Aptus Capital Advisors LLC

Item 5 - Fees and Compensation

General Fee Information
Fees paid to ACA are exclusive of all custodial and transaction costs paid to the client’s custodian, brokers or
other third- party consultants. Please see Item 12 – Brokerage Practices for additional information. Fees
paid to ACA are also separate and distinct from the fees and expenses charged by mutual funds, ETFs
(exchange traded funds) or other investment pools to their shareholders (generally including a management
fee and fund expenses, as described in each fund’s prospectus or offering materials). The client should
review all fees charged by funds, brokers, ACA and others to fully understand the total amount of fees paid
by the client for investment and financial-related services.

The client may terminate the Investment Advisory Agreement within five (5) days of signing, without
penalty. Thereafter, either ACA or the client may terminate their Investment Advisory Agreement at any time,
subject to any written notice requirements in the agreement. In the event of termination, any paid but
unearned fees will be promptly refunded to the client, and any fees due to ACA from the client will be
invoiced or deducted from the client’s account prior to termination.

ACA initiates fees at 75 basis points (0.75%) of assets under management for portfolio management
services for individual account investors. However, ACA may, at its discretion, make exceptions to its fee
arrangements or negotiate fee arrangements where ACA deems it appropriate under the circumstances.

The Management Fee of Client assets shall be calculated and billed at the stated rates monthly or quarterly
either in advance or arrears as indicated in Schedule A to the Investment Management Agreement, based
upon the total market value of the assets as to which investment advisory services are being rendered on the
Effective Date of the Investment Management Agreement and thereafter on the beginning or last trading day
of each month or quarter.

With client authorization and unless other arrangements are made, fees are normally debited directly from
client account(s).
Aptus Exchange Traded Fund Fees
ACA has entered into an investment advisory agreement with the ESS board of trustees for the
management of the Aptus ETFs. Such agreements contain ACA’s fees, which are negotiated on a case-by-
case basis. Such fees are generally disclosed in a Fund’s offering documents, though certain documents
may only contain a general discussion of ACA’s advisory services. The Funds do not charge incentive fees.
All fees paid to our firm for investment advisory services are separate and distinct from the fees and
expenses charged by these vehicles to their shareholders. These fees and expenses are described in each
such fund’s prospectus.

For serving as the investment adviser to the Aptus Funds, each Fund will pay ACA a management fee,
which can be found or are stated in each funds respective offering documents, at an annual rate based on
the daily average net asset value of the portfolio. Fund investors will also be subject to additional fees and
expenses which are more fully explained in respective Fund prospectuses. Offering documents such as the
prospectus and Statement of Additional Information (“SAI”) can be located at the ETFs website,
https://aptusetfs.com/ and https://aptusetfs.com/buffered-funds/.

A list of Funds offered by Aptus include:

 Name                                                           Ticker
 Aptus Drawdown Managed Equity ETF                              ADME
 Aptus Collared Investment Opportunity ETF                      ACIO
 Aptus Defined Risk ETF                                         DRSK
 Opus Small Cap Value ETF                                       OSCV
 Aptus International Enhanced Yield ETF                         IDUB
 Aptus Enhanced Yield ETF                                       JUCY
 Aptus Large Cap Enhanced Yield ETF                             DUBS
 Aptus Large Cap Upside ETF                                     UPSD
 Aptus Deferred Income ETF                                      DEFR
 Aptus January Buffer ETF                                       JANB
 Aptus April Buffer ETF                                         APRB
 Aptus July Buffer ETF                                          JULB
 Aptus October Buffer ETF                                       OCTB
 Aptus Laddered Buffer ETF                                      ABUF
 Aptus January Deep Buffer ETF                                  JADB
 Aptus April Deep Buffer ETF                                    APDB
 Aptus July Deep Buffer ETF                                     JUDB
 Aptus October Deep Buffer ETF                                  OCDB
 Aptus Laddered Deep Buffer ETF                                 ALDB

Client Investments with Aptus Exchange Traded Funds
Under normal circumstances and in accordance with the client’s established Investment Plan and risk
tolerance ACA will recommend investments that include Aptus ETFs. Clients investing in the Funds will be
subject to both the Fund’s management fees (which are payable to ACA as adviser to the Funds and set forth
above) and ACA’s portfolio management or services fees. The receipt of additional compensation from the
Funds provides an incentive for ACA to invest client assets in the Funds. This potential conflict of interest is
disclosed to clients in this Form ADV and also in the client Investment Agreement signed by the client at the
outset of a working relationship. The fees charged for portfolio management services, together with fees
paid to ACA indirectly through the Funds, may be higher than the fees charged by other investment advisers
for similar investment advisory services. Clients may also independently invest in Fund shares through other
financial services firms/broker- dealers.

Options Overlay Services
Compensation for the Option Overlay Services on concentrated positions or custom mandated target
...

Item 7 - Types of Clients

ACA serves individuals, high net worth individuals, small businesses, trusts, estates, Registered Investment
Companies, Platform Fund Specialist Services clients and other Registered Investment Professionals. The
minimum portfolio size is $50,000 under certain circumstances and in its sole discretion, ACA may negotiate
such minimum.