Wolverine Investment Advisors LLC

FEES AND COMPENSATION (Item 5)
Advisory Fees
   We earn fees and compensation by providing automated algorithmic investment management services. Our
   standard fee schedule for services is as follows:

                                    Assets Under Management             Annual Rate
                                      $10,000 to $500,000                  1.00%
                                        $500,001 or more                   .95%

                                             Sample Fee Calculation:
                                    Investments of $250,000 | $250,000 @1%
                                  Annual Fee of $2,500 | Monthly Fee of $208.33
   Our fees for investment management services are non-negotiable. We require that you make a minimum
   investment of $10,000.

Billing Procedures
   Automated Investment Management Services
   The fees for investment management services are billed and due monthly in arrears. Accordingly, we will transmit
   our advisory fee calculations electronically to the account custodian no later than three (3) days after the end of
   each month. Fee calculations are based on the value of the investments in the advisory account(s) as listed on a
   national securities exchange or the principal market where the securities are traded, at the closing price, as of the
   last business day of the month and as provided by the account custodian. Additionally, billing valuations for fixed
   income securities often include accrued interest. Furthermore, margin interest, if applicable, will accrue monthly.
   We deduct our monthly advisory fees directly from your advisory account(s). You agree to this procedure and
   provide authorization when you sign our investment management agreement.
Other Fees & Expenses
   You will also incur additional third-party fees and expenses (“third-party fees”) related to the management of
   investments and advisory service provisions. These fees may include but are not limited to no-load mutual fund
   ticket charges, brokerage transaction costs, deferred sales charges on previously purchased mutual funds, IRA
   maintenance fees, and other legal or transfer fees. The account custodians, broker-dealers, mutual fund companies,
   and others who provide account services charge these fees, and you are responsible for payment of all third-party
   fees and expenses. As of the date of this Brochure, our account custodian does not assess transaction costs for
   trades in equity securities (i.e., stocks, exchange-traded funds, etc.). If your assets are invested in mutual funds,
   exchange-traded funds, money market mutual funds, and other investment company securities, you will incur
   additional expenses. These are direct internal expenses of the investment company that issues the security but a
   cost borne by clients/investors. The specific fees and expenses are outlined in each mutual fund company
   prospectus.
   It is important to note that the advisory fees paid to our firm are separate from the maintenance fees and
   transaction expenses charged by third parties. Please refer to Item 12, Brokerage Practices, for more information
   regarding our account custodian.

Termination and Final Fees
   You can terminate our investment management services engagement at any time by giving us thirty (30) days' advance
   written notice. If we intend to terminate the agreement, we will provide you with thirty (30) days' advance notice. You
   can submit your termination request to us by email or written notice to our address.

   Because we bill monthly in arrears, no advisory fees are paid in advance, and there are accordingly no prepaid fees to
   refund upon termination. Upon receiving a termination request, we will calculate a final pro rata advisory fee covering the
   period from the start of the then-current monthly billing cycle through the date of termination, and that final fee will be
   deducted from your advisory account(s) in the ordinary course. If we are unable to deduct the final fee directly from your
   account(s) — for example, in the case of an account transfer — we will transmit a final advisory fee invoice to you, which
   is due upon receipt. You pay final advisory fee invoices by mailing a check to our address.

Other Compensation
   Neither our firm nor executive committee members accept any compensation for the sale of securities or other
   investment products.

PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT (Item 6)
   We do not charge performance-based fees or conduct side-by-side investment product management.

TYPES OF CLIENTS (Item 7)
   Our firm generally provides advice to individuals and high net worth individuals.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS (Item 8)
Methods of Analysis and Investment Strategies
   Two of our co-founders (Deniz Anginer and Çelim Yıldızhan) are well-regarded academics with Ph.D. degrees in
   Finance from the University of Michigan. They have been published in some of the top finance and accounting
   journals, such as the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of
   Accounting Studies, Review of Finance, and The Accounting Review. They have extensive experience in empirical
   asset pricing. We intend to utilize the co-founders’ findings and results from the empirical asset pricing literature
   to implement our U.S. equities based investment strategies.
   We believe in a patient, systematic, and evidence-based approach to investing. We believe that long-term
   investment success comes from making consistent investments where history suggests we should expect to be
   rewarded. At Wolverine Investment Advisors, we are lifelong learners and teachers. We believe that continuous
   education and research provide a key edge in investing. We continuously research and rigorously test new ideas.
   Our ultimate goal is to bring to practice more than 50 years of academic research on factors and help guide our
   clients.
   Our approach is based on empirical academic research that has uncovered several financial and accounting factors
   that predict the returns of U.S. equities. Some of these factors, such as momentum and value, are fairly well-known
   within the investing community and have been implemented under active “smart beta” or “factor” investment
   strategies.

   Factor strategies can also underperform the broader market for extended periods. Between 2017 and 2025,
   value-oriented strategies — despite their strong long-term historical record — generally lagged growth equities,
   although performance improved during the inflationary and rising-rate environment of 2021–2022.

   Importantly, different factors are driven by distinct economic and behavioral forces and often exhibit relatively
   low correlations with one another. As a result, multi-factor approaches may improve diversification and help
   smooth return variability over time.

   Our proprietary strategy diversifies across multiple factors and dynamically adjusts factor exposures in response
   to changing market conditions. Using a systematic framework, we assign factor scores to the universe of publicly
   traded U.S. equities across a broad set of predetermined characteristics. These signals are combined into a
   composite score for each company, and the portfolio is constructed from the twenty highest-ranked securities.

   We apply liquidity filters based on price and market capitalization to make sure that U.S. equities in which we
   invest can be traded without incurring significant transaction costs. We also make sure that no one industry
   accounts for a significant portion of the portfolio. As we cater to retail investors, we follow a long-only strategy,
   and we do not take short positions.
   Our goal is to deliver returns above the benchmark of an equally weighted broad market index with roughly the
   same volatility as the benchmark.
   We have designed five (5) risk-based model portfolios to implement our investment strategies. To balance risks,
   we combine our equity strategy with money market securities.
   Based on your responses to our questions about your age, investment time horizon, risk tolerance, and other
   financial circumstances, our algorithm assigns you to one of five risk groups. The algorithm invests your assets
   according to the most suitable risk group and uses the following investment allocations in each corresponding
   group:

                       RISK GROUP                   Equity (EQ%)           Money Market (MM%)

                       High                              100%                      0%

                       Moderate High                     90%                      10%

                       Moderate                          85%                      15%

                       Moderate Low                      80%                      20%

                       Low                               70%                      30%

   Figure 1. WIA Asset Allocation Matrix

   Allocations to equities are to the pre-determined list of publicly traded U.S. equities (EQ) as described previously.
   Money market (MM) securities are allocated to exchange-traded funds that track a broad-based portfolio of money
   market instruments.
   We also have the ability to invest in fixed income securities. Our system allocates investments in fixed income
   securities to exchange-traded funds that track a broad-based portfolio of U.S. government bonds. While there are
   generally no allocations to fixed income securities, based on current market conditions, we may add, adjust, or
   change the fixed income allocation.

Material Risks of Methods of Analysis and Investment Strategies
   Although we utilize conventional investment analysis methods and strategies, some material risks remain. There
   are various risks associated with our strategy. As we have a long-only strategy that is fully invested, we are exposed
   to market risk. Although the Beta of our strategy, which measures the correlation with the market, is less than one,
   our returns will fluctuate with the overall market.
   There is also equity security risk that we take on when we invest in the top twenty ranked companies. To produce
   higher returns, we need to be different than the market. In our allocations, we strive for sufficient but not excessive
   diversification. Too much diversification will generate returns similar to the market and will dilute the premiums
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