Covestor

As well as CVIM's management fees you will be charged trade commissions on all of the trades executed in your MMA. The commissions are levied by the broker who holds the managed account and CVIM does not benefit from these. CVIM is not a broker dealer and is the advisor you have authorized to execute trades on your behalf.

Commission levels vary by broker but the latest available from the brokers CVIM currently supports are displayed below:

Trading Commissions - TD Ameritrade

Trading Commissions - Interactive Brokers

As at 1 June 2009 $9.99 per equity trade for Accounts with a balance of more than $500,000 or where Account holders receive electronic delivery of statements $16.99 per equity trade for Accounts with a balance of less than $500,000 or where Account holders receive paper delivery of statements

Interactive Brokers commissions - select Bundled North America External Website Link By clicking the link you are leaving Covestor's CV.IM web site. Covestor does not monitor third party web sites, makes no representations as to the accuracy or suitability of any information to be found on such sites and takes no responsibility for such sites. The link is provided for convenience purposes only. Should such a website contain inappropriate content please report it to Client Services.

Unless you are a client whose brokerage account does not allow you to trade into margin, CVIM also requires you to maintain a margin account. Margin is used in the event that a model that you are subscribed to uses margin as part of its strategy. In these cases you will also be subject to the margin fees levied by the broker. As per trade commissions CVIM does not benefit from these fees.

Margin Fees - TD Ameritrade

Margin Fees - Interactive Brokers

As at 1 June 2009 Margin fees change when the Fed Rate changes. up to $9,999.99 9% $10,000 to $24,999.99 8.75% $25,000 to $49,999.99 8.5% $50,000 to $99,999.99 7.5% $100,000 to $249,999.99 7.25% $250,000 to $999,999.99 7% $1,000,000 or greater 6.25%

Interactive Brokers margin fees External Website Link By clicking the link you are leaving Covestor's CV.IM web site. Covestor does not monitor third party web sites, makes no representations as to the accuracy or suitability of any information to be found on such sites and takes no responsibility for such sites. The link is provided for convenience purposes only. Should such a website contain inappropriate content please report it to Client Services.

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