Covey Advisors LLC (“Covey”) is an investment adviser registered with the Securities and Exchange Commission (“SEC”). This should not be considered an offer, solicitation of an offer, or advice to buy or sell securities or investment products. Past performance is no guarantee of future results. Please refer to Covey's Disclosure Brochure and other important disclosures at coveylegends.io for important additional information. Certain investments are not suitable for all investors. Before investing, you should consider your investment objectives and any fees charged by Covey. Investment losses are possible, including the potential loss of all amounts invested, including principal. The performance of the Covey Legends Portfolio is hypothetical and does not reflect trading in actual client accounts by Covey. It does not reflect actual or potential future performance.

The performance is from January 3, 2022 through May 10, 2023. Please see coveylegends.io for performance updates. All performance data is strictly illustrative in nature, represents best estimates based on available data, and may differ from actual results. Performance results as compared against the performance of the Standard & Poor's 500 Index (the “S&P 500”) are also for informational purposes only. Covey's investment program and strategies do not mirror that of the S&P 500, and volatility will be materially different from the volatility included in the S&P 500. Any performance results have been prepared exclusively by Covey, and have not been compiled, reviewed, or audited by an independent accountant. Performance estimates are subject to future adjustment and revision.

The sum of all DIY (retail) investors market gains on a leading brokerage app, Robinhood, were -$28.3 billion from January 1, 2020 through December 31, 2022. DIY investors experienced a -12% return on a cumulative return basis while the S&P Total Return Index earned +34% during that same period. This data is from Robinhood's investor relations website under “net market gains.” The average DIY investor's cumulative percent returns are calculated by adding the average net deposits to beginning balances and applying net market gains (losses) to that balance number.