Disclosures

Please read the following disclosures carefully and contact Lunt Capital Management, Inc. with any questions or concerns.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Actual Performance
Individual account performance may vary based on different allocations, fees, date invested, a difference in positions, and other factors.

Comparison to Indices
Investors cannot invest directly in an index.  Indices may change over time.  Indices are not an investment and, therefore, have no investment performance history.  Index performance does not include risks, fees, or other costs.  Past index performance is no indication of future results for the index or for any investment.

Risk Factors
All investments are speculative and involve risk factors that prospective investors should consider before investing.  Investments referenced here are suitable only for investors who are willing to accept substantial risks of loss, including loss of entire principal.

General Economic, Market, and Political Conditions
The success of investment activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls, and national and international political circumstances, including terrorism, war or the threat of terrorism or war. These factors may affect the level and volatility of securities prices and the liquidity of investments. Volatility or illiquidity could impair an Investment's profitability or result in losses.

Security Risks in General
Investments referenced here will include equity securities which generally involve a high degree of risk. Prices are volatile and market movements are difficult to predict. Furthermore, the investment may not hold a widely diversified portfolio of issues by industry or issuer. Some of these issuers may have small capitalizations, limited operating histories, limited following from Wall Street brokerage firms and may be vulnerable to competition from much larger companies. In addition, trading in small issuers or privately held issuers may be problematic due to liquidity issues.

Exchange Traded Funds ("ETFs") and Exchange Traded Notes ("ETNs")
Investments referenced here will use ETFs.  ETFs are designed for investors who seek a relatively low-cost approach for investing in a portfolio of equity securities of companies in a specified index. It is important to note that ordinary brokerage commissions apply when buying or selling a position. Thus, investors should consider these costs in light of the anticipated frequency and prospective invested dollar amounts when evaluating ETFs. ETFs may be suitable for long-term investment in the market represented in the relevant index and may also be used as an asset allocation tool or as a speculative trading instrument. It is important to note that investor risk profile, initial investment and time frame all play an important role in determining investment objectives. There are risks involved with investing in ETFs including possible loss of money. Other risks include risks similar to stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. Concentrated industry investments involve greater risks than more diversified investments. The value of the stocks in some of the underlying indexes may be more volatile than stocks of other issues. An investor should anticipate that the value of their shares will increase or decrease in value more or less in correlation with increases or decreases in value of the underlying indexes. Leveraged ETFs or ETNS may vary widely from benchmarks due to the impact of compounding. ETNs are typically senior, unsecured, unsubordinated debt securities. Holders of ETNs are subject to the risks of the underlying firm that issues the securities. They are designed to provide investors with a new way to access the returns of market benchmarks or strategies. ETNs are not equities or index funds, but they do share several characteristics. For example, like equities, they trade on an exchange and can be shorted. Like an index fund, they are linked to the return of a benchmark index or strategy.

Foreign Funds
Investment in the securities of non-U.S. issuers involves risks beyond those associated with investments in U.S. securities, including, but not limited to: greater market volatility, the availability of less reliable financial information, higher transaction and custody costs, taxation by foreign governments, decreased market liquidity, political instability, and negative impact of changes in currency exchange rates.

Trading in Specialty or Sector Funds 
The investment may include exchange traded investments which are industry, sector, or capitalization specific and thereby may be subject to the volatility attendant with such a specialized focus.

Alternative Asset Funds
The investment may include exchange traded investments that attempt to track alternative investments such as commodities, currencies, real estate securities, and listed private equity. These investments may be very volatile and have the potential of steep declines and may increase risks.

Future Regulatory and Market Changes
Regulation of the United States markets has undergone substantial change in recent years, a process that is expected to continue. In addition, it is impossible to predict what, if any, significant new regulations may be promulgated as a result of regulatory action. The effect of regulatory change on the proposed trading activities is impossible to predict, but could be substantial and adverse. In addition to future regulatory changes, the markets have undergone and are expected to continue to undergo rapid and substantial changes. There can be no assurance as to how the investment will perform given the changes to, and increased competition in, the marketplace.

Lack of Governmental Insurance or Guarantee 
This investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Tax and Legal Issues
Investments have tax and legal implications. Lunt Capital Management, Inc. does not advise on these implications. Each potential and current client should obtain the assistance of tax and legal professionals in evaluating the implications of this investment. Live performance reflects performance net of transaction costs, management fees and ETF/ETN fees.