AGFUS has been in operation since October 2009. During November 2015, AGF Quantitative Advisors, Inc. acquired 51% of the aggregate equity interests in AGFUS. AGF Quantitative Advisors, Inc. acquired the remaining 49% AGFUS in June 2018. AGFUS is now a wholly owned subsidiary of AGF Quantitative Advisors, Inc. AGF Quantitative Advisors, Inc. is a wholly owned subsidiary of AGF Management Limited, an independently controlled firm, with publicly traded non-voting shares listed on the Toronto Stock Exchange. AGFUS is the investment adviser to the AGF ETF Fund family, which are series of AGF Investment Trust. Personnel of AGF Investment Inc., an affiliated adviser located in Canada that is not registered with the SEC, provide portfolio management and research services to clients of AGF through a participating affiliate arrangement, which is described in more detail in Item 10. AGFUS also provides investment management services to institutional clients and model investment services to other investment advisers. In addition, AGFUS provides advisory services to a Canadian mutual fund sponsored by an affiliate, as well as model investment services to a family of affiliated Canadian ETF’s. In addition, AGFUS offers the following strategies to clients in separately managed or sub-advised accounts:
• Core Absolute Return Strategy
• Multi-Asset Income Strategy
• Hedged Equity Strategy
• Multi-Factor Hedged Equity Strategy
• Conservative ETF Strategy
• Balanced ETF Strategy
• Growth ETF Strategy AGFUS specializes in a number of investment techniques including quantitative investing, passive indexing, enhanced indexing, asset allocation and ETF investing. AGFUS can tailor its investment process to meet the needs of its clients through customized solutions. Clients may impose investment restrictions on any proposed solution depending on their requirements. These investment strategies are offered to clients as separately managed accounts, licensed

model portfolios and, for certain investment strategies, open-end mutual funds, and ETFs. Separately Managed Accounts (SMAs) AGFUS may provide discretionary investment advisory services to separate account clients, including clients who utilize financial intermediaries (such as broker-dealers and registered investment advisors) on a sub-advisory basis. Separate account clients may select an investment strategy after consultation with the client’s primary financial advisor. 5 63234351_1 Model Portfolio Licensing Agreements (including UMAs) AGFUS provides its investment strategies to registered investment advisers and UMA platform sponsors (“sponsors”) with whom the firm has entered into model portfolio licensing agreements. Under a model portfolio licensing arrangement, AGFUS develops and manages investment strategies and updates the sponsors as to changes in the model portfolios. The sponsors, at their discretion, may adjust holdings in their client accounts based on AGFUS’s recommended portfolio. AGFUS does not serve as investment adviser to the end-investor and is not responsible for making investment decisions or determining if adherence to the model portfolio recommendations is appropriate for the sponsors’ clients. The sponsor makes all investment decisions and is responsible for trading, reporting and custody matters. AGFUS’s obligation is to create and then disseminate model portfolios to the sponsor in a timely manner pursuant to the strategy’s specific parameters. The model portfolios and the implicit recommendations generally are not tailored to the specific needs or circumstances of the sponsors’ clients. Typically, the sponsor has sole authority and responsibility to implement the model portfolio for its client accounts, evaluate whether a model portfolio is appropriate for each potential investor, and communicate with clients concerning their investments. As of February 2023, AGFUS managed over $1 billion in assets on a discretionary basis.