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 Moderate strategy is to outperform the returns typical of portfolios that blend bonds and equities. Risk, measured by the standard deviation of returns over time, similar to global balanced portfolios is expected in this portfolio, although a low return correlation to such portfolios is also expected. To measure the returns of portfolios that combine bonds and equities, TIS Group uses a blended benchmark consisting of 50% MSCI All Country World Total Return Index & 50% Citigroup World Government Bond Index. The blend of ETFs selected for the portfolio is expected to have the returns and volatility of a portfolio that blends equities and bonds. THIS IS A MANAGED ACCOUNT.