QUARTER ENDING June 30, 2025

TOP GUNS MANAGED ETF MA (WRAP) BEST OF THE BEST BULL & BEAR MASTERS DECADE  
Universe Count: 722 Firms and 2651 Products
AWARD: 1 QTRMRQ1 YR3 YR5 YR
ARK InvestmentARKNxtGnStr56.190.545.513.5
McElhenny SheffMSCM Trend X51.649.743.132.1
ARK InvestmentARKDisInStr48.460.621.20.0
Granahan Invst.SMID Select40.125.010.711.4
Granahan Invst.SC Select38.927.410.911.5
ARK InvestmentIndust Innov34.962.922.014.7
Zevenbergen Cap.Genea Growth34.542.034.812.6
DCM AdvisorsDCM US Eq Income32.627.1----
Stephens InvestStephens AI32.030.4----
Fred Alger MgmtFocus Equity31.837.735.620.6
S&P 500(*) 10.915.219.716.6
PSN E-Dom Equity(**)8.912.915.214.3
PSN M-Dom Equity(**)8.111.014.113.3
AWARD: 1 YearMRQ1 YR3 YR5 YR
ARK InvestmentARKNxtGnStr56.190.545.513.5
ARK InvestmentIndust Innov34.962.922.014.7
ARK InvestmentARKDisInStr48.460.621.20.0
Morgan StanleyAdvantage29.258.232.36.9
RenaissanceSmall Cap Focus30.253.629.0--
Stansberry AssetSAM Gold11.850.427.510.7
McElhenny SheffMSCM Trend X51.649.743.132.1
Granahan Invst.SmCap FocusedGr28.247.522.810.6
Polen CapitalMicro Growth24.344.024.320.1
Barton InvestBIM Growth19.443.236.96.6
S&P 500(*) 10.915.219.716.6
PSN E-Dom Equity(**)8.912.915.214.3
PSN M-Dom Equity(**)8.111.014.113.3
AWARD: 3 YearMRQ1 YR3 YR5 YR
Mercury InvestMIG - DG22.317.845.529.1
ARK InvestmentARKNxtGnStr56.190.545.513.5
McElhenny SheffMSCM Trend X51.649.743.132.1
Dana InvestmentUnconstrained Eq18.825.840.626.9
Barton InvestBIM Growth19.443.236.96.6
Donald SmithAll Cap Value12.323.636.430.4
Marsico CapitalSelect Alpha Gro22.731.336.317.9
Fred Alger MgmtFocus Equity31.837.735.620.6
Palisades InvestPAL Small Growth21.34.935.025.4
Zevenbergen Cap.Genea Growth34.542.034.812.6
S&P 500(*) 10.915.219.716.6
PSN E-Dom Equity(**)8.912.915.214.3
PSN M-Dom Equity(**)8.111.014.113.3
AWARD: MRQ1 YR3 YR5 YR
Silvant CapitalFocused LCG21.118.631.121.9
FIAMConcentrated BCG17.111.629.920.2
Silvant CapitalLarge Cap Growth18.615.129.619.4
Federated HermesMDT LCG17.620.028.921.0
Smith AssetLgCpDiversifiedG19.622.828.720.8
Vulcan ValueVVP Focus Plus9.217.727.819.4
AllspringLT LC Gr18.415.927.719.1
NuveenStable Growth17.817.127.419.6
Vulcan ValueVVP Focus9.716.427.119.0
AQR CapitalUS Equity Extens13.020.426.722.5
S&P 500(*) 10.915.219.716.6
PSN E-Dom Equity(**)8.912.915.214.3
PSN M-Dom Equity(**)8.111.014.113.3
AWARD: MRQ1 YR3 YR5 YR
AQR CapitalUS Equity Extens13.020.426.722.5
AllspringLargeCore14.818.022.918.7
Martingale Asset130/30 LCC 50011.617.422.620.1
Voya InvestmentVOYA Large Core12.213.522.317.9
FIAMLarge Cap Core11.514.822.317.8
SchrodersUS Large Cap16.119.822.319.6
Franklin TempPut US Cor Eq Co10.613.822.318.8
Twin Cap Mgmt.Enhan5011.914.022.218.5
DCM AdvisorsU.S. LgCap Value12.422.522.119.2
Chilton Cap MgmtCCM StratEq12.012.122.118.4
S&P 500(*) 10.915.219.716.6
PSN E-Dom Equity(**)8.912.915.214.3
PSN M-Dom Equity(**)8.111.014.113.3
AWARD: MRQ1 YR3 YR5 YR
JPMorganAnalyst LgCpCore10.712.821.218.4
PanAgora AssetDLCC12.915.721.618.8
JPMorganREI 10011.014.020.617.6
AQR CapitalUS Equity Extens13.020.426.722.5
T.Rowe PriceSRS10.914.321.417.9
AllspringDisc Lg12.417.621.618.4
JPMorganREI 15010.913.520.217.6
Martingale Asset130/30 LCC 50011.617.422.620.1
Twin Cap Mgmt.Enhan5011.914.022.218.5
JPMorganEquity Focus10.314.121.119.5
S&P 500(*) 10.915.219.716.6
PSN E-Dom Equity(**)8.912.915.214.3
PSN M-Dom Equity(**)8.111.014.113.3


(*) Universe Benchmark

(**) These benchmarks or indices are derived using universes of PSN separately managed accounts, ("SMA Indices"). Any SMA Indices should not be deemed an offer to sell or a solicitation of an offer to buy shares of any products that are described herein. Index or performance returns do not reflect any management fees, transaction costs or expenses. One cannot invest directly into an index.

Commingled Fund Universes: include commingled funds and collective trusts.

Non-Commingled Fund Universes: include PSN Products excluding mutual funds, commingled funds, pooled funds, collective trusts, limited partnerships, offshore funds, wrap products, hedge funds, and MLP's.

1 QTR CATEGORY: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPs compliant. These top performers are strictly based on current quarter returns.

1 Year CATEGORY: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPs compliant. These top performers are strictly based on returns for the one year period.

3 Year CATEGORY: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPs compliant. These top performers are strictly based on returns for the three year period.

4 STAR CATEGORY: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPs compliant. Products must have an r-squared of 0.80 or greater relative to the style benchmark for the recent five year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. The top ten returns for the latest three-year period then become the TOP GUNS.

5 STAR CATEGORY: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPs compliant. Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. Products are then selected which have a standard deviation for the five year period equal or less than the median standard deviation for the peer group. The top ten returns for the latest three-year period then become the TOP GUNS.

6 STAR CATEGORY: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPs compliant. Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. Products are then selected which have a standard deviation for the five year period equal or less than the median standard deviation for the peer group. The top ten information ratios for the latest five-year period then become the TOP GUNS.

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