Firm Profile Knowledge Leaders Capital, LLC (referred to herein as “we,” “us,” “our,” “KL Capital” or “firm”) is a registered investment adviser based in Denver, Colorado. As detailed below, KL Capital offers investment management services to clients in a variety of manners. KL Capital was organized as a limited liability company in 2006 under the original name of Gavekal Capital, LLC. KL Capital is a private company wholly owned by Steven C. Vannelli, the firm’s Chief Executive Officer and Chief Investment Officer. Investment Management Services The firm’s primary investment strategy is known as the Knowledge Leaders Strategy (the “Strategy”). The Strategy seeks to transform the “Knowledge Effect” into portfolio alpha. The Knowledge Effect is, in short, the tendency of stocks of highly innovative companies to experience excess returns. In this regard, the Strategy seeks to identify “Knowledge Leaders,” or highly innovative companies, by measuring a company’s investment in its future growth. Knowledge Leaders tend to possess deep reservoirs of intangible capital as a result of their history of investing in knowledge-intensive activities like research and development, brand development and employee education. In locating Knowledge Leaders, the firm looks for companies that possess competitive advantages, such as a strong brand, proprietary knowledge or a unique distribution mechanism. Our selected Knowledge Leaders are largely service-based and advanced manufacturing businesses, often operating globally. KL Capital currently offers two versions of the Strategy to advisory clients. The KL Allocation Strategy seeks long- term capital appreciation with an emphasis on capital preservation. The KL Allocation Strategy allocates portfolio assets between equities, fixed income and cash depending on market factors. Equity investments are selected from a basket of companies the investment team identifies as Knowledge Leaders. The KL Global Equity Strategy seeks long-term capital appreciation through investments in equity securities of Knowledge Leaders. KL Capital offers the Strategy through a variety of product offerings as detailed below. We may launch and offer new products in the future. Mutual Funds KL Capital serves as adviser to the KL Allocation Fund (GAVAX/GAVIX), which is a series of an open-end mutual fund registered under the Investment Company Act of 1940, as amended, that offers the Strategy to US investors (“Mutual Fund”). KL Capital may seek to advise or sub-advise additional funds in the future. Information about the fund’s objectives, risks, fees, expenses, and other pertinent information can be found in the fund’s prospectus. Exchange Traded Funds (ETF) KL Capital serves as the investment adviser to the Knowledge Leaders Developed World ETF (KLDW). The ETF seeks long-term capital appreciation by investing in equities of highly innovative companies in the developed world. It is an actively managed exchange-traded fund. Information about the ETF’s objectives, risks, fees, expenses and other pertinent information can be

found in the ETFs prospectus. Managed Account Programs (“MAP”) KL Capital may be selected by Managed Account or Wrap Program sponsors to offer its Strategy to clients as part of these unaffiliated wrap-fee or managed-account programs. As part of this offering, we design, monitor and update these strategy portfolios. The program sponsor may then implement the portfolio for their clients. In our current arrangements, the third party investment advisers have granted shared trading authority to KL Capital or “dual-discretion” over the clients’ assets whereby KL Capital has discretion to execute trades on behalf of the clients. KL currently offers two strategies in the MAP space, the Knowledge Leaders Allocation Strategy and the Knowledge Leaders Global Equity Strategy. Investment decisions for the Knowledge Leaders Allocation Strategy for MAP accounts are designed to replicate unrestricted fully discretionary accounts using the Knowledge Leaders Allocation Strategy. Due to custody and trading limitations, MAP Program accounts may be unable to hold certain securities, such as local shares of foreign issuers. We employ a proprietary replication process that seeks to achieve substantially the same exposure through depository receipts or other proxies for local shares or other securities that MAP accounts cannot hold directly. Investment decisions for the Knowledge Leaders Global Equity Strategy for MAP Accounts are designed to replicate the unrestricted accounts using the Knowledge Leaders Global Equity Strategy. In addition, where securities cannot be held directly by the MAP account due to custody or trading restrictions KL will select proxies as described above. Separately Managed Accounts (“SMA”) KL Capital provides discretionary investment advisory services to separately managed account clients. For certain clients, KL Capital will manage the account pursuant to one of our Indices. Clients are permitted to impose reasonable restrictions on trading if such restrictions are not materially different from the Strategy’s investment objectives and if pre-approved by KL Capital. Model Based and Unified Managed Account Programs (“UMA”) KL Capital may provide investment management services through model-based programs where KL Capital serves as “Manager” and provides the investment recommendations for the offered Knowledge Leaders Strategies. Unless otherwise noted, we do not have trading discretion in model-based accounts. KL Capital does not have any contractual relationship with the Client. Clients who impose investment restrictions in their SMA or MAP accounts should be aware that any restrictions placed on the account will affect the account’s performance, which can result in underperformance relative to other client accounts invested pursuant to the same Strategy or benchmark. See Item 16 for further information concerning KL Capital’s investment discretion. Assets under Management As of December 31, 2023, KL Capital had approximately $167 million in assets under management all of which were managed on a discretionary basis.