2023 Q2 In Review - Integrity Wealth Advisors, Ventura & Ojai, California

iwaplan.com
Q2 2023
IN REVIEW

TOTAL RETURN 2023 Q2 + NEWSWORTHY EVENTS
April 2 – OPEC+ announced
that they were cutting daily
petroleum output by 1.16
million barrels per day
April 20 – SpaceX's Starship
rocket, the largest and most
powerful rocket ever built,
is launched during a flight
test from a base in Boca
Chica, Texas, exploding four
minutes after launch
May 1 – San Francisco-based First Republic
Bank fails and is auctioned off by the US
FDIC to JPMorgan Chase for $10.7 billion
May 6 – The coronation of
Charles III and Camilla as King
and Queen of the United Kingdom
and the other Commonwealth
realms is held in Westminster
Abbey, London
June 2 – Congress approves
deal raising debt ceiling,
averting U.S. default
June 14 – The Federal
Reserve took a pause
on hiking rates for the
first time in more than
a year, as inflation
continues to slow and
the economy shows
signs of easing
June 18 – All five
crew members
of Titan, a deepsea
submersible
exploring the wreck
of the Titanic, are
killed following
a catastrophic
implosion of the
vessel
June 23 – The Wagner Group begins
an armed conflict with the Russian
military, seizing the city of Rostovon-Don
and portions of the Voronezh
Oblast before withdrawing the
next day, after a peace agreement
brokered by Belarusian President
Alexander Lukashenko
9%
S&P 500 TOTAL RETURN
MSCI ACWI EX USA TOTAL RETURN
BARCLAYS US AGGREGATE TOTAL RETURN
8.74%
8%
7%
6%
5%
4%
3%
2.67%
2%
1%
0%
-1%
-1.25%
-2%
April
May
June
As of close 6/30/2023
12%
S&P 500 TOTAL RETURN
MSCI ACWI EX USA TOTAL RETURN
BARCLAYS US AGGREGATE TOTAL RETURN
Source: https://en.wikipedia.org/wiki/2023
11%
10.42%

THE NEW REALITY FOR INVESTORS
2023
Q2
IN REVIEW
As we approach the midway point of 2023, it is evident that we are facing
significant uncertainty and a landscape of change. We find ourselves amidst a
period of transition in the global economy, financial markets, and various sectors.
The market, once characterized by a binary nature, has now become more
balanced.
In the past, investors could concentrate solely on a select few internet-related
behemoths, disregarding everything else. They could borrow money at near-zero
interest rates without concern for the consequences of such easy access to
capital, the looming threat of inflation, or the potential for central banks to raise
interest rates. However, times have changed, and this shift brings positive news
for investors. The market no longer moves exclusively in a single direction, which
creates a more compelling and diverse environment. The range of opportunities
has expanded to encompass both American and international companies, growth
stocks and value stocks, the technology sector and healthcare, industrials and
energy, short-term and long-term bonds, as well as treasuries and corporate bonds.
We now reside in a world where diligent investors can identify both cyclical and
secular opportunities, but this necessitates conducting thorough research.
It’s important to note, we are also searching for opportunities where the baby has
been thrown out with the bathwater — that is, companies left humbled by the selloff
of 2022, but still worth our attention because business models remain intact,
earnings are holding up and the potential for stock price appreciation remains
strong. Throughout this year, we have witnessed impressive comebacks from
technology and consumer sector companies.
It is essential to recognize that risks have also grown. These risks encompass not
only market and economic factors but also policy-related concerns. Questions
arise regarding the relationship between the United States and China, the potential
escalation of the conflict in Ukraine, and the regulatory response to the banking
sector's crisis of confidence. All these factors must be carefully considered when
evaluating potential investments. Furthermore, as investors, we must be prepared
to endure short-term discomfort for long-term benefits.
Undeniably, the present moment presents a great opportunity for active investors.
It has become increasingly crucial to search for investment prospects on a global
scale while remaining vigilant regarding growing risks in the market, economy,
and the world at large. Given the prevailing uncertainty, a considerable amount of
cash is currently sitting on the sidelines. This may indeed be an opportune time to
contemplate deploying those funds into the market.
ECONOMIC CHARTS & NOTES
CONSUMER SENTIMENT Consumer sentiment is up 28% from last year's
historic low, which could bode well for spending in the months ahead. Retail sales
have picked up the last couple months but continue to be hampered by inflation.
EMPLOYMENT The U.S. unemployment rate has ticked up to 3.7% but
remains historically low. Nonfarm payrolls increased much more than expected
in May led by strong job creation in professional and business services.
US Retail Sales
Consumer Sentiment
Unemployment Rate
NonFarm Payroll
34%
100
16%
2200
US Retail Sales % Chg
28%
22%
16%
10%
4%
-2%
-8%
90
80
70
60
Consumer Sentiment
Unemployment Rate %
14%
12%
10%
8%
6%
4%
-825
-3850
-6875
-9900
-12925
-15950
-18975
NonFarm Payroll
-14%
Jan '19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
Jul '22
Jan '23
50
2%
Jan ' 19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
Jul '22
Jan '23
-22000
Source: University of Michigan Consumer Sentiment. Retail Sales - U.S. Census Bureau.
Source: U.S. Bureau of Labor Statistics

ECONOMIC CHARTS & NOTES
CONSUMER PRICE INDEX The pace of consumer price increases has
cooled, but shelter and used vehicle prices continue to rise significantly. Falling
energy prices are the main driver of cooling inflation.
CONSUMER SPENDING Real disposable income has increased five straight
months amid wage gains and moderating inflation. The key Fed inflation figure
(PCE) rose slightly last month as Americans spent more on services than highpriced
goods.
Y/Y % Chg
8%
7%
6%
5%
4%
3%
2%
1%
0%
CPI Less Food
CPI All
2018 2019 2020 2021
2022
% Chg Year-over-year
30
25
20
15
10
5
0
-5
-10
-15
-20
-25
Jan '19
Jul '19
Consumption
Jan '20 Jul ' 20 Jan '21
Jul '21
Disposable Income
Jan '22 Jul '22 Jan '23
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Economic Analysis
JOB OPENINGS & HIRES Retail hiring is down from last year with inflation
and credit card rates impacting shopper behavior. Finding qualified candidates
has also been a challenge for the retail, construction, manufacturing, and
transportation sectors.
Retail Openings
Retail Hires
GDP First quarter GDP was revised sharply higher due to upward adjustments in
consumer spending and inventories. A 8.7% boost in Social Security cost of living
likely had a big impact on spending.
GDP
Amount in Thousands
1500
1200
900
600
300
0
Jan '18 Jul '18 Jan '19 Jul '19 Jan '20 Jul '20 Jan '21 Jul '21 Jan '22 Jul '22 Jan '23
% Growth
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q4 Q2 Q3 Q4 Q1
2018
2019 2020 2021 2022 2023
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Economic Analysis

Inflation has eased as rate-hiking
cycle nears an end
INFLATION HAS EASED AS RATE-HIKING
CYCLE NEARS AN END
2023
Q2
IN REVIEW
Inflation, still elevated, is less fierce
Annual consumer price index (%)
12
United Kingdom
10
Eurozone
8
United States
6
Japan
4
2
0
Estimates
Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Markets expect a decline in rates over the next year
Federal funds rate — Actual and market implied (%)
6
5
4
3
2
1
Fed funds
target rate
Market-implied
effective rate as of
5/31/23
0
Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24
It may not feel like it at the grocery store, but inflation is well above the U.S. Federal Reserve’s 2% target, but “We knew there would be consequences to one of the
on It may a downward not feel trajectory like it at the in the grocery U.S., Europe store, and but inflation many is
monetary
on a downward
policy often works with
The
long
recent
lags,
U.S.
so
banking
the full
turmoil
most
could
aggressive
also help
tightening
slow economic
campaigns
growth
in history,”
as
says
other
trajectory
markets.
in the
That’s
U.S.,
largely
Europe
due
and
to lower
many
energy
other
prices,
markets. That’s
impact
largely
of rate hikes
due to
should spread
some
through
banks may
the rest
become
of
more
fixed
cautious
income portfolio
and reduce
manager
their
Pramod
lending
Atluri.
activities.
“The
fewer
lower
supply
energy
chain
prices,
disruptions
fewer supply
and a
chain
steady
disruptions
series of
and
the
a steady
economy
series
over
of
time.
Taken together, these factors
dislocations
have significantly
we are seeing
changed
in the financial markets signal
interest rate hikes by central banks.
a painful new phase for the Fed. It has clearly exposed
interest rate hikes by central banks.
The recent U.S. banking turmoil the could interest also rate help outlook. slow
some vulnerabilities and, as a result, I believe we are
Interest rate-sensitive industries such as housing are economic growth as some banks may become more
nearing the end of this rate-hiking cycle.”
already Interest feeling rate-sensitive the effects, industries with home such prices as falling housing are already cautious feeling and reduce the their lending Everyone activities. knew Taken there would be consequences to one of the most aggressive
in effects, some formerly with home hot prices markets. falling Inflation in some still remains formerly hot markets. together, Inflation these factors still have significantly tightening changed cycles in history. The dislocations we are seeing in the financial
remains well above the U.S. Federal Reserve’s 2% target, the but interest monetary rate outlook. policy markets signal a painful new phase for the Fed. It has clearly exposed some
often works with long lags, so the full impact of rate hikes should spread vulnerabilities and, as a result, we believe we are nearing the end of this ratehiking
Statistics, cycle. Japanese Statistics Bureau & Statistics Center, International Monetary Fund.
through the rest
sources for left chart:
of the Capital economy Group, FactSet, over time. Bureau of Labor Statistics, Eurostat, UK Office for National
Data as of June 5, 2023. Consumer price indexes for each region provide a measure of the average change over time in the prices paid for a basket of consumer goods and services. sources for
right chart: Capital Group, Bloomberg Index Services Ltd., Refinitiv Datastream, U.S. Federal Reserve. Fed funds target rate reflects the upper bound of the Federal Open Markets Committee’s
(FOMC) target range for overnight lending among U.S. banks. As of May 31, 2023.
SOURCES FOR LEFT CHART: Capital Group, FactSet, Bureau of Labor Statistics, Eurostat, UK Office for National Statistics, Japanese Statistics Bureau & Statistics Center, International Monetary Fund. Data as of
June 5, 2023. Consumer price indexes for each region provide a measure of the average change over time in the prices paid for a basket of consumer goods and services. SOURCES FOR RIGHT CHART: Capital Group,
3 Bloomberg · MIDYEAR Index OUTLOOK Services Ltd., 2023 Refinitiv Datastream, U.S. Federal Reserve. Fed funds target rate reflects the upper bound of the Federal Open Markets Committee’s (FOMC) target range for overnight lending among
U.S. banks. As of May 31, 2023.

A MOUNTAIN OF CASH CAN BE A BULLISH SIGNAL
INVESTORS' FLIGHT TO CASH HAS SURPASSED THAT OF THE PANDEMIC AND FINANCIAL CRISIS
Investors have anointed cash as king, shifting assets out of stock and bond
investments and driving money market totals to a record $5.4 trillion as of May
31, 2023.
This flight to cash and cash alternatives (such as money market funds and shortterm
treasuries) is understandable following last year’s tandem decline of stocks
and bonds in the face of rising interest rates, inflation and slowing economic
growth. Many investors moved deposits from banks to money markets amid
ongoing volatility and relatively high yields on cash instruments.
After the painful losses of 2022, more risk averse investors might consider
allocating some cash to dividend-paying stocks, which provide income and
capital appreciation potential, and
select short- and intermediateterm
bonds, which have
been offering higher
yields than in
2022.
But conditions have shifted thus far in 2023, and long-term investors may want to
rethink their approach. Levels of cash alternatives peaked near two recent market
troughs. During the global financial crisis, for example, money market fund assets
peaked two months before the S&P 500 Index reached a bottom on March 9,
2009. The stock market recorded a 40% return over the subsequent three months
and a 55% return over the following six months. Similarly, during the pandemic,
money market fund levels reached a high weeks after the S&P 500 reached its
trough in March 2020.
Source: Capital Group, Bloomberg Index Services Ltd., Investment Company Institute (ICI), Standard & Poor's. As of May 31, 2023. In the
chart, "cash peak" refers to peak money market fund assets. Unlike cash, which may be insured or guaranteed by the Federal Deposit Insurance Corporation,
dividend-paying stocks, short- and intermediate-term bonds are not guaranteed and are subject to loss. Past results are not predictive of results in future periods.

INVESTORS MAY BE WISE TO PUT CASH TO WORK
2023
Q2
IN REVIEW
Market volatility hastened a flight to cash for many investors. While
understandable, this response effectively placed investment objectives on
hold and relinquished long-term return potential. Investors were hit hard in
2022 as the Federal Reserve started raising interest rates and both stocks
and bonds posted losses. With inflation inching toward normal and the Fed
pausing interest rate hikes, now is an opportune time for investors to consider
moving back into a balanced strategy.
Valuations across a range of stocks are more attractive, and bonds are now
offering more income and higher return potential.
Over the last four hiking cycles since 1995, investing after the last Fed rate
increase has generated strong returns for both stocks and bonds. What is
more, the best returns occurred in the first 12 months after the last rate hike.
STOCKS AND
BONDS HAVE
OUTPACED CASH
AFTER A FED
HIKING CYCLE
Source: Bloomberg Index Services Ltd., MSCI, Refinitiv Datastream, Standard & Poor's. Returns reflect the average cumulative return over each of the first 12 months immediately following the last increase in the target
U.S. federal funds rate ("last Fed hike") over the prior four hiking cycles. The specific start months for the periods included in the average calculations are: February 1995, May 2000, June 2006, and December 2018. U.S.
bonds are represented by the total return of the Bloomberg U.S. Aggregate Index; U.S. equities are represented by the total return for the S&P 500 Index; the 60/40 portfolio is represented as the weighted average return
using 60% of the total return for the S&P 500 Index and 40% of the total return in U.S. dollars for the Bloomberg U.S. Aggregate Index, with no rebalancing for the first 12 months. International equities are represented by
the total return in U.S. dollars for the MSCI EAFE Index; U.S. short-term bonds are represented by the total return for the Bloomberg 1-3 Year U.S. Government/Credit Index; cash is represented by change in the Bloomberg
U.S. Treasury Bill 1-3 Months Index. As of May 31, 2023. Past results are not predictive of results in future periods.

INVESTMENT
MANAGEMENT
PHILOSOPHY
The complex, ever-changing investment world of today
requires an investment process that is overseen by a team
of experienced investment professionals. Global capital
markets present investors with a host of challenges due to
the combination of an overwhelming amount of information
to analyze and the endless supply of conflicting opinions and
narratives surrounding financial markets. The time and expertise
required to perform in-depth investment research and to make
timely and informed portfolio management decisions requires
both a clear investment process and an experienced investment
team to implement the process.
An old adage states that there is accomplishment through
many advisors. We agree and embrace a variety of investment
perspectives through our investment committee. Our investment
philosophy is well grounded in global macro-economic analysis.
Investment ideas are carefully vetted through a process which
incorporates the diverse range of investment backgrounds
within our firm. This process of multifaceted analysis ensures
that only the strongest investment ideas survive. We are
committed to striking the right balance between risk and
return through managing global, multi-asset class investment
portfolios.
INDEPENDENCE &
CLIENT FOCUS
DIVERSIFICATION
TOP-DOWN, THEMATIC
APPROACH
PERFORMANCE WITH
LIQUIDITY
VARIED INVESTMENT
PERSPECTIVES
OPTIMIZATION OF
EXPENSES AND TAXES
THE INVESTMENT PROCESS
ASSESSMENT OF GLOBAL
ECONOMIC & INVESTMENT
ENVIRONMENT
ASSESS & ANALYZE
THEMES
RESEARCH INVESTMENT
VEHICLES TO FIND
EFFECTIVE IMPLEMENTATION
IDENTIFY
OPPORTUNITIES
STRATEGIC ASSET
ALLOCATION -
Geographies, Sectors,
Capitalizations
INVESTMENT SELECTION -
Open/Closed End Funds, ETFs, Stocks & Bonds

INVESTMENT COMMITTEE
2023
Q2
IN REVIEW
The Investment Committee meets formally each
quarter, and more frequently if market conditions
warrant, to discuss the state of the global economy
and capital markets and to assess the current
asset allocation and positioning of our portfolios.
There’s an art to striking the right balance
between risk and return; pursuing that symmetry
is the core of our investment philosophy. We are
fiduciaries and have our interests aligned with our
clients, as we invest alongside them.​Contact us
at investmentcommittee@iwaplan.com with any
questions or concerns.
STEPHEN WAGNER
CEO, Investment Advisor,
CFP ® , CPFA
VICTORIA BREEN
Investment Advisor &
Financial Planner
MARTHA LAFF
Investment Advisor,
ChFC ® , CLU ® , CRPC ®
CHRISTOPHER WAGNER
Investment Advisor &
Financial Planner, CPFA
MARGARET MARAPAO
Investment Advisor &
Financial Planner, CFP ®
LAINE MILLER
Investment Advisor &
Financial Planner, CFP ®
JOE BARONI
Investment Advisor &
Financial Planner, CFP ®
BOB CHEATHAM
Financial Planner,
CRPS®, MA
DOUG ECKER
Investment Advisor &
Financial Planner, CRPS®
ANDREW MURTHA
Financial Analyst,
MBA
* Financial services experience. Investment Advisory Services are offered through investment advisor representatives of Integrity Wealth Advisors, a Federally Registered Investment Advisor. Victoria Breen,
Bob Cheatham, Doug Ecker, Laine Miller, Joe Baroni and Christopher Wagner are solely investment advisor representatives of Integrity Wealth Advisors. LLC. and not affiliated with LPL Financial.
THOUGHTFUL
INDEPENDENT
FIDUCIARIES
Integrity Wealth Advisors has
been committed to helping
individuals, families, and
businesses grow, preserve, and
distribute wealth since 1979
VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com

THE IMPACT OF
SOUND FINANCIAL
PLANNING
Recent Vanguard research 1 shows that an experienced
wealth management team not only adds peace of mind,
but also may add about 3 percentage points of value in
net portfolio returns over time. What does this mean? Your
team has the ability and the time to evaluate your portfolio
investments, meet with you to discuss objectives, and
help get you through tough markets. All of these factored
together potentially add value to your net returns (returns
after taxes and fees) over time. But the most interesting part
of this research is that it shows that financial planning and
financial coaching contributed to the greater majority of the
added net 3% in net portfolio returns.
It’s important to realize how valuable making sound financial
planning decisions is and that value is added by your
financial planning team. As investors, our emotions can be
our worst enemy, especially when the markets are volatile,
and guidance from a “behavioral coach” can save us from
panic-selling and abandoning long-term financial plans.
Numerous studies demonstrate that advisors can have a
huge impact on investor finances, but it’s hard to say if these
findings have been recognized and understood by everyday
investors.
YOUR MID-YEAR MONEY CHECK-UP
Are you on track to meet your financial goals? Follow these five steps to find out.
Summer is kicking into high gear and your finances may be the last thing on your mind right now.
But here's why it's important to carve out time for a simple five step mid-year money check-up.
Just like the halftime break in football, the purpose is to take a breather, assess progress toward
your goals and adjust your strategy if you aren't on track.
STEP 1: UPDATE YOUR SPENDING PLAN
So often we just tap and pay. It's easy to spend without realizing how much it adds up. That's
why we always recommend you track your monthly expenses: review your credit card statements
or ask us about our Budgeting Tool within our financial planning software. It's important to know
where your money is going. If you identify a spending issue—use the information to intentionally
change your behavior—so you can funnel the money where you want it to go.
STEP 2: CONTRIBUTE TO YOUR COMPANY'S RETIREMENT
PLAN UP TO THE MAXIMUM MATCH
A 401(k) match is money your employer adds to your retirement account, on top
of your own contributions. If your company matches dollar for dollar up to 5%
of your income, then that means if you save 5%, your employer will add
an additional 5% to your retirement account.
Don't leave this free money just lying on the table. Here's what
the impact of an employer match can mean over 35 years:
Let's say you are 30 years old, earn $80,000 per year and
contribute 5% each year until age 65. The value of your
401(k) could be $460,092 at age 65.*
If you add in a dollar for dollar 5% employer match,
the value of your 401(k) at age 65 with the employer
match could be $920,184.
DREAM.
PLAN.
ENJOY.
Your action item: If you couldn't contribute up
to the match amount at the start of the year—
consider this—did you get a pay raise recently?
If yes, carve off as much of that pay increase as
possible to bump up your savings to your match level
now, and increase the amount you are contributing to
your company 401(k) plan.

STEP 3: PAY DOWN NON-DEDUCTIBLE HIGH
INTEREST RATE DEBT
With interest rates so high, non-deductible high interest debt can be more
damaging than you might think. It is important to prioritize this debt in your
financial life.
It may feel comforting to build up your emergency fund, but if you have
reoccurring credit card debt, you are paying more in interest payments than
your emergency fund is earning even in a high yield savings account.
Remember, credit card interest is not deductible, unlike mortgage interest (up
to limits). It's important to stop the clock on high interest debt as fast as you
can because it just keeps spiraling higher every month.
STEP 4: CREATE AN EMERGENCY FUND (OR INCREASE IT)
To keep from dipping into long-term investments or borrowing at high
interest rates when you need cash in a hurry, create an emergency fund that
can cover at least three to six months of essential living expenses like rent or
mortgage, utilities, food, and transportation.
If you don't have three to six months of
savings built up, consider funneling extra
money toward this goal now.
During the pandemic when millions
of people lost their jobs, those
who had an emergency fund
in place experienced that
time with less worry and
had a cushion. Without an emergency fund, you may face choices like living
off high-interest credit cards, pulling money from retirement accounts (and
paying early-withdrawal penalties of 10% or more) or postponing monthly
payments and incurring late fees which could damage your credit score.
In today's interest rate environment, keeping your money in a higher-yielding
savings account is a welcome change. However, consider prioritizing liquidity
and quick access to funds in a pinch over higher interest, as tempting as
that could be. Emergency funds should be held in liquid investments, like
a high interest-bearing bank savings account to provide you fast access to
your cash, versus keeping the funds in, for example, a one-year Certificate of
Deposit or another investment that could be harder to access immediately.
STEP 5: KEEP INVESTING TO BUILD YOUR WEALTH
At this halfway mark in the year—if you discovered "extra money" after you
completed your spending plan and have already conquered the first four
steps—it's time to up your investing game. Rely on your personal goals to
help you decide what to save and invest for next.
What are your financial goals? Do you want to save for a down payment for
a house? Do you want to save for your child's education? Or are you ready to
max out your contribution to your 401(k) and/or IRA? Keep in mind that:
In 2023, the 401(k) contribution limit stands at $22,500 and if you are 50 or
older, you can save an additional $7,500 in catch-up contributions for a total
of $30,000.
The IRA contribution limit totals $6,500 in 2023, with a catch-up contribution
for those 50 or over of an additional $1,000.
USE THESE FIVE STEPS AS YOUR ROADMAP
This mid-year money check-up is a simple way to take stock of your finances and find out where
you are today. Use it as a roadmap to measure against your financial goals. If you are on track,
congratulations! Keep up the good work. Or, if you've veered off course, use this time to adjust your
spending and savings plan. It may only take a few adjustments to help get you back on track.
No matter where you are, there's still time to make progress toward your financial goals in the
second half of the year. You've got this! Get started today.

VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com
The S&P 500 Index or the Standard & Poor's 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 is
a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly
in an index. Note: Investors cannot invest directly in an index. These unmanaged indices do not reflect management fees and transaction costs that are associated
with most investments.
The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries* – excluding the United States. With
1,012 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The Barclays Capital U.S. Aggregate Bond Index is the most common index used to track the performance of investment grade bonds in the U.S.
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any
individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for
you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced
for comparison are unmanaged and cannot be invested into directly. Investing involves risk and possible loss of principal capital; please seek advice from a licensed
professional.
Vanguard research study; Source: Francis M. Kinniry Jr., Colleen M. Jaconetti, Michael A. DiJoseph, and Yan Zilbering, 2014. Putting a value on your value: Quantifying
Vanguard Advisor’s Alpha. Valley Forge, Pa.: The Vanguard Group.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market
risk. Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their
ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.
Integrity Wealth Advisors is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Integrity Wealth Advisors and
its representatives are properly licensed or exempt from licensure. No advice may be rendered by Integrity Wealth Advisors unless a client service agreement is in
place.
Advisory services offered through Integrity Wealth Advisors (IWA), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of
IWA are also registered representatives of, and offer securities through LPL Financial, member FINRA/SIPC. IWA and LPL Financial are separate entities.