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    <link:label id="lab_ck0001511699_S000108086Member_documentation_en-US" xlink:label="lab_ck0001511699_S000108086Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">S000108086 Kensington Premium Opportunities ETF C000279061</link:label>
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    <link:label id="lab_ck0001511699_C000279061Member_label_en-US" xlink:label="lab_ck0001511699_C000279061Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Kensington Premium Opportunities ETF Class</link:label>
    <link:label id="lab_ck0001511699_C000279061Member_documentation_en-US" xlink:label="lab_ck0001511699_C000279061Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">S000108086 Kensington Premium Opportunities ETF C000279061</link:label>
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    <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>
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    <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="ck0001511699-20260824.xsd#ck0001511699_EquitySecuritiesRiskMember"/>
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    <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="ck0001511699-20260824.xsd#ck0001511699_SecuritiesLendingRiskMember"/>
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    <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="ck0001511699-20260824.xsd#ck0001511699_DerivativesRiskOptionsRiskMember"/>
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    <link:label id="lab_ck0001511699_UnderlyingETFsRiskMember_label_en-US" xlink:label="lab_ck0001511699_UnderlyingETFsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underlying ETFs Risk Member</link:label>
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    <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>
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    <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="ck0001511699-20260824.xsd#ck0001511699_LimitedHistoryOfOperationsRiskMember"/>
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    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:href="ck0001511699-20260824.xsd#ck0001511699_ETFRisksCashRedemptionRiskMember"/>
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    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:href="ck0001511699-20260824.xsd#ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember"/>
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    <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="ck0001511699-20260824.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"/>
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    <link:label id="lab_ck0001511699_LargeCapitalizationInvestingMember_documentation_en-US" xlink:label="lab_ck0001511699_LargeCapitalizationInvestingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Large-Capitalization Investing Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_LargeCapitalizationInvestingMember" xlink:href="ck0001511699-20260824.xsd#ck0001511699_LargeCapitalizationInvestingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_LargeCapitalizationInvestingMember" xlink:to="lab_ck0001511699_LargeCapitalizationInvestingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_MarketRiskMember_label_en-US" xlink:label="lab_ck0001511699_MarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Market Risk Member</link:label>
    <link:label id="lab_ck0001511699_MarketRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_MarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Market Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_MarketRiskMember" xlink:href="ck0001511699-20260824.xsd#ck0001511699_MarketRiskMember"/>
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    <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>
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