PMV Capital Advisers LLC

Item 5 - Fees and Compensation
Discretionary Investment Management Fees

Retail Clients

The Adviser offers its services for a fee based on a portion of the client’s assets under the Adviser’s
management. Prior to engaging the Adviser to provide any of the foregoing investment advisory
services, the client will be required to enter into one or more written agreements with the Adviser
setting forth the terms and conditions under which the Adviser shall render its services
(collectively the “Agreement”).

In the event the client determines to engage the Adviser to provide investment management
services, the Adviser shall do so on a fee basis. If engaged, the Adviser shall charge an annual fee
calculated as a percentage of the market value of the assets being managed by the Adviser. The
Adviser’s annual fee is exclusive of, and in addition to, brokerage commissions, transaction fees,
and other related costs and expenses which shall be incurred by the client. For additional
information, please see Item 12 (Brokerage Practices), below. The Adviser’s annual fee shall be
prorated and charged monthly, in arrears, based upon the market value of the assets on the close
of the last trading day of the previous month. The advisory fee for any particular client is based
on, but not limited to, the facts, relationship, and circumstance for each client, the assets managed,
and the services provided, and are negotiated on an individual basis. As a result, clients may be
charged different fees for similar services. The annual fee shall vary between 0.0% and 2.0%.
Some client assets may not incur an annual fee. Such assets, if any, are only excluded from the
calculation of the annual fee if they are listed, in writing, in such client’s Agreement. Upon
termination of the Agreement, fees paid in advance by the client, if any, shall be refunded on a
pro-rata basis. Clients should be aware that the Adviser’s asset-based advisory fees create a conflict
of interest because the Adviser earns more fees if there are more assets in a client’s account. As a
result, the Adviser has an incentive to encourage clients to increase their account’s assets.
Additionally, the Adviser charges fees to the funds that it advises, which creates a conflict of
interest to recommend funds that it advises to retail clients, because if those funds have more assets
under management, then the Adviser makes more fees. Because the Adviser charges fees to the
funds that it advises, the Adviser does not also charge management fees on any portion of its retail
client accounts that are invested in funds advised by the Adviser. Under certain circumstances, the
fees the Adviser charges to a fund that it advises could exceed the fees that would otherwise be
payable to the Adviser for managing a client account with a strategy and objective similar to the
advised fund, if such services are available. Clients should be aware that the Adviser has a conflict
of interest because the Adviser would receive higher fees by investing retail client assets in the
advised fund than the Adviser would receive for managing the retail client account directly.
Additionally, an investment in a fund advised by the Adviser may be subject to expenses that a
separate account would not have.

The Adviser generally imposes a minimum portfolio value for its investment management
services. The Adviser, in its sole discretion, may negotiate to waive its stated account minimum
or charge a lesser management fee based upon certain criteria (i.e., anticipated future earning
capacity, anticipated future additional assets, dollar amount of assets to be managed, related
accounts, account composition, pre-existing client, account retention, pro bono activities, etc.).

Clients may incur certain charges imposed by the financial institution(s) and other third parties
such as custodial fees, charges imposed directly by a mutual fund or ETF in the account, which
shall be disclosed in the fund’s prospectus (e.g., fund management fees and other fund expenses),
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. Additionally, clients
may incur brokerage commissions and transaction fees. Such charges, fees and commissions are
exclusive of and in addition to the Adviser’s fee.

The Adviser’s Agreement and/or the separate agreement with financial institution(s) may authorize
the Adviser, through the financial institution(s), to debit the client’s account for the Adviser’s fee
and to directly remit that management fee to the Adviser in accordance with applicable custody
rules. The financial institution(s) recommended by the Adviser have agreed to send a statement to
the client, at least quarterly, indicating all amounts disbursed from the account including the
amount of management fees paid directly to the Adviser.

Upon the Adviser’s approval or discretion, a client may be billed via direct invoice due at the time
of receipt.

Lower fees for comparable services may be available from other sources.

In consideration of the administrative and other non-advisory services provided, performed, or
incurred by the Adviser with respect to clients, clients will pay the Adviser an administrative
expense charge, in the form of a flat-fee payable monthly, if agreed to in such clients Agreement
(the “Administrative Expense”). Such Administrative Expense is intended and designed to
compensate the Adviser for actual internal operational and administration expenses, not for
investment advisory services. Such expenses include, but are not limited to, accounting,
administration, compliance, client management software and services, and monitoring and other
administrative costs and expenses incurred by the Adviser. It is possible that amounts received by
the Adviser in respect of the Administrative Expense may exceed the accounting, administration,
...

Item 7 - Types of Clients

The Adviser provides services to several types of clients. The first category consists of clients of
unaffiliated investment adviser firms. Under this arrangement, the Adviser acts as a subadviser to
unaffiliated investment adviser firms in an advisory program sponsored by the unaffiliated
investment adviser.

Adviser also provides services to individuals. These are clients for whom the relationship with the
Adviser has been established directly, without the involvement of a solicitor or other unaffiliated
investment adviser firm as intermediary. Client accounts may be subject to a minimum assets
threshold as stated in the applicable Agreement. Minimum assets may be waived at the Adviser’s
discretion.

The Adviser provides investment management services to investment companies registered under
the Investment Company Act of 1940, such as ETFs.