Advertising Review Workshop Friday, October 10, 2014 10:30 a.m. – 12:00 noon 12:30 p.m. – 2:00 p.m.

Apply the various advertising rules to several mock advertisements and uncover the hidden violations in this highly interactive and dynamic session. You will work in small groups and present your findings to the other workshop attendees. Your moderators will present the regulatory perspective, clarify any misperceptions and answer questions.

Moderator: Anthony T. Maher Manager FINRA Advertising Regulation Panelists: Kimberly O. Flanders Principal Investigator

FINRA Advertising Regulation Lynn M. Lawson

Associate Manager FINRA Advertising Regulation

I. Introduction II. Open Discussion and Analysis among Workshop Attendees in Small Groups III. Presentation of Analyses to Audience IV. Department Presentation

Communication # 1: R-over Rollover IRA E-mail

Open a R-over Rollover IRA Today Old job, old 401(k)? NO WAY! New job, better pay, put all your money to work together in a new R-over IRA! • More investment options • Diversify your portfolio to manage

risk • No cost to transfer • All your retirement investments in

one place

From: R-over Rollover Team Secure Login To: Mr. Skoo B. Deaux Re: IRA Rollover

Teach Your OLD 401(k)

A New Trick . . .

Don’t leave your

401(k) in the dog house!

or call 1-800-SIT-STAY

R-over’s Rollover IRA fetches you access to over 13,000 mutual funds and 1,000 exchange traded funds.

Before investing, carefully consider the objective, risks, charges and expenses of the mutual fund or exchange traded fund. This and other important information is contained in the prospectus which you can obtain from your R-over representative and which you should read carefully. R-over Investments, Inc.

Additional Information

Cover letter information:

• R-over Distributors, Inc. filed email for review on September 5, 2014.

• Date of first use: August 19, 2014.

• Date of registered principal approval: September 5, 2014.

• E-mail only sent to 50,000+ existing retail customers with an investment account with the firm.

Prospectus and account information:

• The R-over Rollover IRA charges annual maintenance fees, fees for closing or transferring an account, and has fees associated with the investments in the account such as the funds’ management fees and expenses.

• The R-over Rollover IRA is offered by R-over Distributors, Inc.

Additional information from analyst research:

• The e-mail does not link directly to mutual fund or ETF prospectuses.

• Other than the R-over Rollover IRA, Mr. Deaux also has the option of leaving the money in his former employer’s 401(k), rolling over to his new employer’s 401(k), or cashing out the account value.

• Some of these other options involve potentially lower fees and charges than the R-over Rollover IRA. There are all also differences among these options in terms of level of service, withdrawal penalties, legal and creditor protections, required minimum distributions, etc.

• There are varying potential tax consequences associated with the options Mr. Deaux might choose.

• R-over Investments, Inc. is a FINRA member firm.

Communication # 2: HULK Fund Print Ad

Foreign markets not packing enough punch? Head to the frontier to capture early stage economic dynamos just as they are breaking through.

◊ The next alternative energy source? ◊ Rare mining commodities?

◊ Next generation’s Silicon Valley?

The HULK Fund (Haiti, Uruguay, Laos, Kosovo) seeks out opportunities before the rest of the world catches up. And because of their uniqueness, these investments may smooth out bumps when traditional investments underperform. Don’t be “green with envy” missing out on the next lucrative investment opportunity . . . Invest in HULK for potentially smashing returns! Investment in foreign countries and companies involves risks including currency fluctuations, economic dislocations, and political instability. These and other risks, and other important information concerning the fund, can be found in the HULK Fund’s prospectus which can be obtained by contacting 1-800-THE-HULK.

HULK clears the rubble (or rubles)!

VS

Marvel Securities, Inc., member FINRA/SIPC

Additional Information

• Marvel Securities, Inc. filed this print advertisement September 5, 2014.

• Date of first use: August 26, 2014.

• Date of registered principal approval: August 26, 2014.

• Advertisement published in widely circulated national publications.

Prospectus information:

• The HULK Fund prospectus limits investment of 80% of the fund’s assets to the four HULK countries, but allows the fund manager discretion regarding allocation among the HULK countries.

• The HULK Fund prospectus states that an investment in the fund involves substantial risk of loss, including loss of some or all of invested principal.

• In addition to the risks of international investing, an investment in the fund includes the following primary risks: governmental limits on foreign investment, significantly fewer investment opportunities in the HULK countries compared with more developed foreign markets, substantially limited liquidity, potentially extreme price volatility, non-diversification, and significantly higher transaction costs than more established markets.

• The HULK Fund is distributed by Marvel Securities, Inc.

Additional information from analyst research:

• Marvel Securities, Inc. is a FINRA member firm.

• Several prominent industry research analysts forecast that, through 2025, the HULK countries’ economies may experience substantial volatility and uncertainty. As a result, their gross domestic production is expected to lag that of other countries in the Frontier Market Index (“FMI”) such as Argentina, Vietnam and Dubai and also trail the FMI average.

• None of the HULK countries’ economies are substantially involved in energy production (alternative or conventional), mining or high-tech industries.

Firm submission details:

Communication #3: Monroe Municipal Bond Fund “Dear Shareholder” Letter

Monroe Municipal Bond Fund

Special Letter to Shareholders

Dear Shareholder, We wanted to reach out to our investors to address concerns regarding unsettled municipal bond market

conditions. Management is optimistic about the credit outlook for many of the muni issuers. Given that

economic conditions are stabilizing and issuers appear to be practicing austerity, revenues have been

larger and balance sheets improved over the last quarter. The numerous headlines involving Detroit’s

bankruptcy and Puerto Rico’s recent credit rating downgrade have yet to impact the muni default rate for

2014.

As a reminder, Monroe Municipal Bond Fund did not own any bonds issued by Detroit that are

considered “unsecured;” however, the Fund did own bonds secured by the net revenues of Detroit sewer

and water. The significance of this fact is that since the water and sewer authorities are considered to be

components of Detroit, and Detroit was the issuer of the bonds, these bonds have been included in the

Chapter 9 bankruptcy filing. Notwithstanding, we believe the water and sewer entities continue to

generate sufficient revenue to meet their debt obligations, and therefore, we believe that these bonds will

not be impaired by the associated legal proceedings. Our holdings of Puerto Rico issued bonds, some of which are insured, include general obligation debt,

sales tax revenue bonds and other types of municipal securities. Puerto Rican debt amounts to 20% of the

fund’s assets. Recent press coverage has panned Puerto Rican debt and its faltering economy. These

reports have led to increased pricing pressure and continued general uncertainty, which unfortunately,

have affected the fund’s performance.

Although the main credit-rating agencies have downgraded Puerto Rico’s general obligation bonds to

below-investment grade, we remain cautiously optimistic that Governor Alejandro García Padilla’s efforts

to instill fiscal discipline will help the commonwealth fulfill its obligations to bondholders. We also would

like to point out that historically, Puerto Rico has honored its commitments and has never defaulted on

any public debt.

In the longterm, we believe our cautious optimism will prove our analysis of Detroit and Puerto Rican

debt correct. We believe our technical analysis of the municipal securities as well as our astute

understanding of the economic and political realities of Detroit and Puerto Rico sets us apart from the

herd mentality of our competitors.

We hope this information gives you a more complete picture of the issues that Detroit and Puerto Rican

debt pose to your continued investment in the fund. We appreciate your investment.

Sincerely,

James Monroe

Lead Portfolio Manager

[Page 1 of 2]

Average Annual Total Returns 06/30/14

Total return

Since inception

03/28/77

10 years

5 years

1 Year

Cl ass A (NAV) 4.78

2.75

11.43

1.21

Cl ass A (Max Load 4.75%) 4.51

2.20

10.35

6.25

Barclays

Muni Bond Index

n/a

5.01

6.17

6.14

The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain more current performance and other information, please call 1-800-555-1111 or visit monroefunds.com Returns include the reinvestment of dividends and income. Performance for other share classes will vary. The performance for the benchmark does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in a benchmark index.

Opinions expressed are those of the Fund’s management and are subject to change. Investments in municipal bonds are subject to changes in interest rates.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

©2014 LL Distributors, Inc. Member FINRA/SIPC

[Page 2 of 2]

Additional Information Firm submission details:

• LL Distributors, Inc. filed the “Dear Shareholder” letter on July 18, 2014.

• Date of first use: July 3, 2014.

• Date of registered principal approval: July 1, 2014. Prospectus information:

• The fund seeks to provide investors with a high level of current income exempt from regular federal income tax, as is consistent with preservation of capital.

• The total annual operating expense ratio is 0.89% for Class A shares. The investment adviser contractually agreed to waive a portion of its fees until January 31, 2015. As a result, the net expense ratio is 0.35%.

• Some municipal securities, such as general obligation issues, are backed by the issuer’s taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself.

• The fund focuses on investment grade bonds (that is, securities rated Baa2/BBB or higher or, if unrated, determined to be of comparable credit quality by the sub-adviser).

• A supplement to the prospectus dated June 2014 disclosed the downgrade of Puerto Rican debt to

below-investment grade. The fund currently holds 20% of its assets in Puerto Rican debt.

• The risk factors for the fund include, but are not limited to:

o Multi-manager approach: A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.

o Default: Detroit and Puerto Rico may be unable to fulfill their obligations and default. o Political instability: Detroit and especially Puerto Rico face potential public discontent over

policies designed to instill financial and monetary discipline. These policies will include austerity measures, which may prove significantly unpopular.

o Non-investment grade securities: Non-investment grade securities involve higher volatility and higher risk of default than investment grade bonds.

o Derivatives: Investments in a derivative instrument could lose more than the principal amount invested. Derivatives are sensitive to changes in interest rates and to sudden fluctuations in market prices. The fund’s losses may be greater than losses typical for investments in conventional securities.

o Short sale: The fund will engage in short-selling, which entails special risks. If the fund makes short sales in securities that increase in value, the fund will lose value.

o Emerging market: Emerging markets are riskier than more developed markets. Additional information:

• Class A shares of the fund are subject to a 4.75% sales load.

• Barclays Capital U.S. Municipal Bond Index inception date: January 1980

• While the distribution of the shareholder letter was intended to be restricted to current shareholders, it may also have been distributed to prospective investors.

Communication #4: Retirement Income Seminar Invitation

Mark Your Calendar!

Retirement planning 101:

Guaranteed income solutions

For Group educators

Manage the Challenges of Securing Guaranteed Retirement Income

Do you have enough income to last throughout your retirement years? Saving for retirement and other goals is challenging. Join us at a seminar to learn the ABC’s of how you can secure your future and stop worrying.

Discover how to:

Prepare for and create your desired retirement lifestyle.

Secure a guaranteed 5% lifetime income that you can’t outlive.

Reduce the effects of market volatility. Achieve financial well-being. Grow your assets tax-deferred.

Hosted & Presented By: Dean Smith, JD, AEP, CAPP, Financial Services Representative

Wednesday, October 15, 2014

6:00 p.m. – 8:30 p.m. Diamonds Restaurant

2429 Kenya Way, Nashville, TN 37203 (800) 555-9912 RSVP Code: #31181

Fortune Securities, Inc., Member FINRA/SIPC. Fortune Securities, Inc. does not provide tax or legal advice. Please consult your tax advisor or attorney for such guidance.

INVESTMENTS ARE NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Additional Information

Firm Submission Details:

• Fortune Securities, Inc. filed the seminar Invitation with the Advertising Regulation Department on September 4, 2014.

• Date of first use: September 4, 2014.

• Date of registered principal approval: September 1, 2014.

Products and services offered:

• An investment in the Charter 24 Deferred Variable Annuity (“VA”) entails typical market risks, including the risk that investor account values are not guaranteed at any time.

• Charter 24 VA offers an optional 5% Guaranteed Minimum Income Benefit rider

(“GMIB”) at an additional fee of 1.0%. The fee may increase to 1.50% and the issuer may restrict subsequent contributions at any time.

• Selecting the GMIB rider may result in additional restrictions and limitations. For

instance, investors may be limited in the number of underlying investment options in which they can invest.

• Under the GMIB, the 5% annual growth rate is calculated on an “income base,”

which determines the amount of lifetime payments and withdrawals.

• The Charter VA prospectus, product brochure and fact sheet will be distributed at the seminar.

Other information:

• The Charter 24 VA is issued by City Slickers Life Insurance Company, Inc. and distributed by its affiliated broker/dealer and registered investment advisor, Fortune Securities, Inc.

• The speaker is a registered representative and registered investment advisor of

Fortune Securities, Inc.

• The speaker also holds the designation Accredited Estate Planner (“AEP”) and Certified Asset Protection Planner (“CAPP”).

Communication #5: Big Bang Funds Webpage

Investment Objective

The Big Bang Fundamental Earnings ETF seeks investment results that correspond to the price and yield, before fees and expenses, of the iNewton-Cooper Fundamental Earnings Index.

BBFE

Funds │ ETFs │ Learning and Resource Center │ Literature and Forms │ About Us

Fund Facts

Fund Ticker BBFE

CUSIP 123456X789

Net Assets $487,777,534

Asset Class EQUITIES

Benchmark Index iNewton-Cooper Fundamental Earnings Index

Index Ticker INEWCPTEX

Marginable YES

Short Selling YES

Options NO

Exchange NYSE ARCA

# of Holdings 187

Inception Date 02/07/2013

Fund Yield SEC 30-Day Yield 1.55%

Distribution Yield 1.54%

12-Month Yield 1.26%

Net Expense Ratio 0.27%

Characteristics

Price/Earnings Ratio 24.70

Price/Book Ratio 3.93

Return on Equity 46.66%

Equity Beta 1.02

Standard Deviation 9.89%

Glossary . . .

Top 10 Holdings Pan Am 4.87%

DeLorean Motor Company 4.14%

Wa Mu 4.01%

Executive Life Ins. Co. 3.56%

Commodore Computers 3.23%

Bre-X Minerals 3.19%

Enron 2.71%

Woolworth’s 2.15%

Wang Laboratories 1.87%

Monkey Wards .97%

Top 5 Sector Breakdown

Financials (banks, insurance, brokerage) 18.98%

Information Technology 18.38%

Energy and minerals 14.01%

Retail 9.57%

As of 07/31/2014 2:41 PM EST

Investment Strategy

The Big Bang Fundamental Earnings ETF uses a passive or indexing approach designed to track the iNewton-Cooper Fundamental Earnings Index. The Fund will use a sampling strategy to invest in securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole. Under normal circumstances, at least 90% of the Fund’s assets will be invested in Index components and investments that have characteristics substantially similar to the . . . More . . .

Big Bang Fundamental Earnings Fund (BBFE)

BBFE—Big Bang Fundamental Earnings ETF

Performance

Total Return as of

06/30/2014

NAV

Market Price

1-Year 25.43% 24.39% 25.25%

Since Inception 17.89% 17.76% 18.12%

iNewton-Cooper Fundamental

Earnings Index

Performance is historical and does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than original cost when redeemed.

iNewton-Cooper Fundamental Earnings Index

The iNewton-Cooper Fundamental Earnings Index is a fundamentally weighted index that measures the performance of earnings-generating companies within the broad U.S. stock market. The companies in the Index have generated positive earnings over their most recent four fiscal quarters. Using proprietary methodologies, the Index is earnings-weighted annually; companies with greater earnings may have larger weight. The maxi-mum weight of any sector is capped at 25%; however, market movements may cause the sector weighting to fluctuate above 25%.

Risks and other Important Information

Like all investments, the value of your investment will fluctuate based on market conditions and

you may lose money. There is no guarantee that the investment objectives will be met.

http://www.bigbangfunds.com/etfs/fund-facts/293500?index=69 8/14/2014

Additional Information

Source of material:

• Big Bang Funds Distributors, Inc. filed this update to its website August 14, 2014.

• Date of first use: August 14, 2014.

• Date of registered principal approval: August 14, 2014.

Prospectus information:

• The Big Bang Fundamental Earnings Fund is a passively managed ETF that tracks the iNewton-Cooper Fundamental Earnings Index.

• Unlike traditional market-capitalization indexes, the iNewton-Cooper Index utilizes a highly complex method in choosing which companies comprise the Index.

• The iNewton-Cooper Index is earnings-weighted on an annual basis.

• The Fund is subject to risks including the heightened risks of concentrating assets in specific issuers and sectors of the market. In doing so, the Fund may be exposed to more frequent and greater fluctuations in value.

• The Fund’s gross expense ratio is 1.27%; 1.0% of which is contractually waived until May 1, 2015.

Additional Information:

• Web page contains multiple links to the prospectus.

• Member name disclosed at bottom of each webpage.

Communication #6: Wise Investor Funds Clucks

Wise Investors Funds

There’s no fault in our stars! Wise Industrial Growth Fund earns accolades and stellar rankings #WISEfunds http://wisefunds/newsroom

Clucks:

ICYMI: Another Wise decision: Launching 4 Multi-Strategy Funds today. Smart new ways to invest in non-correlating ALT strategies #WISEALTS http://wisefunds/ALTS

Landing page contains - Introductory discussion of the funds, their various strategies and the indexes they track, but does not include a discussion of non-correlation or the risks posed by the funds - Prospectus offer with direct link

Landing page contains: - List of links to independently prepared articles about the Wise Fund (list does not include direct links to the articles) - Prospectus offer with direct link

Tracking innovation! Wise Science and Tech Value Fund gives tech-savvy investors great value! Great recent performance! #WISEfunds http://wisefunds/value

Landing page contains: - Discussion of the Fund’s recent performance - Prospectus offer with direct link

Our knowledge and research give Wise Funds an enlightened advantage #WISEfunds http://wisefunds/about

Landing page contains: - Discussion of the history of Wise Funds, its reputation of excellent research and its investment philosophy. - Prospectus offer with direct link

Additional Information

Source of material:

• Clucks were obtained through a sweep focused on social media. They were not filed with the Advertising Regulation Department.

• Clucks made between July 14-17, 2014. • Date of registered principal approval: July 21, 2014.

Other important information:

• The Clucks appear in the interactive portion of the Wise Funds’ Clucker page.

• The landing page for each cluck contains a direct link to the Wise Funds prospectus. • The landing pages do not contain risk disclosure about the funds. • The landing page for the “no fault in our stars” cluck touts the Industrial Growth Fund’s

rankings for the June 30, 2014 year-to-date period. • The Industrial Growth Fund’s inception date is January 1, 1992. • The Wise Science and Tech Value Fund performance for the period April 1, 2014 through

June 30, 2014 was in the 10% of it peer group. However, the Fund’s mid- and long-term performance was on par and below, respectively.

• No other information is included.

Communication #7: Duke and Duke ETN Fact Sheet

Duke and Duke Bros. Brokers, Inc.

Duke and Duke Commodities ETNs (DUKE)

The Duke and Duke Commodities Exchange Traded Notes (DUKE ETNs) are unsecured and senior obligations that are fully and unconditionally guaranteed of Bailey National Bank (BNB). Duke and Duke Commodities ETNs track the Duke and Duke Commodities Index (DAD), which provides:

Trend-following exposure in positive trending markets and Cash Rate Exposure in negative trending markets by tracking the 3 month U.S. Treasury bill rate.

DUKE ETN Details Issuer Bailey National Bank Ticker DUKE Intraday DUKE.IV Indicative Value Ticker CUSIP 12345DUKEO11 Primary NYSE ARCA Exchange Index Duke and Duke Commodities Index Index Dividend Yield 2.98% Cash Rate 3 month U.S Treasury bill rate Annual When Index is tracking the Benchmark Index: 1.10% per annum. When Index is tracking the Cash Rate: 0.50% per annum. Early redemption at our option We may redeem all of the Duke and Duke ETNs at our discretion at any time on or prior to 08/08/2043. Inception January 2, 2011

Securities offered by Duke and Duke Bros. Brokerage, Inc.

Contact Luis Winthorp III or Billy Ray Valentine, private bankers and brokers, for additional information at 1-800-867-5309.

The famed Mortimer and Randolph Duke, founders and principals of Duke and Duke Bros. Brokers, Inc.

$80

$90

$100

$110

$120

$130

6/28/13 8/28/13 10/28/13 12/28/13 2/28/14 4/30/14 6/30/14

Gold

S&P500

Additional Information

Source of material:

• Fact sheet obtained through a sweep focused on structured products. It was not filed with the Advertising Regulation Department

Risks:

• An investment in the Duke and Duke ETN presents unique risks to investors, which includes the possibility of loss of some or all of an investment as well as the heightened volatility of commodities markets.

• The ETN may underperform the index and is expected to perform poorly in volatile markets.

• The ETN is not principal protected and does not pay dividends or interest.

• Payments on the ETN are subject to the ability of BNB to fulfill its obligations when they become due.

• Given the volatile nature and narrow scope of the index that the ETN tracks, it has historically been thinly traded.

Maturity:

• 08/08/2043 Other information:

• Used with a prospectus.

Advertising Review Workshop

Answers for

Hands-On Sample Communications

Communication #1: R-over Rollover IRA Email

Main Concerns: Procedural concerns:

• Failed to file the e-mail with the Department in a timely manner – within ten business days of first use.

• Failed to obtain registered principal approval prior to use with the public. Omission of material information:

• Fails to balance claim of “no cost to transfer” with prominent and proximate disclosure of what fees do apply when opening a new IRA account, maintaining such an account, or choosing an IRA rollover transaction.

• Fails to disclose that there are options other than an IRA rollover available to the investor and that the investor should carefully consider all options.

Communication #2: HULK Fund Print Ad

Main Concerns: Omission of material information:

• Fails to disclose that an investment in the fund entails substantial risk of loss, including loss of some or all of an investor’s principal.

• The risk disclosure fails to address the unique risks associated with investments in frontier market economies.

• Fails to balance the claim of smoothing out performance bumps from other investments as it provides no basis.

Exaggerated, unwarranted, promissory or potentially misleading statements or images:

• The claims of “capture early stage economic dynamos”, “Don’t be . . . missing out on the next lucrative investment opportunity” and the HULK fund’s “potentially smashing returns” are promissory and potentially misleading as to the future performance of the fund.

• The implication of the “HULK’s” superior performance is potentially exaggerated, given prominent industry research forecasts of economic uncertainty and instability of these countries relative to their frontier market peers.

• The references to alternative energy sources, mining commodities, and high-tech industries appear misleading in this context because the HULK countries’ economies are not substantially involved in those industries.

SEC Rule 482:

• Fails to include a complete prospectus offer.

Communication #3: Monroe Municipal Bond Fund “Dear Shareholder” Letter

Main Concerns: Omission of material information:

• The discussion about Detroit’s bankruptcy and the continuing uncertainty of Puerto Rican debt should have been balanced with disclosure advising investors that if economic situations persist or worsen, the performance of the fund may be adversely affected.

• Fails to disclose the fund’s total annual operating expenses. Exaggerated, unwarranted or misleading statements or claims:

• Claim “our astute understanding of the economic and political realities of Detroit and Puerto Rico sets us apart from the herd mentality of our competitors” appears exaggerated.

SEC Rule 482:

• Performance disclosure legend does not state that past performance does not guarantee future results or where an investor may obtain performance data current to the most recent month-end.

• As the letter may have been distributed to prospective investors, it should have had a prospectus offer.

Communication #4: Retirement Income Seminar Invitation

Main Concerns: Omission of material information:

• Fails to disclose that the income solution is a variable annuity with a Guaranteed Minimum

Income Benefit rider (“GMIB”).

• Extols the benefits of the GMIB rider, but fails to disclose that there are limitations, restrictions and additional costs associated it.

• Fails to balance the guarantee discussion with disclosure that the guarantee is subject to the claims-paying ability of the issuer, i.e., the insurance company.

• Because the invitation discusses the GMIB’s guarantee and that it can reduce market volatility, there should have been disclosure advising investors of the risks associated with the Charter 24 VA. For example, it does not disclose that account values are not guaranteed and will fluctuate based on market conditions.

Exaggerated, unwarranted or misleading statements or claims: • The statement “Secure a guaranteed 5% lifetime income that you can’t outlive” is unwarranted

given that the rider is subject to limitations.

• The phrase “Achieve financial well-being” is promissory and misleading.

• The statement “. . . stop worrying” is exaggerated and potentially misleading.

SEC Rule 482: • Fails to include a prospectus offer.

Communication #5: Big Bang Funds Webpage

Main concerns: Omissions of material information:

• Risk disclosure is inadequate given the Index’s complexity and its issuer and sector specific concentrations.

• Fails to disclose gross expense ratio.

• Fails to disclose unsubsidized 30-day yield.

• Fails to disclose the difference between the SEC 30-day yield and the distribution yield.

SEC Rule 34b-1:

• Performance legend is incomplete: Statement that “current performance may be lower or higher than the performance data quoted” is missing; also does not disclose a toll-free telephone number or webpage where an investor may obtain performance data current to the most recent month-end.

Communication #6: Wise Investors Funds Clucks

Main concerns: Procedural:

• Given that the Clucks go beyond a mere incidental mention of the funds, they should have been filed.

Omission of material information:

• The landing pages fail to include a discussion of the risks of the Wise Funds.

• Fails to provide a basis provided for “great value” claim. Exaggerated or potentially misleading statement:

• Absent a basis for the accolades and “stellar rankings,” the claims appear potentially misleading.

Use of Investment Company Rankings:

• “YTD” and other rankings based on a period of less than one year are not permitted.

Communication #7: Duke and Duke ETN Fact Sheet

Main Concerns: Procedural concern:

• Given that the ETNs relate to a security registered under the Securities Act of 1933 and is derived from or based on an index, it should have been filed within 10 business day prior to use.

Omission of material information:

• Fails to disclose that the ETN is a highly complex investment and is not suitable for all investors.

• The claim “fully and unconditionally guaranteed” by Bailey National Bank (BNB) should have been balanced with disclosure advising investors that Duke and Duke ETNs are not principal protected and are subject to the ability of BNB to pay its obligations when they become due.

• Given the significant and unique risks inherent in ETNs based on commodities indexes, the potential for heightened volatility and partial or complete loss of principal should have been disclosed.

• Fails to disclose that the ETN is thinly traded.

• Fails to disclose the maturity date.

• Fails to disclose details about the uncertainty of redemption.

• Fails to disclose the ETN’s expenses.

• Considering the ETN has its own performance record dating back to January 2011, its

performance should have been disclosed. Exaggerated, unwarranted or misleading statements or claims:

• Given the inherent risks of an investment in the ETN, the statement that it is ‘fully and unconditionally guaranteed” is misleading.

• Given that the ETN does not pay dividends or interest, the listing of the Index Dividend Yield under ETN Details is misleading.