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1 RESEARCH REPORT
2 DATA DRIVEN TRUST UITINVESTING.COM
3 UIT Investing, Inc. provides the most comprehensive research for the unit investment trust industry by providing complete analysis of unit investment trust primary offerings in a single report made available to financial professionals and investors looking to perform in-depth due diligence on the investment. In addition to the research, the report includes specific data points and general information about the unit investment trust from the issuing sponsor as well as includes UIT Identifier information for convenient transition to other source data available to the public. The research report makes use of both current and historical data in order to apply an investment rating on primary unit investment trust offerings. The UIT Investing Rating System is 100% quantitative and analyzes multiple criteria by utilizing proprietary formulas to apply a rating to 4 components of each unit investment trust. These components include: HISTORICAL STRATEGY PERFORMANCE HISTORICAL RISK / VOLATILITY OVER 3, 5, AND 10 YEAR }PERIODS PRIMARY UNIT INVESTMENT TRUST OFFERING CURRENT EXPENSES PRIMARY UNIT INVESTMENT TRUST PORTFOLIO ANALYSIS
4 CLASSIFICATION The rating system begins by classifying each unit investment trust into the appropriate category. Throughout the report, the UIT will be measured up to a comparable index. The category factors include Asset Class, Investment Type/Style, Investment Strategy Goal, Sector/ Industry, and Region. From these classification factors we derive the comparable benchmark index. EXAMPLE
5 HISTORICAL STRATEGY PERFORMANCE OVER 3, 5, AND 10 YEAR PERIODS HISTORICAL STRATEGY RISK/VOLATILITY OVER 3, 5, AND 10 YEAR PERIODS The UIT Investing Rating System will recreate the historical investment performance of a strategy based on specific dates to formulate an actual return of an investment, and calculate the Cumulative Performance and Average Annual Performance. These performance metrics will be measured against the benchmark index to derive a performance score, which determines the performance rating. The performance rating is the largest weighting in the overall performance score. The UIT Investing Rating System will recreate the historical investment performance of a strategy based on specific dates to formulate an actual return of an investment, and calculate the risk and volatility metrics. The metrics include Upside and Downside Capture Ratios, and the Max Gain and Max Drawdown, Annualized Standard Deviation, Annualized Sharpe Ratio, R Squared, Annualized Sortino Ratio, Annualized Treynor Ratio, Annualized Alpha, and Beta. Only specific metrics are measured against the benchmark index where applicable to derive a risk/volatility score, which determines the rating. PRIMARY UNIT INVESTMENT TRUST OFFERING CURRENT EXPENSES The UIT Investing Rating System will calculate the total all-in expenses of the unit investment trust and annualize them to determine an annual percentage expense ratio for the primary unit investment trust offering. These expense ratios are determined by using the current pricing as of the report date and applying the price reflective to the account for accurate percent ratios to differing types of clients. Included in the allin expenses include the Sales Charges (both transactional and the Creation & Development Fee), Organizational Costs, and the Annual Operating Expenses. The Annual Expense Ratio is placed in a scale to derive a Primary Current Expenses score, which determines the rating. Disclaimer: Hypothetical chart does not depict performance of any investment product and is for illustrative purposes only. Past performance is not indicative of future results.
6 PRIMARY UNIT INVESTMENT TRUST PORTFOLIO ANALYSIS OF THE CURRENT PORTFOLIO The UIT Investing Rating System will determine various fundamental and technical metrics for the primary unit investment trust portfolio and compare these to the benchmark index based on the classification. For multi-asset unit investment trust portfolios, the rating will incorporate a secondary or third benchmark to measure the specific metrics for different types of assets in the portfolio based on the current weighting of the unit investment trust portfolio. For equity securities, the UIT Investing metrics include the Number of Holdings, Weighted Average Market Cap, Weighted Average Price/Earnings, Weighted Average Price/ Book, Weighted Average Price/Sales, Weighted Average Price/Cash Flow, Weighted Average Enterprise Value/Share, Weighted Average Debt/ Equity, and Weighted Average Short Interest. For Closed-End Funds, the UIT Investing metrics include the Weighted Average Premium/Discount, Weighted Average Leverage, Weighted Average 5 Year Performance on NAV, and the Weighted Average Expense ratio. For Exchange Traded Funds, the UIT Investing metrics include the Weighted Average Tracking Error, Weighted Average Expense Ratio, Weighted Average 5 Year Performance on NAV, and the Weighted Average 30D Average Volume. For Preferred Stocks, the UIT Investing metrics include the Weighted Average Yield and the Weighted Average S&P Rating. Only specific metrics are measured against the benchmark index where applicable to derive portfolio analysis score, which determines the rating. The portfolio analysis rating is the lowest weighting in the overall performance score. Disclaimer: Hypothetical illustration
7 RATING SCORING TABLE The scores of each rating component is converted to a percentage of the total score possible for that particular component and converted to a rating by the threshold rating schedule below: 90% 70% 50% 30% 10% The scores of the 4 rating components are then combined following the defined weighting structure below to determine a final score. 40% Historical Strategy Performance over 3, 5, and 10 year periods 25% Historical Strategy Risk/Volatility over 3, 5, and 10 year periods 25% Primary Unit Investment Trust Offering Current Expenses 10% Primary Unit Investment Trust Portfolio Analysis of the Current Portfolio OVERALL RATING The final score is converted to a percentage of the total score possible for the Overall rating and adheres to the same threshold schedule as the individual rating components as defined previously.
8 CONTACT INFORMATION UIT Investing, Inc. constructs customized research for unit investment trust participants including asset managers, broker-dealers, registered Investment advisors, financial advisors, and investors. For further information regarding our pioneering unit investment trust research, or would like to discuss research ides we can develop to assist you or your business, please get in touch with us. MAILING ADDRESS UIT Investing, Inc. 135 Park Avenue Suite 200G Barrington, IL UIT Investing, Inc. is a registered investment advisor with this State of Illinois. You may obtain additional information regarding UIT Investing, Inc. at This material is not, and should not be construed as, an investment recommendation or as legal, accounting or tax advice. The information, data, analysis, opinions, representations, projections and comparisons contained herein are for informational purposes only and are subject to change without notice. This material does not constitute an offer to sell or a solicitation of an offer to buy securities. The content of this material may not be reproduced or disseminated without the prior written consent of UIT Investing, Inc. Past performance is not indicative of future results. Unit investment trusts are unmanaged. You can lose money investing in unit investment trusts. Any financial product sold prior to maturity may be worth more or less than the original amount invested. Depending upon the specific product offering, investment risks include, but are not limited to, interest rate risk, credit risk, call risk and liquidity risk. Product(s) discussed herein are not FDIC insured, may lose value, and are not bank guaranteed. You should not purchase an investment product or make an investment recommendation to a customer until you have read the specific offering documentation and understand the specific investment terms, features, risks, fees, charges and expenses of such investment. It is not possible to invest directly in an index. Indexes are unmanaged statistical composites and their performance does not include any fees an investor would pay to purchase the securities they represent. Such costs would lower performance. Index performance is historical and assumes reinvestment of all dividends and capital gains distributions. We make no assurance that any investment product based on an index will accurately track index performance or provide positive investment returns. The investment holdings and strategy of the investment products in this material may be materially different from the composition and strategy of the comparison benchmark or investment products. UIT Investing, Inc All Rights Reserved
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