* Exchange-traded funds (ETFs) and exchange-traded notes (ETNs).
Investment returns and principal value will fluctuate and there can be no assurance that the strategy’s objective will be achieved. Refer to Pence Capital Management LLC’s ADV and strategy fact card for full details regarding the strategy, objectives, fees, risks and additional details about the advisor and strategy. The results and portfolios for individual portfolios may vary.
AAM acts as a third-party marketing agent for the Manager and does not act as an investment advisor to the strategy referenced above.
The S&P 500 Index is a capitalization-weighted index that measures the performance of 500 large capitalization domestic stocks representing all major industries. The S&P 500 Index is the most appropriate benchmark to best reflect broad market performance.
The Bloomberg U.S. Aggregate Bond Index represents securities that are investment grade, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Principal Risks: Investing involves risk, including the possible loss of principal. Principal risks associated with this strategy include, but are not limited to, equity market risk, interest rate risk, credit risk, management risk, company-specific risk, and risks related to recent market events. Equity investments may experience volatility due to changes in market conditions, economic factors, or deterioration in the financial condition of issuers. Small- and mid-capitalization companies may involve greater volatility and risk than larger, more established companies. Growth stocks may be more volatile than value stocks. International investments involve additional risks, including currency fluctuations, political and economic instability, differences in accounting standards, reduced liquidity, and varying regulatory environments. Emerging markets may present heightened risks due to less developed legal and regulatory systems and greater market volatility. Investment strategies such as asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Fixed income investments are subject to interest rate risk, credit risk, prepayment risk, and duration risk. Interest rate risk refers to the potential decline in bond values due to rising interest rates. Credit risk is the possibility that an issuer may be unable to meet its payment obligations. Prepayment risk arises when borrowers repay obligations earlier than expected. Duration measures the sensitivity of a bond's price to interest rate changes. International investments involve additional risks, including currency fluctuations, political and economic instability, differences in accounting standards, reduced liquidity, and varying regulatory environments.