A. General Description of Advisory Firm Advocate is an investment advisory firm organized in 2016 under the laws of the State of Delaware as a limited liability company. Advocate provides discretionary investment advisory services to family offices, hedge funds and other institutional investors. Mr. Scott Peng and trusts controlled by him own 54.5% of Advocate, the estate of a former employee owns 8.0% and the remaining 37.5% is owned by Macro Management Holding LLC. Advocate is certified by the New York & New Jersey Minority Supplier Development Council as a minority owned firm. B. Description of Advisory Services Advocate offers its services to clients in separately managed accounts (the “Clients”). Advocate designs and implements portfolio protection strategies such as Macro Risk Hedging and Rising Rate Hedging strategies associated with client specific or generic portfolios and/or asset indexes. Advocate will typically analyze an institutional investor’s portfolio that is generally exposed to broad macroeconomic risk across global capital markets. Advocate will assess the “risk fingerprint” of the portfolio and propose a customized Macro Risk strategy that would seek to protect the Client’s portfolio against market shocks which could cause a significant decline in its market value. Advocate’s Risk Hedging strategies would utilize financial instruments that Advocate expects to maintain, and have historically maintained, liquidity during periods of market stress. Using proprietary analytics, Advocate will seek to establish an appropriate coverage ratio based on the portfolio risk fingerprint and seek to create a dynamic, discretionary portfolio that seeks to support the underlying portfolio when markets are experiencing significant volatility due to macroeconomic shocks. Advocate provides investment advisory services to the Advocate Rising Rate Hedge ETF, a registered investment company. The Advocate Rising Rate Hedge ETF ( “Advocate ETF”, or the “Fund”) is an exchange-traded fund. Advocate serves as the investment adviser to the Advocate ETF, subject to the general supervision of the Board of Trustees of the Advocate ETF. Advocate’s duties as adviser to the Fund include furnishing a continuous investment program and determining what investments or securities will be purchased, held or sold. The Fund’s Board of Trustees annually reviews and evaluates the services provided by Advocate under the investment advisory agreement (“Advisory Agreement”) and is asked annually to approve

the agreement for an additional one-year period. Pursuant to a supervision agreement between Advocate and the Fund , (“Supervision Agreement”), and subject to the general supervision of the Board of Trustees of the Fund, Advocate also provides or causes to be furnished, all management, supervisory and other services reasonably necessary for the operation of the Fund and bears the costs of various third-party services required by the Fund, including administration, certain custody, audit, legal, transfer agency, and printing costs. The Supervision Agreement also requires Advocate to provide investment advisory services to the Fund pursuant to the Advisory Agreement. Additional information regarding the services provided by Advocate to the Fund can be found in the Fund’s prospectus and Statement of Additional Information, which will be publicly available on the EDGAR Database on the SEC’s website (www.sec.gov) or by accessing the Advocate website www.advocatecapmgt.com. The strategies that Advocate pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. C. Availability of Tailored Services for Clients Advocate tailors its advisory services to meet the specific risk profile of each separately managed account. Separately managed account clients may impose restrictions such as concentration limits on investing in certain securities and financial instruments. Separately managed account clients may also provide Advocate with a list of securities where they may have material inside information and therefore prohibit Advocate from taking a position in any of them. In providing services to each separately managed account clients and subject to the terms of the advisory agreement, Advocate assists in formulating its investment objectives, directs and manages the investment and reinvestment of the separately managed account client’s assets. D. Wrap Fee Programs Advocate does not participate in wrap fee arrangements. E. Assets under Management As of March 20, 2023, Advocate had regulatory assets under management of approximately $30.2 Million on a discretionary basis, and $0.9 million on a non-discretionary basis. Advocate has approximately $6.2 billion in assets under advisement.