ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF 

iShares Core U.S. Aggregate Bond ETF

iShares Asia 50 ETF

ALERIAN MLP ETF 

VANECK FALLEN ANGEL HIGH YIELD BOND ETF 

ARK INNOVATION ETF 

ARK NEXT GENERATION INTERNET ETF 

XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF 

SPDR(R) BLOOMBERG 1-3 MONTH T-BILL ETF 

VANGUARD TOTAL BOND MARKET INDEX FUND ETF SHARES

SPDR Bloomberg International Treasury Bond ETF

GLOBAL X MSCI CHINA CONSUMER DISCRETIONARY ETF 

INVESCO CHINA TECHNOLOGY ETF 

SPDR(R) MSCI ACWI EX-US ETF 

WISDOMTREE CHINA EX-STATE-OWNED ENTERPRISES FUND 

Invesco DB Commodity Index Tracking Fund

WisdomTree U.S. SmallCap Dividend Fund

WISDOMTREE INTERNATIONAL SMALLCAP DIVIDEND FUND 

ISHARES SELECT DIVIDEND ETF 

INVESCO DORSEY WRIGHT SMALLCAP MOMENTUM ETF 

WISDOMTREE JAPAN HEDGED EQUITY FUND 

VANGUARD EXTENDED DURATION TREASURY INDEX FUND ETF SHARES

ISHARES MSCI EMERGING MARKETS ETF 

WISDOMTREE U.S. SMALLCAP FUND 

PROSHARES ULTRASHORT MSCI EMERGING MARKETS 

ISHARES MSCI EAFE GROWTH ETF 

ProShares UltraShort MSCI EAFE -2x Shares

ISHARES MSCI EAFE VALUE ETF 

ISHARES EMERGING MARKETS EQUITY FACTOR ETF 

ISHARES MSCI PACIFIC EX JAPAN ETF 

ISHARES MSCI SWEDEN ETF 

ISHARES MSCI JAPAN ETF 

ISHARES MSCI SWITZERLAND ETF 

ISHARES MSCI NETHERLANDS ETF 

ISHARES MSCI TAIWAN ETF 

ISHARES MSCI UNITED KINGDOM ETF 

ISHARES MSCI SOUTH KOREA ETF 

ISHARES MSCI EUROZONE ETF 

FIRST TRUST MORNINGSTAR DIVIDEND LEADERS INDEX FUND 

FIRST TRUST DOW JONES INTERNET INDEX FUND 

SPDR(R) EURO STOXX 50(R) ETF 

FIRST TRUST DOW JONES GLOBAL SELECT DIVIDEND INDEX FUND 

FRANKLIN FTSE EUROPE ETF 

FIRST TRUST US EQUITY OPPORTUNITIES ETF 

FIRST TRUST VALUE LINE DIVIDEND INDEX FUND 

ISHARES CHINA LARGE-CAP ETF 

ISHARES GOVERNMENT/CREDIT BOND ETF 

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

SPDR Gold Shares ETF

SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF 

FIRST TRUST NASDAQ CLEAN EDGE SMART GRID INFRASTRUCTURE INDEX FUND 

INVESCO TOTAL RETURN BOND ETF 

ISHARES INTERMEDIATE GOVERNMENT/CREDIT BOND ETF 

SPDR(R) S&P(R) CHINA ETF 

ISHARES CURRENCY HEDGED MSCI JAPAN ETF 

VANECK EMERGING MARKETS HIGH YIELD BOND ETF 

ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF 

iShares Gold Trust

ISHARES GLOBAL CLEAN ENERGY ETF 

ISHARES 7-10 YEAR TREASURY BOND ETF 

ISHARES CORE MSCI EUROPE ETF 

ISHARES INTEREST RATE HEDGED LONG-TERM CORPORATE BOND ETF 

ISHARES GLOBAL INFRASTRUCTURE ETF 

ISHARES 10+ YEAR INVESTMENT GRADE CORPORATE BOND ETF 

ISHARES S&P SMALL-CAP 600 VALUE ETF 

ISHARES S&P SMALL-CAP 600 GROWTH ETF 

ISHARES CORE S&P 500 ETF 

ISHARES MICRO-CAP ETF 

ISHARES RUSSELL 2000 GROWTH ETF 

SPDR(R) S&P INSURANCE ETF 

ISHARES MSCI SAUDI ARABIA ETF 

KRANESHARES CSI CHINA INTERNET ETF 

ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF 

ISHARES MSCI CHINA ETF 

GLOBAL X MLP & ENERGY INFRASTRUCTURE ETF 

ISHARES NATIONAL MUNI BOND ETF 

FLEXSHARES STOXX GLOBAL BROAD INFRASTRUCTURE INDEX FUND 

INVESCO GLOBAL CLEAN ENERGY ETF 

Invesco Golden Dragon China ETF

Invesco FTSE RAFI US 1000 ETF

Invesco Dorsey Wright Healthcare Momentum ETF

Invesco Dorsey Wright Energy Momentum ETF

INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF 

FIRST TRUST NASDAQ CLEAN EDGE GREEN ENERGY INDEX FUND 

FIRST TRUST NASDAQ-100 EQUAL WEIGHTED INDEX FUND 

FIRST TRUST RISING DIVIDEND ACHIEVERS ETF 

ROBO GLOBAL(R) ROBOTICS AND AUTOMATION INDEX ETF 

Invesco S&P 500 Pure Growth ETF

Invesco S&P 500 Pure Value ETF

Invesco S&P 500 Equal Weight ETF

SPDR(R) DOW JONES INTERNATIONAL REAL ESTATE ETF 

Invesco S&P SmallCap 600 Pure Value ETF

SCHWAB U.S. DIVIDEND EQUITY ETF 

ProShares UltraPro Short Dow30 -3x Shares

SPDR(R) S&P(R) DIVIDEND ETF 

ProShares Short S&P500 -1x Shares

SPDR Nuveen Bloomberg Short Term Municipal Bond ETF

iShares Short Treasury Bond ETF

ISHARES 1-3 YEAR TREASURY BOND ETF 

SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF 

AlphaMax Diversified is a quantitative model developed to analyze historical performance metrics such as Compound Annual Growth Rate (CAGR), Sharpe ratio, and Alpha, with a focus on managing volatility and drawdowns with a higher CAGR. Over a back-tested period of more than 21 years, it evaluated price movements across diverse Exchange Traded Funds (ETFs) representing multiple market sectors and classes, leveraging cross-sectional momentum to highlight diversification's role in historical simulations. In these back-tests, AlphaMax demonstrated an annual CAGR of 18.71%, compared to the benchmark’s approximate 8.78%, and a maximum drawdown of -18.51%, compared to the benchmark’s -39.32%, suggesting possible resilience in challenging market conditions.