Ancora West Advisors LLC

Item 5: Fees and Compensation
Management fees are based on the value of assets managed and fees are calculated as a percentage of
assets under management. Fees are negotiable.

Description
Annual fees are charged monthly (1/12 of annual fee) in advance based upon market price evaluations
done by the client’s custodian or other pricing service at the end of each calendar month. The firm will
receive a specific amount of the overall basis points charged by the Exchange Traded funds the firm
manages from the primary advisor over the ETFs

Fee Billing
The Firm manages an Exchange Traded Funds in which each fund charges clients a specific amount of
basis points to invest in the Exchange Traded Fund. If Universal Value Advisors places its clients in the
ETF Fund, the firm will credit fees received from the ETF against the fees charged by the firm to clients.

Other Fees

Our management fees are separate from charges assessed by third parties such as broker dealers,
custodians and mutual fund companies. Brokerage and other transaction costs charged by broker
dealers executing transactions and custodians maintaining your assets are in addition to the management
fees and are not negotiable. Mutual funds, variable annuities and or other platforms may assess other
fees and expenses such as 12B-1 fees or commissions in connection with the placement of your funds.

Fees Paid in Advance and Termination of Advisory Services
Our fees are charged quarterly.

Clients may terminate their advisory contract with Universal Value Advisors in writing, signed receipt
required, at any time, and fees will be refunded on a pro-rated basis through the end of the calendar
quarter. Universal Value Advisors may terminate relationships with clients, in writing, upon 30 days notice
and will refund fees on a pro-rated basis through the end of the calendar quarter. Your death will not
terminate the Investment Management Agreement or authority granted to Universal Value Advisors until
we have received actual written notification of your death. When an account is terminated by you for any
reason, there will be a $250 administration fee.

Additional Compensation
Universal Value Advisors does not receive any additional compensation.

Item 7: Types of Clients
Description
We specialize in customized portfolio management for Exchange Traded Funds..

Account Minimums
There are no account minimums.