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    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksCreditRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksCreditRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Credit Risk Member</link:label>
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    <link:label id="lab_ck0001511699_CurrencyRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Currency Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_CurrencyRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_CurrencyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_CurrencyRiskMember" xlink:to="lab_ck0001511699_CurrencyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember_label_en-US" xlink:label="lab_ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">MerQube Hedged Premium Income Index (reflects no deduction for fees, expenses, or taxes)</link:label>
    <link:label id="lab_ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember_documentation_en-US" xlink:label="lab_ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">MerQube Hedged Premium Income Index (reflects no deduction for fees, expenses, or taxes)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember" xlink:to="lab_ck0001511699_MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember_label_en-US" xlink:label="lab_ck0001511699_SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">S&amp;P 500 Total Returns (reflects no deduction for fees, expenses, or taxes)</link:label>
    <link:label id="lab_ck0001511699_SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember_documentation_en-US" xlink:label="lab_ck0001511699_SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">S&amp;P 500 Total Returns (reflects no deduction for fees, expenses, or taxes)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember"/>
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    <link:label id="lab_ck0001511699_EquitySecuritiesRiskMember_label_en-US" xlink:label="lab_ck0001511699_EquitySecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Securities Risk Member</link:label>
    <link:label id="lab_ck0001511699_EquitySecuritiesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_EquitySecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity Securities Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_EquitySecuritiesRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_EquitySecuritiesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_EquitySecuritiesRiskMember" xlink:to="lab_ck0001511699_EquitySecuritiesRiskMember" xlink:type="arc" order="1"/>
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    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksCallRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksCallRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Call Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_FixedIncomeSecuritiesRisksCallRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_FixedIncomeSecuritiesRisksCallRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_FixedIncomeSecuritiesRisksCallRiskMember" xlink:to="lab_ck0001511699_FixedIncomeSecuritiesRisksCallRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_S000097905Member_label_en-US" xlink:label="lab_ck0001511699_S000097905Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Kensington Credit Opportunities ETF</link:label>
    <link:label id="lab_ck0001511699_S000097905Member_documentation_en-US" xlink:label="lab_ck0001511699_S000097905Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Kensington Credit Opportunities ETF</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_S000097905Member" xlink:href="ck0001511699-20260429.xsd#ck0001511699_S000097905Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_S000097905Member" xlink:to="lab_ck0001511699_S000097905Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingShareMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingShareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Costs of Buying Or Selling Share Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingShareMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingShareMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Costs of Buying Or Selling Share Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksCostsOfBuyingOrSellingShareMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ETFRisksCostsOfBuyingOrSellingShareMember"/>
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    <link:label id="lab_ck0001511699_EmergingMarketRiskMember_label_en-US" xlink:label="lab_ck0001511699_EmergingMarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Emerging Market Risk Member</link:label>
    <link:label id="lab_ck0001511699_EmergingMarketRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_EmergingMarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Emerging Market Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_EmergingMarketRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_EmergingMarketRiskMember"/>
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    <link:label id="lab_ck0001511699_U.S.GovernmentSecuritiesRiskMember_label_en-US" xlink:label="lab_ck0001511699_U.S.GovernmentSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">U.S. Government Securities Risk Member</link:label>
    <link:label id="lab_ck0001511699_U.S.GovernmentSecuritiesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_U.S.GovernmentSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">U.S. Government Securities Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_U.S.GovernmentSecuritiesRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_U.S.GovernmentSecuritiesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_U.S.GovernmentSecuritiesRiskMember" xlink:to="lab_ck0001511699_U.S.GovernmentSecuritiesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_TurnoverRiskMember_label_en-US" xlink:label="lab_ck0001511699_TurnoverRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Turnover Risk Member</link:label>
    <link:label id="lab_ck0001511699_TurnoverRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_TurnoverRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Turnover Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_TurnoverRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_TurnoverRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_TurnoverRiskMember" xlink:to="lab_ck0001511699_TurnoverRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_DistributionRiskMember_label_en-US" xlink:label="lab_ck0001511699_DistributionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distribution Risk Member</link:label>
    <link:label id="lab_ck0001511699_DistributionRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_DistributionRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribution Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_DistributionRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_DistributionRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_DistributionRiskMember" xlink:to="lab_ck0001511699_DistributionRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Authorized Participants, Market Makers And Liquidity Providers Concentration Risk Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Authorized Participants, Market Makers And Liquidity Providers Concentration Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:to="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksTradingRiskMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksTradingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Trading Risk Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksTradingRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksTradingRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Trading Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksTradingRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ETFRisksTradingRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksTradingRiskMember" xlink:to="lab_ck0001511699_ETFRisksTradingRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_DerivativesRiskSwapAgreementsRiskMember_label_en-US" xlink:label="lab_ck0001511699_DerivativesRiskSwapAgreementsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives Risk, Swap Agreements Risk Member</link:label>
    <link:label id="lab_ck0001511699_DerivativesRiskSwapAgreementsRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_DerivativesRiskSwapAgreementsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivatives Risk, Swap Agreements Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_DerivativesRiskSwapAgreementsRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_DerivativesRiskSwapAgreementsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_DerivativesRiskSwapAgreementsRiskMember" xlink:to="lab_ck0001511699_DerivativesRiskSwapAgreementsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ValuationRiskMember_label_en-US" xlink:label="lab_ck0001511699_ValuationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Risk Member</link:label>
    <link:label id="lab_ck0001511699_ValuationRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ValuationRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ValuationRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ValuationRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ValuationRiskMember" xlink:to="lab_ck0001511699_ValuationRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ManagementRiskMember_label_en-US" xlink:label="lab_ck0001511699_ManagementRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Risk Member</link:label>
    <link:label id="lab_ck0001511699_ManagementRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ManagementRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Management Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ManagementRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ManagementRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ManagementRiskMember" xlink:to="lab_ck0001511699_ManagementRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_BusinessDevelopmentCompanyRiskMember_label_en-US" xlink:label="lab_ck0001511699_BusinessDevelopmentCompanyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Development Company Risk Member</link:label>
    <link:label id="lab_ck0001511699_BusinessDevelopmentCompanyRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_BusinessDevelopmentCompanyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Business Development Company Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_BusinessDevelopmentCompanyRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_BusinessDevelopmentCompanyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_BusinessDevelopmentCompanyRiskMember" xlink:to="lab_ck0001511699_BusinessDevelopmentCompanyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember_label_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Prepayment And Extension Risk Member</link:label>
    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Prepayment And Extension Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember" xlink:to="lab_ck0001511699_FixedIncomeSecuritiesRisksPrepaymentAndExtensionRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_DerivativesRiskMember_label_en-US" xlink:label="lab_ck0001511699_DerivativesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives Risk Member</link:label>
    <link:label id="lab_ck0001511699_DerivativesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_DerivativesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivatives Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_DerivativesRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_DerivativesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_DerivativesRiskMember" xlink:to="lab_ck0001511699_DerivativesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_HighYieldBondRiskMember_label_en-US" xlink:label="lab_ck0001511699_HighYieldBondRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">High-Yield Bond Risk Member</link:label>
    <link:label id="lab_ck0001511699_HighYieldBondRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_HighYieldBondRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">High-Yield Bond Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_HighYieldBondRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_HighYieldBondRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_HighYieldBondRiskMember" xlink:to="lab_ck0001511699_HighYieldBondRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_S000087366Member_label_en-US" xlink:label="lab_ck0001511699_S000087366Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Kensington Hedged Premium Income ETF</link:label>
    <link:label id="lab_ck0001511699_S000087366Member_documentation_en-US" xlink:label="lab_ck0001511699_S000087366Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Kensington Hedged Premium Income ETF, S000087366</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_S000087366Member" xlink:href="ck0001511699-20260429.xsd#ck0001511699_S000087366Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_S000087366Member" xlink:to="lab_ck0001511699_S000087366Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_UnderlyingFundsRiskMember_label_en-US" xlink:label="lab_ck0001511699_UnderlyingFundsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underlying Funds Risk Member</link:label>
    <link:label id="lab_ck0001511699_UnderlyingFundsRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_UnderlyingFundsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Underlying Funds Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_UnderlyingFundsRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_UnderlyingFundsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_UnderlyingFundsRiskMember" xlink:to="lab_ck0001511699_UnderlyingFundsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember_label_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Duration Risk Member</link:label>
    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Duration Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember" xlink:to="lab_ck0001511699_FixedIncomeSecuritiesRisksDurationRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_DividendOrientedCompaniesRiskMember_label_en-US" xlink:label="lab_ck0001511699_DividendOrientedCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividend-Oriented Companies Risk Member</link:label>
    <link:label id="lab_ck0001511699_DividendOrientedCompaniesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_DividendOrientedCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividend-Oriented Companies Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_DividendOrientedCompaniesRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_DividendOrientedCompaniesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_DividendOrientedCompaniesRiskMember" xlink:to="lab_ck0001511699_DividendOrientedCompaniesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ETFRisksMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksMember" xlink:to="lab_ck0001511699_ETFRisksMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ShortSaleRiskMember_label_en-US" xlink:label="lab_ck0001511699_ShortSaleRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short Sale Risk Member</link:label>
    <link:label id="lab_ck0001511699_ShortSaleRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ShortSaleRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Short Sale Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ShortSaleRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ShortSaleRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ShortSaleRiskMember" xlink:to="lab_ck0001511699_ShortSaleRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember_label_en-US" xlink:label="lab_ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underlying Funds Risk, Net Asset Value And Market Price Risk Member</link:label>
    <link:label id="lab_ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Underlying Funds Risk, Net Asset Value And Market Price Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember" xlink:to="lab_ck0001511699_UnderlyingFundsRiskNetAssetValueAndMarketPriceRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_SecuritiesLendingRiskMember_label_en-US" xlink:label="lab_ck0001511699_SecuritiesLendingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securities Lending Risk Member</link:label>
    <link:label id="lab_ck0001511699_SecuritiesLendingRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_SecuritiesLendingRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Securities Lending Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_SecuritiesLendingRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_SecuritiesLendingRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_SecuritiesLendingRiskMember" xlink:to="lab_ck0001511699_SecuritiesLendingRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_UnderlyingFundsRiskTrackingRiskMember_label_en-US" xlink:label="lab_ck0001511699_UnderlyingFundsRiskTrackingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underlying Funds Risk, Tracking Risk Member</link:label>
    <link:label id="lab_ck0001511699_UnderlyingFundsRiskTrackingRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_UnderlyingFundsRiskTrackingRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Underlying Funds Risk, Tracking Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_UnderlyingFundsRiskTrackingRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_UnderlyingFundsRiskTrackingRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_UnderlyingFundsRiskTrackingRiskMember" xlink:to="lab_ck0001511699_UnderlyingFundsRiskTrackingRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_DerivativesRiskOptionsRiskMember_label_en-US" xlink:label="lab_ck0001511699_DerivativesRiskOptionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives Risk, Options Risk Member</link:label>
    <link:label id="lab_ck0001511699_DerivativesRiskOptionsRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_DerivativesRiskOptionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivatives Risk, Options Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_DerivativesRiskOptionsRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_DerivativesRiskOptionsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_DerivativesRiskOptionsRiskMember" xlink:to="lab_ck0001511699_DerivativesRiskOptionsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_C000267415Member_label_en-US" xlink:label="lab_ck0001511699_C000267415Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Kensington Credit Opportunities ETF Class</link:label>
    <link:label id="lab_ck0001511699_C000267415Member_documentation_en-US" xlink:label="lab_ck0001511699_C000267415Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Kensington Credit Opportunities ETF Class</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_C000267415Member" xlink:href="ck0001511699-20260429.xsd#ck0001511699_C000267415Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_C000267415Member" xlink:to="lab_ck0001511699_C000267415Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember_label_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Liquidity Risk Member</link:label>
    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Liquidity Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember" xlink:to="lab_ck0001511699_FixedIncomeSecuritiesRisksLiquidityRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ForeignInvestmentRiskMember_label_en-US" xlink:label="lab_ck0001511699_ForeignInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign Investment Risk Member</link:label>
    <link:label id="lab_ck0001511699_ForeignInvestmentRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ForeignInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Foreign Investment Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ForeignInvestmentRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ForeignInvestmentRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ForeignInvestmentRiskMember" xlink:to="lab_ck0001511699_ForeignInvestmentRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Shares May Trade At Prices Other Than NAV Risk Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Shares May Trade At Prices Other Than NAV Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember" xlink:to="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_LimitedHistoryOfOperationsRiskMember_label_en-US" xlink:label="lab_ck0001511699_LimitedHistoryOfOperationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Limited History Of Operations Risk Member</link:label>
    <link:label id="lab_ck0001511699_LimitedHistoryOfOperationsRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_LimitedHistoryOfOperationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Limited History Of Operations Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_LimitedHistoryOfOperationsRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_LimitedHistoryOfOperationsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_LimitedHistoryOfOperationsRiskMember" xlink:to="lab_ck0001511699_LimitedHistoryOfOperationsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksCashRedemptionRiskMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Cash Redemption Risk Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksCashRedemptionRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Cash Redemption Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ETFRisksCashRedemptionRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:to="lab_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_DerivativesRiskFuturesContractRiskMember_label_en-US" xlink:label="lab_ck0001511699_DerivativesRiskFuturesContractRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives Risk, Futures Contract Risk Member</link:label>
    <link:label id="lab_ck0001511699_DerivativesRiskFuturesContractRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_DerivativesRiskFuturesContractRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivatives Risk, Futures Contract Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_DerivativesRiskFuturesContractRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_DerivativesRiskFuturesContractRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_DerivativesRiskFuturesContractRiskMember" xlink:to="lab_ck0001511699_DerivativesRiskFuturesContractRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ModelsAndDataRiskMember_label_en-US" xlink:label="lab_ck0001511699_ModelsAndDataRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Models and Data Risk Member</link:label>
    <link:label id="lab_ck0001511699_ModelsAndDataRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ModelsAndDataRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Models and Data Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ModelsAndDataRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_ModelsAndDataRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ModelsAndDataRiskMember" xlink:to="lab_ck0001511699_ModelsAndDataRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_GeographicFocusRiskMember_label_en-US" xlink:label="lab_ck0001511699_GeographicFocusRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographic Focus Risk Member</link:label>
    <link:label id="lab_ck0001511699_GeographicFocusRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_GeographicFocusRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Geographic Focus Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_GeographicFocusRiskMember" xlink:href="ck0001511699-20260429.xsd#ck0001511699_GeographicFocusRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_GeographicFocusRiskMember" xlink:to="lab_ck0001511699_GeographicFocusRiskMember" xlink:type="arc" order="1"/>
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    <link:label id="lab_ck0001511699_FixedIncomeSecuritiesRisksInterestRateRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_FixedIncomeSecuritiesRisksInterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Income Securities Risks, Interest Rate Risk Member</link:label>
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