ISHARES TR

Ticker: IVE CUSIP: 464287408 Class: S&P 500 VAL ETF

Sage Advisory Services, Ltd.Co.'s Holding History (CIK: 0001534378)

Note: Option positions (PUT/CALL) are excluded.

Q1 2017

Shares 540,520 Value ($000) $56,219 Avg Close — Range —

Q4 2016

Shares 516,687 Value ($000) $52,377 Avg Close — Range —

Q2 2013

Shares 1,465,019 Value ($000) $111,004 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	540,520	$56,219	—	—
Q4 2016	516,687	$52,377	—	—
Q2 2013	1,465,019	$111,004	—	—