to visit sec.gov and view our entire ADV or by emailing us at info@etfmi.com.

© ETF Momentum Investing, LLC/AX Momentum, LP. 2017. All rights reserved.

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