TFS Advisors LLC

Item 5: Fees and Compensation
  A.​ Adviser is compensated for its advisory services primarily by fees charged based on a client’s
      assets under management with Adviser as well as an initial up-front flat fee that is generally equal
      to $2,500. For clients that do not wish to engage Adviser to provide ongoing portfolio
      management or advisory services, Adviser alternatively but rarely offers financial planning
      services on an hourly basis at $350 per hour or for a flat fee that depends on the nature, extent,
      and complexity of financial planning services to be rendered. Fees are negotiable, and each
      client’s specific fee schedule is included as part of the investment advisory agreement signed by
      Adviser and the client.​
      ​
      Adviser’s standard fee schedule is included below, subject to negotiation with a client:​

           Client Assets Under Management                                 Annual Fee Percentage
                                                                             (paid quarterly)
               For the first $0 to $500,000                                       2.00%
          For the next $500,001 to $1,000,000                                     1.65%
         For the next $1,000,001 to $2,000,000                                    1.35%
         For the next $2,000,001 to $10,000,000                                   1.25%
           For any about above $10,000,000                                      Negotiable

      Unless otherwise fully or partially waived by Adviser in its sole and absolute discretion, the
      asset-based fee schedule set forth above is subject to a minimum annual fee equal to $ 7,500,
      which is applied in quarterly increments.​
      ​
      To the extent a client’s assets under Adviser’s management on the last business day of a
      calendar quarter are more than $500,000, the first asset-based fee percentage set forth in the fee
      table above shall be 1.65% instead of 2.00% in respect of the immediately subsequent calendar
      quarter. Thereafter, to the extent a client’s assets under management on the last business day of
      a calendar quarter are equal to or less than $500,000, the first asset-based fee percentage shall
      revert to 2.00% unless otherwise fully or partially waived by Adviser in its sole and absolute
      discretion.​
      ​
      Prorated fees are also charged or refunded based on client deposits or withdrawals of $10,000 or
      more during a billing period, respectively.​

  B.​ The fee schedule above is a “cliff” or “breakpoint” fee schedule, which means that all client assets
      under Adviser’s management are charged the same corresponding annual fee percentage based
      on the total client assets designated to be under Adviser’s management. Fees are deducted
      quarterly in advance from clients’ assets and based upon the market value of such assets
      managed by Adviser as of the last business day of the prior calendar quarter. Alternatively, clients
      may elect to pay Adviser’s fees electronically via ACH, debit card, or credit card, or otherwise
      upon presentation of an invoice. If management begins after the start of a quarter, fees are
      generally prorated accordingly, with the initial fee charged in arrears at the first quarter close after
      the engagement and based upon the account market value at the same quarter’s close.
      Outstanding margin balances and cash are included in the assets upon which fees are assessed,
      as are the assets maintained in held-away accounts and advised but unmanaged accounts.

  C.​ In addition to the fees charged by Adviser, clients will incur brokerage and other transaction costs.
      Please refer to Item 12: Brokerage Practices, for further information on such brokerage and other
      transaction-related practices. Depending on the specific investment products held in a client’s
      account and the services provided, a client may also incur additional fees and costs charged by
      other independent and unaffiliated third-parties. Such additional fees and costs may include, but
      are not necessarily limited to, the internal fees and costs of an investment product (like a mutual

                                       Date of Brochure: March 05, 2026

    fund or exchange traded fund), margin interest, account or asset transfer fees, subadvisory or
    third-party investment manager fees, account type fees, early redemption charges, market-maker
    or bid-ask spreads, retirement plan fees, fees for receiving paper copies of documents in lieu of
    electronically-delivered documents, and other fees and taxes on brokerage accounts and
    securities transactions. These additional charges are separate and apart from the fees charged
    by Adviser.​
    ​
    The asset-based fee schedule set forth above is inclusive of the fees that would otherwise be
    payable by Client to the Third-Party Adviser retained as of the date of this brochure (FPAS). In
    other words, Adviser pays applicable FPAS fees on a client’s behalf.​

    Tax Services are generally provided for an additional and separate flat fee of $500, depending on
    the nature and complexity of a client’s tax return. Such fee is payable upon completion of the tax
    return, negotiable at our discretion, and payable through a third-party payment processor.​
    ​
    Lower fees for comparable services may be available from other sources.

D.​ If Adviser or client terminates the advisory agreement before the end of a quarterly billing period,
    Adviser’s fees will be prorated through the effective date of the termination. The pro rata fees for
    the remainder of the quarterly billing period after the termination will be refunded to the client.

E.​ Neither Adviser nor any of its supervised persons accepts compensation for the sale of securities
    or other investment products.
...

Item 7: Types of Clients
Adviser generally provides its services to individuals, high-net-worth individuals, charitable organizations,
private funds, and other corporations/businesses. The minimum account value required to open and
maintain an account with Adviser is $500,000, subject to negotiation. Please note that the Third-Party
Advisers retained by Adviser may separately impose minimum account value requirements.

                                        Date of Brochure: March 05, 2026