For Financial Professional use only. Do not distribute to the public. 3

4This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

5

6Source: https://www.cnbc.com/2020/04/13/coronavirus-update-here-is-everything-the-fed-has-done-to-save-the-economy.html

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7Source: Visual Capitalist, UBS, The Economist

8Source: Yahoo!Finance

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10This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

1 Forbes.com; MIC.com; Civilrights.org 2 “Legislating Stock Prices.” National Bureau of Economic Research. Data represents 1989-2008.

Policy

Investing

11This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

12This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

13Past performance does not guarantee future performance returns. Indexes are unmanaged and do not reflect fees and expenses.Source: Guggenheim Investments, Bloomberg. For Financial Professional use only. Do not distribute to the public.

As of 9/13/2019

14Past performance does not guarantee future performance returns. Indexes are unmanaged and do not reflect fees and expenses.Source: Guggenheim Investments, Gallup. Data as of 04/30/2019. For Financial Professional use only. Do not distribute to the public.

1. IMO 2020 …Lower sulfur regulations are disruptive

2. Sports Betting …Legalizing a Multi-Billion Dollar Opportunity

3. U.S. Infrastructure Spending …Focus on State Spending, Not Federal

4. Sales Tax Compliance …Headwind for e-commerce, tailwind for providers

5. Defense Spending …Recession Proof?

16This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

IMO 2020: Disruptive Sulphur Fuel Regulation

Source: EventShares, https://www.legalsportsreport.com/sportsbetting-bill-tracker/

Low-Sulphur – High-Sulphur Fuel Spread Widened During 4Q19

Talking Points

• Low sulfur regs change oil shipping routes

and increase the complexity of fuel logistics

o Inequality in refining ability across

countries and current capacity

constraints

o Crude oil AND refined product need to

be moved

• Exiting cyclical lows

o Ship overcapacity, above-average oil

inventories, and lack of arbitrage

opportunities limited pricing power

• Increasing Time Charter Equivalent (TCE)

rates

o In our view, tanker companies with

young shipping fleets, strong balance

sheets, and leverage to the spot

market = strong FCF, ultimately for

shareholders

• Multi-Year Impact

• Effective date January 1st 2020;

Significant disruption in in shipping

market could potentially last through

2022

17This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

Sports Betting: Legalizing a Multi-Billion Dollar Industry

Source: EventShares, https://www.legalsportsreport.com/sportsbetting-bill-tracker/

States that have legalized or introduced betting legislation

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18This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

U.S. Infrastructure Spending: States in Focus

Source: EventShares, https://www.multistate.us/blog/top-10-state-legislative-trends-for-2019

States that have passed gas tax increases to boost infrastructure spending

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19This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

Sales Tax Compliance: Durable Tailwind for AVLR?

AVLR stock performance (+164% in 2019)

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Source: FactSet Analytics.

This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

Defense Spending: Recession Proof?

Source: EventShares, FactSet Research, U.S. Congressional Budget Office.

U.S. Defense Spending Growth Versus S&P 500 Sales Growth (2001-2019)

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•Outperformance

During RecessionOutperformance

During Recession

Inflection

Point?

21This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

1. 5G Telecom …Multi-year build-out supported by FCC & White House

2. Renewable Fuels …Supporting new technology; State low carbon fuel standards

3. Media Deregulation …Local TV station consolidation? 2020 political ad spending

4. Cannabis Legalization …Plenty of unanswered questions

23This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

5G Telecom: Multi-Year Build Out; White House Support

Source: Business Insider Intelligence; https://www.businessinsider.com/tmobile-tower-delays-could-have-ripple-effects-2019-10

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24This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

Renewable Fuels: Low Carbon Fuel Standards

Source: Third Way; https://www.thirdway.org/report/clean-energy-standards-how-more-states-can-become-climate-leaders

► More states adopting renewable portfolio standards that mandate electricity providers produce a certain fraction of power from renewable sources.

Talking Points

• Renewable Fuel Standards

o EPA finalized rule allowing year-

round sales of E15 = increase

ethanol demand

o Dec. 2019 legislation reinstated

ethanol tax credit back to 2018

= cash boost

o State low carbon fuel

standards, such as CA's, that

provide tax credits based on a

fuel's low carbon intensity

• Don’t forget Uranium

o Section 232 study preventing

market from functioning

effectively

o Cyclical recovery from

overproduction and then

secular growth due to 50+ new

reactors under construction

globally

25This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

Media Deregulation: TV Station M&A; Political Ads

Source: BIA Advisory Services; https://www.tvtechnology.com/news/campaigns-to-shell-out-6-5b-on-local-ads-in-2020-47-for-tv

► TV remains an attractive political advertising venue.► FCC reviewing ownership caps, which could be raised.

Talking Points

• FCC review of local market ownership rules may

lead to consolidation and economies of scale

o Local broadcast owner growth is

constrained by national audience caps

o Digital advertisers (e.g. FB, GOOGL, TWTR,

SNAP) have grown exponentially due to

limited regulation

• Pricing power increase in fee negotiations

o Broadcast consolidation leads to

increased pricing power / retransmission

fees with traditional and virtual cable

distributors

• Business model outweighs fear of “cord cutting”

o Local news = strong relationship with

viewers

o Growing retransmission fees, over-the-top

digital advertising, and 2020 political

advertising drive revenue growth

o Low capex supports strong FCF and

support deleveraging the balance sheet

26This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

Cannabis Legalization: Plenty of Unanswered Questions

Note: Volume weighted averages derived from wholesale transactions for all grow types and market types (price per pound).

Source: Cannabis Benchmarks - 2018 Marijuana Business Daily, a division of Anne Holland Ventures Inc.

► Price has dropped severely in recreationally-legalized states.

Talking Points

• More states are legalizing medical

and recreational marijuana

• While this trend likely continues,

there are significant policy hurdles

that come with legalizing

marijuana, which could slow down

federal legalization

o Taxation and regulation

o Employer concerns about

liability and drug testing

o Monitoring for DUIs

o Federally-insured banking

• We question the attractiveness of

investing in marijuana

o If legalized, what is defensible

about a grower’s business?

o Just another commodity with

unattractive economics?

o Valuations and volatility?

-3% -2%-5%

-22%-19%

-27%

-65%

-53%

-75%

0%

New Mexico Arizona Michigan Nevada California Colorado Oregon Washington

Legal for Medical Use Only Legalized for Recreational Use

$2,874

$2,069 $1,880 $1,813

$1,066 $860

$626 $595

$-

$1,000

$2,000

$3,000

New Mexico Arizona Michigan Nevada California Colorado Oregon Washington

Average Wholesale Price Year-over-Year Change

Average Wholesale Cannabis Price

27This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

1. Healthcare …Managed Care facing low probability of Single-Payor

2. Healthcare Innovation …Value Based Care technology; Opioid free

alternative drugs; Outsourced clinical trial research

3. Government Services …Law enforcement body cameras; Property REIT;

Labor compliance software

28This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

29This document is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investmentproduct. The document contains opinions of the authors but not necessarily those of Active Weighting Advisors LLC (EventShares) or its subsidiaries. The author's opinions aresubject to change without notice. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this article maybe reproduced in any form, or referred to in any other publication, without express written permission of EventShares.

• Policy catalysts are long-term with own unique drivers

• A new factor for tilts

• Thematic exposure to companies experiencing fundamental

change due to government policy and regulation

• Policy catalysts may show low correlation to broad markets

• Emotional decisions including personal political biases

• Long-term policy trends = productive investing dialogue

• Themes are relatable (e.g. tax reform, deregulation, healthcare,

global trade)

For Financial Professional use only. Do not distribute to the public. 30

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MarketDesk is wholly-owned by EventShares Research, LLC (“EventShares Research” or “ESR”). The information andopinions expressed herein are solely those of ESR, are provided for informational purposes only and are not intended asrecommendations to buy or sell a security, nor as an offer to buy or sell a security. Recipients of the information providedherein should consult with a financial advisor before purchasing or selling a security. ESR is not an investment advisorand is not registered with the U.S. Securities and Exchange Commission or the Financial Industry Regulatory Authority,and, further, the owners, employees, agents or representatives of ESR are not acting as investment advisors and mightnot be registered with the U.S. Securities and Exchange Commission. The information and opinions provided herein areprovided as general market commentary only, and do not consider the specific investment objectives, financial situationor particular needs of any one client. The information in this report is not intended to be used as the primary basis ofinvestment decisions, and because of individual client objectives, should not be construed as advice designed to meet theparticular investment needs of any investor. The comments may not be relied upon as recommendations, investmentadvice or an indication of trading intent. ESR is not soliciting any action based on this document. Investors should consultwith their own financial adviser before making any investment decisions. There is no guarantee that any future eventdiscussed herein will come to pass. The data used, or referred to, in this report was obtained from various sources, whichwe believe to be reliable, but ESR cannot be held responsible for the accuracy of data used herein. Any use of graphs, textor other material from this report by the recipient must acknowledge MarketDesk as the source. Past performance doesnot guarantee or indicate future results. Investing involves risk, including the possible loss of principal and fluctuation ofvalue. ESR disclaims responsibility for updating information. In addition, ESR disclaims responsibility for third-partycontent, including information accessed through hyperlinks.

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