Frontier Asset Management LLC

ITEM 5 | Fees and Compensation
DISCRETIONARY ACCOUNTS – JOINT ADVISORY – INVESTMENT STRATEGIES
Our maximum annual fees for managing strategies on a discretionary basis for the clients of financial advisors are:

                           ACCOUNT VALUE                        INVESTMENT MANAGEMENT
                           The first $500,000                           0.50%
                           Over $500,000 up to $1,000,000               0.30%
                           Over $1,000,000 up to $5,000,000             0.25%
                           Above $5,000,000                             0.20%

The maximum annual advisory fee a joint advisor may charge is 1.50%. The maximum combined fee for clients cannot
exceed 2%.

The minimum account size is $100,000 and can be waived at Frontier’s discretion.

Taxable accounts that opt for tax management will be invested in a Tax-Managed strategy. These strategies are
designed using after-tax return expectations which may result in a reduction to asset classes that generate taxable
income. For advisory accounts with assets over $250,000, we offer additional tax management services at no extra
cost. These include ongoing tax-loss harvesting, capital gains distribution monitoring, tax lot trading and
comprehensive tax impact analysis. The primary objective is to minimize after-tax returns on taxable investment
accounts.

Clients should consult their own tax adviser to discuss their own particular circumstances, objectives and risk
tolerance before investing in our Tax-Managed Strategies or utilizing Tax Management services.

Frontier offers a “householding” fee agreement for clients that have more than one advisory discretionary strategy
account with Frontier under the same household (same physical address). In calculating the fees for household accounts
the assets in all accounts will be combined to determine the total fee then it will be allocated proportionately to each
account.

For discretionary and advisory investment management relationships, Frontier generally requires payment in advance
at the beginning of each calendar quarter. Through the investment advisory agreement, clients provide Frontier with
authority to invoice the client’s custodian directly for payment of our management fees. We notify the client’s qualified
custodian of the fee amount for each account shortly after the beginning of each quarter, based on the value of the
account on the last day of the preceding quarter. The custodian debits the fees from the client’s account(s) and deposits
the funds into a designated fee account that Frontier maintains at the custodian. Frontier then distributes the
proportional fees to the Advisor and Frontier. Frontier itself does not hold custody of the client’s funds in line with
section 206(4)-2 of the Investment Advisers Act of 1940.

Frontier Asset Management | ADV Brochure                                                                       Page 8 of 37

DISCRETIONARY ACCOUNTS – JOINT ADVISORY – ACTIVE ETF STRATEGIES
Our maximum annual fees for managing Active ETF Strategies on a discretionary basis for the clients of financial
advisors are:

                           ACCOUNT VALUE                         INVESTMENT MANAGEMENT
                           The first $500,000                             0.25%
                           Over $500,000 up to $1,000,000                 0.15%
                           Over $1,000,000 up to $5,000,000              0.125%
                           Above $5,000,000                               0.10%

The maximum annual fee a joint advisor may charge is 1.50%.

The minimum account size is $20,000 and can be waived at Frontier’s discretion. We do not offer tax management for
our Active ETF Strategies.

The financial advisors that provide investment advisory and consulting services to clients charge a fee for their services.
That fee is established solely by the financial advisor and usually is set forth separately in the investment advisory
agreement among Frontier, the advisor and the client.

Typically, Frontier collects both its fee and the financial advisor’s fee from the client’s account and distributes the
advisor’s fee to the advisor.

MODEL PROVIDER INVESTMENT STRATEGIES
Since the level of investment management effort and day-to-day operational activity is typically less for model-based
relationships than for discretionary relationships, the fees for model-based relationships are usually lower than those
for discretionary relationships. The maximum annual fees for model-based relationships are 0.40% of assets under
management. The fees are based on account size so there is no set minimum or maximum fee.

CONSULTING SERVICES
The annual fees charged in connection with consulting relationships vary depending upon the number of models
provided, the amount of effort required to create the models, the size and nature of the relationship and the level of
service required. Frontier’s fees for consulting services also can be charged on a fixed fee or hourly basis and vary
depending upon the nature and scope of the relationship. For example, Registered Investment Advisor Consulting
clients are typically charged a flat fee based on the services provided. These can include, but are not limited to, asset
allocations for model strategies and other proprietary research related services. Fees are determined on a case-by-
case basis.

SUB-ADVISOR SERVICES
Frontier’s maximum annual fees for sub-advisor relationships are:

                           ACCOUNT VALUE                         INVESTMENT MANAGEMENT
                           First $20M                                    0.50%
                           Next $30M up to $50M                          0.35%
                           Over $50M                                     0.30%

Sub-Advisor fees are based on assets under management of the sub-advisor client. Minimums are negotiable and
determined at the discretion of Frontier.
...

ITEM 7 | Types of Clients
Frontier manages taxable and non-taxable accounts for affluent individuals and retirement accounts such as
401(k) and profit-sharing plans. Frontier provides investment management and consulting services to financial
advisors and institutional clients, including endowments, foundations, corporations and other investment
advisory organizations.

Frontier’s minimum account size for discretionary and advisory investment management relationships is $100,000 for
mutual fund accounts and $20,000 for ETF accounts. The account minimums can be waived at Frontier’s discretion.
Minimums for model-based programs are established by the program sponsor. Minimums are subject to negotiation
and Frontier reserves the right to waive the minimum or accept or decline a potential client for any reason in its sole
discretion.

Frontier Asset Management | ADV Brochure                                                                         Page 11 of 37