The Invictus Collective LLC

Item 5 Fees and Compensation
The Invictus Collective offers services for a fee based upon assets under management.

Investment Management Fees
The Invictus Collective offers investment management services for an annual fee based on the amount
of assets under the Firm's management. This management fee varies between 10 and 200 basis
points (0.10% – 2.00%), depending upon the size and composition of a client's portfolio, type of
investment strategies utilized, the type and amount of services rendered and the individual(s) providing
the services.

The annual fee is prorated and charged quarterly, in advance, based upon the market value of the
assets being managed by The Invictus Collective on the last day of the previous quarter. Adjustments
will be made for deposits and withdrawals in excess of $50,000 during the quarter. If the portfolio
management agreement is executed at any time other than the first day of a calendar quarter, The
Invictus Collective's fees will apply on a pro rata basis, which means that the management fee is
payable in proportion to the number of days in the quarter for which you are a client. In the event the
portfolio management agreement is terminated, the fee for the final billing period will be prorated

through the effective date of termination, and the outstanding or unearned portion of the fee will be
charged or refunded to the client, as appropriate. The Firm's management fee is negotiable, depending
on individual client circumstances.

Additionally, for asset management services the Firm provides with respect to certain client holdings
(e.g., held-away assets, accommodation accounts, alternative investments, etc.), The Invictus
Collective can negotiate a fee rate that differs from the range set forth above. The Firm can charge a 2
basis point (0.02%) fee for assets that are not managed or advised on, but where the Firm provides
reporting services. Clients are advised that a conflict of interest exists for the Firm to recommend that
clients engage The Invictus Collective for additional services for compensation, including rolling over
retirement accounts or moving other assets to the Firm's management. Clients retain absolute
discretion over all decisions regarding engaging the Firm and are under no obligation to act upon any
of the recommendations.

Fee Discretion
The Invictus Collective 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, pre-existing/legacy client
relationship, account retention, pro bono activities, or competitive purposes.

Private Pooled Investment Vehicle Offerings
To qualify for an investment in a private fund an investor to the private fund must be a qualified
investor, either as an accredited investor or qualified purchaser as applicable to the corresponding
private fund offering documents. For a full description of the applicable fees, including performance-
based fees, and expenses charged to the Fund, investors should review the associated offering
documents. The Invictus Collective does not charge a fee for the management of the Fund.

Performance-Based Compensation: Refer to the Private Pooled Investment Vehicle Performance-
Based Fee Section in Item 6 of this brochure.

First Principle Structured Note Sleeves for Institutional Clients
The Invictus Collective receives fees for designing structured note portfolio sleeves for other advisors
and institutions and for subadvisory service. Clients of this service sign a separate Investment
Management Agreement with its own specific fee structure, which is negotiated. This service is not yet
available for retail investors.

Additional Fees and Expenses
In addition to the advisory fees paid to The Invictus Collective, clients 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 include securities
brokerage commissions, transaction fees, custodial fees, fees attributable to alternative assets, fees
charged by the Independent Managers, margin and other borrowing costs, charges imposed directly by
a mutual fund or ETF in a client's account, as 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. The Firm's brokerage practices are described at length in Item 12, below.

As discussed above, The Invictus Collective uses Dynasty's TAMP services. TAMP-related charges
are not included in the Firm's investment management fee. Clients will be charged, separate from and
in addition to the investment management fee, any applicable Platform Fees as well as applicable

Independent Manager fees. The Invictus Collective does not receive any portion of the fees paid
directly to Dynasty or the service providers made available through its platform, including the
Independent Managers.

Each of the Platform Fee and independent manager fees are determined by the particular program(s)
and manager(s) with which a client's assets are invested, and are calculated based upon a percentage
of the assets under management, as applicable. The Platform Fee generally ranges from 0 - .45%
annually, independent fixed income manager fees generally range from 0 - .90% annually, and
independent equity manager fees generally range from 0 – 1.50% annually.

Clients will note the total fee reflected on their custodial statement will represent the sum of The
Invictus Collective's investment management fee, Platform Fee(s) and Independent Manager fee(s),
accordingly. Clients should review such statements to determine the total amount of fees associated
...

Item 7 Types of Clients
The Invictus Collective offers services to individuals, trusts, estates, corporations and other business
entities, institutional investors, other advisers and pooled investment vehicles.