Beck Asset Management AG

Item 5. Fees and Compensation                               Beck AM does not charge performance-based fees.
                                                            Additionally, Beck AM does not manage or advise
Beck AM’s fees generally are charged as a                   accounts based on commissions or subscription
percentage of the market value of assets under              fees.
management (“AUM”) or assets under advisement
(“AUA”). The asset management fee is charged                Side-by-Side Management
quarterly or bi-annually in arrears. AUM or
AUA is measured with reference to the total value           Side-by-side management of different types of
of the closing balance at the end of each month of          accounts may raise conflicts of interest when two
the prior quarter.                                          or more accounts invest in the same securities or
                                                            pursue a similar although not identical strategy.
Generally, Beck AM charges 0.75% of AUM or                  These potential conflicts include the favorable or
AUA. The minimum fee is CHF 3,750 or its                    preferential treatment of an account or a group of
equivalent in foreign currency. Fees for services           accounts, conflicts related to the allocation of
on behalf of Swiss resident clients generally are           investment opportunities, particularly with
subject to a value added tax, currently 8.1%.               respect to securities that have limited availability,
                                                            such as initial public offerings, and transactions in
Compensation is not payable in advance. Accounts            one account that closely follows related
initiated or terminated during a calendar semester          transactions in a different account. In addition,
or quarter will be charged a prorated fee. Upon             the results of the investment activities for one
termination of any relationship, accrued, unpaid            account may differ significantly from the results
fees will be due and payable.                               achieved for other accounts, particularly if Beck
                                                            AM individually tailors clients’ Accounts.
Beck AM may negotiate fees at its discretion
taking into consideration, for example, the client’s        Beck AM has policies and procedures in place
overall assets managed by Beck AM. Beck AM                  aimed to ensure that all client Accounts are
may also charge additional fees for services                treated fairly and equitably. Beck AM strives to
outside the scope of the services described above.          equitably allocate investment opportunities
Any additional fees are disclosed and agreed to by          among relevant Accounts over time. In addition,
the client.                                                 investment decisions for each Account are made
                                                            with specific reference to the individual needs and
Beck AM generally relies on the custodian bank              objectives of the Account. Accordingly, Beck AM
to value the assets in each client’s Account. Beck          may give advice or exercise investment
AM typically will arrange with the custodian for            responsibility or take other actions for some
the direct payment of its fees from the client’s            clients (including related persons) that may differ
Account.                                                    from the advice given, or the timing and nature of
                                                            actions taken, for other clients. Investment
Beck AM does not receive indirect compensation              results for different Accounts, including Accounts
at any time from any third party such as finder’s           that are generally managed in a similar style, also
fees, solicitation fees, retrocessions, deposit fees,       may differ as a result of these considerations.
inventory commissions or discount.                          Some clients may not participate at all in some
                                                            investments in which other clients participate, or
Fees charged by Beck AM do not include                      may participate to a different degree or at a
custodian fees, fees for trade settlement,                  different time.
brokerage commissions, or any other fee imposed
by the custodian bank or the broker. The fees
also do not include management or other fees                Item 7. Types of Clients
charged by funds or other products that client
Accounts may be invested in from time to time.              Beck AM offers asset management services to
                                                            high net worth individuals and their foundations

March 10, 2026                                                     Beck Asset Management AG, CRD: 162969

and trusts, estates, holding companies or other           interest income. It is optimized with dividends
estate planning structures.                               and capital gains. Portfolios consist of
                                                          approximate ranges of 40 - 80% in fixed income
Generally, Beck AM prefers its client                     securities (which may include up to 10% in
relationships to have a minimum of $250,000 of            emerging markets), 0 - 40% in money market
AUM or AUA. Beck AM may accept Accounts                   instruments and 10 - 45% in equities and 0 – 5%
below the minimum requirements, or may retain             in alternative investments.
Accounts that have dropped below the minimum
requirement due to market fluctuation. Accounts           3. Balanced Strategy: This strategy aims at
that have family, corporate, or other relationships       achieving a long-term capital growth with
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