ABO Research strategies are intended for professional and academic research only. Charts and graphs are provided for illustrative purposes. Past performance is not an indication or guarantee of future results. The charts and graphs reflect hypothetical historical back-tested performance. All information presented is back-tested. Back-tested performance is not actual performance, but is hypothetical. A limitation of using back-tested information is that the back-tested calculation is generally prepared with the benefit of hindsight. Back-tested data and/or information reflects the application of the methodology and selection of stocks in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading. Actual returns may differ from and be lower than back-tested returns. For example, there are numerous factors related to the equities, fixed income, or commodities markets in general which cannot be, and have not been accounted for in the preparation of the index information set forth, all of which can affect actual performance. The returns shown do not represent the results of actual trading of investable assets/securities. ABO Research maintains the strategy and performance shown or discussed, but does not manage actual assets. Returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the strategy. The imposition of these fees and charges would cause actual and back-tested performance of the securities/fund to be lower than the strategy performance shown. ABO Research and its third party licensors shall have no liability for any errors, omissions, or interruptions of any strategy or the data herein. It is impossible to invest directly into a back-tested strategy. ABO Research is not an investment or tax advisor and makes no representation regarding the advisability of investing in any such back-tested strategy. ABO Research data providers include Norgate Premium Data and CSI Data.