Intelligent Alpha LLC

Item 5 Fees and Compensation
Intelligent Alpha GP, LLC receives compensation through a combination of management fees and
performance-based allocations. Intelligent Alpha is authorized under the Governing Documents of
Funds to charge and deduct advisory fees directly from the assets of the Intelligent Alpha Funds, at the
times and in the amounts described below. Investment advisory fees and other expenses incurred by
the Private Funds are described to investors, in detail, in each Private Fund's Private Placement
Memorandum (PPM). Our Funds are offered to certain sophisticated investors, who meet certain
requirements under applicable state and/or federal securities laws. Investors to whom a Fund is
offered will receive the PPM and other offering documents. The fees charged by the Fund are separate
and apart from our advisory fees. You should refer to the offering documents for a complete
description of the fees, investment objectives, risks and other relevant information associated with
investing in a Fund. Persons affiliated with our firm may have made an investment in a Fund and may
have an incentive to recommend the Fund over other investments. See Item 10 below (Other Financial
Industry Activities and Affiliations) for more information.

Management Fee: The Investment Manager of Funds, Intelligent Alpha LLC, receives a quarterly
management fee of each Limited Partner's Capital Account balance, calculated as of the beginning of
each calendar quarter. This fee is payable in advance and is not refundable in the event of a
withdrawal prior to the end of the quarter. A pro rata portion of the management fee is assessed on
any capital contributions made mid-quarter, based on the number of days remaining in the quarter.

Performance Allocation: At the end of each calendar year, the General Partner receives a
performance allocation equal to 20% of each Limited Partner's net profits for the year, subject to a
high-water mark provision. This means that performance allocations are only charged on profits that
exceed the Limited Partner's highest previous Capital Account balance, adjusted for withdrawals.
Performance allocations are assessed only on "qualified clients" as defined under Rule 205-3 of the
Investment Advisers Act of 1940.

Negotiability of Fees: The management fee and performance allocation are subject to negotiation.
The General Partner may, in its sole discretion, enter into side letter agreements with certain Limited
Partners that modify the standard fee structure. These negotiated arrangements may include reduced
management fees, waived performance allocations, or other preferential terms.

Other Fees and Expenses: In addition to the management fee and performance allocation, the
Partnership bears all ordinary and reasonable operating expenses, including brokerage commissions,
custodial fees, legal and audit costs, tax preparation fees, and expenses related to research and due
diligence. The General Partner and Investment Manager cover their own administrative and overhead
costs, such as employee compensation, rent, and office expenses.

The section titled "Brokerage Practices" describes the factors Intelligent Alpha considers in selecting or
recommending broker-dealers and determining the reasonableness of their compensation.

Side Letters: The General Partner may enter into side letter agreements with certain Limited Partners
that modify the standard fee structure or provide other preferential terms. These arrangements may
include reduced management fees, waived performance allocations, enhanced reporting, or modified
liquidity rights. Such agreements are negotiated individually and are not offered to all investors.

Investors are urged to review the Partnership's governing documents, including the Limited Partnership
Agreement and Private Placement Memorandum, for complete details regarding fees, compensation,
and any applicable side letter arrangements.

Neither Intelligent Alpha nor its supervised persons will receive any compensation with respect to the
purchase or sale of securities or other investment products by any Intelligent Alpha Fund. Fund
expenses do not currently include technology development or data licensing costs incurred by the firm.

Sub-Advisory Fees: Intellgent Alpha also receives a fee for providing its asset management
strategies and models to registered investment companies and an internet-only broker. No
commissions are earned for these services.

Research Consulting: Intelligent Alpha receives fees for providing consulting to other RIAs and
Family Offices. This may include access to Intelligent Alpha's proprietary technology applications.
Contracts are negotiated on a case-by-case basis but typically include an up-front fee and quarterly
management fees. Invoices are produced quaterly and payment is due upon receipt of the
invoice. Termination of the agreement requires written notice no later than 90 days prior to the
scheduled expiration of the contract.

Item 7 Types of Clients
Intelligent Alpha's Funds are offered exclusively to a limited number of sophisticated investors through
a private placement. The fund is suitable only for investors who are "accredited investors" as defined in
Rule 501(a) of Regulation D under the Securities Act of 1933. These include high-net-worth
individuals, family offices, trusts, corporations, and institutional investors who have sufficient
knowledge and experience in financial and business matters to evaluate the merits and risks of an
investment in the fund.

The minimum initial investment in a Partnership is generally $1,000,000. However, the General Partner
may, in its sole discretion, accept subscriptions for lesser amounts. While the General Partner may
admit investors who are not "qualified clients" under Rule 205-3 of the Investment Advisers Act of
1940, only qualified clients are subject to the performance allocation. Additional capital contributions
from existing Limited Partners are generally accepted in minimum increments of $500,000, subject to
the same discretionary flexibility.

While the General Partner may admit investors who do not meet the definition of "qualified clients"
under Rule 205-3 of the Investment Advisers Act of 1940, only qualified clients are subject to the
performance-based compensation (Performance Allocation). The fund does not tailor its investment
strategy to individual client needs and does not offer advisory services to retail clients.

Intelligent Alpha also provides sub-advisory services to registered investment companies who sell to
retail investors through intermediaries. ETFs are managed in accordance with their individual
prospectus and investment guidelines, and Intelligent Alpha exercises discretionary authority over
portfolios. Intelligent Alpha does not solicit individual investors for any ETF and does not tailor
investment advice to retail clients.

Intellgent Alpha also provides sub-advisory services to an internet-only broker and is paid a fee for
these services. Intelligent Alpha does not solicit individual investors for the broker and does not tailor
investment advice to their retail clients.