F/m Investments LLC

Item 5 – Fees and Compensation
FMI receives compensation for providing advisory services depending on the manner in which the
services provided, which is explained in detail below.

Compensation for Investment Management of the Managed Funds

As described in Item 4 – Advisory Business, FMI serves as investment adviser to the Managed
Funds.
Management Fees and Expense Ratios. Under an investment advisory agreement with each
Fund's Board of Trustees, FMI receives an annual unitary management fee based on the Fund's
average daily net asset value ("NAV"). Management fees are negotiated with each Fund's Board of
Trustees prior to execution of the investment advisory agreement for the Fund and are disclosed
in the applicable Fund Materials (defined below).
In addition to the management fee, each Fund incurs operating expenses, such as custodial,
compliance, legal, and audit costs. These operating expenses are combined with the unitary
management fee to form the total expense ratio (the “Expense Ratio”), which is expressed as a
percentage of a Fund’s average daily NAV. Because the Expense Ratio is deducted directly from a
Fund's NAV, it reduces investment returns and should be carefully considered by any investor
when evaluating whether or not to invest in a Fund.
FMI manages both actively-managed and passively-managed Funds. An actively-managed Fund
uses a professional portfolio manager to choose its investments, aiming to beat market returns,
while achieving the Fund’s investment objective (as stated in the Fund Materials). A passively-
managed Fund typically tracks a specific benchmark or market index and tries to match its
performance. As a result, actively-managed Funds generally have higher Expense Ratios than
passively-managed Funds.
Sales Team Compensation. FMI's employs a Sales Team comprised of registered
representatives (each a "Registered Representative") licensed by the Financial Industry
Regulatory Authority, Inc. (“FINRA”) to sell securities. The Registered Representatives hold their
licenses through FNEX Capital, LLC ("FNEX"), a FINRA-registered broker-dealer that supervises
their sales activity. Registered Representatives receive a base salary and discretionary
performance bonus from FMI. They also earn commissions based on gross sales of the Managed
Funds, which they recommend on a wholesaling basis to other financial institutions and financial
professionals. The Registered Representatives do not earn commissions on individual sales of the
Managed Funds.
FMI encourages all prospective investors to review the applicable Fund Materials — including
management fees and expenses — before investing.

Each Fund's Expense Ratio is set forth in the chart below.

                   MANAGED FUND                                       EXPENSE RATIO 1
    Mutual Funds
    F/m Investments Large Cap Focused Fund –                                 0.90%*
    Institutional Class (IAFLX)
    F/m Investments Large Cap Focused Fund –                                 1.15%*
    Investor Class (IAFMX)
    Oakhurst Fixed Income Fund (OHFIX)                                       0.58%*
    Passively-Managed ETFs
    U.S. Benchmark Series
    F/m US Treasury 3-Month Bill Fund – ETF Class                            0.15%
    Shares (TBIL)
    F/m US Treasury 6-Month Bill ETF (XBIL)                                  0.15%
    F/m US Treasury 12-Month Bill ETF (OBIL)                                 0.15%
    F/m US Treasury 2-Year Note ETF (UTWO)                                   0.15%
    F/m US Treasury 3-Year Note ETF (UTRE)                                   0.15%
    F/m US Treasury 5-Year Note ETF (UFIV)                                   0.15%
    F/m US Treasury 7-Year Note ETF (USVN)                                   0.15%
    F/m US Treasury 10-Year Note ETF (UTEN)                                  0.15%
    F/m US Treasury 20-Year Bond ETF (UTWY)                                  0.15%
    F/m US Treasury 30-Year Bond ETF (UTHY)                                  0.15%
    U.S. Credit Series
    F/m 2-Year Investment Grade Corporate Bond                               0.15%
    ETF (ZTWO)
    F/m 3-Year Investment Grade Corporate Bond                               0.15%
    ETF (ZTRE)
    F/m 10-Year Investment Grade Corporate Bond                              0.15%
    ETF (ZTEN)
    F/m Compoundr Series
    F/m Compoundr High Yield Bond ETF (CPHY)                                 0.35%
    F/m Compoundr U.S. Aggregate Bond ETF                                    0.31%
    (CPAG)

 Unless otherwise noted with a (*), the Expense Ratio represents the Fund’s gross Expense Ratio, which is the total
cost of owning the Fund. The (*) indicates that the number expressed is the Fund’s net Expense Ratio, which is the
cost of the Fund after any fee reductions or waivers. The Expense Ratios for starred Funds indicate a case where
FMIhas contractually agreed to reduce its investment advisory fee and to absorb Fund expenses (a
“Waiver/Reimbursement”) to the extent necessary to limit total annual operating expenses (excluding interest, taxes,
acquired fund fees and expenses, distribution and/or service fees, brokerage commissions, dividend expenses on
short sales and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) so that fees
do not exceed a certain percentage of the Fund’s average daily NAV through December 31, 2026. Any
Waiver/Reimbursement is subject to repayment by the Fund for a period of three (3) years following the date of the
Waiver/Reimbursement, but only if this can be achieved without exceeding the expense limitation in place at the time
of the Waiver/Reimbursement.

 Other Listed ETFs
 F/m Ultrashort Treasury Inflation-Protected                      0.17%
 Security (TIPS) ETF (RBIL)
 F/m Ultrashort Tax-Free Municipal ETF (ZMUN)                     0.30%
 F/m High Yield 100 ETF (ZTOP)                                    0.39%
 Actively Managed ETFs
...

Item 7 – Types of Clients
FMI makes its advisory services available to a wide variety of Clients, including but not limited to,
individuals, institutions, HNW individuals, registered investment companies (mutual funds and
ETFs), qualified retirement plans (pensions, profit-sharing plans, SEP-IRAs, defined benefit
plans), corporations and other business entities, trusts, estates, charitable organizations, clients
of independent financial advisers, and/or other registered investment advisers through sub-
advisory agreements and wrap and model portfolio programs.