ARS Investment Partners LLC

Item 5: Fees & Compensation

Advisory Services Fees & Compensation
ARS charges an asset-based advisory fee, calculated as a percentage of assets under management (“AUM”). The
specific fee schedule and billing terms are outlined in each client’s IMA and as described herein.

Fee Negotiation Availability
Advisory fees are negotiable up to the maximum annual rates listed herein, subject to certain limitations and ARS'
approval. ARS, in its sole discretion, can charge lesser fees or choose to reduce or waive minimum fees for services
based upon specific criteria such as pre-existing Client relationships, the number of related investment accounts,
inception date, total account assets under management, expected additional assets, anticipated future earning
capacity, account composition, and Client negotiations, among others.

At ARS’ discretion, certain accounts can be assessed fees based on the total balance of all related accounts.

While ARS seeks to facilitate advantageous agreements for Clients, to the extent fees are negotiable, some Clients
can pay higher (more) or lower (less) fees than other Clients for services than if they had contracted directly with
another provider. According to the selected advisory services, the final fee structures will be reflected in each
Client's written IMA. Lower fees for comparable services can sometimes be available from other sources.

In all cases, Clients are responsible for any tax liabilities arising from transactions.

          Regardless of fee negotiation availability, under no circumstances will a Client be required to pre-
                 pay an ARS advisory fee more than six months in advance, in excess of $1,200.

Advisory Services Fees
Investment Management Services Fees
Investment management services clients will pay us an asset-based fee ranging from 0.35% to 1.50% of the net
assets in their accounts each year. Because we charge an asset-based fee, the more assets there are in your
advisory account, the more you will pay in fees. We, therefore, have an incentive to encourage you to increase the
assets in your account.

Further details on the fees for each of ARS’ advisory services are as follows:

Separately Managed Account Fees
The current Fee Schedule for each Separately Managed Account ("SMA") strategy is based on the following, with
the understanding that all account minimums are negotiable, and Fee Schedules typically are after reaching the
second tier:

                                                   Separately Managed Account
                                                     Advisory Fee Schedule

                                                         Advisory Fee Schedule
                           Strategy                                                                    Minimum
                                                              Per Annum
                                                           First $1MM - 1.25%
                       ARS Core Equity                                                                   $1MM
                                                           Next $20MM - 1.00%
                                                           First $1MM - 1.25%
                ARS Focused Opportunities1                                                               $1MM
                                                           Next $20MM - 1.00%
                  ARS Focused Small Cap                    1.25% per annum                               $1MM
                                                           First $1MM - 1.25%
                ARS Tactical Asset Allocation                                                            $1MM
                                                           Next $20MM - 1.00%
                     ARS Multi-Strategy                    First $5MM - 1.00%                            $5MM
                                                           First $25MM - 0.80%
                  ARS Institutional Account                                                              $5MM
                                                           Next $25MM - 0.70%
               ARS Tactical Sector Allocation              First $5MM - 0.70%
                                                                                                       $ 250,000
                      ETF Strategy                         Next $20MM - 0.50%
                                                           First $5MM - 0.70%
                 ARS-Focused ETF Strategy                                                                $1MM
                                                           Next $20MM - 0.50%
                                                           First $15MM - 0.50%
                   ARS Core Fixed Income                                                                 $1MM
                                                           Next $15MM - 0.35%

    Please Note: For certain Clients whose accounts were with the Firm before December 16, 2016, or any of ARS’ predecessor RIAs,
    management fees may differ, either due to grandfathered fee arrangements, specific advisory relationships, or other account-related
    differences. ARS reserves the right to amend its Fee Schedule upon prior notice to Clients. A Client's continued use of our advisory
    services following the effective date of any amendment will be deemed as consent to the revised terms.

ARS does not charge investment advisory fees on Unsupervised Assets. However, ARS reserves the right to
impose fees on assets that were previously Unsupervised if ARS decides, at its discretion, to begin supervising
such securities.

 This strategy was previously offered under the name “ARS Focused All Cap Strategy.” The change reflects a renaming of the strategy only
and does not involve any changes to the investment objectives, investment process, or associated risks.
...

Types of Clients
ARS' SMA Clients consist primarily of individuals, high-net-worth individuals, pension and profit-sharing plans,
foundations and charitable organizations, trusts, estates, endowments, and pooled investment vehicles.

ARS also provides advisory, sponsorship, and sub-advisory services to registered investment companies, including
ETFs.

The Fund’s investors comprise high-net-worth individuals and a broad spectrum of institutional entities, including
trusts, IRAs, endowments, foundations, corporations, private funds, and similar vehicles, each meeting the specific
exemptions and eligibility criteria applicable to the Funds’ operations. All investors must qualify as 'accredited
investors' under the U.S. Securities Act of 1933 or as 'knowledgeable employees' as defined in the Investment
Company Act of 1940, as amended, and the related rules.

Account Minimums
Under ARS’ investment management services, the investment minimum for opening a discretionary SMA is
typically $1 million, subject to anti-money laundering due diligence review. ARS may, at its discretion, accept
accounts with amounts below the minimum, depending on the nature of the account, the potential for future
additions, and other factors.

The minimum subscription levels for both initial and additional investments in the pooled investment vehicles
(Funds) are disclosed in the offering documents. The Managing Member has the discretion to accept investments
for a lesser amount, and on occasion does so.

The minimum account size required to participate in our third-party adviser management referral services is
disclosed in each referred manager’s agreement. When selecting a referred manager, the Client is responsible for
understanding the account minimums, requirements, and fee agreement they are entering into with the referred
manager.

For ARS’ registered investment company sponsorship & sub‑advisory services, there is no minimum
investment required to purchase shares of a registered investment company (such as an exchange‑traded fund)
sponsored or sub‑advised by ARS. However, investors are subject to any applicable minimum investment or trading
requirements imposed by the ETF, broker‑dealer, or platform through which the ETF shares are purchased.

There is no account minimum requirement to participate in our educational seminars and workshop services.

Clients should note that certain investment products may have their own minimum fees or asset requirements,
which are separate from our account minimums. These requirements are determined by the product's
characteristics, not by our policies. Clients are advised to review relevant disclosure materials and consult with their
IAR to understand the applicable minimum requirements before and during the investment process.