Madison Avenue Financial Solutions LLC

Item 5: Fees & Compensation
Generally speaking, advisory fees are negotiable from client to client and are tailored to the specific type
of services that MAS provides to that client. As a result, not all clients employing the same or similar
investment strategies will have the same or similar fee structures. The Firm's fee schedule for sub-
advisory services provided to each series of ETFs and Private Funds is negotiated with the sponsor as a

percentage of the average daily net assets of the applicable fund. Aggregate fees paid by investors are
disclosed in the applicable ETF Registration Statement or Private Fund PPM.

Fee Discretion
The Firm may, in its sole discretion, negotiate to charge a lesser fee based upon certain criteria, such as
anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be
managed, related accounts, account composition, client holdings, pre-existing/legacy client relationship,
account retention and charitable or pro bono activities.
Additional Fees and Expenses
In addition to the advisory fees paid to the Firm, clients may also incur certain charges imposed by other
third parties, such as broker-dealers, custodians, trust companies, banks, and other financial institutions
(collectively "Financial Institutions"). These additional charges may include securities brokerage
commissions, transaction fees, custodial fees, fees charged by Independent Managers (charged to all
clients other than certain legacy clients whose agreements will reflect the inclusion of these fees), margin
costs, as disclosed in the fund's Registration Statement (e.g., fund management fees and other fund
expenses), fees attributable to alternative assets (including transaction fees), deferred sales charges,
odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on
brokerage accounts and securities transactions. In connection with its sub-advisory services performed
for ETFs and Private Funds, the Firm receives a percentage of the overall advisory or management fee.
For additional information, investors are encouraged to read the applicable ETF Registration Statement,
available on the sponsor’s website, or the applicable Private Fund PPM, available from the Private Fund's
investment adviser. The Firm's "Brokerage Practices" are described in Item 12, below.

Item 7: Types of Clients & Account Requirements
The Firm offers services to private funds and registered investment companies.
Minimum Account Fee
The Firm provides advisory or sub-advisory services to certain investment products that may impose
eligibility standards and account minimums, including those accessible through Independent
Managers and other Financial Institutions.