GENERAL INFORMATION Acruence Capital, LLC (“Acruence Capital”, the “Firm”, “Us”, “Our”, or “We”) is registered with the Securities and Exchange Commission (“SEC”) as a Registered Investment Adviser (“RIA”) with our principal place of business located in Dallas, Texas. The Firm was organized as a Delaware limited liability company on November 28, 2018. The owner and managing member of the Firm is Robert E. Emrich III. Please see Form ADV Part 2B Supplement for additional information about Mr. Emrich. DIRECT ADVISORY SERVICES We provide investment advisory services in the following ways: 1) Sub-Advisory Services We provide sub-advisory investment management services by developing and monitoring risk- based investment models (the "Acruence Models"). We provide the Acruence Models to various third-party investment advisors (“RIA Clients”) to utilize in the management of the respective RIA Client’s underlying retail client portfolios. The primary investment objective of the Acruence Models is to achieve high relative risk-adjusted returns while attempting to limit volatility and downside risk through non-correlated portfolio construction and strong risk management. The Firm crafts investment strategies in a variety of areas, including but not limited to:
• long and short positions in various indices and exchange-traded funds (“ETFs”) designed to mirror the performance of a well-diversified portfolio in a variety of assets;
• options and futures strategies designed to generate income, maximize returns and limit risk, including long volatility exposure using options, futures and ETFs;
• hiring and consulting other investment managers to further diversify portfolios; and
• utilizing data science and machine learning to maximize return and reduce volatility. These strategies require skill to analyze, manage, trade, and source. We also provide sub-advisory investment management services to RIA Clients in the management of the RIA Client’s underlying retail client portfolios on a discretionary basis. We conduct research, assess prevailing economic and market conditions, weigh the RIA Client’s underlying retail clients’ objectives, and then make investment decisions as to securities to be bought and sold, as well as the timing of such purchases and sales, within the underlying retail client’s portfolio of holdings. We do not maintain a direct relationship with any of the RIA Clients’ underlying retail clients. 2) Outsourced Chief Investment Officer (“Outsourced CIO”) Services We serve as an Outsourced CIO to RIA Clients. This service is a blend of developing and monitoring the Acruence Models for an RIA Client and providing investment management services to portfolios of the respective RIA Client on a discretionary basis. 3) Acruence Active Hedge U.S. Equity ETF (“XVOL”) XVOL represents a combination of our sub-advisory services and Outsourced CIO services. XVOL is an ETF that was created by Acruence Capital expressly for the purpose of allowing Acruence Capital to provide U.S. investors with an ETF that implements the hedging strategy for FORM ADV PART 2A: FIRM BROCHURE | PAGE 2A-6 which XVOL was designed (seeking capital appreciation with reduced volatility [as compared to the S&P 500 Index]). Acruence Capital serves as sub-adviser to the primary investment adviser of XVOL, Toroso Investments, LLC (“Toroso”). XVOL shares are broadly offered. As part of our sub-advisory services, we may recommend shares of XVOL to RIA Clients for which Acruence Capital provides sub-advisory and Outsourced CIO services. Offering XVOL shares to RIA Clients allows the respective RIA Clients to purchase, or recommend purchases of, XVOL shares for the respective RIA Client’s underlying retail client accounts. 4) Advisor Directed Managed Accounts We provide investment advisory services to manage the investment portfolios of high-net-worth individuals (each a “Managed Account Client”). Our investment advisory services are tailored to the individual needs of Managed Account Clients and are based on the Managed Account Client’s goals, investment objectives, time horizon, and risk tolerance. In this capacity, we and our Investment Advisor Representatives (each an “IAR” and collectively “IARs”), act as fiduciaries to our Managed Account Clients, always acting in the best interest of our Managed Account Clients. An

Advisor Directed Managed Account is one in which the account and the selected investments are managed by the IAR. The IAR and the Managed Account Client discuss the Managed Account Client’s particular financial circumstances and establish goals, investment objectives, time horizons, and risk tolerance. The IAR reviews and discusses the Managed Account Client’s prior investment experience, in an effort to properly complete the Risk Tolerance Questionnaire and develop a personalized Investment Policy Statement, both of which are utilized to manage the Managed Account Client’s portfolio. The IAR conducts research, assesses prevailing economic and market conditions, weighs the Managed Account Client’s objectives, and then makes investment decisions as to securities to be bought and sold, as well as the timing of such purchases and sales, within the Managed Account Client portfolio of holdings, on a discretionary basis. Our IARs utilize a strategy of long and short positions in various indices and ETFs designed to mirror the performance of a well-diversified portfolio in a variety of assets. Because each type of investment holding or security involves a varying degree of risk, a particular security, and the associated weighting to that security, is only selected when it is determined to be consistent with, and fit into, the overall strategy for achieving the Managed Account Client’s stated goals, investment objectives, risk tolerance, time horizon, and liquidity needs. Our Managed Account Clients may impose reasonable restrictions on investing in certain securities, types of securities, companies, and/or industry sectors. However, Acruence Capital will refuse to accept or to continue management of the account or program, if we determine that such restrictions imposed by the Managed Account Client cannot be honored. If the Managed Account Client refuses to modify or withdraw such restrictions after we have notified the Managed Account Client that the restrictions cannot be honored and given the Managed Account Client an opportunity to withdraw or modify the restrictions, then an account will not be opened or, in the case of an existing account, the account will be closed. We will no longer be responsible for providing investment advice and implementing investment decisions to manage the account and the Investment Advisory Fee will cease. At that time, the account will become a non-discretionary, commission-based retail brokerage account, with each transaction being charged a commission and each transaction being initiated by the Managed Account Client. FORM ADV PART 2A: FIRM BROCHURE | PAGE 2A-7 CUSTODIAN; BROKER/DEALERS Sub-Advisory Services When Acruence Capital is engaged to provide sub-advisory services, the Firm may: 1) directly affect investment transactions through the respective RIA Client’s existing custodian; or 2) indirectly affect investment transactions by providing transaction recommendations to the RIA Client for the RIA Client to choose whether to affect the recommended transactions through the respective RIA Client’s existing custodian. Outsourced Chief Investment Officer Services When Acruence Capital is engaged to provide Outsourced CIO services, the Firm provides discretionary investment advisory services, permitting the RIA Client to direct brokerage. We do not affect transactions for the RIA Client’s underlying clients. The Firm provides investment transaction recommendations to the RIA Client for the RIA Client to choose whether to affect the recommended transactions through the respective RIA Client’s existing custodian. XVOL For Acruence Capital’s services to XVOL, the Firm does not affect transactions directly and therefore does not use a custodian. Rather, the Firm provides investment transaction recommendations to the primary investment adviser, Toroso. Advisor Directed Managed Accounts The Firm uses Interactive Brokers LLC (“Managed Account Custodian”) as custodian and tax reporter for Managed Account Clients. There is no relationship between the Firm and the Managed Account Custodian, other than a contractual relationship for the Managed Account Custodian's services. The Firm will use one or more broker/dealers including, but not limited to, the Managed Account Custodian to route and execute trades of securities. CLIENT ASSETS UNDER MANAGEMENT As of December 31, 2023, we had approximately $150,970,068.00 of Client assets under management (“AUM”).