Valmark Advisers, Inc. Buys SPDR SERIES TRUST, SPDR SERIES TRUST, Invesco MSCI Global Timber ETF, Sells SPDR Russell Small Cap Complet, ISHARES TRUST, ISHARES TRUST

• New Purchases: SPMD, CUT, FTCS, JKG, BAND, JKH, GOVT, FV, FPE, QTRX, TWLO, MIME, BIV, MMM, XLY, SMAR, AVLR, PLAN, ZM, UBER, VFH, FLOT, XLF, IUSV, IWB, IWS, VOOG, VIGI, ZBRA, COST, GD, HON, LOW, NSC, NVS, CLDR, PRO, TSLA, QLYS, FOXF, EVBG, RPD, SHOP, GDDY, BABA, MODN, SYK, BSGM, NKE, JPST, OSW, USIG, ITW, FTV, VV, DUK,
• Added Positions: SPSM, IAU, MGK, SPDW, VTI, IWM, VGSH, SPEM, MSFT, ITOT, BSV, HYG, GOOG, FB, QQEW, SPTM, VCSH, VGIT, VHT, VOOV, AAPL, VXUS, SCHP, SCHM, SCHA, RWX, RWR, VSS, FVD, EBND, AMZN, BSCL, BSCM, NLY, BSCK, BND, BNDX, STIP, PG, SPY, GE, GOOGL, JNJ, LMT, MCD, PEP, SCHD, SCHB, XLK, SUB, XOM, VDE, LLY, CMCSA, VGT, KO, CVX, ADP, VTEB, T, IEFA, IGSB, DES, DGRO, DVY, DWM, EEM, EFG, FTSM, GNR, HYS, IAGG, AGG, SO, IEI, IGE, MA, DIS, IWP, IXUS, VZ, MINT, RTX, REZ, USB,
• Reduced Positions: IJH, IJR, VOO, VEA, VWO, SPYG, GUNR, LQD, VEU, HYLB, VNQI, IVE, SPSB, VNQ, IVW, EMLC, SCHR, FLRN, TDTT, IGM, BKLN, CWI, DGS, IVV, IWF, MBB, RWO, QQQ, PZA, PFF, XLU, PCEF, SDY, SLYG, SPHD, TFI, VAW, VB, VIG, VO, VPU, VUG, VYM, WIP, XLE, ACN, WMT, AMGN, BA, BMY, CSCO, NEE, HD, IBM, INTC, JPM, MRK, NFLX, PFE, UNP, UNH, MUB, WEC, AOA, EFA, FTEC, GLD, GWX, IDV, IEF, IEMG, ITA, IWD, IWR, IYW, MDY,
• Sold Out: EMM, DON, XSLV, CM, RTN, DLN, STPZ, VEON, KMI, OTIS,

For the details of Valmark Advisers, Inc.'s stock buys and sells, go to https://www.gurufocus.com/guru/valmark+advisers%2C+inc./current-portfolio/portfolio

1. VANGUARD TAX MANAG (VEA) - 11,808,716 shares, 10.81% of the total portfolio. Shares reduced by 5.18%
2. VANGUARD INDEX FDS (VOO) - 1,259,594 shares, 8.43% of the total portfolio. Shares reduced by 8.11%
3. VANGUARD INTL EQUI (VWO) - 6,804,725 shares, 6.36% of the total portfolio. Shares reduced by 6.44%
4. Vanguard Short-Term Inflation-Protected Securities (VTIP) - 5,123,621 shares, 6.07% of the total portfolio. Shares added by 0.37%
5. SPDR SERIES TRUST (SPMD) - 8,194,334 shares, 6.04% of the total portfolio. New Position

Valmark Advisers, Inc. initiated holding in SPDR SERIES TRUST. The purchase prices were between $23.46 and $34.21, with an estimated average price of $29.14. The stock is now traded at around $34.02. The impact to a portfolio due to this purchase was 6.04%. The holding were 8,194,334 shares as of .

Valmark Advisers, Inc. initiated holding in Invesco MSCI Global Timber ETF. The purchase prices were between $19.63 and $26.27, with an estimated average price of $23.09. The stock is now traded at around $27.27. The impact to a portfolio due to this purchase was 0.14%. The holding were 247,826 shares as of .

Valmark Advisers, Inc. initiated holding in First Trust Capital Strength ETF. The purchase prices were between $47.78 and $59.86, with an estimated average price of $55.79. The stock is now traded at around $63.84. The impact to a portfolio due to this purchase was 0.1%. The holding were 72,002 shares as of .

Valmark Advisers, Inc. initiated holding in ISHARES TRUST. The purchase prices were between $142.82 and $200.05, with an estimated average price of $173.25. The stock is now traded at around $202.67. The impact to a portfolio due to this purchase was 0.05%. The holding were 11,267 shares as of .

Valmark Advisers, Inc. initiated holding in ISHARES TRUST. The purchase prices were between $208.45 and $294.09, with an estimated average price of $263.36. The stock is now traded at around $319.60. The impact to a portfolio due to this purchase was 0.04%. The holding were 6,230 shares as of .

Valmark Advisers, Inc. initiated holding in Bandwidth Inc. The purchase prices were between $63.61 and $129.35, with an estimated average price of $100.22. The stock is now traded at around $153.32. The impact to a portfolio due to this purchase was 0.04%. The holding were 12,913 shares as of .

Valmark Advisers, Inc. added to a holding in SPDR SERIES TRUST by 30.90%. The purchase prices were between $19.87 and $29.39, with an estimated average price of $24.52. The stock is now traded at around $29.23. The impact to a portfolio due to this purchase was 1.05%. The holding were 7,088,175 shares as of .

Valmark Advisers, Inc. added to a holding in ISHARES GOLD TRUST by 2470.88%. The purchase prices were between $15.07 and $16.99, with an estimated average price of $16.36. The stock is now traded at around $18.57. The impact to a portfolio due to this purchase was 0.12%. The holding were 311,694 shares as of .

Valmark Advisers, Inc. added to a holding in VANGUARD WORLD FD by 321.52%. The purchase prices were between $121.38 and $165.27, with an estimated average price of $148.71. The stock is now traded at around $184.53. The impact to a portfolio due to this purchase was 0.1%. The holding were 32,891 shares as of .

Valmark Advisers, Inc. added to a holding in SPDR INDEX SHS FDS by 64.84%. The purchase prices were between $22.87 and $29.3, with an estimated average price of $26.11. The stock is now traded at around $29.78. The impact to a portfolio due to this purchase was 0.08%. The holding were 301,459 shares as of .

Valmark Advisers, Inc. added to a holding in ISHARES TRUST by 469.85%. The purchase prices were between $104.27 and $152.57, with an estimated average price of $130.6. The stock is now traded at around $157.44. The impact to a portfolio due to this purchase was 0.07%. The holding were 26,287 shares as of .

Valmark Advisers, Inc. added to a holding in SPDR INDEX SHS FDS by 55.09%. The purchase prices were between $27.38 and $34.3, with an estimated average price of $31.2. The stock is now traded at around $36.87. The impact to a portfolio due to this purchase was 0.05%. The holding were 159,031 shares as of .

Valmark Advisers, Inc. sold out a holding in SPDR Russell Small Cap Complet. The sale prices were between $82.85 and $82.85, with an estimated average price of $82.85.

Valmark Advisers, Inc. sold out a holding in WISDOMTREE TRUST. The sale prices were between $22.03 and $31.84, with an estimated average price of $26.74.

Valmark Advisers, Inc. sold out a holding in Invesco S P SmallCap Low Volatility ETF. The sale prices were between $29.54 and $36.83, with an estimated average price of $33.23.

Valmark Advisers, Inc. sold out a holding in Raytheon Co. The sale prices were between $116.96 and $131.15, with an estimated average price of $123.51.

Valmark Advisers, Inc. sold out a holding in PIMCO ETF TRUST. The sale prices were between $51.64 and $53.25, with an estimated average price of $52.64.

Valmark Advisers, Inc. sold out a holding in Canadian Imperial Bank of Commerce. The sale prices were between $54.64 and $74.01, with an estimated average price of $62.32.