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Exhibit 7 – Relative Performance of World Momentum-Based Portfolios

Yuling "Ivey" Zhang joined Newfound Research for a quantitative research analyst co-op position from June 2019 - December 2019. Prior to joining Newfound, Ivey co-oped with Ovata Capital Management in Hong Kong, where she automated operational and investment procedures, back-tested and developed trading strategies for PMs and senior analysts, and constructed P&L analysis. Ivey is pursuing her Bachelors of Science in Mathematics and Finance at Northeastern University and expects to graduate in 2020.

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