Little Harbor Advisors LLC

ITEM 5   FEES AND COMPENSATION.

         LHA Market StateTM Tactical Beta ETF:

         For the services provided to the Tactical Beta ETF, LHA is paid a unified
         management fee, which is calculated daily and paid monthly, at an annual rate
         of 1.10% of the fund’s average daily net assets. Pursuant to an investment

advisory agreement, LHA provides investment advice and oversees the day-to-
day operations of the fund, subject to the direction and control of the Trust’s
Board and the officers of the Trust. The unified management fee is
automatically deducted by the fund administrator from the investor’s account.
It should be noted that detailed disclosure about the unified management fee
is provided in the Prospectus and the SAI. The Prospectus and SAI should be
carefully reviewed prior to making an investment.

LHA is responsible for trading portfolio securities on behalf of the Tactical Beta
ETF, including selecting broker-dealers to execute purchase and sale
transactions, subject to the oversight of the Trust’s Board. Under its
investment advisory agreement, LHA is also responsible for arranging transfer
agency, custody, fund administration and accounting, and other related
services necessary for the fund to operate. LHA administers the Tactical Beta
ETF’s business affairs, provides office facilities and equipment and certain
clerical, bookkeeping and administrative services. In exchange for the single
unitary management fee, LHA has agreed to pay all expenses incurred by the
fund except for interest charges on any borrowings, dividends and other
expenses on securities sold short, taxes, brokerage commissions and other
expenses incurred in placing orders for the purchase and sale of securities and
other investment instruments, acquired fund fees and expenses, accrued
deferred tax liability, extraordinary expenses, distribution fees and expenses to
be paid by the fund under any distribution plan.

LHA Market StateTM Tactical Q ETF:

For the services provided to the Tactical Q ETF, LHA is paid a unified
management fee, which is calculated daily and paid monthly, at an annual rate
of 1.10% of the fund’s average daily net assets. Pursuant to an investment
advisory agreement, LHA provides investment advice and oversees the day-to-
day operations of the fund, subject to the direction and control of the Trust’s
Board and the officers of the Trust. The unified management fee is
automatically deducted by the fund administrator from the investor’s account.
It should be noted that detailed disclosure about the unified management fee
is provided in the Prospectus and the SAI. The Prospectus and SAI should be
carefully reviewed prior to making an investment.

LHA is responsible for trading portfolio securities on behalf of the Tactical Q
ETF, including selecting broker-dealers to execute purchase and sale
transactions, subject to the oversight of the Trust’s Board. Under its
investment advisory agreement, LHA is also responsible for arranging transfer
agency, custody, fund administration and accounting, and other related
services necessary for the fund to operate. LHA administers the Tactical Q
ETF’s business affairs, provides office facilities and equipment and certain
clerical, bookkeeping and administrative services. In exchange for the single
unitary management fee, LHA has agreed to pay all expenses incurred by the
fund except for interest charges on any borrowings, dividends and other
expenses on securities sold short, taxes, brokerage commissions and other

expenses incurred in placing orders for the purchase and sale of securities and
other investment instruments, acquired fund fees and expenses, accrued
deferred tax liability, extraordinary expenses, distribution fees and expenses to
be paid by the fund under any distribution plan.

LHA Risk-Managed Income ETF:

For the services provided to the Risk-Managed Income ETF, LHA is paid a
unified management fee, which is calculated daily and paid monthly, at an
annual rate of 1.10% of the fund’s average daily net assets. Pursuant to an
investment advisory agreement, LHA serves as the fund’s investment adviser
and has overall responsibility for the general management and administration
of the fund, subject to the direction and control of the Trust’s Board and the
officers of the Trust. The unified management fee is automatically deducted by
the fund administrator from the investor’s account. It should be noted that
detailed disclosure about the unified management fee is provided in the
Prospectus and the SAI. The Prospectus and SAI should be carefully reviewed
prior to making an investment.

LHA and the fund have retained the Sub-Advisor to serve as sub-adviser for the
fund. Pursuant to a sub-advisory agreement, LHA provides oversight of the
fund’s Sub-Advisor, monitoring the Sub-Advisor’s buying and selling of
investments for the fund, and review of the Sub-Advisor’s performance. The
Sub-Advisor is responsible for the day-to-day management of the fund,
including the general management of the investment and reinvestment of the
assets of the fund and selecting broker-dealers to execute purchase and sale
transactions, subject to the supervision of LHA and the fund’s Board of
Trustees. The Sub-Advisor is registered with the SEC as an investment adviser.

For its services, the Sub-Advisor is paid a fee by LHA, which is calculated daily
and paid monthly, at an annual rate, based on the fund’s average daily net
assets of 0.50%.

Under its investment advisory agreement, LHA is also responsible for arranging
transfer agency, custody, fund administration and accounting, and other
related services necessary for the fund to operate. LHA administers the Risk-
Managed Income ETF’s business affairs, provides office facilities and
equipment and certain clerical, bookkeeping and administrative services. In
exchange for the single unitary management fee, LHA has agreed to pay all
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ITEM 7   TYPES OF CLIENTS.
         As described in Item 4- Advisory Business, LHA offers investment advisory
         services to the LHA ETFs, and to the MOTR Fund. In the future, LHA may
         provide investment advisory services to other registered funds and/or private
         collective investment funds.

         LHA Market StateTM Tactical Beta ETF; LHA Market StateTM Tactical Q ETF; and
         LHA Risk-Managed Income ETF:

         Each of the Tactical Beta ETF, the Tactical Q ETF, and the Risk-Managed Income
         ETF issues and redeems their shares (the “Shares”) at NAV (defined below) only
         in large blocks known as “Creation Units,” which only Authorized Participants
         (the “APs”) (typically, broker-dealers) may purchase or redeem directly from
         the particular fund. Creation Units generally consist of 25,000 Shares, though
         this may change from time to time and, in the case of the LHA Risk-Managed
         Income ETF, a Creation Unit generally consists of 5,000 shares, though this may
         change from time to time. Each of the LHA ETFs generally issues and redeems
         Creation Units in exchange for a portfolio of securities closely approximating
         the holdings of the particular fund and/or a designated amount of U.S. cash.
         Once created, Shares trade in the secondary market in quantities less than a
         Creation Unit. Shares of each of the LHA ETFs are listed on the Cboe BZX
         Exchange, Inc. (the “Exchange”), and most investors will buy and sell Shares
         throughout the trading day like other publicly traded securities and through
         brokers at market prices, rather than the particular fund’s Net Asset Value (the
         “NAV”). Because Shares trade at market prices rather than NAV, Shares may
         trade at a price greater than NAV (premium) or less than NAV (discount).
         Additionally, when buying or selling Shares through a broker, investors will
         incur customary brokerage commissions and charges, and may pay some or all
         the spread between the bid and the offer price in the secondary market on
         each leg of a round trip (purchase and sale) transaction. Because secondary
         market transactions occur at market prices, an investor may pay more than
         NAV when he/she buys Shares and receive less than NAV when he/she sells
         those Shares. A more detailed explanation of how to purchase or sell Shares is
         found in each respective LHA ETF Prospectus and SAI.

         LHA MOTR Long-Short Fund, L.P.:

         The MOTR Fund offers a single class of interests and will not offer additional
         classes of interests. In order to invest in the MOTR Fund, an investor must
         meet certain minimum suitability requirements, including qualifying as an
         “accredited investor” within the meaning of Regulation D promulgated under
         the Securities Act and meet such other qualifications as required by the fund’s
         general partner. Among other things, investors (or their representatives) must
         be sophisticated in financial and business matters generally and in investing
         securities before subscribing for interests in the fund. An investor intending to
         invest in the MOTR Fund first must complete a Subscription Agreement to the
         satisfaction of the fund’s general partner, which requires the investor to make
         certain representations and to execute the fund’s limited partnership
         agreement. The fund’s general partner, in its sole discretion, may accept or
         reject any initial subscription from prospective limited partner(s) for any reason
         or for no reason. An investor must complete a Subscription Agreement and
         return it to the fund’s administrator within the required time frame and the
         investor’s Subscription Agreement must be accepted by the MOTR Fund’s
         general partner. To ensure compliance with applicable laws, regulations and
         other requirements relating to money laundering, the MOTR Fund’s general
         partner and/or the MOTR Fund’s Administrator may require additional
         information to verify the identity of any person who subscribes for an interest
         in the MOTR Fund.

         The minimum original capital contribution for each limited partner in the
         MOTR Fund is five hundred thousand dollars (U.S. $500,000). However, the
         fund’s general partner has the discretion to accept an original capital
         contribution of less than the stated minimum. Each minimum additional
         capital contribution representing an investment in the fund from an existing
         limited partner is fifty thousand dollars (U.S.$50,000). However, the general
         partner of the fund has discretion to accept lesser amounts.

         Future Registered and Private Funds:

         In the future, LHA may provide investment advisory services to other registered
         funds and other private collective investment funds, and these funds may have
         minimum investment requirements and investor qualifications that vary. The
         offering documentation for the particular fund will set forth a more detailed
         explanation of how to acquire an interest in such fund.