Sapere Wealth Management LLC

Item 5. Fees and Compensation
Investment Management Fee

Sapere generally charges an annual fee equal to one percent (1.00%) of assets under management. The fee
is prorated and charged quarterly in arrears, based upon the market value of the assets on the close of the
prior billing period.
Fee Discretion
Sapere may, in its sole discretion, negotiate to discount or waive certain fees based upon certain criteria
(e.g., legacy relationships, dollar amount of assets to be managed, related accounts, pro bono, etc.).

Additional Account Fees and Expenses
As further discussed in response to Item 12 (below), Sapere requires that clients utilize the custody,
brokerage and clearing services of Axos Clearing LLC under its trade name Axos Advisor Services
(“Axos”) for investment accounts, excluding certain private investments held through a client’s individual
retirement account (“IRA”). The Firm’s management fee is separate of and in addition to certain charges
imposed by Axos, including custody fees, securities brokerage commissions, transfer agent fees, and other
related transaction fees.
Basic fees charged by Axos to Sapere for any accounts of Sapere’s clients custodied with Axos are as
follows:
    •   Accounts valued between $0.00 and $499,999.99                 3 basis points (charged to Sapere)
    •   Accounts valued between $500,000 and $1,000,000               2 basis points (charged to Sapere)
    •   Accounts valued over $1,000,000                               1 basis point (charged to Sapere)
To support the minimum expense of servicing Sapere client accounts, each account is subject to a minimum
quarterly asset custody fee of $18.75, which will be charged to each client account by Axos. Axos has
agreed to waive the above fees until July 31, 2024. After July 31, 2024, Sapere intends to cover the above
fees from Axos on behalf of Sapere’s clients. Any other fees that Axos charges will be paid by clients. The
fee structure with Axos creates a conflict of interest for Sapere. This is because the fee waiver from Axos
remains contingent on Axos serving as qualified custodian over a certain amount of Sapere client assets,
and since Sapere intends to pay these fees once the waiver period is over, Sapere has an incentive to require
Axos’ services. Further, the varying level of fees payable to Axos provides an incentive or disincentive for
Sapere to recommend a particular strategy or service. Sapere’s selection of Axos was based on a number of
factors, including its reputation, client service, fee structure, and availability of services to Sapere following
the settlement agreement with the SEC further described in response to Item 9 (below).
There are other fees and charges imposed by Axos that apply to accounts with Axos. Absent other
arrangements, the client is charged commissions, markups, or transaction charges by the custodian who
executes transactions. These additional fees and charges will be set out in the agreements executed by the
client at the time the account is opened. Certain other charges assessed by Axos and charged to each client
account with funds custodied by Axos are, as of the date of this update, as follows:
    •   Outgoing transfer fee                                         $75.00
    •   Returned check                                                $25.00 per occurrence
    •   Non-traditional/Alternative asset custody                     $25.00 per asset quarterly per account
    •   Next day mail service                                         $20.00
    •   SoloK annual maintenance fee                                  $200.00 annually
    •   SoloK loan fee                                                $100.00 per loan
For current details regarding the fees charged by Axos to each client, please contact Axos directly.
Axos does not act as a qualified custodian for IRA accounts that contain private investments. Sapere
requires that clients utilize Community National Bank (“CNB”) if they hold Private Funds and certain other
private investments through IRAs. The fees and expenses of such services are negotiated directly between
CNB and any client utilizing CNB’s services. There is a conflict of interest related to the fee structure with
CNB. Sapere does not pay any fees or expenses to CNB. Since Sapere will pay fees to Axos associated with
Private Funds and private investments not held through IRAs, Sapere has a conflict of interest when
deciding whether to recommend its clients hold certain assets through IRAs due to Sapere’s costs for assets

held by Axos. Sapere elected to identify CNB as an additional custodian in the limited instance of holding
Private Funds and certain other private investments through IRAs since Axos does not hold these assets
through IRAs.
Private Funds are custodied at Northern Trust Corporation (“Northern Trust”). The fees associated with
these arrangements vary and are set forth in more detail in the documentation for the applicable Private
Funds.
Sapere can only implement its investment management recommendations after the client has arranged for
and furnished Sapere with all information and authorization regarding accounts with CNB and Axos
(collectively referred to herein as the “Financial Institutions”). At this time, Sapere requires clients set up
accounts with CNB and/or Axos, and Sapere cannot do so on behalf of the client. Sapere can assist with
providing onboarding documents and support as part of onboarding, when requested by the client.
Clients may incur certain charges imposed by the Financial Institutions and other third parties such as
charges imposed directly by a mutual fund or ETF in the account, which are 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.
Solicitation Fees
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Item 7. Types of Clients
Sapere provides its services to individuals including high-net worth individuals, pension and profit-sharing
plans, trusts, estates, charitable organizations, corporations, limited liability companies and/or other
business entities.
Minimum Account Fee
As a condition for starting and maintaining a relationship, Sapere generally imposes a minimum account
size of $50,000. This minimum fee may have the effect of making Sapere’s services impractical for certain
clients with smaller accounts. In addition, Sapere reserves the right to impose a minimum fee of $250 per
quarter on any account which would otherwise have fees falling below $1,000 per year. Sapere, in its sole
discretion, may waive its minimum annual fee based upon certain criteria including anticipated future
earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related
accounts, account composition, pre-existing client, account retention, and pro bono activities.
Private Fund

Each investor generally must be an “accredited investor” (as defined in Regulation D under the Securities
Act of 1933) or “qualified client” (as defined in Rule 205-3 under the Advisers Act) and must meet other

criteria as specified in the Offering Documents. The minimum initial investment in the Fund is generally
$50,000, subject to waiver at our discretion.