Tidal Investments LLC

Item 5: Fees and Compensation
       Investment Management Fees

       Tidal is an adviser or sub-adviser to registered funds and receives advisory and other compensation
       for the investment management services provided to such clients. The services and fees with respect
       to such clients are negotiated on an individual basis.
       Fees paid to Tidal for services provided as Adviser or Sub-Adviser to ETFs and the Mutual Fund are
       described in each fund’s Prospectus and Statement of Additional Information filed with the SEC.
       Each Tidal advisory agreement will note the advisory fees, other expenses that the client agrees to
       pay, and the method and timing for making advisory fee payments to the firm. Tidal will charge a
       fee that is reasonable in relation to the advisory services it provides. In determining the
       reasonableness of the fee, Tidal will examine the facts and circumstances of the particular
       relationship.

       Advisory fees are determined in accordance with Section 15(c) of the 1940 Act.

       Direct Clients

       Tidal offers its investment management services on a fee only basis and does not have a standard
       fee schedule. All fee arrangements are negotiated on an individual basis with each direct client or
       with each wealth management and/or wrap fee platform, which then applies to all clients obtained
       through that platform. Direct high net worth individual clients and direct institutional clients will
       typically be charged an advisory fee in the range of 0.25% to 1.50% of assets under management
       on an annual basis, however the advisory fee is negotiable between Tidal and the client.

       With respect to direct clients, advisory fees are paid in advance and typically deducted within fifteen
       business days of the beginning of each calendar quarter directly from the client’s custodial account,
       based on the custodial market value as of the last day of the prior calendar quarter. Direct clients,
       however, may elect to be billed separately for Tidal’s advisory fees in lieu of having them deducted
       from their custodial accounts. With respect to wealth management clients, fees associated with the
       platform, including Tidal’s advisory fee, are calculated by the platform and are generally directly
       deducted from the client’s custodial account.

       Advisory fees are prorated for any new accounts opened during a calendar quarter. In the event that
       a direct client terminates its investment management services agreement with Tidal prior to the
       end of a quarter or a wealth management platform client ceases to be a client of the platform, the
       client will receive a refund of any unearned management fees that were deducted from their

custodial account. The amount of the refund will be calculated by dividing the most recent
management fee by the number of days in the quarter and multiplying that figure by the number of
days left in the quarter following the date of termination.

Pension Consulting Fees

Fees for Tidal’s pension consulting services are negotiated on an individual basis with each
pension plan and/or the pension plan’s sponsor. Pension plan clients typically payfees in the range
of 0.10% to 1.25% of assets under management on an annual basis, subject to aminimum annual
fee, which is also negotiable, of $3,800 or $950 per quarter. Tidal’s pension consulting fees are
generally calculated by the pension plan administrator or its designee, which then authorizes
payment to Tidal. Pension consulting fees are generally paid in arrears on a quarterly basis but
may be paid fully or partially in advance. In the event that a pension consulting client pays Tidal’s
pension consulting fees for a quarter fully in advance andterminates its pension consulting services
agreement with Tidal prior to the end of the quarter, thepension consulting client will receive a refund
of any unearned pension consulting fees. The amountof the refund will be calculated by dividing the
most recent pension consulting fee by the numberof days in the quarter and multiplying that figure
by the number of days left in the quarter followingthe date of termination. If, however, a pension
consulting client pays partially in advance and partially in arrears for the quarter and terminates
their relationship with Tidal prior to the end of the quarter, the client will receive a refund based on
the same calculation methodology noted above but such calculation will only include fees received
as of the date of termination.

Non-Discretionary Portfolio Consulting Fees

All fees for non-discretionary exchange traded product portfolio consulting services are negotiated
on an individual basis with each consulting client, depending on the scope of the engagement. Fee
arrangements for exchange traded product portfolio consulting services are typically on an annual
or per project fixed fee basis.

Capital Markets Services Fees

All fees for capital markets services provided are negotiated on an individual basis with each capital
markets services client and are depending on the scope of the engagement. Fees received for
capital markets services are generally based on the assets under management of the exchange-
traded funds issued by the registered investment adviser client, but may be subject to annual
minimum fee amounts.

Other Fees

Please see the “Selecting Broker Dealers” section below for a discussion regarding brokerage that
may be relevant to this discussion of fees. Client portfolios invest in ETFs, exchange traded notes
(“ETNs”) and may invest in mutual funds and closed-end funds as part of Tidal’s investment
strategies. Investments in ETFs, ETNs, mutual funds, and closed-end funds, generally include an
embedded investment management fee paid to an unaffiliated third-party investment adviser as well
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Item 7: Types of Clients
        Tidal provides discretionary investment management services primarily to investment
        companies registered under the 1940 Act and provides discretionary investment management
        services to separately managed accounts. Tidal currently provides investment management
        services as an investment adviser on a discretionary basis through the various types of products
        as described in Item 4 above.

        Tidal offers its investment management services directly to clients such as individuals; high net
        worth individuals, including family offices; and institutions (described more below). Pension
        consulting services are offered primarily to corporate retirement plans.

        Tidal also offers its investment management services directly to institutions, which primarily
        include qualified pension plans, Taft-Hartley plans, and 401(k) plans; pooled investment vehicles,
        which include collective investment trusts and investment companies registered under the
        Investment Company Act of 1940.

        Outsourced chief investment officer (OCIO) portfolio consulting services are offered to investment
        advisers and/or investment management companies. These consulting services can be offered as
        periodic non-discretionary, sub-advisory or purely ad hoc consulting which may present conflicts
        of interest in certain situations described Advisory Business section above. Consulting services
        other than portfolio-related ones are also offered to investment advisers and/or investment
        management companies like registered investment advisers.

        Capital markets consulting services are offered to other registered investment advisers in
        connection with exchange-traded funds issued by such advisers.