Sage Advisory Services, Ltd.Co. Buys iShares Edge MSCI USA Value Factor ETF, iShares MSCI EAFE Value ETF, SPDR S&P Emerging Asia Pacific ETF, Sells Vanguard REIT ETF, Consumer Staples Select Sector SPDR Fund, iShares Core S&P 500 ETF

• New Purchases: VLUE, EFV, GMF, SCHD, EUFN, QQQ,
• Added Positions: BLV, EMB, IGLB, PCY, LQD, EMLC, FTSM,
• Reduced Positions: VNQ, XLP, IVV, XLK, HYG, MINT, IDV, PFF, TLT, SHYG, JPST, SHV, BSV, IEMG, IJR, SHY, IEF, MBB, VYM, CWB, TIP,
• Sold Out: JNK, AMLP,

For the details of Sage Advisory Services, Ltd.Co.'s stock buys and sells, go to https://www.gurufocus.com/guru/sage+advisory+services%2C+ltd.co./current-portfolio/portfolio

1. iShares Core MSCI EAFE ETF (IEFA) - 409,925 shares, 10.98% of the total portfolio. Shares added by 0.04%
2. Technology Select Sector SPDR Fund (XLK) - 229,771 shares, 8.65% of the total portfolio. Shares reduced by 29.88%
3. iShares Edge MSCI USA Value Factor ETF (VLUE) - 213,170 shares, 7.85% of the total portfolio. New Position
4. SPDR S&P Dividend ETF (SDY) - 175,630 shares, 7.75% of the total portfolio. Shares added by 0.45%
5. iShares Core S&P Small-Cap ETF (IJR) - 183,321 shares, 6.31% of the total portfolio. Shares reduced by 1.17%

Sage Advisory Services, Ltd.Co. initiated holding in iShares Edge MSCI USA Value Factor ETF. The purchase prices were between $78.54 and $90.11, with an estimated average price of $85.93. The stock is now traded at around $88.95. The impact to a portfolio due to this purchase was 7.85%. The holding were 213,170 shares as of .

Sage Advisory Services, Ltd.Co. initiated holding in iShares MSCI EAFE Value ETF. The purchase prices were between $45.06 and $50.2, with an estimated average price of $48.32. The stock is now traded at around $48.64. The impact to a portfolio due to this purchase was 5.43%. The holding were 264,979 shares as of .

Sage Advisory Services, Ltd.Co. initiated holding in SPDR S&P Emerging Asia Pacific ETF. The purchase prices were between $91.26 and $103.75, with an estimated average price of $97.63. The stock is now traded at around $100.53. The impact to a portfolio due to this purchase was 3.12%. The holding were 73,616 shares as of .

Sage Advisory Services, Ltd.Co. initiated holding in Schwab U.S. Dividend Equity ETF. The purchase prices were between $52.87 and $58.15, with an estimated average price of $56.27. The stock is now traded at around $58.39. The impact to a portfolio due to this purchase was 1.29%. The holding were 54,372 shares as of .

Sage Advisory Services, Ltd.Co. initiated holding in iShares MSCI Europe Financial Sector Index Fund. The purchase prices were between $16.77 and $19.55, with an estimated average price of $18.59. The stock is now traded at around $18.72. The impact to a portfolio due to this purchase was 0.78%. The holding were 97,515 shares as of .

Sage Advisory Services, Ltd.Co. initiated holding in PowerShares QQQ Trust Ser 1. The purchase prices were between $184.05 and $213.79, with an estimated average price of $200.68. The stock is now traded at around $220.85. The impact to a portfolio due to this purchase was 0.45%. The holding were 5,160 shares as of .

Sage Advisory Services, Ltd.Co. added to a holding in Vanguard Long-Term Bond ETF by 63.33%. The purchase prices were between $98.12 and $103.07, with an estimated average price of $100.58. The stock is now traded at around $104.47. The impact to a portfolio due to this purchase was 0.46%. The holding were 28,596 shares as of .

Sage Advisory Services, Ltd.Co. added to a holding in iShares Long-Term Corporate Bond ETF by 47.96%. The purchase prices were between $64.93 and $67.17, with an estimated average price of $66.31. The stock is now traded at around $68.69. The impact to a portfolio due to this purchase was 0.15%. The holding were 16,603 shares as of .

Sage Advisory Services, Ltd.Co. added to a holding in iShares iBoxx $ Investment Grade Corporate Bond ET by 63.05%. The purchase prices were between $125.71 and $128.49, with an estimated average price of $127.36. The stock is now traded at around $130.25. The impact to a portfolio due to this purchase was 0.07%. The holding were 3,654 shares as of .

Sage Advisory Services, Ltd.Co. sold out a holding in SPDR Barclays High Yield Bond ETF. The sale prices were between $105.79 and $109.6, with an estimated average price of $107.53.

Sage Advisory Services, Ltd.Co. sold out a holding in Alerian MLP ETF. The sale prices were between $7.68 and $8.83, with an estimated average price of $8.28.