Firm Background Arin Risk Advisors, LLC ("Arin") operates from an office located in Conshohocken, Pennsylvania. Arin Risk Advisors, LLC was organized as a limited liability company under the laws of Delaware in 2009. In April 2010, Arin Holdings, LLC acquired Arin Risk Advisors, LLC. At the time of the acquisition, the ownership structure of Arin Holdings, LLC matched that of Arin Risk Advisors, LLC. Subsequent events resulted in ownership changes of Arin Holdings, LLC. Ownership Structure The owners of Arin Holdings, LLC now include: Beneficial Owner Ownership * Ryan Bailey 8% Joseph DeSipio 41% Lawrence Lempert 41% Chad Levine 1% Michael Waber 2% Outside Investors 7% *Percentages may not add to 100 due to rounding Arin Risk Advisors, LLC remains 100% owned by Arin Holdings, LLC. Assets Under Management As of December 31, 2023, we provide continuous management services for approximately $987 million in client assets on a discretionary basis. Please note, we report only the absolute value of derivatives contracts as well as the net value of any underlying or collateral assets for which we have discretion. The collateral or notional value of certain assets are excluded when computing our assets under management. For example, a $100 million portfolio of long stocks collateralizing the purchase of an out of the money, weekly put option may yield an AUM value of only $10,000. Description of Services and Fees We have been providing investment advisory services since 2009. These investment advisory services primarily include options overlay and volatility management for separately managed accounts. In addition, we are the investment adviser/adviser to three pooled vehicles: Alpha Architect 1-3 Month Box ETF, Alpha Architect Tail Risk ETF, and VegaEx, LP, a private, pooled investment vehicle. We generally serve other advisory firms as well as a limited number of individual investors as they look to expand their portfolio construction and investment management processes in an attempt to enhance their current investment holdings or asset allocation programs. These firms and individuals employ options and other derivatives contracts to take advantage of the risk and reward differences between traditional asset allocation programs and the introduction of non-linear assets, such as options. We argue options and their associated usage may offer a differentiated means to protect financial assets and/or create a distinct type of return for many portfolios. We attempt to help investors earn returns through various trading strategies and trade structures designed to benefit from the return of the underlying account/asset and the expected/forecasted/implied volatility observed in the derivatives’ market. Implied Volatility typically represents a differentiated source of return for most investors. We may assist with market risk budgeting and identifying risk factors that may or may not require some form of volatility management to reshape the future, potential return distribution. We usually serve as a sub-advisor to fellow fiduciaries (e.g., bank trust departments, registered investment advisors, etc.). In addition, we may directly engage with the asset owner, power holder, and/or plan sponsor. We typically customize the strategy for each account. We may offer strategies that allow us to allocate trades across any number of accounts typically on a pro rata basis, based upon each account's Net Liquidation Value, number of shares, or similar pro rata allocation methodology. This allocation methodology allows us to accomplish trade for a group of accounts that follow a substantially similar objective. Under this aggregated approach, your assets remain in your name and in your separately owned account. Please refer to the description of each investment advisory service listed below for information on how we may tailor our advisory services to your individual needs. As used in this brochure, the words "we", "our" and "us" refer to Arin Risk Advisors, LLC and the words "you", "your" and "client" refer to you as either a client or prospective client of our firm. In addition, you may see the term Associated Person or Investment Adviser Representative throughout this Brochure. As used in this Brochure, our Associated Persons or Investment Adviser Representatives are our firm's officers, employees, and all individuals providing investment advice on behalf of our firm. Investment Management Services - we direct the purchase and sale of securities. You select the broker, clearing firm and/or custodian. Sub-Advisory Services As a sub-advisor, we will manage accounts as directed by the terms of an agreement with a third-party adviser and/or institution on a discretionary basis. In these cases, we will manage the account according to the parameters conveyed to us by the third party. This means we buy, sell, and hold assets, as we deem appropriate to meet the terms under the sub-advisory agreement. The third-party adviser remains the account’s primary advisor and retains the responsibility to determine the client's suitability, investment objectives, risk tolerance and other relevant information (the "parameters"). Please note, the primary advisors’ selection of certain brokers, clearing firms, and custodians may impede our ability to manage your accounts. Separately Managed Accounts We may offer direct assistance with setting the parameters for an account. Under these conditions, we may serve as the primary advisor for the account. We will work with you to create account maintenance items such as investment policy statements/policies, address updates, distributions/contributions, and data requests. Clients may also retain Arin directly to provide customized portfolio management services or you may choose to have us manage accounts in accordance with one of our existing commingled strategies or any blend of these two approaches. We generally provide investment management services on a discretionary basis. In rare instances, we may offer our services on a non-discretionary basis. This choice depends upon your individual needs. We assess your individual needs based upon the information you provide us. It is incumbent upon you to keep us informed of any changes that may affect the manner in which we manage your assets. It is vital that we have a shared avenue of communication so we can best meet your needs. We work with you to determine the type of contractual relationship and investment objectives most appropriate for your circumstance. In establishing your investment plan, you may elect to impose restrictions on investing in certain types of companies, securities, industries, or other criteria. You should inform us of any restrictions in writing. Your selection of an account custodian or brokerage firm may affect our ability to manage your account. You may elect to change your investment objective at any time. We will work with you to adjust your investment objective as your circumstances and market conditions may require. Once we construct an investment portfolio for you or you select an aggregate strategy, we will monitor your portfolio’s performance on an ongoing basis. We will adjust the portfolio as required by changes in market conditions and in your financial circumstances. For us to be most effective, we ask that you promptly inform us of any meaningful changes (e.g., cash flow needs, job status, marital status, dependency status, litigation, or other potential assets or liabilities) to the information you previously provided. If you participate in our discretionary investment management services, you will grant our firm discretionary authority to manage your account. Discretionary authorization allows us to determine the asset allocation, specific securities and the amount and manner in which we buy or sell the exposure to these securities for your account, the broker-dealer to be used to execute trades, and the commission rate paid to brokers without your prior approval. You will sign an Investment Management Agreement (“IMA”) with Arin as well as any trading authorization your account's custodian requires to grant us this discretionary trading authority. We do NOT have the ability to make withdrawals from your accounts, except for fees due under the IMA. In addition, many custodians now require you to interact with them to access or deposits funds, change physical or electronic mailing addresses and other account servicing items. If you enter into Non-Discretionary IMA,

we must obtain your approval before executing any transactions on behalf of your account. Any delay caused by the approval process may result in trade losses due to our inability to consult with you prior to trading. We may charge for our investment management services through a percentage of assets under management method. This means on each measurement date, typically the last day of each month, we work with your custodian or brokerage firm to value your account and/or the specific assets covered under our IMA. We then multiply our agreed upon fee rate to this asset value as determined by our policy and procedures and generate an invoice. Below we outlined our standard investment management fees for each type of investment service we offer. Unless otherwise noted, the standard fees described below do not include such items as brokerage commissions, transaction charges, margin interest, hard to borrow fees, transfer taxes, exchange fees, electronic fund and wire transfer fees, taxes or fees mandated by any federal, state, or other applicable law or regulation, and certain other fees detailed below. We do not share in any revenue generated by these items. Management of Collective Investment Vehicles Alpha Architect 1-3 Month Box ETF We are the sub-adviser to the Alpha Architect 1-3 Month ETF, a registered exchange trade fund under the 1940 Investment Company Act. Alpha Architect 1-3 Month Box ETF (the “Fund”) is an actively managed exchange- traded fund (“ETF”) whose investment objective is to provide investment results that, before fees and expenses, equal or exceed the price and yield performance of an investment that tracks the 1–3-month sector of the United States Treasury Bill market. To do so, the principal investment strategy of the Fund will be to utilize an exchange-listed options strategy called a box spread (“Box Spread”). In order to accomplish its investment goals, the Fund may utilize either standard exchange-listed options or Flexible EXchange® Options (“FLEX Options”) or a combination of both. Kindly refer to the Fund’s prospectus for a full explanation of the Fund’s investment objectives and risks. Alpha Architect Tail Risk ETF formerly the Arin Large Cap Theta Fund We are the sub-advisor to the Alpha Architect Tail Risk ETF (the "CAOS"), a registered exchange traded fund under the 1940 Investment Company Act. Arin Risk Advisors, LLC (the “Sub-Adviser”) considers a company to be a “large cap” company if its market capitalization is at least $10 billion. The Sub-Adviser utilizes one or more combinations of long and short put and call options, such as options on securities that are linked to the performance of the S&P 500 Index (the “Index”) (these options are known as “SPX/SPY Options”) in an effort to gain broad market exposure as well as to hedge the Fund’s market exposure and generate income. Kindly refer to the CAOS prospectus for a full explanation of the fund’s investment objectives and risks. VegaEx, LP We are the investment adviser to the VegaEx, LP ("VegaEx"), a privately placed investment fund. The General Partner is unrelated to Arin and pursuant to Regulation D under the Securities Act of 1933, as amended privately offers interests in VegaEx. VegaEx currently relies on an exemption from registration under the Investment Company Act of 1940, as amended. Arin does not receive any compensation (outside of its management and performance fee as set forth in Item 5). While VegaEx is Arin’s client, the term “client(s)” sometimes refers to the partners in VegaEx. Participation as a partner in the VegaEx LP is restricted to investors who are “qualified clients” pursuant to Rule 205-3 under the Advisers Act, as well as those who are “accredited investors” as defined under Rule 501 of the Securities Act of 1933, as amended, and “qualified purchasers” as defined under the Investment Company Act of 1940, as amended. Not all Arin clients will or are eligible to invest in VegaEx and not all VegaEx investors are Arin clients. To the extent clients qualify and it meets their specific investment needs, Arin may direct a portion of the account towards an investment in VegaEx. An investment in VegaEx as a limited partner involves a significant degree of risk, up to and including the full loss of any amount paid for any VegaEx interest. The Confidential Private Offering Memorandum, Investor Agreement, and Subscription Agreement (together, the “Offering Documents”) details the relevant information, terms and conditions relative to VegaEx. This information includes but is not limited to suitability, limited rights of redemption, risk factors such as limited liquidity (e.g., monthly), high leverage (i.e., the use of borrowed funds or discounted future liabilities), and potential conflicts of interest. Each investor is required to receive and/or execute prior the appropriate sections of the Offering Documents prior to admission as an investor in VegaEx. For additional information regarding the VegaEx, please refer to the Offering Documents. VegaEx is an actively managed, opportunistic investment program seeking to optimize various volatility and/or arbitrage trading strategies. VegaEx may also seek to exploit relative levels of implied volatility within a given security, between two securities, or between a security or group of securities and an index. VegaEx’s net exposures may leave accounts exposed to equity market moves and/or changes in the overall level of equity market actual/implied volatility. In addition, leverage or the use of VegaEx assets as collateral imposes certain incremental risks as stated in the sections entitled “Funding Risk”, Hard to Borrow Risk, Traditional Margin and Portfolio (Risk Based) Margin Risk. For more information on the VegaEx, please refer to VegaEx Strategy in Item 8 below. Investment Consulting Services - we serve as your primary advisor but direct and coordinate your investment management with third party managers, in whole or in part. On very rare occasions, we offer limited investment consulting services, which primarily involve advising clients on specific financial-related topics. Consulting services may include, but are not limited to, development of investment policy statements, asset allocation advice, and the due diligence and evaluation, selection, monitoring, risk assessment, performance measurement of third-party investment managers; advice and analysis on specific investments or business transactions; credit analysis; business valuation; and limited financial planning. Selection of Other Advisers On very rare occasions, as part of our investment advisory services, we may recommend the use the services or products offered by third party money managers ("MM") to manage all, or a portion of, your investment portfolio. After gathering information about your financial situation and objectives, we may recommend you engage a specific MM. Factors that we take into consideration when making our recommendation(s) include, but are not limited to your financial needs, investment goals, your risk tolerance, the MM(s)' investment objective, the MM(s)' fees, the MM(s)' method of analysis. We will periodically monitor the MM(s)' performance to ensure its management and investment style remains aligned with your investment goals and objectives. You may be required to sign a separate IMA with the recommended MM(s). You may only terminate your advisory relationship with the MM according to the terms of your IMA with the MM. You should review each MM's disclosure brochure and IMA for specific information on fees, risks, and how you may terminate your advisory relationship with the MM and how you may receive a refund, if applicable. Not all MMs permit clients to terminate, “at will”. Some managers may restrict the number of occasions when investors may terminate their contract or demand funds from their account. You should contact the MM directly for questions regarding your IMA with the MM. Based upon your selected custodian or brokerage firm, your MM choices may be restricted. Types of Investments We do not primarily recommend one type of security or contract over another. We generally recommend various types of securities and contract types, as your circumstances require. You may request that we refrain from investing in particular types of securities or companies or use the services of particular custodians or brokerages. You must provide these restrictions to our firm in writing. These restrictions may affect our ability to manage your assets.