The disclosure language Newfound is now using is as follows (which includes disclosure of the recent 2018 awards ceremony): ETF. com is a third-party organization which specializes in providing resources on Exchange Traded Funds. ETF.com Award winners are selected in a three-part process. The process begins with open nominations where interested parties were invited to submit nominations for awards in approximately 30 categories (with there being one winner per category, unless a tie resulted). Self-nominations were accepted (Newfound Research employees did provide self­ nominations to ETF.com prior to 2018). ETF.com announced that as part of the 2016 awards, “hundreds of nominations from participants in all corners of the ETF space” were received.  Then the ETF.com Awards Nominating Committee – made up of senior leaders at ETF.com, Inside ETFs, and senior members of the FactSet ETF Analytics team – selected up to five finalists in each category (unless a tie resulted, in which case there could be more than five finalists in a category). The winners were selected from these finalists by a majority vote of the ETF.com Awards Selection Committee, which is a group of independent ETF experts (as determined by ETF.com). ETF.com is not affiliated with Newfound Research. There were no payments made in connection with the award. After winners were selected, Newfound Research purchased one seat to attend the 2016 awards ceremony dinner and two seats to attend the 2018 awards ceremony dinner. Newfound Research has not purchased any plaques, article reprints, or other similar indicia of the award. Ratings and awards may not be representative of any one client’s experience and are not indicative of Newfound Research’s future performance. Nominees were not required to be members of any organization to be eligible to receive an award.