Ellevest, Inc. ("Ellevest") is a Securities and Exchange Commission ("SEC") registered investment adviser dedicated to helping women plan for and invest to close the gender investment gap. Founded in November 2014, the Firm is led by Sallie L. Krawcheck, CEO. The following paragraphs describe our services and fees. Refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this brochure, the words "we," "our," and "us" refer to Ellevest and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm. Ellevest Digital, Ellevest Premium & Ellevest Membership Services Programs Ellevest offers three distinct wrap programs to clients: the Ellevest Digital Wrap Fee Program ("Ellevest Digital"), the Ellevest Premium Wrap Fee Program ("Ellevest Premium"), and the Ellevest Membership Services Program, ("Membership Services Program") (collectively, the "Programs"). Each Program includes discretionary investment advisory management services sponsored by Ellevest. The investment advisory services provided through each Program includes personalized investment plans and portfolios tailored to the unique needs of women and men. Ellevest Digital Ellevest Digital is offered online through the firm's website, www.ellevest.com, and through its mobile application. Clients will provide information about themselves and their investment goals. This will allow Ellevest to create a customized client investment plan. In doing so, Ellevest will consider the client’s assets, her financial goals, her time horizon, investment strategy, and earnings power in a range of economic scenarios. Ellevest will then propose an investment plan to her which includes savings, funding, timeline, and asset allocation recommendations, as well as a diversified portfolio that may include exchange-traded funds ("ETFs") and/or mutual funds and cash equivalents. The investment plan created by Ellevest for each client is based solely upon the information provided by the client. As such, the suitability of the investment plan recommendations is limited by and relies on the accuracy and completeness of the information provided by the client. A client that elects to implement Ellevest's recommended investment plan and have her portfolio managed on an ongoing basis through the Ellevest Digital program must enter into an advisory agreement with Ellevest and open a securities brokerage account and complete an account agreement with Goldman Sachs Custody Solutions (“GSCS”), formerly GSCS Investments, Inc. GSCS, a SEC-registered broker dealer that provides execution, clearing, custody, and other brokerage related services to clients within the Ellevest Digital Program. Ellevest Premium Ellevest Premium includes the services as described above for Ellevest Digital, plus the following consultation services unrelated to securities and therefore, non-investment in nature: 1. Access to an Ellevest Certified Financial Planner ("CFP®") by telephone or email for guidance regarding topics such as new home purchase, debt management, or preparing to start a family. The non-investment advisory services offered through Ellevest Premium are designed to serve clients who have general financial planning questions. Our services are based on client questions and consultation needs and obtained by scheduling an appointment to speak via telephone with an Ellevest financial planner to discuss the relevant matter. Since the intent of these non-advisory services is to provide the client with general, real-time responses to their non-securities related financial planning questions in selected areas, we will not be able to gather detailed information or conduct detailed analyses about the client's personal situation to tailor our guidance for such services. Ellevest Membership Services Program Ellevest's Membership Services Program comprises of three distinct membership tiers, each offering Ellevest’s investment advisory services in a wrap fee program. The client elects the membership tier that is most appropriate for her needs. The investment advisory services, as well as any other services included in each membership tier, are described in more detail as follows:
• Membership Tier Level One (Ellevest Essential). This tier is intended for clients who are new to saving and investing. It includes access to Ellevest's investment advisory services through the "Build Wealth" goal, and access to a "members only" content and education area. Ellevest's planning and money coaching services, are offered for an additional fee.
• Membership Tier Level Two (Ellevest Plus). This tier is for clients who would like guidance for investing and savings. Clients at this level have access to Ellevest's investment advisory services through the "Build Wealth" and "Retirement" goals and a "members only" content and education area. Ellevest's planning and money coaching services are offered for an additional fee.
• Membership Tier Level Three (Ellevest Executive). This tier supports clients with multi- investment advisory goal needs. Clients may elect from Ellevest's "Build Wealth", "Retirement", "Home", "Splurge" or "Kids" investment goals. Members have access to a "members-only" content and education area. Ellevest's planning and money coaching services are offered for an additional fee. Description of Services Provided within Ellevest Membership Tiers Ellevest Investment Advisory Service for Goals Based Investment Advice Ellevest's investment advisory services are offered online through the firm's website, www.ellevest.com, and through its mobile application. Clients

will provide information about themselves for Ellevest to deliver investment advice towards their respective goal(s) ("Build Wealth", "Retirement", “Home", "Splurge" or "Kids"). This will allow Ellevest to create a customized client investment plan for the specific goal. In doing so, Ellevest will consider the client's assets, her financial goal(s), her time horizon, investment strategy and earnings power in a range of economic scenarios. Ellevest will then propose an investment plan to her which includes savings, funding, timeline and asset allocation recommendations, as well as a diversified portfolio that may include exchange traded funds ("ETFs") and/or mutual funds and cash equivalents. The investment plan created by Ellevest for each client is based solely upon the information provided by the client. As such, the suitability of the investment plan recommendations is limited by and relies on the accuracy and completeness of the information provided by the client. A client who elects to implement Ellevest's recommended investment plan and have her portfolio managed on an ongoing basis through the Ellevest Investment Advisory program must enter into an advisory agreement with Ellevest and open a securities brokerage account and complete an account agreement with GSCS to provide execution, clearing, custody, and other brokerage-related services. Clients who want to roll over or transfer their retirement plan assets to Ellevest for management would need to do so through the Ellevest Plus or Ellevest Executive Membership services. Ellevest will no longer support retirement rollover or transfer to the Ellevest Digital or Ellevest Premium service. Description of Services Provided Separately: Financial Planning and Money Coaching Financial Planning Ellevest offers its financial planning and money coaching services, separately from its Ellevest Digital, Ellevest Premium, and Ellevest Membership Services, to clients for an additional fee. Ellevest Membership Services clients have access to these services for a discounted fee. Depending on the session selected, clients will have webinar or one-on-one access to an Ellevest Money Coach or Certified Financial Planner ("CFP®") for guidance regarding topics such as budgeting, debt management, general investing topics, and homebuying. Additional session options with a Certified Financial Planner ("CFP®") include financial planning, retirement goal planning, and a review of investment accounts held outside of Ellevest. Implementing Ellevest's Financial Planning Guidance: It is the client's responsibility to determine if and how the guidance delivered in connection with Ellevest's financial planning consulting service should be implemented or otherwise followed. Clients should carefully consider all relevant factors in making these decisions, and we encourage clients to consult with their outside professional advisers such as legal counsel, accountant, or tax professional regarding the legal or tax implications of a particular financial planning recommendation, strategy, or investment before implementation of such strategy. Neither Ellevest nor its employees or representatives provide tax or legal advice, and our financial planning consulting services are not intended to provide nor should be construed as providing such advice. Investment Services For clients who do not participate in the Ellevest Digital, Ellevest Premium, and Ellevest Membership Services Programs described above, Ellevest also offers fee-based discretionary investment advisory management services tailored to the unique needs of women. Ellevest's Private Wealth Management (PWM) advisory services are provided to higher net worth individual investors, trusts, foundations and other institutional investors. Ellevest specializes in managing client assets while seeking to reduce fees, current taxes, and investment risk through diversification. Ellevest does not engage in market timing, make active bets on certain asset or sector classes, or time the selection of individual securities for the purpose of pursuing excess returns. To participate in Ellevest's investment advisory services, clients will provide information on their financial goals, ability to take on risk, investment time horizon, liquidity needs and other relevant information. Based on the information provided by the client, Ellevest's Chief Investment Officer and Financial Advisors or their designees will work together to create an investment plan considering the client’s needs and objectives. A client that elects to implement Ellevest's recommended investment plan will have her assets managed on a discretionary basis, subject to any limitations imposed by the client. In the future, Ellevest may also offer non-discretionary investment services. Investment Discretion Ellevest has discretionary authority to manage assets on behalf of clients who participate in the Programs as described above. Discretionary trading authority permits Ellevest to make trades in client accounts on their behalf, so that we may promptly implement the investment plan that we created for clients and make ongoing changes as we believe appropriate. Those changes may include periodic rebalancing of asset classes when one or more asset classes have significantly increased or decreased in value. However, due to differences in how exchange traded funds and mutual funds are traded and settled, there may be additional transition time or transactions needed to effect the portfolio best suited for the client's goal. Assets Under Management Ellevest has the following assets under management: Discretionary Amounts Non-Discretionary Amounts Date Calculated $1,617,711,600 $0 2/5/2023