Description of Services and Fees Glovista is a registered investment adviser with offices in New Jersey and Florida. We are organized as a limited liability company under the laws of the State of Delaware. We have been providing investment advisory services since 2007. Carlos Asilis and Darshan Bhatt are our majority beneficial owners. A minority ownership interest is held by Spouting Rock Asset Management, LLC (“SRAM”), an SEC registered investment adviser. The following paragraphs describe our services and fees. Please refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your needs. As used in this Brochure, the words "we", "our" and "us" refer to Glovista and the words "you", "your" and "Client" refer to you as either a Client or prospective client of our Firm. Also, you may see the term Associated Person throughout this Brochure. As used in this Brochure, our Associated Persons are our Firm's officers, employees, and all individuals providing investment advice on behalf of our Firm. Portfolio Management Services Glovista provides investment management services to clients through a) separately managed accounts (“SMAs”), and b) privately offered pooled investment vehicles (“Private Funds”). The SMAs and Private Funds are hereafter referred to as the Firm’s “Clients”. Your investment in any Client is referred to herein as your “Account”. Interests in the Private Funds are exempt from registration under the Securities Act of 1933, as amended, and exempt from registration under the Investment Company Act of 1940, as amended. As such, Private Funds are only offered via a “private offering” and are intended only for investment by “accredited investors.” The investment guidelines for each Client are defined in the investment management agreement, organizational documents, or other governing documents relating to each Client and are tailored to the specific goals, objectives and operating guidelines of each Client. In most cases, we provide Clients with portfolio management services focusing on two distinct strategies: first, we offer a “Global Tactical Asset Allocation” strategy (“GTAA Strategy”) that leverages our global macro views to position the portfolios in appropriate asset classes and sub-asset classes; second, we provide Clients with exposure to emerging market equities through a strategy that employs US listed liquid ETFs and ADRs on a managed account basis (“Emerging Markets Strategy”). Our GTAA Strategy is designed to provide Clients with tactical exposure to the “correct” asset class. Within such asset class, we provide appropriate sub-asset class exposures. We provide access to multiple asset classes via tactical allocations to global equities (US, EAFE and Emerging markets), Global Fixed Income (Sovereign, Investment Grade and High Yield), Commodities and Currencies. We use liquid listed ETFs and Dollar denominated securities. Our Emerging Markets Strategy is designed to exploit inefficiencies in the pricing of global and regional macro variables and in the valuation of out-of-favor sector and country indices. We seek to identify value plays (from a macro perspective) within emerging markets, taking into consideration the primary role exerted by currency valuation and economic growth. We utilize bottom-up quantitative value-driven models to cross-verify our top-down macro view. Our Emerging Markets portfolio has a bias towards large liquid countries and large cap stocks within emerging market equities. The portfolio is typically comprised of 8-12 country ETFs representing more than 300 underlying stocks and a few large cap liquid ADRs. Our strategy is an actively managed strategy with a high turnover ratio. Generally, the investment advice offered by Glovista is limited to the investment strategies described above and as further detailed in Section 8 below. Glovista manages its Client Accounts based on these strategies, subject to the restrictions and guidelines set forth in each Client agreement and does not tailor its advisory services to any Fund investor or SMA Client except that Glovista will manage other strategies related to its core GTAA or EM strategies at the specific request of a Client subject to review and agreement on the type of strategy, applicable investment restrictions, minimum account size and agreement on fees. If you participate in our discretionary portfolio management services, we require you to grant our Firm discretionary authority to manage your Account. Discretionary authorization will allow our Firm to determine the specific securities and the amount of securities to be purchased or sold for your Account without your approval prior to each transaction. Discretionary authority is typically granted by the investment advisory agreement you sign with our Firm, a power of attorney, or trading authorization forms. You may limit our discretionary authority (for example, limiting the types of securities that can be purchased for your Account) by providing our Firm with your restrictions and guidelines in writing. You will be charged a fee for portfolio management services which is generally billed monthly or quarterly in arrears based on the asset value of your Account during the relevant billing period. In most cases, we will compute fees based on “average capital base” under management. Average capital base is determined by calculating the market value of the Account at the beginning of the period and adjusting for any additional paid-in capital during the period. In our sole discretion, we may negotiate other fee payment arrangements with you. Fees will be assessed pro rata in the event the portfolio management agreement is executed at any time other than the first day of the month. In addition to an asset-based fee, “qualified clients” (who have a net worth of more than $2,200,000 or at least $1,100,000 under management with our Firm) and Private Funds Clients may be charged a negotiable performance-based fee. The performance-based fees are based on profits generated for investors subject to certain conditions described below. In each case, the performance fees are specifically authorized by you in the relevant investment management agreement or disclosed in any Private Fund disclosure documents. We may charge performance-based fees of up to 20% on an annual basis of the profits generated in the account, billed quarterly in arrears based upon the asset value of the account on the last day of the month. This performance

fee will comply in full with Rule 205-3 under the Investment Advisers Act of 1940. The performance fee allocation with respect to any Account may be subject to a "high water mark" provision such that no performance fee will be paid to us, except when the account surpasses the highest value for the investments in your Account, subject to adjustment for withdrawals or contributions. The performance fee calculation may create an incentive for our Firm to make investments that are riskier or more speculative than would be the case in the absence of a performance fee formula. With respect to Accounts, we will either invoice you directly for management fees or management fees will be paid to us by the qualified custodian holding your funds and securities, provided that you supply written authorization permitting the fees to be paid directly from your Account. We will not have access to your funds for payment of fees without your written consent. Further, the qualified custodian agrees to deliver an account statement, at least quarterly, directly to you, showing all disbursements from your Account. We encourage you to review all account statements for accuracy. Our Firm will receive a duplicate copy of the statement that was delivered to you. With respect to Clients for whom we manage an SMA, either party, upon 30 days written notice to the other, may terminate the management agreement. The management fee will be pro-rated for the month in which the cancellation notice was given. Please see Section 5: Fees and Compensation below for a complete description of our fees. Wrap Fee Programs “Wrap arrangements,” “wrap fee programs,” and/or “wrap fee accounts” involve individually managed accounts for individual or institutional Clients. The wrap fee accounts are offered as part of a larger program by a “sponsor,” usually a brokerage, banking or investment advisory Firm, and managed by one or more investment advisers. Glovista has agreements with several brokerage, bank or investment advisory firms (sponsors) who sponsor “wrap fee” programs where Glovista acts as adviser or sub-adviser to the wrap fee program and provides investment management services to those Clients who select Glovista as part of the program. The sponsor typically pays a portion of its program fee to Glovista for its services. Generally, Glovista’s management of wrap fee accounts and other accounts under the same investment strategy is consistent. Subject to our best execution policy, when selecting brokers for trading for our wrap fee program accounts, Glovista at its discretion may trade with different broker/dealers than for our other (non-Wrap) accounts or trade away with a single broker/dealer on a combined basis. Trades for wrap fee program accounts are typically directed to the wrap fee program sponsor (or its designated broker/dealer), since brokerage commissions are included in the wrap fee. In such situations, Glovista may be required to trade a wrap fee program’s accounts separately from other accounts being managed within the same strategy. As described in “Item 12- Brokerage Practices,” while directed brokerage is designed to benefit the wrap fee program account through lower trading costs, there may be circumstances where directed trades do not receive the best price, or where dividing the trade into separate components may inhibit Glovista’s ability to obtain the same level of or as timely an execution as it may otherwise have been able to obtain if it had been able to execute the entire trade with one broker/dealer. Operational limitations with these types of accounts make trading away from the sponsor difficult. To the extent that Glovista trades away from the sponsor by placing trades with a different brokerage firm, the Client will typically incur the costs associated with this trading in addition to the wrap fees normally payable. Subject to these limitations, Glovista continues to employ methods, such as trade rotation and periodic brokerage review, in an effort to reduce the impact of these issues. Clients who enroll in these programs should satisfy themselves that the sponsor is able to provide best price and execution of transactions. Glovista may engage in wrap programs involving both single-contract and dual-contract accounts. In a single contract, the sponsor typically provides a level of research and due diligence on Glovista and often stands as a co-fiduciary with Glovista. Customers execute one contract with the sponsor. Dual contract programs require a customer to execute two separate contracts: one covering services provided by the sponsor; and the other covering separate investment management services provided by Glovista. With respect to single contract wrap fee program accounts, Glovista may not be provided sufficient information by the wrap fee program sponsor to perform an assessment as to the suitability of Glovista’s services and investment strategy for the Client. In such cases, Glovista will rely upon the wrap fee program sponsor who, as part of its fiduciary duty to the Client, must determine not only the suitability of Glovista’s services and investment strategies for the Client, but also the suitability of the wrap fee program in general. In addition, Glovista relies upon the wrap fee program sponsor to provide required disclosures to such Clients, including delivery of this Form ADV Part 2A (Brochure) to Clients as required. Please see additional information regarding wrap fee programs in “Item 5 – Fees and Compensation.” Types of Investments As stated earlier, we primarily offer advice related to our GTAA Strategy and Emerging Markets Strategy, but may also offer general advice on equity securities, corporate debt securities, investment company securities, US Government securities, Foreign Exchange forwards, and options contracts on securities. Additionally, we may advise you on any type of investment that we deem appropriate based on your stated goals and objectives. We may also provide advice on any type of investments held in your portfolio at the inception of our advisory relationship. You may request that we refrain from investing in particular securities or certain types of securities. You must provide these restrictions to our Firm in writing. Assets under Management As of December 31, 2022, our Regulatory Assets Under Management was approximately $321.2 million. Of this amount, approximately $34.5 million was on a non-discretionary basis and approximately $286.7 million was on a discretionary basis.