Honeytree Investment Management Ltd

Item 5 Fees and Compensation
Honeytree is generally compensated for its investment management services on an annual basis based
upon the client’s assets under management.

Investment Management Fee

For both Managed Accounts and the SMA Program, Honeytree provides investment management services
for a fixed annual fee based upon a percentage of the market value of the assets managed by Honeytree.
Honeytree’s annual fee is exclusive of, and in addition to brokerage commissions, transaction fees, and
other related costs and expenses, which are incurred by the client. Honeytree does not receive any portion
of these commissions, fees, and costs.

Honeytree’s annual fee for Managed Accounts is prorated and charged monthly or quarterly, in arrears,
and is calculated based upon the average daily balance of the client’s account. For partial billing periods,
Honeytree only charges fees for the period where it manages an account. Upon account termination,
Honeytree client’s fees become due and payable. Each SMA Program that Honeytree participates in may
have a different methodology for calculating fees and the timing for charging those fees.

Honeytree’s annual fee varies but generally begins at 0.9% and decreases depending upon the amount of
assets under management, the client, and the type of investment management services to be rendered,
negotiations between Honeytree and various other factors. Please Also Note: If the client is subject to an
annual minimum fee, the client could pay a higher percentage fee than referenced above. Fee Dispersion.
Honeytree, in its sole discretion, may agree to charge a lesser or different management fee, depending
upon objective and subjective factors including but not limited to: the amount of assets to be managed;
portfolio composition; the scope and complexity of the engagement; the anticipated number of meetings
and servicing needs; related accounts; future earning capacity; anticipated future additional assets; the
professional(s) rendering the service(s); prior relationships with Honeytree and/or its representatives, and
negotiations with the client. As a result of these factors, similarly, situated clients could pay different fees,
the services to be provided by Honeytree to any client could be available from other advisers at lower
fees and certain clients may have fees different than those discussed above.

Similar advisory services may be available from other investment advisers for similar or lower fees.

               Honeytree Investment Management Ltd. Form ADV Part 2A: Firm Brochure

ANY QUESTIONS: Honeytree’s Chief Compliance Officer, Liz Simmie, remains available to address any
questions that a client or prospective client may have regarding advisory fees.

Sub-Advisory Fee – Separate Accounts

Honeytree will be paid a portion of the Total Fixed Fee the unaffiliated investment adviser receives from
its clients. Honeytree will receive its portion of the Total Fixed Fee directly from the unaffiliated
investment advisers and not the client. If the sub-advisory relationship is terminated, Honeytree’s
compensation will be based on its pro-rata share of Total Fixed Fee.

Sub-Advisory Fee – BEEZ

Honeytree provides sub-advisory services for an annual fee based on the percentage of the value of the
assets that are sub-advised (“Sub-Advisory Fee”). Honeytree’s fee will be payable from the unitary fee
proposed within the ETF and borne by the adviser to BEEZ. As a discretionary sub-adviser, Honeytree will
not receive any portion of commissions, transaction fees, or other brokerage costs generated by BEEZ.
The Sub-Advisory Fee will generally be calculated daily and levied monthly, in arrears, based upon the
average net asset value of BEEZ's assets per month, calculated at the end of each month. Additional
information about the fees charged to an investor in BEEZ is available in the prospectus and Statement of
Additional Information (“SAI”), available upon request.

BEEZ Holdings in Separate Accounts

When structuring a separately managed account on behalf of a client, where appropriate and consistent
with client objectives, Honeytree will use BEEZ as a holding in such account. Honeytree earns a sub-
advisory fee from BEEZ based on the value of BEEZ’s assets. As sponsor of the ETF, Honeytree is entitled
to its profits, which represents a conflict of interest. To mitigate this conflict, we will exclude the value of
BEEZ shares held in a client account when computing the separately managed account advisory fee.
Furthermore, we will only consider purchasing BEEZ within a client’s separately managed account if we
believe doing so is consistent with client objectives and is in the best interest of the client notwithstanding
any financial benefit accruing to Honeytree, when making such an allocation. Investors in BEEZ will incur
additional fees and expenses in addition to the sub-advisory fee paid to Honeytree. Such fees and
expenses are described in the ETF’s prospectus and SAI available upon request. The BEEZ prospectus and
SAI are available publicly and/or upon request and should be referenced for a complete description of
risks inherent in an investment.

Fees Charged by Financial Institutions

As further discussed in response to Item 12 (below), Honeytree’s clients must use the brokerage and
clearing services of a custodian approved by Credential for investment management accounts. Honeytree
is not affiliated with Credential but uses them to custody client assets and execute client transactions.
Honeytree is only able to implement its investment management service for the client after the client has
arranged for and furnished Honeytree with all information and authorization regarding accounts with
Credential.

Clients may incur certain charges imposed by Custodian and other third parties. Some of the more
common fees that the client may incur are custodial fees, odd‐lot differentials, transfer taxes, wire
...

Item 7 Types of Clients
Honeytree provides its services to individuals, trusts, estates, corporations, institutions, advisory
platforms, and business entities, as well as registered investment companies. Clients must typically place
a minimum of $50,000 in assets under Honeytree’s management for Managed Accounts, but this may be
waived at Honeytree’s discretion. Account or relationship minimums vary for each SMA Program and
should be identified by an end-client’s primary adviser or in the SMA Program’s onboarding agreements.

Honeytree, in its discretion, may charge a lesser investment advisory fee, waive its fee entirely, or charge
fee on a different interval, based upon certain criteria (i.e. anticipated future earning capacity, anticipated
future additional assets, dollar amount of assets to be managed, related accounts, account composition,
complexity of the engagement, anticipated services to be rendered, grandfathered fee schedules,
employees and family members, courtesy accounts, competition, negotiations with client, etc.). As result
of the above, similarly situated clients could pay different fees. In addition, similar advisory services may
be available from other investment advisers for similar or lower fees.