Source: Zephyr StyleADVISOR, Swan Global Investments, Bloomberg, CBOE, St. Louis Federal Reserve Bank and Wilshire Associates, Inc. The hypothetical analysis above is using actual results from the Defined Risk Strategy (DRS) Select Composite, net of fees. * All data based on historical performance of the Swan DRS SMA Select Composite, net of fees. ** Calculations include a fixed monthly withdrawal. Each year, that annualized withdrawal amount is adjusted for inflation.