# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-26-007677
**Filing Date:** 2026-4
**Character Count:** 643352
**Document Hash:** b477edd35111dc3e852e9df2a51d5864
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-007677.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001999371-26-007677

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**EFFECTIVENESS DATE**: 20260406

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26839773

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221764
- **FILM NUMBER:** 26839772

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113

## Series and Classes Contracts Data

### U.S. Defense ETF (Series ID: S000102360)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000272837 | U.S. Defense ETF | DUTY            |

?xml version='1.0' encoding='ASCII'?

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON APRIL 6, 2026

1933 Registration File No. 333-221764

1940 Act File No. 811-23312

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 180 | ☑ |
| and/or | and/or |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 183 | ☑ |

---

**<u>TIDAL TRUST III</u>**

(Exact Name of Registrant as Specified in Charter)

Tidal ETF Services LLC

234 West Florida Street, Suite 700

Milwaukee, WI 53204

(Address of Principal Executive Offices, Zip Code)

(Registrant's Telephone Number, including Area Code) (855) 843-2534

The Corporation Trust Company

1209 Orange Street

Corporation Trust Center

Wilmington, DE 19801

(Name and Address of Agent for Service)

Copies to:

Eric W. Falkeis Tidal ETF Services LLC 234 West Florida Street, Suite 700 Milwaukee, WI 53204 Rachael L. Schwartz Sullivan & Worcester LLP 1251 Avenue of the Americas, 19<sup>th</sup> Floor New York, New York 10020

It is proposed that this filing will become effective (check appropriate box):

---

| | |
|:---|:---|
| ☑ | immediately upon filing pursuant to paragraph (b) |
| ☐ | on (date) pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) |
| ☐ | on (date) pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of rule 485 |

---

**Explanatory Note**: This Post-Effective Amendment No. 180 to the Registration Statement of Tidal Trust III (the "Trust") is being filed to respond to Staff comments with respect to the registration of the U.S. Defense ETF, as a new series of the Trust, and to make other permissible changes under Rule 485(b).

![](duty485bpos001.jpg)

---

| | |
|:---|:---|
| **DUTY** | **U.S. Defense ETF** |

---

*listed on NYSE Arca, Inc.*

**PROSPECTUS**

**April 6, 2026**

**The U.S. Securities and Exchange Commission (the "SEC") has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| [**US Defense ETF - Fund Summary**](#duty485bposa001) | 1 |
| [**Additional Information about the Fund**](#duty485bposa002) | 7 |
| [**Portfolio Holdings Information**](#duty485bposa003) | 11 |
| [**Management**](#duty485bposa004) | 11 |
| [**How to Buy and Sell Shares**](#duty485bposa005) | 12 |
| [**Dividends, Distributions, and Taxes**](#duty485bposa006) | 14 |
| [**Distribution**](#duty485bposa007) | 16 |
| [**Premium/Discount Information**](#duty485bposa008) | 16 |
| [**Additional Notices**](#duty485bposa009) | 17 |
| [**Financial Highlights**](#duty485bposa010) | 17 |

---

**SUMMARY INFORMATION**

**U.S. DEFENSE ETF - FUND SUMMARY**

**Investment Objective**

The U.S. Defense ETF seeks to track the performance, before fees and expenses, of the Solactive U.S. Defense Index (the "Index").

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fee | 0.45% |
| Distribution and Service (12b-1) Fees<sup>(2)</sup> | 0.00% |
| Other Expenses<sup>(3)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

<sup>(1)</sup> The Fund's adviser, Tidal Investments LLC (the "Adviser") has agreed to pay all expenses incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the "1940 Act"), and litigation expenses, and other non-routine or extraordinary expenses.

<sup>(2)</sup> The Fund has adopted a Rule 12b-1 Plan; however, the plan is currently inactive, and no fees are being charged pursuant to it.

<sup>(3)</sup> Based on estimated for the current fiscal year.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $46 | $144 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index follows a rules-based methodology (described generally below) designed to track the performance of equity securities of publicly traded U.S. companies selected based on their development, manufacture, or delivery of products and services that have, or are expected to have, significant exposure to defense-related industries. The equity securities in which the Fund may invest include common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises.

*Solactive U.S. Defense Index*

The Index's initial investible universe consists of equity securities listed on U.S. securities exchanges (the "Universe"). The Index includes equity securities of companies that generate at least 50% of their revenues from one or more of the following four defense categories (each, a "Defense Company" and collectively, "Defense Companies"):

● Defense Systems & Military Platforms;

● Defense Technology;

● Defense Logistics, Simulation & Mission Support; and

● Cybersecurity & Digital Defense Infrastructure.

The Index Provider utilizes ARTIS<sup>®</sup> (Algorithmic Theme Identification System), its proprietary in-house natural language processing ("NLP") system to identify companies that provide products and/or services in the thematic categories described above.

ARTIS uses key word searches to review large volumes of publicly available data, including company annual reports, published business descriptions, and financial news reports, which the Index Provider believes will identify companies that provide products and services in one of the foregoing thematic categories. ARTIS then ranks the companies based on their relevance within a defense category. ARTIS ranks the companies within each category based on the number and relevance of key word "hits" in the company's data. During that process, ARTIS weights information depending on the sources' expected reliability. For example, information included in a company's financial reports is weighted more heavily than information contained in a financial news article. The ARTIS tool is used to identify the most significant contributors to each thematic category above for inclusion in the Index. ARTIS's natural language processing may identify companies that are significant contributors to one or more defense categories but that also offer a broad range of products and services and therefore may not be classified as operating in a specific defense industry. However, a company is eligible for inclusion in the Index only if it generates at least 50% of its revenues from one of the defense categories described below.

To be included in the Index, a company must have a market capitalization of at least US$100 million and a minimum average daily trading volume of at least $1 million over both the one month and six-month periods prior to and including the selection day. Additionally, each company must be classified in one of the following FactSet industries: computer communications, data processing services, internet software/services, information technology services, aerospace & defense, and packaged software. This requirement ensures that the Fund's portfolio is limited to companies operating in technology- and defense-related industries that are most directly involved in developing, supporting, or enabling modern defense capabilities, including digital, cyber, and aerospace systems.

**Defense Categories:**

● **Defense Systems & Military Platforms:** This segment covers companies that manufacture core physical defense systems, including firearms, munitions, and advanced weaponry, as well as military aircraft, helicopters, armored vehicles, naval vessels, and unmanned platforms. It also includes missile developers, missile-defense systems, and space-related defense technologies such as military satellites, launch systems, and strategic deterrence platforms.

● **Defense Technology:** This segment includes companies developing advanced sensors, radar and optical systems, electronic warfare equipment, and the digital infrastructure that enables modern defense operations. It also covers C4ISR technologies such as mission communications, battlefield management, geospatial intelligence, and data-fusion platforms as well as autonomous and AI-enabled defense systems across air, land, sea, and space.

● **Defense Logistics, Simulation & Mission Support:** This segment focuses on companies providing engineering services, training and simulation tools, and maintenance and lifecycle support for defense equipment. It also includes providers of logistics solutions, military supply-chain management, and operational readiness services that ensure defense systems remain deployable and mission-ready.

● **Cybersecurity & Digital Defense Infrastructure:** This segment includes companies delivering cybersecurity solutions tailored to defense and national security needs, such as network defense, encryption, identity management, threat intelligence, and incident response. It also covers AI-driven cyber defense, secure tactical communications, cloud security, and cyber-physical protection for critical defense systems and infrastructure.

*Rebalancing Review and Index Weighting*

The Index is rebalanced and reconstituted semi-annually generally on the last business day of each of May and November based on data as of twenty business days prior to the date of such rebalance and reconstitution.

At each rebalancing, the Index Provider will perform a final business operation check based on manual research. The Index Provider reviews each of the companies selected during all the previous NLP methodology steps, and checks if there are any false positives (in which case these companies would not be selected for inclusion in the Index). This review is intended to ensure that companies selected for the Index are significant contributors to one of the four defense categories identified above. This process involves reading through the business description provided by third-party data providers, plus other checks based on publicly available information (e.g., annual reports), where necessary. It is anticipated that this final check will have only minimal impact on the final selections, if any at all.

On each selection day, each Index component is first assigned a weight based on its free float market capitalization. These initial weights are then adjusted to comply with specified limits. No single security may have a weight greater than 8%. Securities classified as digital security software companies may not exceed an individual weight of 3% and, in the aggregate, may not represent more than 25% of the Index. Furthermore, the combined weight of all securities that each have a weight greater than 5% may not exceed 40% of the Index, and all other securities are limited to a maximum weight of 4.5%. If the initial free float market capitalization-based weights breach any of these limits, the weights are adjusted and redistributed on a pro rata, iterative basis until all constraints are satisfied.

Subject to a "buffer rule" aimed at limiting Index turnover, securities ranked within the top 50 are included in the Index. Please see the section in the prospectus titled "Additional Information About the Fund" for more details on the buffer rule.

*The Fund's Investment Strategy*

Under normal circumstances, the Fund will invest at least 80% of the Fund's net assets (plus borrowings for investment purposes) in Defense Companies, as defined above.

The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. The Fund will generally use a "replication" strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, the Fund may use a "representative sampling" strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Adviser believes it is in the best interests of the Fund. For example, representative sampling may be used when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index.

The Fund's investments may include micro-, small-, medium- and large-capitalization companies.

To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Fund is classified as "non-diversified" under the 1940 Act.

**Principal Investment Risks**

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value ("NAV") per share, trading price, yield, total return, and/or ability to meet its investment objective. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund—Principal Risks of Investing in the Fund."

An investment in the Fund entails risk. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund.

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

**Defense Industry Investing Risks.** The Fund may invest in companies operating across a broad range of defense and national-security–related industries, including (i) Defense Systems & Military Platforms; (ii) Defense Technology; (iii) Defense Logistics, Simulation & Mission Support; and (iv) Cybersecurity & Digital Defense Infrastructure. Companies in these sectors may be significantly affected by changes in government defense spending, shifts in national-security priorities, procurement cycles, budgetary constraints, and the modification, delay, or termination of government contracts. These industries are also sensitive to geopolitical developments, including rising global tensions, military conflicts, export controls, sanctions, and limitations on the sale or transfer of sensitive or classified technologies. In addition, companies operating in these segments may face substantial operational, technological, and regulatory risks. Cybersecurity and digital defense firms may experience rapid technological change, intense competition, exposure to security breaches, and reputational harm following cyber incidents. Defense systems, aerospace, and defense-technology companies may incur high research and development costs, experience long production and testing cycles, face supply-chain disruptions, or be subject to rigorous national-security and export-control regulations. Companies developing autonomous, unmanned, or AI-enabled defense platforms may be affected by heightened regulatory scrutiny, evolving ethical and safety standards, and uncertain adoption rates by defense and government customers. These industries may also be influenced by political developments, changes in international alliances, and fluctuations in global defense budgets. As a result, companies in these sectors may exhibit greater volatility and may be more susceptible to adverse economic, regulatory, or geopolitical events than the broader equity market.

**Sector and Industry Risk.** To the extent the Index concentrates in the securities of a particular sector or industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The concentration of the Fund's portfolio on a specific sector, industry or industry group may present more risks than if the portfolio were broadly diversified over numerous groups of industries. The Fund's performance may be especially sensitive to developments that significantly affect those sectors and industries.

**Index Risk.** The Index may not reflect all companies meeting the Index's eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted.

**Natural Language Processing (NLP), including ARTIS<sup>®</sup> System Risk.** The Index Provider uses ARTIS<sup>®</sup>, its proprietary in-house NLP system to assist in the development of the Fund's Index. ARTIS<sup>®</sup> analyzes large volumes of textual data, such as company filings, reports and other public information, to identify companies relevant to the Fund's investment theme. The Index Provider's description of the investment theme is used by ARTIS<sup>®</sup> to screen and evaluate companies for potential inclusion in the Index. For ARTIS<sup>®</sup> to correctly identify companies that reflect the Index's themes, the investment theme must be accurately and completely described. If the description of the theme is incorrect or incomplete, ARTIS<sup>®</sup> may identify companies that are not relevant to the Fund's investment theme or fail to identify companies that are relevant. As a result, securities may be included in or excluded from the Index that would have been excluded or included had the description of the theme been correct and complete. If the composition of the Index reflects such errors, the Fund's portfolio can be expected to also reflect the errors. There is no guarantee that the Index will reflect the theme exposures intended. ARTIS<sup>®</sup> relies on the integrity of the underlying data; erroneous, incomplete or outdated data could adversely affect the system's output.

**Passive Investment Risk.** The Fund is not actively managed and does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund's performance may be adversely affected by a general decline in the market segments relating to its Index. The returns from the types of securities in which the Fund invests may underperform returns from other securities markets or different asset classes. This may cause the Fund to underperform other investment vehicles that invest in different asset classes. Different types of securities (for example, fixed-income securities) tend to go through cycles of doing better – or worse – than the general securities markets. In the past, these periods have lasted for as long as several years.

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

**ETF Risks**

*Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

*Trading.* Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**Market Capitalization Risk.**

● *Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

● *Mid-Capitalization Investing*. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

● *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

● *Micro-Capitalization Investing*. Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Third Party Data Risk.** The composition of the Index, and consequently the Fund's portfolio, is heavily dependent on information and data calculated and published by an independent third party calculation agent ("Third Party Data"). When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund's portfolio can also be expected to reflect the errors.

**New Fund Risk.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

**Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Tracking Error Risk.** As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in Index Components at all times or may hold securities not included in the Index.

**Underlying Index Risk.** Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.

**Unrelated Business Risk**. Many of the companies in which the Fund will invest have other business lines unrelated to one of the thematic defense categories. These other lines of business could adversely affect those firms' operating results and, in turn, hurt the Fund's performance. The operating results of companies with other business lines may fluctuate independently of the fluctuations in the defense businesses. In addition, a particular company's ability to engage in new business activities may expose it to additional risks for which it has less experience than its existing business lines. Despite a company's possible success in activities linked to its use of one or more of the defense categories, there can be no assurance that its other lines of business will not adversely affect the company's business, financial condition, or market value. In addition, a particular company's unrelated businesses may impact the Fund's investment returns and it may be difficult to isolate defense-related returns from other return sources.

**Performance**

Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance history from year to year and showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund's website at www.aura-etfs.com.

**Management**

*Investment Adviser*: Tidal Investments LLC (the "Adviser") serves as investment adviser to the Fund.

*Portfolio Managers*:

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Kimberly Chan, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Andy Hicks, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only Authorized Participants (APs) (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the "Deposit Securities") and/or a designated amount of U.S. cash.

Shares are listed on a national securities exchange, such as the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the "bid" price) and the lowest price a seller is willing to accept for Shares (the "ask" price) when buying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the "bid-ask spread."

When available, information regarding the Fund's NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund's website at www.aura-etfs.com.

**Tax Information**

Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless an investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUND** 

**Investment Objective**

The Fund has an investment objective to seek to track the performance, before fees and expenses, of the Solactive U.S. Defense Index (the "Index").

The Fund's investment objective has not been adopted as a fundamental investment policy and therefore may be changed without the consent of the Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust III (the "Trust") and at least 60 days' written notice to shareholders.

**Additional Information About the Fund's Principal Investment Strategies**

The following information is in addition to, and should be read along with, the description of the Fund's principal investment strategies in the section titled Fund Summary-Principal Investment Strategies above.

*80% Policy*

The Fund's "80%" policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days' notice prior to any such change.

*Buffer Rule*

As noted above in the principal investment strategies disclosures, the Index uses a "buffer rule," to limit portfolio turnover. In particular, each company is assigned a score reflecting its exposure to the Index strategy. Companies whose business activities are not relevant to the Index's defense theme are excluded. The remaining companies are ranked in descending order of score.

To limit turnover, the Index applies the following buffer rules at each reconstitution:

● All securities in the Index Universe are ranked in descending order by score (the highest-scoring security is ranked 1).

● All securities ranked in the top 10 are selected as Index constituents.

● Existing Index constituents ranked 11 through 60 are then included as Index constituents until the total number of Index constituents reaches 50.

If, after the foregoing steps, fewer than 50 Index constituents have been selected, additional securities are added as Index constituents in order of rank until there are 50 Index constituents.

**Manager of Managers Structure**

Although the Fund is not currently sub-advised, the Fund and the Adviser have received exemptive relief from the SEC permitting the Adviser (subject to certain conditions and the approval of the Board) to change or select new sub-advisers without obtaining shareholder approval. The relief also permits the Adviser to materially amend the terms of agreements with a sub-adviser (including an increase in the fee paid by the Adviser to the sub-adviser (and not paid by the Fund)) or to continue the employment of a sub-adviser after an event that would otherwise cause the automatic termination of services with Board approval, but without shareholder approval. Shareholders will be notified of any sub-adviser changes. The Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee a sub-adviser and recommend their hiring, termination and replacement. The exemptive relief applies to sub-advisers that are either wholly owned by the Adviser or its parent company, as well as to unaffiliated sub-advisers, including those whose affiliation arises solely from their sub-advisory relationship.

**Principal Risks of Investing in the Fund** 

There can be no assurance that the Fund will achieve its investment objective. The following information is in addition to, and should be read along with, the description of the Fund's principal investment risks in the section titled "Fund Summary— Principal Investment Risks" above. The Fund's principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Defense Industry Investing Risks.** The Fund may invest in companies operating across a broad range of defense and national-security–related industries, including (i) Defense Systems & Military Platforms; (ii) Defense Technology; (iii) Defense Logistics, Simulation & Mission Support; and (iv) Cybersecurity & Digital Defense Infrastructure. Companies in these sectors may be significantly affected by changes in government defense spending, shifts in national-security priorities, procurement cycles, budgetary constraints, and the modification, delay, or termination of government contracts. These industries are also sensitive to geopolitical developments, including rising global tensions, military conflicts, export controls, sanctions, and limitations on the sale or transfer of sensitive or classified technologies. In addition, companies operating in these segments may face substantial operational, technological, and regulatory risks. Cybersecurity and digital defense firms may experience rapid technological change, intense competition, exposure to security breaches, and reputational harm following cyber incidents. Defense systems, aerospace, and defense-technology companies may incur high research and development costs, experience long production and testing cycles, face supply-chain disruptions, or be subject to rigorous national-security and export-control regulations. Companies developing autonomous, unmanned, or AI-enabled defense platforms may be affected by heightened regulatory scrutiny, evolving ethical and safety standards, and uncertain adoption rates by defense and government customers. These industries may also be influenced by political developments, changes in international alliances, and fluctuations in global defense budgets. As a result, companies in these sectors may exhibit greater volatility and may be more susceptible to adverse economic, regulatory, or geopolitical events than the broader equity market.

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

**ETF Risks**

*Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

*Trading.* Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

**Index Risk.** The Index may not reflect all companies meeting the Index's eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted.

**Market Capitalization Risk.**

● *Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

● *Mid-Capitalization Investing*. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

● *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

**Natural Language Processing (NLP), including ARTIS<sup>®</sup> System Risk.** The Index Provider uses ARTIS<sup>®</sup>, its proprietary in-house NLP system to assist in the development of the Fund's Index. ARTIS<sup>®</sup> analyzes large volumes of textual data, such as company filings, reports and other public information, to identify companies relevant to the Fund's investment theme. The Index Provider's description of the investment theme is used by ARTIS<sup>®</sup> to screen and evaluate companies for potential inclusion in the Index. For ARTIS<sup>®</sup> to correctly identify companies that reflect the Index's themes, the investment theme must be accurately and completely described. If the description of the theme is incorrect or incomplete, ARTIS<sup>®</sup> may identify companies that are not relevant to the Fund's investment theme or fail to identify companies that are relevant. As a result, securities may be included in or excluded from the Index that would have been excluded or included had the description of the theme been correct and complete. If the composition of the Index reflects such errors, the Fund's portfolio can be expected to also reflect the errors. There is no guarantee that the Index will reflect the theme exposures intended. ARTIS<sup>®</sup> relies on the integrity of the underlying data; erroneous, incomplete or outdated data could adversely affect the system's output.

**New Fund Risk.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

**Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Passive Investment Risk.** The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund's performance may be adversely affected by a general decline in the market segments relating to its Index.

**Sector and Industry Risk.** To the extent the Index concentrates in the securities of a particular sector or industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The concentration of the Fund's portfolio on a specific sector, industry or industry group may present more risks than if the portfolio were broadly diversified over numerous groups of industries. The Fund's performance may be especially sensitive to developments that significantly affect those sectors and industries.

**Third Party Data Risk.** The composition of the Index, and consequently the Fund's portfolio, is heavily dependent on information and data calculated and published by an independent third party calculation agent ("Third Party Data"). When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund's portfolio can also be expected to reflect the errors.

**Tracking Error Risk.** As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in Index Components at all times or may hold securities not included in the Index.

**Underlying Index Risk.** Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.

**Unrelated Business Risk**. Many of the companies in which the Fund will invest have other business lines unrelated to one of the thematic defense categories. These other lines of business could adversely affect those firms' operating results and, in turn, hurt the Fund's performance. The operating results of companies with other business lines may fluctuate independently of the fluctuations in the defense businesses. In addition, a particular company's ability to engage in new business activities may expose it to additional risks for which it has less experience than its existing business lines. Despite a company's possible success in activities linked to its use of one or more of the defense categories, there can be no assurance that its other lines of business will not adversely affect the company's business, financial condition, or market value. In addition, a particular company's unrelated businesses may impact the Fund's investment returns and it may be difficult to isolate defense-related returns from other return sources.

**PORTFOLIO HOLDINGS INFORMATION**

Information about the Fund's daily portfolio holdings will be available on the Fund's website at www.aura-etfs.com. A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's Statement of Additional Information (the "SAI").

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC ("Tidal," or the "Adviser"), a Tidal Financial Group company, located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, is an SEC registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of February 28, 2026, 2026, Tidal had assets under management of approximately $52.41 billion and served as the investment adviser or sub-adviser for 362 registered funds.

Tidal serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the "Advisory Agreement"). The Adviser is responsible for the day-to-day management of the Fund's portfolio, including determining the securities and financial instruments purchased and sold by the Fund and trading portfolio securities, including selecting broker-dealers to execute purchase and sale transactions. The Adviser also arranges for sub-advisory (if any), transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services provided to the Fund, it pays the Adviser a unitary management fee of 0.49%, which is calculated daily and paid monthly, at an annual rate based on the Fund's average daily net assets.

Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses (collectively, the "Excluded Expenses").

**Advisory Agreement**

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement will be available in the Fund's Semi-Annual Certified Shareholder Report on Form N-CSR for the period ending September 30, 2026.

**Portfolio Managers**

The following individuals (each, a Portfolio Manager) have served as portfolio managers of the Fund since its inception in 2026 and are jointly and primarily responsible for the day-to-day management of the Fund:

*Kimberly Chan, Portfolio Manager for the Adviser*

Ms. Chan serves as Portfolio Manager at the Adviser, having joined the firm in June 2025. From 2018 to 2023, she was a Portfolio Manager at Global X ETFs, where she managed the Global X Thematic Equity Suite of funds, after which she took a career break to pursue personal interests until joining the Adviser. Previously, Ms. Chan was a Trader at Credit Agricole from 2016 to 2018 and an Investment Analyst at MetLife Investments from 2015 to 2016. Ms. Chan received her Bachelor of Science in Finance from New York University in 2015.

*Andy Hicks, Portfolio Manager for the Adviser*

Mr. Hicks serves as SVP of Trading for the Adviser, having joined the Adviser in 2025. Mr. Hicks previously served as Director of ETF Portfolio Management, Trading, and Research at SS&C ALPS Advisors for over ten years. Prior to SS&C ALPS Advisors, Mr. Hicks held roles as a Senior Equity Trader and Research Analyst with Virtus Investment Partners, specializing in equity and ETF trading, and a head equity trader for SCM Advisors. With over 20 years of experience, Mr. Hicks holds an accounting/ finance degree from Miami University (Ohio) and an MBA in Finance from the University of Colorado – Denver.

The Fund's SAI provides additional information about each Portfolio Manager's compensation structure, other accounts that each Portfolio Manager manages, and each Portfolio Manager's ownership of Shares.

**FUND SPONSOR**

The Adviser has entered into a fund sponsorship agreement with Aura ETFs Inc. ("Sponsor") pursuant to which Sponsor is a sponsor to the Fund. Under this arrangement, Sponsor has agreed to provide financial support (as described below) to the Fund. Every month, unitary management fees for the Fund are calculated and paid to the Adviser, and the Adviser retains a portion of the unitary management fees from the Fund.

In return for its financial support for the Fund, the Adviser has agreed to pay Sponsor a portion of any remaining profits generated by the unitary management fee. If the amount of the unitary management fees exceeds the Fund's operating expenses and the Adviser-retained amount, that excess amount is considered "remaining profit." In that case, the Adviser will pay a portion of the remaining profits to Sponsor.

If the amount of the unitary management fee is less than the Fund's operating expenses and the Adviser-retained amount, Sponsor is obligated to reimburse the Adviser for a portion of the shortfall.

In addition, Sponsor intends to donate an amount equal to 10% of the Fund's total annual management fees to charitable organizations that support military veterans. Sponsor may direct donations to one or more charitable organizations supporting military veterans and may change the recipient(s) from time to time. Any such donations will be made by Sponsor from its own assets and will not increase Fund expenses or reduce shareholder returns. Sponsor retains the right to modify its donation policy, but will provide shareholders at least 60 days' advance notice of any material changes to its policy.

**HOW TO BUY AND SELL SHARES**

The Fund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor (defined below), and that has been accepted by the Fund's transfer agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

In order to purchase Creation Units of the Fund, an AP must generally deposit a designated portfolio of securities (the "Deposit Securities") and/or a designated amount of U.S. cash. Purchases and redemptions of Creation Units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an AP. Most investors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the secondary market on the applicable Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares, and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or "street name" through your brokerage account.

**Frequent Purchases and Redemptions of Shares**

The Fund does not impose any restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by the Fund's shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by such Fund in effecting trades. In addition, the Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

The Fund's NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern Time, each day the NYSE is open for regular business. The NAV for the Fund is calculated by dividing such Fund's net assets by its Shares outstanding.

In calculating its NAV, the Fund generally value its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security or other asset held by the Fund or is determined to be unreliable, the security or other asset will be valued at fair value estimates under guidelines established by the Adviser (as described below).

**Fair Value Pricing.** The Board has designated the Adviser as the "valuation designee" for the Fund under Rule 2a-5 of the 1940 Act, subject to its oversight. The Adviser has adopted procedures and methodologies, which have been approved by the Board, to fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable. For example, such circumstances may arise when: (i) an investment has been delisted or has had its trading halted or suspended; (ii) an investment's primary pricing source is unable or unwilling to provide a price; (iii) an investment's primary trading market is closed during regular market hours; or (iv) an investment's value is materially affected by events occurring after the close of the investment's primary trading market. Generally, when fair valuing an investment, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the investment, general and/or specific market conditions, and the specific facts giving rise to the need to fair value the investment. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Adviser's valuation procedures. The Adviser will fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

**Investments by Other Registered Investment Companies in the Fund**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including Shares. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions of rules under the 1940 Act, including that such investment companies enter into an agreement with the Fund.

**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund intend to pay out dividends and interest income, if any, monthly, and distribute any net realized capital gains to their shareholders at least annually.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to investments in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws.

The Fund intends to qualify each year for treatment as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Unless your investment in Shares is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when the Fund makes distributions, when you sell your Shares listed on the applicable Exchange, and when you purchase or redeem Creation Units (institutional investors only).

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this Prospectus. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Taxes on Distributions**

For federal income tax purposes, distributions of net investment income are generally taxable to shareholders as ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by such Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by such Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains. Distributions of short-term capital gain will generally be taxable to shareholders as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided certain holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by such Fund from U.S. corporations, subject to certain limitations.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Fund.

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of shares of the Fund is includable in such shareholder's investment income for purposes of this NII tax.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares).

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment.

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net investment income paid to (A) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the Internal Revenue Service ("IRS") the identity of certain of its account-holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (B) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that they are not subject to such withholding.

**Taxes When Shares are Sold on an Exchange**

Any capital gain or loss realized upon a sale of Shares generally is treated as a long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares of the Fund are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of substantially identical Shares.

**Taxes on Purchases and Redemptions of Creation Units**

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging AP's aggregate basis in the securities delivered plus the amount of any cash paid for the Creation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging AP's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The IRS may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an AP who does not mark-to-market their holdings) or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares comprising the Creation Units have been held for more than one year and as a short-term capital gain or loss if such Shares have been held for one year or less.

The Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

**Important Tax Considerations When Purchasing Fund Shares**

If you are investing through a taxable account, you should carefully consider the timing of your investment relative to the relevant Fund's distribution schedule. Purchasing Fund shares shortly before a distribution may increase your tax liability, a situation commonly referred to as "buying a dividend."

When the Fund makes a distribution, its share price typically drops by an amount roughly equal to the distribution. As a hypothetical example, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and the Fund pays a $1 per share distribution on December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains $5,000 (250 shares × $19 in share value plus 250 shares × $1 distribution), you would owe taxes on the $250 distribution, even if you reinvest the distribution rather than receiving it in cash.

Distributions are taxable to shareholders even if they are paid from income or gains realized by the Fund before you invested, and even if they were reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment, without corresponding benefit.

Unless you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid purchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the Fund's distribution schedule prior to investing. When available, information about the Fund's distribution schedule can be found on the Fund's website at www.aura-etfs.com.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to foreign, state and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the section entitled "Federal Income Taxes" in the SAI.*

**DISTRIBUTION**

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group), (the "Distributor"), the Fund's distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares.

No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of assets of the respective Fund on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**PREMIUM/DISCOUNT INFORMATION**

When available, information regarding how often Shares of the Fund traded on the applicable Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of such Fund can be found on the Fund's website at www.aura-etfs.com.

**ADDITIONAL NOTICES**

Shares are not sponsored, endorsed, or promoted by an Exchange. The Exchanges are not responsible for, nor has any Exchange participated in the determination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. An Exchange has no obligation or liability to owners of Shares in connection with the administration, marketing, or trading of Shares.

Without limiting any of the foregoing, in no event shall any Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

The Adviser, the Sponsor, and the Fund make no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in any Fund particularly.

The Third Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust") provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to the Fund or its shareholders as a result of spurious shareholder demands and derivative actions. Prior to bringing a derivative action, a demand by three unrelated shareholders must first be made on the Fund's Trustees. The Declaration of Trust details various information, certifications, undertakings and acknowledgments that must be included in the demand. Following receipt of the demand, the trustees have a period of 90 days, which may be extended by an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand determine that maintaining the suit would not be in the best interests of the Fund, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund. The Declaration of Trust further provides that shareholders owning Shares representing no less than a majority of the Fund's outstanding shares must join in bringing the derivative action. If a demand is rejected, the complaining shareholders will be responsible for the costs and expenses (including attorneys' fees) incurred by the Fund in connection with the consideration of the demand, if a court determines that the demand was made without reasonable cause or for an improper purpose. If a derivative action is brought in violation of the Declaration of Trust, the shareholders bringing the action may be responsible for the Fund's costs, including attorneys' fees, if a court determines that the action was brought without reasonable cause or for an improper purpose. The Declaration of Trust provides that no shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any Fund, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of the Fund, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the Fund, generally. Under the Declaration of Trust, a shareholder bringing a direct claim must be a shareholder of the Fund with respect to which the direct action is brought at the time of the injury complained of or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time. The Declaration of Trust further provides that the Fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder only if required by law, and any attorneys' fees that the Fund is obligated to pay shall be calculated using reasonable hourly rates. These provisions do not apply to claims brought under the federal securities laws.

The Declaration of Trust also requires that actions by shareholders against the Fund be brought exclusively in a federal or state court located within the State of Delaware. This provision will not apply to claims brought under the federal securities laws. Limiting shareholders' ability to bring actions only in courts located in Delaware may cause shareholders economic hardship to litigate the action in those courts, including paying for travel expenses of witnesses and counsel, requiring retaining local counsel, and may limit shareholders' ability to bring a claim in a judicial forum that shareholders find favorable for disputes, which may discourage such actions.

**FINANCIAL HIGHLIGHTS**

This section would ordinarily include Financial Highlights for the Fund. The Financial Highlights tables are intended to help you understand the performance of the Fund for its periods of operations. Because the Fund have not yet commenced operations as of the date of this Prospectus, no Financial Highlights are shown.

**U.S. Defense ETF**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC** <br> 234 West Florida Street, Suite 700<br> Milwaukee, Wisconsin 53204 | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC** <br> 234 West Florida Street, Suite 700<br> Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 | &nbsp;&nbsp;**Fund Accountant**<br> **and Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC, doing**<br> **business as U.S. Bank Global Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 |
| &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Sullivan & Worcester LLP** <br> 1251 Avenue of the Americas, 19<sup>th</sup> Floor<br> New York, New York 10020 | &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 North Rivercenter Dr. <br> Milwaukee, Wisconsin 53212  |
| &nbsp;&nbsp;**Independent**<br> **Registered Public**<br> **Accounting Firm** | &nbsp;&nbsp;**Tait, Weller & Baker LLP** <br> Two Liberty Place <br> 50 South 16th Street <br> Philadelphia, Pennsylvania 19102  |  |  |

---

Investors may find more information about the Fund in the following documents:

**Statement of Additional Information:** The Fund's SAI provides additional details about the Fund's investments and certain other additional information. A current SAI dated April 6, 2026, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Fund's investments will be available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the annual Certified Shareholder Report on Form N-CSR you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance after the first fiscal year the Fund is in operation. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

When available, you can obtain free copies of these documents, request other information or make general inquiries about the Fund by contacting the Fund at U.S. Defense ETF, www.aura-etfs.com or calling 1-888-824-4467.

Shareholder reports, the Fund's current Prospectus and SAI and other information about the Fund will be available:

● Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

● Free of charge from the Fund's Internet website at www.aura-etfs.com or

● For a duplicating fee, by e-mail request to publicinfo@sec.gov.

(SEC Investment Company Act File No. 811-23312)

![](duty485bpos001.jpg)

**U.S. Defense ETF (DUTY)**

***listed on NYSE Arca, Inc.***

**STATEMENT OF ADDITIONAL INFORMATION**

**April 6, 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the U.S. Defense ETF (the "Fund), a series of Tidal Trust III (the "Trust"), dated April 6, 2026, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Fund at 1-888-824-4467, visiting www.aura-etfs.com, or writing to the U.S. Defense ETF, c/o, U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

The Fund's audited financial statements for the most recent fiscal year (when available) will be incorporated into this SAI by reference to the Fund's most recent annual Certified Shareholder Report on Form N-CSR (File No. 811-23312). When available, a copy of the Fund's annual Certified Shareholder Report may be obtained at no charge by contacting the Fund at the address or phone number noted above.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information about the Trust](#duty485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#duty485bposb002) | 1 |
| [Description of Permitted Investments](#duty485bposb003) | 3 |
| [Investment Restrictions](#duty485bposb004) | 10 |
| [Exchange Listing and Trading](#duty485bposb005) | 11 |
| [Management of the Trust](#duty485bposb006) | 11 |
| [Principal Shareholders, Control Persons and Management Ownership](#duty485bposb007) | 17 |
| [Codes of Ethics](#duty485bposb008) | 17 |
| [Proxy Voting Policies](#duty485bposb009) | 17 |
| [Investment Adviser](#duty485bposb010) | 17 |
| [Portfolio Managers](#duty485bposb011) | 18 |
| [The Distributor](#duty485bposb012) | 19 |
| [Administrator](#duty485bposb013) | 20 |
| [Transfer Agent and Fund Accountant](#duty485bposb014) | 21 |
| [Custodian](#duty485bposb015) | 21 |
| [Legal Counsel](#duty485bposb016) | 21 |
| [Independent Registered Public Accounting Firm](#duty485bposb017) | 21 |
| [Portfolio Holdings Disclosure Policies and Procedures](#duty485bposb018) | 21 |
| [Description of Shares](#duty485bposb019) | 21 |
| [Limitation of Trustees' Liability](#duty485bposb020) | 22 |
| [Brokerage Transactions](#duty485bposb021) | 22 |
| [Portfolio Turnover Rate](#duty485bposb022) | 24 |
| [Book Entry Only System](#duty485bposb023) | 24 |
| [Purchase and Redemption of Shares in Creation Units](#duty485bposb024) | 25 |
| [Determination of Net Asset Value](#duty485bposb025) | 30 |
| [Dividends and Distributions](#duty485bposb026) | 30 |
| [Federal Income Taxes](#duty485bposb027) | 31 |
| [Financial Statements](#duty485bposb028) | 36 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Fund. This SAI relates to the Fund. The Trust was organized as a Delaware statutory trust on May 19, 2016. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC (the "Adviser") serves as investment adviser to the Fund. The Fund's investment objective is to seek to track the performance, before fees and expenses, of the Solactive U.S. Defense Index (the "Index").

The Fund offers and issues Shares at their net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are or will be listed on NYSE Arca, Inc. (the "Exchange"). Shares trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. As a practical matter, only institutions or large investors, known as "Authorized Participants" or "APs," purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not individually redeemable.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS**

The Fund's investment objective and principal investment strategies are described in the Prospectus, under "Investment Objective" and "Principal Investment Strategies," respectively. The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see "Description of Permitted Investments" in this SAI.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Non-Diversification** 

The Fund is classified as a non-diversified investment company under the 1940 Act. A "non-diversified" classification means that the Fund is not limited by the 1940 Act's diversification rule with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means that the Fund may invest a greater portion of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The securities of a particular issuer may constitute a greater portion of the Index and, therefore, those securities may constitute a greater portion of the Fund's portfolio. This may have an adverse effect on the Fund's performance or subject the Shares to greater price volatility than more diversified investment companies. Moreover, in pursuing its objective, the Fund may hold the securities of a single issuer in an amount exceeding 10% of the value of the outstanding securities of the issuer, subject to restrictions imposed by the Internal Revenue Code of 1986, as amended (the "Code").

**General Risks**

The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide.

*Cyber Security Risk.* Investment companies, such as the Fund, and their service providers may be subject to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber attacks affecting the Fund or the Adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries or other third-party service providers may adversely impact the Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices and associated risk factors. The Fund will invest in any of the following instruments or engage in any of the following investment practices only if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies. In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments.

**Borrowing**

Although the Fund does not intend to borrow money, the Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Equity Securities**

Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in the Fund's portfolio may also cause the value of the Fund's Shares to decline.

An investment in the Fund should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of Shares of the Fund). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic or banking crises.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

*<u>Types of Equity Securities</u>:*

*Common Stocks*. Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

*Preferred Stocks.* Preferred stocks are also units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally, the market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

*Rights and Warrants*. A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

*Smaller Companies*. The securities of small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small- and mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small- or mid-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning small- and mid-capitalization companies than for larger, more established companies. Small- and mid-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

*Tracking Stocks*. The Fund may invest in tracking stocks. A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to "track" the performance of such business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company's common stock.

*When-Issued Securities*. A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When the Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

Rule 18f-4 under the 1940 Act permits the Fund to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement cycle, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A when-issued, forward-settling, or non-standard settlement cycle security that does not satisfy the Delayed-Settlement Securities Provision is treated as a derivatives transaction under Rule 18f-4.

**Convertible Securities**

A Fund, subject to its investment strategies and policies, may invest in preferred stocks or fixed-income securities which are convertible into common stock. Convertible securities are securities that may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. Traditionally, convertible securities have paid dividends or interest greater than on the related common stocks, but less than fixed income non-convertible securities. By investing in a convertible security, the Fund may participate in any capital appreciation or depreciation of a company's stock, but to a lesser degree than if it had invested in that company's common stock. Convertible securities rank senior to common stock in a corporation's capital structure and, therefore, entail less risk than the corporation's common stock. The value of a convertible security is a function of its "investment value" (its value as if it did not have a conversion privilege), and its "conversion value" (the security's worth if it were to be exchanged for the underlying security, at market value, pursuant to its conversion privilege). A Fund may attempt to hedge certain of its investments in convertible debt securities by selling short the issuer's common stock.

**Initial Public Offerings ("IPOs")**

The Fund may, on a limited basis, participate in IPOs. The market value of IPO shares may fluctuate considerably and is often subject to speculative trading due to factors such as the absence of a prior public market, unseasoned trading, a smaller number of shares available for trading and limited information available about the issuer, its business model, the quality of management, earnings growth potential and other criteria used to evaluate its investment prospects. Such stocks may have exhibited price appreciation in connection with the IPO that is not sustained, and it is not uncommon for stocks to decline in value in the period following the IPO. Additionally, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that the Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

**Master Limited Partnerships ("MLPs")**

MLPs are limited partnerships in which the ownership units are publicly traded. MLP units are registered with the SEC and are freely traded on a securities exchange or in the OTC market. MLPs often own several properties or businesses (or own interests) that are related to real estate development and oil and gas industries, but they also may finance motion pictures, research and development and other projects. Generally, a MLP is operated under the supervision of one or more managing general partners. Limited partners are not involved in the day-to-day management of the partnership.

The risks of investing in a MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in a MLP than investors in a corporation. Additional risks involved with investing in a MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

MLPs are generally treated as partnerships for U.S. federal income tax purposes. When the Fund invests in the equity securities of a MLP or any other entity that is treated as a partnership for U.S. federal income tax purposes, the Fund will be treated as a partner in the entity for tax purposes. Accordingly, in calculating the Fund's taxable income, it will be required to take into account its allocable share of the income, gains, losses, deductions, and credits recognized by each such entity, regardless of whether the entity distributes cash to the Fund. Distributions from such an entity to the Fund are not generally taxable unless the cash amount (or, in certain cases, the fair market value of marketable securities) distributed to the Fund exceeds the Fund's adjusted tax basis in its interest in the entity. In general, the Fund's allocable share of such an entity's net income will increase the Fund's adjusted tax basis in its interest in the entity, and distributions to the Fund from such an entity and the Fund's allocable share of the entity's net losses will decrease the Fund's adjusted basis in its interest in the entity, but not below zero. A Fund may receive cash distributions from such an entity in excess of the net amount of taxable income the Fund is allocated from its investment in the entity. In other circumstances, the net amount of taxable income the Fund is allocated from its investment in such an entity may exceed cash distributions received from the entity. Thus, the Fund's investments in such an entity may lead the Fund to make distributions in excess of its earnings and profits, or the Fund may be required to sell investments, including when not otherwise advantageous to do so, to satisfy the distribution requirements applicable to RICs under the Code.

Depreciation or other cost recovery deductions passed through to the Fund from any investments in MLPs in a given year will generally reduce the Fund's taxable income, but those deductions may be recaptured in the Fund's income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to the Fund's shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held Shares in the Fund at the time the deductions were taken, and even though those shareholders may not have corresponding economic gain on their Shares at the time of the recapture. To distribute recapture income or to fund redemption requests, the Fund may need to liquidate investments, which may lead to additional taxable income.

**Foreign Securities**

The Fund may invest directly in foreign securities or have indirect exposure to foreign securities through investments in depositary receipts (discussed below) or other instruments. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards, and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than exists in the United States. Interest and dividends paid by foreign issuers as well as gains or proceeds realized from the sale or other disposition of foreign securities may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, the imposition of economic sanctions, confiscatory taxation, political, economic or social instability, or diplomatic developments that could affect assets of the Fund held in foreign countries. The establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations. In addition, investing in foreign securities will generally result in higher commissions than investing in similar domestic securities.

Decreases in the value of currencies of the foreign countries in which the Fund may invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Investing in emerging markets can have more risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated relative to investments in foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting systems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than in countries with more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market countries may be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of a company's assets, and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions on the Fund's ability to repatriate investment income or capital and, thus, may adversely affect the operations of the Fund. Certain emerging markets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly against the U.S. dollar. For these and other reasons, the prices of securities in emerging markets can fluctuate more significantly than the prices of securities of companies in developed countries. The less developed the country, the greater effect these risks may have on the Fund.

**Depositary Receipts**

The Fund's may invest in the securities of foreign companies in the form of depositary receipts or other securities convertible into securities of foreign issuers. American Depositary Receipts ("ADRs") are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The Fund will not invest in any unlisted depositary receipts or any depositary receipt that is deemed to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored. However, the Fund may invest in unsponsored depositary receipts under certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts.

**U.S. Government Securities**

The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("FNMA"), the Government National Mortgage Association ("GNMA"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation (Farmer Mac).

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, GNMA pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by the FNMA, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity.

On September 7, 2008, the U.S. Treasury announced a federal takeover of the FNMA and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. As a result of this Agreement, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by the FNMA and Freddie Mac are protected.

On December 24, 2009, the U.S. Treasury amended the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth over the next three years. On August 17, 2012, the U.S. Treasury announced the Third Amendment to the Agreement that recalibrated the calculation of the quarterly dividends that Freddie Mac pays to the U.S. Treasury which eliminated the need for Freddie Mac circularly to borrow from the U.S. Treasury only then to pay dividends back to the U.S. Treasury. The Third Amendment suspended the periodic commitment fee for so long as the dividend amounts were based on net worth. The Third Amendment also eliminated the requirement that Freddie Mac obtain the U.S. Treasury's consent for asset dispositions with a fair market value (individually or in aggregate) of less than $250 million, but required Freddie Mac to submit annual risk management plans to the U.S. Treasury. On December 21, 2017, a letter agreement between the U.S. Treasury and Freddie Mac changed the terms of the senior preferred stock certificates to permit Freddie Mac to retain a $3 billion capital reserve, quarterly. On September 30, 2019, the U.S. Treasury and the Federal Housing Finance Agency (FHFA), acting as Conservator to Freddie Mac, announced amendments to the senior preferred stock certificates that will permit Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the letter agreements. Since January 6, 2014, FHFA has conducted an ongoing assessment of its obligations and statutory mandates in preparation for Freddie Mac's eventual exit from conservatorship.

**Illiquid Investments and Restricted Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit shall be observed continuously. If, through the appreciation of illiquid investments or the depreciation of liquid investments, the Fund were to be in a position where more than 15% of the value of its net assets are invested in illiquid securities, including restricted investments which are not readily marketable, the Fund will take such steps as set forth in its liquidity risk management program.

The Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined not to be illiquid investments pursuant to the Fund's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the 1933 Act and are called Rule 144A securities.

Investments in illiquid investments involve more risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments. Investment of the Fund's assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where the Fund's operations require cash, such as when the Fund has net redemptions, and could result in the Fund borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

Illiquid investments are often restricted securities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by the Fund or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Private placement investments may involve investments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in private placement securities, the Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct transactions in those securities.

**Investment Company Securities**

The Fund may invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle. The Funds generally may purchase or redeem, without limitation, shares of any affiliated or unaffiliated money market mutual funds, including unregistered money market funds, so long as a Fund does not pay a sales load or service fee in connection with the purchase, sale, or redemption or if such fees are paid, the Adviser waives its management fee in an amount necessary to offset the amounts paid.

If the Fund invests in and, thus, is a shareholder of another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations.

Pursuant to Section 12(d)(1), a Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of such Fund; or (iii) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, each Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above.

The Fund may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater than the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Fund may also rely on Rule 12d1-4 under the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

**Money Market Funds**

The Fund may invest in underlying money market funds that either seek to maintain a stable $1 NAV ("stable NAV money market funds") or that have a share price that fluctuates ("variable NAV market funds"). Although an underlying stable NAV money market fund seeks to maintain a stable $1 NAV, it is possible for the Fund to lose money by investing in such a money market fund. Because the share price of an underlying variable NAV market fund will fluctuate, when the Fund sells the shares it owns they may be worth more or less than what the Fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

**Other Short-Term Instruments**

The Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (1) shares of money market funds; (2) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (3) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (4) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service or "A-1" by S&P Global Ratings or, if unrated, of comparable quality as determined by the Adviser; (5) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (6) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Securities Lending**

If approved by the Board, the Fund may lend portfolio securities to certain creditworthy borrowers. The borrowers provide collateral that is maintained in an amount at least equal to the current value of the securities loaned. A Fund may terminate a loan at any time and obtain the return of the securities loaned. The lending Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

With respect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the lending Fund or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The Fund may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board who administer the lending program for the Fund in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Fund to borrowers, arranges for the return of loaned securities to the Fund at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting services necessary for the operation of the program.

Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.

**Repurchase Agreements**

The Fund may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from its excess cash balances. A repurchase agreement is an agreement under which the Fund acquires a financial instrument (e.g., a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A "Business Day" is any day on which the New York Stock Exchange ("NYSE") is open for regular trading. A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by the Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Fund's custodian bank until repurchased. No more than an aggregate of 15% of the Fund's net assets will be invested in illiquid securities, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of the Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

**Tax Risks**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in the Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-deferred retirement account or other tax-advantaged arrangement, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Shares.

**Temporary Defensive Strategies**

Under normal market conditions, the Fund will stay fully invested according to its principal investment strategies. For temporary defensive purposes during adverse market, economic, political, or other conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be changed with respect to the Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money or issue senior securities (as defined under the
 1940 Act), except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans, except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell real estate unless acquired as a result of
 ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the
 Fund from investing in securities or other instruments backed by real estate, real estate investment trusts ("REITs")
 or securities of companies engaged in the real estate business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell commodities unless acquired as a result of
 ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the
 Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed
 by physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Underwrite securities issued by other persons, except to the
 extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Concentrate its investments (i.e., hold more than 25% of its
 total assets) in any industry or group of related industries, except that the Fund will concentrate its investments to approximately
 the same extent as the Index. For purposes of this limitation, securities of the U.S. government (including its agencies and
 instrumentalities), repurchase agreements collateralized by U.S. government securities, investment companies, and tax-exempt
 securities of state or municipal governments and their political subdivisions are not considered to be issued by members of
 any industry.

In determining its compliance with the fundamental investment restriction on concentration, the Fund, to the extent that it invests in the securities of other investment companies, will look through to the underlying holdings of any investment company that publicly publishes its underlying holdings on a daily basis. In addition, if an underlying investment company does not publish its holdings daily but has a policy to concentrate or has otherwise disclosed that it is concentrated in a particular industry or group of related industries, the Fund will consider such investment company as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the user or use of private activity municipal bonds to determine their industry.

For purposes of applying the limitation set forth in the concentration policy set forth above, the Fund may use the Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to identify each industry. The Fund's method applying the limitations in the above concentration policy, including the classification levels used, may differ from those of the Trust's other series.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing of money and illiquid investments will be observed continuously.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange may, but is not required to, remove Shares from the listing under any of the following circumstances: (1) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the Investment Company Act of 1940; (2) the Fund no longer complies with the Exchange's requirements for Shares; or (3) such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board oversees the management and operations of the Trust. Like all registered investment companies, the day-to-day management and operation of the Trust is the responsibility of the various service providers to the Trust, such as the Adviser, the Distributor, the Administrator, the Custodian, and the Transfer Agent, each of whom is discussed in greater detail in this Statement of Additional Information. The Board has appointed various senior employees of the Administrator as officers of the Trust, with responsibility to monitor and report to the Board on the Trust's operations. In conducting this oversight, the Board receives regular reports from these officers and the service providers. For example, the Treasurer reports as to financial reporting matters and the President reports as to matters relating to the Trust's operations. In addition, the Adviser provides regular reports on the investment strategy and performance of the Fund. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and involve the Board's review of recent operations. In addition, various members of the Board also meet with management in less formal settings, between formal "Board Meetings," to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

As part of its oversight function, the Board receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (e.g., investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Board meets regularly with the CCO to discuss compliance and operational risks and the Audit Committee meets with the Trust's independent public accounting firm to discuss, among other things, the internal control structure of the Trust's financial reporting function.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available, or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are five members of the Board, four of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). Mr. Eric W. Falkeis serves as Chairman of the Board and is an interested person of the Trust.

The Board is composed of a majority (80 percent) of Independent Trustees. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust, even though there is no Lead Independent Trustee. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees of the Trust constitute a majority of the Board, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust III, 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br> **and** <br> **Year of Birth** | **Position** <br> **Held with** <br> **the Trust** | **Term of Office** <br> **and Length** <br> **of Time** <br> **Served<sup>(1)</sup>** | **Principal Occupation(s)** <br> **During Past 5 Years** | **Number** <br> **of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>(2)</sup> <br> **Overseen** <br> **by Trustee** | **Other** <br> **Directorships** <br> **Held by Trustee** <br> **During Past 5 Years** |
| **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** |
| Monica H. Byrd<br> Born: 1979 | Trustee | Indefinite<br> term; since 2023 | Chief Financial Officer of LFO Management, LLC (since 2019). | 92 |  |
| Pamela Cytron<br> Born: 1966 | Trustee | Indefinite term; since 2023 | President, The Founder's Arena (since 2023); CEO & Founder, Pendo Systems, Inc. (2020 to 2023); Non-executive Board advisor, RegAlytics (2021 to 2022). | 92 | Serves on the Boards of First Rate Inc. (since 2015); First Rate Ventures (since 2022); Privacy Lock (since 2022) (nonexecutive Board role); and World Technology Partners (since 2022) (Vice President). Served on the Board of Global Recovery Initiatives Foundation (2011 to 2022) (Chairman). |
| Lawrence Jules<br> Born: 1968 | Trustee | Indefinite term; since 2023 | Vice President and Head Trader at 3Edge Asset Management LLC (since 2022); and Director and Head Trader at Charles Schwab Investment Management (2008 to 2022). | 92 | Serves as a director of the 600 Atlantic/Federal Reserve Bank of Boston Federal Credit Union. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br> **and** <br> **Year of Birth** | **Position** <br> **Held with** <br> **the Trust** | **Term of Office** <br> **and Length** <br> **of Time** <br> **Served<sup>(1)</sup>** | **Principal Occupation(s)** <br> **During Past 5 Years** | **Number** <br> **of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>(2)</sup> <br> **Overseen** <br> **by Trustee** | **Other** <br> **Directorships** <br> **Held by Trustee** <br> **During Past 5 Years** |
| **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** |
| Ethan Powell<br> Born: 1975 | Trustee | Indefinite term; Trustee since 2016 | Principal and CIO of Brookmont Capital; President and Founder of Impact Shares LLC ("Impact Shares") (2015 to 2025). | 92 | Serves as Independent Chairman of the Board of the Highland Fund Complex and the NexPoint Credit Strategies Fund Complex (collectively, 25 funds) and is a member of the Board of Kelly Strategic Management Fund. |
| **Interested Trustees<sup>(4)</sup>** | **Interested Trustees<sup>(4)</sup>** | **Interested Trustees<sup>(4)</sup>** | **Interested Trustees<sup>(4)</sup>** | **Interested Trustees<sup>(4)</sup>** | **Interested Trustees<sup>(4)</sup>** |
| Eric W. Falkeis<sup>(4)</sup> <br> Born: 1973 Guillermo Trias<br> Born: 1976 | President, Principal Executive Officer, Trustee, and Chairman Trustee; Chairman of the Board | Indefinite term; Trustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024Indefinite term; <br> Trustee since August 2023; and Chairman of the Board since May 2024 | Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). Co-Founder & CEO of the Tidal Financial Group of companies (since 2016). | 558 | Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Trustee and Chairman of Tidal Trust I (since 2018); Trustee and Chairman of Tidal Trust II (since 2022); Trustee and Chairman of Tidal Trust IV (since 2025); Trustee and Chairman of Tidal Trust V (since 2025).Manager (director) of Tidal Investments LLC. |

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<sup>(1)</sup> The Trustees have designated a mandatory retirement age of 78, such that each Trustee, serving as such on the date he or she reaches the age of 78, shall submit his or her resignation not later than the last day of the calendar year in which his or her 78<sup>th</sup> birthday occurs.

<sup>(2)</sup> The group of Funds sponsored by Tidal and managed by Tidal or its affiliates, including Tidal Trust I, Tidal Trust II, Tidal Trust III, Tidal Trust IV and Tidal Trust V.

<sup>(3)</sup> All Independent Trustees of the Trust are not "interested persons" of the Trust as defined under the 1940 Act.

<sup>(4)</sup> Mr. Falkeis is considered an "interested person" of the Trust due to his positions as Principal Executive Officer and Chairman of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.

**Individual Trustee Qualifications.**

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills ("Trustee Attributes") appropriate to their service as Trustees of the Trust in light of the Trust's business and structure. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them. Certain of these business and professional experiences are set forth in detail in the table above. The Board annually conducts a 'self-assessment' wherein the effectiveness of the Board and individual Trustees is reviewed.

In addition to the information provided in the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes. The information provided below, and in the table above, is not all-inclusive. Many Trustee Attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to serve effectively as Trustees of the Trust.

The Board has concluded that Ms. Byrd should serve as a Trustee because of her substantial financial services experience through her current position as CFO at LFO Management, LLC, as well as through former positions. Ms. Byrd, CPA serves as the Chairperson of the Audit Committee. Ms. Byrd's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the Board's conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Ms. Cytron should serve as a Trustee because of her substantial executive experience through her current position as President of The Founder's Arena and her former position as CEO & Founder, Pendo Systems, Inc., as well as through service on other boards. Ms. Cytron serves as the Chairperson of the Nominating and Governance Committee. Ms. Cytron's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the Board's conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Jules should serve as a Trustee because of his substantial financial services experience through his current position as Vice President and Head Trader at 3Edge Asset Management LLC, as well as through former positions. Mr. Jules' experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the Board's conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Powell should serve as a Trustee because of his substantial financial industry experience and his board service for other registered investment companies. Mr. Powell's experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the Board's conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Falkeis should serve as a Trustee because of his substantial investment company experience and his experience with financial, accounting, investment, and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other positions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), a full service provider to ETFs, mutual funds, and alternative investment products, from 1997 to 2013, as well as a Trustee and Chairman of Tidal Trust I, from 2018 to present, Trustee and Chairman of Tidal Trust II, from 2022 to present, Trustee and Chairman of Tidal Trust IV, from 2025 to present and Trustee and Chairman of Tidal Trust V, from 2025 to present. In addition, he has experience consulting with investment advisors regarding the legal structure of mutual funds, distribution channel analysis, and actual distribution of those funds. Mr. Falkeis also has substantial managerial, operational, technological, and risk oversight related experience through his former position as Chief Operating Officer of the advisers to the Direxion mutual fund and ETF complex. Mr. Falkeis' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the Board's conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

**Board Committees.** The Board has established the following standing committees of the Board:

<u>Audit Committee</u>. The Board has a standing Audit Committee that is composed of Ms. Byrd, Ms. Cytron and Mr. Jules and is chaired by an Independent Trustee. Ms. Byrd is chair of the Audit Committee, and she presides at the Audit Committee meetings, participates in formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved written charter. The principal responsibilities of the Audit Committee include overseeing the Trust's accounting and financial reporting policies and practices and its internal controls; overseeing the quality, objectivity and integrity of the Trust's financial statements and the independent audits thereof; monitoring the independent auditor's qualifications, independence, and performance; acting as a liaison between the Trust's independent auditors and the full Board; pre-approving all auditing services to be performed for the Trust; reviewing the compensation and overseeing the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; pre-approving all permitted non-audit services (including the fees and terms thereof) to be performed for the Trust; pre-approving all permitted non-audit services to be performed for any investment adviser or sub-adviser to the Trust by any of the Trust's independent auditors if the engagement relates directly to the operations and financial reporting of the Trust; meeting with the Trust's independent auditors as necessary to (1) review the arrangement for and scope of the annual audits and any special audits, (2) discuss any matters of concern relating to the Fund's financial statements, (3) consider the independent auditors' comments with respect to the Trust's financial policies, procedures and internal accounting controls and Trust management's responses thereto, and (4) review the form of opinion the independent auditors propose to render to the Board and the Fund's shareholders; discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of the Fund's financial statements; and reviewing and discussing reports from the independent auditors on (1) all critical accounting policies and practices to be used, (2) all alternative treatments within generally accepted accounting principles for policies and practices related to material items that have been discussed with management, (3) other material written communications between the independent auditor and management, including any management letter, schedule of unadjusted differences, or management representation letter, and (4) all non-audit services provided to any entity in the Trust that were not pre-approved by the Committee; and reviewing disclosures made to the Committee by the Trust's principal executive officer and principal accounting officer during their certification process for the Fund's Form N-CSR. As of the date of this SAI, the Audit Committee met one time with respect to the Fund.

The Audit Committee also serves as the Qualified Legal Compliance Committee ("QLCC") for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires reporting to the chief legal officer and potentially escalating further to other entities). As of the date of this SAI, the QLCC has not met with respect to the Trust.

<u>Nominating and Governance Committee</u>. The Board has a standing Nominating and Governance Committee that is composed of each of the Independent Trustees of the Trust. The Nominating and Governance Committee operates under a written charter approved by the Board. The Nominating and Governance Committee is responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time and meets only as necessary. The Nominating and Governance Committee generally will not consider nominees recommended by shareholders. The Nominating and Governance Committee is also responsible for, among other things, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees' annual "self-assessment." Ms. Cryton is the chair of the Nominating and Governance Committee. The Nominating Committee meets periodically, as necessary, but at least annually. As of the date of this SAI, the Nominating and Governance Committee met one time with respect to the Trust. Because the Fund has not yet commenced operations, the Nominating and Governance Committee has not yet met or taken any action with respect to the Fund as of the date of the SAI.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Tidal Trust III, 234 West Florida St, Suite 700, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust's officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Position(s) Held** <br> **with the Trust** | **Term of Office** <br> **and** <br> **Length of Time** <br> **Served<sup>1</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Eric W. Falkeis <br> Born: 1973 | President, Principal Executive Officer, Trustee and Chairman | Indefinite term; Trustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024 | Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018); President, Principal Executive Officer, President, Principal Executive Officer, Interested Trustee and Chairman of Tidal Trust II (since 2022). |
| William H. Woolverton, Esq. <br> Born: 1951 | Chief Compliance Officer and AML Compliance Officer | Indefinite term; since 2023 | Chief Compliance Officer (since 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Director, Hadron Specialty Insurance Company (since 2023); (since 2023); Compliance Advisor (2022 to 2023), Tidal Investments LLC; Senior Compliance Advisor, ACA Global (2020 to 2022). |
| Aaron J. Perkovich <br> Born: 1973 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Treasurer since 2023, Indefinite term; Principal Financial Officer and Principal Accounting Officer since 2024; Indefinite term | SVP of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024), Tidal Investments, LLC; Fund Administration Manager, (2022 to 2023), Tidal ETF Services LLC; Assistant Director Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s) Held** <br> **with the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and** <br> **Length of Time** <br> **Served<sup>1</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** |
| &nbsp;&nbsp;Lissa M. Richter <br> Born: 1979 | &nbsp;&nbsp;Vice President and Secretary | &nbsp;&nbsp;Vice President since 2025; Indefinite term; Secretary since 2023; Indefinite term | &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024); Tidal Investments, LLC; ETF Regulatory Manager, (2021 to 2023) Tidal ETF Services LLC; Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020). |
| &nbsp;&nbsp;Jennifer Smith<br> Born: 1985 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term; since 2024 | &nbsp;&nbsp;Assistant Vice President of Fund Administration, Tidal ETF Services LLC (Since 2024); Analyst, Tidal ETF Services, LLC (2023 to 2024); Fund Administrator, U.S. Bancorp Fund Services, LLC (2006 to 2023). |

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<sup>1</sup> The Officers hold office until the next annual meeting of the Board of Trustees and until their successors have been elected and qualified.

**Trustee Ownership of Shares.** The Fund is required to show the dollar amount ranges of each Trustee's "beneficial ownership" of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

As of December 31, 2025, the following Trustees beneficially owned shares of certain other series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Shares**<br> **Owned in the Fund** | **Aggregate Dollar Range of Shares of**<br> **Series of the Trust** |
| Monica H. Byrd |  | $50001– $100000 |
| Ethan Powell |  | $10001–$50000 |

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**Board Compensation**

Effective January 1, 2026, the Independent Trustees each receive an annual retainer of $50,000. The Independent Trustees also receive $6,000 per regularly scheduled meeting attended and $4,000 per special meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Audit Committee Chair receives an annual retainer of $12,000 and the Nominating and Governance Committee Chair receives an annual retainer of $6,000. The Trust has no pension or retirement plan. The following table shows the compensation estimated to be earned by each Trustee for the Fund's current fiscal year ending March 31 , 2026. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Estimated Aggregate Compensation**<br> **From Fund** | &nbsp;&nbsp;**Estimated Total Compensation From** <br> **Fund Complex Paid to Trustees<sup>(1)</sup>** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Eric Falkeis | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Monica H. Byrd | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$86000 |
| &nbsp;&nbsp;Pamela Cytron | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$80000 |
| &nbsp;&nbsp;Lawrence Jules | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$74000 |
| &nbsp;&nbsp;Ethan Powell | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$74000 |

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<sup>(1)</sup> Compensation is based on estimated amounts for the fiscal year ending March 31, 2026.

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Fund.

As of the date of this SAI, the Funds had not yet commenced operations and no Shares were outstanding.

**CODES OF ETHICS**

The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust and the Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each code of ethics permits personnel subject to that code of ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund. The Distributor (as defined below) relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust or the Adviser, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust or the Adviser.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be found on the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

The Fund has delegated proxy voting responsibilities to the Adviser, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with the Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted proxy voting policies and guidelines for this purpose ("Proxy Voting Policies"), which have been adopted by the Trust as the policies and procedures that will be used when voting proxies on behalf of the Fund.

In the absence of a conflict of interest, the Adviser will generally vote "for" routine proposals, such as the election of directors, approval of auditors, and amendments or revisions to corporate documents to eliminate outdated or unnecessary provisions. Unusual or disputed proposals will be reviewed and voted on a case-by-case basis. The Proxy Voting Policies address, among other things, material conflicts of interest that may arise between the interests of the Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that all issues brought to shareholders are analyzed in light of the Adviser's fiduciary responsibilities.

The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling 1-888-824-4467, (2) on the Fund's website at www.aura-etfs.com, and (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund subject to the direction and oversight of the Board. The Adviser is responsible for the day-to-day management of the Fund's portfolio, including determining the securities and financial instruments purchased and sold by the Fund, including selecting broker-dealers to execute purchase and sale transactions. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.45% based on the Fund's average daily net assets.

The Advisory Agreement with respect to the Fund will continue in force for an initial period of two years. Thereafter, the Advisory Agreement will be renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Adviser or the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Advisory Agreement automatically terminates on assignment and is terminable on a 60-day written notice either by the Trust or the Adviser.

The Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may be sustained in the purchase, holding, or sale of any security.

The Fund is new and has not paid fees to the Adviser pursuant to the Advisory Agreement as of the date of this SAI.

**PORTFOLIO MANAGERS**

Ms. Kimberly Chan and Mr. Andy Hicks are jointly and primarily responsible for the day-to-day management of the Fund.

**Other Accounts.** In addition to the Fund, the portfolio managers managed the following other accounts as of February 28, 2026.

*Kimberly Chan, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number** <br> **of Accounts** | **Total Assets** <br> **of Accounts**<br> **(in millions)** | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| Registered Investment Companies | 2 | $372.28 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

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*Andy Hicks, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number** <br> **of Accounts** | **Total Assets** <br> **of Accounts**<br> **(in millions)** | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| Registered Investment Companies | 6 | $529.41 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

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**Portfolio Manager Fund Ownership.** The Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Fund had not yet commenced operations and no Shares were owned by the portfolio managers.

**Portfolio Manager Compensation.** Each portfolio manager is compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund. To the extent a portfolio manager is an equity owner of the Adviser, such portfolio manager may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

**Description of Material Conflicts of Interest.** The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have similar investment objectives or strategies as the Fund. A potential conflict of interest may arise as a result, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing, and possible market impact of trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. For instance, the portfolio managers may receive fees from certain accounts that are higher than the fees received from the Fund, or receive a performance-based fee on certain accounts. In those instances, a portfolio manager has an incentive to favor the higher and/or performance-based fee accounts over the Fund. To mitigate these conflicts, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts the firms manage are fairly and equitably allocated.

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA.

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Purchase of Creation Units" below) or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (1) by the vote of the Trustees or by a vote of the shareholders of the Fund and (2) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that, in the absence of willful misfeasance, bad faith, or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

The Fund is new and has not incurred any underwriting commissions and the Distributor has not retained any amounts as of the date of this SAI.

**Intermediary Compensation*.*** The Adviser or its affiliates, out of their own resources and not out of Fund assets (i.e., without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks, and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars, and printed communications). The Adviser will periodically assess the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker, or other investment professional, if any, may also be significant to such adviser, broker, or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker, or investment professional if they receive similar payments from their Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments their Intermediary firm may receive. Any payments made by the Adviser or its affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please call 1-888-824-4467.

**Distribution (Rule 12b-1) Plan.** The Trust has adopted a Distribution (Rule 12b-1) Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act. No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Disinterested Trustees"). None of the Trustees have a direct or indirect financial interest in the Plan or in any agreements related to the Plan. The Plan may be continued from year-to-year only if the Board, including a majority of the Disinterested Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board has determined that the Plan is likely to benefit the Fund by providing an incentive for brokers, dealers, and other financial intermediaries to engage in sales and marketing efforts on behalf of the Fund and to provide enhanced services to shareholders. The Board also determined that the Plan may enhance the Fund's ability to sell shares and access important distribution channels.

The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding Shares. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Disinterested Trustees.

The Plan provides that the Fund pays the Distributor an annual fee of up to a maximum of 0.25% of the average daily net assets of the Shares. Under the Plan, the Distributor may make payments pursuant to written agreements to financial institutions and intermediaries such as banks, savings and loan associations, and insurance companies including, without limit, investment counselors, broker-dealers, and the Distributor's affiliates and subsidiaries (collectively, "Agents") as compensation for services and reimbursement of expenses incurred in connection with distribution assistance. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions and intermediaries. The Trust intends to operate the Plan in accordance with its terms and with FINRA rules concerning sales charges.

Under the Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets, and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

**ADMINISTRATOR**

Tidal ETF Services LLC (the "Administrator"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator. The Administrator is located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement between the Trust and the Administrator. The Administrator provides the Trust with, or arranges for, administrative, compliance, and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust's principal executive officer, principal financial officer, and chief compliance officer, the Administrator coordinates the payment of Fund-related expenses, and the Administrator manages the Trust's relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. The Administrator also is entitled to certain out-of-pocket expenses for the services mentioned above.

The Fund is new, and the Administrator has not received any fees for administrative services to the Fund as of the date of this SAI.

**TRANSFER AGENT AND FUND ACCOUNTANT**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's transfer agent ("Transfer Agent") and fund accountant.

Pursuant to a Transfer Agent/Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides transfer agency and fund accounting services to the Fund. In this capacity, Global Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for the transfer agency and fund accounting services, the Adviser pays Global Fund Services a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Global Fund Services also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

The Fund is new, and Global Fund Services has not received any fees for transfer agency services or fund accounting services to the Fund as of the date of this SAI.

**CUSTODIAN**

Pursuant to a Custody Agreement, U.S. Bank National Association ("U.S. Bank"), 1555 North Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian (the "Custodian") of the Fund's assets. U.S. Bank is the parent company of Global Fund Services. The Custodian holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the Adviser based on the Trust's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

**LEGAL COUNSEL**

Sullivan & Worcester LLP, 1251 Avenue of the Americas, 19<sup>th</sup> Floor, New York, New York 10020, serves as legal counsel for the Trust and the Independent Trustees.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Tait, Weller & Baker LLP Two Liberty Place 50 South 16th Street Philadelphia, Pennsylvania 19102, serves as the independent registered public accounting firm for the Fund.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings. The Fund's entire portfolio holdings are publicly disseminated each day that the Fund is open for business and through financial reporting and news services including publicly available internet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**DESCRIPTION OF SHARES**

The Third Amended and Restated Declaration of Trust ("Declaration of Trust") authorizes the issuance of an unlimited number of funds and shares. Each share represents an equal proportionate interest in the Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing Shares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds in the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances.

Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee or officer of the Trust, and upon the due approval of the Trustees, each person who is, or has been an employee or agent of the Trust, and, upon due approval of the Trustees, any person who is serving or has served at the Trust's request as a director, officer, partner, trustee, employee, agent, or fiduciary of another organization with respect to any alleged acts or omissions while acting within the scope of a Trustee's service in such a position. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for a Trustee's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**BROKERAGE TRANSACTIONS**

The policy of the Trust regarding purchases and sales of securities for the Fund is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust's policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund and the Adviser from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The Adviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker/ dealer for each specific transaction, the Adviser chooses the broker/dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting, and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker/ dealers. The Adviser will also use electronic crossing networks ("ECNs") when appropriate.

Subject to the foregoing policies, brokers or dealers selected to execute the Fund's portfolio transactions may include the Fund's Authorized Participants (as discussed in "Purchase and Redemption of Shares in Creation Units — Procedures for Purchase of Creation Units" below) or their affiliates. An Authorized Participant or its affiliates may be selected to execute the Fund's portfolio transactions in conjunction with an all-cash Creation Unit order or an order including "cash-in-lieu" (as described below under "Purchase and Redemption of Shares in Creation Units"), so long as such selection is in keeping with the foregoing policies. As described below under "Purchase and Redemption of Shares in Creation Units — Creation Transaction Fee" and " — Redemption Transaction Fee," the Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund's shareholders, even if the decision to not charge a variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute the Fund's portfolio transactions in connection with such orders.

The Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services, and computer software and access charges which are directly related to investment research.

Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser but only if the Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser can use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Adviser's expenses to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit the Adviser, the Affiliates, or other accounts managed by the Adviser effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.

The Adviser is responsible, subject to oversight by the Board, for placing orders on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of the Fund and one or more other investment companies or clients supervised by the Adviser or any other Affiliate are considered at or about the same time, transactions in such securities are allocated among them in a manner deemed equitable and consistent with relevant fiduciary obligations. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at the most favorable net price.

The Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The Fund is new and has not paid any brokerage commissions as of the date of this SAI.

**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund or the Adviser for a commission in conformity with the 1940 Act, the 1934 Act and rules promulgated by the SEC. These rules require that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

The Fund is required to identify the securities of their "regular brokers or dealers" that the Fund has acquired during its most recent fiscal year. The Fund is new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this SAI.

**Directed Brokerage**

The Fund is new and did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (1) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (2) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (3) sold the largest dollar amounts of Shares.

The Fund is new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this SAI.

**PORTFOLIO TURNOVER RATE**

A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of the Fund's purchases or sales of securities (excluding short-term securities and securities transferred in-kind) by the average market value of the Fund. A rate of 100% indicates that the equivalent of all of the Fund's assets have been sold and reinvested in a year. High portfolio turnover may affect the amount, timing and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. Higher portfolio turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by the Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

The Fund is new and does not have a portfolio turnover rate to report as of the date of this SAI.

**BOOK ENTRY ONLY SYSTEM**

The Depository Trust Company ("DTC") acts as securities depositary for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be issued for Shares.

DTC is a limited-purpose trust company that was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the NYSE and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers, and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to in this SAI as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not entitled to have Shares registered in their names, and will not receive or be entitled to physical delivery of Share certificates. Each Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of Shares.

Conveyance of all notices, statements, and other communications to Beneficial Owners is effected as follows. DTC will make available to the Trust upon request and for a fee a listing of Shares held by each DTC Participant. The Trust shall obtain from each such DTC Participant the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement, or other communication, in such form, number, and at such place as such DTC Participant may reasonably request, in order that such notice, statement, or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interest in Shares, or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to the Fund at any time by giving reasonable notice to the Fund and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall act either to find a replacement for DTC to perform its functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS**

The Trust issues and redeems Shares only in Creation Units on a continuous basis through the Transfer Agent, without a sales load (but subject to transaction fees, if applicable), at their NAV per share next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"). The NAV of Shares is calculated each Business Day as of the scheduled close of regular trading on the NYSE, generally 4:00 p.m., Eastern Time. The Fund will not issue fractional Creation Units. A "Business Day" is any day on which the NYSE is open for regular trading.

**Placement of Creation or Redemption Orders.** All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by the transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular trading session of the NYSE (ordinarily 4:00 p.m. Eastern Time) on each day the NYSE is open for business (the "Closing Time") in order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of a Fund as next determined on such date after receipt of the order in proper form. At its discretion, a Fund may require an Authorized Participant to submit an order to purchase or redeem Creation Units earlier in the day, including in circumstances in which an applicable market for a security included in the creation or redemption basket closes earlier than usual, or in such other circumstances as the Fund may determine and disclose to Authorized Participants. In general, any Fund Deposit (as defined below) or Additional Cash Deposit (as also defined below) corresponding to the placement of an order to purchase Creation Units must be transferred and delivered to the Custodian by no later than 2 p.m. Eastern Time for a Fund on the contractual settlement date (or such other time as specified by the Trust and disclosed to Authorized Participants) (in each instance, the "Deposit Deadline").

**Fund Deposit.** The consideration for purchase of a Creation Unit of the Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit and the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant (as defined below).

The Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names and the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund may change from time to time.

**Procedures for Purchase of Creation Units.** To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party" (*i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "<u>Book Entry Only System</u>"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase Shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is generally the Closing Time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form or as noted under "Placement of Creation or Redemption Orders.". The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (*e.g.*, to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from the Fund in Creation Units must be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund's investments are primarily traded is closed, the Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the subcustodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than the Deposit Deadline. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian no later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited with the Custodian by no later than the Deposit Deadline. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by the Deposit Deadline, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit.** Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the required Deposit Securities (or the cash value thereof) have been delivered to the account of the Custodian (or sub-custodian, as applicable), the Transfer Agent, and the Adviser, shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The typical settlement date for each transaction will be within one day of the transaction (commonly referred to as "T+1"), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the delivery of Shares may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods. The Authorized Participant shall be liable to the Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, the Deposit Deadline. If the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

**Acceptance of Orders of Creation Units.** The Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to the Fund including if (1) the order is not in proper form; (2) the Deposit Securities or Deposit Cash, as applicable, delivered by the Authorized Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (3) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares of the Fund; (4) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (5) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (6) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God; public service or utility problems such as fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process; and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of Shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

Notwithstanding the Trust's ability to reject an order for creation units, the Trust will only do so in a manner consistent with any current or future SEC rulemaking or guidance relating thereto; *provided that*, no such suspension of the issuance of creation units will be done in a manner that impairs the arbitrage mechanism for investors.

**Creation Transaction Fee.** A fixed purchase (i.e., creation) transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation** <br> **Transaction Fee** | **Maximum Variable** <br> **Transaction Fee** |
| U.S. Defense ETF | $300 | 2% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities (defined below) from the Trust to their account or on their order.

**Risks of Purchasing Creation Units.** There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

**Redemption.** Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE FUND WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities—as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. If the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

The typical settlement date for each redemption transaction will be within one day of the transaction (or T+1), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the receipt of redemption proceeds may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

**Redemption Transaction Fee.** A fixed redemption transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation** <br> **Transaction Fee** | **Maximum Variable** <br> **Transaction Fee** |
| U.S. Defense ETF | $300 | 2% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units.** Orders to redeem Creation Units must generally be submitted in proper form to the Transfer Agent prior to the Closing Time, subject to the Fund's right to require an earlier submission as indicated under "Placement of Creation or Redemption Orders." A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the Shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures.** In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds will generally be made by the next Business Day following the trade date, as discussed above.

The Trust may in its discretion exercise its option to cause the Fund to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the NAV of the Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**DETERMINATION OF NET ASSET VALUE**

NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is calculated by Global Fund Services and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern Time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Share, such Fund's investments are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

When market prices are not "readily available" or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions, and Taxes."

<u>General Policies</u>. The Fund intends to distribute amounts received by the Fund attributable to dividends and interest income, if any, annually and distribute any net realized capital gains to its shareholders at least annually. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

The Fund makes additional distributions to the extent necessary (1) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (2) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund's eligibility for treatment as a RIC or to avoid imposition of income or excise taxes on undistributed income at the Fund level.

**Dividend Reinvestment Service.** The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific procedures and timetables to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**FEDERAL INCOME TAXES**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and its shareholders that supplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, local, or foreign taxes.

**Taxation of the Fund.** The Fund will elect and intends to qualify each year to be treated as a RIC under the Code. As such, the Fund should not be subject to federal income taxes on its net investment income and capital gains, if any, to the extent that it timely distributes such income and capital gains to its shareholders. Generally, to be taxed as a RIC, the Fund must distribute in each taxable year at least 90% of its "investment company taxable income" (before the deduction for dividends paid) for the taxable year, which includes, among other items, dividends, interest, net short-term capital gain, and net foreign currency gain, less expenses, as well as 90% of its net tax-exempt interest income, if any (the "Distribution Requirement"), and also must meet several additional requirements. Among these requirements are the following: (1) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, or other income derived with respect to its business of investing in such stock, securities, or foreign currencies, and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (2) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

To the extent the Fund makes investments that may generate income that is not qualifying income, including certain derivatives, the Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

Although the Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a fund-level tax on certain net built in gains recognized with respect to certain of its assets upon disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If the Fund determines that it will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in the event the Fund makes an election under Section 4982(e)(4) of the Code, (commonly referred to as "post-October losses"), and certain other late-year losses.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

The Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for either the one-year period ending on October 31 of that year, or, if the Fund makes an election under Section 4982(e)(4) of the Code, the Fund's fiscal year, subject to an increase for any shortfall in the prior year's distribution. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be eliminated.

The Fund intends to distribute substantially all of its net investment income and net capital gain to shareholders for each taxable year. If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax at regular corporate rates to the extent any such income or gains are not distributed. The Fund may elect to designate certain amounts retained as undistributed net capital gain as deemed distributions in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

**Taxation of Shareholders – Distributions.** The Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net capital gain will be taxable to Fund shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional Shares.

The Fund (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends received deduction for corporate shareholders, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at long-term capital gain rates.

Distributions from the Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain "qualified foreign corporations." Subject to certain limitations, "qualified foreign corporations" include those incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by the Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of the Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the Fund does not meet certain holding period and other requirements with respect to dividend paying stocks in its portfolio, or the shareholder does not meet certain holding period and other requirements with respect to the Shares on which the dividends were paid. Distributions by the Fund of its net short-term capital gains will be taxable to shareholders as ordinary income.

In the case of corporate shareholders, certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other RICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those Shares.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

In addition to the federal income tax, certain individuals, trusts and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

Shareholders who have not held Shares for a full year should be aware that the Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in the Fund. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable to the shareholder even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

**Taxation of Shareholders – Sale of Shares.** A sale or redemption of Shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such Shares (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service ("IRS,"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for an exchanger who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the Shares composing the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon the exchange of securities for Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rule applies and when a loss may be deductible.

**Taxation of Fund Investments.** Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (*e.g.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark to market certain types of positions in its portfolio (*i.e*., treat them as if they were closed out) which may cause the Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding Fund-level income and excise taxes. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

**Backup Withholding.** The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that they are not subject to "backup withholding;" or (4) fails to provide a certified statement that they are a U.S. person (including a U.S. resident alien). The backup withholding rate is at a rate set under Section 3406 of the Code. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the United States.

**Foreign Shareholders.** Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to a U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year (based on a formula that factors in presence in the U.S. during the two preceding years as well). Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net investment income paid to (a) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the IRS the identity of certain of its account holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (b) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

For foreign shareholders to qualify for an exemption from backup withholding, described above, the foreign shareholder must comply with special certification and filing requirements. Foreign shareholders in the Fund should consult their tax advisors in this regard.

**Certain Potential Tax Reporting Requirements.** Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Other Issues.** In those states which have income tax laws, the tax treatment of the Fund and of Fund shareholders with respect to distributions by the Fund may differ from federal tax treatment**.**

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Fund has completed a fiscal year of operations. When available, you may request a copy of the Fund's annual Certified Shareholder Report on Form N-CSR at no charge by calling 1-888-824-4467 or through the Fund's website at www.aura-etfs.com.

**PART C**

**OTHER INFORMATION**

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| | | |
|:---|:---|:---|
| **Item 28** | **Exhibits** | **Exhibits** |
| (a) (i) | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (i) | [First Amendment to the Certificate of Trust of Impact Shares Trust I (the "Trust" or the "Registrant") dated February 2, 2018](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aia.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (ii) | [Second Amendment to the Certificate of Trust of Tidal Trust III (the "Trust" or the "Registrant") dated March 19, 2024](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aib.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (ii) | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii1.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii2.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/0001722388/000199937125000421/ex99-aiii3.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii4.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii5.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii6.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (iv) | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99dxx.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv2.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (i) | [First Amendment to the Futures Trading Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011720/ex99-aiv2a.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on August 20, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv3.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv4.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv6.htm) previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (v) | Organizational Documents for Cayman Subsidiary (for the Stoneport Advisors Commodity Long Short ETF). | Organizational Documents for Cayman Subsidiary (for the Stoneport Advisors Commodity Long Short ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av1.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (2) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av2.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (3) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av3.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (4) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av4.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (5) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017417/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 147 on Form N-1A on November 12, 2025, and is incorporated herein by reference. |
| (vi) | Organizational Documents for Cayman Subsidiary (for the Defiance Bitcoin vs Gold ETF). | Organizational Documents for Cayman Subsidiary (for the Defiance Bitcoin vs Gold ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi1.htm), previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated herein by reference |
|  | (2) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi2.htm), previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated herein by reference. |

---

(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi3.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is
 incorporated herein by reference **.** 

(4) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi4.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference.

(5) [Private Investment Company Custodian Agreement](ex99-avi5.htm) , **filed herewith**.

(vii) Organizational
 Documents for Cayman Subsidiary (for Defiance Gold vs Bitcoin ETF).

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii1.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and
 is incorporated herein by reference.

(2) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii2.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026,
 and is incorporated herein by reference.

(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii3.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is
 incorporated herein by reference.

(4) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii4.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference.

(5) <u>[Private Investment Company Custodian Agreement](ex99-avii5.htm)</u>, **filed herewith**.

(viii) Organizational
 Documents for Cayman Subsidiary (for the RCN Pareto Strategic Allocation ETF).

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii1.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and
 is incorporated herein by reference.

(2) [Subsidiary Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii2.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026,
 and is incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii3.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026,
 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii4.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is
 incorporated herein by reference.

(5) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii5.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated
 herein by reference.

(6) [Private Investment Company Custodian Agreement](ex99-aviii6.htm) , **filed herewith**.

(b) [Amended and Restated By-laws of the Registrant dated December 11, 2025](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001056/ex99-b.htm) , previously filed with Post-Effective Amendment
 No. 164 on Form N-1A on January 16, 2026, and is incorporated herein by reference.

(c) [Instruments defining rights of security holders with respect to the Registrant are contained in the Third Amended and Restated Agreement and Declaration of Trust and Amended and Restated By-Laws,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) which are incorporated herein by reference to Post-Effective
 Amendment No. 59 on Form N-1A on September 6, 2024.

(d) (i) [Amended and Restated Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000119312521257394/d221608dex99d2.htm) between the Registrant (with respect to Impact Shares NAACP Minority
 Empowerment ETF and Impact Shares Women's Empowerment ETF) and Impact Shares, Corp., dated July 16, 2021, is incorporated
 herein by reference to Post-Effective Amendment No. 20 to Registrant's Registration Statement on Form N-1A, File No.
 333-221764, filed on August 26, 2021.

(i) [First Amendment to Amended and Restated Investment Advisory Agreement (with respect to the Impact Shares Women's Empowerment ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000119312523265072/d503370dex99d1i.htm) , previously filed with Post-Effective Amendment No. 37 on Form N-1A October 27, 2023 and is incorporated herein
 by reference.

(ii) [Investment Advisory Agreement between Registrant (for the Impact Shares Women's Empowerment ETF), and Tidal Investments, LLC (formerly, Toroso Investments, LLC)](http://www.sec.gov/Archives/edgar/data/1722388/000119312523265072/d503370dex99d3.htm) , previously filed with Post-Effective Amendment No. 37 on Form N-1A on October 27, 2023
 and is incorporated herein by reference.

(iii) [Investment Advisory Agreement between the Trust (for Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-div.htm) , previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated
 herein by reference.

(iv) [Investment Advisory Agreement between the Trust (for TradersAI Large Cap Equity & Cash ETF) and Tidal Investments LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-dv.htm) previously
 filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(v) [Investment Advisory Agreement between the Trust (for 4E Quality Growth ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-dvi.htm) , previously filed with
 Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(vi) [Investment Advisory Agreement between the Trust (for GammaRoad Market Navigation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010374/ex99-dvii.htm) , previously
 filed with Post-Effective Amendment No. 55 on Form N-1A on August 20, 2024 and is incorporated herein by reference.

(vii) [Investment Advisory Agreement between the Trust (for VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-dviii.htm) , previously filed with Post-Effective Amendment No. 61 on Form N-1A on
 September 13, 2024 and is incorporated herein by reference.

(i) [First Amendment to Investment to the Advisory Agreement (for the VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF, and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-dviiia.htm) **,** previously filed with Post-Effective Amendment
 No. 103 on Form N-1A on February 28, 2025 and is incorporated herein by reference **.** 

(ii) [Second Amendment to the Investment Advisory Agreement (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-dviiib.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and
 is incorporated herein by reference **.** 

(iii) [Third Amendment to the Investment Advisory Agreement (for the VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-dviiic.htm) , previously
 filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(iv) [Fourth Amendment to the Investment Advisory Agreement (for the VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup>International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-dviiiiv.htm) , previously filed with Post-Effective Amendment No. 152 on Form N-1A on November 26, 2025 and is incorporated
 herein by reference.

(v) [Fifth Amendment to the Investment Advisory Agreement (for the VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven?Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000498/ex99-dviiiv.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026 and is incorporated
 herein by reference.

(viii) [Investment Advisory Agreement between the Trust (for Fundstrat Granny Shots US Large Cap ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-dix.htm) , previously
 filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference

(i) [First Amendment to the Investment Advisory Agreement (for the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-dixa.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November
 11, 2025 and is incorporated herein by reference.

(ix) [Investment Advisory Agreement between the Trust (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-dx.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A
 on October 15, 2024 and is incorporated herein by reference.

(x) [Investment Advisory Agreement between the Trust (for Ninepoint Energy ETF and Ninepoint Energy Income ETF) and Tidal Investments LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-dxi.htm) previously
 filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference.

(xi) [Investment Advisory Agreement between the Trust (for The Beehive ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-dxii.htm) , previously filed with Post-Effective
 Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference.

(xii) [Investment Advisory Agreement between the Trust (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-dxv.htm) **,** previously filed with Post-Effective Amendment No. 85 on Form N-1A
 on December 20, 2024 and is incorporated herein by reference.

(xiii) [Investment Advisory Agreement between the Trust (for USCF Daily Target 2X Copper Index ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-dxvi.htm) , previously
 filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xiv) [Investment Advisory Agreement between the Trust (for Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF and Battleshares™ GOOGL vs NYT ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-dxvii.htm) **,** previously filed with Post-Effective
 Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(i) [First Amendment to Investment Advisory Agreement (for the Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-dxivi.htm) , previously filed with Post-Effective Amendment No. 176 on
 Form N-1A on March 16, 2026, and is incorporated herein by reference.

(xv) [Investment Advisory Agreement between the Trust (for TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-dxix.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is
 incorporated herein by reference.

(xvi) [Investment Advisory Agreement between the Trust (for PEO AlphaQuest™ Thematic PE ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99dxx.htm) , previously
 filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xvii) [Investment Advisory Agreement between the Trust (for World Dynamic Momentum Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003999/ex99-dxxi.htm) , previously
 filed with Post-Effective Amendment No. 98 on Form N-1A on January 27, 2025 and is incorporated herein by reference.

(xviii) [Investment Advisory Agreement between the Trust (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxxii.htm) , previously filed with Post-Effective Amendment No. 113 on Form
 N-1A on May 21, 2025 and is incorporated herein by reference.

(xix) [Investment Advisory Agreement between the Trust (for MRP SynthEquity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxxi.htm) , previously filed with
 Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.

(xx) [Investment Advisory Agreement between the Trust (for Alpha Brands™ Consumption Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxxii.htm) ,
 previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xxi) [Investment Advisory Agreement between the Trust (for Stoneport Advisors Commodity Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av1.htm) and Tidal Investments
 LLC, previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein
 by reference.

(xxii) [Investment Advisory Agreement between the Trust (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-dxxvii.htm) and Tidal Investments LLC, previously
 filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xxiii) [Investment Advisory Agreement between the Trust (for RCN Pareto Strategic Allocation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-dxxiii.htm) , previously
 filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated herein by reference.

(xxiv) [Investment Advisory Agreement between the Trust (for U.S. Defense ETF) and Tidal Investments LLC](ex99-dixxiv.htm) – **filed herewith.**

(xxv) Investment
 Advisory Agreement between the Trust (for Worth Charting Options Income ETF) and Tidal Investments LLC – **to be filed by amendment.**

(xxvi) Investment
 Advisory Agreement between the Trust (for Apex Consolidated Income ETF) and Tidal Investments LLC – **to be filed by amendment.**

(xxvii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Rockefeller Asset Management (for Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-dxii.htm) , previously filed with Post-Effective Amendment No. 49 on Form N-1A on August
 5, 2024 and is incorporated herein by reference.

(xxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Route 20 Private Wealth Inc. (for 4E Quality Growth ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-dxvii.htm) previously
 filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(xxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and VistaShares Advisors LLC (for VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-dxix.htm) , previously filed with Post-Effective Amendment
 No. 61 on Form N-1A on September 13, 2024 and is incorporated herein by reference.

(i) [First Amendment to Investment Sub-Advisory Agreement (for the VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF, and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-dxxviia.htm) , previously filed with Post-Effective Amendment No. 103 on
 Form N-1A on February 28, 2025 and is incorporated herein by reference.

(ii) [Second Amendment to the Investment Sub-Advisory Agreement (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-dxxxb.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and
 is incorporated herein by reference **.** 

(iii) [Third Amendment to Investment Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-dxxxiic.htm) (for the VistaShares ACKtivist Select ETF, VistaShares Target
 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares
 DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF), previously filed
 with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference **.** 

(iv) [Fourth Amendment to Investment Sub-Advisory Agreement (for the VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-dxxxiv.htm) , previously filed with Post-Effective Amendment No.
 152 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(v) [Fifth Amendment to Investment Sub-Advisory Agreement (for the VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000498/ex99-dxxxv.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026 and is incorporated
 herein by reference.

(xxx) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Fundstrat Capital, LLC (for Fundstrat Granny Shots US Large Cap ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-dxxiii.htm) ,
 previously filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Investment Sub-Advisory Agreement (for the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-dxxxia.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A
 on November 11, 2025 and is incorporated herein by reference.

(xxxi) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Ned Davis Research Inc. (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-dxxii.htm) , previously filed with Post-Effective Amendment
 No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(xxxii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Ninepoint Partners LP (for Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-dxxv.htm) previously filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is
 incorporated herein by reference.

(xxxiii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Cannell & Spears LLC (for The Beehive ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-dxxx.htm) , previously
 filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference **.**

(xxxiv) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Nest Egg ETFs, LLC. (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-dxxxv.htm) **,** previously filed with Post-Effective Amendment No.
 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(xxxv) [Investment Sub-Advisory Agreement between Tidal Investments LLC and USCF Advisers LLC (for USCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-dxxxvi.htm) ,
 previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xxxvi) [Investment Sub-Advisory Agreement between Tidal Investments LLC and TH GARP ETFS LTD (for TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-dxxxvii.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025,
 and is incorporated herein by reference.

(xxxvii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and PEO Partners, LLC (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-dxxxviii.htm) ,
 previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(i) [First Amendment to the Investment Sub-Advisory Agreement (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011720/ex99-dxla.htm) , previously filed
 with Post-Effective Amendment No. 131 on Form N-1A on August 20, 2025 and is incorporated herein by reference.

(xxxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and AlphaQuest LLC (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-dxxxix.htm) ,
 previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xxxix) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Intech Investment Management LLC (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxli.htm) , previously filed with Post-Effective Amendment
 No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.

(xl) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Measured Risk Portfolios, Inc. (for MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxlii.htm) ,
 previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.

(xli) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Accuvest Global Advisors Inc. (for Alpha Brands™ Consumption Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxli.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated
 herein by reference.

(xlii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Harmonic Capital, LLC (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-dxlvii.htm) ,
 previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xliii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and RCN Wealth Advisors](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-dxliii.htm) , Inc. (for RCN Pareto Strategic Allocation
 ETF), previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated herein by
 reference.

(xlv) Investment
 Sub-Advisory Agreement between Tidal Investments LLC and Worth Charting Group LLC (for Worth Charting Options Income ETF)
 – **to be filed by amendment.**

(xliv) Investment
 Sub-Advisory Agreement between Tidal Investments LLC and Hohimer Wealth Management, LLC (for Apex Consolidated Income ETF)
 – **to be filed by amendment.**

(e) (i) [Distribution Agreement between the Trust and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-eiv.htm) , previously filed with Post-Effective Amendment No.
 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference.

(i) [Second Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-eivii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and
 is incorporated herein by reference.

(ii) [Third Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-eiiiii.htm) , previously filed with Post-Effective Amendment No. 59 on Form N-1A on September
 6, 2024 and is incorporated herein by reference.

(iii) [Fifth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-eiv.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on
 October 15, 2024 and is incorporated herein by reference.

(iv) [Sixth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-eivi.htm) , previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated
 herein by reference **.** 

(v) [Seventh Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-evii.htm) , previously filed with Post-Effective Amendment No. 91
 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vi) [Eighth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-eiviii.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January
 17, 2025 and is incorporated herein by reference.

---

| | | |
|:---|:---|:---|
|  | (vii) | [Ninth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-eix.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
|  | (viii) | [Tenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-ex.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
| | (ix) | [Twelfth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-eixii.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference. |
| | (x) | [Thirteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-exiii.htm), previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference. |
|  | (xi) | [Fourteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF, Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-eixiv.htm), previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference. |
|  | (xii) | [Fifteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-eixiv.htm), previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference. |
|  | (xiii) | [Sixteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-eixiii.htm), previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated herein by reference. |
|  | (xiv) | Seventeenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding Worth Charting Options Income ETF) – **to be filed by amendment.** |
|  | (xv) | Eighteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding Apex Consolidated Income ETF) – **to be filed by amendment.** |
| (ii) | [Distribution Services Agreement between Tidal Investments LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ev.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Distribution Services Agreement between Tidal Investments LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ev.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (iii) | [Form of Authorized Participant Agreement between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-evi.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Form of Authorized Participant Agreement between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-evi.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (f) | Not applicable. | Not applicable. |
| (g) (i) | [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. | [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |

---

(i) [First Amendment to the Custodian Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-giii.htm) previously filed
 with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(ii) [Second Amendment to the Custodian Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-giii.htm) , previously
 filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(iii) [Fourth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-giiv.htm) previously
 filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [Fifth Amendment to the Custodian Agreement (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-giv.htm) , previously filed with Post-Effective Amendment
 No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference.

(v) [Sixth Amendment to the Custodian Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-gvi.htm) ,
 previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vi) [Seventh Amendment to the Custodian Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-givii.htm) **,** previously
 filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(vii) [Eighth Amendment to the Custodian Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-gviii.htm) , previously filed with Post-Effective Amendment No. 113 on Form
 N-1A on May 21, 2025 and is incorporated herein by reference **.** 

(viii) [Ninth Amendment to the Custodian Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-gix.htm) , previously filed with Post-Effective Amendment No. 113
 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Eleventh Amendment to the Custodian Agreement (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-gixi.htm) , previously filed with Post-Effective
 Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(x) [Twelfth Amendment to the Custodian Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-gxii.htm) , previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated
 herein by reference.

(xi) [Thirteenth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-gixiii.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November
 11, 2025 and is incorporated herein by reference.

(xii) [Fourteenth Amendment to the Custodian Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF, VistaShares Target 15™ S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-gixiii.htm) ,
 previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(xiii) [Fifteenth Amendment to the Custodian Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-gixiv.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated
 herein by reference.

(xiv) [Sixteenth Amendment to the Custodian Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF](ex99-gixiv.htm)), **filed herewith**.

(xv) Seventeenth
 Amendment to the Custodian Agreement (adding Worth Charting Options Income) – **to be filed by amendment**.

(xvi) Eighteenth
 Amendment to the Custodian Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment**.

(h) (i) [Amended and Restated Fund Administration Servicing Agreement between the Registrant, Tidal ETF Services, LLC and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hi.htm) , previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated
 herein by reference.

(i) [First Amendment to the Amended and Restated Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125015906/ex99-hii.htm) (adding Stoneport Advisors Commodity
 Long Short ETF and NovaTide Flexible Allocation ETF), previously filed with Post-Effective Amendment No. 142 on Form N-1A
 on October 23, 2025 and is incorporated herein by reference.

(ii) [Second Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF, Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-hiii.htm) , previously filed with Post-Effective
 Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference **.** 

(iii) [Third Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiiii.htm) , previously filed with Post-Effective Amendment No. 160 on
 Form N-1A on January 7, 2026 and is incorporated herein by reference.

(iv) [Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-hiiv.htm)), previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and
 is incorporated herein by reference.

(v) Fifth
 Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding Worth Charting Options Income) – **to be filed by amendment.** 

(vi) Sixth
 Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment.** 

(ii) [Transfer Agent Agreement between Registration and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-hiii.htm) , previously filed with Post-Effective
 Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Transfer Agency Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-hiiii.htm) previously filed
 with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(ii) [Second Amendment to the Transfer Agency Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-hiiiii.htm) previously
 filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(iii) [Fourth Amendment to the Transfer Agency Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiv.htm) ,
 previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [Fifth Amendment to the Transfer Agency Agreement (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-hiiv.htm) , previously filed with Post-Effective
 Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference **.** 

(v) [Sixth Amendment to the Transfer Agency Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF,TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-hiivi.htm) ,
 previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vi) [Seventh Amendment to the Transfer Agency Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-hiivii.htm) **,** previously
 filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(vii) [Eighth Amendment to the Transfer Agency Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiviii.htm) , previously filed with Post-Effective Amendment No. 113 on Form
 N-1A on May 21, 2025 and is incorporated herein by reference.

(viii) [Ninth Amendment to the Transfer Agency Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiix.htm) , previously filed with Post-Effective Amendment
 No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Eleventh Amendment to the Transfer Agency Agreement (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hiixi.htm) , previously filed with Post-Effective
 Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference **.** 

(x) [Twelfth Amendment to the Transfer Agency Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-hiixii.htm) , previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated
 herein by reference.

(xi) [Thirteenth Amendment to the Transfer Agency Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-hiixiii.htm)), previously filed with Post-Effective Amendment No. 146 on Form N-1A on November
 11, 2025 and is incorporated herein by reference.

(xii) [Fourteenth Amendment to the Transfer Agency Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF and VistaShares Target 15™ S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiixiii.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7,
 2026 and is incorporated herein by reference.

(xiii) [Fifteenth Amendment to the Transfer Agency Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiixiv.htm), previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(xiv) [Sixteenth Amendment to the Transfer Agency Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)](ex99-hiixiv.htm), **filed herewith**.

(xv) Seventeenth Amendment to the Transfer Agency Agreement (adding Worth Charting Options Income) – **to be filed by amendment**.

(xvi) Eighteenth Amendment to the Transfer Agency Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment**.

(iii) [Fund Accounting Agreement between Registration and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Fund Accounting Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-hivi.htm), previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

 (ii) [Second Amendment to the Fund Accounting Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-hivii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

 (iii) [Fourth Amendment to the Fund Accounting Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [Fifth Amendment to the Fund Accounting Agreement (adding The BeeHive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-hiiiv.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.**

(v) [Sixth Amendment to the Fund Accounting Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-hiiivi.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vi) [Seventh Amendment to the Fund Accounting Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-hiiivii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(vii) [Eighth Amendment to the Fund Accounting Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiiviii.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(viii) [Ninth Amendment to the Fund Accounting Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiiix.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Eleventh Amendment to the Fund Accounting Agreement (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hiiixi.htm) , previously filed with Post-Effective
 Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(x) [Twelfth Amendment to the Fund Accounting Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-hiiixii.htm) , previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated
 herein by reference.

(xi) [Thirteenth Amendment to the Fund Accounting Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-hiiixiii.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November
 11, 2025 and is incorporated herein by reference.

(xii) [Fourteenth Amendment to the Fund Accounting Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF and VistaShares Target 15™ S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiiixiii.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8,
 2026 and is incorporated herein by reference.

(xiii) [Fifteenth Amendment to the Fund Accounting Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiiixiv.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated
 herein by reference.

(xiv) [Sixteenth Amendment to the Fund Accounting Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)](ex99-hiiixiv.htm) , **filed herewith**.

(xvi) Seventeenth
 Amendment to the Fund Accounting Agreement (adding Worth Charting Options Income ETF) – **to be filed by amendment**.

(xvii) Eighteenth
 Amendment to the Fund Accounting Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment**.

(iv) [Sub-License Agreement with Impact Shares, Corp dated July 17, 2018, as amended, is incorporated herein by reference to Post-Effective Amendment No. 8 to Registrant's Registration Statement on Form N-1A, File No. 333-221764](http://www.sec.gov/Archives/edgar/data/1722388/000119312519227602/d794897dex99h3.htm) , previously filed
 on August 23, 2019.

(v) [Powers of Attorney,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124006474/ex99-hiv.htm) previously filed with Post-Effective Amendment No. 39 on Form N-1A on May 22, 2024 and is incorporated
 herein by reference.

(vi) [Form of ETF Support Agreement by and among Tidal Investments LLC, Tidal ETF Services, LLC, and one or more fund sponsor(s)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-hvi.htm) ,
 previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference.

(vii) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the GammaRoad Market Navigation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010374/ex99-hviii.htm) , previously
 filed with Post-Effective Amendment No. 55 on Form N-1A on August 20, 2024 and is incorporated herein by reference.

(viii) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the Ned Davis Research 360º Dynamic Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hviii.htm) ,
 previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(ix) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-hx.htm) **,** previously filed with Post-Effective Amendment No. 85 on Form N-1A
 on December 20, 2024 and is incorporated herein by reference.

(x) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and between Northern Lights Fund Trust III (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126003273/ex99-hx.htm) , previously filed with Post-Effective Amendment No. 171 on
 Form N-1A on February 13, 2026 and is incorporated herein by reference.

(i) (i) [Opinion of legal counsel relating to Impact Shares NAACP Minority Empowerment ETF, dated July 9, 2018,](http://www.sec.gov/Archives/edgar/data/1722388/000119312518215453/d663343dex99i.htm) is incorporated
 herein by reference to Pre-Effective Amendment No. 3 to Registrant's Registration Statement on Form N-1A, File No. 333-221764,
 filed on July 10, 2018.

(ii) [Opinion of legal counsel relating to Impact Shares Women's Empowerment ETF, dated August 22, 2018,](http://www.sec.gov/Archives/edgar/data/1722388/000119312518255101/d605872dex99i.htm) is incorporated
 herein by reference to Post-Effective Amendment No. 3 to Registrant's Registration Statement on Form N-1A, File No.
 333-221764, filed on August 22, 2018.

(iii) [Opinion and Consent of Counsel (for the Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF and Rockefeller New York Municipal Bond ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-iiv.htm) , previously filed with Post-Effective Amendment No. 49 on Form N-1A on
 August 5, 2024 and is incorporated herein by reference.

(iv) [Opinion and Consent of Counsel (for Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010590/ex99-iviii.htm) , previously filed
 with Post-Effective Amendment No. 57 on Form N-1A on August 23, 2024 and is incorporated herein by reference.

(v) [Opinion and Consent of Counsel (for the VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-iix.htm) , previously filed with Post-Effective Amendment No. 61 on Form N-1A on September 13, 2024 and is incorporated
 herein by reference.

(vi) [Opinion and Consent of Counsel (for the Fundstrat Granny Shots US Large Cap ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-ix.htm) , previously filed with Post-Effective
 Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference.

(vii) [Opinion and Consent of Counsel (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-ixi.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated
 herein by reference.

(viii) [Opinion and Consent of Counsel (for Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-ixii.htm) , previously filed with Post-Effective
 Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference.

(ix) [Opinion and Consent of Counsel (for The Beehive ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-ixiii.htm) , previously filed with Post-Effective Amendment No. 80 on Form N-1A
 on December 9, 2024 and is incorporated herein by reference **.** 

(x) [Opinion and Consent of Counsel (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-ixvi.htm) **,** previously
 filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(xi) [Opinion and Consent of Counsel (for USCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-ixvii.htm) , previously filed with Post-Effective Amendment
 No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xii) [Opinion and Consent of Counsel (for Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF and Battleshares™ GOOGL vs NYT ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-ixviii.htm) **,** previously filed with Post-Effective Amendment No. 96 on
 Form N-1A on January 23, 2025 and is incorporated herein by reference.

(xiii) [Opinion and Consent of Counsel (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011125/ex99-ixix.htm) , previously filed with Post-Effective Amendment No. 101 on Form N-1A on February 26, 2025 and is incorporated
 herein by reference.

(xiv) [Opinion and Consent of Counsel (for TH GARP Global Rising Leaders ETF), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-ixx.htm) , and is incorporated herein by reference.

(xv) [Opinion and Consent of Counsel (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-ixxii.htm) , previously filed with Post-Effective Amendment
 No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xvi) [Opinion and Consent of Counsel (for World Dynamic Momentum Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003999/ex99-ixxiii.htm) , previously filed with Post-Effective Amendment
 No. 98 on Form N-1A on January 27, 2025 and is incorporated herein by reference.

(xvii) [Opinion and Consent of Counsel (for TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225004123/ex99-ixxiv.htm) , previously filed with Post-Effective Amendment No.
 99 on Form N-1A on January 28, 2025 and is incorporated herein by reference.

(xxviii) [Opinion and Consent of Counsel (for MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011278/ex99-ixxiv.htm) , previously filed with Post-Effective Amendment No. 102 on Form
 N-1A on February 26, 2025 and is incorporated herein by reference.

(xix) [Opinion and Consent of Counsel (for VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-ixxv.htm) , previously filed with Post-Effective Amendment No. 103 on Form N-1A on February 28, 2025
 and is incorporated herein by reference.

(xx) [Opinion and Consent of Counsel (for Alpha Brands™ Consumption Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-ixxv.htm) , previously filed with Post-Effective
 Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xxi) [Opinion and Consent of Counsel (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-ixxvi.htm) ,
 previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-ixxii.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16,
 2026, and is incorporated herein by reference.

(xxiii) [Opinion and Consent of Counsel (for VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment
 No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for Stoneport Advisors Commodity Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-ixxix.htm) , previously filed with Post-Effective
 Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference **.** 

(xxvi) [Opinion and Consent of Counsel (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-ixxx.htm) , previously filed with Post-Effective Amendment No.
 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xxvii) [Opinion and Consent of Counsel (for VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018840/ex99-ixxx.htm) , previously filed with Post-Effective Amendment No. 153 on Form N-1A on November 26, 2025
 and is incorporated herein by reference.

(xxxviii) [Opinion and Consent of Counsel (for Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-ixxxi.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated
 herein by reference.

(xxix) [Opinion and Consent of Counsel (VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125019117/ex99-ixxxii.htm) , previously filed with Post-Effective Amendment No. 154 on Form
 N-1A on December 1, 2025 and is incorporated herein by reference.

(xxx) [Opinion and Consent of Counsel (for VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-ixxxiii.htm) , previously filed
 with Post-Effective Amendment No. 152 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(xxxi) [Opinion and Consent of Counsel (for VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000498/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on
 January 8, 2026 and is incorporated herein by reference.

(xxxii) [Opinion and Consent of Counsel (for VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001056/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment No. 164 on Form
 N-1A on January 16, 2026 and is incorporated herein by reference.

(xxxiii) [Opinion and Consent of Counsel (for VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001612/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 168 on Form N-1A on January 26, 2026 and is incorporated
 herein by reference.

(xxxiv) [Opinion and Consent of Counsel (for RCN Pareto Strategic Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment
 No. 177 on Form N-1A on March 23, 2026, and is incorporated herein by reference.

(xxxv) [Opinion and Consent of Counsel (for U.S. Defense ETF)](ex99-ixxxvi.htm) – **filed herewith.** 

(xxxvi) Opinion
and Consent of Counsel (for Worth Charting Options Income) – **to be filed by amendment.** 

(xxxvii) Opinion
 and Consent of Counsel (for Apex Consolidated Income ETF) – **to be filed by amendment.** 

(j) [Consent of Independent Registered Public Accounting Firm](ex99-j.htm) – **filed herewith.**

(k) Not
 applicable.

(l) Not
 applicable.

(m) Amended
 and Restated Rule 12b-1 Distribution Plan, herewith.

(n) Not
 applicable.

(o) Reserved.

(p) (i) [Code of Ethics for Tidal Trust III](http://www.sec.gov/Archives/edgar/data/1722388/000199937125021101/ex99-pi.htm) , previously filed with Post-Effective Amendment No. 159 on Form N-1A on December
 23, 2025 and is incorporated herein by reference **.** 

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 152 on Form N-1A on November
 26, 2025 and is incorporated herein by reference.

(iii) Code
 of Ethics for Foreside Fund Services, LLC – not applicable per Rule 17j-1(c)(3).

(iv) [Code of Ethics for Rockefeller Asset Management](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-piv.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A
 on March 23, 2026, and is incorporated herein by reference.

(v) [Code of Ethics for Traders A.I., Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-pvii.htm) , previously filed with Post-Effective Amendment No. 48 on Form N-1A on August
 5, 2024 and is incorporated herein by reference.

(vi) [Code of Ethics for Route 20 Private Wealth Inc.,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-pviii.htm) previously filed with Post-Effective Amendment No. 59 on Form
 N-1A on September 6, 2024 and is incorporated herein by reference.

(vii) [Code of Ethics for VistaShares Advisors LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-pvii.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on
 March 23, 2026, and is incorporated herein by reference.

(viii) [Code of Ethics for Ned Davis Research Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-pix.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October
 15, 2024 and is incorporated herein by reference.

(ix) [Code of Ethics for Ninepoint Partners LP](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-px.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October
 15, 2024 and is incorporated herein by reference.

(x) [Code of Ethics for Fundstrat Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-pxi.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November
 11, 2025 and is incorporated herein by reference.

(xi) [Code of Ethics for Cannell & Spears LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125004846/ex99-pxii.htm) , previously filed with Post-Effective Amendment No. 110 on Form N-1A on
 April 28, 2025 and is incorporated herein by reference.

(xii) [Code of Ethics for Harmonic Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-pxiii.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on September
 12, 2025 and is incorporated herein by reference.

(xiii) [Code of Ethics for Nest Egg ETFs, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006925/ex99-pxiv.htm) , previously filed with Post-Effective Amendment No. 119 on Form N-1A on May 30,
 2025 and is incorporated herein by reference **.** 

(xiv) [Code of Ethics for USCF Advisers LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-pxv.htm) previously filed with Post-Effective Amendment No. 94 on Form N-1A on January
 17, 2025 and is incorporated herein by reference.

(xv) [Code of Ethics for TH GARP ETFS LTD](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-pxvi.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13,
 2025, and is incorporated herein by reference.

(xvi) [Code of Ethics for PEO Partners, LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-pxvii.htm) previously filed with Post-Effective Amendment No. 95 on Form N-1A on January
 17, 2025 and is incorporated herein by reference.

(xvii) [Code of Ethics for AlphaQuest LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-pxviii.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17,
 2025 and is incorporated herein by reference.

(xviii) [Code of Ethics for Intech Investment Management LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011125/ex99-pxix.htm) , previously filed with Post-Effective Amendment No. 101 on Form
 N-1A on February 26, 2025 and is incorporated herein by reference.

(xix) [Code of Ethics for Measured Risk Portfolios, Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011278/ex99-pxx.htm) , previously filed with Post-Effective Amendment No. 102 on Form N-1A
 on February 26, 2025 and is incorporated herein by reference.

(xx) [Code of Ethics for Accuvest Global Advisors Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-pxxi.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A
 on May 21, 2025 and is incorporated herein by reference.

(xxi) [Code of Ethics for RCN Wealth Advisors, Inc](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-pxxi.htm) ., previously filed with Post-Effective Amendment No. 177 on Form N-1A on
 March 23, 2026, and is incorporated herein by reference.

(xxii) Code
 of Ethics for Worth Charting Options Income – **to be filed by amendment**.

(xxiii) Code
 of Ethics for Hohimer Wealth Management, LLC – **to be filed by amendment**.

**Item 29.** **Persons Controlled by or under Common Control with Registrant.**

Not Applicable.

**Item 30.** **Indemnification**

Reference is made to Article IV of the Registrant's Third Amended and Restated Agreement and Declaration of Trust. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the Securities Act), the Registrant furnishes the following undertaking: Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

Each of the investment advisers and investment sub-advisers to one or more of the Funds is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The list required by this Item 31 of officers and directors of each adviser/sub-adviser together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to the respective Schedules A and D of Form ADV filed by each such firm pursuant to the Advisers Act. Each adviser's/sub-adviser's state of organization and SEC Advisers Act file number is noted below.

---

| | |
|:---|:---|
| **<u>Investment Adviser</u>** | **<u>SEC File No.</u>** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |
| **<u>Investment Sub-Advisers</u>** |  |
| Impact Shares Corp. | 801-112391 |
| Unity Wealth Partners LLC | 801-130370 |
| Rockefeller Asset Management, a division of Rockefeller & Co. LLC | 801-113009 |
| Traders A.I., Inc. | 801-130642 |
| Route 20 Private Wealth Inc. | 801-130981 |
| VistaShares Advisors LLC | 801-130962 |
| Fundstrat Capital, LLC | 801-131012 |
| Ned Davis Research Inc. | 801-60241 |
| Ninepoint Partners LP | 801-111715 |
| Cannell & Spears LLC | 801-67401 |
| Harmonic Capital, LLC | 801-132705 |
| Nest Egg ETFs, LLC | 801-131316 |
| USCF Advisers LLC | 801-79985 |
| TH GARP ETFS LTD | 801-131592 |
| PEO Partners, LLC | 801-131277 |
| AlphaQuest LLC | 801-108500 |
| Intech Investment Management LLC | 801-60987 |
| Measured Risk Portfolios, Inc. | 801-80124 |
| Accuvest Global Advisors Inc. | 801-68887 |
| RCN Wealth Advisors, Inc. | 801-135338 |
| Worth Charting Group LLC | [ ] |
| Hohimer Wealth Management, LLC | 801-114746 |

---

**Item 32.** **Foreside Fund Services, LLC**

---

| | |
|:---|:---|
| Item 32(a) | Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |

---

1. AB
 Active ETFs, Inc.

2. ABS
 Long/Short Strategies Fund

3. ActivePassive
 Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive
 Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive
 International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive
 U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares
 Trust

8. AFA
 Private Credit Fund

9. AGF
 Investments Trust

10. AIM
 ETF Products Trust

11. Alexis
 Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric
 Prime Meridian Income Fund

13. American
 Century ETF Trust

14. AMG
 ETF Trust

15. Amplify
 ETF Trust

16. Applied
 Finance Dividend Fund, Series of World Funds Trust

17. Applied
 Finance Explorer Fund, Series of World Funds Trust

18. Applied
 Finance Select Fund, Series of World Funds Trust

19. Ardian
 Access LLC

20. ARK
 ETF Trust

21. ARK
 Venture Fund

22. Bitwise
 Funds Trust

23. BondBloxx
 ETF Trust

24. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

25. Bridgeway
 Funds, Inc.

26. Brinker
 Capital Destinations Trust

27. Brookfield
 Real Assets Income Fund Inc.

28. Build
 Funds Trust

29. Calamos
 Convertible and High Income Fund

30. Calamos
 Convertible Opportunities and Income Fund

31. Calamos
 Dynamic Convertible and Income Fund

32. Calamos
 Global Dynamic Income Fund

33. Calamos
 Global Total Return Fund

34. Calamos
 Strategic Total Return Fund

35. Carlyle
 Tactical Private Credit Fund

36. Cascade
 Private Capital Fund

37. Catalyst/Perini
 Strategic Income Fund

38. CBRE
 Global Real Estate Income Fund

39. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

40. Clifford
 Capital Partners Fund, Series of World Funds Trust

41. Cliffwater
 Corporate Lending Fund

42. Cliffwater
 Enhanced Lending Fund

43. Coatue
 Innovative Strategies Fund

44. Cohen
 & Steers ETF Trust

45. Convergence
 Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap
 Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge
 Pre-Merger SPAC ETF, Series of Trust for Professional Managers

48. Curasset
 Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset
 Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER
 HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

51. Davis
 Fundamental ETF Trust

52. Defiance
 BMNR Option Income ETF, Series of ETF Series Solutions

53. Defiance
 Connective Technologies ETF, Series of ETF Series Solutions

54. Defiance
 Drone and Modern Warfare ETF, Series of ETF Series Solutions

55. Defiance
 Quantum ETF, Series of ETF Series Solutions

56. Denali
 Structured Return Strategy Fund

57. Dodge
 & Cox Funds

58. DoubleLine
 ETF Trust

59. DoubleLine
 Income Solutions Fund

60. DoubleLine
 Opportunistic Credit Fund

61. DoubleLine
 Yield Opportunities Fund

62. DriveWealth
 ETF Trust

63. EIP
 Investment Trust

64. Ellington
 Income Opportunities Fund

65. ETF
 Opportunities Trust

66. Exchange
 Listed Funds Trust

67. Exchange
 Place Advisors Trust

68. FIS
 Trust

69. FlexShares
 Trust

70. Fortuna
 Hedged Bitcoin Fund, Series of Listed Funds Trust

71. Forum
 Funds

72. Forum
 Funds II

73. Forum
 Real Estate Income Fund

74. Fundrise
 Growth Tech Fund, LLC

75. GMO
 ETF Trust

76. GoldenTree
 Opportunistic Credit Fund

77. Gramercy Emerging Markets Debt Fund, Series of Investment
Managers Series Trust

78. Grayscale Funds Trust

79. Guinness Atkinson Funds

80. Harbor ETF Trust

81. Harris Oakmark ETF Trust

82. Hawaiian Tax-Free Trust

83. Horizon Kinetics Blockchain Development ETF, Series
of Listed Funds Trust

84. Horizon Kinetics Energy and Remediation ETF, Series
of Listed Funds Trust

85. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

86. Horizon
 Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

87. Horizon
 Kinetics Medical ETF, Series of Listed Funds Trust

88. Horizon
 Kinetics SPAC Active ETF, Series of Listed Funds Trust

89. Innovator
 ETFs Trust

90. Ironwood
 Institutional Multi-Strategy Fund LLC

91. Ironwood
 Multi-Strategy Fund LLC

92. Jensen
 Quality Growth ETF, Series of Trust for Professional Managers

93. John
 Hancock Exchange-Traded Fund Trust

94. Kurv
 ETF Trust

95. Lazard
 Active ETF Trust

96. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

97. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

98. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

99. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

100. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

101. Manor
 Investment Funds

102. MoA
 Funds Corporation

103. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

104. Morgan
 Stanley ETF Trust

105. Morgan
 Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

106. Morgan
 Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

107. Morningstar
 Funds Trust

108. NEOS
 ETF Trust

109. Niagara
 Income Opportunities Fund

110. North
 Square Evanston Multi-Alpha Fund

111. NXG
 Cushing<sup>®</sup> Midstream Energy Fund

112. NXG
 NextGen Infrastructure Income Fund

113. OTG
 Latin American Fund, Series of World Funds Trust

114. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

115. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

116. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

117. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

118. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

119. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

120. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

121. Palmer
 Square Funds Trust

122. Palmer
 Square Opportunistic Income Fund

123. Partners
 Group Private Income Opportunities, LLC

124. Perkins
 Discovery Fund, Series of World Funds Trust

125. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

126. Plan
 Investment Fund, Inc.

127. Point
 Bridge America First ETF, Series of ETF Series Solutions

128. Precidian
 ETFs Trust

129. Rareview
 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

130. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

131. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

132. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

133. Rareview
 Total Return Bond ETF, Series of Collaborative Investment Series Trust

134. Renaissance
 Capital Greenwich Funds

135. REX
 ETF Trust

136. Reynolds
 Funds, Inc.

137. RMB
 Investors Trust

138. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

139. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

140. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

141. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

142. Roundhill
 ETF Trust

143. Roundhill
 Magnificent Seven ETF, Series of Listed Funds Trust

144. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

145. Roundhill
 Video Games ETF, Series of Listed Funds Trust

146. Rule
 One Fund, Series of World Funds Trust

147. Russell
 Investments Exchange Traded Funds

148. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

149. Six
 Circles Trust

150. Sound
 Shore Fund, Inc.

151. SP
 Funds Trust

152. Sparrow
 Funds

153. Spear
 Alpha ETF, Series of Listed Funds Trust

154. STF
 Tactical Growth & Income ETF, Series of Listed Funds Trust

155. STF
 Tactical Growth ETF, Series of Listed Funds Trust

156. Strategic
 Trust

157. Strategy
 Shares

158. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

159. Tekla
 World Healthcare Fund

160. Tema
 ETF Trust

161. The
 2023 ETF Series Trust

162. The
 Community Development Fund

163. The
 Cook & Bynum Fund, Series of World Funds Trust

164. The
 Private Shares Fund

165. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

166. Third
 Avenue Trust

167. Third
 Avenue Variable Series Trust

168. Tidal
 Trust I

169. Tidal
 Trust II

170. Tidal
 Trust III

171. Tidal
 Trust IV

172. TIFF
 Investment Program

173. Timothy
 Plan High Dividend Stock ETF, Series of The Timothy Plan

174. Timothy
 Plan International ETF, Series of The Timothy Plan

175. Timothy
 Plan Market Neutral ETF, Series of The Timothy Plan

176. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

177. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

178. Total
 Fund Solution

179. Touchstone
 ETF Trust

180. Trailmark
 Series Trust

181. T-Rex
 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex
 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

183. T-Rex
 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

184. T-Rex
 2x Long Ether Daily Target ETF

185. U.S.
 Global Investors Funds

186. Union
 Street Partners Value Fund, Series of World Funds Trust

187. Vest
 Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

188. Vest
 S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund, Series of World Funds Trust

189. Vest
 US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

190. Vest
 US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

191. Vest
 US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

192. Virtus
 Stone Harbor Emerging Markets Income Fund

193. Volatility
 Shares Trust

194. WEBs
 ETF Trust

195. Wedbush
 Series Trust

196. Wellington
 Global Multi-Strategy Fund

197. Wilshire
 Mutual Funds, Inc.

198. Wilshire
 Variable Insurance Trust

199. WisdomTree
 Trust

200. XAI
 Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Financial and Operations Principal<br> and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

**Item 33. Location of Accounts and Records**

(1) Impact
 Shares, Corp, 5950 Berkshire Lane, Suite 1420, Dallas, Texas 75225

(2) Tidal
 Investments LLC (formerly Toroso Investments, LLC), 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204

(3) Tidal
 ETF Services LLC, 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204

(4) U.S.
 Bancorp Fund Services, LLC, 615 E. Michigan Street, Milwaukee, Wisconsin 53202

(5) U.S.
 Bank, National Association, 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53202

(6) Foreside
 Fund Service, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101

(7) Unity
 Wealth Partners LLC, 4050 W. Metropolitan Dr., Suite 150, Orange, CA 92868

(8) Rockefeller
 Asset Management (a division of Rockefeller & Co. LLC), 510 Madison Avenue, 21<sup>st</sup> Floor, New York, NY 10022

(9) Traders
 A.I., Inc., 10300 Eaton Pl, Suite 440/448, Fairfax, VA 22030

(10) Route
 20 Private Wealth Inc., 401 East Las Olas Boulevard, Suite 1400, Fort Lauderdale, Florida 33301

(11) VistaShares
 Advisors LLC, 1111B S Governors Avenue, Suite 20096, Dover, Delaware 19904

(12) Fundstrat
 Capital, LLC, 150 East 52<sup>nd</sup> Street, New York, NY 10022

(13) Ned
 Davis Research Inc., 3665 Bee Ridge Road, Suite 306 Sarasota, Florida 34233

(14) Ninepoint
 Partners LP, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1

(15) Cannell
 & Spears LLC, 545 Madison Avenue, 11<sup>th</sup> Floor, New York, New York 10022

(16) Harmonic
 Capital, LLC, 444 North Wabash Ave, Chicago, IL 60611

(17) Nest
 Egg ETFs, LLC., 8141 2<sup>nd</sup> Street, Suite 330, Downey, California 90241

(18) USCF
 Advisers LLC, 1850 Mt. Diablo Blvd. Suite 640, Walnut Creek, CA 94596

(19) TH
 GARP ETFS LTD, 99 Bishopsgate, London, UK EC2M 3XD

(20) PEO
 Partners, LLC, 100 Park Avenue, 26<sup>th</sup> Floor, New York, New York 10017

(21) AlphaQuest
 LLC, 126 East 56<sup>th</sup> Street, 25<sup>th</sup> Floor, New York, New York 10022

(22) Intech
 Investment Management LLC, 250 S. Australian Avenue, Suite 1700, West Palm Beach, Florida 33401

(23) Measured
 Risk Portfolios, Inc., 5230 Carroll Canyon Road, Suite 224, San Diego, CA 92121

(24) Accuvest
 Global Advisors Inc., 3575 N. 100 E. Suite 350, Provo, UT 84604

(25) RCN
 Wealth Advisors, Inc., 116 Terrapin Ln. Stevensville, MD 21666

(26) Worth
 Charting Group LLC, located at 445 Park Avenue, 9<sup>th</sup> Floor, New York, New York 10022

(27) Hohimer
 Wealth Management, LLC, One Union Square 600 University Street, Suite 2401, Seattle, WA 98101

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 180 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 180 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on April 6, 2026.

---

| |
|:---|
| **Tidal Trust III** |
| /s/ Eric W. Falkeis |
| Eric W. Falkeis<br> President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on April 6, 2026.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | President, Principal Executive Officer and Trustee |
| Eric W. Falkeis | Eric W. Falkeis |  |
| /s/ Monica H. Byrd\* | /s/ Monica H. Byrd\* | Trustee |
| Monica H. Byrd | Monica H. Byrd |  |
| /s/ Pamela Cytron\* | /s/ Pamela Cytron\* | Trustee |
| Pamela Cytron | Pamela Cytron |  |
| /s/ Lawrence Jules\* | /s/ Lawrence Jules\* | Trustee |
| Lawrence Jules | Lawrence Jules |  |
| /s/ Ethan Powell\* | /s/ Ethan Powell\* | Trustee |
| Ethan Powell | Ethan Powell |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer, Principal Financial Officer and Principal Accounting Officer |
| Aaron Perkovich | Aaron Perkovich |  |
| \*By: | /s/ Eric W. Falkeis |  |
|  | Eric W. Falkeis, Attorney in Fact |  |
|  | By Power of Attorney |  |

---

**Exhibit Index**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[(a)(vi)(5)](ex99-avi5.htm) | &nbsp;&nbsp;[Private Investment Company Custodian Agreement](ex99-avi5.htm) |
| &nbsp;&nbsp;[(a)(vii)(5)](ex99-avii5.htm) | &nbsp;&nbsp;[Private Investment Company Custodian Agreement](ex99-avii5.htm) |
| &nbsp;&nbsp;[(a)(viii)(6)](ex99-aviii6.htm) | &nbsp;&nbsp;[Private Investment Company Custodian Agreement](ex99-aviii6.htm) |
| &nbsp;&nbsp;[(d)(i)(xxiv)](ex99-dixxiv.htm) | &nbsp;&nbsp;[Investment Advisory Agreement](ex99-dixxiv.htm) |
| &nbsp;&nbsp;[(g)(i)(xiv)](ex99-gixiv.htm) | &nbsp;&nbsp;[Sixteenth Amendment to the Custodian Agreement](ex99-gixiv.htm) |
| &nbsp;&nbsp;[(h)(ii)(xiv)](ex99-hiixiv.htm) | &nbsp;&nbsp;[Sixteenth Amendment to the Transfer Agency Agreement](ex99-hiixiv.htm) |
| &nbsp;&nbsp;[(h)(iii)(xiv)](ex99-hiiixiv.htm) | &nbsp;&nbsp;[Sixteenth Amendment to the Fund Accounting Agreement](ex99-hiiixiv.htm) |
| &nbsp;&nbsp;[(i)(xxxv)](ex99-ixxxvi.htm) | &nbsp;&nbsp;[Opinion and Consent of Counsel](ex99-ixxxvi.htm) |
| &nbsp;&nbsp;[(j)](ex99-j.htm) | &nbsp;&nbsp;[Consent of Independent Registered Public Accounting Firm](ex99-j.htm) |

---

## Ex-99.(A)(Vi)(5)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(a)(vi)(5)**

**PRIVATE INVESTMENT COMPANY** 

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page, by and between **DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY**, an exempted company incorporated in the Cayman Islands with limited liability (the "Fund") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is a wholly owned subsidiary of the Defiance Bitcoin vs Gold ETF;

WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private investment companies;

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**Article 1** 

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Authorized Person</u> " means any person
authorized by the Fund, on a list to be provided to the Custodian (as amended from time to time), to give Written Instructions
on behalf of the Fund. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives
Written Instructions from the Fund or the Fund's investment advisor or other agent that any such person is no longer an
Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Depository Account</u> " means an account
of the Custodian in which Securities of the Fund are kept in a book-entry system or securities depository which includes only
assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Securities</u> " shall include, without
limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers'
acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or
documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or
interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Straight Through Processing</u> " shall
have the meaning assigned to it in Section 5.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Written Instructions</u> " mean (i) written
instructions signed by an Authorized Person and received by the Custodian, or (ii) trade instructions transmitted by an Authorized
Person by means of an electronic transaction reporting system which requires the use of a password or other authorized identifier
in order to gain access. Written Instructions may be delivered electronically or by hand, electronic mail or facsimile sending
device.

**Article 2** 

**APPOINTMENT OF CUSTODIAN**

**Section 2.1** <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

**Section 2.2** <u>Documents to be Furnished.</u> The following documents, including any amendments thereto, will be provided contemporaneously with the execution of this Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the current offering documents of the Fund (the "Confidential Private Placement Memorandums");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A completed Authorized Persons schedule, with specimen signatures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

 **Article 3** 

**INSTRUCTIONS**

**Section 3.1** Unless otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

**Section 3.2** The Custodian shall be entitled to rely upon any Written Instruction it receives from an Authorized Person pursuant to this Agreement. The Custodian may assume that any Written Instructions received hereunder are not in any way inconsistent with the provisions of organizational documents of the Fund or of any vote, resolution or proceeding of the Fund or the Fund's members, unless and until the Custodian receives Written Instructions to the contrary.

**Section 3.3** Where Written Instructions reasonably appear to have been received from an Authorized Person, the Custodian shall incur no liability to the Fund in acting upon such Written Instruction provided that the Custodian's actions comply with the other provisions of this Agreement.

**Article 4** 

**NAMES, TITLES, AND SIGNATURES OF AUTHORIZED PERSONS**

The Fund shall certify to the Custodian the names, titles, and signatures of Authorized Persons who are authorized to give Written Instructions to the Custodian on behalf of the Fund. The Fund agrees that, whenever any change in such authorization occurs, it will file with the Custodian a new certified list of names, titles, and signatures which shall be signed by at least one officer previously certified to the Custodian if such officer still holds an office with the Fund. The Custodian is authorized to rely and act upon the names, titles, and signatures of the individuals as they appear in the most recent certified list which has been delivered to the Custodian.

**Article 5** 

**RECEIPT AND DISBURSEMENT OF MONEY**

**Section 5.1** The Fund shall, from time to time, cause certain cash owned by the Fund to be delivered or paid to the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all cash of the Fund is being so deposited or to take any action or to give any notice with respect to cash not so deposited. The Custodian agrees to hold such cash, together with any other sum collected or received by it, for or on behalf of the Fund (the "Fund Account"). The Custodian shall make payments of cash from the Fund Account only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for bills, statements and other obligations of the Fund
(including but not limited to obligations in connection with the conversion, exchange or surrender of securities owned by the
Fund, interest charges, dividend disbursements, taxes, management fees, custodian fees, legal fees, auditors' fees, transfer
agents' fees, brokerage commissions, compensation to personnel, and other operating expenses of the Fund) pursuant to Written
Instructions from the Fund setting forth the name of the person to whom payment is to be made, the amount of the payment, and
the purpose of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as provided in Article 6 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the termination of this Agreement.

**Section 5.2** The Custodian is hereby appointed the attorney-in-fact of the Fund to enforce and collect all checks, drafts, or other orders for the payment of money received by the Custodian for the Fund Account and drawn to or to the order of the Fund and to deposit them in said account.

**Section 5.3** <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security instructions received by Custodian via online portal,
SWIFT, secure file transfer protocol, or equivalent method in an automated, electronic process without manual review ("Straight
Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks and liabilities associated with
instructions given to Custodian regarding any transactions eligible for Straight Through Processing and (2) understands that any
non-repetitive wire instructions concerning cash or securities to be transferred out of Custodian or to a different entity will
be deemed not eligible for Straight Through Processing. Such non-repetitive wire instructions may be subject to a call back process
in order to obtain further verification and/or additional authorized direction or other documentation as reasonably requested for
verification purposes by Custodian.

**Article 6** 

**RECEIPT OF SECURITIES**

The Fund may, from time to time, place certain of its Securities in the custody of the Custodian. The Custodian shall have no obligations with respect to any Securities owned by the Fund but not so deposited in the Fund Account. The Custodian agrees to hold such Securities for the account of the Fund, in the name of the Fund or a bearer or nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Instructions from the Fund, to receive from persons other than the Fund and to hold for the account of the Fund Securities specified in said Written Instructions, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the Fund held by it in the Fund Account in the amounts provided and in the manner directed by the Written Instructions from the Fund.

The Custodian agrees that all Securities of the Fund placed in its custody shall be kept physically segregated at all times from those of any other person, firm, or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof, with safeguards substantially equivalent to those maintained by the Custodian for its own Securities.

Subject to such rules, regulations, and orders as the Securities and Exchange Commission (the "SEC") may adopt, the Fund may direct the Custodian to deposit all or any part of the Securities owned by the Fund in a system for the central handling of Securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the SEC, pursuant to which system all Securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such Securities, provided that all such deposits shall be subject to withdrawal only at the direction of the Fund.

**Article 7** 

**TRANSFER, EXCHANGE, AND DELIVERY OF SECURITIES**

The Custodian agrees to transfer, exchange, and deliver Securities as provided in Article 8, or on receipt by it of, and in accordance with, Written Instructions from the Fund in which the Fund shall state specifically which of the following cases is covered thereby, provided that it shall not be the responsibility of the Custodian to determine the propriety or legality of any such order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of deliveries of Securities sold by the Fund,
against receipt by the Custodian of the proceeds of sale and after receipt of a confirmation from a broker or dealer with respect
to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of deliveries of Securities which may mature
or be called, redeemed, retired, or otherwise become payable, against receipt by the Custodian of the sums payable thereon or
against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of deliveries of Securities which are to
be transferred to and registered in the name of the Fund or of a nominee of the Custodian and delivered to the Custodian for the
account of the Fund, against receipt by the Custodian of interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of deliveries of Securities to the issuer
thereof, its transfer agent or other proper agent, or to any committee or other organization for exchange for other Securities
to be delivered to the Custodian in connection with a reorganization or recapitalization of the issuer or any split-up or similar
transaction involving such Securities, against receipt by the Custodian of such other Securities or against interim receipts or
other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of deliveries of temporary certificates in
exchange for permanent certificates, against receipt by the Custodian of such permanent certificates or against interim receipts
or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of deliveries of Securities upon conversion
thereof into other Securities, against receipt by the Custodian of such other Securities or against interim receipts or other
proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the case of deliveries of Securities in exchange for
other Securities (whether or not such transactions also involve the receipt or payment of cash), against receipt by the Custodian
of such other Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In a case not covered by the preceding paragraphs of
this Article, upon receipt of a Written Instruction from the Fund specifying the Securities and assets to be transferred, exchanged,
or delivered, the purposes for which such delivery is being made, declaring such purposes to be proper corporate purposes, and
naming a person or persons to whom such transfer, exchange, or delivery is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of deliveries pursuant to paragraphs (a),
(b), (c), (d), (e), (f), and (g) above, the Written Instructions from the Fund shall direct that the proceeds of any Securities
delivered, or Securities or other assets exchanged for or in lieu of Securities so delivered, are to be delivered to the Custodian.

**Article 8** 

**CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS**

Unless and until the Custodian receives contrary Written Instructions from the Fund, the Custodian shall, without order from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Present for payment all bills, notes, checks, drafts,
and similar items, and all coupons or other income items (except stock dividends), held or received for the account of the Fund,
and which require presentation in the ordinary course of business, and credit such items to the Fund Account pursuant to the Custodian's
then current funds availability schedule, but the Custodian shall have no duty to take action to effect collection of any amount
if the assets upon which such payment is due are in default or if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment all Securities which may mature or
be called, redeemed, retired, or otherwise become payable and credit such items to the Fund Account pursuant to the Custodian's
then current funds availability schedule, but the Custodian shall have no duty to take action to effect collection of any amount
if the assets upon which such payment is due are in default or if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold for and credit to the Fund Account all shares of
stock and other Securities received as stock dividends or as the result of a stock split or otherwise from or on account of Securities
of the Fund, and notify the Fund promptly of the receipt of such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deposit any cash received by it from, for or on behalf
of the Fund to the credit of the Fund in the Fund Account (in its own deposit department without liability for interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charge against the Fund Account for Fund disbursements
authorized to be made by the Custodian hereunder and actually made by it, and notify the Fund of such charges at least once a
month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Deliver Securities which are to be transferred to and
reissued in the name of the Fund, or of a nominee of the Custodian for the account of the Fund, and temporary certificates which
are to be exchanged for permanent certificates, to a proper transfer agent for such purpose against interim receipts or other
proper delivery receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hold for disposition in accordance with Written Instructions
from the Fund hereunder all options, rights, and similar Securities which may be received by the Custodian and which are issued
with respect to any Securities held by it hereunder, and notify the Fund promptly of the receipt of such items.

**Article 9** 

**DELIVERY OF PROXIES**

The Custodian shall deliver promptly to the Fund all proxies, written notices, and communications with respect to Securities held by it for the account of the Fund which it may receive from securities issuers or obligors and/or via the industry standard information services to which Custodian subscribes.

**Article 10** 

**TRANSFER OF SECURITIES**

The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer any Securities which it may hold for the Fund. For the purpose of facilitating the handling of Securities, unless the Fund shall otherwise direct by Written Instructions, the Custodian is authorized to hold Securities deposited with it under this Agreement in the name of its registered nominee or nominees (as defined in the Internal Revenue Code and any Regulations of the United States Treasury Department issued thereunder or in any provision of any subsequent federal tax law exempting such transaction from liability for stock transfer taxes) and shall execute and deliver such certificates in connection therewith as may be required by such laws or regulations or under the laws of any state. The Custodian shall advise the Fund of the certificate number of each certificate so presented for transfer and that of the certificate received in exchange therefor, and shall use its best efforts to the end that the specific Securities held by it hereunder shall be at all times identifiable.

**Article 11** 

**TRANSFER TAXES AND OTHER DISBURSEMENTS**

The Fund shall pay or reimburse the Custodian for any transfer taxes payable upon transfers of Securities made hereunder, including transfers incident to the termination of this Agreement, and for all other necessary and proper disbursements and expenses made or incurred by the Custodian in the performance or incident to the termination of this Agreement, and the Custodian shall have a lien upon any cash or Securities held by it for the account of the Fund for all such items, enforceable, after 60 days' written notice by registered mail to the Fund, by the sale of sufficient Securities to satisfy such lien. The Custodian may reimburse itself by deducting from the proceeds of any sale of Securities an amount sufficient to pay any transfer taxes payable upon the transfer of Securities sold. The Custodian shall execute such certificates in connection with Securities delivered to it under this Agreement as may be required, under the provisions of any federal revenue act and any Regulations of the Treasury Department issued thereunder or any state laws, to exempt from taxation any transfers and/or deliveries of any such Securities as may qualify for such exemption.

**Article 12** 

**CUSTODIAN'S REPORT**

The Custodian shall furnish the Fund, as of the close of business on the last business day of each month, a statement showing all cash transactions and entries for the Fund Account and a list of the Securities held by it in custody for the account of the Fund.

**Article 13** 

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement among the Fund, the Custodian and a registered broker-dealer or member of
FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of
the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission
or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in
connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in
connection with financial futures contracts (or options thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by the Fund and other Fund obligations set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for other proper corporate purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of
such segregated account and declaring such purposes to be proper corporate purposes.

Each segregated account established under this Article shall be established and maintained for one Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**Article 14** 

**COMPENSATION OF CUSTODIAN**

The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following the receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**Article 15** 

**REPRESENTATIONS AND WARRANTIES**

**Section 15.1** <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the
jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and
to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and
delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund,
enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material
respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary
to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision
of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance
of this Agreement. Further, the Fund represents that it complies with any and all applicable local, state, federal, and international
data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection
and processing of personal data by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It, on behalf of itself and any of its agents and/or
intermediaries who may initiate and deliver Straight Through Processing instruction(s) to Custodian and its operations group,
has been granted the authority to provide the direction as required hereunder, and that such instruction meets all applicable
requirements hereunder.

**Section 15.2** <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the
jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and
to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and
delivered by the Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the
Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws
of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material
respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary
to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision
of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance
of this Agreement.

**Article 16** 

**STANDARD OF CARE; INDEMNIFICATION; LIMITATION OF LIABILITY**

**Section 16.1** <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Custodian's control, except a loss arising out of or relating to the Custodian's refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

**Section 16.2** <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

**Section 16.3** <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

**Section 16.4** <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

**Section 16.5** <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

**Section 16.6** <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Fund Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

**Section 16.8** <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

**Section 16.9** <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any
provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is understood that if in any case the indemnifying
party is asked to indemnify or hold the indemnified party harmless, the indemnifying party shall be promptly advised of all pertinent
facts concerning the situation in question, and it is further understood that the indemnified party will use all reasonable care
to notify the indemnifying party promptly concerning any situation that presents or appears likely to present the probability
of a claim for indemnification. The indemnifying party shall have the option to defend the indemnified party against any claim
that may be the subject of this indemnification. In the event that the indemnifying party so elects to defend the indemnified
party against any claim arising hereunder, the indemnifying party will so notify the indemnified party and thereupon the indemnifying
party shall take over complete defense of the claim, and the indemnified party shall in such situation initiate no further legal
or other expenses for which it shall seek indemnification under this Article. No indemnified party shall settle, confess or compromise
on any claim against it for which it intends to seek indemnification from the indemnifying party without prior written notice
to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified party or indemnifying
party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect
of such action.

**Article 17** 

**CUSTODIAN'S LIABILITY FOR PROCEEDS OF SECURITIES SOLD**

If the mode of payment for Securities to be delivered by the Custodian is not specified in the Written Instructions from the Fund directing such delivery, the Custodian shall make delivery of such Securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such Written Instructions from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of Securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.

**Article 18** 

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of their respective obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE 19**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

The Custodian agrees on behalf of itself and its directors, officers and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential investors thereof (and clients of said investors) and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to the receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

This Article shall survive the termination of this Agreement.

**Article 20** 

**RECORDS**

The books and records pertaining to the Fund, which are in the possession or under the control of the Custodian, shall be the property of the Fund. The Custodian shall keep such books and records in the form and manner, and for such period, as it may deem advisable, as is consistent with industry practice and as is agreeable to the Fund. The Fund and Authorized Persons shall have reasonable access to such books and records at all times during the Custodian's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or to an Authorized Person, at the Fund's expense.

 **Article 21** 

**TERM OF AGREEMENT; AMENDMENT**

This Agreement shall become effective as of the date last written in the signature page and will continue in effect for a period of one year. Subsequent to the initial one-year term, this Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund.

 **Article 22** 

**DUTIES IN THE EVENT OF TERMINATION**

Upon termination of this Agreement, the assets of the Fund held by the Custodian shall be delivered by the Custodian to a successor custodian upon receipt of Written Instructions designating the successor custodian and if no successor custodian is designated, the Custodian shall, upon such termination, deliver all such assets to the Fund. In addition, the Custodian shall transfer to such successor custodian or to the Fund, as the case may be, at the expense of the Fund, all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor or the Fund, as the case may be.

**Article 23** 

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

 **Article 24** 

**MISCELLANEOUS**

**Section 24.1** <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to, compliance with the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2022, the U.S. Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Confidential Private Placement Memorandums. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement.

**Section 24.2** <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

**Section 24.3** <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written consent of the other party.

**Section 24.4** <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles.

**Section 24.5** <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**Section 24.6** <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**Section 24.7** <u>Invalidity</u>. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**Section 24.8** <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

Defiance Bitcoin vs Gold Cayman Subsidiary

c/o Tidal Trust III

234 W. Florida Street

Suite 700

Milwaukee, WI 53204

Attn: Chairman

**Section 24.9** <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**Section 24.10** <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Fund specifically requires Custodian to NOT release Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY** | **DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY** |
| By: | /s/Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| Date: | 2/24/2026 |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/Gregory Farley |
| Name: | Gregory Farley |
| Title: | Senior Vice President |
| Date: | 3/13/2026 |

---

## Ex-99.(A)(Vii)(5)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(a)(vii)(5)**

**PRIVATE INVESTMENT COMPANY** 

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page, by and between **DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**, an exempted company incorporated in the Cayman Islands with limited liability (the "Fund") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is a wholly owned subsidiary of the Defiance Gold vs Bitcoin ETF;

WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private investment companies;

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**Article 1** 

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Authorized Person</u> " means any person authorized by the Fund, on a list to be provided to the Custodian (as amended from time to
time), to give Written Instructions on behalf of the Fund. Such officer or person shall continue to be an Authorized Person until
such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that
any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Depository Account</u> " means an account of the Custodian in which Securities of the Fund are kept in a book-entry system or securities
depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Securities</u> "
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or
other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing
any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities
to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Straight Through Processing</u> " shall have the meaning assigned to it in Section 5.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Written Instructions</u> " mean (i) written instructions signed by an Authorized Person and received by the Custodian, or (ii) trade
instructions transmitted by an Authorized Person by means of an electronic transaction reporting system which requires the use
of a password or other authorized identifier in order to gain access. Written Instructions may be delivered electronically or
by hand, electronic mail or facsimile sending device.

**Article 2** 

**APPOINTMENT OF CUSTODIAN**

**Section 2.1** <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

**Section 2.2** <u>Documents to be Furnished.</u> The following documents, including any amendments thereto, will be provided contemporaneously with the execution of this Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the current offering documents of the Fund (the "Confidential Private Placement Memorandums");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A completed Authorized Persons schedule, with specimen signatures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

**Article 3** 

**INSTRUCTIONS**

**Section 3.1** Unless otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

**Section 3.2** The Custodian shall be entitled to rely upon any Written Instruction it receives from an Authorized Person pursuant to this Agreement. The Custodian may assume that any Written Instructions received hereunder are not in any way inconsistent with the provisions of organizational documents of the Fund or of any vote, resolution or proceeding of the Fund or the Fund's members, unless and until the Custodian receives Written Instructions to the contrary.

**Section 3.3** Where Written Instructions reasonably appear to have been received from an Authorized Person, the Custodian shall incur no liability to the Fund in acting upon such Written Instruction provided that the Custodian's actions comply with the other provisions of this Agreement.

**Article 4** 

**NAMES, TITLES, AND SIGNATURES OF AUTHORIZED PERSONS**

The Fund shall certify to the Custodian the names, titles, and signatures of Authorized Persons who are authorized to give Written Instructions to the Custodian on behalf of the Fund. The Fund agrees that, whenever any change in such authorization occurs, it will file with the Custodian a new certified list of names, titles, and signatures which shall be signed by at least one officer previously certified to the Custodian if such officer still holds an office with the Fund. The Custodian is authorized to rely and act upon the names, titles, and signatures of the individuals as they appear in the most recent certified list which has been delivered to the Custodian.

**Article 5** 

**RECEIPT AND DISBURSEMENT OF MONEY**

**Section 5.1** The Fund shall, from time to time, cause certain cash owned by the Fund to be delivered or paid to the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all cash of the Fund is being so deposited or to take any action or to give any notice with respect to cash not so deposited. The Custodian agrees to hold such cash, together with any other sum collected or received by it, for or on behalf of the Fund (the "Fund Account"). The Custodian shall make payments of cash from the Fund Account only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
bills, statements and other obligations of the Fund (including but not limited to obligations in connection with the conversion,
exchange or surrender of securities owned by the Fund, interest charges, dividend disbursements, taxes, management fees, custodian
fees, legal fees, auditors' fees, transfer agents' fees, brokerage commissions, compensation to personnel, and other
operating expenses of the Fund) pursuant to Written Instructions from the Fund setting forth the name of the person to whom payment
is to be made, the amount of the payment, and the purpose of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
provided in Article 6 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
the termination of this Agreement.

**Section 5.2** The Custodian is hereby appointed the attorney-in-fact of the Fund to enforce and collect all checks, drafts, or other orders for the payment of money received by the Custodian for the Fund Account and drawn to or to the order of the Fund and to deposit them in said account.

**Section 5.3** <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund directs Custodian to process Fund-initiated cash and security instructions received
 by Custodian via online portal, SWIFT, secure file transfer protocol, or equivalent method
 in an automated, electronic process without manual review ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks
 and liabilities associated with instructions given to Custodian regarding any transactions
 eligible for Straight Through Processing and (2) understands that any non-repetitive
 wire instructions concerning cash or securities to be transferred out of Custodian or
 to a different entity will be deemed not eligible for Straight Through Processing. Such
 non-repetitive wire instructions may be subject to a call back process in order to obtain
 further verification and/or additional authorized direction or other documentation as
 reasonably requested for verification purposes by Custodian.

**Article 6** 

**RECEIPT OF SECURITIES**

The Fund may, from time to time, place certain of its Securities in the custody of the Custodian. The Custodian shall have no obligations with respect to any Securities owned by the Fund but not so deposited in the Fund Account. The Custodian agrees to hold such Securities for the account of the Fund, in the name of the Fund or a bearer or nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Instructions from the Fund, to receive from persons other than the Fund and to hold for the account of the Fund Securities specified in said Written Instructions, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the Fund held by it in the Fund Account in the amounts provided and in the manner directed by the Written Instructions from the Fund.

The Custodian agrees that all Securities of the Fund placed in its custody shall be kept physically segregated at all times from those of any other person, firm, or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof, with safeguards substantially equivalent to those maintained by the Custodian for its own Securities.

Subject to such rules, regulations, and orders as the Securities and Exchange Commission (the "SEC") may adopt, the Fund may direct the Custodian to deposit all or any part of the Securities owned by the Fund in a system for the central handling of Securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the SEC, pursuant to which system all Securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such Securities, provided that all such deposits shall be subject to withdrawal only at the direction of the Fund.

**Article 7** 

**TRANSFER, EXCHANGE, AND DELIVERY OF SECURITIES**

The Custodian agrees to transfer, exchange, and deliver Securities as provided in Article 8, or on receipt by it of, and in accordance with, Written Instructions from the Fund in which the Fund shall state specifically which of the following cases is covered thereby, provided that it shall not be the responsibility of the Custodian to determine the propriety or legality of any such order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
the case of deliveries of Securities sold by the Fund, against receipt by the Custodian of the proceeds of sale and after receipt
of a confirmation from a broker or dealer with respect to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the case of deliveries of Securities which may mature or be called, redeemed, retired, or otherwise become payable, against receipt
by the Custodian of the sums payable thereon or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
the case of deliveries of Securities which are to be transferred to and registered in the name of the Fund or of a nominee of
the Custodian and delivered to the Custodian for the account of the Fund, against receipt by the Custodian of interim receipts
or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
the case of deliveries of Securities to the issuer thereof, its transfer agent or other proper agent, or to any committee or other
organization for exchange for other Securities to be delivered to the Custodian in connection with a reorganization or recapitalization
of the issuer or any split-up or similar transaction involving such Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
the case of deliveries of temporary certificates in exchange for permanent certificates, against receipt by the Custodian of such
permanent certificates or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
the case of deliveries of Securities upon conversion thereof into other Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
the case of deliveries of Securities in exchange for other Securities (whether or not such transactions also involve the receipt
or payment of cash), against receipt by the Custodian of such other Securities or against interim receipts or other proper delivery
receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
a case not covered by the preceding paragraphs of this Article, upon receipt of a Written Instruction from the Fund specifying
the Securities and assets to be transferred, exchanged, or delivered, the purposes for which such delivery is being made, declaring
such purposes to be proper corporate purposes, and naming a person or persons to whom such transfer, exchange, or delivery is
to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
the case of deliveries pursuant to paragraphs (a), (b), (c), (d), (e), (f), and (g) above, the Written Instructions from the Fund
shall direct that the proceeds of any Securities delivered, or Securities or other assets exchanged for or in lieu of Securities
so delivered, are to be delivered to the Custodian.

**Article 8** 

**CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS**

Unless and until the Custodian receives contrary Written Instructions from the Fund, the Custodian shall, without order from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Present
for payment all bills, notes, checks, drafts, and similar items, and all coupons or other income items (except stock dividends),
held or received for the account of the Fund, and which require presentation in the ordinary course of business, and credit such
items to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall
have no duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or
if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment all Securities which may mature or be called, redeemed, retired, or otherwise become payable and credit such items
to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall have no
duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or if payment
is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold
for and credit to the Fund Account all shares of stock and other Securities received as stock dividends or as the result of a
stock split or otherwise from or on account of Securities of the Fund, and notify the Fund promptly of the receipt of such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deposit
any cash received by it from, for or on behalf of the Fund to the credit of the Fund in the Fund Account (in its own deposit department
without liability for interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charge
against the Fund Account for Fund disbursements authorized to be made by the Custodian hereunder and actually made by it, and
notify the Fund of such charges at least once a month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Deliver
Securities which are to be transferred to and reissued in the name of the Fund, or of a nominee of the Custodian for the account
of the Fund, and temporary certificates which are to be exchanged for permanent certificates, to a proper transfer agent for such
purpose against interim receipts or other proper delivery receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hold
for disposition in accordance with Written Instructions from the Fund hereunder all options, rights, and similar Securities which
may be received by the Custodian and which are issued with respect to any Securities held by it hereunder, and notify the Fund
promptly of the receipt of such items.

**Article 9** 

**DELIVERY OF PROXIES**

The Custodian shall deliver promptly to the Fund all proxies, written notices, and communications with respect to Securities held by it for the account of the Fund which it may receive from securities issuers or obligors and/or via the industry standard information services to which Custodian subscribes.

**Article 10** 

**TRANSFER OF SECURITIES**

The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer any Securities which it may hold for the Fund. For the purpose of facilitating the handling of Securities, unless the Fund shall otherwise direct by Written Instructions, the Custodian is authorized to hold Securities deposited with it under this Agreement in the name of its registered nominee or nominees (as defined in the Internal Revenue Code and any Regulations of the United States Treasury Department issued thereunder or in any provision of any subsequent federal tax law exempting such transaction from liability for stock transfer taxes) and shall execute and deliver such certificates in connection therewith as may be required by such laws or regulations or under the laws of any state. The Custodian shall advise the Fund of the certificate number of each certificate so presented for transfer and that of the certificate received in exchange therefor, and shall use its best efforts to the end that the specific Securities held by it hereunder shall be at all times identifiable.

**Article 11** 

**TRANSFER TAXES AND OTHER DISBURSEMENTS**

The Fund shall pay or reimburse the Custodian for any transfer taxes payable upon transfers of Securities made hereunder, including transfers incident to the termination of this Agreement, and for all other necessary and proper disbursements and expenses made or incurred by the Custodian in the performance or incident to the termination of this Agreement, and the Custodian shall have a lien upon any cash or Securities held by it for the account of the Fund for all such items, enforceable, after 60 days' written notice by registered mail to the Fund, by the sale of sufficient Securities to satisfy such lien. The Custodian may reimburse itself by deducting from the proceeds of any sale of Securities an amount sufficient to pay any transfer taxes payable upon the transfer of Securities sold. The Custodian shall execute such certificates in connection with Securities delivered to it under this Agreement as may be required, under the provisions of any federal revenue act and any Regulations of the Treasury Department issued thereunder or any state laws, to exempt from taxation any transfers and/or deliveries of any such Securities as may qualify for such exemption.

**Article 12** 

**CUSTODIAN'S REPORT**

The Custodian shall furnish the Fund, as of the close of business on the last business day of each month, a statement showing all cash transactions and entries for the Fund Account and a list of the Securities held by it in custody for the account of the Fund.

**Article 13** 

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Fund, the Custodian and a registered
 broker-dealer or member of FINRA (or any futures commission merchant registered under
 the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing
 Corporation and of any registered national securities exchange (or the Commodity Futures
 Trading Commission or any registered contract market), or of any similar organization
 or organizations, regarding escrow or other arrangements in connection with transactions
 by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options
 thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund and other Fund obligations
 set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate purposes, but only upon receipt of Written Instructions, setting
 forth the purpose or purposes of such segregated account and declaring such purposes
 to be proper corporate purposes.

Each segregated account established under this Article shall be established and maintained for one Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**Article 14** 

**COMPENSATION OF CUSTODIAN**

The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following the receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**Article 15** 

**REPRESENTATIONS AND WARRANTIES**

**Section 15.1** <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement. Further, the Fund represents that it complies with any and all
applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures
and notices are in place to enable collection and processing of personal data by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It,
on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s)
to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that
such instruction meets all applicable requirements hereunder.

**Section 15.2** <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

**Article 16** 

**STANDARD OF CARE; INDEMNIFICATION; LIMITATION OF LIABILITY**

**Section 16.1** <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Custodian's control, except a loss arising out of or relating to the Custodian's refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

**Section 16.2** <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

**Section 16.3** <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

**Section 16.4** <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

**Section 16.5** <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

**Section 16.6** <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Fund Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

**Section 16.8** <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

**Section 16.9** <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special
 or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 indemnity provisions of this Article shall indefinitely survive the termination and/or
 assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party harmless, the indemnifying
party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that
the indemnified party will use all reasonable care to notify the indemnifying party promptly concerning any situation that presents
or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend
the indemnified party against any claim that may be the subject of this indemnification. In the event that the indemnifying party
so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified
party and thereupon the indemnifying party shall take over complete defense of the claim, and the indemnified party shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this Article. No indemnified
party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying
party without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld.
No indemnified party or indemnifying party shall settle any claim unless the settlement contains a full release of liability with
respect to the other party in respect of such action.

**Article 17** 

**CUSTODIAN'S LIABILITY FOR PROCEEDS OF SECURITIES SOLD**

If the mode of payment for Securities to be delivered by the Custodian is not specified in the Written Instructions from the Fund directing such delivery, the Custodian shall make delivery of such Securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such Written Instructions from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of Securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.

**Article 18** 

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of their respective obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE 19** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

The Custodian agrees on behalf of itself and its directors, officers and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential investors thereof (and clients of said investors) and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to the receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

This Article shall survive the termination of this Agreement.

**Article 20** 

**RECORDS**

The books and records pertaining to the Fund, which are in the possession or under the control of the Custodian, shall be the property of the Fund. The Custodian shall keep such books and records in the form and manner, and for such period, as it may deem advisable, as is consistent with industry practice and as is agreeable to the Fund. The Fund and Authorized Persons shall have reasonable access to such books and records at all times during the Custodian's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or to an Authorized Person, at the Fund's expense.

**Article 21** 

**TERM OF AGREEMENT; AMENDMENT**

This Agreement shall become effective as of the date last written in the signature page and will continue in effect for a period of one year. Subsequent to the initial one-year term, this Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund.

**Article 22** 

**DUTIES IN THE EVENT OF TERMINATION**

Upon termination of this Agreement, the assets of the Fund held by the Custodian shall be delivered by the Custodian to a successor custodian upon receipt of Written Instructions designating the successor custodian and if no successor custodian is designated, the Custodian shall, upon such termination, deliver all such assets to the Fund. In addition, the Custodian shall transfer to such successor custodian or to the Fund, as the case may be, at the expense of the Fund, all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor or the Fund, as the case may be.

**Article 23** 

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

**Article 24** 

**MISCELLANEOUS**

**Section 24.1** <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to, compliance with the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2022, the U.S. Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Confidential Private Placement Memorandums. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement.

**Section 24.2** <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

**Section 24.3** <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written consent of the other party.

**Section 24.4** <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles.

**Section 24.5** <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**Section 24.6** <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**Section 24.7** <u>Invalidity</u>. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**Section 24.8** <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

Defiance Gold vs Bitcoin Cayman Subsidiary

c/o Tidal Trust III

234 W. Florida Street

Suite 700

Milwaukee, WI 53204

Attn: Chairman

**Section 24.9** <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**Section 24.10** <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Fund specifically requires Custodian to NOT release Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY** | **DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY** |
| By: | /s/Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| Date: | 2/24/2026 |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/Gregory Farley |
| Name: | Gregory Farley |
| Title: | Senior Vice President |
| Date: | 3/13/2026 |

---

## Ex-99.(A)(Viii)(6)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(a)(viii)(6)**

**PRIVATE INVESTMENT COMPANY** 

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page (the "Effective Date"), by and between **RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY**, an exempted company incorporated in the Cayman Islands with limited liability (the "Fund") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is a wholly owned subsidiary of the RCN Pareto Strategic Allocation ETF;

WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private investment companies;

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**Article 1**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Authorized Person</u> " means any person authorized by the Fund, on a list to be provided to the Custodian (as amended from time to
time), to give Written Instructions on behalf of the Fund. Such officer or person shall continue to be an Authorized Person until
such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that
any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Depository Account</u> " means an account of the Custodian in which Securities of the Fund are kept in a book-entry system or securities
depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Securities</u> "
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or
other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing
any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities
to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Straight Through Processing</u> " shall have the meaning assigned to it in Section 5.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Written Instructions</u> " mean (i) written instructions signed by an Authorized Person and received by the Custodian, or (ii) trade
instructions transmitted by an Authorized Person by means of an electronic transaction reporting system which requires the use
of a password or other authorized identifier in order to gain access. Written Instructions may be delivered electronically or
by hand, electronic mail or facsimile sending device.

**Article 2**

**APPOINTMENT OF CUSTODIAN**

**Section 2.1** <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

**Section 2.2** <u>Documents to be Furnished.</u> The following documents, including any amendments thereto, will be provided contemporaneously with the execution of this Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the current offering documents of the Fund (the "Confidential Private Placement Memorandums");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A completed Authorized Persons schedule, with specimen signatures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

**Article 3**

**INSTRUCTIONS**

**Section 3.1** Unless otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

**Section 3.2** The Custodian shall be entitled to rely upon any Written Instruction it receives from an Authorized Person pursuant to this Agreement. The Custodian may assume that any Written Instructions received hereunder are not in any way inconsistent with the provisions of organizational documents of the Fund or of any vote, resolution or proceeding of the Fund or the Fund's members, unless and until the Custodian receives Written Instructions to the contrary.

**Section 3.3** Where Written Instructions reasonably appear to have been received from an Authorized Person, the Custodian shall incur no liability to the Fund in acting upon such Written Instruction provided that the Custodian's actions comply with the other provisions of this Agreement.

**Article 4**

**NAMES, TITLES, AND SIGNATURES OF AUTHORIZED PERSONS**

The Fund shall certify to the Custodian the names, titles, and signatures of Authorized Persons who are authorized to give Written Instructions to the Custodian on behalf of the Fund. The Fund agrees that, whenever any change in such authorization occurs, it will file with the Custodian a new certified list of names, titles, and signatures which shall be signed by at least one officer previously certified to the Custodian if such officer still holds an office with the Fund. The Custodian is authorized to rely and act upon the names, titles, and signatures of the individuals as they appear in the most recent certified list which has been delivered to the Custodian.

**Article 5**

**RECEIPT AND DISBURSEMENT OF MONEY**

**Section 5.1** The Fund shall, from time to time, cause certain cash owned by the Fund to be delivered or paid to the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all cash of the Fund is being so deposited or to take any action or to give any notice with respect to cash not so deposited. The Custodian agrees to hold such cash, together with any other sum collected or received by it, for or on behalf of the Fund (the "Fund Account"). The Custodian shall make payments of cash from the Fund Account only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
bills, statements and other obligations of the Fund (including but not limited to obligations in connection with the conversion,
exchange or surrender of securities owned by the Fund, interest charges, dividend disbursements, taxes, management fees, custodian
fees, legal fees, auditors' fees, transfer agents' fees, brokerage commissions, compensation to personnel, and other
operating expenses of the Fund) pursuant to Written Instructions from the Fund setting forth the name of the person to whom payment
is to be made, the amount of the payment, and the purpose of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
provided in Article 6 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
the termination of this Agreement.

**Section 5.2** The Custodian is hereby appointed the attorney-in-fact of the Fund to enforce and collect all checks, drafts, or other orders for the payment of money received by the Custodian for the Fund Account and drawn to or to the order of the Fund and to deposit them in said account.

**Section 5.3** <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund directs Custodian to process Fund-initiated cash and security instructions received
 by Custodian via online portal, SWIFT, secure file transfer protocol, or equivalent method
 in an automated, electronic process without manual review ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks
 and liabilities associated with instructions given to Custodian regarding any transactions
 eligible for Straight Through Processing and (2) understands that any non-repetitive
 wire instructions concerning cash or securities to be transferred out of Custodian or
 to a different entity will be deemed not eligible for Straight Through Processing. Such
 non-repetitive wire instructions may be subject to a call back process in order to obtain
 further verification and/or additional authorized direction or other documentation as
 reasonably requested for verification purposes by Custodian.

**Article 6**

**RECEIPT OF SECURITIES**

The Fund may, from time to time, place certain of its Securities in the custody of the Custodian. The Custodian shall have no obligations with respect to any Securities owned by the Fund but not so deposited in the Fund Account. The Custodian agrees to hold such Securities for the account of the Fund, in the name of the Fund or a bearer or nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Instructions from the Fund, to receive from persons other than the Fund and to hold for the account of the Fund Securities specified in said Written Instructions, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the Fund held by it in the Fund Account in the amounts provided and in the manner directed by the Written Instructions from the Fund.

The Custodian agrees that all Securities of the Fund placed in its custody shall be kept physically segregated at all times from those of any other person, firm, or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof, with safeguards substantially equivalent to those maintained by the Custodian for its own Securities.

Subject to such rules, regulations, and orders as the Securities and Exchange Commission (the "SEC") may adopt, the Fund may direct the Custodian to deposit all or any part of the Securities owned by the Fund in a system for the central handling of Securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the SEC, pursuant to which system all Securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such Securities, provided that all such deposits shall be subject to withdrawal only at the direction of the Fund.

**Article 7**

**TRANSFER, EXCHANGE, AND DELIVERY OF SECURITIES**

The Custodian agrees to transfer, exchange, and deliver Securities as provided in Article 8, or on receipt by it of, and in accordance with, Written Instructions from the Fund in which the Fund shall state specifically which of the following cases is covered thereby, provided that it shall not be the responsibility of the Custodian to determine the propriety or legality of any such order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
the case of deliveries of Securities sold by the Fund, against receipt by the Custodian of the proceeds of sale and after receipt
of a confirmation from a broker or dealer with respect to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the case of deliveries of Securities which may mature or be called, redeemed, retired, or otherwise become payable, against receipt
by the Custodian of the sums payable thereon or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
the case of deliveries of Securities which are to be transferred to and registered in the name of the Fund or of a nominee of
the Custodian and delivered to the Custodian for the account of the Fund, against receipt by the Custodian of interim receipts
or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
the case of deliveries of Securities to the issuer thereof, its transfer agent or other proper agent, or to any committee or other
organization for exchange for other Securities to be delivered to the Custodian in connection with a reorganization or recapitalization
of the issuer or any split-up or similar transaction involving such Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
the case of deliveries of temporary certificates in exchange for permanent certificates, against receipt by the Custodian of such
permanent certificates or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
the case of deliveries of Securities upon conversion thereof into other Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
the case of deliveries of Securities in exchange for other Securities (whether or not such transactions also involve the receipt
or payment of cash), against receipt by the Custodian of such other Securities or against interim receipts or other proper delivery
receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
a case not covered by the preceding paragraphs of this Article, upon receipt of a Written Instruction from the Fund specifying
the Securities and assets to be transferred, exchanged, or delivered, the purposes for which such delivery is being made, declaring
such purposes to be proper corporate purposes, and naming a person or persons to whom such transfer, exchange, or delivery is
to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
the case of deliveries pursuant to paragraphs (a), (b), (c), (d), (e), (f), and (g) above, the Written Instructions from the Fund
shall direct that the proceeds of any Securities delivered, or Securities or other assets exchanged for or in lieu of Securities
so delivered, are to be delivered to the Custodian.

**Article 8**

**CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS**

Unless and until the Custodian receives contrary Written Instructions from the Fund, the Custodian shall, without order from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Present
for payment all bills, notes, checks, drafts, and similar items, and all coupons or other income items (except stock dividends),
held or received for the account of the Fund, and which require presentation in the ordinary course of business, and credit such
items to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall
have no duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or
if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment all Securities which may mature or be called, redeemed, retired, or otherwise become payable and credit such items
to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall have no
duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or if payment
is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold
for and credit to the Fund Account all shares of stock and other Securities received as stock dividends or as the result of a
stock split or otherwise from or on account of Securities of the Fund, and notify the Fund promptly of the receipt of such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deposit
any cash received by it from, for or on behalf of the Fund to the credit of the Fund in the Fund Account (in its own deposit department
without liability for interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charge
against the Fund Account for Fund disbursements authorized to be made by the Custodian hereunder and actually made by it, and
notify the Fund of such charges at least once a month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Deliver
Securities which are to be transferred to and reissued in the name of the Fund, or of a nominee of the Custodian for the account
of the Fund, and temporary certificates which are to be exchanged for permanent certificates, to a proper transfer agent for such
purpose against interim receipts or other proper delivery receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hold
for disposition in accordance with Written Instructions from the Fund hereunder all options, rights, and similar Securities which
may be received by the Custodian and which are issued with respect to any Securities held by it hereunder, and notify the Fund
promptly of the receipt of such items.

**Article 9**

**DELIVERY OF PROXIES**

The Custodian shall deliver promptly to the Fund all proxies, written notices, and communications with respect to Securities held by it for the account of the Fund which it may receive from securities issuers or obligors and/or via the industry standard information services to which Custodian subscribes.

**Article 10**

**TRANSFER OF SECURITIES**

The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer any Securities which it may hold for the Fund. For the purpose of facilitating the handling of Securities, unless the Fund shall otherwise direct by Written Instructions, the Custodian is authorized to hold Securities deposited with it under this Agreement in the name of its registered nominee or nominees (as defined in the Internal Revenue Code and any Regulations of the United States Treasury Department issued thereunder or in any provision of any subsequent federal tax law exempting such transaction from liability for stock transfer taxes) and shall execute and deliver such certificates in connection therewith as may be required by such laws or regulations or under the laws of any state. The Custodian shall advise the Fund of the certificate number of each certificate so presented for transfer and that of the certificate received in exchange therefor, and shall use its best efforts to the end that the specific Securities held by it hereunder shall be at all times identifiable.

**Article 11**

**TRANSFER TAXES AND OTHER DISBURSEMENTS**

The Fund shall pay or reimburse the Custodian for any transfer taxes payable upon transfers of Securities made hereunder, including transfers incident to the termination of this Agreement, and for all other necessary and proper disbursements and expenses made or incurred by the Custodian in the performance or incident to the termination of this Agreement, and the Custodian shall have a lien upon any cash or Securities held by it for the account of the Fund for all such items, enforceable, after 60 days' written notice by registered mail to the Fund, by the sale of sufficient Securities to satisfy such lien. The Custodian may reimburse itself by deducting from the proceeds of any sale of Securities an amount sufficient to pay any transfer taxes payable upon the transfer of Securities sold. The Custodian shall execute such certificates in connection with Securities delivered to it under this Agreement as may be required, under the provisions of any federal revenue act and any Regulations of the Treasury Department issued thereunder or any state laws, to exempt from taxation any transfers and/or deliveries of any such Securities as may qualify for such exemption.

**Article 12**

**CUSTODIAN'S REPORT**

The Custodian shall furnish the Fund, as of the close of business on the last business day of each month, a statement showing all cash transactions and entries for the Fund Account and a list of the Securities held by it in custody for the account of the Fund.

**Article 13**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Fund, the Custodian and a registered
 broker-dealer or member of FINRA (or any futures commission merchant registered under
 the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing
 Corporation and of any registered national securities exchange (or the Commodity Futures
 Trading Commission or any registered contract market), or of any similar organization
 or organizations, regarding escrow or other arrangements in connection with transactions
 by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options
 thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund and other Fund obligations
 set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate purposes, but only upon receipt of Written Instructions, setting
 forth the purpose or purposes of such segregated account and declaring such purposes
 to be proper corporate purposes.

Each segregated account established under this Article shall be established and maintained for one Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**Article 14**

**COMPENSATION OF CUSTODIAN**

The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following the receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**Article 15** 

**REPRESENTATIONS AND WARRANTIES**

**Section 15.1** <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement. Further, the Fund represents that it complies with any and all
applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures
and notices are in place to enable collection and processing of personal data by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It,
on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s)
to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that
such instruction meets all applicable requirements hereunder.

**Section 15.2** <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

**Article 16**

**STANDARD OF CARE; INDEMNIFICATION; LIMITATION OF LIABILITY**

**Section 16.1** <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Custodian's control, except a loss arising out of or relating to the Custodian's refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

**Section 16.2** <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

**Section 16.3** <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

**Section 16.4** <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

**Section 16.5** <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

**Section 16.6** <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Fund Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

**Section 16.8** <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

**Section 16.9** <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special
 or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 indemnity provisions of this Article shall indefinitely survive the termination and/or
 assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party harmless, the indemnifying
party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that
the indemnified party will use all reasonable care to notify the indemnifying party promptly concerning any situation that presents
or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend
the indemnified party against any claim that may be the subject of this indemnification. In the event that the indemnifying party
so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified
party and thereupon the indemnifying party shall take over complete defense of the claim, and the indemnified party shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this Article. No indemnified
party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying
party without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld.
No indemnified party or indemnifying party shall settle any claim unless the settlement contains a full release of liability with
respect to the other party in respect of such action.

**Article 17**

**CUSTODIAN'S LIABILITY FOR PROCEEDS OF SECURITIES SOLD**

If the mode of payment for Securities to be delivered by the Custodian is not specified in the Written Instructions from the Fund directing such delivery, the Custodian shall make delivery of such Securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such Written Instructions from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of Securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.

**Article 18**

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of their respective obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE 19** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

The Custodian agrees on behalf of itself and its directors, officers and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential investors thereof (and clients of said investors) and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to the receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

This Article shall survive the termination of this Agreement.

**Article 20** 

**RECORDS**

The books and records pertaining to the Fund, which are in the possession or under the control of the Custodian, shall be the property of the Fund. The Custodian shall keep such books and records in the form and manner, and for such period, as it may deem advisable, as is consistent with industry practice and as is agreeable to the Fund. The Fund and Authorized Persons shall have reasonable access to such books and records at all times during the Custodian's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or to an Authorized Person, at the Fund's expense.

**Article 21**

**TERM OF AGREEMENT; AMENDMENT**

This Agreement shall become effective as of the date last written in the signature page and will continue in effect for a period of one year. Subsequent to the initial one-year term, this Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund.

**Article 22**

**DUTIES IN THE EVENT OF TERMINATION**

Upon termination of this Agreement, the assets of the Fund held by the Custodian shall be delivered by the Custodian to a successor custodian upon receipt of Written Instructions designating the successor custodian and if no successor custodian is designated, the Custodian shall, upon such termination, deliver all such assets to the Fund. In addition, the Custodian shall transfer to such successor custodian or to the Fund, as the case may be, at the expense of the Fund, all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor or the Fund, as the case may be.

**Article 23**

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

**Article 24**

**MISCELLANEOUS**

**Section 24.1** <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to, compliance with the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2022, the U.S. Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Confidential Private Placement Memorandums. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement.

**Section 24.2** <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

**Section 24.3** <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written consent of the other party.

**Section 24.4** <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles.

**Section 24.5** <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**Section 24.6** <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**Section 24.7** <u>Invalidity</u>. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**Section 24.8** <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

RCN Pareto Strategic Allocation Cayman Subsidiary

c/o Tidal Trust III

234 W. Florida Street

Suite 203

Milwaukee, WI 53204

Attn: Chairman

**Section 24.9** <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**Section 24.10** <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Fund specifically requires Custodian to NOT release Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY** | **RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY** |
| By: | /s/Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| Date: | 3/23/2026 |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/Gregory Farley |
| Name: | Gregory Farley |
| Title: | Senior Vice President |
| Date: | 3/23/2026 |

---

## Ex-99.(D)(I)(Xxiv)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(d)(i)(xxiv)**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of March 11, 2026, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of each series of the Trust listed on Schedule A attached hereto, as may be amended from time to time (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>").

**BACKGROUND**

A. The
 Trust has been organized and operates as an open-end management investment company registered
 under the Investment Company Act of 1940, as amended (the " <u>1940 Act</u> ")
 and engages in the business of investing and reinvesting Fund assets in securities and
 other investments. Each Fund is a series of the Trust having separate assets and liabilities.

B. The
 Adviser is a registered investment adviser under the Investment Advisers Act of 1940,
 as amended (the " <u>Advisers Act</u> "), and engages in the business of providing
 investment advisory services.

C. The
 Trust has selected the Adviser to serve as the investment adviser for each Fund listed
 on Schedule A.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Advisory Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The
 Trust, on behalf of each Fund, hereby appoints the Adviser to manage the investment and
 reinvestment of such Fund's assets, subject to the supervision and oversight of
 the Trust's Board of Trustees (the " <u>Board</u> ") and the officers
 of the Trust, for the period and on the terms hereinafter set forth. The Adviser hereby
 accepts such appointment and agrees during such period to render the services and assume
 the obligations herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. The
 Adviser shall, for all purposes herein, be deemed to be an independent contractor, and
 shall, unless otherwise expressly provided and authorized, have no authority to act for
 or to represent the Trust or a Fund in any way, or in any way be deemed an agent of the
 Trust or a Fund. The Adviser shall determine, from time to time, what securities (and
 other financial instruments) shall be purchased for each Fund, what securities (and other
 financial instruments) shall be held, exchanged or sold by each Fund and what portion
 of each Fund's assets shall be held uninvested in cash, subject always to the provisions
 of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's
 prospectus and statement of additional information each, as may be amended from time
 to time, as set forth in the Trust's registration statement on Form N-1A (the " <u>Registration Statement</u> ") under the 1940 Act, and under the Securities Act of 1933, as amended
 (the " <u>1933 Act</u> "), covering Fund shares, as filed with the U.S. Securities
 and Exchange Commission (the " <u>SEC</u> "), and to the investment objectives,
 policies and restrictions of each Fund, as shall be from time to time in effect, and
 such other limitations, policies and procedures as the Board may reasonably impose from
 time to time and provide in writing to the Adviser (the " <u>Investment Policies</u> ").
 To carry out such obligations, the Adviser shall exercise full discretion and act for
 each Fund in the same manner and with the same force and effect as each Fund itself might
 or could do with respect to purchases, sales or other transactions, as well as with respect
 to all other such things necessary or incidental to the furtherance or conduct of such
 purchases, sales or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. No
 reference in this Agreement to the Adviser having full discretionary authority over each
 Fund's investments shall in any way limit the right of the Board, in its sole discretion,
 to establish or revise policies in connection with the management of a Fund's assets
 or to otherwise exercise its right to control the overall management of the Trust and
 each Fund. The Adviser acknowledges that the Board retains ultimate authority over each
 Fund and may take any and all actions necessary and reasonable to protect the interests
 of Fund shareholders.

2. <u>Selection of Sub-Adviser(s)</u>. The Adviser shall have the authority hereunder to engage, terminate and replace one or more sub-advisers, including an affiliated person (as defined under the 1940 Act) of the Adviser (each, a "<u>Sub-Adviser</u>"), for each Fund referenced in Schedule A to perform some or all of the services for which the Adviser is responsible pursuant to this Agreement. The Adviser shall supervise the activities of the Sub-Adviser(s), and the retention of a Sub-Adviser by the Adviser shall not relieve the Adviser of its responsibilities under this Agreement. Any such Sub-Adviser shall be registered and in good standing with the SEC and capable of performing its sub-advisory duties pursuant to a sub-advisory agreement approved by the Board and, except as otherwise permitted by the 1940 Act or by rule, regulation or Order of the SEC, a vote of a majority of the outstanding voting securities of the applicable Fund. The Adviser will compensate each Sub-Adviser for its services to each applicable Fund.

3. <u>Representations of the Adviser.</u> 

3.1. The
 Adviser shall use its best judgment and efforts in rendering the advice and services
 to each Fund as contemplated by this Agreement.

3.2. The
 Adviser maintains errors and omissions insurance coverage in an appropriate amount and
 shall provide prior written notice to the Trust (i) of any material changes in its insurance
 policies or insurance coverage; or (ii) if any material claims will be made on its insurance
 policies. Furthermore, the Adviser shall upon reasonable request provide the Trust with
 any information it may reasonably require concerning the amount of or scope of such insurance.

3.3. The
 Adviser shall implement and maintain a business continuity plan and policies and procedures
 reasonably designed to prevent, detect and respond to cybersecurity threats and to implement
 such internal controls and other safeguards with a goal of safeguarding each Fund's
 confidential information and the nonpublic personal information of Fund shareholders.
 The Adviser shall promptly notify the Trust upon the Adviser's discovery of any
 material violations or breaches of such policies and procedures.

3.4. None
 of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser
 or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that
 would disqualify the Adviser from acting as an investment adviser to an investment company
 under the 1940 Act. The Adviser will promptly notify the Trust upon its discovery of
 the occurrence of any event that would disqualify the Adviser from serving as an investment
 adviser to an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

3.5. The
 Adviser will not engage in any futures transactions, options on futures transactions
 or transactions in other commodity interests on behalf of a Fund prior to the Adviser
 becoming registered or filing a notice of exemption on behalf of the Fund with the National
 Futures Association.

4. <u>Compliance</u>. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, and any exemptive relief therefrom, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Fund(s), and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser, and with any requirements applicable to the Fund of any national securities exchange on which the Fund's shares are listed. In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

5. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's securities to the Adviser. So long as proxy voting authority for a Fund has been delegated to the Adviser, the Adviser shall exercise its proxy voting responsibilities. The Adviser shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Adviser shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for each Fund to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting responsibility to the Adviser may be revoked or modified by the Board at any time. The Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote proxies for a Fund to the Fund's Sub-Adviser(s).

6. <u>Brokerage</u>.

6.1. The
 Adviser shall arrange for the placing and execution of Fund orders for the purchase and
 sale of portfolio securities with broker-dealers. Subject to seeking the best price and
 execution reasonably available, the Adviser is authorized to place orders for the purchase
 and sale of portfolio securities for a Fund with such broker-dealers as it may select
 from time to time. Subject to Section 6.2 below, the Adviser is also authorized to place
 transactions with brokers who provide research or statistical information or analyses
 to such Fund, to the Adviser, or to any other client for which the Adviser provides investment
 advisory services. The Adviser also agrees that it will cooperate with the Trust to allocate
 brokerage transactions to brokers or dealers who provide benefits directly to a particular
 Fund; <u>provided, however</u>, that such allocation comports with applicable law including,
 without limitation, Rule 12b-1(h) under the 1940 Act.

6.2. Notwithstanding
 the provisions of Section 6.1 above and subject to such policies and procedures as may
 be adopted by the Board and officers of the Trust and consistent with Section 28(e) of
 the 1934 Act, the Adviser is authorized to cause a Fund to pay a member of an exchange,
 broker or dealer an amount of commission for effecting a securities transaction in excess
 of the amount of commission another member of an exchange, broker or dealer would have
 charged for effecting that transaction, in such instances where the Adviser has determined
 in good faith that such amount of commission was reasonable in relation to the value
 of the brokerage and research services provided by such member, broker or dealer, viewed
 in terms of either that particular transaction or the Adviser's overall responsibilities
 with respect to such Fund and to other funds or clients for which the Adviser exercises
 investment discretion.

6.3. The
 Adviser is authorized to direct portfolio transactions to a broker that is an affiliated
 person of the Adviser, any Sub-Adviser or a Fund in accordance with such standards and
 procedures as may be approved by the Board in accordance with Rule 17e-1 under the 1940
 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an
 affiliated broker must (i) be placed at best execution, and (ii) may not be a principal
 transaction.

6.4. The
 Adviser is authorized to aggregate or "bunch" purchase or sale orders for
 a Fund with orders for various other clients when it believes that such action is in
 the best interests of such Fund and all other such clients. In such an event, allocation
 of the securities purchased or sold will be made by the Adviser in accordance with the
 Adviser's written policy.

7. <u>Records/Reports.</u> 

7.1. <u>Recordkeeping</u>.
 The Adviser shall not be responsible for the provision of administrative, bookkeeping
 or accounting services to each Fund, except as otherwise provided herein or as may be
 necessary for the Adviser to supply to the Trust, including the Trust's chief compliance
 officer (the " <u>Chief Compliance Officer</u> "), or the Board the information
 required to be supplied under this Agreement.

7.2. The
 Adviser shall maintain separate books and detailed records of all matters pertaining
 to Fund assets advised by the Adviser required by Rule 31a-1 under the 1940 Act (other
 than those records being maintained by any administrator, sub-administrator, custodian
 or transfer agent appointed by the Trust) relating to its responsibilities provided hereunder
 with respect to the Fund(s) and other such records as may be required by law including,
 but not limited to, Rule 31a-4 of the 1940 Act, and shall preserve such records for the
 periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act, or other
 applicable provisions of the 1940 Act (the " <u>Fund Books and Records</u> ").
 The Fund Books and Records shall be available to the Board and the Chief Compliance Officer
 at any time upon request, shall be delivered to the Trust upon the termination of this
 Agreement and shall be available without delay during any day the Trust is open for business.

7.3. <u>Holdings Information and Pricing</u>. The Adviser shall provide regular reports regarding Fund
 holdings, and shall furnish the Trust and the Board from time to time with whatever information
 the Adviser, or the Board believes is appropriate for this purpose. The Adviser agrees
 to provide such valuation reports and pricing information, of which the Adviser is aware,
 that the Board shall require in connection with the Board's responsibilities under
 Rule 2a-5, to the Trust, the Board, and/or any Fund pricing agent to assist in the determination
 of the fair value of any Fund holdings for which market quotations are not readily available
 or as otherwise required in accordance with the 1940 Act or the Trust's valuation
 procedures.

7.4. <u>Cooperation with Agents of the Trust</u>. The Adviser agrees to cooperate with and provide reasonable
 assistance to the Trust, the Chief Compliance Officer, any Trust custodian or foreign
 sub-custodians, any Trust pricing agents and all other agents and representatives of
 the Trust, such information with respect to each Fund as they may reasonably request
 from time to time in the performance of their obligations, provide prompt responses to
 reasonable requests made by such persons and establish appropriate interfaces with each
 so as to promote the efficient exchange of information and compliance with applicable
 laws and regulations.

7.5. <u>Information and Reporting</u>. The Adviser shall provide the Trust and its respective officers with
 such periodic reports concerning the obligations the Adviser has assumed under this Agreement
 as the Trust may from time to time reasonably request.

7.6. <u>Notification of Breach/Compliance Reports</u>. The Adviser shall promptly notify the Trust of (i)
 any material failure to manage any Fund in accordance with its investment objectives
 and policies or any applicable law; or (ii) any material breach of any of a Fund's
 or the Adviser's policies, guidelines or procedures. The Adviser agrees to correct
 any such failure promptly and to take any action that the Board may reasonably request
 in connection with any such breach. Upon request, the Adviser shall also provide the
 officers of the Trust with supporting certifications in connection with such certifications
 of Fund financial statements and the Trust's disclosure controls and procedures
 adopted pursuant to the Sarbanes-Oxley Act of 2002 (the " <u>Sarbanes-Oxley Act</u> "),
 and the implementing regulations adopted thereunder, and agrees to inform the Trust of
 any material development related to a Fund that the Adviser reasonably believes is relevant
 to the Fund's certification obligations under the Sarbanes-Oxley Act. The Adviser
 will promptly notify the Trust in the event (i) the Adviser is served or otherwise receives
 notice of any action, suit, proceeding, inquiry or investigation, at law or in equity,
 before or by any court, public board, or body, involving the affairs of the Trust (excluding
 class action suits in which a Fund is a member of the plaintiff class by reason of the
 Fund's ownership of shares in the defendant) or the compliance by the Adviser with
 the federal or state securities laws or (ii) an actual change in control of the Adviser
 resulting in an "assignment" (as defined in the 1940 Act) has occurred or
 is otherwise proposed to occur.

7.7. <u>Board and Filings Information</u>. The Adviser will also provide the Trust with any information
 reasonably requested regarding its management of the Fund(s) required for any meeting
 of the Board, or for any shareholder report, amended registration statement, proxy statement,
 or prospectus supplement to be filed by the Trust with the SEC. The Adviser will make
 its officers and employees available to meet with the Board from time to time on reasonable
 notice to review its investment management services to the Fund(s) in light of current
 and prospective economic and market conditions and shall furnish to the Board such information
 as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order
 for the Board to evaluate this Agreement or any proposed amendments thereto.

7.8. <u>Transaction Information</u>. The Adviser shall furnish to the Trust such information concerning portfolio
 transactions as may be necessary to enable the Trust, the Chief Compliance Officer or
 their designated agents to perform such compliance testing on each Fund and the Adviser's
 services as the Trust or its Chief Compliance Officer may determine to be appropriate.
 The provision of such information by the Adviser to the Trust or its designated agent
 in no way relieves the Adviser of its own responsibilities under this Agreement.

8. <u>Code of Ethics</u>. The Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Trust. The Adviser shall ensure that its Access Persons (as defined in the Adviser's Code of Ethics) comply in all material respects with the Adviser's Code of Ethics, as in effect from time to time. Upon request, the Adviser shall provide the Trust with (i) a copy of the Adviser's current Code of Ethics, as in effect from time to time, and (ii) a certification that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Adviser's Code of Ethics. Annually, the Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Adviser's Code of Ethics to the Trust. The Adviser shall respond to requests for information from the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Adviser. The Adviser shall immediately notify the Trust of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

9. <u>Members and Employees</u>. Members and employees of the Adviser may be trustees, officers or employees of the Trust.

10. <u>Custody</u>. Nothing in this Agreement shall permit the Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

11. <u>Unitary Fee</u>. During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay all expenses incurred by the Trust and each Fund (except for advisory fees payable to the Adviser under this Agreement) pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses.

12. <u>Compensation</u>.

12.1. As
 compensation for the services to be rendered to the Fund(s) by the Adviser under the
 provisions of this Agreement, the Trust, on behalf of each Fund, shall pay to the Adviser
 from a Fund's assets an annual advisory fee equal to the amount of the daily average
 net assets of such Fund shown on Schedule A attached hereto, payable on a monthly basis.

12.2. The
 initial fee under this Agreement shall be payable on the first business day of the first
 month following the effective date of this Agreement with respect to a Fund and shall
 be prorated as set forth below. If this Agreement is terminated with respect to a Fund
 prior to the end of any calendar month, the advisory fee shall be prorated for the portion
 of any month in which this Agreement is in effect according to the proportion which the
 number of calendar days, during which the Agreement is in effect, bears to the number
 of calendar days in the month, and shall be payable within 30 days after the date of
 termination.

12.3. The
 Adviser shall look exclusively to the assets of each Fund for payment of that Fund's
 advisory fee.

12.4. The
 Adviser may voluntarily or contractually waive the Adviser's own advisory fee.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Adviser to the Trust on behalf of a Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual. Likewise, the Trust may from time to time employ other individuals or entities to furnish other separate series of the Trust with the services provided for herein.

14. <u>Liability and Standard of Care</u>.

14.1. The
 Adviser shall exercise due care and diligence and use the same skill and care in providing
 its services hereunder as it uses in providing services to other investment companies,
 accounts and customers, but the Adviser and its affiliates and their respective agents,
 control persons, directors, officers, employees, supervised persons and access persons
 shall not be liable for any action taken or omitted to be taken by the Adviser in the
 absence of willful misfeasance, bad faith, gross negligence or reckless disregard of
 its duties. Notwithstanding the foregoing, federal securities laws and certain state
 laws impose liabilities under certain circumstances on persons who have acted in good
 faith, and therefore nothing herein shall in any way constitute a waiver or limitation
 of any right which the Trust, a Fund or any shareholder of a Fund may have under any
 federal securities law or state law the applicability of which is not permitted to be
 contractually waived.

14.2. The
 Adviser shall indemnify the Trust, each Fund and each of their respective affiliates,
 agents, control persons, directors, members of the Board, officers, employees and shareholders
 (the "Adviser Indemnified Parties") against, and hold them harmless from,
 any costs, expense, claim, loss, liability, judgment, fine, settlement or damage (including
 reasonable legal and other expenses) (collectively, "Losses") arising out
 of any claim, demands, actions, suits or proceedings (civil, criminal, administrative
 or investigative) asserted or threatened to be asserted by any third party (collectively,
 "Proceedings") in so far as such Loss (or actions with respect thereto) arises
 out of or is based upon (i) any material misstatement or omission of a material fact
 in information regarding the Adviser furnished to the Trust by the Adviser for use in
 the Registration Statement, proxy materials or reports filed with the SEC; or (ii) the
 willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations
 or duties of the Adviser in the performance of its duties under this Agreement (collectively,
 "Adviser Disabling Conduct").

14.3. The
 Trust shall indemnify and hold harmless the Adviser and its members, trustees, officers
 and employees of the other party (any such person, an "Adviser Indemnified Party")
 against any Losses arising out of any Proceedings in so far as such Loss or actions with
 respect thereto, arise out of, or is based upon the Trust's performance or non-performance
 of any duties under this Agreement; provided, however, that nothing herein shall be deemed
 to protect any Adviser Indemnified Party against any portion of liability that is attributable
 to Adviser Disabling Conduct.

14.4. Notwithstanding
 anything to the contrary contained herein, the Adviser, its affiliates and their respective
 agents, control persons, directors, partners, officers, employees, supervised persons
 and access persons shall not be liable to, nor shall they have any indemnity obligation
 to, the Trust, its officers, directors, agents, employees, controlling persons or shareholders
 or to a Fund or any Fund shareholders for: (i) any material misstatement or omission
 of a material fact in a Fund's Registration Statement, proxy materials or reports
 filed with the SEC, unless and to the extent such material misstatement or omission was
 made in reliance upon, and is consistent with, the information furnished to the Trust
 by the Adviser specifically for use therein; (ii) any action taken or failure to act
 in good faith reliance upon (A) information, instructions or requests, whether oral or
 written, with respect to a Fund made to the Adviser by a duly authorized officer of the
 Trust who is not an affiliated person of the Adviser or any affiliated person of the
 Adviser; (B) the advice of counsel to the Trust; or (C) any written instruction of the
 Board; provided, however, that the limitations on the Adviser's liability and indemnification
 obligations described in (i) through (ii) above shall not apply with respect to, and
 to the extent, any portion of liability is attributable to Adviser Disabling Conduct.

14.5. The
 Adviser shall not be deemed by virtue of this Agreement to have made any representation
 or warranty that any level of investment performance or level of investment results,
 either relative or absolute, will be achieved.

14.6. For
 the avoidance of doubt, neither Fund shareholders nor the members of the Board shall
 be personally liable under this Agreement.

15. <u>Term/Approval/Amendments</u>.

15.1. This
 Agreement shall become effective with respect to a Fund as of the date of commencement
 of operations of the Fund if approved by (i) the Board, including a majority of the Trustees
 who are not parties to this Agreement or interested persons of such party (the " <u>Independent Trustees</u> "), cast in person at a meeting called for the purpose of voting on
 such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive
 relief therefrom); and (ii) the vote of a majority of the outstanding voting securities
 of a Fund (to the extent required under the 1940 Act). It shall continue in effect with
 respect to the Fund for an initial period of two years thereafter, and may be renewed
 annually thereafter only so long as such renewal and continuance is specifically approved
 as required by the 1940 Act (currently, at least annually by the Board or by vote of
 a majority of the outstanding voting securities of a Fund and only if the terms and the
 renewal hereof have been approved by the vote of a majority of the Independent Trustees,
 cast in person at a meeting called for the purpose of voting on such approval, or in
 another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom).

15.2. No
 material amendment to this Agreement shall be effective unless the terms thereof have
 been approved as required by the 1940 Act (currently, by the vote of a majority of the
 outstanding voting securities of a Fund unless such shareholder approval would not be
 required under applicable interpretations by the staff of the SEC, and by the vote of
 a majority of Independent Trustees, cast in person at a meeting called for the purpose
 of voting on such approval or in another manner permitted by the 1940 Act or pursuant
 to exemptive relief therefrom). The modification of any of the non-material terms of
 this Agreement may be approved by the vote, cast in person at a meeting called for such
 purpose or in another manner permitted by the 1940 Act or pursuant to exemptive relief
 therefrom, of a majority of the Independent Trustees.

15.3. In
 connection with such renewal or amendment, the Adviser shall furnish such information
 as may be reasonably necessary for the Board to evaluate the terms of this Agreement
 and any amendment thereto.

15.4. Notwithstanding
 the foregoing, this Agreement may be terminated by the Trust at any time, without the
 payment of a penalty, on sixty days' written notice to the Adviser of the Trust's
 intention to do so, pursuant to action by the Board or pursuant to a vote of a majority
 of the outstanding voting securities of a Fund. The Adviser may terminate this Agreement
 at any time, without the payment of penalty, on sixty days' written notice to the
 Trust of its intention to do so. Upon termination of this Agreement, the obligations
 of all the parties hereunder shall cease and terminate as of the date of such termination,
 except for any obligation to respond for a breach of this Agreement committed prior to
 such termination, and except for the obligation of the Trust, on behalf of each Fund,
 to pay to the Adviser the fee provided in Section 12.

15.5. This
 Agreement shall automatically terminate in the event of its assignment (as defined in
 Section 2(a)(4) of the 1940 Act) unless the parties hereto, by agreement, obtain an exemption
 from the SEC from the provisions of the 1940 Act pertaining to the subject matter of
 this subsection. If the Adviser enters into a definitive agreement that would result
 in an assignment (as defined in Section 2(a)(4) of the 1940 Act) of this Agreement by
 the Adviser, the Adviser agrees to give the Trust the lesser of sixty days' written
 notice or such notice as is reasonably practicable before consummating the transaction.

16. <u>Use of the Adviser's Name</u>.

16.1. The
 parties agree that the name of the Adviser, any Sub-Adviser, the names of any affiliates
 of the Adviser or a Sub-Adviser and any derivative or logo or trademark or service mark
 or trade name are the valuable property of the Adviser, the Sub-Adviser, or their respective
 affiliates, as applicable. The Trust shall have the right to use such name(s), derivatives,
 logos, trademarks or service marks or trade names only with the prior written approval
 of the Adviser, which approval shall not be unreasonably withheld or delayed so long
 as this Agreement is in effect.

16.2. Upon
 termination of this Agreement, the Trust shall forthwith cease to use such name(s), derivatives,
 logos, trademarks or service marks or trade names identified in section 16.1 above. If
 the Trust makes any unauthorized use of the Adviser's or any Sub-Adviser's
 names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge
 that the Adviser and/or Sub-Adviser(s) shall suffer irreparable harm for which monetary
 damages may be inadequate and thus, the Adviser shall be entitled to injunctive relief,
 as well as any other remedy available under law.

17. <u>Nonpublic Personal Information.</u> Notwithstanding any provision herein to the contrary, the Adviser agrees on behalf of itself and its managers, members, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"), and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Adviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18. <u>Anti-Money Laundering Compliance.</u> The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy. The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, to the extent the same may apply to the Adviser, now and in the future. The Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

20. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested persons" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

21. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

22. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. Where the effect of a requirement of the 1940 Act reflected in or contemplated by any provisions of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

23. <u>Limited Recourse</u>. The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Fund and that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of Delaware and the Adviser consents to the jurisdiction of courts, both state or federal, in Delaware, with respect to any dispute under this Agreement.

25. <u>Paragraph Headings</u>. The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

27. <u>No Third Party Beneficiaries</u>. This Agreement is not intended and shall not convey any rights, privileges, claims or remedies to any person other than a party to this Agreement and its respective successors and permitted assigns.

[Signature Page Follows]

**IN WITNESS WHEREOF**, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

---

| | |
|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** |
| **On behalf of each series listed on Schedule A attached hereto** | **On behalf of each series listed on Schedule A attached hereto** |
| By: | /s/Eric Falkeis |
| Name: | Eric Falkeis |
| Title: | President |
| Date: | 03/12/2026 |
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |
| Date: | 03/12/2026 |

---

**Schedule A**<br> **to the**<br> **Investment Advisory Agreement**<br> **by and between**<br> **Tidal Trust III**<br> **and**<br> **Tidal Investments LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;U.S. Defense ETF | &nbsp;&nbsp;0.45% |

---

## Ex-99.(G)(I)(Xiv)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(g)(i)(xiv)**

**SIXTEENTH AMENDMENT TO THE**

**TIDAL TRUST III**

**CUSTODY AGREEMENT**

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Custody Agreement dated as of July 11, 2024, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● RCN Pareto Strategic Allocation ETF

● U.S. Defense ETF

Remove the following fund:

● VistaShares Animal Spirits Daily 2x Strategy ETF

Reflect the following name changes:

● VistaShares DIVBoost Dividend Champions Distribution ETF (f/k/a VistaShares DIVBoost Dividend Kings Distribution ETF)

● VistaShares DIVBoost Dividend Leaders Distribution ETF (f/k/a VistaShares DIVBoost Dividend Nobles Distribution ETF)

● Defiance Bitcoin vs Ether ETF (f/k/a Battleshares™ Bitcoin vs Ether ETF)

● Defiance Ether vs Bitcoin ETF (f/k/a Battleshares™ Ether vs Bitcoin ETF)

● Defiance Bitcoin vs Gold ETF (f/k/a Battleshares™ Bitcoin vs Gold ETF)

● Defiance Gold vs Bitcoin ETF (f/k/a Battleshares™ Gold vs Bitcoin ETF)

**WHEREAS,** Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Sixteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 3/20/2026 | Date: | 3/20/2026 |

---

**Exhibit A to the Custody Agreement**

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Defiance Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Defiance Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF<br> VistaShares DRUKMacro Select ETF<br> VistaShares Target 15 DRUKMacro Select Income ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF<br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF<br> VistaShares IPO and Income ETF<br> VistaShares Bitcoin Treasury Income ETF<br> VistaShares Ethereum Treasury Income ETF<br> VistaShares Ethereum Treasury ETF<br> VistaShares Target 15™ International Innovators Distribution ETF<br> VistaShares Target 15™ European High Dividend Payers Distribution ETF<br> VistaShares Target 15™ Global 100 Distribution ETF<br> VistaShares Target 15™ S&P 100 Distribution ETF<br> VistaShares DIVBoost Dividend Leaders Distribution ETF<br> VistaShares DIVBoost Dividend Champions Distribution ETF<br> VistaShares DIVBoost Sector Distribution ETF<br> VistaShares DIVBoost High Yield Bond Distribution ETF<br> VistaShares DIVBoost REIT Distribution ETF<br> VistaShares DIVBoost Energy Distribution ETF<br> VistaShares DIVBoost Utilities Distribution ETF<br> VistaShares TEPRTantrum Contrarian Select ETF<br> VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF<br> VistaShares TPLoeb Event Driven Select ETF<br> VistaShares Target 15 TPLoeb Event Driven Distribution ETF |

---

VistaShares TIGR Cub NextGen Select ETF<br> VistaShares Target 15 TIGR Cub NextGen Distribution ETF<br> VistaShares LAFFTech Select ETF<br> VistaShares Target 15 LAFFTech Distribution ETF<br> VistaShares HRVD Select ETF<br> VistaShares Target 15 HRVD Distribution ETF<br> VistaShares GATE Endowment Select ETF<br> VistaShares Target 15 GATE Endowment Distribution ETF<br> VistaShares Gulf Sovereign Select ETF<br> VistaShares Target 15 Gulf Sovereign Distribution ETF<br> VistaShares Nordic Wealth Select ETF<br> VistaShares Target 15 Nordic Wealth Distribution ETF<br> RCN Pareto Strategic Allocation ETF<br> U.S. Defense ETF

## Ex-99.(H)(Ii)(Xiv)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(h)(ii)(xiv)**

**SIXTEENTH AMENDMENT TO THE** 

**TIDAL TRUST III**

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Transfer Agent Servicing Agreement (the "Agreement") dated as of July 11, 2024, as amended, is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS** 

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● RCN Pareto Strategic Allocation ETF

● U.S. Defense ETF

Remove the following fund:

● VistaShares Animal Spirits Daily 2x Strategy ETF

Reflect the following name changes:

● VistaShares DIVBoost Dividend Champions Distribution ETF (f/k/a VistaShares DIVBoost Dividend Kings Distribution ETF)

● VistaShares DIVBoost Dividend Leaders Distribution ETF (f/k/a VistaShares DIVBoost Dividend Nobles Distribution ETF)

● Defiance Bitcoin vs Ether ETF (f/k/a Battleshares™ Bitcoin vs Ether ETF)

● Defiance Ether vs Bitcoin ETF (f/k/a Battleshares™ Ether vs Bitcoin ETF)

● Defiance Bitcoin vs Gold ETF (f/k/a Battleshares™ Bitcoin vs Gold ETF)

● Defiance Gold vs Bitcoin ETF (f/k/a Battleshares™ Gold vs Bitcoin ETF)

**WHEREAS,** Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Sixteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 3/20/2026 | Date: | 3/20/2026 |

---

**Exhibit A to the** 

**Transfer Agent Servicing Agreement**

Separate Series of Tidal Trust III

<u>Name of Series</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Defiance Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Defiance Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF<br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF<br> VistaShares IPO and Income ETF<br> VistaShares Bitcoin Treasury Income ETF<br> VistaShares Ethereum Treasury Income ETF<br> VistaShares Ethereum Treasury ETF<br> VistaShares Target 15™ International Innovators Distribution ETF<br> VistaShares Target 15™ European High Dividend Payers Distribution ETF<br> VistaShares Target 15™ Global 100 Distribution ETF<br> VistaShares Target 15™ S&P 100 Distribution ETF<br> VistaShares DIVBoost Dividend Leaders Distribution ETF<br> VistaShares DIVBoost Dividend Champions Distribution ETF<br> VistaShares DIVBoost Sector Distribution ETF<br> VistaShares DIVBoost High Yield Bond Distribution ETF<br> VistaShares DIVBoost REIT Distribution ETF<br> VistaShares DIVBoost Energy Distribution ETF<br> VistaShares DIVBoost Utilities Distribution ETF<br> VistaShares TEPRTantrum Contrarian Select ETF<br> VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF<br> VistaShares TPLoeb Event Driven Select ETF<br> VistaShares Target 15 TPLoeb Event Driven Distribution ETF<br> VistaShares TIGR Cub NextGen Select ETF |

---

VistaShares Target 15 TIGR Cub NextGen Distribution ETF<br> VistaShares LAFFTech Select ETF<br> VistaShares Target 15 LAFFTech Distribution ETF<br> VistaShares HRVD Select ETF<br> VistaShares Target 15 HRVD Distribution ETF<br> VistaShares GATE Endowment Select ETF<br> VistaShares Target 15 GATE Endowment Distribution ETF<br> VistaShares Gulf Sovereign Select ETF<br> VistaShares Target 15 Gulf Sovereign Distribution ETF<br> VistaShares Nordic Wealth Select ETF<br> VistaShares Target 15 Nordic Wealth Distribution ETF<br> RCN Pareto Strategic Allocation ETF<br> U.S. Defense ETF

## Ex-99.(H)(Iii)(Xiv)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(h)(iii)(xiv)**

**SIXTEENTH AMENDMENT TO THE**

**TIDAL TRUST III**

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Fund Accounting Servicing Agreement dated as of July 11, 2024, as amended, (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● RCN Pareto Strategic Allocation ETF

● U.S. Defense ETF

Remove the following fund:

● VistaShares Animal Spirits Daily 2x Strategy ETF

Reflect the following name changes:

● VistaShares DIVBoost Dividend Champions Distribution ETF (f/k/a VistaShares DIVBoost Dividend Kings Distribution ETF)

● VistaShares DIVBoost Dividend Leaders Distribution ETF (f/k/a VistaShares DIVBoost Dividend Nobles Distribution ETF)

● Defiance Bitcoin vs Ether ETF (f/k/a Battleshares™ Bitcoin vs Ether ETF)

● Defiance Ether vs Bitcoin ETF (f/k/a Battleshares™ Ether vs Bitcoin ETF)

● Defiance Bitcoin vs Gold ETF (f/k/a Battleshares™ Bitcoin vs Gold ETF)

● Defiance Gold vs Bitcoin ETF (f/k/a Battleshares™ Gold vs Bitcoin ETF)

**WHEREAS,** Section 15 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Sixteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 3/20/2026 | Date: | 3/20/2026 |

---

**Exhibit A to the** 

**Fund Accounting Servicing Agreement** 

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Defiance Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Defiance Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF<br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF<br> VistaShares IPO and Income ETF<br> VistaShares Bitcoin Treasury Income ETF<br> VistaShares Ethereum Treasury Income ETF<br> VistaShares Ethereum Treasury ETF<br> VistaShares Target 15™ International Innovators Distribution ETF<br> VistaShares Target 15™ European High Dividend Payers Distribution ETF<br> VistaShares Target 15™ Global 100 Distribution ETF<br> VistaShares Target 15™ S&P 100 Distribution ETF<br> VistaShares DIVBoost Dividend Leaders Distribution ETF<br> VistaShares DIVBoost Dividend Champions Distribution ETF<br> VistaShares DIVBoost Sector Distribution ETF<br> VistaShares DIVBoost High Yield Bond Distribution ETF<br> VistaShares DIVBoost REIT Distribution ETF<br> VistaShares DIVBoost Energy Distribution ETF<br> VistaShares DIVBoost Utilities Distribution ETF<br> VistaShares TEPRTantrum Contrarian Select ETF<br> VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF<br> VistaShares TPLoeb Event Driven Select ETF<br> VistaShares Target 15 TPLoeb Event Driven Distribution ETF<br> VistaShares TIGR Cub NextGen Select ETF |

---

VistaShares Target 15 TIGR Cub NextGen Distribution ETF<br> VistaShares LAFFTech Select ETF<br> VistaShares Target 15 LAFFTech Distribution ETF<br> VistaShares HRVD Select ETF<br> VistaShares Target 15 HRVD Distribution ETF<br> VistaShares GATE Endowment Select ETF<br> VistaShares Target 15 GATE Endowment Distribution ETF<br> VistaShares Gulf Sovereign Select ETF<br> VistaShares Target 15 Gulf Sovereign Distribution ETF<br> VistaShares Nordic Wealth Select ETF<br> VistaShares Target 15 Nordic Wealth Distribution ETF<br> RCN Pareto Strategic Allocation ETF<br> U.S. Defense ETF

## Ex-99.(I)(Xxxvi)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99(i)(xxxvi)**

![](ex99ixxxvi001.jpg)

April 6, 2026

U.S. Defense ETF, a series of Tidal Trust III

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We have acted as counsel to Tidal Trust III, a Delaware statutory trust with transferable shares (the "Trust") in connection with the Trust's Post-Effective Amendment No. 180 to its Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "Amendment") relating to the issuance by the Trust of an unlimited number of shares of beneficial interest, with no par value per share (the "Shares") in respect of U.S. Defense ETF, a series of the Trust.

We have examined copies, either certified or otherwise proved to be genuine to our satisfaction, of the Trust's Third Amended and Restated Declaration of Trust ("Declaration of Trust") and Amended and Restated By-Laws ("By-laws"), and other documents relating to its organization, operation, and proposed operation, and we have made such other investigations as, in our judgment, are necessary or appropriate to enable us to render the opinion expressed below.

We express no opinion herein as to any laws other than Chapter 38 of Title 12 of the Delaware Code Annotated, as amended, entitled "Treatment of Delaware Statutory Trusts" (the "Delaware Statutory Trust Act") and the federal laws of the United States. We call to your attention that our opinion herein is based solely upon our examination of the Delaware Statutory Trust Act as currently in effect.

This letter expresses our opinion as to the provisions of the Declaration of Trust, but does not extend to the Delaware Uniform Securities Act, or to other state securities laws.

Based upon the foregoing and subject to the qualifications set forth herein, we hereby advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust is validly existing as a statutory trust under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust is authorized to issue an unlimited number of shares of beneficial interest, the
 Shares have been duly and validly authorized by all action of the Trustees of the Trust,
 and no action of the shareholders of the Trust is required in such connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Shares, when issued in accordance with the Declaration of Trust and By-laws, will be
 legally issued, fully paid and non-assessable by the Trust.

Page 2 <br> April 6, 2026

We understand that this opinion is to be used in connection with the registration of the Shares for offering and sale pursuant to the 1933 Act. We consent to the filing of this opinion with and as a part of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations promulgated thereunder. We also hereby consent to the use of our name as legal counsel in the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Sullivan & Worcester LLP |
| SULLIVAN & WORCESTER LLP |
| DP/RLS |

---

## Ex-99.(J)

[Tidal Trust III 485BPOS](duty-485bpos_040626.htm)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 180 and Amendment No. 183, to the Registration Statement on Form N-1A of U.S. Defense ETF, a series of Tidal Trust III.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**April 6, 2026**