TIS Group's research is global, top-down, and thematic, focusing on trends in economics, politics, fiscal and monetary policy, demographics, and credit. Using ETFs allows TIS Group to implement its top down expertise to invest in a variety of global asset classes, including equities, currencies, commodities and bonds. Additionally, the portfolio can use inverse and leveraged ETFs. The portfolio is concentrated, holding cash and 0-5 ETFs at one time. TIS Group uses a "star manager" system, whereby the portfolio manager has final say over all buy/sell decisions. Within the portfolio, given the limited number of holdings allowed, the portfolio manager is forced to concentrate on his best ideas. The portfolio manager controls risk in these portfolios through liquidity, cash holdings, constant research, careful watchfulness, and years of top down research & trend analysis experience. While the concentration of the portfolio could lead to unforeseen volatility, with the broad trends and themes that the portfolio holdings represent, TIS Group has not experienced the volatility that might be expected from a portfolio with such limited holdings. The goal of the Splitrock Aggressive strategy is to outperform global equity returns over time. TIS Group measures global equity returns using the MSCI All Country World Growth Index. Risk, measured by the standard deviation of returns over time, similar to global equity markets is expected in this strategy, but not direct correlation, due to TIS Group's ability to utilize a variety of asset classes. The blend of ETFs selected for the portfolio typically is expected to have the volatility and return characteristics of equity portfolios. THIS IS A MANAGED ACCOUNT.