Avory & Company LLC

Item 5: Fees and Compensation
Below is a description of our basic fee schedules, a description of how fees are charged, whether
fees are negotiable, when compensation is payable, refund policies and other applicable
information.

Investment Management Fees:
The annual fee for investment services shall be charged as a percentage of total client assets
managed or advised by Avory & Co.

Avory & Co. invoices clients in arrears, on a monthly basis, based on the average account
balance at the close of the calendar month for which the fee is applicable and the preceding
calendar month (market value or fair market value in the absence of market value). For the first
month, new accounts will be charged based solely on the account balance at the end of the
applicable calendar month. For terminated accounts, Avory & Co. shall be entitled to the fees for
the entire month, monthly fees are not pro-rated.
The fee schedule for managed accounts is as follows:

        AUM Total Amount                         Annual Fee
  Premier                                            1.50%

  Core Multi Asset                                   1.00%
  Durable Cash                                       0.50%

  Dividend Compounders                             0.50%
  Avory Foundation ETF                             0.89%
  Performance Fee for Qualified                  Up to 20%
  Clients

Fees may vary among clients based on the allocation of assets. In certain circumstances, all fees,
account minimums and their applications to family circumstances may be negotiable. The fees
are withdrawn from the clients account with written authorization. This fee is only for Interactive
Broker accounts.

For Interactive Brokers Avory & Co. invoices clients in arrears, on a monthly basis, based on the
percentage of the net liquidation value entered as an annualized percentage, applied on a daily
basis (252 business days are applied in this calculation method). When used as a sub-advisor at
Interactive Brokers, Avory can invoice clients on a daily basis.

For accounts at National Financial Services LLC or Fidelity Brokerage Services LLC, fees will be
charged in arrears using the prior month-end balance. Fees are withdrawn directly from client
accounts with client written authorization.

For accounts with Charles Schwab & Co., Inc. Advisor Services the fees will be deducted directly
by the custodian based on an invoice sent to the custodian and based per each account
managed by Avory & Company.

For Charles Schwab & Co., Inc. Advisor Services and any other non-Interactive Brokers account
Avory & Co. invoices clients in arrears, on a monthly basis, based on the average account
balance at the close of the calendar month for which the fee is applicable and the preceding
calendar month (market value or fair market value in the absence of market value). For accounts
with Charles Schwab & Co., Inc. Advisor Services the fees will be deducted directly by the
custodian based on an invoice sent to the custodian and based per each account managed by
Avory & Company.

Fees may vary among clients based on the allocation of assets. In certain circumstances, all fees,
account minimums and their applications to family circumstances may be negotiable. For the first
month, new accounts will be charged based solely on the account balance at the end of the
applicable calendar month. For terminated accounts, Avory & Co. shall be entitled to the fees for
the entire month, monthly fees are not pro-rated.

Subadviser Services Fees

Avory & Co. will charge a fee for the use of the fund, Avory Foundational ETF. The fee will be .89%
annually.

General Information on Fees:

All fees are subject to negotiation. The specific way fees are charged by Avory & Co. is
established in a client’s investment management agreement with Avory & Co. In most cases and
pursuant to the investment management agreement, clients’ fees will be directly debited from
the client accounts at their custodian, however compensation may also be billed directly to the

client. Avory & Co. may charge a minimum monthly fee of $500. All clients with less than $1,000,000
of investable assets should access whether Avory & Co. services are appropriate based on
minimum fee requirements and the total combination of fees to which the client will be subject.

At Avory & Co. sole discretion, the $500 monthly minimum fee may be waived for clients. Avory &
Co. fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, third party investment and other third parties such as fees charged by
managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer
and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. Separately managed strategies, mutual funds, and exchange traded funds also
charge internal management fees, which are disclosed in a fund’s prospectus. Such charges, fees
and commissions are exclusive of and in addition to Avory & Co. fee. Avory & Co. does not receive
any portion of these commissions, fees, and costs. These fees and expenses are described in each
fund's prospectus. These fees will generally include a management fee, other fund expenses, and
a possible distribution and marketing fee (12b-1 fee). Avory & Co does not receive any 12b-1 fees
in relation to mutual funds within accounts managed by Avory & Co. Similarly, the hiring of
Independent Managers will result in additional management and/or administrative fees by these
entities. Clients should review the fees of Independent Managers to understand completely the
total fees paid by the client. Item 12 further describes the factors that Avory & Co. considers in
selecting or recommending broker-dealers for client transactions and determining the
...

Item 7: Types of Clients
Avory & Co. provides research services to individuals, advisors, and corporations. Avory & Co. also
provides portfolio management services to high-net-worth individuals, and ultrahigh net worth
families, corporations, Investment companies (ETF), corporation pensions and profit-sharing plans,
and other U.S. and international corporations or other businesses institutions. Avory & Co. has a
stated $5,000,000 minimum, but exceptions may be made.