Variant Perception LLC

Item 5 – Fees and Compensation
ETF Sub-Advisory Fees
As noted above, Variant Perception will serve as the discretionary Sub-Adviser to the ETF. The
fees payable to Variant Perception (“Sub-Advisory Fee”) are payable from the unitary fee
proposed within the ETF and borne by ETF Architect, the adviser to the ETF. As a discretionary
Sub-Adviser, Variant Perception does not receive any portion of commissions, transaction fees,
or other brokerage costs generated by the ETF. The Sub-Advisory Fee is calculated daily and levied
on a monthly basis, in arrears, based upon the average net asset value of ETF assets per month.
The Sub-Advisory Fee, as well as the fees and expenses associated with an ETF investment, are
specified in the prospectus.

Research Subscription Fees
Variant Perception subscription fees are flat fees, with general fee guidelines shown below. Fees
are subject to negotiation and subject to change with advance notice in accordance with the
terms set forth in the Master Service Agreement (“Agreement”).

Macroeconomic Research and Interactive Charts
  ♦ Newsletters, whitepapers, and charts
  ♦ Annual pricing ranges from $5,000 - $7,000 + per seat

Macroeconomic Research, Interactive Charts, and Data API
  ♦ Newsletters, whitepapers, and charts
  ♦ Access to interactive database and quantitative investment models
  ♦ Optional access to investment analyst time
  ♦ Annual pricing $10,000 + per seat
  ♦ Free trial available

Subscribers are required to pay for services for the initial and any subsequent periods in
accordance with the economic terms set forth in the Agreement and agree to settle invoices
within 30 days of receipt unless otherwise agreed in writing by Variant Perception and the
Subscriber. Failure to settle in full on these terms may lead to the imposition of interest charges
upon the Subscriber at 6.5% per annum or higher.

Subscription Period and Termination
The Agreement specifies the effective date and generally continues for an initial period of 12
months (unless otherwise agreed in writing). The subscription will automatically renew on the
last day of the Agreement, for an equal period to that of the initial term. The Subscriber may
terminate the subscription by serving notice, in writing, 30 days prior to the last day, of the end
of, either the initial period or any subsequent period thereafter, allowing the Agreement to
expire on the last day of the term where notice has been served.

If the Agreement automatically renews in accordance with its terms, the amount to be paid by
the Subscriber is adjusted annually based on changes in the Consumer Price Index (“CPI”), as
published by the United States Bureau of Labor Statistics using the CPI for all Urban Consumers,
with the annual adjustment not to exceed 5%. Any increase in payment amount shall take effect
on the renewal date (and on each subsequent renewal date) of the Agreement.

Other Information About Fees
Subscription fees are generally payable quarterly in advance. Annual subscription plans are
available. Most Subscribers pay by ACH or wire, though in limited cases, may pay by check or
credit card. Subscriptions automatically renew on the anniversary date of the original
subscription date, unless terminated by the Subscriber prior to the renewal date.

Variant Perception offers a trial period at no cost to new potential Subscribers for certain
subscription services. Variant Perception doesn’t require payment information upfront to start
the free trial. If the trial user chooses to subscribe, the paid subscription period begins after the
user signs a Master Service Agreement and pays the first quarterly or annual subscription fee.

Other than the subscription fees outlined above, there are no other fees or expenses paid by
Subscribers.

Outside Compensation For the Sale of Securities
Neither Variant Perception nor its employees accept any compensation for the sale of investment
products, including asset-based sales charges or service fees from the sale of mutual funds. In
addition to being the Sub-Adviser to the ETF, Variant Perception is also a sponsor of the ETF. In
this capacity, Variant Perception has entered into a separate agreement with the ETF’s platform
adviser to bear the costs and fees of launching the ETF on Variant Perception’s behalf. In return
for bearing the fees and expenses of the ETF, Variant Perception, as fund sponsor, is entitled to

the profits of the ETF, if any, after all expenses of the ETF are paid. Please see Item 12 of this
Brochure for additional information about brokerage-related expenses.

Item 7 – Types of Clients

Variant Perception provides investment strategy and economic research to Subscribers, which
include private funds, banks, family offices, corporate treasuries, pensions, and high net worth
individuals. There is no account minimum for Variant Perception’s research services.

As the discretionary Sub-Adviser to the publicly traded ETF, Variant Perception only serves the
investment adviser to the ETF. The Adviser to the ETF is an SEC-registered investment adviser and
is authorized to delegate certain portfolio management duties to Variant Perception by the vote
of the board of trustees of the ETF. There is no investment minimum applicable to the ETF;
investors should refer to the prospectus for more information about investing.