Description of Firm YieldX Advisers, LLC is a SEC-registered investment adviser primarily based in Aventura, FL. We are organized as a limited liability company ("LLC") under the laws of the State of Delaware. We have been providing investment advisory services since 01/15/2020. We are primarily owned by YieldX, Inc.
We are indirectly owned by Generation Investment Management LLP and Carisse de depot et placement du Quebec (CDPQ).
The following paragraphs describe our services and fees. Refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this brochure, the words "we," "our," and "us" refer to YieldX Advisers, LLC and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm.
Portfolio Management Services We offer discretionary portfolio management services. Our investment advice is tailored to meet our clients' needs and investment objectives.
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 us 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. We will also have discretion over the broker or dealer to be used for securities transactions in your account. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm and the appropriate trading authorization forms.
You may limit our discretionary authority (for example, limiting the types of securities that can be purchased or sold for your account) by providing our firm with your restrictions and guidelines in writing.
We may also offer non-discretionary portfolio management services. If you enter into non-discretionary arrangements with our firm, we must obtain your approval prior to executing any transactions on behalf of your account. You have an unrestricted right to decline to implement any advice provided by our firm on a non-discretionary basis.
As part of our portfolio management services, in addition to other types of investments (see disclosures below in this section), we may invest your assets according to one or more model portfolios developed by our firm. These models are designed for investors with varying degrees of risk tolerance ranging from a more aggressive investment strategy to a more conservative investment approach. Clients whose assets are invested in model portfolios may not set restrictions on the specific holdings or allocations within the model, nor the types of securities that can be purchased in the model. Nonetheless, clients may impose restrictions on investing in certain securities or types of securities in their account. In such cases, this may prevent a client from investing in certain models that are managed by our firm.
Sub-Advisory Services to Registered Investment Advisers We offer sub-advisory services to unaffiliated third party money managers (the "Primary Investment Adviser"). As part of these services, we will manage assets delegated to our firm by the Primary Investment Adviser. While we are responsible for the overall management of the assets delegated to our firm, we will not communicate investment recommendations or selections directly to the Primary Investment Adviser's individual clients.
4 ©2017 National Compliance Services 800-800-3204 Sub-Advisory Services Offered to Registered Investment Companies (Mutual Funds) We serve as a sub-adviser to the investment adviser ("Primary Adviser") to a registered investment company (the "Fund"). We provide investment advice to the Primary Adviser under a sub-advisory agreement. The Primary Adviser supervises the management of the Fund and is responsible for ensuring that we are providing advice consistent with the Fund's investment objectives. As sub-adviser to the Fund, we receive a fee from the Primary Adviser computed, accrued, and paid on a preset basis in an amount equal to a percentage of the Fund's net sales values or net asset value. This may also depend further on the extent of service provided and the particular agreement executed between the Primary Adviser and our firm. We may recommend investments in the Fund for our client accounts. Therefore, as a client of our firm, you are advised that we will receive compensation from the Fund and that a conflict of interest exists when investing your assets in the Fund. We will only make such investments where we believe it is consistent with our fiduciary duty and your investment objectives. We will earn fees from the Primary Adviser and you for investments made in the Fund. For tax- qualified accounts with assets invested in the Fund, the advisory fee on such assets will be offset by the amount of the management fee paid to us by the Primary Adviser.
Wrap Fee Program(s) We are a portfolio manager to and sponsor of a wrap fee program, which is a type of investment program that provides clients with access to several money managers or mutual fund asset allocation models for a single fee that includes administrative fees, management fees, and commissions. If you participate in our wrap fee program, you will pay our firm a single fee, which includes our money management fees, certain transaction costs, and custodial and administrative costs. We receive a portion of the wrap fee for our services. The overall cost you will incur if you participate in our wrap fee program may be higher or lower than you might incur by separately purchasing the types of securities available in the program.
Transactions for your account must be executed by Apex Clearing Corporation, a securities broker- dealer and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. To compare the cost of the wrap fee program with non-wrap fee portfolio management services, you should consider the frequency of trading activity associated with our investment strategies and the brokerage commissions charged by Apex or other broker-dealers, and the advisory fees charged by investment advisers. For more information concerning the Wrap Fee Program, see Appendix 1 to this Brochure.
We primarily offer advice on equity securities, corporate debt securities, mutual fund shares and ETFs. Additionally,

we may advise you on various types of investments based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship.
Since our investment strategies and advice are based on each client's specific financial situation, the investment advice we provide to you may be different or conflicting with the advice we give to other clients regarding the same security or investment.
In general, we manage wrap fee accounts on a discretionary basis. Wrap fee accounts are typically more appropriate for active accounts and are managed accordingly. We also manage non-wrap fee accounts on either a discretionary or a non-discretionary basis, and may include a different investment strategy in managing non-wrap accounts.
If you participate in a wrap fee program, we will provide you with a separate Wrap Fee Program Brochure explaining the program and costs associated with the program. You should also review this Part 2A thoroughly to evaluate any differences between the services we offer as wrap versus non- wrap.
5 ©2017 National Compliance Services 800-800-3204 IRA Rollover Recommendations Effective December 20, 2021 (or such later date as the US Department of Labor ("DOL") Field Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you. When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees, and investments;
•Follow policies and procedures designed to ensure that we give advice that is in your best interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest. Model Strategies We will construct asset allocation strategies and model portfolios where it selects the underlying investments for such model portfolios ("Model Strategies") for a variety of investors. Model Strategies are created to fulfill a particular investment objective and may be executed at different levels of customization for investors. We will provide access to the Model Strategies and provides services to such Model Strategies in accordance with the terms of the applicable investment management agreements, service agreements, organizational documents or offering documents. Model Strategies may be executed through and maintained by an independent investment adviser and those Model Strategies will not be modified for individual investors and may include allocations to Registered Investment Companies, and, in certain cases, SMAs that are organized, controlled, advised and/or managed by investment managers (including affiliates of YieldX). Model Strategies also may be completely customized for investors that are our clients and may include an allocation of assets to any appropriate investment strategy or product based on the client's investment objective. Model Strategies generally are made available to investors on a non-discretionary basis.
Cash Management Services YieldX provides investment advice with the purpose of helping our clients create and maintain a disciplined approach to investing funds prudently and effectively. Cash management clients utilize primarily the following Fixed Income Securities: U.S. treasuries and government securities; government agencies; highly rated corporate and municipal securities; certificates of deposit that are either with a highly rated bank or are fully insured; and AAA-rated money market mutual funds. We develop an understanding of the client's cash flow needs with respect to the money being invested. Once investment types have been agreed upon with the client and we have an understanding of expected cash flows, we then look to the yield curve to determine the appropriate strategy. Most cash management clients will require maturities of less than two years, but may invest greater than two years but less than five years under certain conditions. Once we have this information, there are several buy-and-hold strategies that we generally recommend to our cash management clients: 6 ©2017 National Compliance Services 800-800-3204 Traditional Laddered Approach. We use this approach when the yield curve is normal. Here, we recommend matching securities with the expected cash flow schedule keeping in mind liquidity needs. In this approach, investments will mature in amounts greater than the cash flow estimates to reduce the need to sell a security before it matures.
Modified Laddered Approach. This approach is used when the yield curve is inverted (downward sloping) or humped. In the case of an inverted yield curve, our approach would be to recommend investing larger maturities in the short end of the yield curve. In the case of a humped yield curve, our approach would be to recommend matching maturity amounts to cash flows for the part of the yield curve that is upward sloping, and then invest larger amounts at the top of the yield curve.
Core Balance Approach. This approach is used for clients with core operating fund balances that can be invested two years or longer. We initially recommend structuring investments to mature at regular intervals up to two years or longer. As investments mature, the proceeds are reinvested in longer term investments, with the goal of eventually having all investments effectively earning longer term interest rates, while also providing liquidity with regular maturities.
Assets Under Management As of December 31, 2022, we provide continuous management services for $105,000,000 in client assets on a discretionary basis.