Esoterica Capital LLC

Fees and Compensation

The following information describes ESOTERICA’s compensation for the advisory services it provides to each type of client
account.

Actively Managed ETF

Annual Fund Operating Expenses
(Expenses that an investor pays each year as a percentage of the value of the
investment)
Management fee                                                                                    0.75%

Distribution and service (12b-1) fees                                                                   None
Other expenses1                                                                                         0.48%
Total annual fund operating expenses                                                                    1.23%
Fees waived and/or expenses reimbursed2                                                                 (0.48) %
Total annual fund operating expenses after waiving fees and/or reimbursing expenses                     0.75%

Additional information about the fees charged to the AXS Esoterica NextG Economy ETF is available in the Fund’s prospectus
and Statement of Additional Information, which are publicly available at https://www.axsinvestments.com/wugi/, on the EDGAR
Database on the SEC’s website (www.sec.gov) or by contacting the Fund’s principal distributor, IMST Distributors, LLC at Three
Canal Plaza, Suite 100, Portland, Maine 04101.

Separately Managed Accounts

When ESOTERICA enters into an Advisory Agreement or other agreements to provide investment management or advisory
services to clients, ESOTERICA will charge each such client a fee at a specified annual percentage rate of the client’s assets
under management (“AUM”). Fees also can include a performance component for certain clients, as discussed in Item 6.

ESOTERICA’s standard fee rates for management of separately managed accounts will normally be between 0.60% and 1.00%
of AUM. See the following Annual Fee Rate chart below:

                                                                                     Fees
                        Less than $2.5m in AUM                                       1%
                        Next $2.5m in AUM                                            0.80%
                        Next $2.5m in AUM                                            0.70%
                        All amounts greater than $10m in AUM                         0.60%

The fees charged to separately managed accounts are negotiable and typically will vary and can be reduced or can include
breakpoints depending on a number of factors including, but not limited to: the type of client, the size of the account, the total
amount of client AUM managed or advised by ESOTERICA, whether the client wishes to impose particular limitations or restrictions
on ESOTERICA’s discretionary investment authority (e.g., restrictions on the types of securities that ESOTERICA acquires for the
account), clients that anchor an investment strategy, and other business considerations. ESOTERICA generally imposes

   Other expenses” are estimates based on the expenses the Fund expects to incur for the current fiscal year.

   The Fund's investment advisor has contractually agreed to waive fees and/or pay for operating expenses of the Fund to ensure that total
annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short
sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any
merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.75% of the average daily net assets of the
Fund. This agreement is in effect for a period of two years from the date of the reorganization of the Esoterica NextG Economy ETF, which is
expected to occur on December 16, 2022, and may be terminated before that date only by the Trust’s Board of Trustees. The advisor is
permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made by the advisor, for a period of
three years after the date of the waiver or payment. Reimbursement may be requested from the Fund if the reimbursement will not cause the
Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made,
or (b) the expense limitation in effect at the time of the reimbursement. Reimbursements of fees waived or payments made will be made on a
“first in, first out” basis so that the oldest fees waived or payments are satisfied first. Any such reimbursement is contingent upon the Board’s
subsequent review of the reimbursed amounts and no reimbursement may cause the total operating expenses paid by the Fund in a fiscal
year to exceed the applicable limitation on Fund expenses. The Fund must pay current ordinary operating expenses before the advisor is
entitled to any reimbursement of fees and/or Fund expenses.

investment minimums on separately managed accounts.

ESOTERICA’s fee rates do not include fees that separately managed account clients normally pay to other third-party service
providers, including custodial, administrative, securities lending agent, consultant, brokerage, and exchange fees.

ITEM 7 TYPES OF CLIENTS

AXS Esoterica NextG Economy ETF (WUGI)

AXS Esoterica NextG Economy (WUGI) is an actively managed ETF that seeks capital appreciation by investing in equities of
companies that benefit from the ever-evolving technologies advancing the global digital economy.

The Trust is an open-end management investment company organized as a Delaware statutory trust under the laws of the State
of Delaware on August, 2013. The Trust is registered with the SEC as an open-end management investment company.

The Fund is a non-diversified fund, which means it is not subject to the diversification requirements under the Investment Company
Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, a diversified fund may not, with respect to 75% of its total assets,
invest more than 5% of its total assets in the securities of one issuer (and in not more than 10% of the outstanding voting securities
of an issuer), excluding cash, Government securities, and securities of other investment companies. Although the Fund is not
required to comply with the above requirement, the Fund intends to diversify its assets to the extent necessary to qualify for tax
treatment as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”).

Additional information about the fees charged to the AXS Esoterica NextG Economy ETF is available in the Fund’s prospectus
and Statement of Additional Information, which are publicly available at https://www.axsinvestments.com/wugi/, on the EDGAR
Database on the SEC’s website (www.sec.gov) or by contacting the Fund’s principal distributor, IMST Distributors, LLC at Three
Canal Plaza, Suite 100, Portland, Maine 04101.

Separately Managed Accounts

ESOTERICA intends to provide investment advisory services to certain separately managed accounts for U.S. institutions (which
can include retirement plans, tax-exempt entities, public funds, foundations, endowments, insurance companies and their
separately managed accounts, emerging manager programs, and financial institutions and their customers and clients), non-U.S.
institutions, and high net worth clients (which can include individual investors, trusts and smaller employee benefit plans).
ESOTERICA typically will require that accounts have a minimum account size of $250,000 dollars, and minimum account values
vary by client type.