Arlington Partners LLC

Item 5 - Fees and Compensation

ETF FEES AND COMPENSATION
Arlington Partners has entered into an investment advisory agreement with ETFOT under which
Arlington Partners serves as investment adviser to an Advised ETF, AQEC, and will enter into
similar investment advisory agreements (or sub-advisory agreements) in connection with any future
Advised ETFs. Arlington Partners’ fees and other compensation for investment advisory services to
an Advised ETF will be described in the Advised ETF’s prospectus and statement of additional
information. Advised ETF investors also should review the Advised ETF’s prospectus and
statement of additional information for a description of other types of fees and expenses (both
direct and indirect) applicable to an investment in the Advised ETF. The sponsor, administrator,
custodian and distributor of the Advised ETFs will not be affiliated with Arlington Partners.

FEES AND COMPENSATION RELATED TO ARLINGTON-AFFILIATED PRIVATE FUNDS
Overview
We and certain of our other affiliates will be entitled to receive various types of fees and other
compensation for fund management services, investment advisory services, custody services and
other administrative and support services provided to the Arlington-Affiliated Private Funds. The
fees and other compensation we and, where applicable, our affiliate will receive from the Arlington-
Affiliated Private Funds for fund management and/or investment advisory services (“Fund
Management/Advisory Fees”) are determined on a fund-by-fund basis. In addition to Fund
Management/Advisory Fees, generally we will be entitled to receive an administrative service fee
(“Administrative Service Fees”). Such Fund Management/Advisory Fees and Administrative
Service Fees typically are calculated as a percentage per annum of the applicable Arlington-Affiliated
Private Fund’s net asset value or committed capital and are payable quarterly. Currently, Fund
Management/Advisory Fees range from 0.50% to 1.00% per annum. Administrative Service Fees
currently are 0.25% per annum. Eligible investors should review the applicable fund Offering

                                                 Arlington Partners, LLC | Part 2A of Form ADV – Firm Brochure | March 2026

Documents for information regarding applicable Fund Management/Advisory Fees, Administrative
Service Fees and other fees and compensation payable to us and our affiliates.

In those instances in which Fund Management/Advisory Fees and Administrative Service Fees are
assessed at the Arlington-Affiliated Private Fund level, the Fund Management/Advisory Fees and
Administrative Service Fees are payable, directly or indirectly, from the assets of the applicable
Arlington-Affiliated Private Fund. In the case of some, but not all, Arlington-Affiliated Private
Funds, a waiver, rebate, reimbursement, or similar accommodation will apply to the Fund
Management/Advisory Fees in the case of investors who are Arlington Family Offices clients and
who satisfy certain criteria. Under the Offering Documents for some Arlington-Affiliated Private
Funds, Fund Management/Advisory Fees will not be charged at the fund level, but investors who
did not at the time they invested, or after investing ceased to, maintain a qualifying managed account
relationship with Arlington Family Offices agree to pay us fees that are calculated as a stated
percentage of the investor’s capital commitment or capital account balance and payable quarterly in
advance.

In the case of Fund Management/Advisory Fees, Administrative Service Fees, custody fees, and
other fees and compensation payable to us and/or our affiliates that are calculated on the basis of an
Arlington-Affiliated Private Fund’s assets, net assets, net asset value or similar factors, all assets of
the Fund will be taken into account in calculating the applicable fee or other compensation,
including, without limitation, assets held in cash/cash equivalent investments such as short-term
money market instruments, money market mutual funds, certificates of deposit, money market
deposit accounts and other bank deposits, US Treasury Bills and the like. See Item 8 - Methods of
Analysis, Investment Strategies and Risk of Loss - Investment Strategies” for additional
information.

In the case of some Arlington-Affiliated Private Funds and Fund-Related Entities, certain types of
performance-based compensation (such as incentive fee, profits interest and carried interest
arrangements) are payable to the Fund Manager (typically Arlington Partners) or other affiliates of
Arlington Partners. See Item 6 – Performance-Based Fees and Side-By-Side Management for
additional information.

In addition to applicable fees payable by the Arlington-Affiliated Private Funds and Fund-Related
Entities, we and, where applicable, our affiliates are entitled to payment or reimbursement of
expenses incurred in connection with the establishment and operation of the Arlington-Affiliated
Private Funds and Fund-Related Entities, subject to any applicable conditions, limitations and
restrictions set forth in the Offering Documents. See below under “Expenses of the Arlington-
Affiliated Private Funds and Fund-Related Entities.”

                                                Arlington Partners, LLC | Part 2A of Form ADV – Firm Brochure | March 2026

Custody Services Fees and Related Compensation
Arlington Trust serves as the custodian for the Arlington-Affiliated Private Funds and Fund-Related
Entities and Arlington Trust, Arlington Associates and other of our affiliates provide a variety of
other services to the Arlington-Affiliated Private Funds and Fund-Related Entities, including but not
limited to administrative services, accounting services, bookkeeping services, legal services, tax
preparation services, compliance support services, technology support services and other services,
for which they receive fees and/or other forms of compensation from the Arlington-Affiliated
...

Item 7 - Types of Clients

We provide investment advisory services to Arlington-Affiliated Private Funds, including in
connection with their investment activities through Fund-Related Entities, where applicable, and, in
addition, we provide investment advisory services or sub-advisory services to one or more Advised
ETFs. Neither we nor any other Fund Manager or Fund-Related Entity Manager provides
investment advisory services to natural persons or to other types of entities, including to investors in
the Arlington-Affiliated Private Funds or the Advised ETFs on a personalized basis.

In the case of each of the Arlington-Affiliated Private Funds, Arlington Partners and the applicable
Arlington-Affiliated Private Fund enters into an investment management agreement to document
the services Arlington Partners will provide and the Fund Management/Advisory Fees it will
receive..

Each Arlington-Affiliated Private Fund imposes minimum investment amounts, which are described
in the applicable Offering Documents. In addition to completing and signing the Arlington-
Affiliated Private Fund’s subscription agreement and other required documentation, each investor
generally is required to certify, among other things, that the investor is an "accredited investor" (as
defined in Rule 501, Regulation D under the Securities Act of 1933) and a “qualified purchaser” (as
defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended).

In the case of the Advised ETFs, Arlington Partners will enter into an investment advisory
agreement(or, if applicable, sub-advisory agreement) with or approved by the Advised ETF Board
Arlington Partners’ fees for investment advisory services to the Advised ETF are approved by the
Advised ETF Board and are described in the Advised ETF’s prospectus and/or statement of
additional information.