Piper Sandler & Co

Item 5 – Fees and Compensation

The fees and expenses applicable to the ETF are set forth in the ETF’s offering or constitutive or
organizational documents. PS&Co. clients pay an investment advisory fee based upon their strategy.
Specifics of the client’s fees are outlined in each client’s investment advisory agreement. The fee does
not cover and the client will be additionally responsible and charged for third party services which
could include but is not limited to custodial, safekeeping, bond accounting, performance measurement,
asset-liability measurement, credit evaluation and trade execution services, etc.

Fees are prorated for any billing period that is less than a complete quarter. PS&Co. will generate an
invoice quarterly and submit that invoice either to the client or a client’s designated agent for payment.

When making cost comparisons, clients should be aware that the services are available separately and
could require multiple agreements, documentation, and fees.

Generally, the client can terminate the advisory agreement upon thirty (30) days advance written notice
to PS&Co. PS&Co. can terminate this agreement upon ninety (90) days advance written notice to the
client. If the client agreement is terminated prior to the last day of the calendar quarter, then a pro rata
portion of the fees will be paid by the client, less permitted deductions.

Piper Sandler & Co.                                                                                        6
Form ADV Part 2A

Piper Sandler Fixed Income Analytics Program
Fees are negotiable with $15,000 annually being the standard. Fees can be higher, lower or waived in
some cases depending on considerations such as:
    • The size of the client’s account;
    • The amount of time the client has had an account with PS&Co.;
    • The total amount of business the client conducts through PS&Co.; and
    • Other relevant criteria.

Piper Sandler Financial Strategies Program
We typically offer our financial strategies on a negotiated fixed-fee basis. Some schedules provide for
breakpoints at which the percentage is reduced if the market value of assets under advisement exceeds
certain agreed upon amounts. Some clients will pay a fixed percentage of each trade, in addition to the
fixed fee. Any commission would be disclosed on agency-trades only. We can require the advance
payment of fees for certain services and as agreed upon by the parties.

        Balance Sheet Management Services
        Fees are negotiated and range between 1 basis point and 8 basis points, with a minimum of
        $2,000 annually. Some clients will pay higher or lower fees depending on considerations such
        as:
            • The size and complexity of the client’s relationship;
            • The range of services provided;
            • The amount of time the client has had an account with PS&Co.;
            • The total amount of business the client conducts through Piper Sandler; or
            • Other relevant criteria.

        Fixed Income Advisory Services
        Fees are negotiated and the standard rate is 16 basis points, with a minimum of $20,000
        annually. Some clients will pay higher or lower fees depending on considerations such as:
            • The size of the client’s relationship;
            • The amount of time the client has had an account with PS&Co.;
            • The total amount of business the client conducts through Piper Sandler; or
            • Other relevant criteria.

Piper Sandler & Co.                                                                                       7
Form ADV Part 2A

        Treasury Investment Portfolio Services
        Fees are negotiated and range between 4 basis points and 16 basis points, with a minimum of
        $25,000 annually. Some clients will pay higher or lower fees depending on considerations such
        as:
              • The size of the client’s relationship;
              • The amount of time the client has had an account with PS&Co.;
              • The total amount of business the client conducts though Piper Sandler; or
              • Other relevant criteria.

Public Finance Consulting Services Program
The client pays PS&Co. a fee that can include compensation for:

    •   An analysis of the client’s investment objectives and needs related to bond proceeds.
    •   Advice related to bidding agent services, forward delivery investment services and GIC
        investment services related to the investment of cash derived from the sale of a bond in
        securities and other financial instruments.

Fees are negotiated per engagement letter. Some clients pay lower fees depending on considerations
such as:

    •   The amount of time the client has had a relationship with PS&Co.;
    •   The total amount of business the client conducts through Piper Sandler; or
    •   Other relevant criteria.

Item 7 – Types of Clients

Piper Sandler Fixed Income Analytics Program
Is offered and available to financial institutions, corporations, registered investment advisors, public
entities, and other financial services organizations.

Piper Sandler Financial Strategies Program
Is offered and available to a variety of public entity and financial institutions, including banks, thrifts,
asset managers, insurance companies, and credit unions.

Piper Sandler & Co.                                                                                            8
Form ADV Part 2A

Public Finance Consulting Services Program
Is offered and available to public entities, institutions, businesses, and other suitable investors.

ETF
PS&Co. serves as a sub-adviser to the ETF. The ETF is offered and available to investors as an
exchange listed security. The ETF is registered under the Company Act and the Securities Act.