AXOS INVEST, INC

Client Disclosure Brochure Form ADV Part 2A Effective (cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:20)(cid:25), 2025 9205 West Russell Road, Suite 400 Las Vegas, NV 89148 Telephone: (888) 585-4965 support@AxosInvest.com www.AxosInvest.com This Brochure provides information about the qualifications and business practices of Axos Invest, Inc. (“Axos Invest,” “We,” “Our,” or the “Firm”). The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. If you have any questions about this Brochure’s contents, please contact Axos Invest at the address listed above. Axos Invest is a registered investment adviser with the SEC. Registration of an investment adviser does not imply any specific level of skill or training. Additional information about the Firm is also available on the SEC’s website 1  Material Changes From Our Last Update This is the most recent Axos Invest Form ADV Part 2A and will be effective (cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:20)(cid:25), 2025. Material amendments throughout for this filing are as follows: Liberty LLC (“Liberty” or “Platform”) is now the technology platform. (cid:120) (cid:120) New portfolio themes are offered via the Platform. (cid:120) New third-party model managers have been added to the Platform, as well as the due diligence process involved. Fees have been updated to include the offering of new third-party model managers. (cid:120) (cid:120) Axos Invest Portfolio Management Group’s (“APMG”) responsibilities now collectively include setting up the models offered by the third-party model managers, facilitating the trade implementation, reviewing the trade blotters going to the Firm’s custodian, Axos Clearing LLC operating through its Axos Advisor Services (“AAS”) division, for execution, handling all money movement, rebalancing, customization, tax loss harvesting, billing on the Platform. (cid:120) Account minimums have been updated. The Firm’s risks section was updated. (cid:120) (cid:120) A minimum annual account fee of $40, billed quarterly, has been amended. (cid:120) Tax Loss Harvesting has been amended for accounts over $25,000 and will elect to pay 0.2% annually, charged quarterly.  Contents Table of Contents Material Changes From Our Last Update ......................................................................................................................... 2 Contents ....................................................................................................................................................................... 1 Advisory Business .......................................................................................................................................................... 3 Description of the Advisory Firm .................................................................................................................. 3 Types of Advisory Services .......................................................................................................................... 3 Wrap Fee Program ...................................................................................................................................... 5 Assets under Management ........................................................................................................................... 5 Fees and Compensation ................................................................................................................................................... 5 Fee Schedule .............................................................................................................................................. 5 Payment of Fees ......................................................................................................................................... 6 Prepayment of Fees .................................................................................................................................... 6 Compensation for the Sale of Securities ........................................................................................................ 6 Performance-Based Fees and Side-By-Side Management ................................................................................................... 6 Types of Clients .............................................................................................................................................................. 6 Methods of Analysis, Investment Strategies and Risk of Loss ............................................................................................... 6 Methods of Analysis .................................................................................................................................... 6 Initial Screening Process .............................................................................................................................. 6 Investment Strategies .................................................................................................................................. 7 Risks of Investments and Strategies Utilized .................................................................................................. 7 Disciplinary Information .................................................................................................................................................. 9 Other Financial Industry Activities and Affiliations ............................................................................................................ 10 Broker-Dealers .......................................................................................................................................... 10 Clearing Firms ........................................................................................................................................... 10 Banking Institutions .................................................................................................................................. 10 Third Party Affiliates ................................................................................................................................. 10 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ........................................................... 11 Code of Ethics ........................................................................................................................................... 11 Recommendations Involving Material Financial Interests .............................................................................. 11 Investing Personal Money in the Same Securities as Clients .......................................................................... 11 Brokerage Practices ...................................................................................................................................................... 11 Investment Advisory Services .................................................................................................................... 11 Margin .................................................................................................................................................... 12 Research and Other Soft Dollar Benefits ...................................................................................................... 12 Brokerage for Client Referrals .................................................................................................................... 12 Directed Brokerage .................................................................................................................................... 12 1  Review of Accounts ...................................................................................................................................................... 12 Automated Investment Advisory Services .................................................................................................. 12 Client Referrals and Other Compensation ......................................................................................................................... 12 Client Referral Programs ............................................................................................................................ 12 Payments for Services Between Affiliates .................................................................................................... 13 Custody ...................................................................................................................................................................... 13 Investment Discretion ................................................................................................................................................... 13 Voting Client Securities ................................................................................................................................................. 13 Financial Information .................................................................................................................................................... 14 Balance Sheet ........................................................................................................................................... 14 Financial Condition .................................................................................................................................... 14 Bankruptcy Petitions in Previous Years ...................................................................................................... 14 2  Advisory Business Description of the Advisory Firm Axos Invest has been providing investment advisory services to clients since 2009, under the name WiseBanyan, Inc. In February 2019, Axos Financial, Inc. acquired ownership of WiseBanyan, Inc., and renamed the Firm in July 2019. Axos Invest is a corporation organized in the state of Delaware, registered with the SEC as an investment advisor wholly owned by Axos Securities, LLC, which also serves as the Firm’s parent company. Axos Securities LLC is ultimately owned by Axos Financial, Inc. Axos Financial, Inc., our ultimate parent company, is a publicly traded company (NYSE: AX). The terms “Client,” “Clients,” “you,” and “your” are used throughout this document to refer to person(s) who contract with us for the services described within this Disclosure Brochure. “Axos Invest,” “our,” “we,” and “us” or the “Firm” refer to Axos Invest, Inc. Types of Advisory Services Automated Advisory Service – Axos Invest Axos Invest provides advisory services via its website and mobile applications. Clients will complete an online questionnaire via the Firm’s website or mobile application. The questionnaire allows the Firm to obtain information directly from the Client, such as their current financial situation, investment profile, investment goals, and investment objective. The advisory service will generate a recommendation featuring an asset allocation and a manager model designed to assist a Client in meeting the Client’s individual investing lifecycle objective based upon this information from the Client. The Client may choose the recommendation from the Manager and Model selection tool or choose from other asset allocation and manager model choices. In either circumstance, upon account opening, the Firm will use its advisory services to implement and manage the selected asset allocation and manager model. Axos Invest will monitor the account to help achieve the Client’s specific investing lifecycle objective. Axos Invest offers core and thematic models. The core models are comprised of mutual funds (“MF”); MF and exchange-traded funds (“ETFs”) or only ETFs across various asset classes. Axos Invest also offers thematic portfolios that includes ETFs and MFs, as well as bitcoin (“BTC”) or other digital asset ETFs. At Axos Invest, we focus on asset allocation because it is a framework that allows us to achieve diversification and risk management for Clients. We analyze and optimize the availability of various stock, bond, and cash allocations that we believe are suitable for a Client. In addition to the Axos Invest models, Clients will have access to third-party model manager firms that have been selected using Axos Invest’s due diligence processes. These third-party model managers have been chosen for their People, Philosophy, Process, and Performance. Each manager has been chosen for its ability to create outcomes for Clients at various stages of the investing lifecycle. These third-party model managers send their asset allocations and/or individual holdings to the Axos Invest Portfolio Management Group (“APMG”) for implementation. Initial allocations and ongoing allocation changes are sent to Axos Invest as the manager is making decisions. Changes can occur daily, monthly, quarterly, or annually. The APMG is responsible for facilitating portfolio changes and submitting trade execution instructions. The APMG is responsible for portfolio management coordination, implementation, ongoing monitoring, setting up the models from the third-party model managers and Axos Invest, facilitating trade implementation, reviewing the trade blotters going to AAS for execution, handling all money movement, rebalancing, customization, tax loss harvesting, and billing on the Platform. In our due diligence process, Axos Invest will review quarterly the third-party model managers recommended on the Platform. As of (cid:45)(cid:88)(cid:81)(cid:72)(cid:3) (cid:20)(cid:25), 2025, Axos Invest offers Clients the opportunity to invest in models offered by the following third-party model managers: Dana Investments, Genter Capital, Sage Advisory, Meeder, Invesco, and Franklin Templeton. Axos Invest specializes in investment advisory services and recommends investment strategies tailored for Clients’ financial objectives and time horizons. Clients utilizing the Firm’s investment advisory service should understand that investment portfolios are allocated to a limited number of MFs and ETFs. Axos Invest recommends portfolios comprised of MFs and ETFs in several asset classes in our portfolios. These asset classes covered by MFs and ETFs include, but are not limited to: 3  • US Equities • International Developed Equities • International Emerging Equities • Open-End Mutual Funds • Closed-End Mutual Funds • US Treasuries • US Inflation Protected Treasuries • US Investment Grade Corporate Bonds • Short Term Corporate Bonds • Real Estate Trusts • Short Term High Yield Corporate Bonds • US Short Term Treasuries • Digital assets ETFs, such as Bitcoin ETFs or other cryptocurrencies ETFs (no outright cryptocurrencies are purchased/held) After initial account opening, Clients may update their asset allocation or investment model selection at any time. Periodically and at least annually, the Firm’s advisory service rebalances each Client’s portfolio to realign the portfolio to the desired weighting across investments. Clients who wish to use the service for their investments must deposit the minimum required for the chosen asset manager investment model. These minimum requirements can vary by asset manager and investment model. Tax Loss Harvesting. If a Client wants to utilize Tax Loss Harvesting, Clients must enroll in this service. This service is provided for an additional fee of 0.20% annually and is only available for accounts with balances over $25,000. Tax Loss Harvesting is a technique designed to help lower a Client’s taxes while maintaining their portfolio’s expected risk and return profile. This service is highly consultative; when you elect for this additional service, you will be asked to identify your tax loss target. The APMG will determine how to harvest unrealized losses to offset taxes due on your other gains and income. The APMG will review your account quarterly. They will sell a security at a loss to accelerate the realization of capital loss and invest the proceeds in a security with closely correlated risk and return characteristics. The realized loss can be applied to lower your tax liability. Clients may terminate use of the Tax Lost Harvesting Service. Automated Advisory Service – Managed Portfolios The functionality of Axos Invest’s managed portfolio platform provides access to additional account types, tax-loss harvesting services, and increased Client-directed customization levels. Portfolio features include: Client Tailored Services and Client Imposed Restrictions As described above, the Firm’s advisory services are tailored for each Client based on the Client’s interaction with the Axos Invest website and mobile applications. The Firm provides recommendations based on the Client’s stated financial situation and investment objectives. Clients can impose restrictions on certain ETFs for their portfolios through the Investment Restrictions page in the Model and Manager selection tool. Restrictions will be reviewed and approved for eligible models; not all models are eligible for restrictions. The Firm requires Clients to electronically sign an advisory agreement to receive investment advisory services (the “Advisory Agreement”). Clients receive the Firm’s Form ADV, including the Brochure, Brochure Supplements, Client Relationship Summary (“Form CRS”), and privacy policy through the website, mobile application, and other electronic communications. 4  Wrap Fee Program The Firm does participate in a wrap fee program. See the separate Wrap Fee Program Brochure. Assets under Management As of December 31, 2024, the Firm has $145,969,885 in regulatory assets under management on a discretionary basis. The Firm does not manage assets on a non-discretionary basis. Fees and Compensation Fee Schedule Automated Investment Advisory Services Axos Invest charges managed individual investment accounts a fee that includes the asset allocation and investment portfolio costs (the “Model Fee”). Each investment portfolio offered by Axos Invest has been assigned a model fee. The Model Fee is charged as compensation for Axos Invest’s investment advisory services, as described in the Advisory Business section, and is assessed quarterly in arrears (“Billing Cycle”) using an average daily balance calculation methodology. Axos Invest and fees for use of third-party model managers and their models are inclusive of all brokerage commissions, transaction fees, and other related costs and expenses incurred through the investment of Client assets by the Firm, except as otherwise noted. Axos Invest, in its sole discretion, may provide discounts to existing account holders. Please review the Wrap Fee Brochure for details on the current Model Fees charged for each of the models made available by Axos Invest, including those offered by Axos Invest and third-party model managers. The current Model Fees are also listed in Axos Invest’s Managed Portfolios Client Fee Schedule, a copy of which can be found here: Legal Disclosures | Terms and Conditions. Axos Invest’s Managed Portfolios Client Fee Schedule lists other charges and fees that are not included in the Model Fee and which may be charged to your account. All accounts are subject to a $40 minimum annual account fee (“Annual Fee”) with such Annual Fee charged on a quarterly basis (that is, $10 per quarter). If the quarterly Model Fee falls below the $10 quarterly minimum Annual Fee, Axos Invest will debit the Client account for the difference. For example, an account with $1,000 paying a 50 bps Model Fee will be charged $5.00 annually or $1.25 quarterly. This account will be charged an additional $35.00 annually or $8.75 quarterly to meet the $40 minimum Annual Fee. After account opening, if a Client’s account falls below the minimum account value for the selected models and the account minimum has not been reestablished by a deposit or market appreciation within 30 days, the Advisory Agreement will be terminated. Client will be notified in writing 30 days prior to the Advisory Agreement being terminated. Upon termination of the Advisory Agreement, the account will default to a standard brokerage account without access to or the benefit of Axos Invest’s advisory services. Client will receive a letter about the reversion to a standard brokerage account with instructions on how to reinstate to the Advisory Agreement if desired and how to transfer funds out and close the brokerage account. Upon termination of the Advisory Agreement, no billing for Axos Invest’s advisory services will be charged; standard brokerage fees and charges may apply. Tax Loss Harvesting is an elective service. The minimum account size for Tax Loss Harvesting is $25,000. The fee is .20% (or 20 bps) on assets under management. Client will have to select from eligible models for tax loss harvesting; not all models are eligible. Separate fee billing will occur quarterly and is based on average daily balance on the last day of the billing quarter. Client must provide information about tax loss targets and may be required to sign a separate Tax Loss Harvesting agreement. Charges and fees, including Model Fees and the Annual Fee, are subject to change from time to time, upon notice to you. Your continued use of Axos Invest’s services will constitute your agreement to any such change in charges or fees. Although Axos Invest believes its fees are competitive, lower fees for comparable services may be available from other investment advisors. 5  Payment of Fees The Model Fee and/or Annual Fee are deducted from Client assets held in their accounts. The Model Fee for each Billing Cycle is determined using the average daily balance on the last day of the quarter-end. If a Client withdraws assets during the Billing Cycle, the Model Fee and /or Annual Fee are pro-rated based upon the account value on the date the withdrawal request is received and the number of days the account was managed during the Billing Cycle. Prepayment of Fees The Firm does not require the prepayment of fees. Compensation for the Sale of Securities Neither the Firm nor its supervised persons accept compensation for the sale of securities or other investment products. Performance-Based Fees and Side-By-Side Management Axos Invest does not charge fees based on a share of capital gains or capital appreciation of the funds or any portion of the funds of an advisory client, i.e., it does not charge performance-based fees. Types of Clients Axos Invest offers automated investment advisory services to individuals. While there are ranges of individuals who take advantage of these services, the appeal is for those who are seeking professional asset management. Investors can access a range of services such as asset allocation and manager/model selection that are aligned to achieve specific outcomes. There is a minimum account size of one hundred dollars ($100) to open an account. MF Models using only MFs have an account minimum of $100. Risk Based ETF Models, Thematic Models, and Thematic Models with BTC and/or Digital Asset ETFs all have account minimums of $1,000. Third-party model managers and their models have varying minimums starting at $5,000, $15,000, $25,000, and $50,000. Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis The Firm conducts investment research using publicly available information. The Firm uses a questionnaire to analyze Clients’ risk profiles to construct, revise and recommend asset allocation and models comprised of MFs and/or ETFs or stocks. The Platform is designed to offer Clients access to third-party model managers who can provide investment solutions during the accumulation, preservation, income generation, and income distribution phases of Clients’ investing lifecycle. Third-party model managers can offer strategic or tactical asset allocation approaches to accomplish their objectives. Third-party model managers can implement their solutions by using ETFs, MFs, stocks or fixed income positions. A third party model manager is allowed to use multiple investment vehicles to implement their strategy. Each third-party model manager may implement their portfolios with different ranges of risk and return scenarios. Each Client will fill out a questionnaire to identify a set of managers that may be appropriate for selection. Initial Screening Process Axos Invest conducts an initial and, where needed, an ad-hoc screening process for third-party model managers using outside consultants, Lipper institutional databases, Morningstar database, Morningstar ETF Screener, and other resources to identify potential manager candidates for the platform. Key initial screening criteria for third-party model managers may include: (cid:120) Manager firm AUM of greater than $500 million is preferred but lower amounts may be considered. (cid:120) Manager performance record of 3+ years is preferred, but a shorter record may be considered. 6  (cid:120) Manager is able to demonstrate that its philosophy and process has led to positive performance outcomes. (cid:120) Manager’s willingness to accept Axos Invest’s platform fees. (cid:120) Manager has an easy-to-understand investment philosophy and process from Axos Invest’s viewpoint. (cid:120) Manager is compliant with the Global Investment Performance Standards (“GIPS”) or in the process of obtaining GIPS certification. The Firm will review a new manager and its models (and new models) prior to making them available to Clients. The Firm may also periodically review the manger and their models to evaluate their continued availability for use with Clients. Investment Strategies The Firm’s investment strategy focuses on building diversified model portfolios while seeking to minimize fees and tax consequences. This is achieved by focusing on diversification – building models with different asset classes and securities to reduce risk, asset allocation, and rebalancing strategies. The Firm constructs models by identifying certain asset classes and their historical average performance. The assets’ historical performance determines the weighting given in a model, depending on the risk score identified by reviewing the Client’s questionnaire. The Firm incorporates semiannual or annual rebalancing into its investment program. Rebalancing is used when an asset allocation or investment model has drifted away from its target asset or position weight. Strategic asset allocation models may trade with less frequency than more dynamic asset allocation models. The Firm does not trade options for Clients using automated investment advisory services. Risks of Investments and Strategies Utilized Any recommendations generated by the advisory service are highly dependent on receiving valid, accurate, and current information from each Client. As a result, Clients should make every effort to notify Axos Invest of any changes to their financial situation, financial goals, or if they wish to impose restrictions on their model. Investing in securities involves the risk of loss that Clients should be prepared to bear. All securities investments can potentially result in a total loss of the investment. Material risks associated with services offered by the Firm include but are not limited to: Risk of Loss. Investing in securities involves a risk of loss you should be prepared to bear. We do not represent or guarantee that our services or analysis methods can predict future results, successfully identify market tops or bottoms, or insulate Clients from losses due to market corrections or declines. We cannot offer any guarantees or promises that your financial goals and objectives will be met. Past performance is in no way an indication of future performance. Mutual Fund Risks: The performance of mutual funds is subject to market risk, including the possible loss of principal. The price of the mutual funds will fluctuate with the value of the underlying securities that make up the funds. The price of a mutual fund is typically set daily therefore a mutual fund purchased at one point in the day will typically have the same price as a mutual fund purchased later that same day. Most mutual funds fall into one of three main categories - money market funds, bond funds, and stock funds. Each type has different features and different risks and rewards. Generally, the higher the potential return, the higher the risk of loss. Clients should read a fund's prospectus and shareholder reports to learn about its investment strategy and the potential risks before investing. The Firm will select, recommend and/or retain mutual funds on a fund-by-fund basis. Due to specific custodial and/or mutual fund company constraints, material tax considerations, and/or systematic investment plans, the Firm may select, recommend and/or retain a mutual fund share class that does not have trading costs, but does have higher internal expense ratios than institutional share classes. The Firm will seek to select the lowest cost share class available that is in the best interest of each Client and will ensure the selection aligns with the Client’s financial objectives and stated investment guidelines. ETF Risks: An ETF is a type of investment company whose investment objective is to achieve the same or similar return as a particular market index. An ETF is like an index mutual fund in that it will primarily invest in the securities of companies included in a selected market index. An ETF will invest in either all the securities or a representative sample of securities included in the index. ETFs may be bought or sold throughout the day in the secondary market but are generally not redeemable by retail investors for the underlying basket of securities they track. The models are generally positively correlated with the world stock and fixed income indices. An overall downturn in the world stock and fixed income markets will generally result in losses in Axos 7  Invest’s managed portfolios. ETFs are subject to several risks in addition to market risk (as stated above). For example, ETFs’ have transactions costs that may vary from ETF to ETF. ETFs may also be subject to other risks, such as a removal of an index, political risks, exposure to a complex strategy or sector, and taxation of the ETF Before investing, it is important that you understand the factors that create these risks. How does the ETF achieve its stated objectives, and what are the risks? You should understand the techniques the ETF uses to achieve its goals. What happens if I hold longer than one trading day? While trading and hedging strategies may justify holding these investments longer than a day, buy-and-hold investors with an intermediate or long-term horizon should consider whether these ETFs are appropriate for their models. In other words, because ETFs reset each day, their performance may diverge from the performance of the underlying index or benchmark. You could suffer significant losses even if the long-term performance of the index showed a gain. For more information regarding the structure, fees, and risks associated with investing in ETFs, please see the SEC’s Investor Bulletin on ETFs: https://www.sec.gov/servlet/sec/investor/alerts/etfs.pdf Stock Risks: Investment Recommendations: The Firm relies on questionnaires consisting of a limited number of questions and data points provided by the Client that serves as a basis for its investment recommendations. The answers provided by a Client may be the sole basis for the recommendations generated by the advisory service. Clients should be aware that the advisory service does not have access to obtain information about accounts not held with Axos Invest or other information to generate an overall financial plan. The recommendation provided is limited to the Client’s financial profile and the specific investment goals desired by the Client, as presented to Axos Invest. It may not address all possible goals a Client may have. Tax Lot Harvesting: Tax lot harvesting from Axos Invest is not intended as tax advice. Axos Invest does not represent that the tax consequences described will be obtained or Axos Invest’s investment strategy will result in any tax consequence. Clients should confer with their tax advisor regarding the tax consequences of investing with Axos Invest and engaging in the tax-loss harvesting strategy based on their circumstances. Clients and their tax advisors are responsible for how the transactions in the Client’s account are reported to the Internal Revenue Service (“IRS”) or any other taxing authority. Axos Invest may provide Clients with an alternative tax document to assist with their reporting. Axos Invest assumes no responsibility to you for the tax consequences of any transaction, including any capital gains and wash sales that may result from the tax-loss harvesting strategy. The preceding risks do not purport to explain all the risks involved in investing with the Firm. Clients should read the entire Brochure, the Advisory Agreement, and other materials that may be provided by the Firm and consult with their own advisors before engaging the Firm’s services. Cryptocurrency Risks: Trading in cryptocurrencies, including in BTC or other cryptocurrency ETFs like those offered by the Firm, is only appropriate for persons that understand and are willing to assume the risks involved. Cryptocurrency markets and exchanges are not currently regulated with the same controls, nor customer protections available in equity, option, futures, or foreign exchange investing. There is no assurance that a person who accepts a cryptocurrency as payment today will continue to do so in the future. Investors should conduct extensive research into the legitimacy of each individual cryptocurrency, including its platform, before investing. The features, functions, characteristics, operation, use and other properties of the specific cryptocurrency may be complex, technical, or difficult to understand or evaluate. Cryptocurrency trading requires knowledge of cryptocurrency markets. In attempting to profit through cryptocurrency trading you will be competing with traders worldwide. Having appropriate knowledge and experience before engaging in substantial cryptocurrency trading is in the best interest of the investor. Below are some risks associated with investing in cryptocurrencies: Volatility - The price of value of cryptocurrency can rapidly increase or decrease at any time (and may even fall (cid:120) 8  to zero). Cryptocurrency can be volatile, with large swings in value over short periods of time, which may give you pause if you’re risk averse. Keep in mind that anyone can launch a cryptocurrency, and how it’s regulated is in flux, so it’s vital to thoroughly vet any possible investments, including ETFs, to avoid scams. (cid:120) Loss - The risk of loss in trading or holding cryptocurrency including ETFs can be substantial and can result in the loss of your investment. (cid:120) Exchange rate - Exchange rates fluctuate regularly and the rate used for purchasing cryptocurrency may not be the same rate that applies when converting back into the same fiat currency. (cid:120) No Government protection - Crypto assets are not backed by the government or guaranteed by any bank, and may lose value. Cryptocurrency balances are not subject to protection from Federal Deposit Insurance Corporation of Securities Investor Protection Corporation. There is no assurance that a person who accepts a virtual currency as payment today will continue to do so in the future. (cid:120) Speculative - Crypto asset trading is speculative and involves a high degree of risk. The crypto asset market is new and unproven and may not grow. Currently, the use of crypto assets, including in ETFs, in the retail and commercial marketplace is very limited compared with the relatively large market for speculators, which contributes to price volatility that could adversely affect the value of crypto assets or ETFs holding or tracking such assets. In order to participate in the trading of crypto assets, including through use of ETFs, you should be capable of evaluating the merits and risks of ownership and be able to bear the economic risk of losing the entire value of your investment. (cid:120) Government Prohibitions - Although currently cryptocurrencies are not regulated or is lightly regulated in most countries, one or more countries such as China, Iceland, Vietnam and Russia may take regulatory actions in the future that severely restricts the right to acquire, own, hold, sell or use cryptocurrency or to exchange cryptocurrency for fiat currency. Such an action may also result in the restriction of ownership, holding or trading in cryptocurrency. (cid:120) Legislative and Regulatory Risks - Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of crypto assets. (cid:120) Fraud - Transactions in crypto assets may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. The nature of crypto assets may lead to an increased risk of fraud or cyber-attack. (cid:120) Potential for loss - The value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency, which may result in the potential for permanent and total loss of value of a particular virtual currency should the virtual currency disappear. The nature of crypto assets means that any technological difficulties experienced may prevent the access of use of your crypto assets. (cid:120) Liquidity - Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price. This can occur, for example, when the market for a particular cryptocurrency suddenly drops, or if trading is halted due to recent news events, unusual trading activity, or changes in the underlying cryptocurrency system. Disciplinary Information The Firm and its management persons have not been a party to any legal or disciplinary events that would be material to a Client’s or prospective Client’s evaluation of the Firm’s investment advisory business or the integrity of its management. Axos Invest, Inc.’s affiliated broker-dealer, Axos Invest LLC, settled a matter with FINRA effective May 19, 2023, concerning Axos Invest LLC’s Form CRS. Axos Invest LLC was censured, agreed to pay a $75,000 fine, and consented to other findings, the further details of which can be found on Axos Invest LLC’s BrokerCheck Report here: https://brokercheck.finra.org/firm/summary/172393. 9  Other Financial Industry Activities and Affiliations Broker-Dealers Axos Invest LLC Some of the Firm’s management persons are registered representatives of our affiliated broker-dealer, Axos Invest LLC. There are no relationships or arrangements between the Firm and any other persons or entities that create a material conflict of interest with the Firm’s Clients. Axos Invest LLC is wholly owned by Axos Securities, LLC. Axos Securities, LLC is ultimately owned by Axos Financial, Inc. Axos Invest LLC may act as the introducing broker-dealer for Client accounts; where this is the case, neither the Firm nor Axos Invest LLC charges the Firm’s Clients any fees related to Axos Invest LLC’s role as introducing broker-dealer. Accordingly, potential material conflicts of interest are minimized with this arrangement. Accordingly, potential material conflicts of interest are minimized with this arrangement. Clearing Firms Axos Clearing LLC Some of the Firm’s management persons are registered representatives of Axos Clearing LLC (“Axos Clearing”). Axos Clearing is also wholly owned by Axos Securities, LLC. Axos Securities, LLC is ultimately owned by Axos Financial, Inc. Axos Clearing is a registered broker-dealer that provides clearing, settlement, custody, securities and margin lending, and technology solutions to introducing broker-dealers. Axos Clearing also provides custody and related services to registered investment advisors through its AAS division. Axos Clearing is a member of the Financial Regulatory Authority (“FINRA”), the New York Stock Exchange (“NYSE”), and the Securities Investor Protection Corporation (“SIPC”). All Clients that have selected the Firm’s investment advisory service via the Firm’s website will have brokerage accounts opened with Axos Clearing. Banking Institutions Axos Invest’s ultimate parent company, Axos Financial, Inc. (NYSE: AX), is also the parent company for Axos Bank. Axos Bank is a federal savings association and nationwide bank that provides financing for single and multifamily residential properties, small-to- medium size businesses in target sectors, automobiles, and selected specialty finance receivables, among other services. The Firm has internal policies and procedures to address actual and potential conflicts of interest from the preceding relationships and affiliations. Any conflicts with Axos Invest’s compensation based upon these relationships are disclosed in the Client Referrals and Other Compensation section. Third Party Affiliates Axos Invest, Inc. has an agreement with Envestnet, a third party that makes available a platform through which investment advisors can access advisory products and services, including third-party model managers, for use with their clients (the “Envestnet Services”). Through this agreement, Axos Invest, Inc. makes available the Envestnet Services to other, unaffiliated registered investment advisor firms, including those that receive clearing and custody services from Axos Clearing. As elsewhere stated, Axos Clearing is an affiliate of Axos Invest, Inc. and also serves as the custodian for Axos Invest, Inc.’s managed accounts. This arrangement enables these other registered investment advisor firms to access the Envestnet Services to then offer a broader selection of investment options and model management solutions to their own clients. Axos Invest, Inc., does not receive any direct compensation as a result of this arrangement. Clients utilizing the Envestnet Services through other registered investment advisor firms should note that while this arrangement allows for streamlined access to the Envestnet Services, it does not alter the advisory services they may receive from Axos Invest, Inc. This affiliation may create potential conflicts of interest. Axos Invest, Inc. mitigates these potential conflicts by ensuring that the third party registered investment advisors using the Envestnet Services affirm that they will use the Envestnet Services based on their client’s best interests and what is suitable for their clients, independent of any relationship with Axos Invest, Inc. Clients are encouraged to ask questions and consider how this arrangement might impact the advisory services and products offered to them through Axos Invest, Inc. 10  Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Axos Invest has adopted a Code of Ethics for all supervised persons of the Firm describing its high standard of business conduct, and fiduciary duty to its Clients. The Code of Ethics includes provisions relating to standards of business conduct personal securities transactions, and the prohibition against insider trading. All supervised persons at Axos Invest must acknowledge the terms of the Code of Ethics annually or as amended. Axos Invest anticipates that, in appropriate circumstances, consistent with Clients’ investment objectives, it will cause accounts over which the Firm has discretionary authority to affect the purchase or sale of securities in which Axos Invest, its management persons and/or Clients, directly or indirectly, have a position of interest. The Firm’s employees and persons associated with Axos Invest must follow Axos Invest’s Code of Ethics. Subject to satisfying this policy and applicable laws, officers, directors, and employees of the Firm and its employees may trade for their accounts in securities, which are recommended to and/or purchased for the Firm’s Clients. The Code of Ethics is designed to assure that the personal securities transactions, activities, and interests of the employees of Axos Invest will not interfere with (i) making decisions in the best interest of Clients and (ii) implementing such decisions while, at the same time, allowing employees to invest for their accounts. Under the Code, certain classes of securities have been designated as exempt transactions, based upon a determination that these would materially not interfere with the best interest of Axos Invest’s Clients. Employee trading is continually monitored under the Code of Ethics to reasonably prevent conflicts of interest between Axos Invest and its Clients. Axos Invest’s Clients or prospective clients may request a copy of the firm’s Code of Ethics in writing by contacting the Firm at support@Axos Invest.com. Recommendations Involving Material Financial Interests Neither the Firm nor its related persons recommend to Clients or buys or sells for Client accounts, securities in which the Firm or a related person has a material financial interest. Investing Personal Money in the Same Securities as Clients Certain affiliated accounts may trade in the same securities with Client accounts on an aggregated basis when consistent with Axos Invest’s best execution obligation. In such circumstances, the affiliated and Client accounts will share commission costs equally and receive securities at the same average price. Axos Invest will retain records of Client orders (specifying each participating account) and their allocations. Completed orders will be allocated as specified in the initial trade order. Partially filled orders will be allocated on a pro-rata basis. The Firm’s employees are permitted to open Axos Invest managed accounts; these employee accounts are treated equally to all other Client accounts. The Firm’s policy is that the Firm will not affect any principal transactions for Client accounts. Axos Invest will also not cross trades between Client accounts. Brokerage Practices Investment Advisory Services Axos Invest has entered into a custody agreement with Axos Clearing for use of the services offered by Axos Clearing’s AAS division. Axos Clearing serves as the qualified custodian for all Axos Invest Clients under this custody agreement. Axos Clearing is a member of FINRA, NYSE, and SIPC. Axos Invest has evaluated Axos Clearing and believes it provides Clients with a blend of execution services and commission costs that fulfills the Firm’s best execution requirement for Client transactions. While Axos Invest believes that Axos Clearing can obtain the best execution and competitive prices, the Firm does not route orders to clearing firms other than Axos Clearing. Periodically Axos Invest personnel evaluate executions by Axos Clearing to ensure that best execution has been achieved. Best execution may be available using other broker-dealers. The Firm reserves the right to decline acceptance of any Client account 11  that directs the use of a broker-dealer other than Axos Clearing or Axos Invest LLC for automated investment advisory services. The best execution or a better price may be available through broker-dealers other than Axos Clearing or Axos Invest LLC. Axos Invest may use block trades when advantageous to Clients. Block trades permit the trading of aggregate blocks of securities composed of assets from multiple Client accounts so long as transaction costs are shared equally and on a pro-rated basis between all accounts included in any such block. Block trading allows Axos Invest to execute trades in a timelier, equitable manner and reduce overall commission charges to Clients. Axos Invest does not have any arrangements to compensate any broker-dealer for client referrals. Margin Depending on the services that automated investment advisory Clients elect, Axos Invest may open margin accounts on behalf of Clients or convert an existing account to a margin account. The Firm does not use leverage in margin accounts; instead, margin accounts may be used to have immediate availability of cash upon the sale of securities. Axos Invest does not offer the margin feature directly. Instead, the margin is provided by Axos Clearing. Axos Clearing provides all disclosures, and Clients should read disclosures carefully and contact the Firm at (888) 585-4965 or in writing to support@AxosInvest.com if they have any questions. Research and Other Soft Dollar Benefits The Firm does not receive research or other products or services from a broker-dealer or third party in connection with Client securities transactions (“soft dollar benefits”). Brokerage for Client Referrals The Firm does not consider client referrals from a broker-dealer in selecting or recommending broker-dealers. The Firm does not receive client referrals from a broker-dealer. Directed Brokerage The Firm does not accept directed brokerage arrangements. Securities transactions are executed by brokers selected by the Firm at its discretion. Review of Accounts Automated Investment Advisory Services Axos Invest’s investment advisory services review the models on a daily basis to ensure that Client model allocation is in line with the allocation the Client selected. Additional reviews may be triggered by material changes in variables such as a Client’s circumstances or the market, political or economic environment. Clients using the investment advisory service may continuously access account details through the Firm’s website and mobile application, including current account balances and positions. All information relating to Client accounts is provided on the Firm’s website and/or sent via email, as agreed to with each Client at their account opening. Axos Clearing prepares account statements showing all transactions and account balances at least quarterly for Clients using the investment advisory service. At least annually, Axos Invest contacts each Client and notifies them electronically to confirm if their financial information is still accurate, if they wish to place, remove, or modify any reasonable restrictions on the account and inquire if any changes have occurred in their financial circumstances. When requested, Axos Invest reminds Clients that they can update their financial goals through a client portal made available by Axos Invest or one of its affiliates. If a Client updates their financial goals, Axos Invest will review the newly received information and automatically update the Client’s allocation accordingly. Client Referrals and Other Compensation Client Referral Programs There is no active client referral program at Axos Invest. If a program is introduced, Axos Investwill update this brochure accordingly. Throughout the course of normal business, Axos Invest may employ promotional campaigns that seek to attract new and continued business. These programs may include compensating affiliates, strategic partners, or third-party solicitors for referring Axos Invest to prospective clients. Compensation may include flat fee arrangements or payments based on specific 12  and defined performance triggers, such as account application start, approved-account opening, account activity, and account funding. Clients aren’t charged any fees, nor do they incur any additional costs for Axos Invest compensating affiliates, strategic partners or third-party solicitors. Prospective clients will be informed of the compensation being received prior to becoming a Client. Payments for Services Between Affiliates Axos Invest and our affiliates may make certain intercompany payments to compensate each other for performing various administrative and other services, including (but not limited to) consulting services, marketing services, sponsorship fees, support services, and transfer credits for trade execution services. Intercompany payments received or paid by us or our affiliates, may be terminated, modified, or suspended. Axos Invest has entered into a referral arrangement with its affiliate, Axos Bank. Under this arrangement, Axos Invest may receive referral fees from Axos Bank for Clients that become banking customers of Axos Bank. Neither the Model Fee or the Annual Fee charged to a Client is affected by this referral agreement. Moreover, Axos Bank will not receive compensation from Axos Invest and only receives compensation for the banking product purchased by the consumer. When trades are executed in certain mutual funds, Axos Clearing’s AAS division retains the associated trailing compensation from these mutual fund shares. Axos Invest is not a party to these shares and does not receive any compensation related to them. Custody Axos Invest does not directly maintain custody of Client assets. Client assets are held at Axos Clearing, a qualified custodian. Axos Invest is deemed to have custody of your assets under Rule 206(4)-2 of the Investment Adviser’s Act of 1940. As a result, Axos Invest and Axos Clearing ensure that Clients receive monthly custodial statements from Axos Clearing. Except for official custodian prepared statements, facts and figures made available through online portals are not official statements and are only provided for informational purposes. Clients are urged to compare the official custody statements provided by Axos Clearing to data found on the Axos online portal, and if any discrepancies are detected, to contact Axos Invest promptly at support@axosinvest.com. Investment Discretion Axos Invest receives discretionary authority from the Client at the outset of an advisory relationship to select the identity and amount of securities to be bought or sold. As such, prior to Axos Invest accepting discretionary authority over a Client’s account, each Client must agree to the Advisory Agreement, which includes a limited power of attorney granted to the Firm by the Client. In all cases, however, Axos Invest’s discretion will be exercised consistent with the model recommended to and accepted by the Client or with the model selected by the Client. Voting Client Securities As a matter of Firm policy and practice, the Firm does not have any authority and does not vote proxies on behalf of Clients. Clients are responsible for receiving and voting proxies for all securities maintained in Client accounts. Clients will receive shareholder notices directly from the designated custodian. The Firm may provide advice to Clients regarding the Clients’ voting of proxies. Axos Invest will neither advise nor act on behalf of the Client in legal proceedings involving companies whose securities are held or previously were held in the Client’s account(s), including, but not limited to, the filing of “Proofs of Claim” in class action settlements. Clients may direct the Firm to transmit copies of class action notices to the Client or a third party. Upon such direction, the Firm will promptly make commercially reasonable efforts to forward such notices. 13  Financial Information Balance Sheet As Axos Clearing is an affiliate, Axos Invest is considered a qualified custodian as defined in Rule 206(4)-2 of the Adviser’s Act. However, as the Firm does not require solicit prepayment of more than $1,200 fees in advance per Client, Axos Invest is not necessary to include a balance sheet with this Brochure. Financial Condition At this time, neither the Firm nor its management have any financial conditions that are reasonably likely to impair its ability to meet contractual commitments to Clients. Bankruptcy Petitions in Previous Years The Firm has not been the subject of a bankruptcy petition in the last ten years. 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Wrap Fee Program Brochure Effective (cid:98)(cid:428)(cid:351)(cid:280)(cid:873)(cid:723)(cid:728)(cid:813) 2025  (cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:15)(cid:3)(cid:44)(cid:81)(cid:70)(cid:17) (cid:215)(cid:215)(cid:400)(cid:237)(cid:397)(cid:873)(cid:69)(cid:280)(cid:280)(cid:873)(cid:160)(cid:400)(cid:362)(cid:305)(cid:400)(cid:237)(cid:349)(cid:873)(cid:28)(cid:400)(cid:362)(cid:265)(cid:313)(cid:428)(cid:400)(cid:280) Effective (cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:20)(cid:25), 2025 This wrap fee program brochure provides information about the qualifications and business practices of Axos Invest, Inc. If you have any questions about the contents of this brochure, please contact us at 888-585-4965. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. Axos Invest, Inc. is registered with the SEC as an investment advisor. Registration does not imply a certain level of skill or training. Additional information about Axos Invest, Inc. is also available on the SEC’s website at www.adviserinfo.sec.gov.  (cid:44)(cid:87)(cid:72)(cid:80)(cid:3)(cid:21)(cid:29)(cid:3)(cid:48)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:38)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:86)(cid:3) This is the first version of the Wrap Brochure. For a list of all material changes, see our ADV 2A. 2  Item 3: Table of Contents Item 2: Material Changes 2 3 Item 3: Table of Contents 4 Item 4: Services, Fees And Compensation 6 Item 5: Account Requirements And Types Of Clients 7 Item 6: Portfolio Manager Selection And Evaluation 9 Item 7: Client Information Provided To Portfolio Managers 9 Item 8: Client Contact With Portfolio Managers Item 9: Additional Information 9 3  Item 4: Services, Fees And Compensation (cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:15)(cid:3)(cid:44)(cid:81)(cid:70)(cid:17)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:71)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:40)(cid:91)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3) (cid:11)(cid:5)(cid:54)(cid:40)(cid:38)(cid:5)(cid:12)(cid:3)(cid:86)(cid:76)(cid:81)(cid:70)(cid:72)(cid:3)(cid:21)(cid:19)(cid:20)(cid:22)(cid:17)(cid:3)(cid:55)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:37)(cid:85)(cid:82)(cid:70)(cid:75)(cid:88)(cid:85)(cid:72)(cid:15)(cid:3)(cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:15)(cid:3)(cid:44)(cid:81)(cid:70)(cid:17)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:69)(cid:72)(cid:3)(cid:70)(cid:68)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:5)(cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:5)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:5)(cid:41)(cid:76)(cid:85)(cid:80)(cid:5)(cid:15)(cid:3) (cid:5)(cid:82)(cid:88)(cid:85)(cid:5)(cid:15)(cid:3)(cid:5)(cid:90)(cid:72)(cid:5)(cid:15)(cid:3)(cid:82)(cid:85)(cid:3)(cid:5)(cid:88)(cid:86)(cid:5)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72) Firm provides investment advice to individual investors utilizing digital questionnaires, self-service tools, and through an experienced investment team that provides asset allocation,(cid:3) portfolio management and rebalancing services. Individual investors are supported by investment advisor representatives who are available to assist with investors’ education on investment options and services(cid:17)(cid:3) The Firm is an indirect, wholly owned subsidiary of Axos Financial, Inc., a publicly traded company (NYSE: AX). Axos Invest, Inc. Managed Portfolios The Firm offers an online investment advisory program designed to help you pursue your investing goals. We collect information about you by asking you to complete an online questionnaire. Based on the information you provide and the program choices you make, we assign your account to a model portfolio that we will manage through Axos Invest or to third-party model manager firms that have been selected using Axos Invest’s due diligence processes. The Axos Invest Portfolio Management Group (“APMG”) will make the initial investments, invest your subsequent deposits, rebalance your portfolio to ensure that it remains allocated in accordance with the relevant model's targets, and make any updates to your account that are necessary to conform to any changes we make to the model portfolio. You will also be provided with information and periodically contacted about the ongoing management of your account, all online. This program is designed for clients who are comfortable with online access, want to receive the asset allocation and monitoring services described in this Brochure, are comfortable with the investment choices selected based on the profile information the client provides, and are willing to pay an asset- based fee for these services. This program is generally not for clients who have more complex needs, or who prefer in-person interactions with their advisors. You should consider carefully whether this service is appropriate for your investment needs and goals. (cid:58)(cid:85)(cid:68)(cid:83)(cid:3)(cid:41)(cid:72)(cid:72)(cid:3) This(cid:3) online investment advisory program is offered as a Wrap Program, which means that expenses, including the model fee as well as brokerage commissions, management fees, and administrative costs, are “wrapped” into a single charge – the "wrap fee". The wrap fee is an annual asset-based fee based on the value of each account enrolled in the program. Axos Invest calls the wrap fee a “Model Fee”. The Model Fee may differ depending on which model is used and the amount of the assets in the Account. The following are the current Model Fees: 4  Model Fee Schedule Equity MF Models (10% to 100%) Meeder* MF Equity Models $100-$4,999 Axos MF Equity Models 0.25% $5000-$24,999 0.25% 0.25% $25,000-$99,999 0.24% 0.24% $100,000-$499,999 0.23% 0.23% $500,000-$999,999 0.22% 0.22% $1 million-$2,999,999 0.21% 0.21% $3 million+ 0.20% 0.20% Equity MF/ETF Models (10% to 100%) Axos Equity MF/ETF Models Dana* MF/ETF Models Genter* DFA Equity MF/ETF Models $1000-$4,999 0.50% $5,000-$14,999 0.49% 0.59% $15,000-$24,999 0.48% 0.58% 0.58% $25,000-$99,999 0.47% 0.57% 0.57% $100,000-$499,999 0.46% 0.56% 0.56% $500,000-$999,999 0.45% 0.55% 0.55% $1 million-$2,999,999 0.44% 0.54% 0.54% $3 million+ 0.43% 0.53% 0.53% Equity ETF/Stock Models (10% to 100%) Sage* Equity ETF Models Genter* Stock Model Dana* Stock Models Clearbridge* Stock Models $1000-$24,999 Axos Equity ETF Models 0.50% $25,000-$49,999 0.49% 0.59% 0.59% $50,000-$99,999 0.48% 0.58% 0.58% 0.58% 0.58% $100,000-$499,999 0.47% 0.57% 0.57% 0.57% 0.57% $500,000-$999,999 0.46% 0.56% 0.56% 0.56% 0.56% $1 million-$2,999,999 0.45% 0.55% 0.55% 0.55% 0.55% $3 million+ 0.44% 0.54% 0.54% 0.54% 0.54% Fixed Income Models (100%) Axos MF Fixed Income Model Axos ETF Fixed Income Models Invesco* ETF Fixed Income Models Sage* ETF Fixed Income Models Dana* ETF Fixed Income Models $100-$999 0.25% $1000-$4,999 0.25% 0.25% $5000-$24,999 0.25% 0.25% 0.25% $25,000-$99,999 0.24% 0.24% 0.24% 0.54% 0.54% $100,000-$499,999 0.23% 0.23% 0.23% 0.53% 0.53% $500,000-$999,999 0.22% 0.22% 0.22% 0.52% 0.52% $1 million-$2,999,999 $3 million+ 0.21% 0.20% 0.21% 0.20% 0.21% 0.20% 0.51% 0.50% 0.51% 0.50% * Third-party model manager 5  The Model Fee is non-negotiable. It is payable quarterly, in arrears, and is generally billed and collected on the first trading day of the following month after quarter end. The Model Fee amount is calculated by multiplying the daily average balance for the fee period by the annual model fee percentage. If the account was opened and invested intra quarter, the quarterly fee amount will be divided by number of days in the quarter to achieve a daily rate. The daily rate will be multiplied by the number of days the account was funded in the quarter. Clients are required to agree to authorize the Firm to deduct the Model Fee from their accounts. The amount charged to each client quarterly is shown on the Client's account statements issued by the custodian and is also reported in the Client's account online. The Model Fee is subject to change from time to time, upon notice to you. Your continued use of Axos Invest’s services will constitute your agreement to any change in the fee. Upon your request, and at no charge, you may contact the Firm at (888-585-4965) to request information about the Model Fee charged to your account including how it is calculated. The Model Fee may cost more or less than purchasing brokerage, custodial, and recordkeeping services separately. To see what the client would pay for these services in a non-wrap account, clients should refer to the custodian/ broker-dealer's pricing guide. (cid:36)(cid:71)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:41)(cid:72)(cid:72)(cid:86)(cid:3)(cid:36)(cid:81)(cid:71)(cid:3)(cid:40)(cid:91)(cid:83)(cid:72)(cid:81)(cid:86)(cid:72)(cid:86)(cid:3) The Model Fee does not cover: (cid:404) Transfer taxes (cid:404) Exchange fees, alternative trading system fees, required SEC fees or similar fees charged by third parties, including issuers (cid:404) The Trading and Special Fees and Administration Fees listed in Axos Invest’s Managed Portfolios Client Fee Schedule, a copy of which can be found here: Legal Disclosures | Terms and Conditions. Axos Invest’s Managed Portfolios Client Fee Schedule may list other charges and fees not covered by the Model Fee. (cid:404) Expenses and charges charged by mutual funds and ETFs or by the managers or sponsors of mutual funds and ETFs, including internal fees, expenses and charges of the mutual funds and ETFs used in models (cid:404) Any other charges imposed by law or otherwise agreed to relating to your account The Firm models and the third-party manager models may use ETFs and mutual funds, and stocks, singularly or combinations thereof. Each mutual fund and ETF has internal fees and expenses that are specified in the individual fund's prospectus or offering materials. The fees and expenses are paid by the funds and are borne by all fund shareholders owning the same share class. These fees and expenses can include, but are not limited to, mutual fund servicing fees, sub-accounting fees, management fees, custody fees, portfolio transaction execution costs, administration fees, distribution fees, and shareholder servicing fees. Fees and expenses charged by these funds or institutions are deducted from each fund’s net asset value and, as such, are an indirect expense of the client. Actively managed funds generally charge higher fees than passive, non-managed “index” funds. All fees and expenses that are charged directly or indirectly to the client will reduce the client’s investment return. Clients should review each fund’s prospectus to understand the total amount of fees paid. Mutual fund and ETF expenses change from time to time at the sole discretion of the issuer. The Firm does not receive a share of these third party fees. 6  (cid:53)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:3)(cid:55)(cid:82)(cid:3)(cid:36)(cid:73)(cid:73)(cid:76)(cid:79)(cid:76)(cid:68)(cid:87)(cid:72)(cid:86) lending clients’ ETF shares held in brokerage accounts The Firm’s custodian and affiliate, Axos Clearing earns revenue in two main ways when clients invest with the Firm. One way is payment for order flow (“PFOF”), which is the practice of wholesale market makers paying brokers for routing clients’ orders to the market maker for execution. By acquiring order flow in this way, market makers are able to trade profitably against client orders, while clients potentially benefit from reduced trading costs. Axos Clearing also earns revenue through its provision of custody services and by to short-sellers in an activity commonly called stock loan or lending. Under certain circumstances, Axos Clearing may also earn revenue by charging for trade executions (purchases and sales). When trades are executed in certain mutual funds, Axos Clearing’s AAS division retains the associated trailing compensation from these mutual fund shares. Axos Invest is not a party to these shares and does not receive any compensation related to them. Firm personnel do not receive compensation based on recommendations to a client to participate in this wrap program. Item 5: Account Requirements And Types Of Clients The Firm’s clients are individual investors, including individuals and high net-worth individuals. The Firm’s platform supports taxable and non-taxable accounts. Retirement plan accounts such as SoloK, SIMPLE, and SEP are supported by the Firm’s platform. The wrap fee program requires a minimum investment amount. The minimum investment varies and is based on the model chosen for invested assets. Each Firm model or third-party manager model has its own required minimum. The investor must maintain this minimum to invest or maintain their investment in the model. Generally, in every model there is 1% to 3% cash invested in a constant NAV money market fund. This cash may be used to pay advisory fees charged to the account or for discretionary model trading. (cid:40)(cid:79)(cid:72)(cid:70)(cid:87)(cid:85)(cid:82)(cid:81)(cid:76)(cid:70)(cid:3)(cid:36)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:53)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) As this service is provided exclusively online, you must be able to log in to our website to access important documents, ensure your information is accurate and current, and complete periodic reviews. You will be required to sign documents, including our advisory agreement, electronically. Our agreement and other disclosures and notices will be delivered to you only in electronic format; we will generally not send paper versions unless required by applicable law. You will be responsible for maintaining the security and confidentiality of your account access information, and you will be responsible for all user activity that occurs in your account. You must notify us immediately if you believe your account has been accessed without authorization or if its security has been compromised. Item 6: Portfolio Manager Selection And Evaluation The Firm acts as the portfolio manager for this wrap fee program. The Firm has developed a model portfolio for each portfolio option, risk profile (as determined from the client's goal, time horizon and risk tolerance) and account type (taxable or IRA). Each model portfolio has a different, diversified asset allocation and asset class mix. The Firm determines the manner and extent to which portfolio options are made available to clients through the program, including when a portfolio option may change or no longer be offered. As a general matter, we make these decisions based on a variety of factors, including client needs, available investment styles, platform capacity, client demand and the outcome of due diligence and evaluation reviews. 7  The Invest and third-party manager models consist of stocks, mutual funds and ETFs. The use of a model provides cost effective and professionally managed diversification. Each model generally holds 3-50 positions. To develop our model portfolios, the Firm determines an appropriate, diversified asset allocation for that model. The Firm then identifies the investment vehicles that could fit the various asset classes and styles that will comprise that model. The Firm selects the specific investment vehicles for inclusion in the model portfolio and monitors the investment vehicles and their managers on a periodic basis to ensure that they continue to meet our guidelines. The Firm uses its due diligence processes to determine the selection of third-party model managers and their models to be made available through the Firm’s platform. Each manager and their model offering is subject to a due diligence review of the People, Philosophy, Process, and Performance. The Firm select managers who can generate outcomes for investors in the accumulation, preservation, and distribution phases of the investing lifecycle. Manager models can utilize stocks, mutual funds or ETFs or a combination of these investment vehicles. Models utilizing a strategic or tactical asset allocation are offered across a range of investment objectives. Each manager must meet the Firm’s quarterly due diligence requirements. Managers are reviewed quarterly by the Firm. Managers that no longer meet the Firm’s selection criteria can be removed from the platform. These managers submit their models to APMG. This group is responsible for the portfolio management coordination and implementation of the selected model into the investor’s account. The Firm acts as portfolio manager for three series of model options: Core MF: a model utilizing a mix of mutual funds featuring strategic and tactical asset allocation. Model minimum is $100 Core ETF: a model utilizing a mix of ETFs; focused on creating diversification and risk management through selection of broad asset classes. Model Minimum is $1000 Thematic ETF: each thematic ETF model has been designed for a specific exposure or outcome. These models utilize ETFs that represent the theme or outcome desired. Model minimum is a low cost, diversified portfolio of mutual funds and/or ETFs. Model Minimum is $1000 Clients will be required to select between these portfolio options and the third-party model manager options. Clients may change among model options at any time. Once you have selected your model option, provided us with the information we need to develop your risk profile, and indicated what type of account it is, we will assign your account to the corresponding model portfolio. The model strategy chosen for your account and the assets comprising your portfolio in the aggregate is designed to align to the designated target asset allocation for the account. At times, your account’s actual asset allocation may become misaligned with the strategy allocation because of, for example, market movement, additions and withdrawals of assets from your account, changes in the portfolio option or theme you select or purchases and sales of certain securities in your account. The APMG will monitor the assets in the account and will rebalance the assets to conform to the applicable target asset allocation within certain parameters. Rebalancing transactions generally will occur if an individual holding drifts more than approximately 5% away from its target allocation in a strategic asset allocation. In dynamic models or stock models, rebalancing will occur when there is a security or weight change requested by the portfolio management teams. When we change the model, client accounts will be adjusted over a period of several weeks. A client's account could be adjusted immediately or up to three weeks later. 8  (cid:39)(cid:76)(cid:86)(cid:70)(cid:85)(cid:72)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:85)(cid:92)(cid:3)(cid:36)(cid:86)(cid:86)(cid:72)(cid:87)(cid:3)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) This program provides investment management on a discretionary basis only. This means that to participate in the program, you must authorize us to buy and sell securities in your account without consulting with you first. (cid:53)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:53)(cid:72)(cid:86)(cid:87)(cid:85)(cid:76)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) You may request that we impose reasonable investment restrictions on your account; we will determine whether a restriction request is reasonable and, if so, how to allocate the assets that would have been invested in a particular fund in your account. If we determine that a requested restriction is reasonable, we are permitted to allocate those assets pro-rata across the other strategies or investments in the account, to use one or more replacement securities (which could be other funds or ETFs), and/or to keep those assets in cash or cash equivalents. We reserve the right to determine that any requested restriction is not reasonable and to decline to accept it. If your requested restriction is not accepted, it will not be implemented in your account and you should consider whether to continue using the program. Item 7: Client Information Provided To Portfolio Managers The Firm serves as portfolio manager for the model portfolios offered through this wrap program. The Firm gathers and uses the client's selection of the portfolio option, information to develop the client's risk profile, and information about the account type, to assign the client's account to the corresponding model portfolio. Item 8: Client Contact With Portfolio Managers Clients do not consult directly with the Firm personnel responsible for managing the model portfolios. Clients have access to their account information and documents by logging in to our website or mobile application. Clients may also call customer service at (888) 585-4965 and speak with an investment advisor representative who can provide additional information and assistance with their models. Item 9: Additional Information (cid:39)(cid:76)(cid:86)(cid:70)(cid:76)(cid:83)(cid:79)(cid:76)(cid:81)(cid:68)(cid:85)(cid:92)(cid:3)(cid:44)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) The Firm and its management persons have not been a party to any legal or disciplinary events that would be material to a Client’s or prospective Client’s evaluation of the Firm’s investment advisory business or the integrity of its management. Axos Invest, Inc.’s affiliated broker-dealer, Axos Invest LLC, settled a matter with FINRA effective May 19, 2023 concerning Axos Invest LLC’s Form CRS. Axos Invest LLC was censured, agreed to pay a $75,000 fine, and consented to other findings, the(cid:73)(cid:3) (cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:72)(cid:87)(cid:68)(cid:76)(cid:79)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:70)(cid:68)(cid:81)(cid:3)(cid:69)(cid:72)(cid:3)(cid:73)(cid:82)(cid:88)(cid:81)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:3)(cid:47)(cid:47)(cid:38)(cid:10)(cid:86)(cid:3)(cid:37)(cid:85)(cid:82)(cid:78)(cid:72)(cid:85)(cid:38)(cid:75)(cid:72)(cid:70)(cid:78)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:75)(cid:72)(cid:85)(cid:72)(cid:29)(cid:3) (cid:75)(cid:87)(cid:87)(cid:83)(cid:86)(cid:29)(cid:18)(cid:18)(cid:69)(cid:85)(cid:82)(cid:78)(cid:72)(cid:85)(cid:70)(cid:75)(cid:72)(cid:70)(cid:78)(cid:17)(cid:73)(cid:76)(cid:81)(cid:85)(cid:68)(cid:17)(cid:82)(cid:85)(cid:74)(cid:18)(cid:73)(cid:76)(cid:85)(cid:80)(cid:18)(cid:86)(cid:88)(cid:80)(cid:80)(cid:68)(cid:85)(cid:92)(cid:18)(cid:20)(cid:26)(cid:21)(cid:22)(cid:28)(cid:22)(cid:17)(cid:3) (cid:50)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:44)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:92)(cid:3)(cid:36)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:73)(cid:73)(cid:76)(cid:79)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) Broker-Dealers Axos Invest LLC Some of the Firm’s management persons are registered representatives of our affiliated broker-dealer, Axos Invest LLC. There are no relationships or arrangements between the Firm and any other persons or entities that create a material conflict of interest with the Firm’s clients. 9  Axos Invest LLC is wholly owned by Axos Securities, LLC. Axos Securities, LLC is ultimately owned by Axos Financial, Inc. Axos Invest LLC may act as the introducing broker-dealer for Client accounts; where this is the case, neither the Firm nor Axos Invest LLC charges the Firm’s Clients any fees related to Axos Invest LLC’s role as introducing broker-dealer. Accordingly, potential material conflicts of interest are minimized with this arrangement. Clearing Firms Axos Clearing LLC Some of the Firm’s management persons are registered representatives of Axos Clearing LLC (“Axos Clearing”). Axos Clearing is also wholly owned by Axos Securities, LLC. Axos Securities, LLC is ultimately owned by Axos Financial, Inc. Axos Clearing is a registered broker-dealer that provides clearing, settlement, custody, securities and margin lending, and technology solutions to introducing broker-dealers. Axos Clearing also provides custody and related services to registered investment advisors through its AAS division. Axos Clearing is a member of the Financial Regulatory Authority (“FINRA”), the New York Stock Exchange (“NYSE”), and the Securities Investor Protection Corporation (“SIPC”). All Clients that have selected the Firm’s investment advisory service via the Firm’s website will have brokerage accounts opened with Axos Clearing. Banking Institutions Axos Invest’s ultimate parent company, Axos Financial, Inc. (NYSE: AX), is also the parent company for Axos Bank. Axos Bank is a federal savings association and nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, automobiles, and selected specialty finance receivables, among other services. The Firm has internal policies and procedures to address actual and potential conflicts of interest from the preceding relationships and affiliations. Any conflicts of Axos Invest’s compensation based upon these relationships are disclosed in the Client Referrals and Other Compensation section. Third Party Affiliates Axos Invest, Inc. has an agreement with Envestnet, a third party that makes available a platform through which investment advisors can access advisory products and services, including third-party money managers, for use with their clients (the “Envestnet Services”). Through this agreement, Axos Invest, Inc. makes available the Envestnet Services to other, unaffiliated registered investment advisor firms, including those that receive clearing and custody services from Axos Clearing. As elsewhere stated, Axos Clearing is an affiliate of Axos Invest, Inc. and also serves as the custodian for Axos Invest, Inc.’s managed accounts. This arrangement enables these other registered investment advisor firms to access the Envestnet Services to then offer a broader selection of investment options and model management solutions to their own clients. Axos Invest, Inc., does not receive any direct compensation as a result of this arrangement. Clients utilizing Envestnet Services through other registered investment advisor firms should note that while this arrangement allows for streamlined access to the Envestnet Services, it does not alter the advisory services they may receive from Axos Invest, Inc. This affiliation may create potential conflicts of interest. Axos Invest, Inc. mitigates these potential conflicts by ensuring that the third party registered investment advisors using the Envestnet Services affirm that they will use the Envestnet Services based on their client’s best interests and what is suitable for their clients, independent of any relationship with Axos Invest, Inc. Clients are encouraged to ask questions and consider how this arrangement might impact the advisory services and products offered to them through Axos Invest, Inc 10  Review Of Accounts The Firm electronically reviews each client’s account when it is opened and monitors and periodically rebalances each client’s portfolio to seek to maintain a client’s chosen portfolio allocation. The Firm uses a portfolio management platform that tracks portfolio drift from allocations and cash holdings. Drift is managed as a percentage deviation above and below the target allocation, known as tolerance band. When a tolerance band is breached or cash exceeds a maximum or minimum threshold, the portfolio is rebalanced. Firm personnel oversee the model portfolios, but each client’s account will not be regularly reviewed by these personnel. Axos Clearing provides quarterly statements on client accounts that show account balances, account activity and profits (losses) of the accounts. These statements are delivered electronically and are made available through one or more online platforms offered by or through Axos Clearing. Statements may be mailed to clients, at their request, for an additional fee. implementing The Firm is responsible for model portfolio management, investment selection, and ongoing governance, as well as ensuring that the Firm’s portfolio management service comports with fiduciary duties of care and loyalty and acting in clients’ best interests and with other relevant regulatory obligations. This includes developing and the Firm’s portfolio management strategy, reviewing investment performance and adherence to that strategy, and serving as an oversight body over Portfolio Manager(s) and all other investment- and portfolio-management-related activities performed by the Firm. The Firm contacts each client at least annually to remind the client to review and update the client's account portfolio option selections and financial profile information. (cid:38)(cid:79)(cid:76)(cid:72)(cid:81)(cid:87) (cid:53)(cid:72)(cid:73)(cid:72)(cid:85)(cid:85)(cid:68)(cid:79)(cid:86) (cid:36)(cid:81)(cid:71)(cid:3)(cid:50)(cid:87)(cid:75)(cid:72)(cid:85) (cid:38)(cid:82)(cid:80)(cid:83)(cid:72)(cid:81)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) The Firm does not consider client referrals from a broker-dealer in selecting or recommending broker-dealers. The Firm does not receive client referrals from a broker-dealer. 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(cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:3)(cid:47)(cid:47)(cid:38)(cid:15)(cid:3)(cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:15)(cid:3)(cid:44)(cid:81)(cid:70)(cid:17)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:37)(cid:68)(cid:81)(cid:78)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:68)(cid:73)(cid:73)(cid:76)(cid:79)(cid:76)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:17) (cid:36)(cid:91)(cid:82)(cid:86)(cid:3)(cid:37)(cid:68)(cid:81)(cid:78)(cid:3)(cid:49)(cid:48)(cid:47)(cid:54)(cid:6)(cid:3)(cid:24)(cid:21)(cid:23)(cid:28)(cid:28)(cid:24) (cid:20)(cid:23)(cid:28)(cid:19)(cid:25)(cid:23)(cid:21) 11  Managed Portfolios Client Fee Schedule Effective June 16, 2025 Effective June 16, 2025 This Managed Portfolios Client Fee Schedule lists the fees and charges charged to clients using Axos Invest, Inc. (“Axos Invest”) advisory services. This Managed Portfolios Client Fee Schedule is effective as of the date listed above. This Managed Portfolios Client Fee Schedule is subject to the terms of the Investment Advisory Agreement between client and Axos Invest, Inc. Model Fees Axos Invest charges accounts using its services an asset-based fee (the “Model Fee”). The Model Fee may differ depending on which model is used and the amount of the assets in the Account. The following are the current Model Fees: Equity MF Models (10% to 100%) Axos MF Equity Models Meeder(cid:15) MF Equity Models $100-$4,999 0.25% $5000-$24,999 0.25% 0.25% $25,000-$99,999 0.24% 0.24% $100,000-$499,999 0.23% 0.23% $500,000-$999,999 0.22% 0.22% $1 million-$2,999,999 0.21% 0.21% $3 million+ 0.20% 0.20% Equity MF/ETF Models (10% to 100%) Axos Equity MF/ ETF Models Dana(cid:15) MF/ETF Models Genter(cid:15) DFA Equity MF/ETF Models $1000-$4,999 0.50% $5,000-$14,999 0.49% 0.59% $15,000-$24,999 0.48% 0.58% 0.58% $25,000-$99,999 0.47% 0.57% 0.57% $100,000-$499,999 0.46% 0.56% 0.56% $500,000-$999,999 0.45% 0.55% 0.55% $1 million-$2,999,999 0.44% 0.54% 0.54% $3 million+ 0.43% 0.53% 0.53%  Equity ETF/Stock Models (10% to 100%) Axos Equity ETF Models Sage(cid:15) Equity ETF Models Genter(cid:15) Stock Model Dana(cid:15) Stock Models Clearbridge(cid:15) Stock Models $1000-$24,999 0.50% $25,000-$49,999 0.49% 0.59% 0.59% $50,000-$99,999 0.48% 0.58% 0.58% 0.58% 0.58% $100,000-$499,999 0.47% 0.57% 0.57% 0.57% 0.57% $500,000-$999,999 0.46% 0.56% 0.56% 0.56% 0.56% $1 million-$2,999,999 0.45% 0.55% 0.55% 0.55% 0.55% $3 million+ 0.44% 0.54% 0.54% 0.54% 0.54% Fixed Income Models (100%) Axos MF Fixed Income Model Axos ETF Fixed Income Models Sage* ETF Fixed Income Models Dana* ETF Fixed Income Models Invesco* ETF Fixed Income Models $100-$999 0.25% $1000-$4,999 0.25% 0.25% $5,000-$24,999 0.25% 0.25% 0.25% $25,000-$99,999 0.24% 0.24% 0.24% 0.54% 0.54% $100,000-$499,999 0.23% 0.23% 0.23% 0.53% 0.53% $500,000-$999,999 0.22% 0.22% 0.22% 0.52% 0.52% $1 million-$2,999,999 0.21% 0.21% 0.21% 0.51% 0.51% $3 million+ 0.20% 0.20% 0.20% 0.50% 0.50% * Third-party model manager All accounts are subject to a $40 minimum annual account fee (“Annual Fee”) with such Annual Fee charged on a quarterly basis (that is, $10 per quarter). If the quarterly Model Fee falls below the $10 quarterly minimum Annual Fee, Axos Invest will debit the Client account for the difference. For example, an account with $1,000 paying a 50 bps Model Fee, will be charged $5.00 annually or $1.25 quarterly. This account will be charged an additional $35.00 annually or $8.75 quarterly to meet the $40 minimum Annual Fee.  Trading And Special Asset Fees Applies to all Account Types unless otherwise stated(cid:19)(cid:5)These fees are not included in the Model Fee or Annual Fee and, when applicable, will be charged to Axos Invest clients in addition to the Model Fee or Annual Fee(cid:19) Broker Assisted Trade $45 per trade Mutual Funds, Stocks, ETFs, and Other Equities (Purchase or Redemption) The Broker Assisted Trade fee applies when a trade is submitted by client or Axos Invest outside of a digital channel offered by Axos Advisor Services or AAS, which currently serves as Axos Invest’s custodian, and is assessed at the time of the trading activity. If AAS does not have the capability to receive the trade digitally, the Broker Assisted Trade fee does not apply. Mutual Fun(cid:73) Holdings Clean Share Surcharge $10 per position, per quarter “Clean Shares” in mutual funds refers to a set of share classes that are free from certain fees and commissions. Clean shares are only available to your AdvisorAxos Invest on an exception basis. AAS does not receive compensation from these funds for the administration, recordkeeping, and other administrative services provided in connection with making these funds available through the AAS platform(cid:5)(cid:89)o Axos Invest and its clients. AAS computes the Clean Share Surcharge fees at the end of each quarter based on your a client’s holdings throughout the applicable quarter and assesses the fees in the month following the end of the applicable quarter. Regulatory Fees As Incurred Trading and Exchange related Regulatory Fees AAS reserves the right to pass through to client accounts, these Trading and Exchange Related Regulatory Fees or any other fees assessed under various U.S. regulations or imposed by foreign governments. These fees are subject to change without notice. AAS charges these fees either at the time of the applicable trade or after the applicable trade is settled. Custody Fees $62.50 per position, per quarter Alternative Investments Transaction Fee (Purchase Only) $45 per trade Alternative investments are, generally speaking, non-traditional assets that are not traded on the open market and are purchased via subscription agreements in entities such as limited partnerships, limited liability companies, and non-traded REITs. Other types of investments may be considered Alternative Investments in accordance with regulatory requirements or industry standards. AAS computes the Alternative Investment Custody Fees at the end of each quarter based on the holdings maintained by Axos Invest and its clients throughout the(cid:5)(cid:86)(cid:90)(cid:70)(cid:87)(cid:89)(cid:74)(cid:87)(cid:5)and assesses(cid:5)(cid:89)(cid:77)(cid:74)(cid:5) (cid:75)(cid:74)(cid:74)(cid:88)(cid:5)(cid:78)(cid:83)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:82)(cid:84)(cid:83)(cid:89)(cid:77)(cid:5)(cid:75)(cid:84)(cid:81)(cid:81)(cid:84)(cid:92)(cid:78)(cid:83)(cid:76)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:74)(cid:83)(cid:73)(cid:5)(cid:84)(cid:75)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:70)(cid:85)(cid:85)(cid:81)(cid:78)(cid:72)(cid:70)(cid:71)(cid:81)(cid:74)(cid:5)(cid:86)(cid:90)(cid:70)(cid:87)(cid:89)(cid:74)(cid:87)(cid:19)(cid:5)(cid:57)(cid:77)(cid:74)(cid:5)(cid:38)(cid:81)(cid:89)(cid:74)(cid:87)(cid:83)(cid:70)(cid:89)(cid:78)(cid:91)(cid:74)(cid:5)(cid:46)(cid:83)(cid:91)(cid:74)(cid:88)(cid:89)(cid:82)(cid:74)(cid:83)(cid:89)(cid:5)(cid:57)(cid:87)(cid:70)(cid:83)(cid:88)(cid:70)(cid:72)(cid:89)(cid:78)(cid:84)(cid:83)(cid:5)(cid:43)(cid:74)(cid:74)(cid:5)(cid:78)(cid:88)(cid:5)(cid:70)(cid:88)(cid:88)(cid:74)(cid:88)(cid:88)(cid:74)(cid:73)(cid:5)(cid:70)(cid:89)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:89)(cid:78)(cid:82)(cid:74)(cid:5)(cid:84)(cid:75)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:85)(cid:90)(cid:87)(cid:72)(cid:77)(cid:70)(cid:88)(cid:74)(cid:19)(cid:5)  Administration Fees These fees are not included in the Model Fee or Annual Fee and, when applicable, will be charged to Axos Invest clients in addition to the Model Fee or Annual Fee. Applies to all Client Account Types unless otherwise stated(cid:19) Solo(k) Maintenance Fee $50.00 per position, per quarter $100 per loan Retirement Plans Solo(k) Loan Initiation Fee Full- Service Retirement Accounts Priced per plan AAS computes the Solo(k) Maintenance Fee at the end of each quarter and assesses the fees in the month following the end of the applicable quar- (cid:89)(cid:74)(cid:87)(cid:19)(cid:5)(cid:57)(cid:77)(cid:74)(cid:5)(cid:50)(cid:70)(cid:78)(cid:83)(cid:89)(cid:74)(cid:83)(cid:70)(cid:83)(cid:72)(cid:74)(cid:5)(cid:43)(cid:74)(cid:74)(cid:5)(cid:70)(cid:85)(cid:85)(cid:81)(cid:78)(cid:74)(cid:88)(cid:5)(cid:89)(cid:84)(cid:5)(cid:74)(cid:70)(cid:72)(cid:77)(cid:5)(cid:85)(cid:70)(cid:87)(cid:89)(cid:78)(cid:72)(cid:78)(cid:85)(cid:70)(cid:83)(cid:89)(cid:5)(cid:78)(cid:83)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:56)(cid:84)(cid:81)(cid:84)(cid:13)(cid:80)(cid:14)(cid:5)(cid:85)(cid:81)(cid:70)(cid:83)(cid:5)(cid:70)(cid:83)(cid:73)(cid:5)(cid:78)(cid:88)(cid:5)(cid:70)(cid:88)(cid:88)(cid:74)(cid:88)(cid:88)(cid:74)(cid:73)(cid:5)(cid:89)(cid:84)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:85)(cid:87)(cid:74)(cid:18)(cid:89)(cid:70)(cid:93)(cid:5)(cid:70)(cid:72)(cid:72)(cid:84)(cid:90)(cid:83)(cid:89)(cid:19)(cid:5)(cid:46)(cid:75)(cid:5)(cid:89)(cid:77)(cid:74)(cid:5)(cid:85)(cid:87)(cid:74)(cid:18)(cid:89)(cid:70)(cid:93)(cid:5)(cid:70)(cid:72)(cid:72)(cid:84)(cid:90)(cid:83)(cid:89)(cid:5)(cid:77)(cid:70)(cid:88)(cid:5)(cid:78)(cid:83)(cid:88)(cid:90)(cid:75)(cid:1834)(cid:72)(cid:78)(cid:74)(cid:83)(cid:89)(cid:5) funds, the fee is applied to the associated Roth account. The Solo(k) Loan Initiation Fee is assessed at the time of the transaction. Full Transfer Out Fee $150.00 Transfers Re-Registration Fee As Incurred Full Transfer Out and Re-Registration Fees are assessed per Client Account closure and charged at the time of the transaction. For a Transfer in-kind, if the asset sponsor or transfer agent requires a fee for such Transfer, such fee will be passed through to the appropriate Client Account. Paper Statements $5.00 per statement, per client account $2.00 per mailing, per client account Client Communications (cid:53)(cid:70)(cid:85)(cid:74)(cid:87)(cid:5)(cid:57)(cid:87)(cid:70)(cid:73)(cid:74)(cid:5)(cid:40)(cid:84)(cid:83)(cid:1834)(cid:87)(cid:82)(cid:88)(cid:5)(cid:70)(cid:83)(cid:73)(cid:5)(cid:57)(cid:70)(cid:93)(cid:5)(cid:41)(cid:84)(cid:72)(cid:90)(cid:82)(cid:74)(cid:83)(cid:89)(cid:88) All Other Mailings $0.00 Paper Client Communications fees do not apply to client accounts enrolled in digital delivery. AAS computes the Client Communication fees at the end of each applicable period and assesses the fees in the month following the end of such applicable period. Overnight Delivery $20.00 $15.00 Check Copy $500.00 (cid:53)(cid:77)(cid:94)(cid:88)(cid:78)(cid:72)(cid:70)(cid:81)(cid:5)(cid:40)(cid:74)(cid:87)(cid:89)(cid:78)(cid:1834)(cid:72)(cid:70)(cid:89)(cid:74) $25.00 Special Handling (cid:51)(cid:84)(cid:83)(cid:18)(cid:56)(cid:90)(cid:75)(cid:1834)(cid:72)(cid:78)(cid:74)(cid:83)(cid:89)(cid:5)(cid:43)(cid:90)(cid:83)(cid:73)(cid:88) $25.00 Outgoing Wire $25.00 Stop Payment Minimum Balance Fee $25.00 All Special Handling fees are charged at the time of the transaction or event. (cid:53)(cid:77)(cid:94)(cid:88)(cid:78)(cid:72)(cid:70)(cid:81)(cid:5)(cid:40)(cid:74)(cid:87)(cid:89)(cid:78)(cid:75)(cid:78)(cid:72)(cid:70)(cid:89)(cid:74)(cid:5)(cid:75)(cid:74)(cid:74)(cid:5)(cid:70)(cid:85)(cid:85)(cid:81)(cid:78)(cid:74)(cid:88)(cid:5)(cid:92)(cid:77)(cid:74)(cid:83)(cid:5)(cid:87)(cid:74)(cid:86)(cid:90)(cid:74)(cid:88)(cid:89)(cid:78)(cid:83)(cid:76)(cid:5)(cid:70)(cid:5)(cid:92)(cid:78)(cid:89)(cid:77)(cid:73)(cid:87)(cid:70)(cid:92)(cid:70)(cid:81)(cid:5)(cid:84)(cid:75)(cid:5)(cid:70) (cid:85)(cid:77)(cid:94)(cid:88)(cid:78)(cid:72)(cid:70)(cid:81)(cid:5)(cid:72)(cid:74)(cid:87)(cid:89)(cid:78)(cid:75)(cid:78)(cid:72)(cid:70)(cid:89)(cid:74)(cid:5)(cid:75)(cid:84)(cid:87)(cid:5)(cid:70)(cid:83)(cid:94)(cid:5)(cid:87)(cid:74)(cid:70)(cid:88)(cid:84)(cid:83)(cid:19)(cid:5)(cid:51)(cid:84)(cid:83)(cid:18)(cid:56)(cid:90)(cid:75)(cid:75)(cid:78)(cid:72)(cid:78)(cid:74)(cid:83)(cid:89)(cid:5)(cid:43)(cid:90)(cid:83)(cid:73)(cid:88)(cid:5)(cid:75)(cid:74)(cid:74)(cid:5)(cid:70)(cid:85)(cid:85)(cid:81)(cid:78)(cid:74)(cid:88)(cid:5)(cid:89)(cid:84)(cid:5)(cid:73)(cid:74)(cid:85)(cid:84)(cid:88)(cid:78)(cid:89)(cid:88)(cid:5)(cid:87)(cid:74)(cid:79)(cid:74)(cid:72)(cid:89)(cid:74)(cid:73)(cid:5)(cid:75)(cid:84)(cid:87)(cid:5)(cid:51)(cid:84)(cid:83)(cid:18)(cid:56)(cid:90)(cid:75)(cid:75)(cid:78)(cid:72)(cid:78)(cid:74)(cid:83)(cid:89)(cid:5)(cid:43)(cid:90)(cid:83)(cid:73)(cid:88)(cid:5)(cid:13)(cid:51)(cid:56)(cid:43)(cid:14)(cid:19) (cid:57)(cid:77)(cid:74)(cid:5)(cid:52)(cid:90)(cid:89)(cid:76)(cid:84)(cid:78)(cid:83)(cid:76)(cid:5)(cid:60)(cid:78)(cid:87)(cid:74)(cid:5)(cid:75)(cid:74)(cid:74)(cid:5) (cid:87)(cid:74)(cid:75)(cid:74)(cid:87)(cid:74)(cid:83)(cid:72)(cid:74)(cid:73)(cid:5)(cid:77)(cid:74)(cid:87)(cid:74)(cid:5)(cid:78)(cid:88)(cid:5)(cid:88)(cid:85)(cid:74)(cid:72)(cid:78)(cid:75)(cid:78)(cid:72)(cid:5)(cid:89)(cid:84)(cid:5)(cid:92)(cid:78)(cid:87)(cid:74)(cid:88)(cid:5)(cid:74)(cid:93)(cid:74)(cid:72)(cid:90)(cid:89)(cid:74)(cid:73)(cid:5)(cid:89)(cid:77)(cid:87)(cid:84)(cid:90)(cid:76)(cid:77)(cid:5)(cid:38)(cid:38)(cid:56)(cid:19)(cid:5)(cid:40)(cid:81)(cid:78)(cid:74)(cid:83)(cid:89)(cid:88)(cid:5)(cid:82)(cid:70)(cid:94)(cid:5)(cid:77)(cid:70)(cid:91)(cid:74)(cid:5)(cid:70)(cid:5)(cid:87)(cid:74)(cid:81)(cid:70)(cid:89)(cid:78)(cid:84)(cid:83)(cid:88)(cid:77)(cid:78)(cid:85)(cid:5)(cid:92)(cid:78)(cid:89)(cid:77)(cid:5)(cid:38)(cid:93)(cid:84)(cid:88)(cid:5)(cid:39)(cid:70)(cid:83)(cid:80)(cid:5)(cid:89)(cid:77)(cid:70)(cid:89)(cid:5)(cid:70)(cid:81)(cid:81)(cid:84)(cid:92)(cid:88)(cid:5)(cid:89)(cid:77)(cid:74)(cid:82)(cid:5)(cid:89)(cid:84)(cid:5)send wires for a different fee or no cost. AAS may also charge a minimum balance fee once the value of a client account maintained with AAS falls below $25.00. 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