Index Announcement

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ERWSPX: Janus Equal Risk Weighted Large Cap Index

Index Announcement ERWSPX VelocityShares Index & Calculation Services, a division of VelocityShares LLC, announces the quarterly rebalancing of the Janus Equal Risk Weighted Large Cap Index (ERWSPX). The index is rebalanced quarterly in order to account for changes to index constituents and changes in historical and implied volatilities and correlations. The rebalancing will become effective on July 22, 2015. The following weights are computed as of July 17, 2015: MMM ACE AES AFL GAS AME T ABBV ABT ACN ADBE AAP AET AMG A APD ARG AKAM AA ALXN ALLE AGN ADS ALL MO AMZN AEE AAL AEP AXP AIG AMT AMP ABC AMGN

3M Co ACE Limited AES Corp AFLAC Inc AGL Resources AMETEK Inc AT&T Inc AbbVie Inc. Abbott Laboratories Accenture plc Adobe Systems Inc Advance Auto Parts Inc Aetna Inc Affiliated Managers Grp Agilent Technologies Inc Air Products & Chemicals Inc Airgas Inc Akamai Technologies Inc Alcoa Inc Alexion Pharmaceuticals Inc Allegion plc Allergan plc Alliance Data Systems Corp Allstate Corp Altria Group Inc Amazon.com Inc Ameren Corp American Airlines Group Inc. American Electric Power American Express Co American Intl Group Inc American Tower Corp A Ameriprise Financial Inc AmerisourceBergen Corp Amgen Inc

0.0012642 0.0012704 0.0020637 0.001545 0.0025944 0.0012147 0.0028989 0.0014988 0.0014217 0.0015687 0.001378 0.0031077 0.0016898 0.0012019 0.00096416 0.001131 0.0028092 0.0010342 0.0018064 0.0013005 0.0020538 0.0012722 0.0017524 0.0016588 0.0018017 0.0022422 0.002314 0.001274 0.0024867 0.0029678 0.0014993 0.0021554 0.0011669 0.0019953 0.00095436

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APH APC ADI ANTM AON APA AIV AAPL AMAT ADM AIZ AN AZO ADSK ADP AVGO AVB AVY BBT BHI BLL BAC BCR BAX BDX BBBY BRK.B BBY BIIB BLK HRB BA BWA BXP BSX BMY BRCM BF.B CA CBG CBS CF CHRW CME CMS CNX CSX

Amphenol Corp A Anadarko Petroleum Corp Analog Devices Inc Anthem Inc Aon plc Apache Corp Apartment Investment & Mgmt Apple Inc. Applied Materials Inc Archer-Daniels-Midland Co Assurant Inc AutoNation Inc AutoZone Inc Autodesk Inc Automatic Data Processing Avago Technologies Ltd AvalonBay Communities Inc Avery Dennison Corp BB&T Corp Baker Hughes Inc Ball Corp Bank of America Corp Bard C.R. Inc Baxter Intl Inc Becton Dickinson & Co Bed Bath & Beyond Inc Berkshire Hathaway B Best Buy Co Inc Biogen Inc BlackRock Inc Block H & R Inc Boeing Co Borgwarner Inc Boston Properties Inc Boston Scientific Corp Bristol-Myers Squibb Broadcom Corp A Brown-Forman Corp B CA Inc CBRE Group Inc. CBS Corp B CF Industries Holdings CH Robinson Worldwide Inc CME Group Inc CMS Energy Corp CONSOL Energy Inc CSX Corp

0.0014678 0.0012166 0.00090904 0.0016216 0.001189 0.0014464 0.0028904 0.0014438 0.0010763 0.0012076 0.013388 0.0015838 0.0016771 0.00092265 0.0011364 0.0013294 0.0022142 0.0024215 0.0017738 0.0014398 0.001342 0.0021176 0.0017124 0.0033157 0.0018024 0.0018147 0.0016723 0.0017412 0.0017682 0.00092486 0.00192 0.0015499 0.0007713 0.0014508 0.001469 0.0037862 0.0017156 0.0019348 0.0014249 0.0014209 0.0012481 0.0027761 0.0017011 0.0020303 0.0017317 0.0015974 0.0012092

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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CVS CVC COG CAM CPB COF CAH KMX CCL CAT CELG CNP CTL CERN CHK CVX CMG CB CI XEC CINF CTAS CSCO C CTXS CLX COH KO CCE CTSH CL CMCSA CMA CSC CAG COP ED STZ GLW COST CCI CMI DTV DTE DVA DHR DRI

CVS Health Corporation Cablevision Systems Co A Cabot Oil & Gas A Cameron International Corp Campbell Soup Co Capital One Financial Cardinal Health Inc Carmax Inc Carnival Corp Caterpillar Inc Celgene Corp Centerpoint Energy Inc CenturyLink Inc Cerner Corp Chesapeake Energy Corp Chevron Corp Chipotle Mexican Grill Inc. Chubb Corp Cigna Corporation Cimarex Energy Co Cincinnati Financial Corp Cintas Corp Cisco Systems Inc Citigroup Inc Citrix Systems Inc Clorox Co Coach Inc Coca-Cola Co Coca-Cola Enterprises Cognizant Tech Solutions Corp Colgate-Palmolive Co Comcast Corp Comerica Inc (MI) Computer Sciences ConAgra Foods Inc ConocoPhillips Consolidated Edison Inc Constellation Brands Inc A Corning Inc Costco Wholesale Corp Crown Castle Intl Corp Cummins Inc DIRECTV DTE Energy Co DaVita HealthCare Partners Inc Danaher Corp Darden Restaurants Inc

0.0018457 0.0022518 0.0026803 0.0014946 0.0023661 0.0019041 0.0013594 0.0011448 0.0018755 0.0014772 0.0014359 0.002385 0.0030849 0.0015988 0.0016025 0.0013579 0.0036934 0.0025438 0.0024424 0.00122 0.001553 0.0015689 0.0011598 0.0013743 0.001416 0.0021179 0.0015602 0.0021857 0.0012387 0.0010076 0.0017063 0.0017782 0.0020983 0.0016661 0.0083961 0.0012471 0.004026 0.0019581 0.0011073 0.0018344 0.0023107 0.0018585 0.0039452 0.0026234 0.0039774 0.001552 0.0023636

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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DE DLPH DAL XRAY DVN DO DFS DISCA DISCK DG DLTR D DOV DOW DPS DUK DNB ETFC DD EMC EOG EQT EMN ETN ECL EIX EW EA EMR ENDP ESV ETR EFX EQIX EQR ESS EL ES EXC EXPE EXPD ESRX XOM FFIV FLIR FMC FTI

Deere & Co Delphi Automotive PLC Delta Air Lines Dentsply Intl Devon Energy Corp Diamond Offshore Drilling Discover Financial Services Discovery Communications Inc A Discovery Communications Inc C Dollar General Corp Dollar Tree Inc Dominion Resources Inc Dover Corp Dow Chemical Dr Pepper Snapple Group Duke Energy Corp Dun & Bradstreet Corp E*TRADE Financial Corp E. I. du Pont de Nemours and Company EMC Corp EOG Resources EQT Corporation Eastman Chemical Co Eaton Corp plc Ecolab Inc Edison Intl Edwards Lifesciences Corp Electronic Arts Emerson Electric Co Endo International plc Ensco PLC - CL A Entergy Corp Equifax Inc Equinix Inc Equity Residential Essex Property Trust Estee Lauder Cos. Eversource Energy Exelon Corp Expedia Expeditors Intl of WA Inc Express Scripts Holding Co. Exxon Mobil Corp F5 Networks Inc FLIR Systems Inc FMC Corp FMC Technologies Inc

0.0053757 0.00094317 0.0014372 0.0014491 0.0013504 0.0020144 0.002077 0.0012427 0.0012383 0.0019619 0.0016934 0.0022381 0.0013122 0.0011978 0.0026512 0.0029617 0.00091941 0.0020878 0.0020832 0.0012383 0.0015517 0.0025187 0.0017869 0.0009432 0.0012949 0.0022768 0.0017401 0.002542 0.0014918 0.001665 0.0041101 0.0029524 0.0016638 0.0014227 0.0018316 0.0019768 0.0016755 0.0025994 0.0024263 0.0012084 0.0017624 0.0015219 0.0016945 0.0028972 0.0018408 0.0013414 0.0023829

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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FB FAST FDX FIS FITB FSLR FE FISV FLS FLR F FOSL BEN FCX FTR GME GPS GRMN GD GE GGP GIS GM GPC GNW GILD GS GT GOOGL GOOG GWW HCA HCP HAL HBI HOG HAR HRS HIG HAS HCN HP HSY HES HPQ HD HON

Facebook Inc Fastenal Co FedEx Corp Fidelity National Information Fifth Third Bancorp (OH) First Solar Inc FirstEnergy Corp Fiserv Inc Flowserve Corp Fluor Corp Ford Motor Co Fossil Group Inc Franklin Resources Inc Freeport-McMoRan Inc Frontier Communications Corp GameStop Corp A Gap Inc Garmin Ltd General Dynamics General Electric Co General Growth Properties Inc General Mills Inc General Motors Company Genuine Parts Co Genworth Financial Inc Gilead Sciences Inc Goldman Sachs Group Inc Goodyear Tire & Rubber Co Google Inc A Google Inc C Grainger W.W. Inc HCA Holdings Inc HCP Inc Halliburton Co Hanesbrands Inc Harley-Davidson Inc Harman Intl Industries Inc Harris Corp Hartford Finl Services Group Hasbro Inc Health Care REIT Inc Helmerich & Payne Inc Hershey Foods Corp Hess Corp Hewlett-Packard Co Home Depot Inc Honeywell Intl Inc

0.0021285 0.0023486 0.0019879 0.0013885 0.0018919 0.00098582 0.0023901 0.0014748 0.001436 0.0010442 0.0014132 0.0037916 0.0010286 0.0007713 0.0012417 0.0033906 0.0035486 0.0019715 0.0017591 0.0016342 0.0017675 0.0023581 0.0012746 0.0012739 0.0015665 0.0014017 0.001127 0.0011487 0.0012066 0.0012083 0.002278 0.0040034 0.0030303 0.001347 0.0018619 0.0016659 0.0007829 0.001773 0.0017578 0.001961 0.0028316 0.0013186 0.0034187 0.0013808 0.0012269 0.0011668 0.0012731

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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HRL DHI HST HCBK HUM JBHT HBAN ITW IR INTC ICE IPG IBM IFF IP INTU ISRG IVZ IRM JPM JEC JNJ JCI JOY JNPR KLAC KSU K GMCR KEY KMB KIM KMI KSS KR LB LLL LH LRCX LM LEG LEN LUK LVLT LLY LNC LLTC

Hormel Foods Corp Horton D.R. Inc Host Hotels & Resorts Inc Hudson City Bancorp Humana Inc Hunt J.B. Transport Services Huntington Bancshares (OH) Illinois Tool Works Inc Ingersoll-Rand Plc Intel Corp Intercontinental Exchange Inc Interpublic Group Cos Intl Business Machines Corp Intl Flavors & Fragrances Intl Paper Co Intuit Inc Intuitive Surgical Inc Invesco Ltd Iron Mountain Inc JP Morgan Chase & Co Jacobs Engineering Group Inc Johnson & Johnson Johnson Controls Inc Joy Global Inc Juniper Networks Inc KLA-Tencor Corporation Kansas City Southern Inc Kellogg Co Keurig Green Mountain Inc KeyCorp Kimberly-Clark Kimco Realty Corp Kinder Morgan Inc Kohl's Corp Kroger Co L Brands Inc L-3 Communications Holdings Lab Corp of America Hldgs Lam Research Corp Legg Mason Inc Leggett & Platt Lennar Corp Leucadia National Corp (NY) Level 3 Communications Lilly Eli & Co Lincoln National Corp Linear Technology Corp

0.0015521 0.0013821 0.0018365 0.0033685 0.0037765 0.0013849 0.0015818 0.0013957 0.0015152 0.0014657 0.0015094 0.0010967 0.0013197 0.0011017 0.001427 0.001205 0.001831 0.0010688 0.0016731 0.0012321 0.0009506 0.0016647 0.0010314 0.0011986 0.0017564 0.00091333 0.0017077 0.0038414 0.0023127 0.0015616 0.001978 0.001628 0.0022791 0.0069331 0.0032505 0.0013179 0.0014147 0.0024734 0.0011259 0.0011677 0.0023292 0.0018045 0.0016 0.0014327 0.0049133 0.0011688 0.0010851

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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LMT L LOW LYB MTB MAC M MNK MRO MPC MAR MMC MLM MAS MA MAT MKC MCD MHFI MCK MJN MDT MRK MET KORS MCHP MU MSFT MHK TAP MDLZ MON MNST MCO MS MOS MSI MUR MYL NKE NRG NDAQ NOV NAVI NTAP NFLX NWL

Lockheed Martin Loews Corp Lowe's Cos Inc LyondellBasell Industries N.V. M&T Bank Corp Macerich Co Macy's Inc Mallinckrodt plc Marathon Oil Corp Marathon Petroleum Corp. Marriott Intl A Marsh & McLennan Companies Martin Marietta Materials Masco Corp Mastercard Inc A Mattel Inc McCormick & Co McDonald's Corp McGraw Hill Financial Inc McKesson Corp Mead Johnson Nutrition Co Medtronic plc Merck & Co Inc Metlife Inc Michael Kors Holdings Ltd Microchip Technology Inc Micron Technology Inc Microsoft Corp Mohawk Industries Inc Molson Coors Brewing Co B Mondelez International Inc Monsanto Co. Monster Beverage Corp New Moody's Corp Morgan Stanley Mosaic Co Motorola Solutions Inc Murphy Oil Corp Mylan NV NIKE Inc B NRG Energy Nasdaq OMX Group/The National Oilwell Varco Inc Navient Corp NetApp Inc NetFlix Inc Newell Rubbermaid Inc

0.0014748 0.0012415 0.0013183 0.0011663 0.0021775 0.029448 0.0021526 0.0016112 0.0011745 0.0013396 0.001057 0.001288 0.001067 0.0013288 0.0013502 0.0025514 0.0024687 0.0021833 0.0011578 0.0013578 0.001748 0.0010645 0.0026913 0.0018726 0.02592 0.0010108 0.0011158 0.0012739 0.0017508 0.0021447 0.002466 0.0015419 0.0049371 0.0015127 0.0013771 0.0015708 0.0017728 0.0014124 0.0016166 0.001927 0.0013911 0.0017441 0.002047 0.0023718 0.0028767 0.002092 0.0015422

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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NFX NEM NWSA NEE NLSN NI NBL JWN NSC NTRS NOC NUE NVDA ORLY OKE OXY OMC ORCL OI PCAR PCG PNC PPG PPL PVH PH PDCO PAYX PNR PBCT PEP PKI PRGO PFE PM PSX PNW PXD PBI PCL PX PCP PFG PLD PG PGR PRU

Newfield Exploration Co Newmont Mining Corp News Corporation NextEra Energy Inc Nielsen NV Nisource Inc Noble Energy Inc Nordstrom Inc Norfolk Southern Corp Northern Trust Corp (IL) Northrop Grumman Corp Nucor Corp Nvidia Corp O'Reilly Automotive ONEOK Inc Occidental Petroleum Omnicom Group Oracle Corp Owens-Illinois Inc PACCAR Inc PG&E Corporation PNC Finl Services Group PPG Industries Inc PPL Corp PVH Corp Parker-Hannifin Corp Patterson Cos Inc Paychex Inc Pentair PLC People's United Financial Inc PepsiCo Inc PerkinElmer Inc Perrigo Company plc Pfizer Inc Philip Morris International Phillips 66 Pinnacle West Capital (AZ) Pioneer Natural Resources Pitney Bowes Inc Plum Creek Timber Co Praxair Inc Precision Castparts Corp Principal Financial Group ProLogis Inc Procter & Gamble Progressive Corp Prudential Financial Inc

0.0010904 0.010552 0.0013455 0.0018734 0.0012871 0.0015199 0.001303 0.0023971 0.0011654 0.0015839 0.0012522 0.0012742 0.0014257 0.00126 0.0015133 0.0018562 0.0013562 0.0013853 0.0010627 0.0012868 0.0027956 0.0017737 0.0014765 0.0014561 0.0043799 0.0012675 0.0026962 0.0012867 0.0019061 0.0023448 0.0017615 0.0017537 0.0017408 0.0017646 0.0021653 0.0011251 0.002538 0.00164 0.0017712 0.0032019 0.002033 0.0038577 0.0010943 0.0019543 0.0018361 0.0021062 0.0021123

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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PEG PSA PHM QCOM PWR DGX RL RRC RTN O RHT REGN RF RSG RAI RHI ROK COL ROP ROST RCL R SCG SLG CRM SNDK HSIC SLB SCHW SNI STX SEE SRE SHW SPG SWKS SJM SNA SO LUV SWN SE STJ SWK SPLS SBUX HOT

Public Service Enterprise Grp Public Storage Pulte Group Inc QUALCOMM Inc Quanta Services Inc Quest Diagnostics Ralph Lauren Corp Range Resources Corp Raytheon Co Realty Income Corp Red Hat Inc Regeneron Pharmaceuticals Inc Regions Financial Corp Republic Services Inc Reynolds American Inc Robert Half Intl Inc Rockwell Automation Inc Rockwell Collins Roper Technologies, Inc Ross Stores Inc Royal Caribbean Cruises Ltd Ryder System Inc SCANA Corp SL Green Realty Corp Salesforce.com SanDisk Corp Schein Henry Inc Schlumberger Ltd Schwab Charles Corp Scripps Networks Interactive Seagate Technology Sealed Air Corp Sempra Energy Sherwin-Williams Co Simon Property Group Skyworks Solutions Inc Smucker J.M. Co Snap On Inc Southern Co Southwest Airlines Co Southwestern Energy Co Spectra Energy Corp St Jude Medical Inc Stanley Black & Decker Staples Inc Starbucks Corp Starwood Hotel & Resort World

0.0017059 0.0016387 0.001658 0.0018817 0.0010591 0.0019025 0.024292 0.0016625 0.0012052 0.0030331 0.0016269 0.0017083 0.0020342 0.0022105 0.0017523 0.0012267 0.0016147 0.0015571 0.0012787 0.0020396 0.0021224 0.0010214 0.0024691 0.001711 0.0015401 0.0012934 0.0014675 0.0016928 0.002516 0.0032692 0.0010363 0.0014216 0.0018385 0.0014586 0.0019317 0.0010552 0.0019025 0.0015549 0.0076009 0.0014837 0.0012157 0.0012437 0.0015916 0.001856 0.0017991 0.0016345 0.0015466

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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STT SRCL SYK STI SYMC SYY TROW TEL TE TGNA TJX TGT THC TDC TSO TXN TXT ADT BK PCLN WMB TMO TIF TWC TWX TMK TSS TSCO RIG TRV TRIP FOXA TYC TSN USB UA UNP UPS URI UTX UNH UHS UNM URBN VFC VLO VAR

State Street Corp Stericycle Inc Stryker Corp SunTrust Banks Inc (GA) Symantec Corp Sysco Corp T Rowe Price Group Inc TE Connectivity Ltd. TECO Energy Inc TEGNA Inc TJX Cos Inc Target Corp Tenet Healthcare Teradata Corp Tesoro Corp Texas Instruments Inc Textron Inc The ADT Corp. The Bank of New York Mellon Corp The Priceline Group Inc The Williams Companies Inc Thermo Fisher Scientific Tiffany & Co Time Warner Cable Inc Time Warner Inc Torchmark Corp Total System Services Inc Tractor Supply Co Transocean Ltd Travelers Cos Inc TripAdvisor Inc. Twenty-First Century Fox, Inc Tyco Intl Tyson Foods Inc A US Bancorp Under Armour Inc A Union Pacific Corp United Parcel Service Inc B United Rentals Inc United Technologies Corp Unitedhealth Group Inc Universal Health Services B Unum Group Urban Outfitters VF Corp Valero Energy Corp Varian Medical Systems Inc

0.0012879 0.0020153 0.0013857 0.0015799 0.0010625 0.0034602 0.0013769 0.0013799 0.0023607 0.002236 0.0020705 0.0026036 0.0024611 0.0027843 0.0024863 0.00093072 0.0012982 0.0011941 0.0015627 0.0014004 0.001483 0.0015774 0.0018677 0.0027918 0.0020604 0.0019227 0.001953 0.0009891 0.0019357 0.0013452 0.00089066 0.0017447 0.0015601 0.0022742 0.0015149 0.0015045 0.001214 0.0022675 0.001201 0.0012062 0.0013175 0.0022819 0.0016604 0.010937 0.0015725 0.0017951 0.0017204

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com

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VTR VRSN VZ VRTX VIAB V VNO VMC WEC WMT WBA DIS WM WAT WFC WDC WU WY WHR WFM WYN WYNN XL XEL XRX XLNX XYL YHOO YUM ZBH ZION ZTS EBAY

Ventas Inc VeriSign Inc Verizon Communications Inc Vertex Pharmaceuticals Inc Viacom Inc B Visa Inc Vornado Realty Trust Vulcan Materials Co WEC Energy Group Inc Wal-Mart Stores Walgreens Boots Alliance Inc Walt Disney Co Waste Management Inc Waters Corp Wells Fargo & Co Western Digital Corp Western Union Co Weyerhaeuser Co Whirlpool Corp Whole Foods Market Inc Wyndham Worldwide Corp Wynn Resorts Ltd XL Group Plc Xcel Energy Inc Xerox Corp Xilinx Inc Xylem Inc Yahoo Inc Yum! Brands Inc Zimmer Biomet Holdings Inc Zions Bancorp (UT) Zoetis Inc eBay Inc.

0.001816 0.0013537 0.0019296 0.0013511 0.0013301 0.0014793 0.0014639 0.001422 0.0019085 0.0024094 0.0014901 0.0017928 0.0020239 0.0019 0.0014918 0.0011483 0.0012694 0.0020017 0.0017122 0.0030542 0.0013996 0.0016987 0.0020738 0.0026093 0.0012027 0.0014923 0.0016754 0.0021531 0.0013538 0.00117 0.0028445 0.0023355 0.0021693

VLS Securities | 19 Old Kings Highway South, Ste. 120 | Darien, CT 06820 | 203-992-4301 | www.velocityshares.com