John Frank Del Vecchio

Ranger Alternative Management LP (Ranger) is a registered investment advisor and hedge fund manager headquartered in Dallas, Texas. The firm was founded in 2008 and is a subsidiary of Sand Dollar Beach LLC. Ranger serves as a sub-adviser to and provides investment advisory services on a discretionary basis to the Ranger Equity Bear ETF (NYSE ticker: HDGE) (the Ranger ETF).

Founded by David W. Tice in 1988, Behind the Numbers LLC is a financial research firm located in Dallas, Texas. Behind the Numbers analyzes company fundamentals and reviews accounting policies looking for aggressive accounting, poor business models and instances in which Wall Street has extrapolated positive trends too far into the future, while ignoring or underestimating negative trends. They identify early signs of fundamental weakness, long before they are incorporated into Wall Street analysts' estimates. Behind the Numbers reviews companies for quality of earnings factors, including analysis of footnotes, operating earnings momentum, and balance sheet/cash flow ratios. Research is also conducted by talking with customers, suppliers, competitors and/or governmental agencies to determine if investors' expectations are justified.

Based in Dallas, David W. Tice & Associates, Inc. (DWT) is the investment advisor to the Prudent Bear and Prudent Safe Harbor funds.

Ranger Alternative Management LP (Ranger) is a registered investment advisor and hedge fund manager headquartered in Dallas, Texas. The firm was founded in 2008 and is a subsidiary of Sand Dollar Beach LLC. Ranger serves as a sub-adviser to and provides investment advisory services on a discretionary basis to the Ranger Equity Bear ETF (NYSE ticker: HDGE) (the Ranger ETF).

Ranger Alternative Management LP (Ranger) is a registered investment advisor and hedge fund manager headquartered in Dallas, Texas. The firm was founded in 2008 and is a subsidiary of Sand Dollar Beach LLC. Ranger serves as a sub-adviser to and provides investment advisory services on a discretionary basis to the Ranger Equity Bear ETF (NYSE ticker: HDGE) (the Ranger ETF).

Founded by David W. Tice in 1988, Behind the Numbers LLC is a financial research firm located in Dallas, Texas. Behind the Numbers analyzes company fundamentals and reviews accounting policies looking for aggressive accounting, poor business models and instances in which Wall Street has extrapolated positive trends too far into the future, while ignoring or underestimating negative trends. They identify early signs of fundamental weakness, long before they are incorporated into Wall Street analysts' estimates. Behind the Numbers reviews companies for quality of earnings factors, including analysis of footnotes, operating earnings momentum, and balance sheet/cash flow ratios. Research is also conducted by talking with customers, suppliers, competitors and/or governmental agencies to determine if investors' expectations are justified.

Founded by David W. Tice in 1988, Behind the Numbers LLC is a financial research firm located in Dallas, Texas. Behind the Numbers analyzes company fundamentals and reviews accounting policies looking for aggressive accounting, poor business models and instances in which Wall Street has extrapolated positive trends too far into the future, while ignoring or underestimating negative trends. They identify early signs of fundamental weakness, long before they are incorporated into Wall Street analysts' estimates. Behind the Numbers reviews companies for quality of earnings factors, including analysis of footnotes, operating earnings momentum, and balance sheet/cash flow ratios. Research is also conducted by talking with customers, suppliers, competitors and/or governmental agencies to determine if investors' expectations are justified.

Based in Dallas, David W. Tice & Associates, Inc. (DWT) is the investment advisor to the Prudent Bear and Prudent Safe Harbor funds.

Ranger Alternative Management LP (Ranger) is a registered investment advisor and hedge fund manager headquartered in Dallas, Texas. The firm was founded in 2008 and is a subsidiary of Sand Dollar Beach LLC. Ranger serves as a sub-adviser to and provides investment advisory services on a discretionary basis to the Ranger Equity Bear ETF (NYSE ticker: HDGE) (the Ranger ETF).