CLEARSHARES is majority-owned by Deegan Holdings, LLC, and a Delaware limited liability company. CLEARSHARES is an independent investment advisory firm whose core business is to provide investment and strategic advice, investment solutions, and related advisory services to Registered Investment Companies (RICs). Tom Deegan is the CEO and Founder of CLEARSHARES. In addition to directing firm-wide strategy, he has been the key architect of the firm’s innovative investment solutions for investors in the ETF market. Tom started his career in the defense industry, and prior to founding CLEARSHARES, he served as Chief Operating Officer of Clearbrook, LLC, a financial advisory firm. As Chief Information Officer for Long-Term Capital Management (LTCM), he had responsibility for all data, technology, and site activities across offices in Greenwich (US), London and Tokyo. After his tenure at LTCM, Tom was a Founding Partner and Chief Operating Officer at GlobeOp Financial Services, a provider of outsourced middle, back-office, and fund administration services for the hedge fund community, which is now part of SS&C Technologies. He is active in his local community and participates on several non-profit Boards. Tom received a Bachelor of Engineering from Manhattan College and an MBA from Iona College Frank Codey is the COO and Portfolio Manager of CLEARSHARES. Frank spent 21 years at Bear Stearns running the Fixed Income Prime Brokerage business, and then ran the combined businesses of each firm during the merger with JP Morgan. After leaving JP Morgan, Frank was the Chief Operating Officer at Equinox Funds Management, an advisor to alternative strategy mutual funds, and was President of their distribution broker-dealer, Equinox Group Distributors. As an independent consultant, Frank has advised global banks, broker-dealers, RIAs, and technology service companies in the areas of clearing and operations, business acceleration, and data analytics. Frank has developed and distributed several financial technology applications and tools associated with fixed income trading services, sales segmentation and distribution, and Robotic Process Automation (RPA). Frank holds a BS in Business with a Finance concentration from Boston University, and a Master of Science in Analytics degree from Villanova University, where he is also an Advisory Council member at the Center for Business Analytics. James Fortesque is a Portfolio Manager and minority member of CLEARSHARES. Prior to founding Piton Asset Management, Mr. Fortescue most recently served as the Chief Operating Officer at Annaly Capital Management, Inc. (“Annaly”). He began his career at Annaly in 1995 and served there until 2014 in various roles including Head of Liabilities, Chief of Staff, Managing Director, Executive Vice President and was a member of Annaly’s Executive, Operations, and Risk Committees. Mr. Fortescue was also a director of RCap Securities, a FINRA regulated broker-dealer, and Shannon Funding LLC, a warehouse lending company. Mr. Fortescue has served on multiple industry panels including a Financial Stability Board panel in front of the G-20 at the Federal Reserve Bank of New York, a Markets Stability panel in front of the US Treasury Department and the Risk Management Association Securities Lending and Borrowing Legal & Regulatory Round Table. Mr. Fortescue received his B.S. in Finance from Siena College and attended the New York Institute of Finance for intense mortgage-backed securities studies. Advisory Services to OCIO ETF CLEARSHARES has entered into an agreement to provide advisory services to the OCIO ETF on the ESS platform sponsored by U.S. Bancorp Fund Services. The ETF is modeled after an Outsourced Chief Investment Officer allocation for large institutional clients (e.g., foundations,

charities). The OCIO ETF launched on June 27, 2017, and seeks to achieve its objective through investing in a mix of passive index-based ETF’s and active ETF strategies providing exposure to a broad range of products and markets including global stocks, bonds, commodities, and alternative indexes, based on market opportunities and conditions. The OCIO ETF invests in a wide range of ETFs based on investment considerations including asset, geographic and industry exposures, in addition to diversification and liquidity constraints. Please refer to the Prospectus for additional information relative to the OCIO ETF. Advisory Services to OPER ETF CLEARSHARES has entered into an agreement to provide advisory services to the OPER ETF on the ESS platform sponsored by U.S. Bancorp Fund Services. The OPER ETF is an actively managed portfolio seeking current income by investing in repurchase “repo” agreements, collateralized by high-quality fixed income collateral securities such as U.S. Treasuries, U.S. Government Agency, and Mortgage-Backed securities. Repurchase agreements are short-term investments widely used by banks, securities firms, insurance companies and hedge funds to provide liquidity. A repo is backed by collateral, protecting the buyer against the possible risk that the seller is unable to repurchase the security as promised. The OPER ETF seeks to fill the return void and provide an alternative to low yielding money market and non-yielding cash positions through short- term fixed income securities. Please refer to the Prospectus for additional information relative to the OPER ETF. Advisory Services to PIFI ETF CLEARSHARES has entered into an agreement to provide advisory services to the PIFI ETF on the ESS platform sponsored by U.S. Bancorp Fund Services. The Piton Intermediate Fixed Income ETF (NYSE: PIFI), seeks to provide a diversified portfolio of high-grade fixed income securities with an average life and interest rate risk profile that is lower than many “core” intermediate fixed income ETFs available in the market. PIFI’s goal is to align the strategy with that of investors focusing on long term preservation of principal, liquidity, and consistency in their fixed income allocation by investing in securities with a maturity of 0-10 years and duration risk in the range of 3-5 years. Please refer to the Prospectus for additional information relative to the PIFI ETF. Sub-Advisors PIFI and OPER ETF In order to manage PIFI and OPER ETF, CLEARSHARES has engaged Piton Investment Management, LP (“Piton”) as a sub-advisor. Piton, a SEC registered advisor, was founded in 2015 and provides specialized fixed income investment advisory services to pooled investment vehicles as well as separately managed accounts utilizing US government securities, corporate bonds, and municipal securities. Piton has extensive history managing fixed income assets, seeking to mitigate loss, and providing dedicated service to clients through multiple interest rate environments and market cycles. The investment team has previously managed large investment portfolios for Annaly Capital, HSBC, and Credit Suisse Asset Management. OCIO ETF In order to manage OCIO ETF, CLEARSHARES has engaged Blueprint Investment Partners (“Blueprint”) as a sub-advisor. Blueprint, a SEC registered advisor, is a fee-only asset manager providing sub-advisory services to registered investment advisors (“RIAs”) and brokerage service providers (referred to collectively as “the client”). Blueprint was organized in December of 2013 by Jon Robinson and Brandon Langley, who continue to be the majority owners. Its principal place of business is Greensboro, North Carolina. ADVISOR does not participate in wrap fee programs. As of December 2022, CLEARSHARES manages approximately $498 million in assets under management on a discretionary basis.