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Ranger Alternative Management, L.P. (Ranger) is the investment manager responsible for managing the Active Bear ETF (NYSE Ticker: HDGE). The Active Bear is the first actively managed ETF, which invests on a short basis only in U.S. equities. For more information on HDGE click the AdvisorShares link below: Prior to managing the Active Bear, Ranger managed the Ranger Short Only portfolio, which invested on a short basis only in U.S. equities. Immediately below are performance results for the Ranger Short Only portfolio. Performance Net Performance Results - Short Only Sub Portfolio of Ranger Alternative Fund, L.P. and Synthesis Fund, L.P.* * Interests in Ranger Alterative Fund, L.P. are not available for subscription; and the performance data above is presented for the sole purpose of providing ancillary and historical information about Ranger Alternative Management, L.P. Performance presented above are the results of actual trading of discretionary, segregated short portfolios managed by Ranger Alternative Management, L.P. which were “carved out” of broader long/short hedge funds. Ranger Alternative Management, L.P. (the “Investment Manager”) commenced operations on January 1, 2008. Performance returns presented herein from October 1, 2007 through March 31, 2010 are the results of actual trading of discretionary, segregated portfolios managed on a short basis only (the “Short Only Sub-Portfolio”) by the Investment Manager which was paired with a discretionary, segregated portfolio managed on a long only basis (the “Long Only Sub-Portfolio”) by either an affiliated or unaffiliated investment advisor, pursuant to the long/short objectives of the Ranger Alternatives Fund, L.P. or the Synthesis Fund, L.P.. Performance returns presented above are attributable to only the holdings of the Short Only Sub-Portfolio and not the Long Only Sub-Portfolio; and were calculated by (a) taking the monthly performance on average daily invested capital for the Short Only Sub-Portfolio, excluding cash, and (b) applying a 1.5% annual management fee, charged quarterly in advance. Performance information presented herein is unaudited, excludes all expenses and includes the reinvestment of all dividends and income. Please reference more detailed performance disclosures below. Past performance is not indicative of future results. IMPORTANT DISCLOSURE REGARDING PERFORMANCE OF THE SHORT ONLY SUB-PORTFOLIO: Performance results for the Short Only Sub-Portfolio presented herein reflect a hypothetical premise that the Short Only Sub-Portfolio was fully invested and excludes cash. However, the Investment Manager’s discretion to increase or decrease investment exposure levels as well as other portfolio balancing variables would have produced fluctuations in investment exposure levels which may have resulted in significant deviations from the 100% investment exposure assumption used to generate the performance results. Accordingly, the returns presented cannot completely account for the impact these fluctuations would have generated under actual market conditions. Therefore, the Investment Manager can make no representation that past performance of the Short Only Sub-Portfolio would have been identical or similar to the performance data presented above. Performance returns achieved by investors could have and may vary substantially. THE SHORT ONLY SUB-PORTFOLIO USED AS A HEDGE WITH LONG-ONLY INDICES: The graph and table presented above illustrates back tested results generated in a hypothetical scenario by blending the performance of the Short Only Sub-Portfolio initially in equal proportion with the S&P 500 Index and the S&P 500 Equal Weight Index (each, a “Long Index”). These two (2) investment scenarios were modeled by initially attributing an equal amount of investment capital to the Short Only Sub-Portfolio and the Long Index (the “Blended Portfolio“) and rebalancing the Blended Portfolio to restore the ratio of value between the Short Only Sub-Portfolio and the Long Index to equal proportions at the beginning of each calendar quarter. These performance examples are not the result of actual portfolios managed by the Investment Manager and are intended for illustration purposes only. Accordingly, these performance examples should be considered model returns (the “Model Results”), which are subject to a variety of material limitations. An investor’s ability to increase and decrease investment exposure levels of the Blended Portfolio as well as contributions, redemptions and the use of cash or cash equivalents in the portfolio likely would have produced fluctuations in investment exposure levels resulting in potentially significant deviations from the rebalanced investment exposure assumptions used to generate the Model Results. In addition, the Model Results were created with the benefit of hindsight, which generally tends to reflect positive relative returns. As such, prospective investors are cautioned not to place undue reliance on the Model Results. The Short Only Sub-Portfolio performance results include the reinvestment of all income and the deduction of all applicable expenses and a 1.5% annual management fee, charged quarterly in advance. The performance results of the indices, ETFs or mutual funds presented above, and paired with the Short Only Sub-Portfolio do not reflect the impact of advisory fees. For more information with respect to how the Model Results were calculated, please contact the Investment Manager. U.S. equity markets and economic conditions for much of 2008 through the first quarter of 2009 were characterized by pronounced turbulence and volatility, which generally produced significant negative results for traditional domestic equity indices like the S&P 500 Index. Market conditions during this time period are ideal for strategies like the Short Only Sub-Portfolio, which benefit from pronounced negative equity market movements, but are unusual and may be anomalous to future market conditions. Though these materials have been prepared from sources believed to be reliable, the Investment Manager makes no warranties with respect to its accuracy or completeness. Past performance results are not indicative of the future returns of the Short Only Sub-Portfolio. Additionally, investors bear the risk of losing all or a significant portion of their investment when investing in the Short Only Sub-Portfolio. A further detailed description of advisory fees may be obtained by contacting the Investment Manager. The Short Only Sub-Portfolio consists of securities that vary significantly from those represented in the Value Line Arithmetic Index (VAY or the “VLA Index”), which is an unmanaged index. The VLA Index is an equal weighted index comprised of over 1,600 U.S. exchange traded securities and generally considered to be representative of a large segment of the U.S equities markets. Accordingly, comparing or contrasting the results or characteristics of the Short Only Sub-Portfolio to that of the VLA Index may be of limited use. Index returns include the reinvestment of dividends and interest, and do not reflect the impact of advisory fees. Investors cannot invest directly in the VLA Index. The S&P 500 Index (SPX) is a well known gauge of stock market movements computed by Standard & Poor's Corporation and determined by the weighted capitalization of a carefully selected list 10 industry sectors. Median capitalization is $6.56 billion while capitalization range is $0.18 billion to $259 billion. The S&P 500 Index is unmanaged, reflects reinvestment of income and dividends and does not reflect the impact of advisory fees. Investors cannot invest directly in the S&P 500 Index. Rydex S&P Equal Weight Index (RSP) seeks to replicate as closely as possible, before expenses, the performance of the S&P Equal Weight index. The fund uses a passive management strategy, known as “replication” to track the performance of the S&P Equal Weight index. The S&P 500 Equal Weight Index is the equal-weight version of the widely regarded S&P 500 index. The index has the same constituents as the capitalization weighted S&P 500, but each company in the S&P EWI is allocated a fixed weight of 0.20% (20 basis points) at each quarterly rebalancing cycle. Investors cannot invest directly in the S&P 500 EWI. Federated Prudent Bear A LW (BEAR.LW) is an actively managed open end mutual fund seeking capital appreciation primarily through short sales of domestically traded securities. The Short S&P 500 Proshares (SH) is an ETF that seeks daily investment results that correspond to the inverse (opposite) of the daily performance of the S&P500 Index. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor their ProShares holdings consistent with their strategies, as frequently as daily. The Grizzly Short (GRZZX) is an actively managed short selling mutual fund that utilizes a disciplined, unemotional, quantitative investment approach.
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