Infrastructure Capital Advisors LLC

FEES AND COMPENSATION

As full compensation for its services to BNDS, the Advisor receives monthly compensation from
BNDS at the annual rate 0.80 percent of the average daily net assets of BNDS. BNDS pays no
performance-based compensation to the Advisor. In consideration for the fees paid with respect
to BNDS, the Advisor has agreed under a unified-fee structure to pay all expenses of BNDS, except
the fees of the Advisor, brokerage expenses, payments under a 12b-1 plan (if any), taxes and
other governmental fees, interest, litigation or arbitration expenses, acquired fund fees and
expenses, and extraordinary or other non-routine expenses of BNDS, each of which is paid by
BNDS.

As full compensation for its services to SCAP, the Advisor receives monthly compensation from
SCAP at the annual rate 0.80 percent of the average daily net assets of SCAP. SCAP pays no
performance-based compensation to the Advisor. In consideration for the fees paid with respect
to SCAP, the Advisor has agreed under a unified-fee structure to pay all expenses of SCAP, except
the fees of the Advisor, brokerage expenses, payments under a 12b-1 plan (if any), taxes and
other governmental fees, interest, litigation or arbitration expenses, acquired fund fees and
expenses, and extraordinary or other non-routine expenses of SCAP, each of which is paid by
SCAP.

As full compensation for its services to ICAP, the Advisor receives monthly compensation from
ICAP at the annual rate 0.80 percent of the average daily net assets of ICAP. ICAP pays no
performance-based compensation to the Advisor. In consideration for the fees paid with respect
to ICAP, the Advisor has agreed under a unified-fee structure to pay all expenses of ICAP, except
the fees of the Advisor, brokerage expenses, payments under a 12b-1 plan (if any), taxes and other
governmental fees, interest, litigation or arbitration expenses, acquired fund fees and expenses,
and extraordinary or other non-routine expenses of ICAP, each of which is paid by ICAP.

As full compensation for its services to QVOL, the Advisor receives monthly compensation from
QVOL at the annual rate 0.80 percent of the average daily net assets of QVOL. QVOL pays no
performance-based compensation to the Advisor. In consideration for the fees paid with respect
to QVOL, the Advisor has agreed under a unified-fee structure to pay all expenses of QVOL, except
the fees of the Advisor, brokerage expenses, payments under a 12b-1 plan (if any), taxes and
other governmental fees, interest, litigation or arbitration expenses, acquired fund fees and
expenses, and extraordinary or other non-routine expenses of QVOL, each of which is paid by
QVOL.

As full compensation for its services to AMZA, the Advisor receives monthly compensation from
AMZA at the annual rate of 0.95 percent of the average daily net assets of AMZA. AMZA pays no
performance-based compensation to the Advisor. In consideration for the fees paid with respect
to AMZA, the Advisor has agreed under a unified-fee structure to pay all expenses of AMZA,
except the fees of the Advisor, brokerage expenses, payments under a 12b-1 plan (if any) taxes,
interest, litigation or arbitration expenses, acquired fund fees and expenses, and extraordinary
or other non-routine expenses of AMZA, each of which is paid by AMZA.

As full compensation for its services to PFFR, the Advisor receives monthly compensation from
PFFR at the annual rate of 0.45 percent of the average daily net assets of PFFR. PFFR pays no
performance-based compensation to the Advisor. In consideration for the fees paid with respect
to PFFR, the Advisor has agreed under a unified-fee structure to pay all expenses of PFFR, except
the fees of the Advisor, brokerage expenses, payments under a 12b-1 plan (if any), taxes and other
governmental fees, interest, litigation or arbitration expenses, acquired fund fees and expenses,
and extraordinary or other non-routine expenses of PFFR, each of which is paid by PFFR.

As full compensation for its services to PFFA, the Advisor receives monthly compensation from
PFFA at the annual rate 0.80 percent of the average daily net assets of PFFA. PFFA pays no
performance-based compensation to the Advisor. In consideration for the fees paid with respect
to PFFA, the Advisor has agreed under a unified-fee structure to pay all expenses of PFFA, except
the fees of the Advisor, brokerage expenses, payments under a 12b-1 plan (if any), taxes and other
governmental fees, interest, litigation or arbitration expenses, acquired fund fees and expenses,
and extraordinary or other non-routine expenses of PFFA, each of which is paid by PFFA.

The management fee with respect to each Fund is based on assets under management. Beginning
in 2022, the Advisor’s management fees for the Macro Fund are one percent annually. The
management fees are paid quarterly, in advance, based on the net asset value of the relevant
Fund as of the last business day of the immediately preceding quarter. Management fees are
adjusted for subscriptions and redemptions. The Advisor may waive or modify management fees
for strategic investors in a Fund and for personnel of the Advisor. The performance-based
incentive allocation for each Fund, which is compensation that is based on a share of capital gains
on or capital appreciation of the assets of the Fund, is described in the section of this firm
brochure and brochure supplement entitled “Performance-Based Fees and Side-by-Side
Management.”

In addition to paying management and performance-based compensation, the Funds may also
be subject to other investment expenses. These expenses include custodial charges, brokerage
fees, commissions, and related costs, interest expenses, taxes, duties, and other governmental
charges, transfer and registration fees or similar expenses, costs associated with foreign-
exchange transactions, and other portfolio expenses. Additional information is included in the
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TYPES OF CLIENTS

The current clients of the Advisor are BNDS, SCAP, ICAP, AMZA, PFFR, PFFA, the Funds, and high
net-worth individuals, individuals, and entities. Investors in BNDS, SCAP, ICAP, AMZA, PFFR, and
PFFA are individuals and institutions. Because investors in BNDS, SCAP, ICAP, AMZA, PFFR, and
PFFA primarily purchase and sell shares in the secondary market, there is no minimum
subscription amount. Investors in the Funds include only individuals at present. The minimum
subscription amount for each Fund is $1,000,000, subject to wavier. The general partner of a Fund
may waive or modify the minimum subscription amount for the Fund.

It is the policy of the Advisor to know and understand the identities of its clients and prospective
clients and the business reasons for any transactions in which the Advisor engages on behalf of
its clients. The Advisor does not directly or indirectly conduct business with any person or entity
whose identity and source of funds have not been verified to the satisfaction of the Account
custodian. The Advisor, however, is not precluded from advising types of clients that are not listed
above.

            METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS

Investment Objectives

The Advisor generally seeks total-return opportunities driven by catalysts, largely in key
infrastructure sectors. These sectors include energy, real estate, transportation, industrials, and
utilities. The Advisor often identifies investment opportunities in entities that are not taxed at
the entity level, such as MLPs, REITs, and business development companies. Accounts may also
invest in credit and related securities, such as preferred stock.

Current income is a primary objective in most, but not all, Accounts. Consequently, the Accounts
generally invest in companies that generate and distribute substantial streams of free cash flow.
The Advisor believes that tangible assets that produce free cash flow have intrinsic values that
are unlikely to deteriorate over time.

Infrastructure Capital Bond Income ETF

BNDS seeks to maximize current income with a secondary objective to pursue strategic
opportunities for capital appreciation by investing at least 80% of its net assets in fixed income
securities. The Adviser will construct the Fund’s portfolio by investing in a range of bonds,

including municipal bonds, government bonds, and corporate bonds. To achieve the investment
objectives, the Adviser will mainly invest in corporate bonds. The Fund’s investments in corporate
bonds will include, but are not limited to, fixed or floating rate bonds, zero-coupon bonds and
convertible bonds. The Fund may also invest in asset-backed and mortgage-backed securities.
The Fund’s investments in fixed income securities may include equity-linked notes (“ELNs”) and
other investment companies, including open-end funds and exchange-traded funds (“ETFs”). The
Fund considers investments in other ELNs, investment companies, and ETFs to be investments in
fixed income securities if the underlying investment company or ETF also has a policy of investing
at least 80% of its net assets in fixed income securities.

To seek to obtain current income and capital appreciation opportunities, the Adviser will favor fixed
income securities that it currently views as undervalued on a relative basis. To determine a security’s
relative value, generally, the Adviser will utilize a multi-factor proprietary approach that considers,
among other factors, a fixed income securities term premium, credit premium, liquidity premium,
industry, sector, market capitalization, and value relative to the characteristics of other ETFs, ELNs,
investment companies, or indexes that predominately invest in fixed income securities. The Adviser
may select investments in sectors such as Utilities, real estate investment trusts (“REITs”), Industrials
and Pipelines, when it believes the fixed income securities offer high total return opportunities on a
relative basis.

Infrastructure Capital Small Cap Income ETF

SCAP seeks total return through a blended approach of capital appreciation and current income.
Under normal conditions, SCAP invests at least 80% of its net assets (plus any borrowings for
investment purposes) in securities of small-capitalization companies. SCAP defines small-
capitalization (“Small Cap”) companies as those companies with a market capitalization, at the time
of initial investment, that are within or below the range of companies in the Russell 2000® Index. As
of February 28, 2025, the market capitalization range of companies comprising the Russell 2000®
Index was between $30.0 million and $15.2 billion. SCAP’s investments in securities of Small Cap
companies may include common stocks, preferred stocks, convertible securities, debt instruments,
equity-linked notes (“ELNs”), other investment companies or ETFs. SCAPd considers investments in
other investment companies and ETFs to be investments in Small Cap companies if the underlying
investment company or ETF also has a policy of investing at least 80% of its net assets in small
capitalization companies. SCAP’s investments in other investment companies and ETFs will typically
be less than 20% of the Fund’s net assets. SCAP’s initial investments may appreciate beyond the
Small Cap market capitalization range described above, however, the Fund will not sell an
investment simply because it does not meet the original small-capitalization definition. The Fund
may, on occasion, purchase securities of companies with market capitalizations outside of the range
described above when the Adviser believes the company has value and income qualities similar to
small-capitalization companies sought out by SCAP.

To seek to obtain capital appreciation and income, the Adviser will favor Small Cap companies that it
currently views as undervalued on a relative basis. Generally, the Adviser will utilize a multi-factor
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