Dhandho Funds LLC

Item 5: Fees and Compensation
A.     Fee Allocations

The ETF pays the Adviser a single, fixed fee at the annual rate of 0.90% of the ETF’s average
daily net assets. Complete information on the ETF, including all fee details, is available at

 https://www.wagonsetf.com/ir.

 B.     Additional Fees and Expenses

 The Adviser will pay all the ETF’s ordinary operating costs, including administration, custody,
 transfer agency, legal, audit, and other routine expenses. The ETF will pay certain other
 expenses not covered by the advisory fee, which include interest charges on any borrowings,
 taxes, brokerage commissions and certain other costs as described in its Summary and Statutory
 Prospectus and Statement of Additional Information. Further information is available at
 https://www.wagonsetf.com/ir.

 See the Brokerage Practices section for more information on how the Adviser selects the broker
 dealers used to transact in each account.

 C.     Additional Compensation and Conflicts of Interest

 Neither the Adviser nor any of its supervised persons accept compensation for the sale of
 securities or other investment products. One non-management employee of the Adviser is a
 registered representative with Quasar Distributors, LLC, which is not affiliated with the
 Adviser or its affiliates. The employee may receive incentive-based compensation from the
 Adviser (not commissions paid by a broker dealer) in his capacity as a registered
 representative for assets brought into the ETF.

 Pabrai Wagons Advisors has extended interest-bearing loans to employees of the Adviser. This
 creates a conflict of interest due to a risk of the Adviser not being paid back and the ramifications
 to investors of Dhandho Holdings, which owns Pabrai Wagons Advisors. To mitigate these risks,
 a note has been established with clear and concise terms, the loan has been made a recourse
 loan collateralized by units of Dhandho Holdings owned by the employees, and the amounts are
 not excessive by which to create a financial burden on Dhandho Holdings.

Item 7: Types of Clients
 The Adviser provides investment management services to an exchange-traded fund.

The ETF does not have a minimum initial investment requirement.