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1 / 5 04/10/2016 USD ETFs 07/04/2017 Absolute Scoring & Ranking EQUITY-FIXED INCOME CURRENCY-COMMODITY Weekly Review www.trendandtiming.com

2/5 Weekly Report USD ETF EQUITIES EQUITY W-1 3-Nov-17 AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG W 10-Nov-17-4% 5,1 46,5 0,1 2,7 8,2-0,5-1,0 4,2 6,1 15,0 Equity: China - Total Market MCHI.O ishares MSCI China ETF 1 1 BULL 67,07 16% 17,9 74,8 3,2 11,3 24,2 2,4 2,4 13,5 25,9 43,0 Equity: China - Large Cap FXI ishares MSCI Eurozone ETF 2 2 BULL 46,84-11% 12,9 71,8 2,7 8,9 16,6 1,8 1,9 12,4 19,1 28,0 Equity: U.S. - Large Cap QQQ.O PowerShares QQQ Trust 4 3 BULL 153,69-8% 9,2 70,5 3,6 6,5 13,4 0,3 3,6 8,7 10,4 22,2 Equity: Emerging Markets - Total Market EEM ishares MSCI Emerging Markets ETF 3 4 BULL 46,49-16% 8,8 48,0 1,4 5,7 13,9-0,1-0,8 6,9 12,3 23,5 Equity: U.S. - Large Cap Growth IWF ishares Russell 1000 Growth ETF 5 5 BULL 130,74-19% 8,6 67,1 2,5 6,0 11,9 0,1 2,4 8,4 11,1 20,0 Equity: Japan - Total Market EWJ ishares MSCI Japan ETF 7 6 BULL 59,52 10% 7,8 55,8 4,1 7,8 12,2-0,2 3,0 9,0 11,3 16,2 Equity: Italy - Total Market EWI ishares MSCI Italy Capped ETF 6 7 reduce BULL 30,82-19% 7,7 39,3-0,7 3,5 13,7-1,4-0,6 3,7 7,3 26,3 Equity: U.S. - Large Cap Growth VUG Vanguard Growth Index Fund 12 8 BULL 137,63-6% 7,5 68,6 2,2 4,9 10,6 0,4 1,8 7,2 8,9 18,6 Equity: Netherlands - Total Market EWN ishares MSCI Netherlands ETF 9 9 reduce BULL 31,28-26% 7,1 33,9-0,6 2,5 11,5-1,1-1,9 2,8 6,1 25,8 Equity: France - Total Market EWQ ishares MSCI France ETF 10 10 reduce BULL 30,79-9% 6,4 24,3-0,6 2,7 11,0-1,9-1,0 4,8 4,6 22,3 Equity: Germany - Total Market EWG ishares MSCI Germany ETF 8 11 BULL 32,82 16% 6,1 38,0 0,6 4,2 11,2-1,9-0,3 7,4 5,7 17,9 Equity: Developed Europe - Total Market EZU ishares MSCI Eurozone ETF 11 12 reduce BULL 43,18-13% 5,9 31,4-0,4 2,6 10,6-1,8-1,2 4,2 4,3 20,9 Equity: U.S. - Large Cap VV Vanguard Large Cap Index Fund 15 13 BULL 118,56 28% 5,7 57,4 1,4 4,0 7,9-0,1 1,2 6,2 7,6 12,9 Equity: U.S. - Large Cap IWB ishares Russell 1000 ETF 16 14 BULL 143,65-22% 5,5 56,2 1,3 4,0 7,7-0,2 1,1 6,3 7,5 12,5 Equity: U.S. - Total Market VTI Vanguard Total Stock Market Index Fund 18 15 BULL 132,52 1% 5,5 53,6 1,1 3,9 7,5-0,2 0,9 6,5 7,6 12,2 Equity: U.S. - Total Market IWV ishares Russell 3000 ETF 19 16 BULL 152,76 9% 5,5 53,5 1,1 3,9 7,5-0,2 0,9 6,5 7,5 12,1 Equity: Developed Asia-Pacific Ex-Japan - Total Market EPP ishares MSCI Pacific ex-japan ETF 27 17 10 BULL 47,69-33% 5,4 72,2 1,8 3,7 7,5 1,4 0,9 4,0 7,3 12,8 Equity: Canada - Total Market EWC ishares MSCI Canada ETF 20 18 BULL 29,41 18% 5,4 62,2 1,4 5,7 8,0 0,7 0,2 7,7 11,1 7,6 Equity: Developed Markets Ex-U.S. - Total Market EFA ishares MSCI EAFE ETF 14 19-5 BULL 69,47 5% 5,1 41,4 0,7 3,3 8,9-0,7-0,4 5,0 4,7 15,5 Equity: Developed Europe - Large Cap FEZ SPDR Euro STOXX 50 ETF 13 20-7 reduce BULL 40,92 14% 5,0 27,6-0,8 2,1 9,4-2,0-1,5 3,9 2,8 18,9 Equity: U.S. - Large Cap SPLV.K Powershares S&P 500 Low Volatility Portfolio 22 21 BULL 46,91-9% 4,9 62,6 1,2 2,9 6,5 0,3 0,8 4,0 6,1 12,5 Equity: U.S. - Large Cap RSP Guggenheim S&P 500 Equal Weight ETF 28 22 6 BULL 96,84 12% 4,3 54,1 0,7 2,9 5,7 0,2 0,4 5,6 5,9 9,2 Equity: Developed Europe - Large Cap IEV ishares Europe ETF 17 23-6 reduce BULL 46,48-21% 4,1 29,4-0,8 1,5 7,9-1,4-2,0 3,6 2,0 15,9 Equity: U.S. - Small Cap IWM ishares Russell 2000 ETF 21 24 reduce BULL 146,68 12% 4,1 31,8-0,9 2,9 5,3-1,4-1,9 8,6 6,7 7,6 Equity: U.S. - Large Cap Value VTV Vanguard Value Index Fund 26 25 BULL 101,67 0% 4,0 39,3 0,6 3,2 5,5-0,6 0,6 5,3 6,5 7,9 Equity: U.S. Biotech IBB.O ishares NASDAQ Biotechnology ETF 24 26 reduce BULL 311,04-18% 3,8 31,5-5,2-2,1 3,4-1,5-7,2 2,4 7,3 13,9 Equity: Russia - Total Market RSX VanEck Vectors Russia ETF 33 27 6 BULL 22,40 10% 3,7 56,1 1,3 8,1 8,2 2,3-1,2 10,8 8,1 0,9 Equity: Turkey - Total Market TUR.O ishares MSCI Turkey ETF 25 28 neutral BULL 40,96-17% 3,6 40,3-2,0-4,4 5,6-1,7-3,7-7,1-0,7 26,5 Equity: U.S. - High Dividend Yield DVY.O ishares Select Dividend ETF 31 29 BULL 94,91-24% 2,8 52,3 0,4 1,9 3,6 0,1-0,1 4,4 3,8 5,8 Equity: Spain - Total Market EWP ishares MSCI Spain Capped ETF 23 30-7 neutral BULL 32,68-42% 2,6 35,8-1,6-2,2 5,8-1,8-2,1-2,1-2,5 18,1 Equity: U.S. - Large Cap Value IWD ishares Russell 1000 Value ETF 32 31 BULL 119,53-17% 2,6 36,3 0,1 2,0 3,5-0,4-0,2 4,2 4,0 5,3 Equity: U.K. - Total Market EWU ishares MSCI United Kingdom ETF 29 32 reduce BULL 34,71 21% 2,4 37,0-0,4 1,5 5,2-0,6-2,0 4,1-0,3 9,7 Equity: Switzerland - Total Market EWL ishares MSCI Switzerland Capped ETF 30 33 34,32 24% 1,4 32,1-1,3-0,8 4,7-1,4-3,6 0,4-2,2 11,2 Equity: Brazil - Total Market EWZ ishares MSCI Brazil Capped ETF 36 34 39,61-2% 1,3 35,3-5,0 2,5 6,1-1,2-10,4 1,6 11,6 2,8 Equity: Mexico - Total Market EWW ishares MSCI Mexico Capped ETF 35 35 50,77-13% -1,6 32,5-3,7-6,8 0,0-0,8-4,5-11,5-4,5 10,3 Equity: Global Gold Miners GDX VanEck Vectors Gold Miners ETF 37 36 22,81-4% -2,1 39,8-1,5-0,7 0,3 0,4-5,5-2,2-0,5-3,0 Equity: Greece - Total Market GREK.K Global X MSCI Greece ETF 34 37 9,07-11% -2,4 28,0-2,6-8,2 1,3-4,6-6,2-12,8-7,5 13,3 The EQUITY scoring is "NEUTRAL" between -2 and +2

3/5 Weekly Report FIXED INCOME-CURRENCY-COMMODITY FIXED INCOME W-1 3-Nov-17 AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG W 10-Nov-17 5% -0,4 31,5-0,4-0,5 0,2-0,6-0,9-0,9-0,5 0,6 Fixed Income: U.S. Government Treasury Long-Term TLT.O ishares 20+ Year Treasury Bond ETF 1 1 126,00-12% 0,2 37,8 0,8 0,5 2,6-1,2-1,4-2,0 1,3 3,7 Fixed Income: Emerging Markets - Sovereign EMB.O ishares JP Morgan USD Emerging Markets Bo 2 2 114,36-1% -0,1 27,7-1,3-1,0 0,4-0,8-1,7-0,7-0,4 2,2 Fixed Income: U.S. - Broad Market Investment Grade AGG ishares Core U.S. Aggregate Bond ETF 4 3 109,43-9% -0,2 30,3-0,1-0,2 0,4-0,4-0,8-0,9-0,2 0,8 Fixed Income: U.S. - Broad Market Investment GradeVanguaBND Vanguard Total Bond Market Index Fund 3 4 81,75 8% -0,3 29,4-0,1-0,3 0,4-0,5-0,8-1,0-0,2 0,8 Fixed Income: U.S. Government TIPS TIP ishares TIPS Bond ETF 6 5 114,21-12% -0,3 42,7 0,4 0,3 0,3-0,2-0,4-0,2-0,5-0,2 Fixed Income: U.S. Government Treasury Short-Term SHY.O ishares 1-3 Year Treasury Bond ETF 11 6 5 84,17-14% -0,3 30,2-0,2-0,4-0,4 0,0-0,3-0,6-0,5-0,4 Fixed Income: U.S. Government Agency MBS MBB.O ishares MBS ETF 7 7 106,76-7% -0,4 30,1-0,2-0,3 0,0-0,4-0,7-0,7-0,4 0,2 Fixed Income: U.S. Government Treasury Intermediate IEI.O ishares 3-7 Year Treasury Bond ETF 10 8 2 123,08-48% -0,5 33,1-0,2-0,6-0,2-0,2-0,6-1,2-0,7 0,2 Fixed Income: U.S. Government Treasury Intermediate IEF.O ishares 7-10 Year Treasury Bond ETF 5 9-4 106,37-29% -0,5 34,2-0,1-0,6 0,2-0,5-1,0-1,6-0,8 1,1 Fixed Income: U.S. - Corporate High Yield HYG ishares iboxx $ High Yield Corporate Bond ET 8 10-2 BEAR 86,92 81% -0,8 21,8-1,6-1,5-0,8-1,0-1,4-0,3-1,5-0,6 Fixed Income: U.S. - Corporate High Yield JNK SPDR Barclays High Yield Bond ETF 9 11-2 BEAR 36,51 98% -0,8 29,7-1,7-1,7-1,1-0,9-1,3-0,3-1,6-0,9 The FIXED INCOME scoring is "NEUTRAL" between -0,5 and +0,5 CURRENCY AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG -40% 0,4 50,8-0,9-1,0 1,1 0,6-1,4-1,4 0,3 3,4 Currency: Euro FXE CurrencyShares Euro Trust 1 1 neutral BULL 112,32-54% 2,4 51,2-1,0-0,1 4,1 0,5-1,4-0,7 3,9 8,4 Currency: Pound Sterling FXB CurrencyShares British Pound Sterling Trust 2 2 reduce BULL 127,84-21% 1,9 53,8-0,9 0,6 2,7 1,0-0,7 2,4 1,6 4,8 Currency: Japanese Yen FXY CurrencyShares Japanese Yen Trust 3 3 84,71-42% -0,9 51,3-0,4-1,8-1,2 0,5-1,5-3,7-1,8 1,0 Currency: Swiss Franc FXF CurrencyShares Swiss Franc Trust 4 4 BEAR 95,05-44% -1,6 46,8-1,3-2,7-1,2 0,5-2,2-3,6-2,7-0,6 The CURRENCY scoring is "NEUTRAL" between -1 and +1 COMMODITY AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG AVG 5% 3,0 61,7 3,5 6,4 4,7 0,9 3,2 8,2 3,7 1,2 Commodities: Energy DBE PowerShares DB Energy Fund 1 1 BULL 14,35 19% 10,4 82,7 8,5 16,8 14,4 2,5 10,6 22,0 13,6 8,7 Commodities: Energy Crude Oil USO United States Oil Fund LP 2 2 BULL 11,46 34% 6,5 75,7 8,5 15,0 9,7 2,1 10,1 18,7 7,3 0,2 Commodities: Broad Market DJP ipath Bloomberg Commodity Index Total Ret 3 3 24,23-9% 2,2 64,9 2,6 5,1 3,5 0,7 2,1 6,9 3,9-0,7 Commodities: Precious Metals Gold GLD SPDR Gold Trust 4 4 122,13 3% 1,3 46,1 0,1 0,8 3,1 0,4-2,2-1,1 1,7 6,7 Commodities: Agriculture DBA PowerShares DB Agriculture Fund 6 5 1 19,33-20% -1,2 56,1 1,1-0,1-2,1-0,3 1,1 3,8-3,3-5,9 Commodities: Precious Metals Silver SLV ishares Silver Trust 5 6-1 16,07 0% -1,3 45,0 0,2 0,5-0,5 0,2-2,8-1,1-1,2-1,7 The COMMODITY scoring is "NEUTRAL" between -2 and +2

4/5 T&T 58 USD ETFs sample EQUITY-FIXED INCOME-CURRENCY-COMMODITY 09/11/2017 SEGMENT RIC NAME SEGMENT RIC NAME Commodities: Agriculture DBA PowerShares DB Agriculture Fund Equity: Spain - Total Market EWP ishares MSCI Spain Capped ETF Commodities: Broad Market DJP ipath Bloomberg Commodity Index Total Return ETN Equity: Switzerland - Total Market EWL ishares MSCI Switzerland Capped ETF Commodities: Energy DBE PowerShares DB Energy Fund Equity: Turkey - Total Market TUR ishares MSCI Turkey ETF Commodities: Energy Crude Oil USO United States Oil Fund LP Equity: U.K. - Total Market EWU ishares MSCI United Kingdom ETF Commodities: Precious Metals Gold GLD SPDR Gold Trust Equity: U.S. - High Dividend Yield DVY ishares Select Dividend ETF Commodities: Precious Metals Silver SLV ishares Silver Trust Equity: U.S. - Large Cap RSP Guggenheim S&P 500 Equal Weight ETF Currency: Euro FXE CurrencyShares Euro Trust Equity: U.S. - Large Cap IWB ishares Russell 1000 ETF Currency: Japanese Yen FXY CurrencyShares Japanese Yen Trust Equity: U.S. - Large Cap QQQ.O PowerShares QQQ Trust Currency: Pound Sterling FXB CurrencyShares British Pound Sterling Trust Equity: U.S. - Large Cap SPLV.K Powershares S&P 500 Low Volatility Portfolio Currency: Swiss Franc FXF CurrencyShares Swiss Franc Trust Equity: U.S. - Large Cap VV Vanguard Large Cap Index Fund Equity: Brazil - Total Market EWZ ishares MSCI Brazil Capped ETF Equity: U.S. - Large Cap Growth IWF ishares Russell 1000 Growth ETF Equity: Canada - Total Market EWC ishares MSCI Canada ETF Equity: U.S. - Large Cap Growth VUG Vanguard Growth Index Fund Equity: China - Large Cap FXI ishares China Large-Cap ETF Equity: U.S. - Large Cap Value IWD ishares Russell 1000 Value ETF Equity: China - Total Market MCHI.O ishares MSCI China ETF Equity: U.S. - Large Cap Value VTV Vanguard Value Index Fund Equity: Developed Asia-Pacific Ex-Japan - Total Market EPP ishares MSCI Pacific ex-japan ETF Equity: U.S. - Small Cap IWM ishares Russell 2000 ETF Equity: Developed Europe - Large Cap IEV ishares Europe ETF Equity: U.S. - Total Market IWV ishares Russell 3000 ETF Equity: Developed Europe - Large Cap FEZ SPDR Euro STOXX 50 ETF Equity: U.S. - Total Market VTI Vanguard Total Stock Market Index Fund Equity: Developed Europe - Total Market EZU ishares MSCI Eurozone ETF Equity: U.S. Biotech IBB.O ishares NASDAQ Biotechnology ETF Equity: Developed Markets Ex-U.S. - Total Market EFA ishares MSCI EAFE ETF Fixed Income: Emerging Markets - Sovereign EMB ishares JP Morgan USD Emerging Markets Bond ETF Equity: Emerging Markets - Total Market EEM ishares MSCI Emerging Markets ETF Fixed Income: U.S. - Broad Market Investment Grade AGG ishares Core U.S. Aggregate Bond ETF Equity: France - Total Market EWQ ishares MSCI France ETF Fixed Income: U.S. - Broad Market Investment GradeVanguardBND Vanguard Total Bond Market Index Fund Equity: Germany - Total Market EWG ishares MSCI Germany ETF Fixed Income: U.S. - Corporate High Yield HYG ishares iboxx $ High Yield Corporate Bond ETF Equity: Global Gold Miners GDX VanEck Vectors Gold Miners ETF Fixed Income: U.S. - Corporate High Yield JNK SPDR Barclays High Yield Bond ETF Equity: Greece - Total Market GREK.K Global X MSCI Greece ETF Fixed Income: U.S. Government Agency MBS MBB ishares MBS ETF Equity: Italy - Total Market EWI ishares MSCI Italy Capped ETF Fixed Income: U.S. Government TIPS TIP ishares TIPS Bond ETF Equity: Japan - Total Market EWJ ishares MSCI Japan ETF Fixed Income: U.S. Government Treasury Intermediate IEI ishares 3-7 Year Treasury Bond ETF Equity: Mexico - Total Market EWW ishares MSCI Mexico Capped ETF Fixed Income: U.S. Government Treasury Intermediate IEF ishares 7-10 Year Treasury Bond ETF Equity: Netherlands - Total Market EWN ishares MSCI Netherlands ETF Fixed Income: U.S. Government Treasury Long-Term TLT.O ishares 20+ Year Treasury Bond ETF Equity: Russia - Total Market RSX VanEck Vectors Russia ETF Fixed Income: U.S. Government Treasury Short-Term SHY ishares 1-3 Year Treasury Bond ETF

5/5 How do read the and RANKING document: This spreadsheet gives you a qualitative view of the ETF segment based on technical indicators. On the top, you get the average value obtained from the ETF sample. Just below, for each ETF, you will find its own performance on different time frames. As usual, we use the green color to highlight values indicating a bullish indication or the red for a bearish one. The scoring is a T&T qualitative tool. It enables us to obtain a notation for each component. We sort the sample from the best to the worst scoring. We suggest to pay attention to contrarian data between ST and LT. For example, ST in red against LT in green means we are facing a weakness in the trend. It implies that exposure may be reduced or adjusted and vice versa. Rough data are coming from Thomson Reuters. Disclaimer : This document has been prepared solely for informational purposes, and is intended only fo use be the designated recipient(s). This information was obtained from sources we believe to be reliable, but its accuracy is not guaranteed. All information is subject to change without notice. This does not constitute a solicitation or offer to buy securities or sell secutities or any other instruments, or a recommandation with respect to any security or instrument mentioned herein. This is not a confirmation of terms of any transaction. No representations are made herein with respect to availability, pricing or performance. Additional information available on request. This document should only be read by those persons to whom it is addressed and is not intended to be relied upon by any person without subsequent written confirmation of its contents. If you have received this e-mail message in error, please destroy it and delete it from your computer, Any form of reproduction, dissemination, copying, disclosure, modification, distribution and/or publication of this e-maim message is strictly prohibited.