Gladius Capital Management LP

Item 5 – Fees and Compensation

This Item 5 provides a summary of how Gladius is compensated for the advisory
services it provides to its Clients. While this summary is generally applicable, the fees
and expenses for which a Client is responsible will ultimately vary client-by-client and
are explained in complete detail in each Client’s Offering Documents.

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A. Advisory Services and Fees
Adviser does not have a standard fee schedule. Adviser generally receives
compensation from its Clients based on a percentage of the value of the net assets
managed for such Client or a fixed fee (“Management Fee”), and/or on the profits
achieved for the account of investors therein, such as performance fees, carried
interest or other incentive allocations (“Performance-based Fee”). Adviser charges
one of, or a combination of, the above-mentioned fees and information concerning
such compensation and fees is set forth in the Offering Documents of each Client. In
addition to the above, other fee arrangements may be negotiated.

The Adviser receives an advisory fee from RBB Fund Trust with respect to each ETF
series it manages, as set forth in the applicable investment advisory agreement. The
sub-adviser retained by Gladius is compensated by Gladius out of the advisory fee
Gladius receives from the Trust. The fee rate for each series is disclosed in the fund's
prospectus and SAI, available through SEC EDGAR filing system.

B. Payment of Fees
Adviser’s Clients pay Management Fees as described in such Clients’ Offering
Documents. Management Fees are paid quarterly or monthly in advance or in arrears.
Adviser generally deducts Management Fees from Clients’ assets quarterly or
monthly, as applicable per the Clients’ Offering Documents; however, there are cases
where Adviser bills a Client separately. In the event of a withdrawal, distribution,
transfer or termination during a monthly or quarterly period, the Management Fee
would be refunded or adjusted on a prorated basis, as appropriate. Performance-
based Fees payable to Adviser are subject to a high water mark, hurdle rate or other
benchmark or combination thereof as more fully described in such Client’s Offering
Documents. Performance-based Fees are determined as of a specified period, such as
December 31st of each year, and/or upon withdrawals, transfers and distributions
(with respect to the amounts withdrawn, transferred or distributed, as applicable) as
more fully set forth in such Client’s Offering Documents. Performance-based Fees will
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in some circumstances be calculated on the basis of unrealized gains and losses but
under other circumstances be calculated on realized gains and losses.

Adviser may, in its sole discretion, reduce or waive entirely its Management Fee
and/or any Performance-based Fee due with respect to any or all investors including,
but not limited to, certain investors that are members, partners, affiliates or
employees of Gladius, including members of the immediate families of such persons
and trusts or other entities for their benefit. As a sub-adviser to Gladius, GIG Asia does
not receive any compensation directly from the Client for any investment services it
provides to such Client, instead, Gladius compensates GIG Asia for the advice
rendered.

C. Additional Costs and Expenses
Client costs and expenses are the responsibility of, and generally paid directly by, the
applicable Client. Such expenses may include, without limitation, the following: legal
and compliance fees and expenses; audit and accounting fees (including but not
limited to accounting services and an accounting system); insurance costs and
expenses; administrative, custodial and transaction fees; costs and commissions paid
to custodians, and costs associated with, broker-dealers and other third parties,
market data and investment and research related expenses. However, where Gladius
has the ability to do so in respect of its Clients, Gladius may pay Client costs and
expenses directly out of its own account for and on behalf of its Clients, and in those
cases, Gladius is entitled to reimbursement from such Clients. Additionally, certain
costs and expenses are incurred for the benefit of, or shared by, multiple Clients in
accordance with the Adviser’s expense allocation guidelines. Such expenses may
include, without limitation, insurance, accounting (including but not limited to
accounting services and an accounting system), transaction fees, market data and
trade matching/affirmation services. Such shared expenses generally will be
allocated across the Clients who benefit from such products or services on a pro rata
basis based on the net asset value of the Client accounts unless prohibited by a Client’s
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governing documents or Investment Management Agreement. Adviser may, but is not
required to, directly bear the responsibility for the portion of such shared costs and
expenses otherwise allocable to Clients which benefit from such product or service,
but which are prohibited from bearing such costs and expenses. The Adviser may
allocate on a basis other than pro rata if it determines that a particular Client or
Clients disproportionately benefit from such product or service, or as necessary to
achieve a fair and equitable allocation.       Adviser has a conflict of interest in
determining whether or not to bear expenses with respect to Clients who are
prohibited from doing so because it benefits from a decision not to bear such
expenses. To the extent that the Adviser does not bear such expenses, they will be
...

Item 7 – Types of Clients

A. The Firm’s Clients
As described in Item 4.B. above, Gladius provides investment advice to Funds, and to
Managed Accounts (as previously noted, collectively referred to in this brochure as
“Clients”) in accordance with such Client’s Offering Documents. Currently, Funds
managed by Gladius are privately offered and exempt from registration under the
Investment Company Act of 1940, as amended.

As described in Item 4.B. above, Gladius also serves as investment adviser to one or
more exchange-traded funds ("ETFs"), series ofRBB Fund Trust, a registered open-
end management investment company (CIK: 0001618627). For more information on
this series, please refer to the SEC and EDGAR filings of RBB Fund Trust.

B. Minimum Initial Investment
The minimum initial investment for an investor generally will be determined by
Gladius, the general partner or managing member, as applicable, of the Client and will
generally be set out in the Client’s Offering Documents. Any minimum investment
amounts may be waived by Gladius, the general partner or managing member, as
applicable, in its discretion.

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