A. Description of Firm Lido Advisors, LLC ("Lido") is an SEC-registered, Los Angeles-based investment advisor founded in 20011 that offers and provides investment advisory and financial-related services to its clients, which include high-net-worth and ultra-high- net worth individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, businesses, and pooled investment vehicles. Lido offers these services directly or through the following affiliated entities or doing business as (“d/b/a”) names (collectively, “The Lido Companies”):
• Colorado Financial Management, A Lido Company, a wholly owned investment adviser separately registered with the SEC and headquartered in Boulder, Colorado, and Lido d/b/a (collectively, “CFM”), that provides investment advisory services to primarily clients in the Mountain West region of the United States;
• Enterprise Trust and Investment Company (“Enterprise”), a California-chartered trust company based in Los Gatos, California, offering trust and fiduciary services to Lido clients and others; and
• Oakhurst Strategies, LLC (“Oakhurst Strategies”), a wholly-owned subsidiary of an affiliated Lido company and Lido d/b/a2, that provides primarily options-based strategies to institutional clients. The Lido Companies have more than 33 offices located across the United States including the corporate headquarters in Los Angeles and offices in Boca Raton, Boulder, Chicago, Dallas, Los Gatos, New York City, and San Diego. Lido conducts business in states reflected in its Form ADV Part 1A (copy available upon request or at https://adviserinfo.sec.gov). Lido is majority-owned by certain pooled investment vehicles advised by affiliates of Charlesbank Capital Partners LLC, a middle-market private equity firm. Jason Ozur, Chief Executive Officer, Ken Stern, President, Gregory Kushner, Chairman and Founder, and other Lido employees directly or indirectly own the substantial remainder of Lido. B. Advisory Services 1. Investment Management Lido utilizes an integrated wealth management approach to seek to help our clients achieve their financial goals while aiming to reduce market risks and manage volatility. To that end, Lido employs select assets for our clients that are intended to be less correlated to one another, which can include a combination of fixed income3, equities4, cash5, foreign securities, American Depository Receipts, real estate debt, hybrid offerings6, and Alternative Investments, such as Liquid7 and Non-Liquid8 Alternative Investments and Non-Liquid Fixed Income investments9 through certain main strategies, including: 1 Lido operated as Lido Advisors, Inc. prior to July 1, 2015. 2 Lido registered “Oakhurst Strategies” as a d/b/a with the state of California. 3 Fixed income includes, but is not limited to, government bonds, municipal bonds, corporate bonds, high yield bonds, foreign bonds, preferred stocks, CDs, loans, Exchange Traded Funds “ETFs” based on bond indices, fixed income mutual funds, short-term fixed income instruments, structured notes, and certain preferred stocks. 4 Equities includes, but is not limited to, common stocks, ETFs based on stock indices, equity mutual funds, publicly traded master limited partnerships, and publicly traded real estate investment trusts ("REITs”). 5 Cash includes, but is not limited to, money market funds, certain mutual funds or ETFs, or other cash equivalents. 6 Hybrid offerings generally includes merger funds, long-short commodity funds, structured notes, covered options, and other hybrid mutual funds (based on equity volatility). 7 Liquid Alternative Investments are investments in exclusively single sector or commodities ETFs or mutual funds. 8 Non-Liquid Alternative Investments, which include, but are not limited to, private funds, hedge funds, fund of funds, real estate funds, managed futures funds, mezzanine funds, private equity funds, venture capital funds, and other types of private pooled investment vehicles, private real estate investment trusts, private real estate holdings, and oil and gas limited partnerships. 9 Non-liquid fixed income investments are defined as longer-term investments in loans secured by first trust deed mortgages, including, but not limited to, first trust deed loans, bridge loans and client directed family mortgages. LIDO ADVISORS FIRM BROCHURE (PART 2A OF FORM ADV) I 2023 4
• Core Equity Strategies are driven by asset allocations that emphasizes stocks with a certain geography or market capitalization, economic cycles, momentum, and fundamental drivers that can result in tactical opportunities, which are generally reflected in mutual funds, ETFs, or separate account managers.
• “Cap and Cushion” Strategies are options-based equity strategies that seeks to limit downside participation by both purchasing downside protection (buying a put option) while financing (partially or fully) the protection with selling some potential upside participation (writing a covered call option). In connection with this strategy, Lido, through wholly owned entities, offers and manages variations of this strategy, deemed “Uncapped”, “Cap and Gap”, among other monikers, through several private funds, separately managed accounts, and a mutual fund.
• Fixed Income is a strategy that seeks both the potential for current income and reduction in portfolio risk by using various fixed income strategies. Lido utilizes bonds, mutual funds, and ETFs to diversify this strategy with an aim to assist in better control of duration and credit risks.
• Alternative Investments is a strategy that seeks to provide critical diversification and can, under the right circumstances, achieve results uncorrelated to equity and fixed income strategies.
• The Lido Companies’ Strategies. Lido also utilizes additional equity and fixed income-based strategies that either supplement the above-described strategies or are being employed by other Lido Companies, including those utilized at CFM and Enterprise. In those cases, Lido has incorporated oversight of those strategies through its Investment Committee. Lido generally manages all client assets on a fully discretionary basis and selects, without first obtaining a client’s authorization:
• the securities to be bought and sold;
• the amounts of securities to be transacted and whether it will be individually or blocked traded;
• the broker dealer through which transactions will be executed; and
• the TPAM used to manage the client assets. A client may, at Lido’s sole discretion, impose parameters to Lido’s discretionary authority, including, but not limited to, restrictions in certain companies or industry sectors or directed brokerage. In these instances, clients are solely responsible for informing Lido in writing of these parameters, changes to these parameters, or their overall investment goals and objectives. Finally, clients may also direct Lido to execute certain trades or purchase certain investments. In these instances, clients assume full responsibility for these directed trades or investments, including any negative impact these may have on Lido’s strategies employed on their other assets. Lido cannot and does not make any assurance that client directed trades will be timely executed or executed at all.10 2. Asset Allocation Services At the onset of a client relationship, Lido implements its integrated wealth approach and deploys its strategies through an asset allocation plan that aims to balance a client’s overall financial objectives with individual attributes including risk tolerance, income requirements, liquidity requirements, income taxes, and time horizon. Lido accomplishes this by gathering pertinent information from a client during the account opening process through a Client Risk Profile Form, Investment Policy Statement (“IPS”), or other similar documentation. Lido performs the following services in determining and maintaining the appropriate asset allocation plan for clients:
• Analysis of the client’s current financial situation and prior investment experience; 10In certain instances, and at its sole discretion, Lido will arrange for clients to open trading accounts at a broker dealer/custodian on a non-discretionary basis. These non-discretionary accounts are subject to third-party fees, including, but not limited to, commissions and other custodial-related fees. These broker dealers/custodians will as a general practice provide disclosures concerning these fees directly to clients. Clients should review this information carefully and are encouraged to discuss these fees with Lido and the broker dealer/custodian. LIDO ADVISORS FIRM BROCHURE (PART 2A OF FORM ADV) I 2023 5
• Assistance in setting goals to determine appropriate time horizons, investment objectives, income taxes, family structure, and amounts needed to accomplish investment goals;
• Analysis of the client’s risk tolerance;
• Selection of appropriate asset classes;
• Investment selection utilizing, as appropriate, mutual funds, equity and fixed income securities, Private Funds, and TPAMs;
• Ongoing monitoring of fund, securities, and manager performance;
• Ongoing portfolio performance analysis; and
• Portfolio modifications and reallocation as appropriate 3. Mutual Fund Lido serves as investment advisor to the Oakhurst Strategic Defined Risk Fund ("OASDX"), a mutual fund, which seeks capital appreciation while seeking to limit short-term risk through the use of derivatives. Please refer to the OASDX prospectus for more detailed information, a copy of which can be provided upon request. 4. TPAMs Lido may delegate management of all or part of a client's assets to TPAMs. Lido provides access to TPAMs through a third-party platform of approved

investment managers made available by agreement between Lido and the platform provider, or through an arrangement between Lido and TPAMs. Lido will utilize TPAMs that are affiliated with Lido for certain strategies. In those instances, Lido will provide further information concerning these TPAMs as well as the nature and scope of its affiliation, among other information. TPAMs have discretionary authority over those assets allocated to them and they are authorized to buy, sell, and trade in securities in accordance with the client's investment objectives, risk tolerance, and time horizon, among other factors. If and when Lido determines that a TPAM is in the client's best interest, Lido, on the client's behalf, or the client will enter into a separate and independent advisory relationship with that TPAM. As such, the client will incur fees separate from and in addition to any fees charged by Lido. The TPAM may invoice its fee to the client through Lido or debit the client's custodial account directly. Lido continues to monitor TPAMs to ensure their adherence to the philosophy and investment style for which they were selected and will provide recommendations to the client accordingly. If the client has entered into a direct relationship with the TPAM, only the client can terminate that relationship. 5. Sub-Advisory Arrangements In certain circumstances, Lido enters into a sub-advisory arrangement for management of a particular style or strategy desired by or suitable for clients. Certain sub-advisors are affiliated with Lido. In those instances, Lido will provide further information concerning these sub-advisors as well as the nature, scope, among other information, of its affiliation. Lido conducts due diligence on each sub-advisor, which includes review of its performance returns, management team, and adherence to the guidelines and restrictions of the strategy. In its sole discretion, Lido has the authority to add, replace, or remove any sub-advisor on behalf of a client without the client's prior consent. 6. Financial Planning Lido may also provide financial planning services. These services include, but are not limited to, providing advice on the following:
• Investment portfolio analysis and asset allocation;
• Evaluation of outside investment accounts and assessment of overall financial position;
• Insurance and risk management evaluation; LIDO ADVISORS FIRM BROCHURE (PART 2A OF FORM ADV) I 2023 6
• Estate and retirement planning;
• Tax awareness;
• Wealth transfer and charitable giving;
• College savings; and
• Family governance and living expense considerations. To begin the process, Lido generally collects, organizes, and assesses client data including information concerning the client's lifestyle, risk tolerance, and cash flow, as well as identification of the client's financial concerns, goals, and objectives. Lido's primary objective is to assist clients in developing a strategy for successfully managing income, assets, and liabilities to meet their financial goals and objectives. Lido will provide clients with a comprehensive plan and options of utilizing Lido to implement this plan. Should a client adopt Lido's plan, Lido will advise on actual or potential conflicts of interest arising from Lido's use of its own advisory services or strategies. Clients can accept or reject Lido's plan and may retain the authority and discretion over all implementation decisions. Should the client proceed with Lido's plan, actual or potential conflicts of interest will arise as Lido will likely utilize its own allocations, strategies, products, or services and will receive fees or other monetary benefits as a result. Lido will endeavor to address these conflicts through disclosures and other remediation efforts as the circumstances warrant. A client is under no obligation to utilize Lido's plan or its services to implement the plan. In some circumstances, Lido may charge an additional fee for financial planning. Lido’s fee will be negotiated with the client, will vary depending on the specific services contemplated, and memorialized under separate agreement. Finally, Lido makes no assurances that its plan will be successful in meeting a client's financial goals and objectives. 7. Family Office Services Lido also provides a broad range of family office services, which include non-investment related matters, such as a review of estate and tax planning issues. Lido and its Investment Adviser Representatives ("IARs") do not provide specific estate or income tax advice but will introduce the client to affiliated accountants, attorneys, or consultants, including others at The Lido Companies, or similar unaffiliated professionals. Lido will also work directly with a client's advisors as needed. A client who initially engages Lido for consultation services only and later wishes to engage Lido for discretionary investment management services is required to enter into a separate written agreement with Lido for those services, for which Lido will be paid a separate and additional fee based on the client's assets under management. 8. Financial-Related Services through Affiliates and Third Parties Lido has arranged for affiliates, including others from The Lido Companies, and third parties, such as independent contractors and other licensed professionals, to provide clients with certain financial-related services that supplement or are complementary to Lido’s advisory services. These financial-related services, which include, but are not limited to, estate planning, fiduciary and trust services, tax consulting, tax preparation, and corresponding legal advice on such matters, will incur additional fees, which may, at Lido's discretion, be offset by a corresponding credit, in full or in part, against other Lido fees, including, but not limited to, Lido's Asset Management fee or a direct payment, in full or in part, by Lido to these affiliates or certain third parties. Clients will in almost all instances engage directly with Lido affiliates or third parties for these financial-related services. During this process, Lido, its affiliates, or the third-parties will provide additional information concerning the nature and scope of the financial-related services, the relevant agreements concerning the provision of such services, and disclosures concerning any actual or potential conflicts. Enterprise, a California-chartered trust company wholly-owned by Lido, provides fiduciary, trust, and agency services to Lido clients and others. Enterprise’s fees for such services are separate and apart from Lido’s fees. Lido’s ownership of Enterprise presents an actual conflict of interest in that Lido referrals of its clients to Enterprise may be influenced by Lido’s economic benefit relating to the additional fees charged by Enterprise to Lido clients. This actual conflict is remediated by disclosure to clients and negotiated lower fees for such services. LIDO ADVISORS FIRM BROCHURE (PART 2A OF FORM ADV) I 2023 7 Oakhurst Strategies, a wholly-owned subsidiary of an affiliated Lido company and Lido d/b/a, provides primarily options- based strategies to institutional clients, including, but not limited to, other investment advisers. Lido is a sub-advisor of Oakhurst Strategies and has registered “Oakhurst Strategies, LLC” among other related branding as a d/b/a. There is no advisory relationship between Oakhurst Strategies and clients of other Lido Companies. As most if not all option-based strategies are implemented at Oakhurst Strategies and Lido, there is an actual conflict of interest relating to execution and allocation of trades. This conflict is addressed through Lido’s allocation policies and procedures, which, among other things, provides for blocking of related trades, if available, reasonable efforts to coordinate trading so that clients of The Lido Companies are isolated by day and time or otherwise rotated with a focus on equitable trading for all clients. C. Important Information About All Lido Services 1. Gathering Individual Client Information Lido's investment advice is customized to each client's portfolio based upon the individual needs, objectives, and other financial goals of the client. At the onset, Lido memorializes a client's investment objectives, risk tolerance, time horizon, and other relevant information in a client's Risk Profile, IPS, or similar document. The Risk Profile or IPS, together with the information gathered by Lido will be used to determine an investment strategy or financial plan. A client is also responsible for promptly notifying Lido in writing of any material changes in the client's financial situation, investment objectives, risk tolerance, time horizon, or any other factor that may impact Lido's recommended investments. Lido requires a client to execute certain agreements reflecting the terms and conditions of Lido's services (collectively, the "Agreement"). The Agreement sets forth the entirety of Lido's and a client's relationship and can only be amended or modified in writing upon both Lido's and the client's agreement. A Lido IAR will generally meet with all clients no less than annually to review the client's investment goals, life changes, and managed assets and portfolios. Lido IARs are also available during normal business hours to consult with clients. 2. Client Relationship Lido substantially relies on the information provided by the client and that client's other advisors, such as accountant and lawyers, to provide its services. A client authorizes Lido to rely on this information and Lido will not assume any responsibility for information provided by a client or third parties on behalf of the client. Lido's relationship with a client is further described in this Brochure, Forms ADV Part 2B, and Form ADV Part 3 (“Form CRS”), which are provided when Lido provides investment advice or to the client at the onset of the relationship. Lido's and the client's relationship will remain in effect until the Agreement is terminated by either Lido or the client. Lido does not participate in any wrap fee programs. D. Regulatory Assets Under Management As of December 31, 2022, Lido manages the following regulatory assets under management: Type of Account Regulatory Assets Under Management Discretionary $12,642,502,617 Non-Discretionary $459,564,125 Total: $13,102,066,742 LIDO ADVISORS FIRM BROCHURE (PART 2A OF FORM ADV) I 2023 8