Cleveralpha Asset Management LLC

Item 5: Fees and Compensation
A. Fee Schedule

The Firm's Management Fee is based on the service tier selected by the Client and the
complexity of the Client's financial profile. The Firm utilizes a principled approach for
transparency in fees and believes there is no need to obfuscate products and service
pricing.

   1. Digital Service ("Robo-Advisor")

The standard digital service provides algorithmic portfolio management and automated
rebalancing.

   •   Account Values from $0 to $5,000: $1.00 per month.

   •   Account Values greater than $5,000: 0.25% per annum.

   •   Fee Reductions: Management fees for this digital service generally are 25 basis
       points per annum, charged monthly. However, fees may be lower under specific
       circumstances, such as when CleverAlpha is acting in a sub-advisory capacity or for
       High Net Worth and Institutional accounts with assets exceeding $1 million.

   2. Premium Service ("AI Tax-Optimization")

   •   All Account Values: Up to 0.50% per annum.

   •   Fee Reductions: Management fees for this premium service generally are 50 basis
       points per annum, charged monthly. However, fees may be lower under specific
       circumstances, such as when CleverAlpha is acting in a sub-advisory capacity or for
       High Net Worth and Institutional accounts with assets exceeding $1 million.

   •   Applicability and Complexity: The Premium Service fee reflects the additional
       scrutiny and resources required to implement advanced computational Asset
       Location strategies. Potential clients should understand that Asset Location
       services may not be necessary or beneficial for every investor. For example, this
       service may not provide value if a Client:

          o   Does not hold assets across multiple account types (e.g., lacks a mix of
              large taxable and tax-advantaged/retirement holdings);

          o   Does not maintain all relevant accounts with the Firm, preventing a
              holistic analysis;

          o   Holds positions with significant embedded capital gains in taxable
              accounts, where the immediate tax cost of an omnibus cross-account
              rebalance would outweigh the cumulative long-term value of asset location;

          o   Is in a lower marginal tax bracket, where the tax savings generated by asset
              location strategies may be less than the incremental cost of the Premium
              Service;

          o   Has a short investment time horizon or liquidity needs that prevent the
              multi-year compounding required for asset location to generate "tax alpha";
              or

          o   Is in the decumulation phase (e.g., taking RMDs), where mandatory
              withdrawals reduce the efficacy of tax-deferral strategies.

Therefore, the fee of up to 50 basis points is reserved for Clients with complex portfolio
make-ups where Asset Location is relevant and requires the Firm to dedicate higher levels
of algorithmic resources and oversight to derive long-term value.

B. Payment of Fees

   •   Billing Method: Fees are calculated and assessed monthly in arrears based on the
       Account value as of the last day of the previous month.

   •   Fee Deduction: Clients authorize the Firm to instruct the Custodian to deduct the
       Management Fee directly from the Client's account. This includes specific
       authorizations for Trading Authorization and Fee Payment Authorization as detailed
       in the Account Application Agreement.

   •   Payment Processing: Clients may also utilize Dwolla, Inc. and MX Technologies to
       facilitate funding and fee payments. By using this service, Clients authorize the Firm
       to share necessary personal and financial data with Dwolla to open and support the
       requisite payment account.

C. Other Fees and Expenses

While the Management Fee covers most transaction costs, Clients may incur certain
charges imposed by third parties, including:

   •   Internal management fees and expenses charged by ETFs and mutual funds
       (Expense Ratios).

   •   Wire transfer fees and other account administration fees charged by the Custodian.

   •   SEC fees or other regulatory surcharges on securities transactions.

D. Termination and Refunds

Either party may terminate the Investment Advisory Agreement at any time by providing
written notice. Since fees are billed in arrears, no refund of pre-paid fees is typically
required. Any fees accrued but unpaid at the time of termination will be due and payable.

Item 7: Types of Clients
The Firm provides investment advice to individuals, high net worth individuals, and
corporations or other business entities. The Firm does not impose a minimum account size
to open an account, although specific fee schedules apply based on account value.