# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001999371-25-008476
**Filing Date:** 2025-6
**Character Count:** 805864
**Document Hash:** 3c17161e5caa2115553029603a16a697
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008476.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001999371-25-008476

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Opportunities Trust
- **CENTRAL INDEX KEY:** 0001771146

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 251087762

**BUSINESS ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Opportunities Trust
- **CENTRAL INDEX KEY:** 0001771146

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-234544
- **FILM NUMBER:** 251087761

**BUSINESS ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

## Series and Classes Contracts Data

### REX-OSPREY(TM) ETH + STAKING ETF (Series ID: S000091611)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000259289 | REX-OSPREY(TM) ETH + STAKING ETF | ESK             |

### REX-OSPREY(TM) SOL + STAKING ETF (Series ID: S000091612)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000259290 | REX-OSPREY(TM) SOL + STAKING ETF | SSK             |

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

As filed with the Securities and Exchange Commission on June 27, 2025

Securities Act Registration No. 333-234544

Investment Company Act Registration No. 811-23439

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________________________

FORM N-1A

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **☒** |

---

Pre-Effective Amendment No. ____ ☐ <br> Post-Effective Amendment No. <u>303</u> ☒

**and/or**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **☒** |

---

Amendment No. <u>305</u> ☒

**ETF OPPORTUNITIES TRUST**

(Exact Name of Registrant as Specified in Charter)

Karen Shupe

Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, VA 23235

(804) 267-7400

(Address and Telephone Number of Principal Executive Offices)

The Corporation Trust Co.

<u>Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801</u>

(Name and Address of Agent for Service)

<u>With Copy to:</u>

John H. Lively

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, KS 66211

It is proposed that this filing will become effective:

☒ 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)

☐ __________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**REX-OSPREY<sup>TM</sup> ETH + STAKING ETF**

**REX-OSPREY<sup>TM</sup> SOL + STAKING ETF**

**PROSPECTUS**

**June 27, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Ticker** | **Principal U.S. Listing <br> Exchange** |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> ETH + STAKING ETF | &nbsp;&nbsp;ESK | &nbsp;&nbsp;Cboe BZX Exchange, Inc. |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> SOL + STAKING ETF | &nbsp;&nbsp;SSK | &nbsp;&nbsp;Cboe BZX Exchange, Inc. |

---

Neither the U.S. Securities and Exchange Commission ("SEC") nor the Commodity Futures Trading Commission has approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

**Table of Contents**

---

| | |
|:---|:---|
| [**FUND SUMMARY – REX-OSPREY<sup>TM</sup> ETH + STAKING ETF**](#rexosprey485bposa001) | 1 |
| [**FUND SUMMARY – REX-OSPREY<sup>TM</sup> SOL + STAKING ETF**](#rexosprey485bposa002) | 9 |
| **[ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS](#rexosprey485bposa003)** | 17 |
| **[MANAGEMENT](#rexosprey485bposa004)** | 22 |
| **[DISTRIBUTION (12B-1) PLAN](#rexosprey485bposa005)** | 23 |
| **[HOW TO BUY AND SELL SHARES](#rexosprey485bposa006)** | 23 |
| **[FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES](#rexosprey485bposa007)** | 24 |
| **[DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES](#rexosprey485bposa008)** | 24 |
| **[OTHER INFORMATION](#rexosprey485bposa009)** | 26 |
| **[FINANCIAL HIGHLIGHTS](#rexosprey485bposa010)** | 26 |
| **[FOR MORE INFORMATION](#rexosprey485bposa011)** | 28 |

---

**FUND SUMMARY – REX-OSPREY<sup>TM</sup> ETH + STAKING ETF**

**<u>INVESTMENT OBJECTIVE</u>**

REX-Osprey<sup>TM</sup> ETH + Staking ETF (the "Fund") seeks investment results of 1x the performance, before fees and expenses, of Ether ("ETH" or the "Reference Asset") plus staking rewards associated with the Reference Asset.

**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. **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.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;Management Fee<sup>(1)</sup><br> Distribution (12b-1) and Service Fees | &nbsp;&nbsp;0.75%<br> 0.00% |
| &nbsp;&nbsp;Other Expenses<sup>(2)</sup> | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Current/Deferred Income Tax Expense<sup>(3)</sup> | &nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.28% |

---

<sup>(1)</sup> Under the Investment Advisory Agreement, REX Advisers, LLC (the "Adviser"), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. The Fund will invest in REX-Osprey<sup>TM</sup> ETH + Staking (Cayman) Portfolio S.P., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "ETH Subsidiary"). The ETH Subsidiary has entered into a separate investment advisory agreement with the Adviser for the management of the ETH Subsidiary's assets, and for the payment and/or reimbursement of the ETH Subsidiary's expenses to the same extent as such expenses are paid or reimbursed to the Fund, pursuant to which the Subsidiary pays the Adviser a management fee at the same rate that the Fund pays the Adviser for services provided to the Fund (the "Subsidiary Management Agreement"). The Adviser is contractually obligated to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Adviser under the Subsidiary Management Agreement. This waiver will remain in effect for as long as the Subsidiary Management Agreement is in place.

<sup>(2)</sup> Other Expenses are estimated for the Fund's initial fiscal year.

<sup>(3)</sup> The Fund is classified as a C-corporation for tax purposes and, as such, will incur current and deferred tax expenses. Such current or deferred tax liabilities, if any, will be reflected in the Fund's Net Asset Value. Current/Deferred Income Taxes are estimated for the Fund's initial fiscal year.

**Example**

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 your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| **Name of Fund** | **1 Year** | **3 Years** |
| REX-Osprey<sup>TM</sup> ETH + Staking ETF | $130 | $406 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other assets (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.

**<u>PRINCIPAL INVESTMENT STRATEGIES</u>**

The Fund, under normal market conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Reference Asset and other assets that provide exposure to the Reference Asset. The Fund will invest directly or through the REX-Osprey<sup>TM</sup> ETH Subsidiary, which is described more fully below. Although the Fund seeks returns equal to 1x of the Reference Asset, the Fund's performance will not replicate the performance of the Reference Asset (i.e., the Fund's returns may not, be the same as the Reference Asset, due to staking rewards, trading and other expenses , but will generally be in the same direction in a positive or negative manner).

The Fund will invest in and hold ETH. ETH is a cryptocurrency that was introduced in 2015, and quickly developed its own online community, reaching a peak market capitalization of over US$570 billion on November 9, 2021. As of May 20, 2025, the market capitalization of ETH was $302.2 billion.

The Fund will invest at least 40% of its assets in shares of other exchange-traded funds("ETFs") and exchange-traded products ("ETPs"), including non-U.S. exchange-traded products ("non-US ETPs"), which invest directly in, provide exposure to, replicate the performance of, or have trading and/or price performance characteristics similar to the Reference Asset (all such ETFs, ETPs and non-US ETPs, "Reference ETFs"). The Fund anticipates assets allocated to Reference ETFs will be primarily to Reference ETFs that engage in staking the Reference Asset. The majority of the ETFs in which the Fund will invest will be domiciled outside of the United States and listed on non-U.S. exchanges. The non-U.S. ETFs in which the Fund may invest are domiciled in Canada and/or Europe and are listed and available for sale in various jurisdictions in Europe (such as Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Spain, Sweden, and Switzerland). Where available, the Fund will invest in the USD share class of the applicable non-U.S. ETF. The Fund will allocate portfolio assets to one or more of the following Reference ETFs at any one time, although this list may change over time:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reference ETF** | &nbsp;&nbsp;**Exchange** | &nbsp;&nbsp;**Ticker Symbol** |
| &nbsp;&nbsp;Purpose Core Ether ETF | &nbsp;&nbsp;Canada | &nbsp;&nbsp;ETHO.U |
| &nbsp;&nbsp;3iQ Ether Staking ETF | &nbsp;&nbsp;Canada | &nbsp;&nbsp;ETHQ.U |
| &nbsp;&nbsp;21Shares Ethereum Staking ETP | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;AETH |
| &nbsp;&nbsp;CoinShares Physical Ethereum Staked ETP | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;ETHE |
| &nbsp;&nbsp;Bitwise Ethereum Staking ETP | &nbsp;&nbsp;Germany | &nbsp;&nbsp;ET33 |
| &nbsp;&nbsp;iShares Ethereum Trust ETF | &nbsp;&nbsp;US | &nbsp;&nbsp;ETHA |
| &nbsp;&nbsp;Grayscale Ethereum Mini Trust ETF | &nbsp;&nbsp;US | &nbsp;&nbsp;ETH |

---

The Fund will also seek to generate income and capital appreciation through staking the Reference Asset. Generally, staking means that the holder of the Reference Asset will agree to lock up the Reference Asset for it to be used in the Ethereum network's proof-of-stake validation process. In return, the holder will receive staking rewards in the form of the Reference Asset, which represent portions of the Ethereum network's transaction fees. The Fund will direct its custodian that custodies the Reference Asset (the "Crypto Custodian") to delegate an amount, as determined by the Adviser, of its Reference Asset holdings to a validator or validators. The Fund seeks to stake all its Reference Asset holdings, subject to the Adviser managing the Fund's liquidity profile such that no more than 15% of the Fund's net assets are deemed to be illiquid. Therefore, because the current unbonding period for staked ETH is anywhere from 3 to 16 days, depending on Ethereum Network conditions (but can also be longer or shorter), the Adviser anticipates under current conditions that no more than 15% of the Fund's holdings will be directly staked, though the Adviser further anticipates that conditions may change such that it may be able to directly stake more of the Reference Asset in the future.

The Fund may direct the Crypto Custodian to use a particular validator or validators to stake its Reference Asset holdings, but the staked Reference Assets will remain in the possession and control of the Crypto Custodian. Rewards, which will be paid in the Reference Asset and subject to any bonding or lock-up period, may be earned in connection with staking the Reference Asset. The Fund will pay the Crypto Custodian and validator or validators a fee for staking the Reference Asset. The Adviser, however, will take no portion of the rewards received from staking and will pass all rewards, minus any fees paid to the Crypto Custodian and validator or validators, to the Fund. The Fund may seek to gain exposure to the Reference Asset, in whole or in part, through investments in a subsidiary organized in the Cayman Islands, the REX-Osprey<sup>TM</sup> ETH + Staking (Cayman) Portfolio S.P. (i.e., the "ETH Subsidiary"). The ETH Subsidiary is wholly-owned and controlled by the Fund. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the ETH Subsidiary. The ETH Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions. The Fund will aggregate its investments with the ETH Subsidiary for purposes of determining compliance with: (i) Section 8 of the Investment Company Act of 1940 (the "1940 Act"), which governs fundamental investment limitations (which are described more specifically in the Fund's statement of additional information); and (ii) Section 18 of the 1940 Act, which governs capital structure and includes limitations associated with the Fund's ability to leverage its investments. Additionally, the ETH Subsidiary's investment advisory contracts will be governed in accordance with Section 15 of the 1940 Act, and the ETH Subsidiary will adhere to applicable provisions of Section 17 of the 1940 Act governing affiliate transactions. The principal investment strategies and principal risks of the ETH Subsidiary constitute principal investment strategies and principal risks of the Fund, and the disclosures of those strategies and risks in this prospectus are designed to reflect the aggregate operations of the Fund and the ETH Subsidiary.

Unlike most ETFs, the Fund will not be taxed as a regulated investment company for U.S. federal income tax purposes because of its limited number of holdings. Rather it will be taxed as a regular subchapter C corporation which means taxable income generally must be recognized at both the Fund level and shareholder level.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940 (the "1940 Act").

Ethereum History

ETH is a digital asset. The ownership and operation of ETH is determined by participants in an online, peer-to-peer network referred to as the "Ethereum Network." The Ethereum Network is a recent technological innovation, and the ETH that are created, transferred, used and stored by entities and individuals have certain features associated with several types of assets, most notably commodities and currencies. The price of ETH on public digital asset exchanges and over-the-counter markets has a limited history. ETH prices on these exchanges and over-the-counter markets have been volatile and subject to influence by many factors, including operational interruptions.

The value of ETH is not backed by any government, corporation, or other identified body. Instead, its value is determined in part by the supply and demand in markets created to facilitate the trading of ether. Ownership and transaction records for ETH are protected through public-key cryptography. The supply of ETH is determined by the Ethereum Protocol. No single entity owns or operates the Ethereum Network. The Ethereum Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "validators"), (2) developers who propose improvements to the Ethereum Protocol and the software that enforces the Protocol and (3) users who choose which version of the Ethereum software to run. From time to time, the developers suggest changes to the Ethereum software. If a sufficient number of users and validators elect not to adopt the changes, a new digital asset, operating on the earlier version of the Ethereum software, may be created. This is often referred to as a "fork." The price of the ETH in which the Fund invests may reflect the impact of these forks.

**2**

In September 2022, the Ethereum Network's consensus protocol transitioned from a proof-of-work to proof-of-stake protocol. Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or "stake" coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or "slashing" of a portion of the staked coins.

**<u>PRINCIPAL INVESTMENT RISKS</u>**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risks affecting shareholders' investments in the Fund are set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or any government agency. 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's Investments." Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears.

**ETH Risk:** ETH is a relatively new innovation and is subject to unique and substantial risks. The market for ETH is subject to rapid price swings, changes and uncertainty. A significant portion of the demand for ETH may be the result of speculation. Such speculation regarding the potential future appreciation of the price of ETH may artificially inflate or deflate the price of ETH and increase volatility. The further development of the Ethereum Network and the acceptance and use of ETH are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Ethereum Network or the acceptance of ETH may adversely affect the price and liquidity of ETH. ETH is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact ETH trading platforms. Additionally, if a coordinated group of validators were to gain control of more than 50% of staked ether, they would have the ability to execute extensive attacks, manipulate transactions and fraudulently obtain ether. If such a validator or group of validators were to gain control of one-third of staked ether, they could halt payments. A significant portion of ETH is held by a small number of holders sometimes referred to as "whales". Transactions by these holders may influence the price of ether.

ETH generally trades on trading platforms that support trading in a variety of crypto assets, and such trading platforms may be operating out of compliance with applicable regulations. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, ETH and ETH trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote ETH in a way that artificially increases the price of ether). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of ETH trading platforms have been closed due to fraud, failure or security breaches. Investors in ETH may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Crypto asset trading platforms where ETH is traded may become subject to enforcement actions by regulatory authorities.

The realization of any of these risks could result in a decline in the acceptance of ETH and consequently a reduction in the value of ETH; ETFs that seek to track ETH or options on those ETFs, and the Fund.

**Risks Related to the Regulation of ETH.** Any final determination by a court that ETH or any other digital asset is a "security" or "commodity" may adversely affect the value of ETH and the value of the Fund's shares, and, if ETH is not, or cannot, be registered as a security, result in a potential termination of the Fund.

Depending on its characteristics, a digital asset may be considered a "security" under the federal securities laws. The test for determining whether a particular digital asset is a "security" is complex and difficult to apply, and the outcome is difficult to predict. Public, though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or ETH to be securities, and does not currently consider Bitcoin to be a security. The SEC staff has also provided informal assurances via no-action letter to a handful of promoters that their digital assets are not securities. The SEC staff's guidance regarding whether a digital asset is or is not a security is not determinative or binding and a court may come to a different conclusion.

On the other hand, the SEC has brought enforcement actions against the issuers and promoters of several digital assets on the basis that the digital assets in question are securities. More recently, the SEC has also brought enforcement actions against various digital asset trading platforms for allegedly operating unregistered securities exchanges on the basis that certain of the digital assets traded on their platforms are securities. For example, in June 2023, the SEC brought a complaint against Coinbase (the "Coinbase Complaint") alleging violations of a variety of securities laws. In February 2025, the SEC withdrew the Coinbase Complaint.

Whether a digital asset is a security under the federal securities laws depends on whether it is included in the lists of instruments making up the definition of "security" in the Securities Act of 1933, the Securities Exchange Act of 1934 and the 1940 Act. Digital assets as such do not appear in any of these lists, although each list includes the terms "investment contract," "note," and "transferable share" and the SEC has typically analyzed whether a particular digital asset is a security by reference to whether it meets the tests developed by the federal courts interpreting these terms, known as the Howey and Reves tests, respectively. For many digital assets, whether or not the Howey or Reves tests are met is difficult to resolve definitively, and substantial legal arguments can often be made both in favor of and against a particular digital asset qualifying as a security under one or both tests. Adding to the complexity, the courts, the SEC and the SEC staff have indicated that the security status of a particular instrument, such as a digital asset, can change overtime as the relevant facts evolve.

**3**

As part of determining whether ETH is a security for purposes of the federal securities laws, the Fund takes into account a number of factors, including the various definitions of "security" under the federal securities laws and federal court decisions interpreting elements of these definitions, such as the U.S. Supreme Court's decisions in the Howey and Reves cases, as well as reports, orders, press releases, public statements and speeches by the SEC, its commissioners and its staff providing guidance on when a digital asset may be a security for purposes of the federal securities laws. Through this process, and the recent listing of CFTC regulated futures contracts, a reasonable argument exists that ETH is not a security for purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934, in light of the uncertainties inherent in the Howey and Reves tests.

If an appropriate court determines that ETH is a security, the Adviser would not intend to permit the Fund to continue holding its investments in a way that would violate the federal securities laws (and therefore, if necessary, would either dissolve the Fund or potentially seek to operate the Fund in a manner that complies with the federal securities laws).

**Ether Market Volatility Risk.** The prices of ETH have historically been highly volatile. The value of the Fund's exposure to ETH – and therefore the value of an investment in the Fund – could decline significantly and without warning, including to zero. If you are not prepared to accept significant and unexpected changes in the value of the Fund and the possibility that you could lose your entire investment in the Fund you should not invest in the Fund.

Trading prices of ETH and other digital assets have experienced significant volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including ETH over the course of 2021, and multiple market observers asserted that digital assets were experiencing a "bubble." These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for ether. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout ether's history, including in 2017-2018 and 2021-2022. Over the course of 2023 through 2024, ETH prices have continued to exhibit extreme volatility. Such volatility may persist.

**Digital Assets/Cryptocurrency Risk. The performance of the Reference Asset, and consequently the Fund's performance, is subject to the risks of the digital assets/cryptocurrency industry. The trading prices of many digital assets, including the Reference Asset, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of the Reference Asset, could have a material adverse effect on the value of the Fund's shares ("Shares") and the Shares could lose all or substantially all of their value. The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of the Reference Asset as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of the Reference Asset. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.**

Cryptocurrencies, such as the Reference Asset, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Staking Risk**. When the Fund stakes the Reference Asset, the Reference Asset is subject to the risks attendant to staking generally, such as illiquidity, reliance on third-party service providers, slashing, missed rewards, and validator problems and errors. Staking requires that the Fund lock up the staked Reference Asset and become subject to an unbonding period to unstake the Reference Asset, meaning that the Fund cannot sell or transfer the staked Reference Asset during the time that it is staked and during which it is being unbonded. The Adviser anticipates that the average unbonding period for staked ETH is currently 7-days. However, the unbonding period also may be longer than anticipated based on network activity. In addition, during the unbonding period, the Fund is subject to the market price volatility of the Reference Asset, and it may miss opportunities to sell the staked Reference Asset during opportune times. Staking ETH involves the risk of slashing and concentration risk. Slashing is a penalty imposed on network validators for actions that threaten the blockchain's integrity. For example, with ETH, slashing can result from isolated validator mistakes, malicious activity, coordinated attacks, software bugs, or provider failures. Slashing serves as an enforcement mechanism to ensure network resilience, but correlated slashing events can be catastrophic. Penalties can scale aggressively, potentially leading to a significant loss of staked principal. Concentration risks associated with staking include staking activities occurring through a concentrated group of software providers and cloud infrastructure providers. There are generally five major staking software providers, and over-allocating to validators using the same software increases the risk of a single issue impacting a large amount of staked assets. Similarly, complications in specific cloud regions (i.e., a particular geographical area where a cloud provider's data centers are located) can create outages that impact validators. Such complications may include, but are not limited to, compliance and regulatory issues, security breaches such as ransomware threats and attacks, data breaches, and malicious actors, and cloud network and infrastructure performance issues (e.g., network latency and service outages). Staked Reference Assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked Reference Asset or a loss of any rewards. The loss of the staked Reference Asset (either in whole or partially) during the staking period will have a material adverse effect on the Fund.

**Liquidity Risk.** Currently, the unbonding period for staked ETH is anywhere from 3-16 days, depending on network conditions, but can also be longer or shorter. Accordingly, staked ETH may not be sold within the typical settlement times of other assets, such as securities, and may be deemed illiquid. The Adviser will manage the Fund's portfolio assets to be within applicable liquidity limits under the Fund's liquidity risk management program, and will not have more than 15% of the Fund's net assets in illiquid assets. As a result, the Fund may not be able to achieve its desired level of staking during certain periods. In addition, some assets held by the Fund, including the Reference Asset, may be difficult to sell, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid assets may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid asset at an unfavorable time or price, the Fund may be adversely impacted. There is no assurance that an asset that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

**4**

**Reference Asset ETF Investing Risk*.*** Issuer-specific attributes related to ETFs in which the Fund may invest may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or asset or particular type of security or asset may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. When the Fund invests in ETFs it will incur costs associated with such funds, including management fees and fees and expenses borne by shareholders of such ETFs. The value of shares in an ETF may not replicate the performance of the Reference Asset and the Fund's investments in the ETFs will not perform exactly the same as the Fund's direct investments in the Reference Asset. The following is a summary of risk factors related to the ETFs that invest in the Reference Asset as identified by the ETFs in their registration statements – this is not purported to be a complete list of risks (references to "shares" in this section are to shares of an ETF).

*<u>Risk Factors Related to Digital Assets</u>*

● The Reference Asset and investments linked to the Reference Asset are relatively new investments, they present unique and substantial risks, and investing in Reference Asset has been subject to significant price volatility. The trading prices of many digital assets, including the Reference Asset, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Reference Asset, could have a material adverse effect on the value of the shares and the shares could lose all or substantially all of their value.

● The value of the Reference Asset has been and may continue to be deeply speculative such that trading and investing in the Reference Asset intraday may not be based on fundamental analysis. Individuals and organizations holding large amounts of the Reference Asset known as "whales" may have the ability to manipulate the price of the Reference Asset. The value of the shares is subject to a number of factors relating to the fundamental investment characteristics of the Reference Assets as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. For example, a blockchain may be subject to attack by a group of miners or validators that possess more than 50% of the blockchain's hashing power or staked asset. The value of the Fund's investments in the Reference Asset may be adversely affected by such an attack.

● Digital assets represent a new and rapidly evolving industry, and the value of the shares depends on the acceptance of the Reference Asset.

● Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network's ability to grow and respond to challenges.

*<u>Risk Factors Related to the Digital Asset Platforms</u>*

● The value of the Shares relates directly to the value of the Reference Asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

● Proposed changes to the Reference Asset blockchain protocol may not be adopted by a sufficient number of validators or miners, which may result in competing blockchains with different native crypto assets and sets of participants (known as a "fork"). The value of an investment in the Fund may be negatively impacted by a temporary or permanent "fork".

● The Reference Asset blockchain protocol may contain flaws that can be exploited by attackers and which may adversely affect the value of Reference Asset and the Fund's investments. Flaws in the source code for digital assets have been exploited including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. The cryptography underlying the Reference Asset could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Reference Asset's network or take the Trust's Reference Asset, which would adversely affect the value of the Fund. Exposure of the Reference Asset to instability in other speculative parts of the blockchain and crypto industry, such as through an event that is not necessarily related to the security or utility of Reference Asset blockchain can nonetheless precipitate a significant decline in the price of the Reference Asset and an investment in the Fund.

● As of December 31, 2024, there are over 10,000 alternative digital assets with a total market capitalization of approximately $1.33 trillion. Many consortiums and financial institutions are also researching and investing resources into private or permissioned smart contract platforms. Competition from the emergence or growth of alternative digital assets and smart contracts platforms could have a negative impact on the demand for, and price of, the Reference Asset and thereby adversely affect the value of the Fund.

● Use of the Reference Asset by consumers and institutions as a medium of exchange in commerce may be limited. Banks and other established financial institutions may refuse to process funds for Reference Asset transactions; process wire transfers to or from digital asset platforms, Reference Asset-related companies or service providers; or maintain accounts for persons or entities transacting in the Reference Asset. Processing of transactions in the Reference Asset may be slow, transaction fees may be subject to significant variability. As a result, the price of the Reference Asset may be influenced to a significant extent by speculators and miners, thus contributing to price volatility that makes retailers less likely to accept it as a form of payment in the future.

**5**

*<u>Risk Factors Related to the Regulation of the Reference Asset</u>*

● There are risks regarding new or changing laws and regulations that may affect the use of blockchain technology and/or investments in crypto assets. Digital asset platforms in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Reference Asset, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of the Reference Asset, mining activity, digital wallets, the provision of services related to trading and custodying the Reference Asset, the operation of the Reference Asset network, or the digital asset platforms generally. Accordingly, future regulatory changes may have a material adverse impact on the Fund's investments and its ability to implement its investment strategy.

● If regulators subject the Reference Asset to regulation, this could result in extraordinary expenses that could potentially be borne by The Fund.

● The treatment of digital assets for U.S. federal, state and local income tax purposes is uncertain.

**Subsidiary Investment Risk.** Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the ETH Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The ETH Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the ETH Subsidiary, will not have all the protections offered to investors in registered investment companies.

**Concentration Risk.** The Fund's assets will be concentrated in the sector or sectors or industry or group of industries that are assigned to the Reference Asset, which will subject the Fund to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund's assets were invested in a wider variety of sectors or industries.

**Cyber Security Risk.** The Fund and its service providers, such as the custodian, are susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund and its service providers to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss, including loss of the Reference Asset. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through hacking or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**Custodian Risk**. The Reference Asset and other assets held by the Fund that operate on distributed ledger/blockchain technology can only be transferred by the person holding both the public and private keys to the digital wallet in which the asset is held. The Fund's Crypto Custodians that custody the Fund's digital assets are in control of the private keys for each of the Fund's digital wallets. In the event such custodian loses sole control of the private keys (e.g., through a data breach or hack), the Fund's digital assets held by such custodian could be lost.

**Foreign Securities Risk.** To the extent the Fund invests in securities of foreign ETFs, such investments may be subject to additional risks not typically associated with investments in domestic securities. These risks may include, among others, currency risk, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.

**ETF Risks**. The Fund is an exchange-traded fund, and, as a result of an ETF's structure, it is exposed to the following risks:

● *Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk*. The Fund has a limited number of financial institutions that may act as Authorized Participants ("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 of the Fund ("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.

● *Cash Redemption Risk*. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**6**

● *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 and volatility in the Fund's portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● *Trading*. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that 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 Fund Shares.

**Inflation Risk**. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions, if any, may decline.

**Indirect Investment Risk**. Neither the Reference Asset nor the Ethereum Network are affiliated with the Trust, the Fund, or the Adviser, or any affiliates thereof and are not involved with this offering in any way, and have no obligation to consider the Fund in taking any actions that might affect the value of the Fund. None of the Trust, the Fund, the Adviser, or any affiliate are responsible for the performance of the Reference Asset and make no representation as to the performance of the Reference Asset. Investing in the Fund is not equivalent to investing in the Reference Asset.

**Non-Correlation Risk**. The performance of the fund will not, and is not intended to, correlate exactly to the performance of the Reference Asset and will vary somewhat due to factors such as fees and expenses of the Fund, transaction costs, regulatory restrictions, and active management of the Fund's portfolio.

**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, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Cash Transaction Risk.** The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in-kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund's net asset value.

**Taxable Fund Risk**. The Fund is taxed as a regular subchapter C corporation for U.S. federal income tax purposes. This differs from most investment companies, which elect to be treated as regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"), in order to avoid paying entity level income taxes. The Fund generally is not eligible to elect treatment as a regulated investment company because its assets will be invested mostly in the Reference Asset. As a result, the Fund will be obligated to pay applicable corporate U.S. federal and state income taxes on its taxable income as opposed to most investment companies which are not so obligated because of the dividends paid deduction which is not available to the Fund. Additionally, unlike most ETFs, the Fund will not be eligible to engage in in-kind redemptions on a tax-free basis. This means that gains from securities that accumulate inside the Fund will be taxed at the Fund level when those securities are sold or otherwise disposed of by the Fund. In addition, the Fund may become liable for U.S. federal excise tax on Fund Share redemptions. The Fund will incur an excise tax liability equal to one percent (1%) of the fair market value of Fund Share redemptions less the fair market value of Fund Share issuances (in excess of $1 million of fair market value) annually on a taxable year basis. Finally, although the Fund intends to make periodic distributions of its earnings to its shareholders, if the Fund fails to distribute enough of its earnings, it could be subject to the accumulated earnings tax, in addition to other U.S. federal income taxes, which could impose a 20% U.S. federal income tax on the Fund's accumulated earnings that have not been distributed to its shareholders. These issues are described in more detail in the section entitled "ADDITIONAL INFORMATION ABOUT RISK – Tax Risk" below, as well as in the Fund's SAI.

**7**

**<u>PERFORMANCE HISTORY</u>**

The Fund is new and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future.

Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (844) 802-4004.

**<u>INVESTMENT ADVISER</u>**

REX Advisers, LLC (the "Adviser") is the investment adviser to the Fund.

Portfolio Managers

Matthew Pelletier, Lead Portfolio Manager of the Adviser, has served as the Fund's portfolio manager since its inception in 2025.

Matthew Holcomb, Senior Vice President, Senior Trader and Portfolio Manager of the Adviser, has served as the Fund's portfolio manager since its inception in 2025.

**<u>PURCHASE AND SALE OF FUND SHARES</u>**

The Fund will issue (or redeem) shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 25,000 shares known as "Creation Units." Creation Unit transactions are typically conducted in exchange for the deposit or delivery of cash, although the Fund reserves the right to issue Creation Units in exchange for the deposit or delivery of a combination of in-kind securities assets and cash. Individual shares may only be purchased and sold on a national securities exchange through a broker-dealer. You can purchase and sell individual shares of the Fund throughout the trading day like any publicly traded security. The Fund's shares are listed on the Exchange (*i.e.*, Cboe BZX Exchange, Inc.). The price of the Fund's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares through a broker, most investors will incur customary brokerage commissions and charges and you may pay some or all of the spread between the bid and the offered prices in the secondary market for shares. Except when aggregated in Creation Units, the Fund's shares are not redeemable securities. Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at <u>www.rexshares.com</u>.

**<u>TAX INFORMATION</u>**

The Fund will be treated as a regular C corporation for U.S. federal income tax purposes and not as a regulated investment company like most mutual funds and exchange traded funds. Accordingly, all distributions to shareholders will be treated as dividend income to the extent paid from the Fund's current or accumulated earning and profits (as determined for U.S. federal income tax purposes) and will be currently taxed as such unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case withdrawals from such arrangements generally will be taxed.

**<u>PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES</u>**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (*e.g.*, a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**8**

**FUND SUMMARY – REX-OSPREY<sup>TM</sup> SOL + STAKING ETF**

**<u>INVESTMENT OBJECTIVE</u>**

REX-Osprey<sup>TM</sup> SOL + Staking ETF (the "Fund") seeks investment results of 1x the performance, before fees and expenses, of Solana ("SOL" or the "Reference Asset") plus staking rewards associated with the Reference Asset.

**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. **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.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;Management Fee<sup>(1)</sup><br> Distribution (12b-1) and Service Fees | &nbsp;&nbsp;0.75%<br> 0.00% |
| &nbsp;&nbsp;Other Expenses<sup>(2)</sup> | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Current/Deferred Income Tax Expense<sup>(3)</sup> | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.40% |

---

<sup>(1)</sup> Under the Investment Advisory Agreement, REX Advisers, LLC (the "Adviser"), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. The Fund will invest in REX-Osprey<sup>TM</sup> SOL + Staking (Cayman) Portfolio S.P., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "SOL Subsidiary"). The SOL Subsidiary has entered into a separate investment advisory agreement with the Adviser for the management of the SOL Subsidiary's assets, and for the payment and/or reimbursement of the SOL Subsidiary's expenses to the same extent as such expenses are paid or reimbursed to the Fund, pursuant to which the SOL Subsidiary pays the Adviser a management fee at the same rate that the Fund pays the Adviser for services provided to the Fund (the "Subsidiary Management Agreement"). The Adviser is contractually obligated to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Adviser under the Subsidiary Management Agreement. This waiver will remain in effect for as long as the Subsidiary Management Agreement is in place.

<sup>(2)</sup> Other Expenses are estimated for the Fund's initial fiscal year.

<sup>(3)</sup> The Fund is classified as a C-corporation for tax purposes and, as such, will incur current and deferred tax expenses. Such current or deferred tax liabilities, if any, will be reflected in the Fund's Net Asset Value. Current/Deferred Income Taxes are estimated for the Fund's initial fiscal year.

**Example**

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 your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| **Name of Fund** | **1 Year** | **3 Years** |
| REX-Osprey<sup>TM</sup> SOL + Staking ETF | $143 | $443 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other assets (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.

**<u>PRINCIPAL INVESTMENT STRATEGIES</u>**

The Fund, under normal market conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Reference Asset and other assets that provide exposure to the Reference Asset. The Fund will invest directly or through the REX-Osprey<sup>TM</sup> SOL Subsidiary, which is described more fully below. Although the Fund seeks returns equal to 1x of the Reference Asset, the Fund's performance will not replicate the performance of the Reference Asset (i.e., the Fund's returns may not, be the same as the Reference Asset, due to staking rewards, trading and other expenses, but will generally be in the same direction in a positive or negative manner).

The Fund will invest in and hold SOL. SOL is a cryptocurrency that was introduced on March 16, 2020, and quickly developed its own online community, reaching a peak market capitalization of over US$127 billion on January 18, 2025. As of May 20, 2025, the market capitalization of SOL was $87.6 billion.

**9**

The Fund seeks to invest a majority of its assets directly in the Reference Asset and seeks to stake its holdings in the Reference Asset. The Fund will invest at least 40% of its assets in shares of other exchange-traded funds ("ETFs") and exchange-traded products ("ETPs"), including non-U.S. ETPs ("non-US ETPs"), which invest directly in, provide exposure to, replicate the performance of, or have trading and/or price performance characteristics similar to the Reference Asset (such ETFs, ETPs, and non-US ETPs, "Reference ETFs"). The Fund anticipates assets allocated to Reference ETFs will be primarily to Reference ETFs that engage in staking the Reference Asset. The majority of the ETFs in which the Fund will invest will be domiciled outside of the United States and listed on non-U.S. exchanges. The non-U.S. ETFs in which the Fund may invest are domiciled in Canada and/or Europe and are listed and available for sale in various jurisdictions in Europe (such as Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Spain, Sweden, and Switzerland). Where available, the Fund will invest in the USD share class of the applicable non-U.S. ETF. The Fund will allocate portfolio assets to one or more of the following Reference ETFs at any one time, although this list may change over time:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reference ETF** | &nbsp;&nbsp;**Exchange** | &nbsp;&nbsp;**Ticker Symbol** |
| &nbsp;&nbsp;Purpose Solana ETF | &nbsp;&nbsp;Canada | &nbsp;&nbsp;SOLL.U |
| &nbsp;&nbsp;3iQ Solana Staking ETF | &nbsp;&nbsp;Canada | &nbsp;&nbsp;SOLQ.U |
| &nbsp;&nbsp;CI Galaxy Solana ETF | &nbsp;&nbsp;Canada | &nbsp;&nbsp;SOLX.U |
| &nbsp;&nbsp;Evolve Solana ETF | &nbsp;&nbsp;Canada | &nbsp;&nbsp;SOLA.U |
| &nbsp;&nbsp;21Shares Solana Staking ETP | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;ASOL |
| &nbsp;&nbsp;CoinShares Physical Solana Staked ETP | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;SLNC |
| &nbsp;&nbsp;Bitwise Solana Staking ETP | &nbsp;&nbsp;Germany | &nbsp;&nbsp;BSOL |
| &nbsp;&nbsp;Volatility Shares Solana ETF | &nbsp;&nbsp;US | &nbsp;&nbsp;SOLZ |
| &nbsp;&nbsp;Bitwise Solana Staking ETP | &nbsp;&nbsp;Germany | &nbsp;&nbsp;BSOM |

---

The Fund will also seek to generate income and capital appreciation through staking the Reference Asset. Generally, staking means that the holder of the Reference Asset will agree to lock up the Reference Asset for it to be used in the Solana network's delegated proof-of-stake validation process. In return, the holder will receive staking rewards in the form of the Reference Asset, which represent portions of the Solana network's transaction fees and inflationary issuances. The Fund will direct its custodian that custodies the Reference Asset (the "Crypto Custodian") to delegate an amount, as determined by the Adviser, of its Reference Asset holdings to a validator or validators. Although the Fund seeks to stake all its Reference Asset holdings, the Fund may not stake the entire amount of its Reference Asset holdings based on estimated liquidity needs of the Fund and other factors, as determined by the Adviser.

The Fund may direct the Crypto Custodian to use a particular validator or validators to stake its Reference Asset holdings, but the staked Reference Assets will remain in the possession and control of the Crypto Custodian. Rewards, which will be paid in the Reference Asset and subject to any bonding or lock-up period, may be earned in connection with staking the Reference Asset. The Fund will pay the Crypto Custodian and validator or validators a fee for staking the Reference Asset. The Adviser, however, will take no portion of the rewards received from staking and will pass all rewards, minus any fees paid to the Crypto Custodian and validator or validators, to the Fund.

The Fund may seek to gain exposure to the Reference Asset, in whole or in part, through investments in a subsidiary organized in the Cayman Islands, the REX-Osprey<sup>TM</sup> SOL + Staking (Cayman) Portfolio S.P. (i.e., the "SOL Subsidiary"). The SOL Subsidiary is wholly-owned and controlled by the Fund. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the SOL Subsidiary. The SOL Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions. The Fund will aggregate its investments with the SOL Subsidiary for purposes of determining compliance with: (i) Section 8 of the Investment Company Act of 1940 (the "1940 Act"), which governs fundamental investment limitations (which are described more specifically in the Fund's statement of additional information); and (ii) Section 18 of the 1940 Act, which governs capital structure and includes limitations associated with the Fund's ability to leverage its investments. Additionally, the SOL Subsidiary's investment advisory contracts will be governed in accordance with Section 15 of the 1940 Act, and the SOL Subsidiary will adhere to applicable provisions of Section 17 of the 1940 Act governing affiliate transactions. The principal investment strategies and principal risks of the SOL Subsidiary constitute principal investment strategies and principal risks of the Fund, and the disclosures of those strategies and risks in this prospectus are designed to reflect the aggregate operations of the Fund and the SOL Subsidiary.

Unlike most ETFs, the Fund will not be taxed as a regulated investment company for U.S. federal income tax purposes because of its limited number of holdings. Rather it will be taxed as a regular subchapter C corporation which means taxable income generally must be recognized at both the Fund level and shareholder level.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940 (the "1940 Act").

The Solana Network and SOL

SOL is a digital asset that is created and transmitted through the operations of the peer-to-peer Solana Network, a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Solana Network, the infrastructure of which is collectively maintained by a decentralized user base. The Solana Network allows people to exchange tokens of value, called SOL, which are recorded on a public transaction ledger known as a blockchain. SOL can be used to pay for goods and services, including computational power on the Solana Network, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on Digital Asset Exchanges or in individual end-user-to-end-user transactions under a barter system. Furthermore, the Solana Network was designed to allow users to write and implement smart contracts — that is, general-purpose code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create digital assets other than SOL on the Solana Network. Smart contract operations are executed on the Solana Blockchain in exchange for payment of SOL. Like the Ethereum network, the Solana Network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system.

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The Solana Protocol introduced the Proof-of-History ("PoH") timestamping mechanism. PoH automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH is intended to provide a transaction processing speed and capacity advantage over other blockchain networks like Bitcoin and Ethereum, which rely on sequential production of blocks and can lead to delays caused by validator confirmations.

In addition to the PoH mechanism described above, the Solana Network uses a delegated proof-of-stake consensus mechanism to incentivize SOL holders to validate transactions. Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or "stake" coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked.

The Solana Protocol was first conceived by Anatoly Yakovenko in a 2017 whitepaper. Development of the Solana Network is overseen by the Solana Foundation, a Swiss non-profit organization, and Solana Labs, Inc. (the "Company"), a Delaware corporation, which administered the original network launch and token distribution.

Although the Company and the Solana Foundation continue to exert significant influence over the direction of the development of SOL, the Solana Network is decentralized and does not require governmental authorities or financial institution intermediaries to create, transmit or determine the value of SOL.

As of early 2025, approximately 490 million SOL tokens are in circulation, with a total supply of around 594 million SOL. SOL has no fixed maximum supply, meaning it operates on an inflationary model. Initially, the network launched with 500 million tokens, but this total has increased over time due to inflation mechanisms and staking rewards. The inflation rate started at 8% annually. It decreases by 15% each year until it stabilizes at a long-term rate of 1.5% per year. This inflationary design ensures that new tokens are continuously issued, primarily as rewards for validators and stakers, while some tokens are burned through transaction fees to offset supply growth.

**<u>PRINCIPAL INVESTMENT RISKS</u>**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risks affecting shareholders' investments in the Fund are set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or any government agency. 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's Investments." Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears.

**SOL Investing Risk.** The Fund is subject to the risks of investing in SOL directly and indirectly through its investments in the ETFs that obtain exposure to SOL and other assets that provide exposure to the Reference Asset. The market price for SOL is extremely volatile and will likely continue to be volatile. SOL is the native token for the Solana Network and is used to pay for transaction fees on the Solana Network and for governance of the Solana Network through voting. Accordingly, the value of SOL is largely dependent on the acceptability and usage levels of the Solana Network and its applications by users. Factors contributing to the volatility of the price of SOL include, but are not limited to, the maintenance and development of the open-source software protocol of the Solana Network, forks in the Solana Network, speculation and consumer preferences and perceptions of SOL specifically and digital assets generally, investment and trading activities of large investors that invest directly or indirectly in SOL, and the fees associated with processing a transaction on the Solana Network, the speed at which transactions are processed and settled on the Solana Network. The price of SOL is also affected by interruptions in service from or closures or failures of major Digital Asset Trading Platforms, cloud services, and network latency. As with other digital assets and crypto currencies, the price of SOL can also be impacted by malicious actors (e.g., hackers and fraudsters). The perception of the Solana Network will also affect its usage and the price of SOL. The Solana Network's perception can be affected by any number of factors, including, but not limited to, changes in the governance of the network, loss in faith in certain important developers of by developers, inability to scale efficiently, falling out of favor generally. The price of SOL may also fluctuate in the same direction as the broader cryptocurrency market or a subset of the cryptocurrency market, such as Meme Coins.

**Risks Related to the Regulation of SOL.** Any final determination by a court that SOL or any other digital asset is a "security" or "commodity" may adversely affect the value of SOL and the value of the Fund's shares, and, if SOL is not, or cannot, be registered as a security, result in a potential termination of the Fund.

Depending on its characteristics, a digital asset may be considered a "security" under the federal securities laws. The test for determining whether a particular digital asset is a "security" is complex and difficult to apply, and the outcome is difficult to predict. Public, though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or ETH to be securities, and does not currently consider Bitcoin to be a security. The SEC staff has also provided informal assurances via no-action letter to a handful of promoters that their digital assets are not securities. The SEC staff's guidance regarding whether a digital asset is or is not a security is not determinative or binding and a court may come to a different conclusion.

On the other hand, the SEC has brought enforcement actions against the issuers and promoters of several digital assets on the basis that the digital assets in question are securities. More recently, the SEC has also brought enforcement actions against various digital asset trading platforms for allegedly operating unregistered securities exchanges on the basis that certain of the digital assets traded on their platforms are securities. For example, in June 2023, the SEC brought a complaint against Coinbase (the "Coinbase Complaint") alleging violations of a variety of securities laws. In its complaints, the SEC asserted that SOL is a security under the federal securities laws. In February 2025, the SEC withdrew the Coinbase Complaint.

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Whether a digital asset is a security under the federal securities laws depends on whether it is included in the lists of instruments making up the definition of "security" in the Securities Act of 1933, the Securities Exchange Act of 1934 and the 1940 Act. Digital assets as such do not appear in any of these lists, although each list includes the terms "investment contract," "note," and "transferable shares" and the SEC has typically analyzed whether a particular digital asset is a security by reference to whether it meets the tests developed by the federal courts interpreting these terms, known as the Howey and Reves tests, respectively. For many digital assets, whether or not the Howey or Reves tests are met is difficult to resolve definitively, and substantial legal arguments can often be made both in favor of and against a particular digital asset qualifying as a security under one or both tests. Adding to the complexity, the courts, the SEC and the SEC staff have indicated that the security status of a particular instrument, such as a digital asset, can change overtime as the relevant facts evolve.

As part of determining whether SOL is a security for purposes of the federal securities laws, the Fund takes into account a number of factors, including the various definitions of "security" under the federal securities laws and federal court decisions interpreting elements of these definitions, such as the U.S. Supreme Court's decisions in the Howey and Reves cases, as well as reports, orders, press releases, public statements and speeches by the SEC, its commissioners and its staff providing guidance on when a digital asset may be a security for purposes of the federal securities laws. Through this process, and the recent listing of CFTC regulated futures contracts, a reasonable argument exists that SOL is not a security for purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934, in light of the uncertainties inherent in the Howey and Reves tests.

If an appropriate court determines that SOL is a security, the Advisor would not intend to permit the Fund to continue holding its investments in a way that would violate the federal securities laws (and therefore, if necessary, would either dissolve the Fund or potentially seek to operate the Fund in a manner that complies with the federal securities laws).

**Digital Assets/Cryptocurrency Risk. The performance of the Reference Asset, and consequently the Fund's performance, is subject to the risks of the digital assets industry. The trading prices of many digital assets/cryptocurrency, including the Reference Asset, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of the Reference Asset, could have a material adverse effect on the value of the Fund's shares ("Shares") and the Shares could lose all or substantially all of their value. The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of the Reference Asset as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of the Reference Asset. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network's ability to grow and respond to challenges.**

Cryptocurrencies, such as the Reference Asset, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Staking Risk**. When the Fund stakes the Reference Asset, the Reference Asset is subject to the risks attendant to staking generally, such as illiquidity, reliance on third-party service providers, slashing, missed rewards, and validator problems and errors. Staking requires that the Fund lock up the staked Reference Asset and become subject to an unbonding period to unstake the Reference Asset, meaning that the Fund cannot sell or transfer the staked Reference Asset during the time that it is staked and during which it is being unbonded. The Adviser anticipates that the average unbonding period for staked SOL is currently 48 hours. However, the unbonding period also may be longer than anticipated based on network activity. In addition, during the unbonding period, the Fund is subject to the market price volatility of the Reference Asset, and it may miss opportunities to sell the staked Reference Asset during opportune times. Staking SOL may involve the risk of slashing and concentration risk, among others. Slashing is a penalty imposed on network validators for actions that threaten the blockchain's integrity. For example, with SOL, slashing can result from isolated validator mistakes, malicious activity, coordinated attacks, software bugs, or provider failures. Slashing serves as an enforcement mechanism to ensure network resilience, but correlated slashing events can be catastrophic. Penalties can scale aggressively, potentially leading to a significant loss of staked principal. Slashing on the Solana Network is not automatic. After a safety violation is found to have occurred, the Solana network may halt, and the validators will analyze the data and determine who was responsible and propose that the stake should be slashed after restart of the Solana network. Slashing penalties are decided by the validators on the next network upgrade. Concentration risks associated with staking include staking activities occurring through a concentrated group of software providers and cloud infrastructure providers. There are generally five major staking software providers, and over-allocating to validators using the same software increases the risk of a single issue impacting a large amount of staked assets. Similarly, complications in specific cloud regions (i.e., a particular geographical area where a cloud provider's data centers are located) can create outages that impact validators. Such complications may include, but are not limited to, compliance and regulatory issues, security breaches such as ransomware threats and attacks, data breaches, and malicious actors, and cloud network and infrastructure performance issues (e.g., network latency and service outages). Staked Reference Assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked Reference Asset or a loss of any rewards. The loss of the staked Reference Asset (either in whole or partially) during the staking period will have a material adverse effect on the Fund.

**Liquidity Risk.** Currently, the unbonding period for staked SOL is anywhere from 2-3 days, depending on network conditions, but can also be longer or shorter. Accordingly, staked SOL may not be sold within the typical settlement times of other assets, such as securities, and may be deemed illiquid or to not be highly liquid. The Adviser will manage the Fund's portfolio assets to be within applicable liquidity limits under the Fund's liquidity risk management program, and will not have more than 15% of the Fund's net assets in illiquid assets. As a result, the Fund may not be able to achieve its desired level of staking during certain periods. In addition, some assets held by the Fund, including the Reference Asset, may be difficult to sell, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid assets may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid asset at an unfavorable time or price, the Fund may be adversely impacted. There is no assurance that an asset that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

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**Reference Asset ETF Investing Risk*.*** Issuer-specific attributes related to ETFs in which the Fund may invest may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or asset or particular type of security or asset may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. When the Fund invests in ETFs it will incur costs associated with such funds, including management fees and fees and expenses borne by shareholders of such ETFs. The value of shares in an ETF may not replicate the performance of the Reference Asset and the Fund's investments in the ETFs will not perform exactly the same as the Fund's direct investments in the Reference Asset. The following is a summary of risk factors related to the ETFs that invest in the Reference Asset as identified by the ETFs in their registration statements – this is not purported to be a complete list of risks (references to "shares" in this section are to shares of an ETF).

*<u>Risk Factors Related to Digital Assets</u>*

● The Reference Asset and investments linked to the Reference Asset are relatively new investments, they present unique and substantial risks, and investing in Reference Assets has been subject to significant price volatility. The trading prices of many digital assets, including the Reference Assets, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Reference Assets, could have a material adverse effect on the value of the shares and the shares could lose all or substantially all of their value.

● The value of the Reference Asset has been and may continue to be deeply speculative such that trading and investing in the Reference Asset intraday may not be based on fundamental analysis. Individuals and organizations holding large amounts of the Reference Asset known as "whales" may have the ability to manipulate the price of the Reference Asset. The value of the shares is subject to a number of factors relating to the fundamental investment characteristics of the Reference Assets as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. For example, a blockchain may be subject to attack by a group of miners or validators that possess more than 50% of the blockchain's hashing power or the staked asset. The value of the Fund's investments in the Reference Asset may be adversely affected by such an attack.

● Digital assets represent a new and rapidly evolving industry, and the value of the shares depends on the acceptance of the Reference Asset.

● Changes in the governance of a digital asset network may not receive sufficient support from validators or miners, which may negatively affect that digital asset network's ability to grow and respond to challenges.

*<u>Risk Factors Related to the Digital Asset Platforms</u>*

● The value of the Shares relates directly to the value of the Reference Asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

● Proposed changes to the Reference Asset blockchain protocol may not be adopted by a sufficient number of users and miners, which may result in competing blockchains with different native crypto assets and sets of participants (known as a "fork"). The value of an investment in the Fund may be negatively impacted by a temporary or permanent "fork".

● The Reference Asset blockchain protocol may contain flaws that can be exploited by attackers and which may adversely affect the value of Reference Asset and the Fund's investments. Flaws in the source code for digital assets have been exploited including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. The cryptography underlying the Reference Asset could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Reference Asset's network or take the Trust's Reference Asset, which would adversely affect the value of the Fund. Exposure of the Reference Asset to instability in other speculative parts of the blockchain and crypto industry, such as through an event that is not necessarily related to the security or utility of Reference Asset blockchain can nonetheless precipitate a significant decline in the price of the Reference Asset and an investment in the Fund.

● As of December 31, 2024, there are over 10,000 alternative digital assets with a total market capitalization of approximately $1.33 trillion. Many consortiums and financial institutions are also researching and investing resources into private or permissioned smart contract platforms. Competition from the emergence or growth of alternative digital assets and smart contracts platforms could have a negative impact on the demand for, and price of, the Reference Asset and thereby adversely affect the value of the Fund.

● Use of the Reference Asset by consumers and institutions as a medium of exchange in commerce may be limited. Banks and other established financial institutions may refuse to process funds for Reference Asset transactions; process wire transfers to or from digital asset platforms, Reference Asset-related companies or service providers; or maintain accounts for persons or entities transacting in the Reference Asset. Processing of transactions in the Reference Asset may be slow, transaction fees may be subject to significant variability. As a result, the price of the Reference Asset may be influenced to a significant extent by speculators and miners, thus contributing to price volatility that makes retailers less likely to accept it as a form of payment in the future.

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*<u>Risk Factors Related to the Regulation of the Reference Asset</u>*

● There are risks regarding new or changing laws and regulations that may affect the use of blockchain technology and/or investments in crypto assets. Digital asset platforms in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Reference Asset, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of the Reference Asset, mining activity, digital wallets, the provision of services related to trading and custodying the Reference Asset, the operation of the Reference Asset network, or the digital asset platforms generally. Accordingly, future regulatory changes may have a material adverse impact on the Fund's investments and its ability to implement its investment strategy.

● If regulators subject the Reference Asset to regulation, this could result in extraordinary expenses that could potentially be borne by The Fund.

● The treatment of digital assets for U.S. federal, state and local income tax purposes is uncertain.

**Subsidiary Investment Risk.** Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the SOL Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The SOL Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the SOL Subsidiary, will not have all the protections offered to investors in registered investment companies.

**Concentration Risk.** The Fund's assets will be concentrated in the sector or sectors or industry or group of industries that are assigned to the Reference Asset, which will subject the Fund to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund's assets were invested in a wider variety of sectors or industries.

**Cyber Security Risk.** The Fund and its service providers, such as the custodian, are susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund and its service providers to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss, including loss of the Reference Asset. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through hacking or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**Custodian Risk**. The Reference Asset and other assets held by the Fund that operate on distributed ledger/blockchain technology can only be transferred by the person holding both the public and private keys to the digital wallet in which the asset is held. The Fund's custodians that custodies the Fund's digital assets is in control of the private keys for each of the Fund's digital wallets. In the event such custodian loses sole control of the private keys (e.g., through a data breach or hack), the Fund's digital assets held by such custodian could be lost.

**Foreign Securities Risk.** To the extent the Fund invests in foreign securities, they may be subject to additional risks not typically associated with investments in domestic securities. These risks may include, among others, currency risk, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.

**ETF Risks**. The Fund is an exchange-traded fund, and, as a result of an ETF's structure, it is exposed to the following risks:

● *Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk*. The Fund has a limited number of financial institutions that may act as Authorized Participants ("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 of the Fund ("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.

● *Cash Redemption Risk*. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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● *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 and volatility in the Fund's portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● *Trading*. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that 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 Fund Shares.

**Inflation Risk**. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions, if any, may decline.

**Indirect Investment Risk**. Neither the Reference Asset nor the Ethereum Network are affiliated with the Trust, the Fund, or the Adviser, or any affiliates thereof and are not involved with this offering in any way, and have no obligation to consider the Fund in taking any actions that might affect the value of the Fund. None of the Trust, the Fund, the Adviser, or any affiliate are responsible for the performance of the Reference Asset and make no representation as to the performance of the Reference Asset. Investing in the Fund is not equivalent to investing in the Reference Asset. The Fund's performance is not intended to, nor will it, track the performance of the Reference Asset.

**Non-Correlation Risk**. The performance of the fund will not, and is not intended to, correlate exactly to the performance of the Reference Asset and will vary somewhat due to factors such as fees and expenses of the Fund, transaction costs, regulatory restrictions, and active management of the Fund's portfolio.

**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, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Cash Transaction Risk.** The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in-kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund's net asset value.

**Taxable Fund Risk**. The Fund is taxed as a regular subchapter C corporation for U.S. federal income tax purposes. This differs from most investment companies, which elect to be treated as regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"), in order to avoid paying entity level income taxes. The Fund generally is not eligible to elect treatment as a regulated investment company because its assets will be invested mostly in the Reference Asset. As a result, the Fund will be obligated to pay applicable corporate U.S. federal and state income taxes on its taxable income as opposed to most investment companies which are not so obligated because of the dividends paid deduction which is not available to the Fund. Additionally, unlike most ETFs, the Fund will not be eligible to engage in in-kind redemptions on a tax-free basis. This means that gains from securities that accumulate inside the Fund will be taxed at the Fund level when those securities are sold or otherwise disposed of by the Fund. In addition, the Fund may become liable for U.S. federal excise tax on Fund Share redemptions. The Fund will incur an excise tax liability equal to one percent (1%) of the fair market value of Fund Share redemptions less the fair market value of Fund Share issuances (in excess of $1 million of fair market value) annually on a taxable year basis. Finally, although the Fund intends to make periodic distributions of its earnings to its shareholders, if the Fund fails to distribute enough of its earnings, it could be subject to the accumulated earnings tax, in addition to other U.S. federal income taxes, which could impose a 20% U.S. federal income tax on the Fund's accumulated earnings that have not been distributed to its shareholders. These issues are described in more detail in the section entitled "ADDITIONAL INFORMATION ABOUT RISK – Tax Risk" below, as well as in the Fund's SAI.

**15**

**<u>PERFORMANCE HISTORY</u>**

The Fund is new and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future.

Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (844) 802-4004.

**<u>INVESTMENT ADVISER</u>**

REX Advisers, LLC (the "Adviser") is the investment adviser to the Fund.

Portfolio Managers

Matthew Pelletier, Lead Portfolio Manager of the Adviser, has served as the Fund's portfolio manager since its inception in 2025.

Matthew Holcomb, Senior Vice President, Senior Trader and Portfolio Manager of the Adviser, has served as the Fund's portfolio manager since its inception in 2025.

**<u>PURCHASE AND SALE OF FUND SHARES</u>**

The Fund will issue (or redeem) shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 25,000 shares known as "Creation Units." Creation Unit transactions are typically conducted in exchange for the deposit or delivery of cash, although the Fund reserves the right to issue Creation Units in exchange for the deposit or delivery of a combination of in-kind assets and cash. Individual shares may only be purchased and sold on a national securities exchange through a broker-dealer. You can purchase and sell individual shares of the Fund throughout the trading day like any publicly traded security. The Fund's shares are listed on the Exchange (*i.e.*, Cboe BZX Exchange, Inc.). The price of the Fund's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares through a broker, most investors will incur customary brokerage commissions and charges and you may pay some or all of the spread between the bid and the offered prices in the secondary market for shares. Except when aggregated in Creation Units, the Fund's shares are not redeemable securities. Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.rexshares.com.

**<u>TAX INFORMATION</u>**

The Fund will be treated as a regular C corporation for U.S. federal income tax purposes and not as a regulated investment company like most mutual funds and exchange traded funds. Accordingly, all distributions to shareholders will be treated as dividend income to the extent paid from the Fund's current or accumulated earning and profits (as determined for U.S. federal income tax purposes) and will be currently taxed as such unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case withdrawals from such arrangements generally will be taxed.

**<u>PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES</u>**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (*e.g.*, a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**16**

**ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS**

Investment Objective

REX-Osprey<sup>TM</sup> ETH + Staking ETF seeks investment results of 1x the performance, before fees and expenses, of Ether ("ETH" or the "Reference Asset") plus staking rewards associated with the Reference Asset.

REX-Osprey<sup>TM</sup> SOL + Staking ETF seeks investment results of 1x of the performance, before fees and expenses, of Solana ("SOL" or the "Reference Asset") plus staking rewards associated with the Reference Asset.

The Funds' investment objectives may be changed by the Board of Trustees (the "Board") of ETF Opportunities Trust (the "Trust") without shareholder approval upon 60 days' written notice to shareholders.

Investment Strategies

Each Fund, under normal market conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in its respective Reference Asset and other assets that provide exposure to the Reference Asset. Each Fund will invest directly or through its respective Cayman Subsidiary, which is described more fully below. Although each Fund seeks returns equal to 1x of the Reference Asset, each Fund's performance will not, and is intended to, replicate the performance of the Reference Asset (i.e., the Fund's returns may not, be the same as the Reference Asset, due to staking rewards, trading and other expenses, but will generally be in the same direction in a positive or negative manner).

The REX-Osprey<sup>TM</sup> ETH + Staking ETF will invest in and hold ETH. ETH is a cryptocurrency that was introduced in 2015, and quickly developed its own online community, reaching a peak market capitalization of over US $570 billion on November 9, 2021. As of May 20, 2025, the market capitalization of ETH was $302.2 billion.

The REX-Osprey<sup>TM</sup> SOL + Staking ETF will invest in and hold SOL. SOL is a cryptocurrency that was introduced on March 16, 2020, and quickly developed its own online community, reaching a peak market capitalization of over US$127 billion on January 18, 2025. As of May 20, 2025, the market capitalization of SOL was $87.6 billion.

The REX-Osprey<sup>TM</sup> SOL + Staking ETF seeks to invest a majority of its assets directly in the Reference Asset and seeks to stake its holdings in the Reference Asset.

Each Fund will invest at least 40% of its assets in shares of other exchange-traded funds ("ETFs") and exchange-traded products ("ETPs"), including non-U.S. ETPs ("non-US ETPs"), which invest directly in, provide exposure to, replicate the performance of, or have trading and/or price performance characteristics similar to the Reference Asset (such ETFs, ETPs, and non-US ETPs, "Reference ETFs"). Each Fund anticipates assets allocated to Reference ETFs will be primarily to Reference ETFs that engage in staking the Reference Asset. The majority of the ETFs in which the Funds will invest will be domiciled outside of the United States and listed on non-U.S. exchanges. The non-U.S. ETFs in which the Funds may invest are domiciled in Canada and/or Europe and are listed and available for sale in various jurisdictions in Europe (such as Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Spain, Sweden, and Switzerland). Where available, the Fund will invest in the USD share class of the applicable non-U.S. ETF.

Each Fund will seek to generate income and capital appreciation through staking the Reference Asset. Generally, staking means that the holder of the Reference Asset will agree to lock up the Reference Asset for it to be used in the Ethereum network's proof-of-stake validation process or the Solana network's delegated proof-of-stake process, as applicable. In return, the holder will receive staking rewards in the form of the Reference Asset, which represent portions of the Ethereum network's or Solana network's transaction fees, as applicable. Each Fund will direct its custodian that custodies the Reference Asset (the "Crypto Custodian") to delegate an amount, as determined by the Adviser, of its Reference Asset holdings to a validator or validators. Although each Fund seeks to stake all its Reference Asset holdings, the Adviser will manage the Fund's liquidity profile such that no more than 15% of the Fund's net assets are deemed to be illiquid. Therefore, for the REX-Osprey<sup>TM</sup> ETH + Staking ETF, because the current unbonding period for staked ETH is anywhere from 3 to 16 days, depending on Ethereum Network conditions (but can also be longer or shorter), the Adviser anticipates under current conditions that no more than 15% of the REX-Osprey<sup>TM</sup> ETH + Staking ETF's Reference Asset holdings will be directly staked, though the Adviser further anticipates that conditions may change such that it may be able to directly stake more of the Reference Asset in the future. For the REX-Osprey<sup>TM</sup> SOL + Staking ETF, the Fund may not stake the entire amount of its Reference Asset holdings based on estimated liquidity needs of the Fund and other factors, as determined by the Adviser.

Each Fund may direct the Crypto Custodian to use a particular validator or validators to stake its Reference Asset holdings, but the staked Reference Assets will remain in the possession and control of the Crypto Custodian. Rewards, which will be paid in the Reference Asset and subject to any bonding or lock-up period, may be earned in connection with staking the Reference Asset. Each Fund will pay the Crypto Custodian a fee for staking the Reference Asset, and the Crypto Custodian will pay a portion of the fee to the validator or validators. The Adviser, however, will take no portion of the rewards received from staking and will pass all rewards, minus any fees paid to the Crypto Custodian and validator or validators, to each Fund.

Each Fund seeks to gain exposure to its respective Reference Asset, in whole or in part, through investments in a subsidiary organized in the Cayman Islands. For the REX-Osprey<sup>TM</sup> ETH + Staking ETF, that subsidiary is the REX-Osprey<sup>TM</sup> + Staking ETH (Cayman) Portfolio S.P. (the "ETH Subsidiary"); for the REX-Osprey<sup>TM</sup> SOL + Staking ETF, that subsidiary is the REX-Osprey<sup>TM</sup> SOL + Staking (Cayman) Portfolio S.P. (the "SOL Subsidiary") (each, a "REX-Osprey<sup>TM</sup> Subsidiary") Each REX-Osprey<sup>TM</sup> Subsidiary is wholly-owned and controlled by its respective Fund.

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Except as noted, references to the investment strategies and risks of a Fund include the investment strategies and risks of its respective REX-Osprey<sup>TM</sup> Subsidiary. Each REX-Osprey<sup>TM</sup> Subsidiary has the same investment objective as its corresponding Fund and will follow the same general investment policies and restrictions. Each Fund will aggregate its investments with its respective REX-Osprey<sup>TM</sup> Subsidiary for purposes of determining compliance with (i) Section 8 of the Investment Company Act of 1940 (the "1940 Act"), which governs fundamental investment limitations (which are described more specifically in the Funds' statement of additional information); and (ii) Section 18 of the 1940 Act, which governs capital structure and includes limitations associated with a Fund's ability to leverage its investments. Additionally, each REX-Osprey<sup>TM</sup> Subsidiary's investment advisory contracts will be governed in accordance with Section 15 of the 1940 Act, and each REX-Osprey<sup>TM</sup> Subsidiary will adhere to applicable provisions of Section 17 of the 1940 Act governing affiliate transactions. The principal investment strategies and principal risks of a REX-Osprey<sup>TM</sup> Subsidiary constitute principal investment strategies and principal risks of its corresponding Fund, and the disclosures of those strategies and risks in this prospectus are designed to reflect the aggregate operations of each Fund and its respective REX-Osprey<sup>TM</sup> Subsidiary.

Unlike most ETFs, the Fund will not be taxed as a regulated investment company for U.S. federal income tax purposes because of its limited number of holdings. Rather it will be taxed as a regular subchapter C corporation which means taxable income generally must be recognized at both the Fund level and shareholder level.

Each Fund is classified as "non-diversified" under the Investment Company Act of 1940 (the "1940 Act").

**Risks of Investing in the Funds**

There can be no assurance that each Fund will achieve its respective investment objective. The following information is in addition to, and should be read along with, the description of each Fund's principal investment risks in the section titled "Fund Summary - Principal Investment Risks" above. The 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 each Fund, regardless of the order in which it appears.

**Reference Asset Risk:** Each Fund's investments in its respective Reference Asset and ETFs and other instruments with exposure to the Reference Asset expose a Fund to the risks associated with an investment in its respective Reference Asset. Each Reference Asset is a relatively new innovation and is subject to unique and substantial risks. The market for each Reference Asset is subject to rapid price swings, changes and uncertainty.

**Reference Asset ETF Investing Risk*.*** Issuer-specific attributes related to Reference ETFs in which each Fund may invest may cause an investment held by each Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. When each Fund invests in Reference ETFs it will incur costs associated with such funds, includes management fees and fees and expenses borne by shareholders of such ETFs. The value of shares in a Reference ETF may not replicate the performance of the Reference Asset and each Fund's investments in the Reference ETFs will not perform exactly the same as each Fund's direct investments in the Reference Asset. The following is a summary of risk factors related to the Reference ETFs that invest in the Reference Assets as identified by the Reference ETFs in their registration statements – this is not purported to be a complete list of risks (references to "shares" in this section are to shares of Reference ETFs).

*<u>Risk Factors Related to Digital Assets</u>*

● The Reference Asset and investments linked to the Reference Asset are relatively new investments, they present unique and substantial risks, and investing in Reference Assets has been subject to significant price volatility. The trading prices of many digital assets, including the Reference Assets, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Reference Assets, could have a material adverse effect on the value of the shares and the shares could lose all or substantially all of their value.

● The value of the Reference Asset has been and may continue to be deeply speculative such that trading and investing in the Reference Asset intraday may not be based on fundamental analysis. Individuals and organizations holding large amounts of the Reference Asset known as "whales" may have the ability to manipulate the price of the Reference Asset. The value of the shares is subject to a number of factors relating to the fundamental investment characteristics of the Reference Assets as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. For example, a blockchain may be subject to attack by miners or a group of miners or validators that possess more than 50% of the blockchain's hashing power or staked asset. The value of the Fund's investments in the Reference Asset may be adversely affected by such an attack.

● Digital assets represent a new and rapidly evolving industry, and the value of the shares depends on the acceptance of the Reference Asset.

● Changes in the governance of a digital asset network may not receive sufficient support from validators or miners, which may negatively affect that digital asset network's ability to grow and respond to challenges.

*<u>Risk Factors Related to the Digital Asset Platforms</u>*

● The value of the Shares relates directly to the value of the Reference Asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

● Proposed changes to the Reference Asset blockchain protocol may not be adopted by a sufficient number of validators or miners, which may result in competing blockchains with different native crypto assets and sets of participants (known as a "fork"). The value of an investment in the Fund may be negatively impacted by a temporary or permanent "fork".

**18**

● The Reference Asset blockchain protocol may contain flaws that can be exploited by attackers and which may adversely affect the value of Reference Asset and the Fund's investments. Flaws in the source code for digital assets have been exploited including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. The cryptography underlying the Reference Asset could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Reference Asset's network or take the Trust's Reference Asset, which would adversely affect the value of the Fund. Exposure of the Reference Asset to instability in other speculative parts of the blockchain and crypto industry, such as through an event that is not necessarily related to the security or utility of Reference Asset blockchain can nonetheless precipitate a significant decline in the price of the Reference Asset and an investment in the Fund.

● As of December 31, 2024, there are over 10,000 alternative digital assets with a total market capitalization of approximately $1.33 trillion. Many consortiums and financial institutions are also researching and investing resources into private or permissioned smart contract platforms. Competition from the emergence or growth of alternative digital assets and smart contracts platforms could have a negative impact on the demand for, and price of, the Reference Asset and thereby adversely affect the value of the Fund.

● Use of the Reference Asset by consumers and institutions as a medium of exchange in commerce may be limited. Banks and other established financial institutions may refuse to process funds for Reference Asset transactions; process wire transfers to or from digital asset platforms, Reference Asset-related companies or service providers; or maintain accounts for persons or entities transacting in the Reference Asset. Processing of transactions in the Reference Asset may be slow, transaction fees may be subject to significant variability. As a result, the price of the Reference Asset may be influenced to a significant extent by speculators and miners, thus contributing to price volatility that makes retailers less likely to accept it as a form of payment in the future.

*<u>Risk Factors Related to the Regulation of the Reference Asset</u>*

● There are risks regarding new or changing laws and regulations that may affect the use of blockchain technology and/or investments in crypto assets. Digital asset platforms in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Reference Asset, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of the Reference Asset, mining activity, digital wallets, the provision of services related to trading and custodying the Reference Asset, the operation of the Reference Asset network, or the digital asset platforms generally. Accordingly, future regulatory changes may have a material adverse impact on the Fund's investments and its ability to implement its investment strategy.

● If regulators subject the Reference Asset to regulation, this could result in extraordinary expenses that could potentially be borne by The Fund.

● The treatment of digital assets for U.S. federal, state and local income tax purposes is uncertain.

**Digital Assets/Cryptocurrency Risk. The performance of the Reference Assets, and consequently the Fund's performance, is subject to the risks of the digital assets/cryptocurrency industry. The trading prices of many digital assets, including the Reference Asset, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of the Reference Asset, could have a material adverse effect on the value of the Fund's shares ("Shares") and the Shares could lose all or substantially all of their value. The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of the Reference Asset as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of the Reference Asset. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network's ability to grow and respond to challenges.**

Cryptocurrencies, such as the Reference Asset, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Staking Risk**. When a Fund stakes the Reference Asset, the Reference Asset is subject to the risks attendant to staking generally, such as illiquidity, reliance on third-party services providers, slashing, missed rewards, and validator problems and errors. Staking requires that the Fund lock up the staked Reference Asset and become subject to an unbonding period to unstake the Reference Asset, meaning that the Fund cannot sell or transfer the staked Reference Asset during the time that it is staked and during which it is being unbonded, thereby making it illiquid during those times. The unbonding period also may be longer than anticipated based on network activity. In addition, during the unbonding period, the Fund is subject to the market price volatility of the Reference Asset, and it may miss opportunities to sell the staked Reference Asset during opportune times. During the unstaking period, a Fund may miss out on earning opportunities because, in some cases, the staked Reference Asset may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staking SOL and ETH may involve the risk of slashing and concentration risk, among others. Slashing is a penalty imposed on network validators for actions that threaten the blockchain's integrity. For example, slashing can result from isolated validator mistakes, malicious activity, coordinated attacks, software bugs, or provider failures. Slashing serves as an enforcement mechanism to ensure network resilience, but correlated slashing events can be catastrophic. Penalties can scale aggressively, potentially leading to a significant loss of staked principal. Unlike with ETH, slashing on the Solana Network is not automatic. After a safety violation is found to have occurred, the Solana network may halt, and the validators will analyze the data and determine who was responsible and propose that the stake should be slashed after restart of the Solana network. Slashing penalties are decided by the validators on the next network upgrade. Concentration risks associated with staking include staking activities occurring through a concentrated group of software providers and cloud infrastructure providers. There are generally five major staking software providers, and over-allocating to validators using the same software increases the risk of a single issue impacting a large amount of staked assets. Similarly, complications in specific cloud regions (i.e., a particular geographical area where a cloud provider's data centers are located) can create outages that impact validators. Such complications may include, but are not limited to, compliance and regulatory issues, security breaches such as ransomware threats and attacks, data breaches, and malicious actors, and cloud network and infrastructure performance issues (e.g., network latency and service outages).Staked Reference Assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked Reference Asset or a loss of any rewards.

**19**

**Liquidity Risk. (**REX-Osprey<sup>TM</sup> ETH + Staking ETF only) Currently, the unbonding period for staked ETH is anywhere from 3-16 days, depending on network conditions, but can also be longer or shorter. Accordingly, staked ETH may not be sold within the typical settlement times of other assets, such as securities, and may be deemed illiquid. The Adviser will manage the Fund's portfolio assets to be within applicable liquidity limits under the Fund's liquidity risk management program and will not have more than 15% of the Fund's net assets in illiquid assets. As a result, the Fund may not be able to achieve its desired level of staking during certain periods. In addition, some assets held by the Fund, including the Reference Asset, may be difficult to sell, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid assets may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid asset at an unfavorable time or price, the Fund may be adversely impacted. There is no assurance that an asset that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

**Liquidity Risk. (**REX-Osprey<sup>TM</sup> SOL + Staking ETF only) Currently, the unbonding period for staked SOL is anywhere from 2-3 days, depending on network conditions, but can also be longer or shorter. Accordingly, staked SOL may not be sold within the typical settlement times of other assets, such as securities, and may be deemed not be highly liquid or deemed to be illiquid. The Adviser will manage the Fund's portfolio assets to be within applicable liquidity limits under the Fund's liquidity risk management program and will not have more than 15% of the Fund's net assets in illiquid assets. As a result, the Fund may not be able to achieve its desired level of staking during certain periods. Some assets held by a Fund, including the Reference Asset, may be difficult to sell, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid assets may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid asset at an unfavorable time or price, such Fund may be adversely impacted. There is no assurance that an asset that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for a Fund.

**Subsidiary Investment Risk.** Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the REX-Osprey<sup>TM</sup> Subsidiary are organized, respectively, could result in the inability of a Fund to operate as intended and could negatively affect the Fund and its shareholders. The REX-Osprey<sup>TM</sup> Subsidiaries are not registered under the 1940 Act and are not subject to all the investor protections of the 1940 Act. Thus, each Fund, as an investor in the REX-Osprey<sup>TM</sup> Subsidiary, will not have all the protections offered to investors in registered investment companies.

**Concentration Risk.** Each Fund's assets will be concentrated in the sector or sectors or industry or group of industries that are assigned to the Reference Asset, which will subject a Fund to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact a Fund to a greater extent than if a Fund's assets were invested in a wider variety of sectors or industries.

**Cyber Security Risk.** The Funds and its service providers, such as the custodian, are susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund and its service providers to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss, including loss of the Reference Asset. Cyber security breaches may involve unauthorized access to a Fund's digital information systems through hacking or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which a Fund invests or a Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-adviser, as applicable, can also subject a Fund to many of the same risks associated with direct cyber security breaches. Although each Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because each Fund does not directly control the cyber security systems of issuers or third-party service providers.

**Custodian Risk**. The Reference Asset and other assets held by the Fund that operate on distributed ledger/blockchain technology can only be transferred by the person holding both the public and private keys to the digital wallet in which the asset is held. The Fund's Crypto Custodians that custody the Fund's digital assets are in control of the private keys for each of the Fund's digital wallets. In the event such custodian loses sole control of the private keys (e.g., through a data breach or hack), the Fund's digital assets held by such custodian could be lost.

**Foreign Securities Risk.** To the extent the Funds invest in securities of foreign ETFs, such investment may be subject to additional risks not typically associated with investments in domestic securities. These risks may include, among others, currency risk, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.

**20**

**ETF Risk.**

*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.

*Cash Redemption Risk.* The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. Additionally, there may be brokerage costs that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

*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.

*Management Risk.* The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.

*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 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. This risk may be greater for the Fund as they seek to have exposure to a single underlying instrument as opposed to a more diverse portfolio like a traditional pooled investment. 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. In the event of an unscheduled market close for options contracts that reference a single stock, such as the Underlying Issuers securities being halted or a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**Inflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of a Fund's assets and distributions, if any, may decline.

**Indirect Investment Risk**. Neither the Reference Asset, the Ethereum Network, nor the Solana Network (as applicable) is affiliated with the Trust, the Fund, or the Adviser, or any affiliates thereof and are not involved with this offering in any way, and have no obligation to consider the Fund in taking any actions that might affect the value of the Fund. None of the Trust, the Fund, the Adviser, or any affiliate are responsible for the performance of the Reference Asset and make no representation as to the performance of the Reference Asset. Investing in the Fund is not equivalent to investing in the Reference Asset.

**Non-Correlation Risk**. The performance of the fund will not, and is not intended to, correlate exactly to the performance of the Reference Asset and will vary somewhat due to factors such as fees and expenses of the Fund, transaction costs, regulatory restrictions, and active management of the Fund's portfolio.

**New Fund Risk.** Each Fund is recently organized with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that a Fund will grow to or maintain an economically viable size.

**Non-Diversification Risk.** Because each Fund is non-diversified, each Fund 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 a Fund's overall value to decline to a greater degree than if a Fund held a more diversified portfolio. This may increase each Fund's volatility and have a greater impact on such Fund's performance.

**Operational Risk.** Each 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. Each 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 a Fund's ability to meet its investment objective. Although each Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**21**

**Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact a Fund's performance and cause a Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Cash Transaction Risk.** Unlike most ETFs, a Fund effects creation and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As such, investment in a Fund will incur brokerage costs related to buying and selling securities to achieve a Fund's investment objective. To the extent that such costs are not offset by fees payable by an authorized participant, the Fund may bear such costs, which will decrease the Fund's net asset value.

**Taxable Fund Risk**. The Funds are taxed as a regular subchapter C corporation for U.S. federal income tax purposes. This differs from most investment companies, which elect to be treated as regulated investment companies under the Code, in order to avoid paying entity level income taxes. The Funds generally are not eligible to elect treatment as a regulated investment company because its assets will be invested mostly in the Reference Assets. As a result, the Funds will be obligated to pay applicable corporate U.S. federal and state income taxes on its taxable income as opposed to most investment companies which are not so obligated because of the dividends paid deduction which is not available to the Funds. Additionally, unlike most ETFs, the Funds will not be eligible to engage in in-kind redemptions on a tax-free basis. This means that gains from securities that accumulate inside the Funds will be taxed at the Fund level when those securities are sold or otherwise disposed of by the Funds. In addition, the Funds may become liable for U.S. federal excise tax on Fund Share redemptions. The Funds will incur an excise tax liability equal to one percent (1%) of the fair market value of Fund Share redemptions less the fair market value of Fund Share issuances (in excess of $1 million of fair market value) annually on a taxable year basis. Finally, although the Funds intend to make periodic distributions of its earnings to its shareholders, if each Fund fails to distribute enough of its earnings, it could be subject to the accumulated earnings tax, in addition to other U.S. federal income taxes, which could impose a 20% U.S. federal income tax on each Fund's accumulated earnings that have not been distributed to its shareholders.

The SOL Subsidiary is wholly-owned and controlled by the REX-Osprey<sup>TM</sup> SOL + Staking ETF. The ETH Subsidiary is wholly-owned and controlled by the REX-Osprey<sup>TM</sup> ETH + Staking ETF.

**MANAGEMENT**

*The Investment Adviser*. REX Advisers, LLC (the "Adviser"), 1241 Post Road, Second Floor, Fairfield, Connecticut 06824, is the investment adviser for the Funds. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a Delaware limited liability company and was organized in 2023. The Adviser provides similar services to an exchange-traded fund that employs a similar investment strategy as the Fund.

Under the Investment Advisory Agreement between the Adviser and the Trust, on behalf of the Funds (the "Investment Advisory Agreement"), the Adviser is responsible for the day-to-day management of the Funds' investments. The Adviser also: (i) furnishes each Fund with office space and certain administrative services; and (ii) provides guidance and policy direction in connection with its daily management of each Fund's assets, subject to the authority of the Board. For its services, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly, as a percentage of each Fund's average daily net assets, noted in the table below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Annual Management Fee** |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> ETH + Staking ETF | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> SOL + Staking ETF | &nbsp;&nbsp;0.75% |

---

Under the Investment Advisory Agreement, the Adviser has agreed, at its own expense and without reimbursement from the Funds, to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of each Fund's business.

**Manager-of-Managers Structure**

The Adviser and the Trust have been granted an exemptive order from the SEC that will allow the Fund to operate in a "manager of managers" structure whereby the Adviser, as the Fund's investment adviser, can appoint and replace both wholly owned and unaffiliated sub-advisers, and enter into, amend and terminate sub-advisory agreements with such sub-advisers, each subject to Board approval but without obtaining prior shareholder approval (the "Manager of Managers Structure"). The Fund will, however, inform shareholders of the hiring of any new sub-adviser within 90 days after the hiring. The SEC exemptive order will provide the Fund with greater efficiency and without incurring the expenses and delays associated with obtaining shareholder approval of sub-advisory agreements with such sub-advisers.

The use of the Manager of Managers Structure with respect to the Fund is subject to certain conditions that are set forth in the SEC exemptive order. Under the Manager of Managers Structure, the Adviser will have the ultimate responsibility, subject to oversight by the Board, to oversee the sub-advisers and recommend their hiring, termination, and replacement. The Adviser will also, subject to the review and approval of the Board: set the Fund's overall investment strategy; evaluate, select and recommend sub-advisers to manage all or a portion of the Fund's assets; and implement procedures reasonably designed to ensure that each sub-adviser complies with the Fund's investment objective, policies and restrictions. Subject to the review of the Board, the Adviser will allocate and, when appropriate, reallocate the Fund's assets among sub-advisers and monitor and evaluate the sub-advisers' performance.

**22**

A discussion regarding the basis for the Board of Trustees approving the Investment Advisory Agreement or the Funds will be available in the Funds' semi-annual report once that report is produced.

The Portfolio Manager

The Fund is managed by Matthew Pelletier, Lead Portfolio Manager of the Adviser, and Matthew Holcomb, Senior Trader and Portfolio Manager.

*Portfolio Manager -* Matthew Pelletier is a portfolio manager of the Fund. Mr. Pelletier joined an affiliate of the Adviser in 2021 as Managing Director of Portfolio Management. Previously, he held positions in Fixed Income Sales and Trading at BNP Paribas, Bank of the West and Susquehanna International Group. Mr. Pelletier has more than 20 years of experience in Banking and Financial Services. Mr. Pelletier earned an MBA from the University of California at Davis.

*Portfolio Manager –* Matthew Holcomb is a portfolio manager of the Fund. Mr. Holcomb joined Adviser in 2025 as Senior Vice President, Senior Trader and Portfolio Manager. Previously, he was the Senior Trader, Portfolio Manager, and Business Leader for Ridgefield Capital Asset Management for over 20 years. Mr. Holcomb has more than 20 years of experience in Banking and Financial Services.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership in the Funds.

**<u>DISTRIBUTION (12B-1) PLAN</u>**

The Board has adopted a Distribution and Shareholder Service 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 for certain distribution-related activities and shareholder services.

No Rule 12b-1 fees are currently paid by the Funds, and there are no current 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 each Fund's assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

The Trust

Each Fund is a series of the ETF Opportunities Trust, an open-end management investment company organized as a Delaware statutory trust on March 18, 2019. The Board supervises the operations of the Funds according to applicable state and federal law, and the Board is responsible for the overall management of the Fund's business affairs.

Portfolio Holdings

 

A description of the Funds' policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI. Complete holdings are published on the Funds' website on a daily basis. Please visit the Funds' website at www.rexshares.com. In addition, the Fund's complete holdings (as of the dates of such reports) are available in reports on Form N-PORT and Form N-CSR filed with the SEC.

**HOW TO BUY AND SELL SHARES**

Most investors will buy and sell shares of the Funds through broker-dealers at market prices. Shares of the Funds are listed for trading on the Exchange and on the secondary market during the trading day and can be bought and sold throughout the trading day like other shares of publicly traded securities. Shares of the Funds are traded under the below listed trading symbols:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Trading Symbol** |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> ETH + Staking ETF | &nbsp;&nbsp;ESK |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> SOL + Staking ETF | &nbsp;&nbsp;SSK |

---

Shares may only be purchased and sold on the secondary market when the Exchange is open for trading.

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 offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

The NAV of the Funds' shares is calculated at the close of regular trading on the Exchange, generally 4:00 p.m. New York time, on each day the Exchange is open. The NAV of the Funds' Shares is determined by dividing the total value of the Funds' portfolio investments and other assets, less any liabilities, by the total number of Shares outstanding of the Funds.

**23**

In calculating its NAV, a Fund generally values 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.

Fair value pricing is used by a Fund when market quotations are not readily available or are deemed to be unreliable or inaccurate based on factors such as evidence of a thin market in the security or a significant event occurring after the close of the market but before the time as of which a Fund's NAV is calculated. When fair-value pricing is employed, the prices of assets used by a Fund to calculate its NAV may differ from quoted or published prices for the same assets.

APs may acquire shares directly from a Fund, and APs may tender their shares for redemption directly to the Fund, at NAV per share only in large blocks, or Creation Units, of at least 25,000 shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

Under normal circumstances, a Fund will pay out redemption proceeds to a redeeming AP within two (2) days after the AP's redemption request is received, in accordance with the process set forth in the Fund's SAI and in the agreement between the AP and the Fund's distributor. However, a Fund reserves the right, including under stressed market conditions, to take up to seven (7) days after the receipt of a redemption request to pay an AP, all as permitted by the 1940 Act. Each Fund anticipates regularly meeting redemption requests primarily in cash, although each Fund reserves the right to pay all or portion of the redemption proceeds to an AP in-kind. Cash used for redemptions will be raised from the sale of portfolio assets or may come from existing holdings of cash or cash equivalents.

Each Fund may liquidate and terminate at any time without shareholder approval.

**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 and is recognized as the owner of all shares for all purposes.

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. Participants in DTC 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" form.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES**

Shares can only be purchased and redeemed directly from a Fund in Creation Units by APs, and the vast majority of trading in shares occurs on the secondary market. Because the secondary market trades do not directly involve a Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in a Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with a Fund, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to a Fund and increased transaction costs, which could negatively impact a Fund's ability to achieve its investment objectives. However, direct trading by APs is critical to ensuring that shares trade at or close to NAV. Each Fund also employ fair valuation pricing to minimize potential dilution from market timing. In addition, each Fund imposes transaction fees on purchases and redemptions of shares to cover the custodial and other costs incurred by a Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that a Fund's trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Shares.

**DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES**

Shares are traded throughout the day in the secondary market on a national securities exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. Each Fund expects to typically satisfy redemptions in-cash. If a Fund satisfies a redemption in cash this may result in a Fund selling portfolio securities to obtain cash to meet net Fund redemptions. These sales may generate taxable gains for the ongoing shareholders of a Fund.

The Funds generally seek to make monthly distributions of staking rewards to their shareholders in their sole discretions.

No dividend reinvestment service is provided by the Funds. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of a Fund for reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, distributions will be automatically reinvested in additional whole shares of a Fund purchased in the secondary market.

**Taxes** 

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

**24**

Unless your investment in Fund shares is made through a tax-exempt entity or tax-deferred account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

- The Fund makes distributions,

- You sell your shares listed on the Exchange, and

- You purchase or redeem Creation Units.

**Taxes on Distributions** 

Distributions by a Fund of cash or property in respect of the shares will be treated as dividends for U.S. federal income tax purposes to the extent paid from the Fund's current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Any such dividend will be eligible for the dividends received deduction if received by an otherwise qualifying corporate U.S. shareholder that meets the holding period and other requirements for the dividends received deduction. Dividends paid by the Fund to certain non-corporate U.S. shareholders (including individuals) are eligible for U.S. federal income taxation at the rates generally applicable to long-term capital gains for individuals provided that the U.S. shareholder receiving the dividend satisfies applicable holding period and other requirements.

If the amount of a distribution paid by the Fund exceeds the Fund's current or accumulated earnings and profits, such excess will be treated first as a tax-free return of capital to the extent of the U.S. shareholder's tax basis in the shares, and thereafter as capital gain. Any such capital gain will be long-term capital gain if such U.S. shareholder has held the applicable shares for more than one year.

A higher portfolio turnover rate may indicate higher transaction costs a. These costs, which are not reflected in annual Fund operating expenses, affect the Fund's performance.

In general, distributions received from a Fund are subject to U.S. federal income tax when they are paid, whether taken in cash or reinvested in the Fund (if that option is available). Distributions reinvested in additional shares through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional shares to the same extent as if such distributions had been received in cash.

Each Fund is required to backup withhold 24% of your distributions and sales proceeds if you have not provided the Fund with a correct taxpayer identification number (which generally is a Social Security number for individuals) in the required manner and in certain other situations.

**Taxes on Exchange-Listed Share Sales** 

Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. The ability to deduct capital losses from sales of shares may be limited.

**Taxes on Purchase and Redemption of Creation Units** 

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate tax basis in the securities surrendered plus any cash it pays. An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's tax basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash received. The Internal Revenue Service ("IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax adviser with respect to whether the wash sale rules apply and when a loss might not be deductible. In addition, a Fund will also recognize taxable gain to the extent the securities it distributes to an Authorized Participant have built-in gains.

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

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many shares you purchased or sold and at what price. See "Taxes" in the SAI for a description of the requirement regarding tax basis determination methods applicable to share redemptions and the Fund's obligation to report basis information to the IRS.

At the time this prospectus was prepared, there were various legislative proposals under consideration that would amend the Code. At this time, though, it is not possible to determine whether any of these proposals will become law and how these changes might affect the Fund or its shareholders.

The foregoing discussion summarizes some of the possible consequences under current U.S. federal income tax law of an investment in the Fund. It is not a substitute for personal tax advice. Please consult your personal tax adviser about the potential tax consequences of an investment in the shares under all applicable tax laws. See "Taxes" in the SAI for more information.

**FUND SERVICE PROVIDERS** 

*Commonwealth Fund Services, Inc.* (the "Administrator") is each Fund's administrator. The firm is primarily in the business of providing administrative services to retail and institutional mutual funds and exchange-traded funds.

*U.S. Bank Global Fund Services, LLC ("US Bancorp")* serves as each Fund's fund accountant, and it provides certain other services to the Funds not provided by the Administrator. US Bancorp is primarily in the business of providing administrative and fund accounting services to retail and institutional exchange-traded funds and mutual funds.

**25**

*US Bank, N.A.* serves as each Fund's custodian with respect to each Fund's traditional securities holdings and transfer agent.

*Anchorage Digital Bank National Association* serves as each Fund's (and each respective wholly-owned subsidiary's) custodian with respect to the relevant Reference Asset and related assets, including LSTs.

*Foreside Fund Services, LLC* (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares.

*Practus, LLP* serves as legal counsel to the Trust and the Fund.

 

*KPMG LLP* serves as the Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.

**OTHER INFORMATION** 

**Continuous Offering** 

The method by which Creation Units of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells the shares directly to customers or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment 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. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

Dealers effecting transactions in the shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.

**Premium/Discount Information**

When available, information regarding how often the Shares of the Fund traded on the Exchange at a price above (*i.e.* at a premium) or below (*i.e.* at a discount) the NAV of the Fund will be available at www.rexshares.com.

**FINANCIAL HIGHLIGHTS**

Because the Funds have not yet commenced operations as of the date hereof, no financial highlights are available. In the future, financial highlights will be presented in this section of the Prospectus.

**26**

**Privacy Notice**

The following is a description of the Funds' policies regarding disclosure of nonpublic personal information that you provide to the Funds or that the Funds collect from other sources. In the event that you hold shares of the Funds through a broker-dealer or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.

**Categories of Information the Funds Collect.** The Funds collect the following nonpublic personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Information the Funds receive from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Information about your transactions with the Funds, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

**Categories of Information the Funds Disclose.** The Funds do not disclose any non-public personal information about their current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Funds are permitted by law to disclose all of the information it collects, as described above, to their service providers (such as the Funds' custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

**Confidentiality and Security.** The Funds restrict access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Funds maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

The Funds' Privacy Notice is not part of this prospectus.

**27**

**FOR MORE INFORMATION**

You will find more information about the Funds in the following documents:

**<u>Statement of Additional Information:</u>** For more information about the Funds, you may wish to refer to the Funds' SAI dated June 27, 2025, which is on file with the SEC and incorporated by reference into this prospectus.

**<u>Annual/Semi-Annual Reports</u>:** Additional information about the Funds' investments, once available, will be available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during their last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

You can obtain a free copy of the SAI, annual and semi-annual reports, and other information, such as the Funds' financial statements by writing to REX-Osprey<sup>TM</sup> ETFs, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Fund toll-free at (844) 802-4004, by email at: mail@ccofva.com. The Funds' annual and semi-annual reports, prospectus and SAI are all available for viewing/downloading at <u>www.rexshares.com</u>. General inquiries regarding the Fund may also be directed to the above address or telephone number.

Copies of these documents and other information about the Funds are available on the EDGAR Database on the Commission's Internet site at <u>http://www.sec.gov</u>, and copies of these documents may also be obtained, after paying a duplication fee, by electronic request at the following email address: <u>publicinfo@sec.gov</u>.

(Investment Company Act File No. 811-23439)

**28**

**REX-OSPREY<sup>TM</sup> ETH + STAKING ETF Ticker: ESK**

**REX-OSPREY<sup>TM</sup> SOL + STAKING ETF Ticker: SSK**

**(each, a "Fund" and collectively, the "Funds")**

**8730 Stony Point Parkway, Suite 205**

**Richmond, Virginia 23235**

**844-802-4004**

**<u>STATEMENT OF ADDITIONAL INFORMATION</u>**

**Dated June 27, 2025**

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the current prospectus for the Funds dated June 27, 2025, as it may be supplemented or revised from time to time. This SAI is incorporated by reference into the Funds' prospectus. You can obtain a free copy of the annual and semi-annual reports (once available), prospectus and SAI by writing to the Funds, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Funds toll free at 844-802-4004 or by e-mail at: mail@ccofva.com. The Funds' annual and semi-annual reports (once available), prospectus and SAI are all available for viewing/downloading at www.rexshares.com. General inquiries regarding the Funds may also be directed to the above address or telephone number.

**Investment Adviser:**

REX Advisers, LLC

1241 Post Road, Second Floor

Fairfield, Connecticut 06824

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [THE TRUST](#rexosprey485bposb001) | 1 |
| [ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES](#rexosprey485bposb002) | 1 |
| [INVESTMENT STrATEGIES, pOLICIES AND rISKS](#rexosprey485bposb003) | 2 |
| [INVESTMENT LIMITATIONS](#rexosprey485bposb004) | 16 |
| [MANAGEMENT AND OTHER SERVICE PROVIDERS](#rexosprey485bposb005) | 18 |
| [TRUSTEES AND OFFICERS OF THE TRUST](#rexosprey485bposb006) | 22 |
| [CONTROL PERSONS AND PRINCIPAL SECURITIES HOLDERS](#rexosprey485bposb007) | 27 |
| [DETERMINATION OF NET ASSET VALUE](#rexosprey485bposb008) | 27 |
| [ADDITIONAL INFORMATION ABOUT PURCHASES AND SALES](#rexosprey485bposb009) | 30 |
| [ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES](#rexosprey485bposb010) | 38 |
| [TAXES](#rexosprey485bposb011) | 38 |
| [BROKERAGE ALLOCATION AND OTHER PRACTICES](#rexosprey485bposb012) | 41 |
| [DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS](#rexosprey485bposb013) | 42 |
| [DESCRIPTION OF SHARES](#rexosprey485bposb014) | 44 |
| [PROXY VOTING](#rexosprey485bposb015) | 45 |
| [CODES OF ETHICS](#rexosprey485bposb016) | 45 |
| [FINANCIAL STATEMENTS](#rexosprey485bposb017) | 45 |
| [EXHIBIT A](#rexosprey485bposb018) | 46 |
| [EXHIBIT B](#rexosprey485bposb019) | 48 |
| [EXHIBIT C](#rexosprey485bposb020) | 50 |

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**THE TRUST**

**<u>General</u>**<u>.</u> This SAI relates to the REX-Osprey<sup>TM</sup> ETH + Staking ETF and the REX-Osprey<sup>TM</sup> SOL + Staking ETF, (each, a "Fund" and collectively, the "Funds") and should be read in conjunction with the prospectus of the Funds. This SAI is incorporated by reference into the Funds' prospectus. No investment in shares should be made without reading the prospectus. Each Fund is a non-diversified series of ETF Opportunities Trust, a Delaware statutory trust (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The investment adviser to the Funds is REX Advisers, LLC (the "Adviser").

Each Fund may issue an unlimited number of shares of beneficial interest ("Shares"). All Shares have equal rights and privileges. Each Share is entitled to one vote on all matters as to which Shares are entitled to vote. In addition, each Share is entitled to participate equally with other Shares (i) in dividends and distributions declared by the Funds and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional Shares have proportionately the same rights, including voting rights, as are provided for a full Share.

Each Fund will issue and redeem Shares at net asset value ("NAV") in aggregations of at least 25,000 Shares (each a "Creation Unit"). The Funds will issue and redeem Creation Units principally for cash. The Funds reserve the right to offer creations and redemptions of Shares in exchange for a basket of securities and other assets (the "Deposit Securities and Assets"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Each Fund is listed on a national securities exchange (the "Exchange") as set forth below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Ticker** | **Principal U.S. Listing Exchange** |
| &nbsp;&nbsp;REX-OSPREY<sup>TM</sup> ETH + STAKING ETF | &nbsp;&nbsp;ESK | &nbsp;&nbsp;Cboe BZX Exchange, Inc. |
| &nbsp;&nbsp;REX-OSPREY<sup>TM</sup> SOL + STAKING ETF | &nbsp;&nbsp;SSK | &nbsp;&nbsp;Cboe BZX Exchange, Inc. |

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Shares will trade on the Exchange at market prices that may be below, at, or above NAV. In the event of the liquidation of either Fund, a share split, reverse split or the like, the Trust may revise the number of Shares in a Creation Unit.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions as described herein - see the section titled "Placement of Creation Orders Outside the Clearing Process" of this SAI. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. See "Additional Information About Purchases and Sales" below.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES**

Each Fund's investment objective and principal investment strategies are described in the prospectus. Each Fund is "non-diversified" as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"). As a non-diversified fund, each Fund is permitted to invest in fewer securities at any one time than a diversified fund. The following information supplements, and should be read in conjunction with, the prospectus. For a description of certain permitted investments discussed below, see "Description of Permitted Investments" in this SAI.

**<u>Portfolio Turnover</u>**. Average annual portfolio turnover rate is the ratio of the lesser of sales or purchases to the monthly average value of the portfolio securities owned during the year, excluding from both the numerator and the denominator all securities with maturities at the time of acquisition of one year or less. A higher portfolio turnover rate involves greater transaction expenses to the Fund and may result in the realization of net capital gains, which would be taxable to the Fund and also to its shareholders when and if distributed. As of the date of this Prospectus, the Funds have not yet commenced operations and therefore do not have any portfolio turnover information available.

**INVESTMENT STRATEGIES, POLICIES AND RISKS**

The following discussion of investment techniques and instruments supplements, and should be read in conjunction with, the investment information in the Funds' prospectus. In seeking to meet its investment objective, the Funds may invest in any type of asset or instrument whose characteristics are consistent with its investment programs. To the extent particular investment techniques or instruments that are not described in the Principal Investment Strategies disclosure of the Funds' prospectus, such investment techniques and instruments are not a part of the principal strategies and the corresponding risks are not principal risks of the Funds.

**Principal Investment Strategies, Policies And Risks**

**<u>Illiquid and Restricted Investments.</u>** The Fund may invest in illiquid investments (*i.e.*, securities or other assets that are not readily marketable) to the extent permitted under the 1940 Act. The Fund will stake a large portion of its Reference Asset holdings, which will restrict the Fund's use of the Reference Asset during the staking and unbonding period. Illiquid investments include, but are not limited to, restricted investments (investments the disposition of which is restricted under the federal securities laws), investments that may only be resold pursuant to Rule 144A under the Securities Act, but that are deemed to be illiquid; and repurchase agreements with maturities in excess of seven days. However, the Fund will not acquire illiquid investments if, immediately after the acquisition, such investments would comprise more than 15% of the value of such Funds net assets. Determinations of liquidity are made pursuant to guidelines contained in the liquidity risk management program of the Trust applicable to the Fund. The Adviser determines and monitors the liquidity of the portfolio investments and reports periodically on its decisions to the Board. In making such determinations it takes into account a number of factors in reaching liquidity decisions, including but not limited to: (1) the frequency of trades and quotations for the security; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; and (4) the nature of the marketplace trades, including the time needed to dispose of the asset, the method of soliciting offers and the mechanics of the transfer. With respect to the Reference Assets, regardless of whether it is viewed as a security or not, the Adviser evaluates expected unbonding times. Depending on the anticipated length of the unbonding period, the staked Reference Asset may be classified as illiquid under a Fund's liquidity risk management program. In addition, if a Reference Asset is determined to be a security under the Securities Act of 1933, it could be deemed to be, or only be able to be sold as, a Restricted Security. The term illiquid security is defined as a security 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 security.

An institutional market has developed for certain restricted investments. Accordingly, contractual or legal restrictions on the resale of a security may not be indicative of the liquidity of the security. If such investments are eligible for purchase by institutional buyers in accordance with Rule 144A under the Securities Act or other exemptions, the Adviser may determine that the investments are liquid.

Restricted investments may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell.

Illiquid investments will be priced at fair value as determined in good faith under procedures adopted by the Board. 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 procedures as adopted by the Board. *See* "DETERMINATION OF NET ASSET VALUE" in this SAI, below, for a description of how Reference Assets are valued.

**<u>Investment Company Securities.</u>** The Funds may invest in the securities of other investment companies that invest in or have exposure to the Reference Asset. Such investments are subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Funds to all the risks of that pooled vehicle. Pursuant to Section 12(d)(1), each 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 the 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. In addition, depending on the characteristics of the acquired fund, such investment may not be subject to the limits described above, such as investments in exchange-traded funds that are not registered under the 1940 Act.

If a Fund invests in and, thus, is a shareholder of, another investment company, such 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 its own operations.

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in securities of other registered investment companies, including the Funds. The acquisition of Shares by registered investment companies is subject to the restrictions of Section 12(d)(1) of the 1940 Act, except as may be permitted by exemptive rules under the 1940 Act.

Each 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 a 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).

**<u>Foreign Securities.</u>** Each Fund may invest directly in foreign securities or have indirect exposure to foreign securities. 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 a 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 a 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 a 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 a Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of such 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 a Fund's ability to repatriate investment income or capital and, thus, may adversely affect the operations of a 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 a Fund.

**<u>Foreign Currencies.</u>** Although each Fund intends to only hold investments denominated in U.S. dollars, a Fund may have indirect exposure to foreign currency fluctuations. Each Fund's net asset value could decline if a relevant foreign currency depreciates against the U.S. dollar or if there are delays or limits on the repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, a Fund's net asset value may change without warning, which could have a significant negative impact on a Fund.

**Other Investment Strategies**

**<u>Borrowing.</u>** Although each Fund does not intend to borrow money, a Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its total assets. Each Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of a Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. Each 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.

**<u>Fixed Income Investments and Cash Equivalents.</u>** Fixed income investments and cash equivalents held by the Funds may include, without limitation, the types of investments set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Funds may invest in U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. government, or by various instrumentalities that have been established or sponsored by the U.S. government. U.S. Treasury securities are backed by the "full faith and credit" of the United States. Securities issued or guaranteed by federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. Some of the U.S. government agencies that issue or guarantee securities include the Export-Import Bank of the United States, the Farmers Home Administration, the Federal Housing Administration, the Maritime Administration, the Small Business Administration and the Tennessee Valley Authority. An instrumentality of the U.S. government is a government agency organized under federal charter with government supervision. Instrumentalities issuing or guaranteeing securities include, among others, the Federal Home Loan Banks, the Federal Land Banks, the Central Bank for Cooperatives, Federal Intermediate Credit Banks and Federal National Mortgage Association. In the case of those U.S. government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Funds may invest in certificates of deposit issued against funds deposited in a bank or savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. If such certificates of deposit are non-negotiable, they will be considered illiquid securities and be subject to the Fund's 15% restriction on investments in illiquid securities. Pursuant to the certificate of deposit, the issuer agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Under current FDIC regulations, the maximum insurance payable as to any one certificate of deposit is $250,000; therefore, certificates of deposit purchased by the Funds may not be fully insured. The Funds may only invest in certificates of deposit issued by U.S. banks with at least $1 billion in assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Funds may invest in bankers' acceptances, which are short-term credit instruments used to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an asset or it may be sold in the secondary market at the going rate of interest for a specific maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Funds may invest in bank time deposits, which are monies kept on deposit with banks or savings and loan associations for a stated period of time at a fixed rate of interest. There may be penalties for the early withdrawal of such time deposits, in which case the yields of these investments will be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Funds may invest in commercial paper, which are short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between a Fund and a corporation. There is no secondary market for the notes. However, they are redeemable by a Fund at any time. The Funds' portfolio managers will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation's ability to meet all of its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. The Funds may invest in commercial paper only if it has received the highest rating from at least one nationally recognized statistical rating organization or, if unrated, judged by the Adviser to be of comparable quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Funds may invest in shares of money market funds, as consistent with its investment objective and policies. Shares of money market funds are subject to management fees and other expenses of those funds. Therefore, investments in money market funds will cause a Fund to bear proportionately the costs incurred by the money market fund's operations. At the same time, the Funds will continue to pay its own management fees and expenses with respect to all of its assets, including any portion invested in the shares of other investment companies. It is possible for the Funds to lose money by investing in money market fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Funds may invest in corporate debt securities, as consistent with its investment objective and policies. Corporate debt may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest. Some corporate debt securities that are rated below investment-grade generally are considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The Funds could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due.

**<u>Cash Reserves.</u>** In seeking to achieve its investment objective, as a cash reserve, or for liquidity purposes, the Funds may invest all or part of their assets in cash or cash equivalents, which include, but are not limited to, short-term money market instruments, U.S. government securities, certificates of deposit, bankers acceptances, or repurchase agreements secured by U.S. government securities.

**<u>Other Investment Company Securities.</u>** The Funds may invest in the securities of other investment companies, such as money market funds, ETFs, and investment companies that invest in other crypto currencies, such as Bitcoin. To the extent such other investment company is registered under the 1940 Act, or otherwise meets the definition of investment company but is not registered because it relies on an exemption or exception from registration or is domiciled outside of the United States, such investments may be subject to applicable limitations under Section 12(d)(1) of the 1940 Act, described above. Investing in another pooled vehicle exposes the Funds to all the risks of that pooled vehicle.

**<u>Liquid Staking.</u>** Although staking generally involves agreeing to lock up the Reference Asset (i.e., not use it or transfer it), the Funds will also earn staking rewards by investing in liquid staking protocols, which are staking protocols that provide a freely-tradeable digital token called a "Liquid Staking Token" (e.g., JitoSOL) that represents the Reference Asset staked with the staking protocol. Liquid Staking Tokens permit the holder to receive the benefits of staking without the illiquidity of a locked-up Reference Asset. Instead, Liquid Staking Tokens generally represent the amount of the Reference Asset deposited with the staking protocol to be staked, plus any amounts earned through staking rewards. In return, the Funds will participate in regular staking compensation payouts through either an increase in the "conversion rate" of the Liquid Staking Token (Rewards-Bearing Tokens) (i.e., the value of the Reward-Bearing Token increases over time vs. the Reference Asset) or an increase in the balance of the Liquid Staking Token (Rebasing Tokens) (i.e., the token attempts to keep a stable value vs. the Reference Asset but the token balance increases over time as rewards are accrued). The Funds can also generally sell Liquid Staking Tokens for cash. Generally, there are no fees associated with Liquid Staking Tokens; however there are fees associated with staking the underlying Reference Asset. Some staking protocols may charge a fee for unwrapping the Liquid Staking Token.

**<u>Money Market Funds.</u>** 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 money 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 funds liquidity falls below required minimums.

**<u>Other Short-Term Instruments.</u>** 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: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) 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; (iv) commercial paper rated at the date of purchase Prime-1 by Moody's Investors Service or A-1 by Standard & Poor's Financial Services or, if unrated, of comparable quality as determined by the Adviser; (v) 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 (vi) 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.

**<u>Derivative Instruments</u>**<u>.</u> Generally, derivatives are financial instruments whose value depends on or is derived from, the value of one or more underlying assets, reference rates, or indices or other market factors (a reference instrument) and may relate to stocks, bonds, interest rates, credit, currencies, commodities or related indices. Derivative instruments can provide an efficient means to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument. Some common types of derivatives include options, futures, forwards and swaps.

Derivative instruments may be used to modify the effective duration of the Fund's portfolio investments. Derivative instruments may also be used for hedging, which means that they may be used when the Adviser seeks to protect the Fund's investments from a decline in value resulting from changes to interest rates, market prices, currency fluctuations, or other market factors. Derivative instruments may also be used for other purposes, including to seek to increase liquidity, provide efficient portfolio management, broaden investment opportunities (including taking short or negative positions), implement a tax or cash management strategy, gain exposure to a particular security or segment of the market and/or enhance total return. However derivative instruments are used, their successful use is not assured and will depend upon, among other factors, the Advisers ability to gauge relevant market movements.

Derivative instruments may be used for purposes of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific risk exposure of a portfolio security or its denominated currency and must also be directly related to such security or currency. The Fund's use of derivative instruments may be limited from time to time by policies adopted by the Board or the Adviser.

U.S. Securities and Exchange Commission ("SEC") Rule 18f-4 (Rule 18f-4 or the Derivatives Rule) regulates the ability of the Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term derivatives to include short sales and forward contracts, such as TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be similar to reverse repurchase transactions, such as certain securities lending transactions in connection with which the Fund obtains leverage. Among other things, under Rule 18f-4, the Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives transactions that the Fund may enter into based on the value-at-risk (VaR) of the Fund inclusive of derivatives. The Fund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its designated reference portfolio. The designated reference portfolio is a representative unleveraged index or the Fund's own portfolio absent derivatives holdings, as determined by such Fund's derivatives risk manager. This limits test is referred to as the Relative VaR Test. As a result of the Relative VaR Test, the Fund may not seek returns in excess of 2x the Underlying Index.

In addition, among other requirements, Rule 18f-4 requires the Fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out enhanced reporting to the Board, the SEC and the public regarding the Fund's derivatives activities. These new requirements will apply unless the Fund qualifies as a limited derivatives user, which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. It is possible that the limits and compliance costs imposed by the Derivatives Rule may adversely affect the Fund's performance, efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives and may increase the cost of such Fund's investments and cost of doing business, which could adversely affect investors.

**<u>Swaps.</u>** Each Fund may enter into total return swaps, which may be used either as economically similar substitutes for owning the reference asset specified in the swap, such as the securities that comprise a given market index, particular securities or commodities, or other assets or indicators. They also may be used as a means of obtaining exposure in markets where the reference asset is unavailable or it may otherwise be impossible or impracticable for a Fund to own that asset. "Total return" refers to the payment (or receipt) of the total return on the underlying reference asset, which is then exchanged for the receipt (or payment) of an interest rate. Total return swaps provide a Fund with the additional flexibility of gaining exposure to a market or sector index in a potentially more economical way.

Most swaps entered into by a Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Other swaps may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the return on the reference entity. A Fund's current obligations under the types of swaps that the Funds expect to enter into (e.g., total return swaps) will be accrued daily (offset against any amounts owed to a Fund by the counterparty to the swap) and any accrued but unpaid net amounts owed to a swap counterparty will collateralized by the Fund posting collateral to a tri-party account between the Fund's custodian, the Fund, and the counterparty. However, typically no payments will be made until the settlement date.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis and if the counterparty to a swap agreement defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In recent years, regulators across the globe, including the U.S. Commodity Futures Trading Commission ("CFTC") and the U.S. banking regulators, have adopted collateral requirements applicable to uncleared swaps. While a Fund is not directly subject to these requirements, where a Fund's counterparty is subject to the requirements, uncleared swaps between a Fund and that counterparty are required to be marked-to-market on a daily basis, and collateral is required to be exchanged to account for any changes in the value of such swaps. The rules impose a number of requirements as to these exchanges of collateral, including as to the timing of transfers, the type of collateral (and valuations for such collateral) and other matters that may be different than what a Fund would agree with its counterparty in the absence of such regulation. In all events, where a Fund is required to post collateral to its swap counterparty, such collateral will be posted to an independent bank custodian, where access to the collateral by the swap counterparty will generally not be permitted unless a Fund is in default on its obligations to the swap counterparty.

In addition to the variation margin requirements, regulators have adopted "initial" margin requirements applicable to uncleared swaps. Where applicable, these rules require parties to an uncleared swap to post, to a custodian that is independent from the parties to the swap, collateral (in addition to any variation margin noted above) in an amount that is either (i) specified in a schedule in the rules or (ii) calculated by the regulated party in accordance with a model that has been approved by that party's regulator(s). Effective September 1, 2022, the initial margin rules will apply to the swap trading relationships of Funds with average aggregate notional amounts that exceed $8 billion. These rules may impose significant costs on a Fund's ability to engage in uncleared swaps and, as such, could adversely affect the Advisor's ability to manage a Fund, may impair a Fund's ability to achieve its investment objective and/or may result in reduced returns to a Fund's investors.

The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") and related regulatory developments have imposed comprehensive new regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing collateral requirements on Swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing recordkeeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared swaps.* In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. A Fund customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the OTC derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts. In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or nondefaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination. During the term of an uncleared swap, a Fund will be required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by a Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments. Periodically, changes in the amount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to a Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to a Fund, the amount pledged by the counterparty and available to a Fund may not be sufficient to cover all the amounts due to a Fund and the Fund may sustain a loss. Rules requiring initial margin to be posted by certain market participants for uncleared swaps have been adopted and are being phased in over time. When these rules take effect with respect to the Funds, if a Fund is deemed to have material swaps exposure under applicable swap regulations, it will be required to post initial margin in addition to variation margin.

*Cleared swaps.* Certain standardized swaps are subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. In a cleared swap, a Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's futures commission merchant ("FCM"), which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility may increase market transparency and liquidity but may require a Fund to incur increased expenses to access the same types of swaps that it has used in the past. When a Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) initial margin. The initial margin requirements are determined by the central counterparty, and are typically calculated as an amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional collateral above the amount required by the central counterparty. During the term of the swap agreement, an additional collateral amount may also be required to be paid by a Fund or may be received by a Fund in accordance with collateral controls set for such accounts. If the value of the Fund's cleared swap declines, the Fund will be required to make additional payments to the FCM to settle the change in value. Conversely, if the market value of a Fund's position increases, the FCM will post additional amounts to the Fund's account. At the conclusion of the term of the swap agreement, if a Fund has a loss equal to or greater than the collateral amount, the collateral amount is paid to the FCM along with any loss in excess of the collateral amount. If a Fund has a loss of less than the collateral amount, the excess collateral is returned to a Fund. If a Fund has a gain, the full collateral amount and the amount of the gain is paid to a Fund.

The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher collateral requirements, the establishment of daily price limits and the suspension of trading. It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties with which a Fund engages in derivative transactions, may limit or prevent the Fund from using or limit the Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect the Fund's ability to achieve its investment goal. The Adviser will continue to monitor developments in the area, particularly to the extent regulatory changes affect a Fund's ability to enter into desired swap agreements. New requirements, even if not directly applicable to a Fund, may increase the cost of a Fund's investments and cost of doing business.

**Other Investment Risks**

**<u>Overview.</u>** An investment in the Funds should be made with an understanding of the risks that an investment in the Fund shares entails, including the risk that the financial condition of the issuers of the equity securities or the general condition of the securities market may worsen and the value of the securities and therefore the value of the Fund may decline. The Funds may not be an appropriate investment for those who are unable or unwilling to assume the risks involved generally with such an investment. The past market and earnings performance of any of the securities included in the Funds is not predictive of their future performance.

**<u>Borrowing and Leverage Risk.</u>** The Funds may borrow money for cash management purposes or investment purposes. Borrowing for investment is a form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique which increases investment risk, but also increases investment opportunity. Because substantially all of a Fund's assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the NAV per share of the Fund will fluctuate more when the Fund is leveraging its investments than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. Consistent with the requirements of the 1940 Act, a Fund must maintain continuous asset coverage (total assets, including assets acquired with borrowed funds, less liabilities exclusive of borrowings) of 300% of all amounts borrowed. If at any time the value of a Fund's assets should fail to meet this 300% coverage test, the Fund, within three days (not including weekends and holidays), will reduce the amount of the Fund's borrowings to the extent necessary to meet this 300% coverage requirement. Maintenance of this percentage limitation may result in the sale of portfolio securities at a time when investment considerations would not favor such sale.

**<u>Cybersecurity Risk.</u>** Investment companies, such as the Funds, 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 cybersecurity breaches. Cyber attacks affecting the Funds or the Advisor, the Funds' custodian or transfer agent, or intermediaries or other third-party service providers may adversely impact the Funds. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its net asset value, 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. A Fund may also incur additional costs for cybersecurity risk management purposes. While the Funds and their service providers have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, such plans and systems have inherent limitations due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Funds cannot control any cybersecurity plans or systems implemented by their service providers.

**<u>Derivatives Risk.</u>** The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are market risk, credit risk, management risk and liquidity risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. In addition, when a Fund invests in certain derivative securities, including, but not limited to, when-issued securities, forward commitments, futures contracts and interest rate swaps, a Fund is effectively leveraging its investments, which could result in exaggerated changes in the net asset value of the Fund's shares and can result in losses that exceed the amount originally invested. The success of the Adviser's derivatives strategies will depend on its ability to assess and predict the impact of market or economic developments on the underlying asset, index or rate and the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions. Liquidity risk exists when a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Certain specific risks associated with an investment in derivatives may include: market risk, credit risk, correlation risk, liquidity risk, legal risk and systemic or "interconnection" risk, as specified below.

Market Risk. Market risk is the risk that the value of the underlying assets may go up or down. Adverse movements in the value of an underlying asset can expose a Fund to losses. Market risk is the primary risk associated with derivative transactions. Derivative instruments may include elements of leverage and, accordingly, fluctuations in the value of the derivative instrument in relation to the underlying asset may be magnified. The successful use of derivative instruments depends upon a variety of factors, particularly the portfolio manager's ability to predict movements of the securities, currencies and commodities markets, which may require different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular strategy adopted will succeed. A decision to engage in a derivative transaction will reflect the portfolio managers' judgment that the derivative transaction will provide value to a Fund and its shareholders and is consistent with a Fund's objective, investment limitations and operating policies. In making such a judgment, the portfolio managers will analyze the benefits and risks of the derivative transactions and weigh them in the context of a Fund's overall investments and investment objective.

Credit Risk. Credit risk is the risk that a loss may be sustained as a result of the failure of a counterparty to comply with the terms of a derivative instrument. Specifically, FCM or the clearing house could fail to perform its obligations, causing significant losses to a Fund. For example, a Fund could lose margin payments it has deposited with an FCM as well as any gains owed but not paid to the Fund, if the FCM or clearing house becomes insolvent or otherwise fails to perform its obligations. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. Under current CFTC regulations, a FCM maintains customers' assets in a bulk segregated account. If a FCM fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that FCM's bankruptcy. In that event, in the case of futures and options on futures, the FCM's customers are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that FCM's customers. In addition, if the FCM does not comply with the applicable regulations, or in the event of a fraud or misappropriation of customer assets by the FCM, a Fund could have only an unsecured creditor claim in an insolvency of the FCM with respect to the margin held by the FCM. FCMs are also required to transfer to the clearing house the amount of margin required by the clearing house, which amount is generally held in an omnibus account at the clearing house for all customers of the FCM.

Correlation Risk. Correlation risk is the risk that there might be an imperfect correlation, or even no correlation, between price movements of a derivative instrument and price movements of investments being hedged. When a derivative transaction is used to completely hedge another position, changes in the market value of the combined position (the derivative instrument plus the position being hedged) result from an imperfect correlation between the price movements of the two instruments. With a perfect hedge, the value of the combined position remains unchanged with any change in the price of the underlying asset. With an imperfect hedge, the value of the derivative instrument and its hedge are not perfectly correlated. For example, if the value of a derivative instrument used in a short hedge (such as writing a call option, buying a put option or selling a futures contract) increased by less than the decline in value of the hedged investments, the hedge would not be perfectly correlated. This might occur due to factors unrelated to the value of the investments being hedged, such as speculative or other pressures on the markets in which these instruments are traded. The effectiveness of hedges using instruments on indices will depend, in part, on the degree of correlation between price movements in the underlying stock and the price movements in the investment being hedged.

Liquidity Risk. Liquidity risk is the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value. Generally, exchange contracts are very liquid because the exchange clearing house is the counterparty of every contract. OTC transactions are less liquid than exchange-traded derivatives since they often can only be closed out with the other party to the transaction. A Fund might be required by applicable regulatory requirements to make margin payments when it takes positions in derivative instruments involving obligations to third parties (i.e., instruments other than purchase options). If a Fund is unable to close out its positions in such instruments, it might be required to continue to maintain such assets or accounts or make such payments until the position expires, matures or is closed out. These requirements might impair a Fund's ability to sell a security or make an investment at a time when it would otherwise be favorable to do so, or require that a Fund sell a portfolio security at a disadvantageous time. A Fund's ability to sell or close out a position in an instrument prior to expiration or maturity depends upon the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the counterparty to enter into a transaction closing out the position. Due to liquidity risk, there is no assurance that any derivatives position can be sold or closed out at a time and price that is favorable to a Fund.

Legal Risk. Legal risk is the risk of loss caused by the unenforceability of a party's obligations under the derivative. While a party seeking price certainty agrees to surrender the potential upside in exchange for downside protection, the party taking the risk is looking for a positive payoff. Despite this voluntary assumption of risk, a counterparty that has lost money in a derivative transaction may try to avoid payment by exploiting various legal uncertainties about certain derivative products.

Systemic or "Interconnection" Risk. Systemic or "interconnection" risk is the risk that a disruption in the financial markets will cause difficulties for all market participants. In other words, a disruption in one market will spill over into other markets, perhaps creating a chain reaction. Much of the OTC derivatives market takes place among the OTC dealers themselves, thus creating a large interconnected web of financial obligations. This interconnectedness raises the possibility that a default by one large dealer could create losses for other dealers and destabilize the entire market for OTC derivative instruments.

**<u>Government Regulation of Derivatives Risk.</u>** It is possible that government regulation of various types of derivative instruments, including swap agreements, may limit or prevent the Funds from using such instruments as a part of its investment strategy, and could ultimately prevent the Funds from being able to achieve its investment objective. It is impossible to predict fully the effects of legislation and regulation in this area, but the effects could be substantial and adverse.

The regulation of derivatives in the U.S., the EU and other jurisdictions is a rapidly changing area of law and is subject to modification by government and judicial action. Recent legislative and regulatory reforms, including the Dodd-Frank Act, have resulted in new regulation of derivatives, including clearing, margin reporting, recordkeeping and registration requirements for certain types of derivatives. Because these requirements are new and evolving, and certain of the rules are not yet final, their ultimate impact remains unclear. New regulations could, among other things, restrict a Fund's ability to engage in swap transactions (for example, by making certain types of swap transactions no longer available to a Fund) and/or increase the costs of such swap transactions (for example, by increasing margin or capital requirements), and a Fund may as a result be unable to execute its investment strategies in a manner that the Adviser might otherwise choose. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Funds or the ability of the Funds to continue to implement its investment strategies.

Also, as described above, in the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies could be stayed or eliminated under special resolution regimes adopted in the United States, the EU and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty and may prohibit the Fund from exercising termination rights based on the financial institution's insolvency. In particular, in the EU, governmental authorities could reduce, eliminate or convert to equity the liabilities to the Fund of a counterparty experiencing financial difficulties (sometimes referred to as a "bail in").

Rule 18f-4 under the 1940 Act governs the Funds' use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Funds. Rule 18f-4 permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the U.S. Securities and Exchange Commission ("SEC") eliminated the asset segregation framework arising from prior SEC guidance for covering Derivatives Transactions and certain financial instruments.

Under Rule 18f-4, "Derivatives Transactions" include the following: (i) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; (iii) reverse repurchase agreements and similar financing transactions, if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to (i) appoint a Derivatives Risk Manager, (ii) maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain Board reporting and recordkeeping requirements.

Rule 18f-4 provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if a Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). The Funds are not expected to be able to rely upon this exception.

Pursuant to Rule 18f-4, if a Fund enters into reverse repurchase agreements or similar financing transactions, the Fund will (i) aggregate the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount of any other "senior securities" representing indebtedness (e.g., bank borrowings, if applicable) when calculating the Fund's asset coverage ratio or (ii) treat all such transactions as Derivatives Transactions.

These and other new rules and regulations could, among other things, further restrict the Funds' ability to engage in, or increase the cost to a Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. The implementation of the clearing requirement for certain swaps has increased the costs of derivatives transactions for a Fund, since a Fund has to pay fees to its clearing members and are typically required to post more margin for cleared derivatives than they have historically posted for bilateral derivatives. The costs of derivatives transactions may increase further as clearing members raise their fees to cover the costs of additional capital requirements and other regulatory changes applicable to the clearing members. Certain aspects of these regulations are still being implemented, so their potential impact on the Funds and the financial system are not yet known. While the regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that the mechanisms imposed under the regulations will achieve that result, and in the meantime, as noted above, central clearing, minimum margin requirements and related requirements expose the Funds to new kinds of risks and costs.

**<u>Listing Standards Risk.</u>** The Funds are required by the Exchange to comply with certain listing standards (which includes certain investment parameters) in order to maintain its listing on the Exchange. Compliance with these listing standards may compel a Fund to sell securities at an inopportune time or for a price other than the security's then-current market value. The sale of securities in such circumstances could limit a Fund's profit or require the Fund to incur a loss, and as a result, the Fund's performance could be impacted.

**<u>Market Conditions.</u>** Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other events related to the sub-prime mortgage crisis in 2008; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; steep declines in oil prices; dramatic changes in currency exchange rates; China's economic slowdown; Russia's invasion of Ukraine; and circumstances such as pandemics or epidemics in one or more countries or regions. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Such events may cause significant declines in the values and liquidity of many securities and other instruments. It is impossible to predict whether such conditions will recur. Because such situations may be widespread, it may be difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of such events.

**<u>U.S. Government Securities.</u>** U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. No assurance can be given that the U.S. government will provide financial support to its government sponsored entities or any other agency if not obligated by law to do so.

**INVESTMENT LIMITATIONS**

**<u>Fundamental</u>.** The investment limitations described below have been adopted by the Trust with respect to the Funds and are fundamental ("Fundamental"), *i.e.,* they may not be changed without the affirmative vote of a majority of the outstanding shares of a Fund. As used in the Prospectus and the Statement of Additional Information, the term "majority" of the outstanding shares of the Funds means the lesser of: (1) 67% or more of the outstanding shares of a Fund present at a meeting, if the holders of more than 50% of the outstanding shares of a Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of a Fund. Other investment practices which may be changed by the Board of Trustees without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy are considered non-fundamental ("Non-Fundamental").

The Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. May
 not borrow money except as permitted under the 1940 Act, and as interpreted or modified
 by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. May
 not issue any senior securities to others, except as permitted under the 1940 Act, and
 as interpreted or modified by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. May
 not underwrite securities issued by others except to the extent the Fund may be deemed
 to be an underwriter under the federal securities laws, in connection with the disposition
 of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. May
 not invest more than 25% of the value of its net assets in the securities of one or more
 issuers conducting their principal business activities in the same industry or group
 of industries, except that each Fund will be concentrated in the industry to which its
 Reference Asset is assigned (i.e., hold more than 25% of its assets in investments that
 provide exposure to the industry to which the Reference Asset is assigned). The limitation
 against industry concentration does not apply to investments in securities issued or
 guaranteed by the U.S. Government, its agencies or instrumentalities, or to shares of
 investment companies; however, the Funds will not invest more than 25% of its net assets
 in any investment company that so concentrates except for investment companies that also
 concentrate in the respective Reference Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. May
 not purchase or sell real estate except as permitted under the 1940 Act, and as interpreted
 or modified by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. May
 not make loans to others, except as permitted under the 1940 Act, and as interpreted
 or modified by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. May
 invest in commodities to the extent permitted by the 1940 Act or other governing statute,
 by the rules thereunder, or by the U.S. Securities and Exchange Commission ("SEC")
 or other regulatory agency with authority over the Funds.

If a percentage or rating restriction on an investment or use of assets set forth herein or in the Prospectus is adhered to at the time a transaction is effected, later changes in such percentages or restrictions resulting from any cause other than actions by the Funds will not be considered a violation. Currently, subject to modification to conform to the 1940 Act as interpreted or modified, the Funds are permitted, consistent with the 1940 Act, to borrow, and pledge its shares to secure such borrowing, provided, that immediately thereafter there is asset coverage of at least 300% for all borrowings by a Fund from a bank. If borrowings exceed this 300% asset coverage requirement by reason of a decline in net assets of a Fund, the Fund will reduce its borrowings within three days (not including Sundays and holidays) to the extent necessary to comply with the 300% asset coverage requirement. The 1940 Act also permits a Fund to borrow for temporary purposes only in an amount not exceeding 5% of the value of the Fund's total assets at the time when the loan is made. A loan shall be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed. To the extent outstanding borrowings of a Fund exceed 5% of the value of the total assets of the Fund, the Fund will not make additional purchases of securities – the foregoing shall not be construed to prevent a Fund from settling portfolio transactions or satisfying shareholder redemptions orders.

Currently, with respect to senior securities, the 1940 Act and regulatory interpretations of relevant provisions of the 1940 Act establish the following general limits, subject to modification to conform to the 1940 Act as interpreted or modified: Open-end registered investment companies such as the Funds are not permitted to issue any class of senior security or to sell any senior security of which they are the issuers. The Trust is, however, permitted to issue separate series of shares and to divide those series into separate classes. Each Fund currently offers one class of shares. The Funds have no intention of issuing senior securities, except that the Trust has issued its shares in separate series and may divide those series into classes of shares. Collateral arrangements with respect to forward contracts, futures contracts or options, including deposits of initial and variation margin, are not considered to be the issuance of a senior security for purposes of this restriction.

With respect to the Funds' Fundamental Policy #4 as described above, the Funds will consider, to the extent practicable and consistent with applicable rules, regulations of the SEC and applicable guidance from the staff of the SEC, investments of its underlying investment companies when determining its compliance with the policy.

Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, association or corporation, or a personal holding company, may be merged or consolidated with or acquired by the Trust, provided that if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

**MANAGEMENT AND OTHER SERVICE PROVIDERS**

**<u>Investment Adviser.</u>** REX Advisers, LLC (the "Adviser"), 1241 Post Road, Second Floor, Fairfield, Connecticut 06824, is the investment adviser for the Funds. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a Delaware limited liability company and was organized in 2023.

The Adviser currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Adviser manages the investment portfolio of the Fund, subject to the policies adopted by the Trust's Board of Trustees. In addition, the Adviser: (i) furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund; and (ii) provides guidance and policy direction in connection with its daily management of the Fund's assets, subject to the authority of the Trust's Board of Trustees. Under the Advisory Agreement, the Adviser assumes and pays, at its own expense and without reimbursement from the Trust, all ordinary expenses of the Fund, except the fee paid to the Adviser pursuant to the Advisory Agreement, distribution fees or expenses under a Rule 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

For its services with respect to the Funds, the Adviser is entitled to receive an annual management fee 0.75%, calculated daily and payable monthly as a percentage of the Fund's average daily net assets.

The Advisory Agreement was approved by the Trustees (including a majority of the Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees")) in compliance with the 1940 Act. The Advisory Agreement will continue in force for an initial period of up to two years. Thereafter, the Advisory Agreement is renewable from year to year with respect to the Funds, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting called for that purpose, of a majority of the Independent Trustees; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding shares of each Fund. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Board or by a majority of each Fund's outstanding shares on not less than 60 days' written notice to the Adviser, or by the Adviser on 90 days' written notice to the Trust. The Advisory Agreement provides that the Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith, or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The Adviser may make payments to banks or other financial institutions that provide shareholder services and administer shareholder accounts. If a bank or other financial institution were prohibited from continuing to perform all or a part of such services, management of the Fund believes that there would be no material impact on a Fund or its shareholders. Financial institutions may charge their customers fees for offering these services to the extent permitted by applicable regulatory authorities, and the overall return to those shareholders availing themselves of the financial institution's services will be lower than to those shareholders who do not. Each Fund may purchase securities issued by financial institutions that provide such services; however, in selecting investments for the Fund, no preference will be shown for such securities.

**<u>Portfolio Managers</u>**. As described in the prospectus, Matthew Pelletier serves as the Fund's Portfolio Manager and is responsible for the day-to-day investment management of the Fund. In addition to the Fund, the Portfolio Manager is responsible for the day-to-day management of certain other accounts, as listed below. There are no accounts for which the advisory fee is based on the performance of the account. The information below is provided as of April 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Other**<br> **Registered**<br> **Investment**<br> **Company**<br> **Accounts** | &nbsp;&nbsp;**Assets**<br> **Managed**<br> **($ millions)** | &nbsp;&nbsp;**Other Pooled**<br> **Investment**<br> **Vehicle**<br> **Accounts** | &nbsp;&nbsp;**Assets**<br> **Managed**<br> **($ millions)** | &nbsp;&nbsp;**Other**<br> **Accounts** | &nbsp;&nbsp;**Assets**<br> **Managed**<br> **($ millions)** | &nbsp;&nbsp;**Total**<br> **Assets**<br> **Managed**<br> **($ millions)** |
| &nbsp;&nbsp;Matthew Pelletier | &nbsp;&nbsp;1 | &nbsp;&nbsp;$5.3 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$306.9 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$312.2 |
| &nbsp;&nbsp;Matthew Holcomb | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

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**<u>Conflicts of Interests</u>**. The Portfolio Manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his 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 the same investment objective as the Funds. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the Portfolio Manager could favor one account over another. Another potential conflict could include the Portfolio Manager's knowledge about the size, timing and possible market impact of Fund trades, whereby the Portfolio Manager could use this information to the advantage of other accounts and to the disadvantage of the Funds. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

**<u>Compensation.</u>** The Portfolio Managers do not receive any special or additional compensation from the Adviser for their services as Portfolio Managers. Each Portfolio Manager's compensation is based solely on the overall financial operating results of the Adviser. Each portfolio manager's compensation is not directly linked to the Funds' performance, although positive performance and growth in managed assets are factors that may contribute to the Adviser's distributable profits and assets under management.

**<u>Portfolio Managers Share Ownership</u>.** As of the date of this SAI, the Portfolio Managers did not beneficially own shares of the Funds.

**<u>Administrator.</u>** Pursuant to a Fund Services Agreement, Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 (the "Administrator") serves as the Funds' administrator. In its capacity as administrator, the Administrator supervises all aspects of the operations of the Funds except those performed by the Adviser. The Administrator provides certain administrative services and facilities to the Funds, including, among other responsibilities, assisting in the preparation and filing of documents required for compliance by the Funds with applicable laws and regulations and arranging for the maintenance of books and records of the Funds. The Administrator receives an asset-based fee computed daily and paid monthly on the average daily net assets of the Funds, subject to a minimum fee plus out-of-pocket expenses.

**<u>Fund Accountant, Transfer Agent and Other Services</u>**. Pursuant to a Fund Accounting Servicing Agreement and Services and a Transfer Agent Servicing Agreement with U.S. Bancorp Global Fund Services ("U.S. Bank"), with principal offices at 615 East Michigan Street, Milwaukee, Wisconsin 53202 provides certain financial administration services (other than those provided by the Administrator), and fund accounting services to the Funds. As financial administrator, US Bank performs services including but not limited to: (1) calculating Fund expenses; (2) calculating the Fund performance data; and (3) providing certain compliance support services. As fund accountant, US Bank maintains certain financial records of the Trust and provides accounting services to the Funds that include the daily calculation of each Fund's NAV. US Bank also performs certain other services on behalf of the Trust including providing financial information for the Trust's federal and state tax returns and financial reports required to be filed with the SEC. As transfer agent, US Bank shares of each Fund in Creation Units to fill purchase orders for the Funds' shares, maintains records of the issuance and redemption of the Funds' shares, and acts as the Funds' dividend disbursing agent.

For the financial administration and fund accounting services provided to the Trust, the Trust has agreed to pay to US Bank an annual asset based fee as a percentage of the aggregate net assets of the Funds, subject to certain breakpoints and minimum fee requirements. US Bank is also entitled to fees for services that it renders with respect to the filing of Form N-PORT, its services related to liquidity risk management and out-of-pocket expenses.

**<u>Custodians</u>**.

Pursuant to a Custody Agreement with the Trust, U.S. Bank National Association_ ("ETF Custodian"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as ETF Custodian for the Funds and safeguards and holds the Funds' cash and securities issued by ETFs and other non-Reference Asset securities, settles the Funds' non-Reference Asset transactions and collects income on the Funds' investments. Under the agreement, the ETF Custodian also: (1) provides data required by the Adviser to determine each Fund's Creation Basket and estimated All Cash Amount for each Business Day); (2) monitors the settlement of securities comprising the Creation Basket and any cash in connection with the purchase and redemption of Creation Units and requests the issuance of related Creation Units; (3) deposits securities comprising the Creation Basket and/or cash received from Authorized Participants in connection with purchases of Creation Units into each Fund's custody and cash accounts; (4) disburses securities comprising the Creation Basket and/or cash from the Funds' custody and cash accounts to Authorized Participants in connection with the redemptions of Creation Units; and (5) performs certain other related services, (See "Purchase and Redemption of Creation Units," below).

Pursuant to a Custody Agreement with the Trust, Anchorage Digital Bank National Association ("Crypto Custodian"), located at 101 S. Reid Street, Suite 307, Sioux Falls, South Dakota 57103, serves as Crypto Custodian for the Funds and safeguards the Funds' cash, holdings in the Reference Asset, and LSTs, settles the Funds' Reference Asset and LST transactions and collects staking rewards.

**<u>Distributor and Principal Underwriter</u>**. Foreside Fund Services, LLC, (the "Distributor") the Funds' distributor, is located at Three Canal Plaza, Suite 100, Portland, Maine 04101. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Shares will be continuously offered for sale by the Trust through the Distributor only in whole Creation Units, as described in the section of this SAI entitled "Additional Information About Purchases and Sales." The Distributor also acts as an agent for the Trust. The Distributor will deliver a prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor has no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

**Distribution Plan**. The Trust has adopted a distribution and shareholder service plan (the "Plan") with respect to the Fund in accordance with the provisions of Rule 12b-1 under the Investment Company Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. There is no current intention to charge such fees pursuant to the Plan. Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the independent Trustees who have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). 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 of the Fund. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Qualified Trustees.

The Plan provides that the Fund may pay the Distributor or certain other parties 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 or the Fund 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 or other parties without regard to the distribution expenses incurred by the Distributor or other parties or the amount of payments made to other financial institutions and intermediaries. The Adviser pays the Distributor a fee for certain distribution related services. 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 supervision of the Trustees of the Trust, the Trust may, directly or indirectly, engage in any activities primarily intended to result in the sale of Shares of the Fund of the class(es) of Shares identified in Section 2(a) of this Plan, which activities may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payments to the Trust's distributor (the "Distributor") and to securities dealers and others in respect of the sale of Shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payment of compensation to and expenses of personnel (including personnel of organizations with which the Trust has entered into agreements related to this Plan) who engage in or support distribution of Shares of the Fund or who render shareholder support services not otherwise provided by the Trust's transfer agent, administrator, or custodian, including but not limited to, answering inquiries regarding the Trust, processing shareholder transactions, providing personal services and/or the maintenance of shareholder accounts, providing other shareholder liaison services, responding to shareholder inquiries, providing information on shareholder investments in the Shares of the Fund, and providing such other distribution and shareholder services as the Trust may reasonably request, arranging for bank wires, assisting shareholders in changing dividend options, account designations and addresses, providing information periodically to shareholders showing their positions in the Fund, forwarding communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders, processing purchase, exchange, and redemption requests from shareholders and placing orders with the Fund or its service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) preparation, printing and distribution of sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) preparation, printing and distribution of prospectuses and statements of additional information and reports of the Trust for recipients other than existing shareholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) obtaining information and providing explanations to wholesale and retail distributors of contracts regarding Fund investment objectives and policies and other information about the Fund, including the performance of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable.

The Trust is authorized to engage in the activities listed above, and in any other activities primarily intended to result in the sale of Shares of the Fund, either directly or through other persons with which the Trust has entered into agreements related to this Plan.

The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Fund. The making of these payments could create a conflict of interest for a financial intermediary receiving such payments.

**<u>Legal Counsel</u>**. Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel to the Trust and the Funds.

**<u>Independent Registered Public Accounting Firm</u>**<u>.</u> The Funds' independent registered public accounting firm, KPMG LLP audits the Funds' annual financial statements, assists in the preparation of certain reports to the SEC, and prepares the Trust's tax returns. KPMG LLP is located at 191 West Nationwide Blvd., Suite 500, Columbus, Ohio 43215.

**TRUSTEES AND OFFICERS OF THE TRUST**

**<u>Trustees and Officers</u>**<u>.</u> The Trust is governed by the Board, which is responsible for protecting the interests of shareholders. The trustees are experienced businesspersons who meet throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Funds and review performance. The names, addresses and ages of the trustees and officers of the Trust, together with information as to their principal occupations during the past five years, are listed below.

Each Trustee was nominated to serve on the Board of Trustees based on their particular experiences, qualifications, attributes and skills. Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience; (ii) qualifications; (iii) attributes; and (iv) skills.

**Ms. Mary Lou H. Ivey** has business experience as a practicing tax accountant from 1996 to 2021 and, as such, brings tax, budgeting and financial reporting skills to the Board. Currently, Ms. Ivey serves as the Chief Financial Officer for the Episcopal Church Building Fund since 2022 utilizing her financial knowledge and skills.

**Ms. Laura V. Morrison** has over 30 years of experience in leadership roles at global stock exchanges and asset managers. She has extensive knowledge of ETFs as well as mutual funds, having set the strategy and managed the product development, sales distribution and marketing teams at a leading provider. Ms. Morrison also guided the growth of several listing exchanges in the U.S. and Europe including NYSE & Cboe Markets.

**Dr. David J. Urban** is Dean Emeritus and Professor of Marketing at the Jones College of Business, Middle Tennessee State University. He earned a Ph.D. in Business Administration with a concentration in Marketing from the University of Michigan. Dr. Urban also holds a master's degree in Psychology from the University of Michigan and an undergraduate degree in Commerce with a concentration in Marketing from the University of Virginia. His extensive career is marked by significant budget responsibility and accountability, with expertise in marketing, strategic planning, organizational leadership, and management contributing to the Board's long-term goal setting.

The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes them each highly qualified.

The Chairman of the Board of Trustees is Ms. Ivey, who is not an "interested person" of the Trust, within the meaning of the 1940 Act. The Trust also has an independent Audit Committee that allows the Board to access the expertise necessary of oversee the Trust, identify risks, recognize shareholder concerns and needs and highlight opportunities. The Audit Committee is able to focus Board time and attention to matters of interest to shareholders and, through its private sessions with the Trust's auditor, Chief Compliance Officer and legal counsel, stay fully informed regarding management decisions.

ETFs face a number of risks, including investment risk, compliance risk and valuation risk. The Board oversees management of the Fund's risks directly and through its officers. While day-to-day risk management responsibilities rest with the Fund's Chief Compliance Officer, investment advisers and other service providers, the Board monitors and tracks risk by: (1) receiving and reviewing quarterly reports related to the performance and operations of the Fund; (2) reviewing and approving, as applicable, the compliance policies and procedures of the Trust, including the Trust's valuation policies and transaction procedures; (3) periodically meeting with the portfolio manager to review investment strategies, techniques and related risks; (4) meeting with representatives of key service providers, including the Fund's investment advisers, administrator, distributor, transfer agent and the independent registered public accounting firm, to discuss the activities of the Fund; (5) engaging the services of the Chief Compliance Officer of the Fund to monitor and test the compliance procedures of the Trust and its service providers; (6) receiving and reviewing reports from the Trust's independent registered public accounting firm regarding the Fund's financial condition and the Trust's internal controls; and (7) receiving and reviewing an annual written report prepared by the Chief Compliance Officer reviewing the adequacy of the Trust's compliance policies and procedures and the effectiveness of their implementation. The Board has concluded that its general oversight of the investment adviser and other service providers as implemented through the reporting and monitoring process outlined above allows the Board to effectively administer its risk oversight function.

*Trustee Emeritus*

**Mr. Theo H. Pitt** is a Trustee Emeritus of the Trust. In his capacity as Trustee Emeritus, he does not have any fiduciary or oversight responsibilities to the Trust, and he does not vote on any matters that may be brought before the Board. As Trustee Emeritus, Mr. Pitt serves the Board in an advisory capacity, which allows the Board to capitalize on the institutional knowledge and experience Mr. Pitt has garnered over many decades in the financial services and investment management industries. Mr. Pitt began serving as Trustee Emeritus on January 1, 2025. Previously, Mr. Pitt served as an Independent Trustee of the Trust from December 2019 until he retired on December 31, 2024.

Following is a list of the Trustees and executive officers of the Trust and their principal occupation over the last five years. The mailing address of each Trustee and officer is 8730 Stony Point Parkway, Suite 205, Richmond, Virginia, 23235, unless otherwise indicated.

***NON-INTERESTED TRUSTEES***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, YEAR OF BIRTH AND POSITION WITH THE TRUST** | &nbsp;&nbsp;**TERM OF OFFICE AND LENGTH OF TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION(S) DURING<br> THE PAST FIVE YEARS** | &nbsp;&nbsp;**NUMBER OF FUNDS IN<br> FUND COMPLEX<br> OVERSEEN<br> BY TRUSTEE** | &nbsp;&nbsp;**OTHER DIRECTORSHIPS** <br> **HELD BY TRUSTEE**  |
| &nbsp;&nbsp;Mary Lou H. Ivey <br> 1958 <br> Trustee  | &nbsp;&nbsp;Indefinite, Since December, 2019 | &nbsp;&nbsp;Senior Vice President, Episcopal Church Building Fund (national nonprofit organization), since January 2022. Accountant, Harris, Hardy & Johnstone, P.C., (accounting firm), from 2008 to 2021. | &nbsp;&nbsp;105 | &nbsp;&nbsp;Independent Trustee of World Funds Trust for the twenty-three series of that trust; and Independent Trustee of Precidian ETFs Trust for the forty-eight series of that Trust (each a registered investment company). |
| &nbsp;&nbsp;Laura V. Morrison <br> 1966 <br> Trustee  | &nbsp;&nbsp;Indefinite, Since<br> July 2024 | &nbsp;&nbsp;Owner, LVM Advisory LLC (consulting services to financial institutions) since 2024; Director and Member of Nominating and Governance Committee, Women in ETFs (not for profit) (2021 – present); Formerly, Chief Revenue Officer, Direxion (2022-2023); Senior Vice President, Global Head of Listings, Cboe Global Markets (2015-2022). | &nbsp;&nbsp;105 | &nbsp;&nbsp;Independent Trustee of World Funds Trust for the twenty-three series of that trust; and Independent Trustee of Precidian ETFs Trust for the forty-eight series of that Trust (each a registered investment company). |
| &nbsp;&nbsp;Dr. David J. Urban <br> 1955 <br> Trustee  | &nbsp;&nbsp;Indefinite, Since December, 2019 | &nbsp;&nbsp;Dean Emeritus (since 2023) and Professor of Marketing (since 2013), Jones College of Business, Middle Tennessee State University. | &nbsp;&nbsp;105 | &nbsp;&nbsp;Independent Trustee of World Funds Trust for the twenty-three series of that trust; and Independent Trustee of Precidian ETFs Trust for the forty-eight series of that Trust. |

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***OFFICERS WHO ARE NOT TRUSTEES***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE AND<br> POSITION(S) WITH<br> THE TRUST** | &nbsp;&nbsp;**TERM OF OFFICE AND<br> LENGTH OF<br> TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION(S) DURING<br> THE PAST FIVE YEARS** |
| &nbsp;&nbsp;David Bogaert <br> 1963 <br> President  | &nbsp;&nbsp;Indefinite, Since <br> December 2019 | &nbsp;&nbsp;Managing Director of Business Development, Commonwealth Fund Services, Inc. (fund administration), October 2013 – present. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE AND<br> POSITION(S) WITH<br> THE TRUST** | &nbsp;&nbsp;**TERM OF OFFICE AND<br> LENGTH OF<br> TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION(S) DURING<br> THE PAST FIVE YEARS** |
| &nbsp;&nbsp;Thomas A. Carter <br> 1966 <br> Vice President<br>| &nbsp;&nbsp;Indefinite, Since December 2019 | &nbsp;&nbsp;President Ridgeline Research September 2019 through present. |
| &nbsp;&nbsp;Karen M. Shupe <br> 1964 <br> Treasurer and Principal Executive Officer<br>| &nbsp;&nbsp;Indefinite, Since December 2019 | &nbsp;&nbsp;Managing Director of Fund Operations, Commonwealth Fund Services, Inc., 2003 to present. |
| &nbsp;&nbsp;Ann T. MacDonald <br> 1954 <br> Assistant Treasurer and Principal Financial Officer<br>| &nbsp;&nbsp;Indefinite, Since December 2019 | &nbsp;&nbsp;Managing Director, Fund Administration and Fund Accounting, Commonwealth Fund Services, Inc., 2003 to present. |
| &nbsp;&nbsp;John H. Lively <br> 1969 <br> Secretary  | &nbsp;&nbsp;Indefinite, Since December 2019 | &nbsp;&nbsp;Attorney, Practus, LLP (law firm), May 2018 to present. |
| &nbsp;&nbsp;Holly B. Giangiulio <br> 1962 <br> Assistant Secretary  | &nbsp;&nbsp;Indefinite, Since December 2019 | &nbsp;&nbsp;Managing Director, Corporate Operations, Commonwealth Fund Services, Inc., January 2015 to present.<br>|
| &nbsp;&nbsp;Laura Wright <br> 1972 <br> Assistant Secretary  | &nbsp;&nbsp;Indefinite, Since July 2022 | &nbsp;&nbsp;Manager, Fund Administration, Commonwealth Fund Services, Inc., August 2023 to present, Fund Administrator, Commonwealth Fund Services, Inc., 2016 to 2023. |
| &nbsp;&nbsp;J. Stephen King <br> 1962 <br> Assistant Secretary  | &nbsp;&nbsp;Indefinite, Since September 2022 | &nbsp;&nbsp;Attorney, Practus, LLP (law firm), 2020 to present. |
| &nbsp;&nbsp;Soth Chin <br> 1966 <br> Chief Compliance Officer  | &nbsp;&nbsp;Indefinite, Since March 2023 | &nbsp;&nbsp;Managing Member of Fit Compliance, LLC (financial services compliance and consulting firm) since October 2016.<br>|
| &nbsp;&nbsp;Julian G. Winters <br> 1968 <br> Assistant Chief Compliance Officer  | &nbsp;&nbsp;Indefinite, Since March 2023 | &nbsp;&nbsp;Managing Member of Watermark Solutions, LLC (investment compliance and consulting firm) since March 2007.<br>|

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The Board of Trustees oversees the Trust and certain aspects of the services provided by the Adviser and the Funds' other service providers. Each Trustee will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal. Each officer of the Trust serves at the pleasure of the Board and for a term of one year or until their successors have been duly elected and qualified.

The Trust has a standing Audit Committee of the Board composed of Ms. Ivey, Ms. Morrison, and Dr. Urban. The functions of the Audit Committee are to meet with the Trust's independent auditors to review the scope and findings of the annual audit, discuss the Trust's accounting policies, discuss any recommendations of the independent auditors with respect to the Trust's management practices, review the impact of changes in accounting standards on the Trust's financial statements, recommend to the Board the selection of independent registered public accounting firm, and perform such other duties as may be assigned to the Audit Committee by the Board. The Audit Committee met eight times during the 12-month period ended December 31, 2024.

The Nominating and Corporate Governance Committee is comprised of Ms. Ivey, Ms. Morrison, and Dr. Urban. The Nominating and Corporate Governance Committee's purposes, duties and powers are set forth in its written charter, which is described in Exhibit C – the charter also describes the process by which shareholders of the Trust may make nominations. The Nominating and Corporate Governance Committee met three times during the 12-month period ended December 31, 2024.

The Qualified Legal Compliance Committee is comprised of Ms. Ivey, Ms. Morrison, and Dr. Urban. The Qualified Legal Compliance Committee receives, investigates, and makes recommendations as to the appropriate remedial action in connection with any report of evidence of a material violation of the securities laws or breach of fiduciary duty or similar violation by the Trust, its officers, Trustees, or agents. The Qualified Legal Compliance Committee did not meet during the 12-month period ended December 31, 2024.

**<u>Trustee Compensation</u>**. Each Trustee who is not an "interested person" of the Trust may receive compensation for their services to the Trust. All Trustees are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings. Effective January 1, 2025, each Trustee receives a retainer fee at the annual rate of $81,500 and the Independent Chairperson will receive an additional annual fee of $5,000, paid quarterly. Additionally, each Trustee may receive a fee of $2,500 per special meeting. Compensation to be received by each Trustee from the Trust for the Funds' first fiscal year is estimated as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person / Position** | **Aggregate Compensation** <br> **From Fund**  | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From Fund and Fund Complex Paid To Trustees <sup>(\*)(1)</sup>** |
| Mary Lou H. Ivey, Trustee<br>| $2302 | $0 | $0 | $13814 |
| Laura V. Morrison, Trustee<br>| $2186 | $0 | $0 | $13116 |
| Dr. David J. Urban | $2186 | $0 | $0 | $13116 |

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\* The Trust does not pay deferred compensation.

<sup>(1)</sup> The "Fund Complex" consists of the Funds and all the series of the Trust that are managed by the Adviser.

**<u>Trustee Ownership of Fund Shares.</u>** The table below shows for each Trustee, the amount of Fund equity securities beneficially owned by each Trustee, and the aggregate value of all investments in equity securities of the Funds of the Trust, as of December 31, 2024, and stated as one of the following ranges: A = None; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; and E = over $100,000.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;**Dollar Range of Equity Securities in the Funds** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in all Registered<br> Investment Companies Overseen by the Trustees in<br> Family of Investment Companies** |
| &nbsp;&nbsp;Non-Interested Trustees |  |  |
| &nbsp;&nbsp;Mary Lou H. Ivey | &nbsp;&nbsp;A | &nbsp;&nbsp;A |
| &nbsp;&nbsp;Laura V. Morrison | &nbsp;&nbsp;A | &nbsp;&nbsp;A |
| &nbsp;&nbsp;Dr. David J. Urban | &nbsp;&nbsp;A | &nbsp;&nbsp;A |

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**<u>Sales Loads</u>**. No front-end or deferred sales charges are applied to purchase of Fund shares by current or former trustees, officers, employees or agents of the Trust, the Adviser or the principal underwriter and by the members of their immediate families. No front-end or deferred sales charges are applied to the purchase of Shares.

**<u>Policies Concerning Personal Investment Activities.</u>** The Funds and the Adviser have each adopted a Code of Ethics, pursuant to Rule 17j-1 under the 1940 Act that permit investment personnel, subject to their particular code of ethics, to invest in securities, including securities that may be purchased or held by the Funds, for their own account.

The Codes of Ethics are on file with, and can be reviewed on the EDGAR Database on the SEC's Internet website at <u>http://www.sec.gov</u>.

**CONTROL PERSONS AND PRINCIPAL SECURITIES HOLDERS**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Funds. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of the Funds or acknowledges the existence of such control. As a controlling shareholder, each of these persons could control the outcome of any proposal submitted to the shareholders for approval, including changes to a Fund's fundamental policies or the terms of the management agreement with the Adviser. Since the economic benefit of investing in an ETF is passed through to the underlying investors of the record owners of 25% or more of the Fund shares, these record owners are not considered the beneficial owners of the Fund's shares or control persons of the Fund.

The Funds have not yet commenced operations as of the date of this SAI.

**DETERMINATION OF NET ASSET VALUE**

**<u>Calculation of Share Price</u>**

The NAV of each Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of the Fund. Shares are valued at the close of regular trading on the Exchange (normally 4:00 p.m., Eastern time) (the "Exchange Close") on each day that the Exchange is open. For purposes of calculating the NAV, a Fund normally uses pricing data for its Reference Asset and domestic and foreign equity securities (generally in ETFs) received shortly after the Exchange Close and does not normally take into account trading, clearances or settlements that take place after the Exchange Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

For purposes of valuing direct holdings in each Reference Asset, CF Benchmarks will provide a daily value for the Referenced Asset based on aggregated trade data from multiple Reference Asset-USD markets operated by major cryptocurrency exchanges and synchronized to the traditional U.S. financial market close of 4 p.m. Eastern. This methodology used to calculate the price to value each Reference Asset in determining the net asset value of the Fund may not be deemed consistent with U.S. GAAP because it uses an amalgamated price from various markets and a trade weighted average pricing methodology.

For financial reporting purposes only, for each Reference Asset with actively quoted prices in a principal market as of the close of the U.S. stock market (4 p.m. ET), the quoted price is used as the fair value. When a quoted price in a principal market is not available, comparable data from active markets will be used. If neither a quoted price nor comparable data is available, internal models or data will be used to estimate fair value. Assumptions used in any internal models, and the valuation methods used will be appropriate and consistent with market practice.

In determining the fair value of staked ETH and staked SOL, facts and circumstances such as the length of the lockup period, will be considered in conjunction with other factors in determining the appropriate valuation.

For purposes of income recognition for staking rewards, each Fund will recognize income from staking rewards when the amount of the staking rewards to which a Fund is entitled becomes known or calculable. Staking rewards will be included in a Fund's net asset value calculation on the day the staking reward is included on the Fund's transaction reports if such transaction reports are received prior to 4 PM ET.

Generally, a Fund's domestic securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Valuation Designee (as defined below). Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market. The Funds may engage one or more third-party vendors to value the Reference Assets. Such third-party vendors may obtain a price from the particular Reference Asset's principal market and/or use other factors, such as volume and activity data, in determining a fair market value.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to methodologies established by the Board. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) approved by the Board based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term investments having a maturity of 60 days or less may be generally valued at amortized cost when it approximates fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange, or, if no settlement price is available, at the last sale price as of the close of business prior to when a Fund calculates NAV. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Valuation Designee (as defined below). Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, the mean between bid and asked price quotations from market makers or by a pricing service or Valuation Designee (as defined below) in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Funds may use an independent pricing service approved by the Board to calculate the fair market value of foreign equity securities (such as non-U.S. ETFs) on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by a Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before a Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Fund's Valuation Designee (as defined below).

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures approved by the Board. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received upon the sale of the security or asset in an orderly transaction between market participants at the measurement date and time. Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee ("Valuation Designee") for the Funds to perform fair value determinations relating to all Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through a fair valuation committee, and may apply fair valuation methodologies approved by the Board, or utilize prices or inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources that have been approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Funds' and Valuation Designee's policies and procedures are intended to result in a calculation of each Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by each Fund may differ from the value that would be realized if the securities were sold.

**ADDITIONAL INFORMATION ABOUT PURCHASES AND SALES**

**PURCHASE AND REDEMPTION OF CREATION UNITS**

**Creation Units**

The Trust issues and sells Shares of the Funds only in Creation Units on a continuous basis on any business day through the Distributor at the Shares' NAV next determined after receipt of an order in proper form. The Distributor processes purchase orders only on a day that the Exchange is open for trading (a "Business Day").

Generally, the consideration for the purchase and redemption of Creation Units will be made entirely in a cash amount equal to the NAV of the shares that constitute the Creation Unit(s) (an "All Cash Amount"). At the discretion of the Adviser, the Funds may elect at any time, and from time to time, to issue and sell Creation Units at NAV for "in kind" consideration, meaning the initiator of a creation or redemption order will deposit or receive as consideration a portfolio of all or some of the securities held in each Fund's portfolio, plus a cash amount (an "In Kind Creation" and "In Kind Redemption").

**Creation Orders**

Although creation orders will generally involve payment of an All Cash Amount by the purchaser, the Fund reserves the right to accept In Kind Creations. The consideration for an In Kind Creation generally consists of the Deposit Securities for each Creation Unit constituting a substantial replication, or representation, of the securities included in a Fund's portfolio as selected by the Adviser ("Fund Securities") and the Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the "Fund Deposit," which represents the minimum investment amount for a Creation Unit of a Fund. The Cash Component serves to compensate the Trust or the Authorized Participant, as applicable, for any differences between the NAV per Creation Unit and the Deposit Amount (as defined below). The Cash Component is an amount equal to the difference between the NAV of the Fund Shares (per Creation Unit) and the "Deposit Amount," an amount equal to the market value of the Deposit Securities. If the Cash Component is a positive number (i.e., the NAV per Creation Unit exceeds the Deposit Amount), the Authorized Participant will deliver the Cash Component. If the Cash Component is a negative number (i.e., the NAV per Creation Unit is less than the Deposit Amount), the Authorized Participant will receive the Cash Component.

In addition, the Trust reserves the right to permit or require the substitution of an amount of cash (that is a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed below) or for other similar reasons. The Trust also reserves the right to permit or require a "cash in lieu" amount where the delivery of Deposit Securities by the Authorized Participant (as described below) would be restricted under the securities laws or where delivery of Deposit Securities to the Authorized Participant would result in the disposition of Deposit Securities by the Authorized Participant becoming restricted under the securities laws, and in certain other situations.

The ETF Custodian, through the NSCC (see the section of this SAI entitled "Purchase and Redemption of Creation Units—Procedures for Creation of Creation Units"), makes available on each Business Day on which the Fund has elected to accept In Kind Creations, prior to the opening of business on the Exchange (currently 9:30 a.m. New York time), the list of the name and the required number of shares of each Deposit Security (if any) to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Funds.

The identity and number of shares of the Deposit Securities required for a Fund Deposit for the Funds changes as rebalancing adjustments and corporate action events are reflected within the Funds from time to time by the Adviser, with a view to the investment objective of the Funds. In addition, the Trust reserves the right to permit the substitution of an amount of cash – i.e., a "cash in lieu" amount – to be added to the Cash Component to replace any Deposit Security that may not be available in sufficient quantity for delivery or that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed below), or which might not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting or other relevant reason. In addition to the list of names and number of securities constituting the current Deposit Securities of a Fund Deposit, the Custodian, through the NSCC, also makes available on each Business Day on which the Fund has elected to accept In-Kind Creations the estimated Cash Component, effective through and including the previous Business Day, per outstanding Creation Unit of each Fund.

**Procedures for Creation of Creation Units**

All orders to create Creation Units must be placed with the Transfer Agent either (1) through Continuous Net Settlement System of the NSCC ("Clearing Process"), a clearing agency that is registered with the SEC, by a "Participating Party," i.e., a broker-dealer or other participant in the Clearing Process; or (2) outside the Clearing Process by a DTC Participant. In each case, the Participating Party or the DTC Participant must have executed an agreement with the Distributor with respect to creations and redemptions of Creation Units ("Participant Agreement"); such parties are collectively referred to as "APs" or "Authorized Participants." Investors should contact the Distributor for the names of Authorized Participants. All Fund Shares, whether created through or outside the Clearing Process, will be entered on the records of DTC for the account of a DTC Participant.

The Distributor will process orders to purchase Creation Units received by 3:00 p.m. New York time on the trade date ("Closing Time"), as long as they are in proper form. If an order to purchase Creation Units is received in proper form by Closing Time, then it will be processed that day. Purchase orders received in proper form after Closing Time will be processed on the following Business Day and will be priced at the NAV determined on that day. Custom orders must be received by the Transfer Agent no later than 3:00 p.m. New York time on the trade date. In the case of an In Kind Creation, a custom order may be placed by an Authorized Participant in the event that the Trust permits the substitution of an amount of cash to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for trading by such Authorized Participant or the investor for which it is acting or other relevant reason. The date on which an order to create Creation Units (or an order to redeem Creation Units, as discussed below) is placed is referred to as the "Transmittal Date." Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement, as described below in the sections entitled "Placement of Creation Orders Using the Clearing Process" and "Placement of Creation Orders Outside the Clearing Process."

All orders to create Creation Units from investors who are not Authorized Participants shall be placed with an Authorized Participant in the form required by such Authorized Participant. In addition, the Authorized Participant may request the 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, therefore, orders to create Creation Units of the Funds have to 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.

Those placing orders for Creation Units through the Clearing Process should afford sufficient time to permit proper submission of the order to the Transfer Agent prior to the Closing Time on the Transmittal Date. Orders for Creation Units that are effected outside the Clearing Process are likely to require transmittal by the DTC Participant earlier on the Transmittal Date than orders effected using the Clearing Process. Those persons placing orders outside the Clearing Process should ascertain the deadlines applicable to DTC and the Federal Reserve Bank wire system by contacting the operations department of the broker or depository institution effectuating such transfer of the Fund Deposit. For more information about Clearing Process and DTC, see the sections below entitled "Placement of Creation Orders Using the Clearing Process" and "Placement of Creation Orders Outside the Clearing Process."

**Placement of Creation Orders Using the Clearing Process**

The Clearing Process is the process of creating or redeeming Creation Units through the Continuous Net Settlement System of the NSCC. All Fund Deposits and/or Cash Component, as applicable, made through the Clearing Process must be delivered through a Participating Party that has executed a Participant Agreement. The Participant Agreement authorizes the Transfer Agent to transmit through the Custodian to NSCC, on behalf of the Participating Party, such trade instructions as are necessary to effect the Participating Party's creation order. Pursuant to such trade instructions to NSCC, the Participating Party agrees to deliver the requisite Fund Deposits and/or Cash Component, as applicable, to the Trust, together with such additional information as may be required by the Distributor. An order to create Creation Units through the Clearing Process is deemed received by the Distributor or transfer agent on the Transmittal Date if (1) such order is received by the Transfer Agent not later than the Closing Time on such Transmittal Date and (2) all other procedures set forth in the Participant Agreement are properly followed.

**Placement of Creation Orders Outside the Clearing Process**

All Fund Deposits and/or Cash Component, as applicable, made outside the Clearing Process must be delivered through a DTC Participant that has executed a Participant Agreement. A DTC Participant who wishes to place an order creating Creation Units to be effected outside the Clearing Process does not need to be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will instead be effected through a transfer of cash and securities directly through DTC. The Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund by no later than 2:00 p.m. New York time on the next Business Day following the Transmittal Date ("DTC Cut-Off-Time").

All questions as to the amount of an All Cash Amount, the number of Deposit Securities to be delivered, or the amount of a Cash Component, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component (including All Cash Amounts) must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than 2:00 p.m. New York time on the next Business Day following the Transmittal Date. An order to create Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (1) such order is received by the Transfer Agent not later than the Closing Time on such Transmittal Date and (2) all other procedures set forth in the Participant Agreement are properly followed. However, if the Custodian does not receive both the requisite Deposit Securities and the Cash Component or the All Cash Amount by 2:00 p.m. on the next Business Day following the Transmittal Date, such order will be canceled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposits and/or Cash Components as newly constituted to reflect the then-current Deposit Securities and Cash Component, or the All Cash Amount, as applicable. The delivery of Creation Units so created will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor.

Additional transaction fees may be imposed with respect to transactions effected through a DTC participant outside the Clearing Process and in the limited circumstances in which any cash can be used in lieu of Deposit Securities to create Creation Units. See the section of this SAI entitled "Purchase and Redemption of Creation Units—Creation Transaction Fee."

Creation Units of an In Kind Creation may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities. In these circumstances, the initial deposit will have a value greater than the NAV of the Fund 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 (1) the Cash Component plus (2) 125% of the then-current market value of the undelivered Deposit Securities ("Additional Cash Deposit"). 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 Closing Time and funds in the appropriate amount are deposited with the Custodian by 11:00 a.m. New York time the following Business Day. If the order is not placed in proper form by Closing Time or funds in the appropriate amount are not received by 11:00 a.m. the next Business Day, then the order may be deemed to be canceled and the Authorized Participant shall be liable to each Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending receipt of the undelivered Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to 125% of the daily marked-to-market value of the undelivered Deposit Securities. To the extent that undelivered Deposit Securities are not received by 1:00 p.m. New York time on the third Business Day following the day on which the purchase order is deemed received by the Distributor, or in the event a marked-to-market payment is not made within one Business Day following notification by the Transfer Agent that such a payment is required, the Trust may use the cash on deposit to purchase the undelivered Deposit Securities. Authorized Participants will be liable to the Trust and each Fund 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 market value of such Deposit Securities on the day the purchase order was deemed received by the Distributor 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 undelivered Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust's custodial account. In addition, a transaction fee will be charged in all cases. See the section below entitled "Creation Transaction Fee." The delivery of Creation Units so created will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor.

**Acceptance of Orders for Creation Units**

The Trust reserves the right to reject a creation order transmitted to it by the Transfer Agent if: (1) the order is not in proper form; (2) if the Cash Component paid is incorrect; (3) the investor(s), upon obtaining the Fund Shares ordered, would own 80% or more of the currently outstanding Shares of the Funds; (4) the Deposit Securities delivered are not as disseminated for that date by the Custodian, as described above; (5) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (6) there exist circumstances outside the control of the Trust, the Custodian, transfer agent, the Distributor and the Adviser that make it for all practical purposes impossible to process creation orders. 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 Adviser, the Distributor or transfer agent, DTC, NSCC, the Custodian or sub-custodian or any other participant in the creation process and similar extraordinary events. The Distributor shall notify the Authorized Participant of its rejection of the order. The Trust, the Custodian, any sub-custodian, the transfer agent and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for the failure to give any such notification. 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.

Creation Units typically are issued on a "T+1 basis" (that is, one Business Day after trade date). To the extent contemplated by an Authorized Participant's agreement with the Distributor, the Trust will issue Creation Units of an In Kind Creation to such Authorized Participant notwithstanding the fact that the corresponding Portfolio Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral having a value equal to 110%, which the Adviser may change from time to time, of the value of the missing Deposit Securities in accordance with the Trust's then-effective procedures. Such collateral must be delivered no later than 2:00 p.m., Eastern Time, on the contractual settlement date. The only collateral that is acceptable to the Trust is cash in U.S. Dollars or an irrevocable letter of credit in form, and drawn on a bank, that is satisfactory to the Trust. The cash collateral posted by the Authorized Participant may be invested at the risk of the Authorized Participant, and income, if any, on invested cash collateral will be paid to that Authorized Participant.

Information concerning the Trust's current procedures for collateralization of missing Deposit Securities is available from the Distributor or transfer agent. The Authorized Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Trust of purchasing such securities and the cash collateral or the amount that may be drawn under any letter of credit.

In certain cases, Authorized Participants will create and redeem Creation Units (whether by In Kind Creation/Redemption or for an All Cash Amount) on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis. All questions as to the amount of cash required to be delivered, 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, as applicable, shall be determined by the Trust, and the Trust's determination shall be final and binding.

**Creation Transaction Fee**

Authorized Participants will be required to pay a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard creation transaction fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Funds' custodian for each creation order is $300.

In addition, a variable fee, payable to each Fund, of a percentage 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 Funds 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. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust.

In order to seek to replicate the In Kind Creation order process for creation orders executed in whole or in part with cash, the Trust expects to purchase, in the secondary market or otherwise gain exposure to, the portfolio securities that could have been delivered as a result of an In Kind Creation order pursuant to local law or market convention, or for other reasons ("Creation Market Purchases"). In such cases where the Trust makes Creation Market Purchases, the Authorized Participant will reimburse the Trust for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Trust and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes.

The Creation Transaction Fee may be waived for the Funds when the Adviser believes that waiver of the Creation Transaction Fee is in the best interest of the Funds. When determining whether to waive the Creation Transaction Fee, the Adviser considers a number of factors including whether waiving the Creation Transaction Fee will: facilitate the initial launch of each Fund; facilitate portfolio rebalancings in a less costly manner; improve the quality of the secondary trading market for the Funds' shares; and not result in a Fund bearing additional costs or expenses as a result of the waiver.

**Redemption Orders**

The process to redeem Creation Units is essentially the reverse of the process by which Creation Units are created, as described above. To redeem Shares directly from a Fund, an investor must be an Authorized Participant or must redeem through an Authorized Participant. The Trust redeems Creation Units on a continuous basis on any Business Day through the Distributor at the Shares' NAV next determined after receipt of an order in proper form. Each Fund will not redeem Shares in amounts less than Creation Units. Authorized Participants must accumulate enough Shares in the secondary market to constitute a Creation Unit in order 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.

Generally, Creation Units of the Funds will also be redeemed at NAV principally in cash, although a Fund reserves the right to redeem all or a portion in kind, in each case less a transaction fee as described below. With respect to In Kind Redemptions, the ETF Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m. New York time) on each Business Day, the identity of the Fund Securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as described below) on that day. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units. The redemption proceeds for an In Kind Redemption of a Creation Unit consists of Fund Securities – as announced on the Business Day the request for redemption is received in proper form – plus or minus cash in an amount equal to the difference between the NAV of the Fund Shares being redeemed, as next determined after a receipt of a redemption request in proper form, and the value of the Fund Securities ("Cash Redemption Amount"), less a redemption transaction fee (see the section below entitled "Redemption Transaction Fee").

The right of redemption may be suspended or the date of payment postponed with respect to the Funds (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 of the Funds or determination of the Funds' NAV is not reasonably practicable; or (4) in such other circumstances as is permitted by the SEC.

Deliveries of redemption proceeds by each Fund generally will be made within one Business Day (that is "T+1") although the Funds reserve the right to make such payments within seven calendar days of the date of the redemption. However, each Fund reserves the right to settle redemption transactions and deliver redemption proceeds on a basis other than T+1 (E.g., redemptions that decrease the amount of staked Reference Assets) to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances.

**Placement of Redemption Orders Using the Clearing Process**

Orders to redeem Creation Units through the Clearing Process must be delivered through an Authorized Participant that has executed a Participant Agreement. Investors other than Authorized Participants are responsible for making arrangements with an Authorized Participant for an order to redeem. An order to redeem Creation Units is deemed received by the Trust on the Transmittal Date if: (1) such order is received by the Transfer Agent not later than Closing Time on such Transmittal Date; and (2) all other procedures set forth in the Participant Agreement are properly followed. Such order will be effected based on the NAV of the relevant Fund as next determined. An order to redeem Creation Units using the Clearing Process made in proper form but received by the Transfer Agent after Closing Time will be deemed received on the next Business Day immediately following the Transmittal Date and will be effected at the NAV determined on such next Business Day. The requisite Fund Securities and/or the Cash Redemption Amount, as applicable, will be transferred by the third NSCC business day following the date on which such request for redemption is deemed received.

**Placement of Redemption Orders Outside the Clearing Process**

Orders to redeem Creation Units outside the Clearing Process must be delivered through a DTC Participant that has executed the Participant Agreement. A DTC Participant who wishes to place an order for redemption of Creation Units to be effected outside the Clearing Process does not need to be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that redemption of Creation Units will instead be effected through transfer of Fund Shares directly through DTC. An order to redeem Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (1) such order is received by the Transfer Agent not later than Closing Time on such Transmittal Date; (2) such order is accompanied or followed by the requisite number of Fund Shares, which delivery must be made through DTC to the Custodian no later than the DTC Cut-Off-Time, and the Cash Redemption Amount, if owed to the Fund, which delivery must be made by 2:00 p.m. New York Time; and (3) all other procedures set forth in the Participant Agreement are properly followed. After the Distributor receives an order for redemption outside the Clearing Process, the Transfer Agent will initiate procedures to transfer the requisite Fund Securities which are expected to be delivered and the Cash Redemption Amount, if any, by the third Business Day following the Transmittal Date.

The calculation of the value of the Fund Securities and/or the Cash Redemption Amount, as applicable, to be delivered or received upon redemption (by the Authorized Participant or the Trust, as applicable) will be made by the Custodian according to the procedures set forth the section of this SAI entitled "Determination of Net Asset Value" computed on the Business Day on which a redemption order is deemed received by the Distributor. Therefore, if a redemption order in proper form is submitted to the Transfer Agent by a DTC Participant not later than Closing Time on the Transmittal Date, and the requisite number of Shares of each Fund are delivered to the Custodian prior to the DTC Cut-Off-Time, then the value of the Fund Securities and/or the Cash Redemption Amount, as applicable, to be delivered or received (by the Authorized Participant or the Trust, as applicable) will be determined by the Custodian on such Transmittal Date. If, however, either (1) the requisite number of Shares of the relevant Fund are not delivered by the DTC Cut-Off-Time, as described above, or (2) the redemption order is not submitted in proper form, then the redemption order will not be deemed received as of the Transmittal Date. In such case, the value of the Fund Securities and/or the Cash Redemption Amount, as applicable, to be delivered or received will be computed on the Business Day following the Transmittal Date provided that the Fund Shares of the relevant Fund are delivered through DTC to the Custodian by 11:00 a.m. New York time the following Business Day pursuant to a properly submitted redemption order.

The Trust will generally redeem Fund Shares solely for consideration in the form of an All Cash Amount, and the redeeming Authorized Participant will be required to receive its redemption proceeds in cash. In the event that the Funds elect In Kind Redemptions, an investor may request a redemption in cash, which the Trust may permit, in its sole discretion. In either case, the investor will receive an All Cash Amount payment equal to the NAV of its Fund Shares based on the NAV of Shares of the relevant Fund next determined after the redemption request is received in proper form (minus a transaction fee which will include an additional charge for cash redemptions to offset the Fund's brokerage and other transaction costs associated with the disposition of Fund Securities). Each 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, or cash in lieu of some securities added to the Cash Redemption Amount, but in no event will the total value of the securities delivered and the cash transmitted differ from the NAV. Redemptions of Fund Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and a 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 that is subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to an In Kind Redemption of a Creation Unit may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming Beneficial Owner of the Fund Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment, beneficial ownership of shares or delivery instructions.

**Redemption Transaction Fee**

Investors will be required to pay a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard redemption transaction fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Funds' custodian for each redemption order is $300.

An additional variable fee of up to three (3) times the fixed Transaction Fee plus all commission and fees payable to the Funds in connection with the sale of the Fund Securities (expressed as a percentage value of such Fund Securities) may be imposed for (1) redemptions effected outside the Clearing Process and (2) redemptions made in an All Cash Amount (to offset the Trust's brokerage and other transaction costs associated with the sale of Fund Securities). Investors will also bear the costs of transferring the Fund Securities from the Trust to their account or on their order.

In order to seek to replicate the In Kind Redemption order process for creation orders executed in whole or in part with cash, the Trust expects to sell, in the secondary market, the portfolio securities or settle any financial instruments that may not be permitted to be re-registered in the name of the Participating Party as a result of an In Kind Redemption order pursuant to local law or market convention, or for other reasons ("Market Sales"). In such cases where the Trust makes Market Sales, the Authorized Participant will reimburse the Trust for, among other things, any difference between the market value at which the securities and/or financial instruments were sold or settled by the Trust and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes.

Regardless of form, the Redemption Transaction Fee (including any reimbursements related to in cash redemptions or additional variable fees for In Kind Redemptions) will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities (currently, no more than 2% of the value of the shares redeemed).

The Redemption Transaction Fee may be waived for the Funds when the Adviser believes that waiver of the Redemption Transaction Fee is in the best interest of the Funds. When determining whether to waive the Redemption Transaction Fee, the Adviser considers a number of factors including whether waiving the Redemption Transaction Fee will: facilitate portfolio rebalancings in a less costly manner; improve the quality of the secondary trading market for the Funds' shares; and not result in the Funds bearing additional costs or expenses as a result of the waiver.

**Custom Baskets**

The Fund Securities or other assets to be deposited for an In Kind Creation , and the Fund Securities or other assets delivered in connection with an In Kind Redemption, may differ, and the Fund may accept "custom baskets." A custom basket may include any of the following: (i) a basket that is composed of a non-representative selection of a Fund's portfolio holdings; or (ii) a representative basket that is different from the initial basket used in transactions on the same business day. The Fund has adopted policies and procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of custom baskets.

**ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Adviser and its affiliates may, out of its own resources and without additional cost to the Funds or their shareholders, pay a solicitation fee to securities dealers or other financial intermediaries (collectively, a "Financial Intermediary.")

**TAXES**

The following discussion is a summary of certain U.S. federal income tax considerations affecting each Fund and its shareholders. The discussion reflects applicable U.S. federal income tax laws as of the date of this SAI, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal income, estate and gift tax, and foreign, state and local tax concerns affecting the Funds and their shareholders (including shareholders owning large positions in the Fund). The discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisers to determine the tax consequences to them of investing in a Fund.

In addition, no attempt is made to address tax concerns applicable to an investor with a special tax status, including, but not limited to, financial institutions, real estate investment trusts, insurance companies, regulated investment companies, individual retirement accounts, tax-exempt entities, and dealers in securities. Furthermore, this discussion does not reflect possible application of the alternative minimum tax. Unless otherwise noted, this discussion assumes Shares are held by U.S. shareholders (defined below) and that such Shares are held as capital assets.

**<u>Taxation of Each Fund</u>.** Each Fund is treated as a regular corporation, or subchapter C corporation, for U.S. federal income tax purposes. Accordingly, each Fund is subject to U.S. federal income tax on its taxable income at the rate applicable to corporations. Each Fund may also be subject to state and local income and other taxes.

Each Fund is not treated, and will not be eligible to elect to be treated, as a regulated investment company under the Internal Revenue Code of 1986, as amended ("Code"), because a regulated investment company generally must invest in a diversified portfolio of securities, which such requirement cannot be satisfied given each Fund's investment strategy.

It should be noted that a Fund may become liable for U.S. federal excise tax on Share redemptions. A Fund will incur an excise tax liability equal to one percent (1%) of the fair market value of Share redemptions less the fair market value of Share issuances (in excess of $1 million of fair market value) annually on a taxable year basis. In addition, although each Fund intends to make periodic distributions of its earnings to its shareholders, if a Fund fails to distribute enough of its earnings, it could be subject to the accumulated earnings tax, in addition to other U.S. federal income taxes, which could impose a 20% U.S. federal income tax on the Fund's accumulated earnings that have not been distributed to its shareholders.

Each Fund's investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iii) cause a Fund to recognize income or gain without a corresponding receipt of cash, (iv) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, and (v) adversely alter the characterization of certain complex financial transactions.

**<u>Taxation of Shareholders</u>.** A "U.S. shareholder" is a beneficial owner of Shares that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

● a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or a trust that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

A "Non-U.S. shareholder" is a beneficial owner of Shares that is an individual, corporation, trust or estate that is not a U.S. shareholder. If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A prospective investor who is a partner of a partnership that will hold Shares should consult its own tax adviser with respect to the purchase, ownership and disposition of Shares by the partnership.

*Distributions*. Distributions by a Fund of cash or property in respect of the Shares will be treated as dividends for U.S. federal income tax purposes to the extent paid from the Fund's current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Any such dividend will be eligible for the dividends received deduction if received by an otherwise qualifying corporate U.S. shareholder that meets the holding period and other requirements for the dividends received deduction. Dividends paid by a Fund to certain non-corporate U.S. shareholders (including individuals) are eligible for U.S. federal income taxation at the rates generally applicable to long-term capital gains for individuals provided that the U.S. shareholder receiving the dividend satisfies applicable holding period and other requirements.

If the amount of a distribution paid by a Fund exceeds the Fund's current or accumulated earnings and profits, such excess will be treated first as a tax-free return of capital to the extent of the U.S. shareholder's tax basis in the Shares, and thereafter as capital gain. Any such capital gain will be long-term capital gain if such U.S. shareholder has held the applicable Shares for more than one year.

U.S. shareholders that participate in a dividend reinvestment plan through a broker-dealer, if available, will be treated for U.S. federal income tax purposes as having (i) received a cash distribution equal to the reinvested amount and (ii) reinvested such amount in Shares.

*Sales of Shares.* Upon the sale, exchange or other taxable disposition of Shares, a U.S. shareholder generally will recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange or other taxable disposition and the U.S. shareholder's tax basis in the Shares. Any such capital gain or loss will be a long-term capital gain or loss if the U.S. shareholder has held the Shares for more than one year at the time of disposition. Long-term capital gains of certain non-corporate U.S. shareholders (including most individuals) are currently subject to U.S. federal income taxation at a maximum rate of 20%. The deductibility of capital losses is subject to limitations.

*Medicare Tax*. Certain non-corporate U.S. shareholders will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of Shares. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

*Backup Withholding*. The Fund may be required to backup withhold U.S. federal income tax, currently at the rate of 24%, on all taxable distributions and sale of Shares payable to a U.S. shareholder who fails to furnish a correct taxpayer identification number and to make certain required certifications (generally on a Form W-9), or if the U.S. shareholder has been notified by the IRS that they are subject to backup withholding. Such backup withholding is not an additional tax and any amounts withheld may be credited against a U.S. shareholder's U.S. federal income tax liability.

*Non-U.S. Shareholders.* Non-U.S. shareholders generally will be subject to U.S. federal income tax withholding at the rate of 30% (or lower applicable treaty rate) on distributions paid by the Fund that are treated as dividend income.

Non-U.S. shareholders generally are not subject to U.S. federal income tax on gains (and are not allowed a deduction for losses) realized on the sale of Shares unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such Non-U.S. shareholder within the United States, (ii) in the case of an individual Non-U.S. shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the Fund is treated as a U.S. real property holding corporation, which is expected not to be the case.

A Non-U.S. shareholder who fails to furnish a properly completed IRS Form W-8, or an acceptable substitute, may be subject to backup withholding of U.S. federal income tax (currently at a rate of 24%) on dividends paid by a Fund and on the proceeds of a sale of Shares. Each Fund is also required to withhold U.S. federal income tax (at a 30% rate) on payments of dividends made to certain Non-U.S. shareholders that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements in the Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts, otherwise known as FATCA. Shareholders may be requested to provide additional information to determine whether such withholding is required. Non-U.S. shareholders are advised to consult with their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund.

The Shares may be subject to U.S. federal estate tax unless an applicable treaty provides otherwise.

*Possible Tax Law Changes.* At the time this SAI was prepared, there were various legislative proposals under consideration that would amend the Code. At this time, though, it is not possible to determine whether any of these proposals will become law and how these changes might affect the Funds or their shareholders.

The foregoing is a general and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the Funds and their shareholders. These provisions are subject to change by legislative and administrative action, and any such change may be retroactive. Shareholders are urged to consult their own tax advisers regarding specific questions as to U.S. federal income, estate or gift taxes, or foreign, state, local taxes or other taxes.

**BROKERAGE ALLOCATION AND OTHER PRACTICES**

**<u>Brokerage Transactions</u>**. Generally, Reference Assets are bought and sold through transactions with Liquidity Providers and equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. The purchase price for Reference Assets and securities bought from Liquidity Providers or dealers serving as market makers will similarly include the Liquidity Provider's or dealer's mark up or reflect a Liquidity Provider's or dealer's mark down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In selecting brokers and dealers to execute portfolio transactions, the Adviser may consider research and brokerage services furnished to the Adviser or its affiliates. The Adviser may not consider sales of shares of the Funds as a factor in the selection of brokers and dealers, but may place portfolio transactions with brokers and dealers that promote or sell a Fund's shares so long as such transactions are done in accordance with the policies and procedures established by the Trustees that are designed to ensure that the selection is based on the quality of execution and not on sales efforts. When placing portfolio transactions with a broker or dealer, the Adviser may aggregate securities to be sold or purchased for the Funds with those to be sold or purchased for other advisory accounts managed by the Adviser. In aggregating such securities, the Adviser will average the transaction as to price and will allocate available investments in a manner that the Adviser believes to be fair and reasonable to the Funds and such other advisory accounts. An aggregated order will generally be allocated on a pro rata basis among all participating accounts, based on the relative dollar values of the participating accounts, or using any other method deemed to be fair to the participating accounts, with any exceptions to such methods involving the Trust being reported to the Trustees.

Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Funds 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. In addition to agency transactions, the Adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, Fund strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the Adviser believes that access to independent investment research is beneficial to its investment decision-making processes and, therefore, to the Funds.

To the extent that research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by the Adviser will be in addition to and not in lieu of the services required to be performed by the Adviser under its advisory agreement. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of research services.

In some cases the Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Adviser faces a potential conflict of interest, but the Adviser believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and non-research uses.

From time to time, the Funds may purchase new issues of securities in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide the Adviser with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

**<u>Brokerage with Fund Affiliates</u>**. The Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund, the Adviser for a commission in conformity with the 1940 Act, the 1934 Act and rules promulgated by the SEC. These rules further require that commissions paid to the affiliate by the Funds 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 Funds, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

**<u>Securities of "Regular Broker-Dealers".</u>** Each Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) which the Fund may hold at the close of its most recent fiscal year. Each Fund is newly formed and has not commenced operations as of the date of this SAI.

**DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS**

On each Business Day (as defined in the Creation and Redemption of Creation Units section of this SAI), prior to the opening of regular trading on the Funds' primary listing exchange, the Funds disclose on their website (www.rexshares.com) certain information relating to the portfolio holdings that will form the basis of the Funds' next net asset value per share calculation.

In addition, certain information may also be made available to certain parties:

● Communications of Data Files: Each Fund may make available through the facilities of the National Securities Clearing Corporation ("NSCC") or through posting on the Fund's website, prior to the opening of trading on each business day, a list of the Fund's holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition Files and the Fund Data Files (collectively, "Files"). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on the Funds' website after the close of markets in the U.S.

● Communications with Authorized Participants and Liquidity Providers: Certain employees of the Adviser, Distributor and Custodian are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities each Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption.

● The Adviser may also discuss portfolio holdings-related information with broker/dealers, in connection with settling each Fund's transactions, as may be necessary to conduct business in the ordinary course in a manner consistent with the disclosure in the Funds' current registration statement.

● Communications with Listing Exchanges: From time to time, employees of the Adviser, Distributor and/or Custodian may discuss portfolio holdings information with the applicable primary listing exchange for the Funds as needed to meet the exchange listing standards.

● Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to the Funds' website.

● Third-Party Service Providers: Certain portfolio holdings information may be disclosed to the Trustees and their counsel, outside counsel for the Funds, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service, and printers), as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Funds, the terms of the current registration statement and federal securities laws and regulations thereunder.

● Each Fund files its complete portfolio holdings schedule with the SEC on a quarterly basis. This schedule is filed with the Trust's Form N-CSR for the second and fourth fiscal quarters and on Form N-PORT for the first and third fiscal quarters. Certain portfolio information is also included on Form N-PORT that is filed for the second and fourth fiscal quarters. The portfolio holdings information provided in these reports is as of the end of the respective quarter. Form N-CSR must be filed with the SEC no later than ten (10) calendar days after the Trust transmits its annual or semi-annual report to its shareholders. Form N-PORT must be filed with the SEC and will be made publicly available no later than sixty (60) calendar days after the end of the applicable quarter. These portfolio holdings schedules filed on Form N-CSR and form N-PORT are posted to the Funds' website no later than sixty (60) days following the fiscal quarters.

No consideration may be received by the Funds, the Adviser, or any other person in connection with the disclosure of portfolio information. The Trust's Chief Compliance Officer or his or her delegate may authorize disclosure of portfolio holdings information pursuant to the above policy and procedures, subject to restrictions on selective disclosure imposed by applicable law. The Board reviews the policy and procedures for disclosure of portfolio holdings information at least annually.

**DESCRIPTION OF SHARES**

The Trust's Agreement and Declaration of Trust authorizes the Board to issue an unlimited number of full and fractional shares of beneficial interest in the Trust and to classify or reclassify any unissued shares into one or more series of shares. The Agreement and Declaration of Trust further authorizes the trustees to classify or reclassify any series of shares into one or more classes. The Trust's shares of beneficial interest have no par value.

Each Fund is authorized to issue one class of shares imposing no front-end or deferred sales charges, no 12b-1 fee and no service fee.

Shares have no preemptive rights and only such conversion or exchange rights as the Board may grant in its discretion. When issued for payment as described in the applicable prospectus, shares will be fully paid and non-assessable. In the event of a liquidation or dissolution of the Trust or an individual fund, shareholders of a fund are entitled to receive the assets available for distribution belonging to the particular fund, and a proportionate distribution, based upon the relative asset values of the respective fund, of any general assets of the Trust not belonging to any particular fund which are available for distribution.

Shareholders are entitled to one vote for each full share held, and a proportionate fractional vote for each fractional share held and will vote in the aggregate and not by class, except as otherwise expressly required by law or when the Board determines that the matter to be voted on affects only the interests of shareholders of a particular class. Voting rights are not cumulative and, accordingly, the holders of more than 50% of the aggregate of the Trust's outstanding shares may elect all of the trustees, irrespective of the votes of other shareholders.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each fund affected by the matter. A particular fund is deemed to be affected by a matter unless it is clear that the interests of each fund in the matter are substantially identical or that the matter does not affect any interest of the fund. Under the Rule, the approval of an investment management agreement or any change in an investment objective, if fundamental, or in a fundamental investment policy would be effectively acted upon with respect to a fund only if approved by a majority of the outstanding shares of such fund. However, the Rule also provides that the ratification of the appointment of independent public accountants, the approval of principal underwriting contracts and the election of trustees may be effectively acted upon by shareholders of the Trust voting without regard to series or class.

The Trust does not presently intend to hold annual meetings of shareholders except as required by the 1940 Act or other applicable law. Upon the written request of shareholders owning at least 25% of the Trust's shares, the Trust will call for a meeting of shareholders to consider the removal of one or more trustees and other certain matters. To the extent required by law, the Trust will assist in shareholder communication in such matters.

The Board has full power and authority, in its sole discretion, and without obtaining shareholder approval, to divide or combine the shares of any class or series thereof into a greater or lesser number, to classify or reclassify any issued shares or any class or series thereof into one or more classes or series of shares, and to take such other action with respect to the Trust's shares as the Board may deem desirable. The Agreement and Declaration of Trust authorizes the Trustees, without shareholder approval, to cause the Trust to merge or to consolidate with any corporation, association, trust or other organization in order to change the form of organization and/or domicile of the Trust or to sell or exchange all or substantially all of the assets of the Trust, or any series or class thereof, in dissolution of the Trust, or any series or class thereof. The Agreement and Declaration of Trust permits the termination of the Trust or of any series or class of the Trust by the Trustees without shareholder approval. However, the exercise of such authority by the Board without shareholder approval may be subject to certain restrictions or limitations under the 1940 Act.

**PROXY VOTING**

The Board of Trustees of the Trust has delegated responsibility for decisions regarding proxy voting for securities held by each Fund to the Adviser. The Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Exhibit B to this SAI. The Board of Trustees will periodically review each Fund's proxy voting record. The proxy voting policies and procedures of the Trust are included as Exhibit A to this SAI.

The Trust is required to disclose annually each Fund's complete proxy voting record on Form N-PX. Any material changes to the proxy policies and procedures will be submitted to the Board for approval. Information regarding how each Fund voted proxies relating to portfolio securities for the most recent 12-month period ending June 30, will be available (1) without charge, upon request by calling 844-802-4004 or by writing to the Fund at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235; (2) or through the Fund's website at <u>www.rexshares.com</u>; and (3) on the SEC's Internet website at <u>http://www.sec.gov</u>.

**CODES OF ETHICS**

The Board of Trustees, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser and the Administrator have each adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. The personnel subject to the Codes are permitted to invest in securities, including securities that may be purchased or held by the Funds. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements, or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC, and are available to the public on the EDGAR Database on the SEC's Internet website at <u>http://www.sec.gov</u>.

**FINANCIAL STATEMENTS**

The Funds are new and do not have audited financial statements at this time. Upon completion of the Funds' first fiscal period/year, audited financial statements will become available.

**REX-Osprey<sup>TM</sup> ETFs**

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Telephone: 844-802-4004

**EXHIBIT A**

**ETF OPPORTUNITIES TRUST**

**PROXY VOTING POLICY AND PROCEDURES**

The ETF Opportunities Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust offers multiple series (each a "Fund" and, collectively, the "Funds"). Consistent with its fiduciary duties and pursuant to Rule 30b1-4 under the 1940 Act (the "Proxy Rule"), the Board of Trustees of the Trust (the "Board") has adopted this proxy voting policy on behalf of the Trust (the "Policy") to reflect its commitment to ensure that proxies are voted in a manner consistent with the best interests of the Funds' shareholders.

**<u>Delegation of Proxy Voting Authority to Fund Advisers</u>**

The Board believes that the investment adviser of each Fund (each an "Adviser"), as the entity that selects the individual securities that comprise its Fund's portfolio, is the most knowledgeable and best-suited to make decisions on how to vote proxies of portfolio companies held by that Fund. The Trust shall therefore defer to, and rely on, the Adviser of each Fund to make decisions on how to cast proxy votes on behalf of such Fund.

The Trust hereby designates the Adviser of each Fund as the entity responsible for exercising proxy voting authority with regard to securities held in the Fund's investment portfolio. Consistent with its duties under this Policy, each Adviser shall monitor and review corporate transactions of corporations in which the Fund has invested, obtain all information sufficient to allow an informed vote on all proxy solicitations, ensure that all proxy votes are cast in a timely fashion, and maintain all records required to be maintained by the Fund under the Proxy Rule and the 1940 Act. Each Adviser shall perform these duties in accordance with the Adviser's proxy voting policy, a copy of which shall be presented to this Board for its review. Each Adviser shall promptly provide to the Board updates to its proxy voting policy as they are adopted and implemented.

**<u>Conflict of Interest Transactions</u>**

In some instances, an Adviser may be asked to cast a proxy vote that presents a conflict between the interests of a Fund's shareholders and those of the Adviser or an affiliated person of the Adviser. In such case, the Adviser is instructed to abstain from making a voting decision and to forward all necessary proxy voting materials to the Trust to enable the Board to make a voting decision. When the Board is required to make a proxy voting decision, only the Trustees without a conflict of interest with regard to the security in question or the matter to be voted upon shall be permitted to participate in the decision of how the Fund's vote will be cast. In the event that the Board is required to vote a proxy because an Adviser has a conflict of interest with respect to the proxy, the Board will vote such proxy in accordance with the Adviser's proxy voting policy, to the extent consistent with the shareholders' best interests, as determined by the Board in its discretion. The Board shall notify the Adviser of its final decision on the matter and the Adviser shall vote in accordance with the Board's decision.

**<u>Availability of Proxy Voting Policy and Records Available to Fund Shareholders</u>**

If a Fund has a website, the Fund may post a copy of its Adviser's proxy voting policy and this Policy on such website. Effective July 1, 2024, a Fund shall make publicly available its most recently filed report on Form N-PX on or through its website as soon as reasonably practicable after filing the report with the Commission. The information disclosed on Form N-PX shall be in a readable format. In addition, a copy of such policies and of each Fund's proxy voting record shall also be made available, without charge, upon request of any shareholder of the Fund, by calling the applicable Fund's toll-free telephone number as printed in the Fund's prospectus. The Trust's administrator shall reply to any Fund shareholder request within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

Each Adviser shall provide a complete voting record, as required by the Proxy Rule, for each series of the Trust for which it acts as adviser, to the Trust's administrator within 30 days following the end of each 12-month period ending June 30. The Trust's administrator will file a report based on such record on Form N-PX on an annual basis with the U.S. Securities and Exchange Commission no later than August 31<sup>st</sup> of each year.

**EXHIBIT B**

**PROXY VOTING POLICY AND PROCEDURES OF REX ADVISERS, LLC**

**REX ADVISERS, LLC**

**PROXY VOTING**

An investment adviser with the authority to vote client proxies must satisfy three general requirements:

● Adopt and implement written proxy voting policies and procedures reasonably designed to ensure that adviser votes client securities proxies in the best interests of clients and address how conflicts of interest will be handled

● Disclose its proxy voting policies and procedures to clients, furnish clients with a copy of the policies and procedures if they request it, and inform clients as to how they can obtain information from the adviser regarding the manner in which proxies on their securities were voted

● Maintain records as evidence of compliance with these requirements Proxy voting records that must be maintained include:

● Written policies and procedures

● Proxy statements received for client securities

● Records of proxy votes cast for clients' securities, including any material supporting documentation relied upon in the process

● Record of the disclosure to clients of the adviser's policies and access to voting decisions, including client requests to view the adviser's proxy policies or proxy voting record, and the adviser's response

**CLASS ACTION LAWSUITS**

From time to time, securities held in the accounts of clients will be the subject of class action lawsuits. Rex Advisers has no obligation to (1) determine if securities held by the client are subject to a pending or resolved class action lawsuit; (2) to evaluate a client's eligibility or to submit a claim to participate in the proceeds of a securities class action settlement or verdict; and (3) initiate litigation to recover damages on behalf of clients who may have been injured because of actions, misconduct, or negligence by corporate management of issuers whose securities are held by clients.

Where Rex Advisers receives written or electronic notice of a class action lawsuit, settlement, or verdict affecting securities owned by a client, it will forward all notices, proof of claim forms, and other materials, to the client.

**FIRM PROCEDURES**

Rex Advisers believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company.

The CCO is charged with responsibility to ensure that the adviser implements proxy voting policies and procedures that provide protection against conflicts of interest, adequate record- keeping and disclosures regarding the policies and procedures. It is the policy of the adviser to vote client proxies in the best economic interests of the clients. Consistent with its fiduciary duty, the adviser will strive to vote in a way that will cause the value of the issue to increase the most or decline the least. The adviser will monitor corporate actions and consideration will be given to both the short and long-term implications of the proposal to be voted on when considering the optimal vote. The adviser will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

Any general or specific proxy voting guidelines provided by an advisory client or its designated agent in writing will take the place of this policy. Clients may wish to have their proxies voted by an independent third party or other named fiduciary or agent, at the client's cost.

Absent specific voting guidelines by a client, the adviser will generally vote proxies as follows:

● Vote all proxies from a specific issuer the same way for each client

● Routine corporate proposals such as approval of auditors and election of directors will be voted with management. Proposals involving corporate responsibility and social/political issues will be voted on a case-by-case basis.

● Non-routine corporate proposals (i.e., restructuring efforts, name changes, mergers & acquisitions, stock options plans etc.) will be analyzed with the goal of maximizing shareholder value, but will mostly concur with management's vote

● Corporate governance proposals (i.e., golden parachutes, poison pills, limitations on officer and director liabilities, cumulative voting etc.) that cause board members to become entrenched or cause unequal voting rights will be voted against

The CCO is responsible to ensure that records of the adviser's proxy voting policies and practices are retained including at minimum:

● Proxy voting policy, including third party supplemental information if applicable (if service bureau is utilized)

● Record of proxy votes cast

● Record of disclosure(s) made to clients/investors regarding proxy voting

● Record of any client/investor requesting the adviser's proxy voting policies/record and evidence that responsive information was provided

**EXHIBIT C**

**Nominating and Corporate Governance Committee Charter**

**ETF Opportunities Trust**

**Nominating and Corporate Governance Committee Membership** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Nominating and Corporate Governance Committee of ETF Opportunities Trust (the "Trust")
 shall be composed entirely of Independent Trustees.

**Board Nominations and Functions** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee shall make nominations for Trustee membership on the Board of Trustees, including
 the Independent Trustees. The Committee shall evaluate candidates' qualifications
 for Board membership and their independence from the investment advisers to the Trust's
 series portfolios and the Trust's other principal service providers. Persons selected
 as Independent Trustees must not be an "interested person" as that term is
 defined in the Investment Company Act of 1940, nor shall Independent Trustees have any
 affiliations or associations that shall preclude them from voting as an Independent Trustee
 on matters involving approvals and continuations of Rule 12b-1 Plans, Investment Advisory
 Agreements and such other standards as the Committee shall deem appropriate. The Committee
 shall also consider the effect of any relationships beyond those delineated in the 1940
 Act that might impair independence, *e.g.,* business, financial or family relationships
 with managers or service providers. See Appendix A for Procedures with Respect to Nominees
 to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Committee shall periodically review Board governance procedures and shall recommend any
 appropriate changes to the full Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Committee shall periodically review the composition of the Board of Trustees to determine
 whether it may be appropriate to add individuals with different backgrounds or skill
 sets from those already on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Committee shall periodically review trustee compensation and shall recommend any appropriate
 changes to the Independent Trustees as a group.

**Committee Nominations and Functions** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee shall make nominations for membership on all committees and shall review committee
 assignments at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Committee shall review, as necessary, the responsibilities of any committees of the Board,
 whether there is a continuing need for each committee, whether there is a need for additional
 committees of the Board, and whether committees should be combined or reorganized. The
 Committee shall make recommendations for any such action to the full Board.

**Other Powers and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee shall have the resources and authority appropriate to discharge its responsibilities,
 including authority to retain special counsel and other experts or consultants at the
 expense of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Committee shall review this Charter at least annually and recommend any changes to the
 full Board of Trustees.

**APPENDIX A TO THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**ETF OPPORTUNITIES TRUST**

**PROCEDURES WITH RESPECT TO NOMINEES TO THE BOARD** 

&nbsp;&nbsp;&nbsp;&nbsp;I. *Identification of Candidates*. When a vacancy on the Board of Trustees exists or is anticipated,
 and such vacancy is to be filled by an Independent Trustee, the Nominating and Corporate
 Governance Committee shall identify candidates by obtaining referrals from such sources
 as it may deem appropriate, which may include current Trustees, management of the Trust,
 counsel and other advisors to the Trustees, and shareholders of the Trust who submit
 recommendations in accordance with these procedures. In no event shall the Nominating
 and Corporate Governance Committee consider as a candidate to fill any such vacancy an
 individual recommended by any investment adviser of any series portfolio of the Trust,
 unless the Nominating and Corporate Governance Committee has invited management to make
 such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;II. *Shareholder Candidates.* The Nominating and Corporate Governance Committee shall, when identifying
 candidates for the position of Independent Trustee, consider any such candidate recommended
 by a shareholder if such recommendation contains: (i) sufficient background information
 concerning the candidate, including evidence the candidate is willing to serve as an
 Independent Trustee if selected for the position; and (ii) is received in a sufficiently
 timely manner as determined by the Nominating and Corporate Governance Committee in its
 discretion. Shareholders shall be directed to address any such recommendations in writing
 to the attention of the Nominating and Corporate Governance Committee, c/o the Secretary
 of the Trust. The Secretary shall retain copies of any shareholder recommendations which
 meet the foregoing requirements for a period of not more than 12 months following receipt.
 The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;III. *Evaluation of Candidates*. In evaluating a candidate for a position on the Board of Trustees,
 including any candidate recommended by shareholders of the Trust, the Nominating and
 Corporate Governance Committee shall consider the following: (i) the candidate's
 knowledge in matters relating to the mutual fund industry; (ii) any experience possessed
 by the candidate as a director or senior officer of public companies; (iii) the candidate's
 educational background; (iv) the candidate's reputation for high ethical standards
 and professional integrity; (v) any specific financial, technical or other expertise
 possessed by the candidate, and the extent to which such expertise would complement the
 Board's existing mix of skills, core competencies and qualifications; (vi) the
 candidate's perceived ability to contribute to the ongoing functions of the Board,
 including the candidate's ability and commitment to attend meetings regularly and
 work collaboratively with other members of the Board; (vii) the candidate's ability
 to qualify as an Independent Trustee and any other actual or potential conflicts of interest
 involving the candidate and the Trust; and (viii) such other factors as the Nominating
 and Corporate Governance Committee determines to be relevant in light of the existing
 composition of the Board and any anticipated vacancies. Prior to making a final recommendation
 to the Board, the Nominating and Corporate Governance Committee shall conduct personal
 interviews with those candidates it concludes are the most qualified candidates.

**OTHER INFORMATION**

**Item 28. Exhibits**

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| | |
|:---|:---|
| (a)(1) | [Certificate of Trust of ETF Opportunities Trust ("Registrant") is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a1.htm) |
| (a)(2) | [Agreement and Declaration of Trust is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a2.htm) |
| (b) | [By-Laws of the Registrant is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-b.htm) |
| (c) | Articles IV, VII and VIII of the Declaration of Trust, Exhibit 28(a)(2) above, define the rights of holders of the securities being registered. (Certificates for shares are not issued.) |
| (d)(1) | [Advisory Agreement between the Registrant and Ridgeline Research LLC on behalf of the American Conservative Values ETF and American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-d1.htm) |
| (d)(2) | [Sub-Advisory Agreement between Vident Asset Management and Ridgeline Research LLC on behalf of the American Conservative Values ETF and American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 130 on Form N-1A filed on March 29, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124004224/ex99-d2.htm) |
| (d)(3) | [Amended Advisory Agreement between the Registrant and Formidable Asset Management, LLC on behalf of the Formidable ETF, the Formidable Dividend and Income ETF and the Formidable Fortress ETF ("Formidable ETFs") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-d3.htm) |
| (d)(4) | [Sub-Advisory Agreement between Tidal Investments, LLC and Formidable Asset Management, LLC on behalf of the Formidable ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d4.htm) |
| (d)(5) | [Advisory Agreement between the Registrant and Applied Finance Advisors, LLC on behalf of the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-d7.htm). |
| (d)(6) | [Sub-Advisory Agreement between Tidal Investments, LLC and Applied Finance Advisors, LLC on behalf of the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 201 on Form N-1A filed on December 13, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224045121/ex99-d6.htm) . |
| (d)(7) | [Advisory Agreement between the Registrant and Kingsbarn Capital Management, LLC on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](http://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-d11.htm). |
| (d)(8) | [Sub-Advisory Agreement between Vident Asset Management and Kingsbarn Capital Management, LLC on behalf of the Kingsbarn Tactical Bond ETF and Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 130 on Form N-1A filed on March 29, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124004224/ex99-d10.htm).<br>|
| (d)(9) | [Advisory Agreement between the Registrant and Kingsbarn Capital Management, LLC on behalf of the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-d13.htm) |
| (d)(10) | [Advisory Agreement between the Registrant and WealthTrust Asset Management, LLC on behalf of the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-d15.htm) |

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| | |
|:---|:---|
| (d)(11) | [Sub-Advisory Agreement between Tidal Investments, LLC and WealthTrust Asset Management, LLC on behalf of the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d11.htm) |
| (d)(12) | [Amended and Restated Advisory Agreement between the Registrant and Cultivar Capital, Inc. on behalf of the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 34 on Form N-1A filed on November 28, 2022](http://www.sec.gov/Archives/edgar/data/1771146/000138713122011866/ex99-d19.htm). |
| (d)(13) | [Sub-Advisory Agreement between Tidal Investments, LLC and Cultivar Capital, Inc. on behalf of the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective amendment No. 192 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224041963/ex99-d13.htm). |
| (d)(14) | [Advisory Agreement between the Registrant and Tuttle Capital Management LLC on behalf of T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 97 on Form N-1A filed on October 6, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012026/ex99_d19.htm). |
| (d)(15) | [Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the LAFFER\\|TENGLER Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-d22.htm). |
| (d)(16) | [Sub-Advisory Agreement between Laffer Tengler Investments, Inc. and Tuttle Capital Management, LLC on behalf of the LAFFER\\|TENGLER Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-d23.htm). |
| (d)(17) | [Advisory Agreement between the Registrant and REX Advisers, LLC on behalf of REX IncomeMax AMD Strategy ETF, REX IncomeMax AMZN Strategy ETF, REX IncomeMax TSLA Strategy ETF, REX IncomeMax BIIB Strategy ETF, REX IncomeMax DIS Strategy ETF, REX IncomeMax EEM Strategy ETF, REX IncomeMax GDXJ Strategy ETF, REX IncomeMax GOOG Strategy ETF, REX IncomeMax META Strategy ETF, REX IncomeMax MSFT Strategy ETF, REX IncomeMax MSTR Strategy ETF, REX IncomeMax PYPL Strategy ETF, REX IncomeMax SLV Strategy ETF, REX IncomeMax SMH Strategy ETF, REX IncomeMax SNOW Strategy ETF, REX IncomeMax TLRY Strategy ETF, REX IncomeMax UNG Strategy ETF, REX IncomeMax USO Strategy ETF and REX IncomeMax V Strategy ETF ("REX ETFs") and REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 88 on Form N-1A filed on September 20, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123011414/ex99-d22.htm). |
| (d)(18) | [Sub-Advisory Agreement between Vident Advisory, LLC (d/b/a Vident Asset Management) and REX Advisers, LLC on behalf of the REX ETFs REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 88 on Form N-1A filed on September 20, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123011414/ex99-d23.htm). |
| (d)(19) | [Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the Tuttle Capital 2X DBMF ETF, Tuttle Capital Daily 2X Inverse Regional Banks ETF, Brendan Wood TopGun ETF, Tuttle Capital Daily 2X Long AI ETF and the Tuttle Capital Daily 2X Inverse AI ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-d22.htm). |
| (d)(20) | [Sub-Advisory Agreement between Brendan Wood TopGun Partnerships Inc. and Tuttle Capital Management, LLC on behalf of the Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-d23.htm).<br>|
| (d)(21) | [Advisory Agreement between the Registrant and IDX Advisors, LLC on behalf of the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 109 on Form N-1A filed on November 7, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000183988223030055/ex99-d24.htm).<br>|

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|:---|:---|
| (d)(22) | [Sub-Advisory Agreement between Tidal Investments, LLC and IDX Advisors, LLC on behalf of the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 201 on Form N-1A filed on December 13, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224045121/ex99-d22.htm)<br>|
| (d)(23) | [Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF and T-REX 2X Inverse Microsoft Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-d26.htm). |
| (d)(24) | [Advisory Agreement between the Registrant and Tapp Finance, Inc. on behalf of TappAlpha SPY Growth & Daily Income ETF and TappAlpha Innovation 100 Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-d27.htm). |
| (d)(25) | [Sub-Advisory Agreement between Tuttle Capital Management, LLC and Tapp Finance, Inc. on behalf of TappAlpha SPY Growth & Daily Income ETF and TappAlpha Innovation 100 Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-d28.htm). |
| (d)(26) | [Advisory Agreement between the Registrant and REX Advisers, LLC on behalf of the REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-d28.htm). |
| (d)(27) | [Sub-Advisory Agreement between REX Advisers, LLC and Vident Asset Management on behalf of the REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-d29.htm). |
| (d)(28) | [Advisory Agreement between Registrant and 3Fourteen & SMI Advisory Services, LLC on behalf of the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 156 on Form N-1A filed on August 9, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124009830/ex99-d31.htm) |
| (d)(29) | [Sub-Advisory Agreement between 3Fourteen & SMI Advisory Services, LLC and Tidal Investments, LLC on behalf of the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 156 on Form N-1A filed on August 9, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124009830/ex99-d32.htm) |
| (d)(30) | [Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the Tuttle Capital Congressional Trading ETF, T-REX 2X LONG GME DAILY TARGET ETF, T-REX 2X LONG HOOD DAILY TARGET ETF, T-REX 2X LONG DJT DAILY TARGET ETF, T-REX 2X LONG MARA DAILY TARGET ETF, T-REX 2X INVERSE MARA DAILY TARGET ETF, T-REX 2X LONG RBLX DAILY TARGET ETF, T-REX 2X INVERSE PLTR DAILY TARGET ETF, T-REX 2X LONG ARM DAILY TARGET ETF, T-REX 2X LONG SHOP DAILY TARGET ETF, T-REX 2X INVERSE SHOP DAILY TARGET ETF, T-REX 2X INVERSE AMD DAILY TARGET ETF, T-REX 2X LONG NFLX DAILY TARGET ETF, T-REX 2X INVERSE NFLX DAILY TARGET ETF, T-REX 2X INVERSE BA DAILY TARGET ETF, T-REX 2X LONG SNOW DAILY TARGET ETF, T-REX 2X INVERSE SNOW DAILY TARGET ETF, T-REX 2X LONG AVGO DAILY TARGET ETF, T-REX 2X INVERSE AVGO DAILY TARGET ETF, T-REX 2X LONG PANW DAILY TARGET ETF, T-REX 2X INVERSE PANW DAILY TARGET ETF, T-REX 2X LONG TSM DAILY TARGET ETF, T-REX 2X INVERSE TSM DAILY TARGET ETF, T-REX 2X LONG SQ DAILY TARGET ETF, T-REX 2X INVERSE SQ DAILY TARGET ETF, and T-REX 2X INVERSE COIN DAILY TARGET ETF, T-REX 2X LONG MSTR DAILY TARGET ETF AND T-REX 2X INVERSE MSTR DAILY TARGET ETF (the "T-REX 2X Hedge ETFs") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-d31.htm).<br>|

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|:---|:---|
| (d)(31) | [Advisory Agreement between the Registrant and Brookmont Capital Management, LLC on behalf of the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d32.htm)<br>|
| (d)(32) | [Sub-Advisory Agreement between Brookmont Capital Management, LLC and King Ridge Capital Advisors, LLC on behalf of the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d33.htm)<br>|
| (d)(33) | Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the Tuttle Capital RSP Option Income Strategy ETF, Tuttle Capital KRE Option Income Strategy ETF, Tuttle Capital IYR Option Income Strategy ETF, Tuttle Capital XLU Option Income Strategy ETF, Tuttle Capital XLE Option Income Strategy ETF, Tuttle Capital XHB Option Income Strategy ETF, Tuttle Capital EEM Option Income Strategy ETF, Tuttle Capital EFA Option Income Strategy ETF, Tuttle Capital XLF Option Income Strategy ETF, Tuttle Capital VTV Option Income Strategy ETF, Tuttle Capital IJH Option Income Strategy ETF, Tuttle Capital XLV Option Income Strategy ETF, Tuttle Capital SMH Option Income Strategy ETF, Tuttle Capital XBI Option Income Strategy ETF, Tuttle Capital XLY Option Income Strategy ETF (the "Tuttle Option Income ETFs") (To be Filed by Amendment). |
| (d)(34) | [Advisory Agreement between the Registrant and REX Advisers, LLC on behalf of the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-d35.htm)<br>|
| (d)(35) | [Sub-Advisory Agreement between REX Advisers, LLC and Vident Asset Management on behalf of the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-d36.htm)<br>|
| (d)(36) | Advisory Agreement between the Registrant and REX Advisers, LLC on behalf of the REX IncomeMax IBIT Strategy ETF (To be Filed by Amendment). |
| (d)(37) | Sub-Advisory Agreement between REX Advisers, LLC and Vident Asset Management on behalf of the REX IncomeMax IBIT Strategy ETF (To be Filed by Amendment). |
| (d)(38) | [Amended Management Agreement between T-REX (Cayman) Portfolios SPC (a Cayman Islands exempted company) and REX Advisers, LLC on behalf of the REX IncomeMax IBIT Strategy ETF, REX-Osprey<sup>TM</sup> DOGE ETF, REX-Osprey<sup>TM</sup> TRUMP ETF, REX-Osprey<sup>TM</sup> BONK ETF, REX-Osprey<sup>TM</sup> XRP ETF, REX-Osprey<sup>TM</sup> SOL ETF, REX-Osprey<sup>TM</sup> BTC ETF and REX-Osprey<sup>TM</sup> ETH ETF and the REX-Osprey<sup>TM</sup> MOVE ETF – Filed Herewith.](ex99-d38.htm) |
| (d)(39) | [Advisory Agreement between Registrant and Tuttle Capital Management, LLC on behalf of the Tuttle Capital TSLA Put Write ETF, Tuttle Capital NVDA Put Write ETF, Tuttle Capital MSTR Put Write ETF, Tuttle Capital COIN Put Write ETF, and Tuttle Capital QQQ Put Write ETF (the "Put Write ETFs") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 229 on Form N-1A filed on February 24, 2025](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d32.htm). |
| (d)(40) | [Advisory Agreement between the Registrant and 3Fourteen & SMI Advisory Services, LLC on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d40.htm) |
| (d)(41) | [Sub-Advisory Agreement between 3Fourteen & SMI Advisory Services, LLC and Tidal Investments, LLC on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d41.htm) |
| (d)(42) | [Advisory Agreement between the Registrant and REX Advisers, LLC on behalf of the REX Bitcoin Corporate Treasury Convertible Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-d43.htm). |

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|:---|:---|
| (d)(43) | [Sub-Advisory Agreement between REX Advisers, LLC and Vident Asset Management on behalf of the REX Bitcoin Corporate Treasury Convertible Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-d44.htm) |
| (d)(44) | [Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the Opportunistic Trader ETF, Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital TSLA 0DTE Covered Call ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF, and Tuttle Capital No Bleed Tail Risk ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-d45.htm) |
| (d)(45) | [Sub-Advisory Agreement between Tuttle Capital Management, LLC and OT Advisors, LLC on behalf of the Opportunistic Trader ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99d45.htm). |
| (d)(46) | [Form of Advisory Agreement between the Registrant and REX Advisers, LLC on behalf of the REX-Osprey<sup>TM</sup> DOGE ETF, REX-Osprey<sup>TM</sup> TRUMP ETF, REX-Osprey<sup>TM</sup> BONK ETF, REX-Osprey<sup>TM</sup> XRP ETF, REX-Osprey<sup>TM</sup> SOL +Staking ETF, REX-Osprey<sup>TM</sup> BTC ETF and REX-Osprey<sup>TM</sup> ETH +Staking ETF and the REX-Osprey<sup>TM</sup> MOVE ETF (the "REX-Osprey<sup>TM</sup> ETFs") – Filed Herewith.](ex99-d46.htm) |
| (d)(47) | Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the Tuttle Capital 2X Long XRP Daily Target ETF, Tuttle Capital 2X Long Solana Daily Target ETF, Tuttle Capital 2X Long Trump Daily Target ETF, Tuttle Capital 2X Long Litecoin Daily Target ETF, Tuttle Capital 2X Long Melania Daily Target ETF, Tuttle Capital 2X Long Bonk Daily Target ETF, Tuttle Capital 2X Long BNB Daily Target ETF, Tuttle Capital 2X Long Cardano Daily Target ETF, Tuttle Capital 2X Long Chainlink Daily Target ETF, and Tuttle Capital 2X Long Polkadot Daily Target ETF (the "Tuttle 2X Crypto ETFs") (To be Filed by Amendment). |
| (d)(48) | Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the Tuttle Capital Agentic AI ETF, Tuttle Capital AI in Healthcare ETF, Tuttle Capital AI Power Generation ETF, Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF, Tuttle Capital Drone Industry AI Powered ETF, Tuttle Capital Quantum Computing AI Powered ETF, Tuttle Capital Quantum Computing AI Powered Covered Call ETF and Tuttle Capital UFO Disclosure AI Powered ETF (the "Tuttle Capital AI Powered ETFs") (To be Filed by Amendment). |
| (d)(49) | [Advisory Agreement between the Registrant and Hedgeye Asset Management, LLC on behalf of the Hedgeye Capital Allocation ETF and Hedgeye Quality Growth ETF (the "Hedgeye ETFs") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-d49.htm) |
| (d)(50) | [Sub-Advisory Agreement between Hedgeye Asset Management, LLC and Tidal Investment, Inc. on behalf of the Hedgeye ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-d50.htm) |
| (d)(51) | [Form of Advisory Agreement between the Registrant and OTG Asset Management, Ltd. on behalf of the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 286 on Form N-1A filed on May 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-d51.htm) |
| (d)(52) | [Form of Sub-Advisory Agreement between the Registrant and Tidal Investments, LLC on behalf of the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 286 on Form N-1A filed on May 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-d52.htm) |
| (d)(53) | Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |

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|:---|:---|
| (d)(54) | Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |
| (d)(55) | Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (d)(56) | Advisory Agreement between the Registrant and Tuttle Capital Management, LLC on behalf of the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (d)(57) | Advisory Agreement between the Registrant and Golden Eagle Strategies, Inc. on behalf of the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (d)(58) | Sub-Advisory Agreement between Golden Eagle Strategies, Inc. and Tidal Investments, LLC Inc. on behalf of the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (e)(1) | [Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the American Conservative Values ETF and American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-e1.htm) |
| (e)(2) | [First Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the American Conservative Values ETF, the American Conservative Values Small-Cap ETF and the Real Asset Strategies ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-e2.htm) |
| (e)(3) | [Third Amendment to the Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Funds in the Trust is herein incorporated by reference from the Registrant's Post-Effective No. 19 on Form N-1A filed on October 12, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-e3.htm). |
| (e)(4) | [ETF Distribution Agreement between Registrant and Foreside Fund Services, LLC on behalf of the Funds in the Trust is herein incorporated by reference from Registrant's Post-Effective No 30 on Form N-1A filed on September 1, 2022.](http://www.sec.gov/Archives/edgar/data/1771146/000138713122009435/ex-e4.htm) |
| (e)(5) | [Fourth Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective No. 44 on Form N-1A filed on March 17, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123003560/ex-e5.htm) |
| (e)(6) | Sixth [Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Tuttle Capital 2X DBMF ETF, T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF, T-REX 2X Inverse NVIDIA Daily Target ETF LAFFER\\|TENGLER Equity Income ETF, the REX ETFs and the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-e6.htm) |

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| (e)(7) | Seventh [Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Tuttle Capital Daily 2X Inverse Regional Banks ETF, Tuttle Capital Daily 2X Long AI ETF, the Tuttle Capital Daily 2X Inverse AI ETF, Brendan Wood TopGun ETF, IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-e7.htm) |
| (e)(8) | [Eighth Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF, T-REX 2X Inverse Microsoft Daily Target ETF, TappAlpha SPY Growth & Daily Income ETF and TappAlpha Innovation 100 Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-e8.htm) |
| (e)(9) | [Ninth Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-e10.htm). |
| (e)(10) | [Eleventh Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of SMI 3Fourteen Full-Cycle Trend ETF, Tuttle Capital Congressional Trading ETF, T-REX 2X LONG GME DAILY TARGET ETF, T-REX 2X LONG HOOD DAILY TARGET ETF, T-REX 2X LONG DJT DAILY TARGET ETF, T-REX 2X LONG MARA DAILY TARGET ETF, T-REX 2X INVERSE MARA DAILY TARGET ETF, T-REX 2X LONG RBLX DAILY TARGET ETF, T-REX 2X INVERSE PLTR DAILY TARGET ETF, T-REX 2X LONG ARM DAILY TARGET ETF, T-REX 2X LONG SHOP DAILY TARGET ETF, T-REX 2X INVERSE SHOP DAILY TARGET ETF, T-REX 2X INVERSE AMD DAILY TARGET ETF, T-REX 2X LONG NFLX DAILY TARGET ETF, T-REX 2X INVERSE NFLX DAILY TARGET ETF, T-REX 2X INVERSE BA DAILY TARGET ETF, T-REX 2X LONG SNOW DAILY TARGET ETF, T-REX 2X INVERSE SNOW DAILY TARGET ETF, T-REX 2X LONG AVGO DAILY TARGET ETF, T-REX 2X INVERSE AVGO DAILY TARGET ETF, T-REX 2X LONG PANW DAILY TARGET ETF, T-REX 2X INVERSE PANW DAILY TARGET ETF, T-REX 2X LONG TSM DAILY TARGET ETF, T-REX 2X INVERSE TSM DAILY TARGET ETF, T-REX 2X LONG SQ DAILY TARGET ETF, T-REX 2X INVERSE SQ DAILY TARGET ETF, T-REX 2X INVERSE COIN DAILY TARGET ETF, T-REX 2X LONG MSTR DAILY TARGET ETF, and T-REX 2X INVERSE MSTR DAILY TARGET ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 156 on Form N-1A filed on August 9, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124009830/ex99-e11.htm) |
| (e)(11) | [Twelfth Amendment to ETF Distribution Agreement between Registrant and Foreside Fund Services, LLC on behalf of the Brookmont Catastrophic Bond ETF and the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-e13.htm) |
| (e)(12) | Amendment to ETF Distribution Agreement between Registrant and Foreside Fund Services, LLC on behalf of the Tuttle Option Income ETFs (To be Filed by Amendment).<br>|
| (e)(13) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the REX IncomeMax IBIT Strategy ETF (To be Filed by Amendment). |
| (e)(14) | [Thirteenth Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Put Write ETFs and the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-e17.htm) |
| (e)(15) | [Fourteenth Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital TSLA 0DTE Covered Call ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF, Opportunistic Trader ETF, REX Bitcoin Corporate Treasury Convertible Bond ETF, Tuttle Capital No Bleed Tail Risk ETF, OTG Latin America ETF, REX Osprey™ETFs, and the Hedgeye ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-e18.htm) |

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| (e)(16) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Tuttle 2X Crypto ETFs (To be Filed by Amendment). |
| (e)(17) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Funds Services, LLC on behalf of the Tuttle Capital AI Powered ETFs (To be Filed by Amendment). |
| (e)(18) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |
| (e)(19) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |
| (e)(20) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (e)(21) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC on behalf of the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (e)(22) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC Inc. on behalf of the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (e)(23) | [Form of Authorized Participant Agreement with Foreside Fund Services, LLC is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-e2.htm) |
| (f) | Not applicable. |
| (g)(1) | [Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the American Conservative Values ETF and American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-g1.htm) |
| (g)(2) | [Amendment No. 1 to the Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the American Conservative Values ETF and American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-g2.htm)<br>|

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| (g)(3) | [Amendment No. 4 to the Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-g5.htm). |
| (g)(4) | [Amendment No. 5 to the Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Formidable ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-g4.htm). |
| (g)(5) | [Amendment No. 6 to the Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective No. 19 on Form N-1A filed on October 12, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-g6.htm). |
| (g)(6) | [Amendment No. 7 to the Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the WealthTrust DBS Long Term Growth ETF and the UBC Algorithmic Fundamentals ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-g7.htm) |
| (g)(7) | [Amendment No. 8 to the Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](http://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-g8.htm). |
| (g)(8) | [Amendment to the Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-g10.htm)<br>|
| (g)(9) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Tuttle Capital 2X DBMF ETF, T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF, T-REX 2X Inverse NVIDIA Daily Target ETF LAFFER\\|TENGLER Equity Income ETF, the REX ETFs and the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-g9.htm) |
| (g)(10) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Tuttle Capital Daily 2X Inverse Regional Banks ETF, Tuttle Capital Daily 2X Long AI ETF, the Tuttle Capital Daily 2X Inverse AI ETF, Brendan Wood TopGun ETF, IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-g10.htm)<br>|
| (g)(11) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF and T-REX 2X Inverse Microsoft Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-g11.htm) |
| (g)(12) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of TappAlpha Innovation 100 Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-g12.htm) |

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| | |
|:---|:---|
| (g)(13) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the REX AI Equity Premium Income ETF, and SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-g13.htm).<br>|
| (g)(14) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Tuttle Capital Congressional Trading ETF and the T-REX 2X Hedge ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-g14.htm)<br>|
| (g)(15) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Brookmont Catastrophic Bond ETF and the Tuttle Option Income ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g15.htm) |
| (g)(16) | [ETF Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-g18.htm). |
| (g)(17) | [Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/mstr-485bpos_091324.htm) |
| (g)(18) | [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-g19.htm) |
| (g)(19) | [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-g20.htm) |
| (g)(20) | [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the REX IncomeMax IBIT Strategy ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g20.htm) |
| (g)(21) | [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX IncomeMax IBIT Strategy ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g21.htm) |
| (g)(22) | [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the SMI 3Fourteen REAL Asset Allocation ETF, Tuttle Capital MSTR Put Write ETF, Tuttle Capital QQQ Put Write ETF, and the T-REX 2X HOOD Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g22.htm) |
| (g)(23) | Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the Put Write ETFs (To be Filed by Amendment). |
| (g)(24) | [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the SMI 3Fourteen REAL Asset Allocation ETF, Tuttle Capital MSTR Put Write ETF, Tuttle Capital QQQ Put Write ETF, and the T-REX 2X HOOD Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g24.htm) |
| (g)(25) | Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Put Write ETFs (To be Filed by Amendment). |

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| | |
|:---|:---|
| (g)(26) | [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the REX Bitcoin Corporate Treasury Convertible Bond ETF, T-REX 2X Long DJT Daily Target ETF, T-REX 2X Long ARM Daily Target ETF, T-REX 2X Long RBLX Daily Target ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, and the Tuttle Capital TSLA 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-g26.htm) |
| (g)(27) | [Amendment to the Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX Bitcoin Corporate Treasury Convertible Bond ETF, T-REX 2X Long DJT Daily Target ETF, T-REX 2X Long ARM Daily Target ETF, T-REX 2X Long RBLX Daily Target ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, and the Tuttle Capital TSLA 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-g27.htm) |
| (g)(28) | [Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Opportunistic Trader ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99g28.htm). |
| (g)(29) | Amendment to Custody Agreement between the Registrant and [_______] on behalf of the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF, and Tuttle Capital IBIT 0DTE Covered Call ETF (To be Filed by Amendment). |
| (g)(30) | Amendment to the Transfer Agent Servicing Agreement between the Registrant and [_______] on behalf of the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF, and Tuttle Capital IBIT 0DTE Covered Call ETF (To be Filed by Amendment). |
| (g)(31) | Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the REX-Osprey<sup>TM</sup> ETFs (To be Filed by Amendment). |
| (g)(32) | Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX-Osprey<sup>TM</sup> ETFs (To be Filed by Amendment). |
| (g)(33) | [Master Custody Service Agreement between the Registrant and Anchorage Digital Bank N.A. on behalf of the REX-Osprey™ SOL +Staking ETF and REX-Osprey™ ETH +Staking ETF – Filed Herewith.](ex99-g33.htm) |
| (g)(34) | Amendment to the Custody Agreement between the Registrant and [______] on behalf of the Tuttle 2X Crypto ETFs (To be Filed by Amendment). |
| (g)(35) | Amendment to the Transfer Agent Services Agreement between the Registrant and [_________] on behalf of the Tuttle 2X Crypto ETFs (To be Filed by Amendment). |
| (g)(36) | [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the Tuttle Capital AI in Healthcare ETF, Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF, Tuttle Capital Quantum Computing AI Powered Covered Call ETF, T-REX 2X Long SNOW Daily Target ETF, and T-REX 2X Long GME Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99g35.htm). |
| (g)(37) | Amendment to Custody Agreement between the Registrant and [_____] on behalf of the Tuttle Capital Agentic AI ETF, Tuttle Capital AI Power Generation ETF, Tuttle Capital Drone Industry AI Powered ETF, Tuttle Capital Quantum Computing AI Powered ETF, and Tuttle Capital UFO Disclosure AI Powered ETF (To be Filed by Amendment). |

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| | |
|:---|:---|
| (g)(38) | [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital AI in Healthcare ETF, Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF, Tuttle Capital Quantum Computing AI Powered Covered Call ETF, T-REX 2X Long SNOW Daily Target ETF, and T-REX 2X Long GME Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99g37.htm) |
| (g)(39) | Amendment to the Transfer Agent Services Agreement between the Registrant and [___]on behalf of the Tuttle Capital Agentic AI ETF, Tuttle Capital AI Power Generation ETF, Tuttle Capital Drone Industry AI Powered ETF, Tuttle Capital Quantum Computing AI Powered ETF, and Tuttle Capital UFO Disclosure AI Powered ETF (To be Filed by Amendment). |
| (g)(40) | Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the Hedgeye ETFs (To be Filed by Amendment). |
| (g)(41) | Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Hedgeye ETFs (To be Filed by Amendment). |
| (g)(42) | Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the Tuttle Capital No Bleed Tail Risk ETF (To be Filed by Amendment). |
| (g)(43) | Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital No Bleed Tail Risk ETF (To be Filed by Amendment). |
| (g)(44) | Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. on behalf of the OTG Latin America ETF (To be Filed by Amendment). |
| (g)(45) | Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the OTG Latin America ETF (To be Filed by Amendment). |
| (g)(46) | Amendment to Custody Agreement between the Registrant and [_____] on behalf of the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |
| (g)(47) | Amendment to the Transfer Agent Services Agreement between the Registrant and [_________] on behalf of the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |
| (g)(48) | Amendment to the Custody Agreement between the Registrant and [_______] on behalf of the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |
| (g)(49) | Amendment to the Transfer Agent Services Agreement between the Registrant and [_____] on behalf of the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |

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|:---|:---|
| (g)(50) | Amendment to the Custody Agreement between the Registrant and [_______] on behalf of the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (g)(51) | Amendment to the Transfer Agent Agreement between the Registrant and [_______] on behalf of the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (g)(52) | Amendment to the Custody Agreement between the Registrant and [_____]on behalf of the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (g)(53) | Amendment to the Transfer Agent Agreement between the Registrant and [_______]on behalf of the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (g)(54) | Amendment to Global Custodial and Transfer Agency Services Agreement between the Registrant and Citibank, N.A. on behalf of the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (h)(1) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the American Conservative Values ETF and American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-h1.htm) |
| (h)(2) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Formidable ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 19 on Form N-1A filed on October 12, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-h3.htm). |
| (h)(3) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No 11 on Form N-1A filed on July 20, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-h4.htm). |
| (h)(4) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-h6.htm) |
| (h)(5) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-h6.htm) |
| (h)(6) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-h8.htm) |
| (h)(7) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](http://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-h10.htm). |

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|:---|:---|
| (h)(8) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 97 on Form N-1A filed on October 6, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012026/ex99_h11.htm) |
| (h)(9) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the LAFFER\\|TENGLER Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-h12.htm) |
| (h)(10) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the REX ETFs and REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 81 on Form N-1A filed on September 1, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000183988223023297/ex99-h14.htm)<br>|
| (h)(11) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Tuttle Capital 2X DBMF ETF, Tuttle Capital Daily 2X Inverse Regional Banks ETF, Brendan Wood TopGun ETF, Tuttle Capital Daily 2X Long AI ETF and the Tuttle Capital Daily 2X Inverse AI ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-h12.htm)<br>|
| (h)(12) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 109 on Form N-1A filed on November 7, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000183988223030055/ex99-h13.htm) |
| (h)(13)<br>| [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF and T-REX 2X Inverse Microsoft Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-h14.htm)<br>|
| (h)(14) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of TappAlpha SPY Growth & Daily Income ETF and TappAlpha Innovation 100 Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-h15.htm) |
| (h)(15) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-h16.htm). |
| (h)(16) | [Fund Services Agreement between Registrant and Commonwealth Fund Services, Inc. on behalf of the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 156 on Form N-1A filed on August 9, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124009830/ex99-h18.htm) |
| (h)(17) | [Fund Services Agreement between Registrant and Commonwealth Fund Services, Inc. on behalf of the T-REX 2X Hedge ETFs and the Tuttle Capital Congressional Trading ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-g14.htm)<br>|
| (h)(18) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h19.htm) |
| (h)(19) | Funds Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Tuttle Option Income ETFs (To be Filed by Amendment). |

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|:---|:---|
| (h)(20) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-h21.htm) |
| (h)(21) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the REX IncomeMax IBIT Strategy ETF (To be Filed by Amendment). |
| (h)(22) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Put Write ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 229 on Form N-1A filed on February 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225010571/ex99-h23.htm) |
| (h)(23) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h24.htm) |
| (h)(24) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the REX Bitcoin Corporate Treasury Convertible Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-h25.htm) |
| (h)(25) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Opportunistic Trader ETF, Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital TSLA 0DTE Covered Call ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-h26.htm) |
| (h)(26) | [Form of Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the REX-Osprey<sup>TM</sup> ETFs – Filed Herewith.](ex99-h26.htm) |
| (h)(27) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Tuttle 2X Crypto ETFs (To be Filed by Amendment). |
| (h)(28) | Fund Services Agreement between the Registrant and Commonwealth Funds Services, Inc. on behalf of the Tuttle Capital AI Powered ETFs (To be Filed by Amendment). |
| (h)(29) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Hedgeye ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 2, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-h29.htm) |
| (h)(30) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Tuttle Capital No Risk Tail Bleed ETF (To be Filed by Amendment). |
| (h)(31) | [Form of Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 286 on Form N-1A filed on May 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-h31.htm) |
| (h)(32) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |
| (h)(33) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |

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|:---|:---|
| (h)(34) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (h)(35) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (h)(36) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (h)(37) | [Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the American Conservative Values ETF and the American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-h5.htm) |
| (h)(38) | [Amendment No. 4 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the Funds of the Trust is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-h6.htm) |
| (h)(39) | [Amendment No. 6 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the Funds of the Trust is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-h8.htm). |
| (h)(40) | [Amendment No. 7 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective No. 19 on Form N-1A filed on October 12, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-h12.htm) |
| (h)(41) | [Amendment No. 8 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-h14.htm) |
| (h)(42) | [Amendment No. 9 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](http://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-h16.htm). |
| (h)(43) | [Amendment No. 10 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the Trust is herein incorporated by reference from Registrant's Post-Effective No. 33 on Form N-1A filed on November 28, 2022.](http://www.sec.gov/Archives/edgar/data/1771146/000138713122011865/ex99-h18.htm) |
| (h)(44) | [Amendment No. 12 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-h17.htm) |

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|:---|:---|
| (h)(45) | [Amendment to the Services Agreement (Fund Accounting services) between the Registrant Citi Fund Services Ohio, Inc. and Citibank, N.A. on behalf of the Tuttle Capital 2X DBMF ETF, T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF, T-REX 2X Inverse NVIDIA Daily Target ETF LAFFER\\|TENGLER Equity Income ETF, the REX ETFs and the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-h26.htm) |
| (h)(46) | [Amendment to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. on behalf of the Tuttle Capital Daily 2X Inverse Regional Banks ETF, Tuttle Capital Daily 2X Long AI ETF, the Tuttle Capital Daily 2X Inverse AI ETF, Brendan Wood TopGun ETF, IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-h27.htm)<br>|
| (h)(47) | [Amendment to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. on behalf of T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF and T-REX 2X Inverse Microsoft Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-h27.htm) |
| (h)(48) | [Amendment to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. on behalf of REX AI Equity Premium Income ETF, and SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-h31.htm). |
| (h)(49) | [Amendment to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. on behalf of the Tuttle Capital Congressional Trading ETF and the T-REX 2X Hedge ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-h34.htm) |
| (h)(50) | [Amendment to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. on behalf of the Brookmont Catastrophic Bond ETF and the Tuttle Option Income ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h44.htm) |
| (h)(51) | [ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-h40.htm) |
| (h)(52) | [Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-h41.htm) |
| (h)(53) | [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp on behalf of the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-h40.htm) |
| (h)(54) | [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-h41.htm) |
| (h)(55) | [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX IncomeMax IBIT Strategy ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h49.htm) |

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|:---|:---|
| (h)(56) | [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the SMI 3Fourteen REAL Asset Allocation ETF, Tuttle Capital MSTR Put Write ETF, Tuttle Capital QQQ Put Write ETF, and the T-REX 2X HOOD Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h50.htm) |
| (h)(57) | Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp on behalf of the Put Write ETFs (To be Filed by Amendment). |
| (h)(58) | [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX Bitcoin Corporate Treasury Convertible Bond ETF, T-REX 2X Long DJT Daily Target ETF, T-REX 2X Long ARM Daily Target ETF, T-REX 2X Long RBLX Daily Target ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, and the Tuttle Capital TSLA 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-h54.htm) |
| (h)(59) | [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX IncomeMax IBIT Strategy ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h53.htm) |
| (h)(60) | [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the SMI 3Fourteen REAL Asset Allocation ETF, Tuttle Capital MSTR Put Write ETF, Tuttle Capital QQQ Put Write ETF, and the T-REX 2X HOOD Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h54.htm) |
| (h)(61) | Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Put Write ETFs (To be Filed by Amendment). |
| (h)(62) | [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX Bitcoin Corporate Treasury Convertible Bond ETF, T-REX 2X Long DJT Daily Target ETF, T-REX 2X Long ARM Daily Target ETF, T-REX 2X Long RBLX Daily Target ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, and the Tuttle Capital TSLA 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-h58.htm) |
| (h)(63) | [Amendment to the Services Agreement (Fund Accounting Services) between the Registrant and Citibank, N.A. on behalf of the Opportunistic Trader ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99h58.htm). |
| (h)(64) | Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, and Tuttle Capital COIN 0DTE Covered Call ETF (To be Filed by Amendment). |
| (h)(65) | Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, and Tuttle Capital COIN 0DTE Covered Call ETF (To be Filed by Amendment). |

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|:---|:---|
| (h)(65) | Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on the behalf of the REX Osprey<sup>TM</sup> ETFs (To be Filed by Amendment). |
| (h)(66) | Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the REX Osprey<sup>TM</sup> ETFs (To be Filed by Amendment). |
| (h)(67) | Amendment to the Services Agreement (Fund Accounting Services) between the Registrant and [_____] on behalf of the Tuttle 2X Crypto ETFs (To be Filed by Amendment). |
| (h)(68) | [Amendment to the ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital AI in Healthcare ETF, Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF, Tuttle Capital Quantum Computing AI Powered Covered Call ETF, T-REX 2X Long SNOW Daily Target ETF, and T-REX 2X Long GME Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99h63.htm) |
| (h)(69) | [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital AI in Healthcare ETF, Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF, Tuttle Capital Quantum Computing AI Powered Covered Call ETF, T-REX 2X Long SNOW Daily Target ETF, and T-REX 2X Long GME Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99h64.htm) |
| (h)(70) | Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and [____] on behalf of the Tuttle Capital Agentic AI ETF, Tuttle Capital AI Power Generation ETF, Tuttle Capital Drone Industry AI Powered ETF, Tuttle Capital Quantum Computing AI Powered ETF, and Tuttle Capital UFO Disclosure AI Powered ETF (To be Filed by Amendment). |
| (h)(71) | Amendment to the Services Agreement (Fund Accounting Services) between the Registrant and [____] on behalf of the Tuttle Capital Agentic AI ETF, Tuttle Capital AI Power Generation ETF, Tuttle Capital Drone Industry AI Powered ETF, Tuttle Capital Quantum Computing AI Powered ETF, and Tuttle Capital UFO Disclosure AI Powered ETF (To be Filed by Amendment). |
| (h)(72) | Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Hedgeye ETFs (To be Filed by Amendment). |
| (h)(73) | Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital No Bleed Tail Risk ETF (To be Filed by Amendment). |
| (h)(74) | Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the Tuttle Capital No Bleed Tail Risk ETF (To be Filed by Amendment). |
| (h)(75) | Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the OTG Latin America ETF (To be Filed by Amendment). |
| (h)(76) | Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC on behalf of the OTG Latin America ETF (To be Filed by Amendment). |
| (h)(77) | Amendment to the Services Agreement (Fund Accounting Services) between the Registrant and [_____] on behalf of the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |

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|:---|:---|
| (h)(78) | Amendment to the Services Agreement (Fund Accounting Services) between the Registrant and [____] on behalf of the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |
| (h)(78) | Amendment to the Services Agreement between the Registrant and [_______] on behalf of the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (h)(80) | Amendment to the Services Agreement between the Registrant and [______]on behalf of the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (h)(81) | Amendment to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. on behalf of the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (h)(82) | Fee Waiver Letter dated January 16, 2025, between the Registrant and Kingsbarn Capital Management, LLC on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 244 on Form N-1A filed on March 28, 2025. |
| (h)(83) | [Fee Waiver Letter dated November 1, 2024 between Registrant and Tuttle Capital Management LLC on behalf of the Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 206 on Form N-1A filed on December 30, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124015912/ex99-h54.htm).<br>|
| (h)(84) | [Fee Waiver Letter dated June 25, 2024 between the Registrant and 3Fourteen & SMI Advisory Services, LLC on behalf of the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-h36.htm) |
| (h)(85) | [Fee Waiver Letter dated February 18, 2025 between the Registrant and 3Fourteen & SMI Advisory Services, LLC on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 19, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h66.htm) |
| (h)(86) | [Expense Limitation Agreement between the Registrant and Brookmont Capital Management, LLC on behalf of the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h67.htm) |
| (i)(1) | [Opinion and Consent of Practus, LLP regarding the legality of securities registered with respect to the American Conservative Values ETF and the American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-i1.htm) |
| (i)(2) | [Consent of Legal Counsel for the American Conservative Values ETF and the American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 191 on Form N-1A on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224041948/ex99-i2.htm). |

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|:---|:---|
| (i)(3) | [Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Formidable ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 6 on Form N-1A filed on March 12, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121003509/ex99-i3.htm). |
| (i)(4) | [Consent of Legal Counsel for the Formidable ETFs is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 153 on Form N-1A/A filed on July 29, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124009192/ex99-i4.htm) |
| (i)(5) | [Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-i4.htm) |
| (i)(6) | [Consent of Legal Counsel for the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 255 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125005132/ex99-i6.htm) |
| (i)(7) | [Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 21 on Form N-1A filed on November 9, 2021.](http://www.sec.gov/Archives/edgar/data/1771146/000138713121010900/ex-99i6.htm)<br>|
| (i)(8) | [Consent of Legal Counsel for Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 244 on Form N-1A filed on March 28, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003395/ex99-i8.htm) |
| (i)(9) | [Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference form the Registration's Post-Effective Amendment No 28 on Form N-1A filed on June 7, 2022.](http://www.sec.gov/Archives/edgar/data/1771146/000138713122006798/ex99-i9.htm) |
| (i)(10) | [Consent of Counsel for the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 233 on Form N-1A filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225012455/ex99-i10.htm) |
| (i)(11) | [Opinion and Consent of Counsel regarding the legality of securities registered with respect to the WealthTrust DBS Long Term Growth is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-i8.htm). |
| (i)(12) | [Consent of Counsel for the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 195 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224042045/ex99-i11.htm). |
| (i)(13)<br>| [Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](http://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-i11.htm).<br>|
| (i)(14) | [Consent of Counsel for the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 192 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224041963/ex99-i13.htm).<br>|
| (i)(15) | Opinion and Consent of Counsel regarding legality of securities registered with respect to the Tuttle Capital 2X DBMF ETF (To be Filed by Amendment). |
| (i)(16) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 97 on Form N-1A filed on October 6, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012026/ex99_i14.htm) |
| (i)(17) | [Consent of Counsel for the T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 178 on Form N-1A filed on October 28, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/cepi-485bpos_112224.htm) |

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| (i)(18) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to LAFFER\\|TENGLER Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-i15.htm) |
| (i)(19) | [Consent of Counsel for the Laffer Tengler Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 193 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224041978/ex99-i18.htm). |
| (i)(20) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 88 on Form N-1A filed on September 20, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123011414/ex99-i16.htm) |
| (i)(21) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 81 on Form N-1A filed on September 1, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000183988223023297/ex99-i17.htm). |
| (i)(22) | [Consent of Counsel for the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 194 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224042031/ex99-i21.htm). |
| (i)(23) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital Daily 2X Inverse Regional Banks ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 106 on Form N-1A filed on October 31, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012961/ex99-i18.htm). |
| (i)(24) | [Consent of Counsel for the Tuttle Capital Daily 2X Inverse Regional Banks ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 207 on Form N-1A filed on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124015915/ex99-i23.htm) |
| (i)(25) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-i19.htm). |
| (i)(26) | [Consent of Counsel for Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 206 on Form N-1A filed on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124015912/ex99-i24.htm) |
| (i)(27) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital Daily 2X Long AI ETF and the Tuttle Capital Daily 2X Inverse AI ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 112 on Form N-1A filed on November 17, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000199937123000365/ex99-i20.htm).<br>|
| (i)(28) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 109 on Form N-1A filed on November 7, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000183988223030055/ex99-i20.htm). |
| (i)(29) | [Consent of Legal Counsel for the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 232 on Form N-1A filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225012441/ex99-i28.htm) |
| (i)(30) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF and T-REX 2X Inverse Microsoft Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-d26.htm). |
| (i)(31) | [Consent of Legal Counsel for the T-REX 2X LONG GME DAILY TARGET ETF, T-REX 2X LONG HOOD DAILY TARGET ETF, T-REX 2X LONG SMCI DAILY TARGET ETF, T-REX 2X LONG DJT DAILY TARGET ETF, T-REX 2X LONG MARA DAILY TARGET ETF, T-REX 2X INVERSE MARA DAILY TARGET ETF, T-REX 2X LONG RBLX DAILY TARGET ETF, T-REX 2X LONG PLTR DAILY TARGET ETF, T-REX 2X INVERSE PLTR DAILY TARGET ETF, T-REX 2X LONG ARM DAILY TARGET ETF, T-REX 2X LONG SHOP DAILY TARGET ETF, T-REX 2X INVERSE SHOP DAILY TARGET ETF, T-REX 2X LONG AMD DAILY TARGET ETF, T-REX 2X INVERSE AMD DAILY TARGET ETF, T-REX 2X LONG BA DAILY TARGET ETF, T-REX 2X INVERSE BA DAILY TARGET ETF, T-REX 2X LONG SNOW DAILY TARGET ETF, T-REX 2X INVERSE SNOW DAILY TARGET ETF, T-REX 2X LONG AVGO DAILY TARGET ETF, T-REX 2X INVERSE AVGO DAILY TARGET ETF, T-REX 2X LONG PANW DAILY TARGET ETF, T-REX 2X INVERSE PANW DAILY TARGET ETF, T-REX 2X LONG TSM DAILY TARGET ETF, T-REX 2X INVERSE TSM DAILY TARGET ETF, T-REX 2X LONG SQ DAILY TARGET ETF, T-REX 2X INVERSE SQ DAILY TARGET ETF, T-REX 2X LONG COIN DAILY TARGET ETF, and T-REX 2X INVERSE COIN DAILY TARGET ETF, T-REX 2X LONG APPLE DAILY TARGET ETF, T-REX 2X INVERSE APPLY DAILY TARGET ETF, T-REX 2X LONG ALPHABET DAILY TARGET ETF, T-REX 2X INVERSE ALPHABET DAILY TARGET ETF, T-REX 2X LONG MICROSOFT DAILY TARGET ETF and T-REX 2X INVERSE MICROSOFT DAILY TARGET ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99i31.htm) |

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| (i)(32) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the TappAlpha SPY Daily Growth & Income ETF and TappAlpha Innovation 100 Daily Growth & Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-i24.htm). |
| (i)(33) | [Consent of Legal Counsel for the TappAlpha Innovation 100 Growth & Daily Income ETF and TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 257 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125005141/ex99-i32.htm) |
| (i)(34) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-i27.htm). |
| (i)(35) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-i29.htm)<br>|
| (i)(36) | [Consent of Legal Counsel for the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 256 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125005134/ex99-i34.htm) |
| (i)(37) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital Congressional Trading ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 201 on Form N-1A filed on December 13, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224045121/ex99-i31.htm) |
| (i)(38) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Hedge ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-i29.htm)<br>|
| (i)(39) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Inverse MSTR Daily Target ETF and the T-REX 2X Long MSTR Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-i32.htm) |
| (i)(40) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 212 on Form-N-1A filed on January 17, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125000464/ex99-i36.htm) |
| (i)(41) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Option Income ETFs (To be Filed by Amendment). |

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| (i)(42) | [Opinion and Consent of Counsel regarding the legality of shares registered with respect to the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-i34.htm) |
| (i)(43) | Opinion and Consent of Counsel regarding the legality of shares registered with respect to the REX IncomeMax IBIT Strategy ETF (To be Filed by Amendment). |
| (i)(44) | [Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Put Write ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 229 on Form N-1A filed on February 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225010571/ex99-i40.htm) |
| (i)(45) | [Opinion and Consent of Counsel regarding the legality of shares registered with respect to the SMI 3Fourteen SMI REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-i41.htm) |
| (i)(46) | [Opinion and Consent of Counsel regarding the legality of shares registered with respect to the REX Bitcoin Corporate Treasury Convertible Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 236 on Form N-1A filed on March 11, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225015121/ex99-i44.htm) |
| (i)(47) | [Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Opportunistic Trader ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-i45.htm) |
| (i)(48) | [Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital TSLA 0DTE Covered Call ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 245 on Form N-1A filed on March 28, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003397/ex99-i46.htm) |
| (i)(49) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX-Osprey<sup>TM</sup> ETFs – Filed Herewith.](ex99-i49.htm) |
| (i)(50) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle 2X Crypto ETFs (To be Filed by Amendment). |
| (i)(51) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital AI Powered ETFs (To be Filed by Amendment). |
| (i)(52) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the Hedgeye ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-i52.htm) |
| (i)(53) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital No Bleed Tail Risk ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 276 on Form N-1A filed on May 21, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000121390025046379/ea024280801_ex99-i53.htm) |
| (i)(54) | [Opinion and Consent of Counsel regarding legality of shares registered with respect to the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 286 on Form N-1A filed on May 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-i54.htm) |
| (i)(55) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |

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| (i)(56) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |
| (i)(57) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (i)(58) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (i)(59) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (j)(1) | [Consent of Independent Registered Public Accounting Firm on behalf of the American Conservative Values ETF and the American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 191 on Form N-1A on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224041948/ex99-j1.htm). |
| (j)(2) | [Consent of Independent Registered Public Accounting Firm on behalf of the Formidable ETFs is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 153 on Form N-1A/A filed on July 29, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124009192/ex99-j2.htm) |
| (j)(3) | [Consent of Independent Registered Public Accounting Firm on behalf of the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 255 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125005132/ex99-j3.htm) |
| (j)(4) | [Consent of Independent Registered Public Accounting Firm on behalf of the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 192 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224041963/ex99-j4.htm). |
| (j)(5) | [Consent of Independent Registered Public Accounting Firm on behalf of the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 195 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224042045/ex99-j5.htm). |
| (j)(6) | [Consent of Independent Registered Public Accounting Firm on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 244 on Form N-1A filed on March 28, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003395/ex99-j6.htm) |
| (j)(7) | [Consent of Independent Registered Public Accounting Firm on behalf of the T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 178 on Form N-1A filed on October 28, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/cepi-485bpos_112224.htm) |

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| (j)(8) | [Consent of Independent Registered Public Accounting Firm on behalf of the Laffer Tengler Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 193 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224041978/ex99-j8.htm). |
| (j)(9) | [Consent of Independent Registered Public Accounting Firm on behalf of the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 194 on Form N-1A filed on November 27, 2024](http://www.sec.gov/Archives/edgar/data/1771146/000183988224042031/ex99-j9.htm). |
| (j)(10) | [Consent of Independent Registered Public Accounting Firm on behalf of Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 206 on Form N-1A filed on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124015912/ex99-j10.htm) |
| (j)(11) | [Consent of Independent Registered Public Accounting Firm on behalf of Tuttle Capital Daily 2X Inverse Regional Banks ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 207 on Form N-1A filed on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124015915/ex99-j11.htm) |
| (j)(12) | [Consent of Independent Registered Public Accounting Firm on behalf of the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 232 on Form N-1A filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225012441/ex99-j12.htm) |
| (j)(13) | [Consent of Independent Registered Public Accounting Firm on behalf of the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 233 on Form N-1A filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225012455/ex99-j13.htm) |
| (j)(14) | [Consent of Independent Registered Public Accounting Firm on behalf of the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 256 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125005134/ex99-j14.htm) |
| (j)(15) | [Consent of Independent Registered Public Accounting Firm on behalf of the TappAlpha Innovation 100 Growth & Daily Income ETF and TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 257 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125005141/ex99-j15.htm) |
| (j)(16) | [Consent of Independent Registered Public Accounting Firm on behalf of the T-REX 2X LONG GME DAILY TARGET ETF, T-REX 2X LONG HOOD DAILY TARGET ETF, T-REX 2X LONG SMCI DAILY TARGET ETF, T-REX 2X LONG DJT DAILY TARGET ETF, T-REX 2X LONG MARA DAILY TARGET ETF, T-REX 2X INVERSE MARA DAILY TARGET ETF, T-REX 2X LONG RBLX DAILY TARGET ETF, T-REX 2X LONG PLTR DAILY TARGET ETF, T-REX 2X INVERSE PLTR DAILY TARGET ETF, T-REX 2X LONG ARM DAILY TARGET ETF, T-REX 2X LONG SHOP DAILY TARGET ETF, T-REX 2X INVERSE SHOP DAILY TARGET ETF, T-REX 2X LONG AMD DAILY TARGET ETF, T-REX 2X INVERSE AMD DAILY TARGET ETF, T-REX 2X LONG BA DAILY TARGET ETF, T-REX 2X INVERSE BA DAILY TARGET ETF, T-REX 2X LONG SNOW DAILY TARGET ETF, T-REX 2X INVERSE SNOW DAILY TARGET ETF, T-REX 2X LONG AVGO DAILY TARGET ETF, T-REX 2X INVERSE AVGO DAILY TARGET ETF, T-REX 2X LONG PANW DAILY TARGET ETF, T-REX 2X INVERSE PANW DAILY TARGET ETF, T-REX 2X LONG TSM DAILY TARGET ETF, T-REX 2X INVERSE TSM DAILY TARGET ETF, T-REX 2X LONG SQ DAILY TARGET ETF, T-REX 2X INVERSE SQ DAILY TARGET ETF, T-REX 2X LONG AI DAILY TARGET ETF, T-REX 2X LONG COIN DAILY TARGET ETF, and T-REX 2X INVERSE COIN DAILY TARGET ETF, T-REX 2X LONG APPLE DAILY TARGET ETF, T-REX 2X INVERSE APPLY DAILY TARGET ETF, T-REX 2X LONG ALPHABET DAILY TARGET ETF, T-REX 2X INVERSE ALPHABET DAILY TARGET ETF, T-REX 2X LONG MICROSOFT DAILY TARGET ETF and T-REX 2X INVERSE MICROSOFT DAILY TARGET ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99j16.htm) |
| (j)(17) | [Consent of Independent Registered Public Accounting Firm on behalf of the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 284 on Form N-1A filed on May 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-j17.htm) |

---

---

| | |
|:---|:---|
| (l) | [Initial Capital Agreement is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-l.htm) |
| (m)(1) | [Distribution Plan Pursuant to Rule 12b-1 for the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-m1.htm) |
| (m)(2) | [Distribution Plan Pursuant to Rule 12b-1 for the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 212 on Form-N-1A filed on January 17, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125000464/ex99-m2.htm) |
| (m)(3) | Distribution Plan Pursuant to Rule 12b-1 for the Tuttle Option Income ETFs (To be Filed by Amendment). |
| (m)(4) | [Distribution Plan Pursuant to Rule 12b-1 for the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-m4.htm) |
| (m)(5) | [Distribution Plan Pursuant to Rule 12b-1 for the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-m5.htm) |
| (m)(6) | [Distribution Plan Pursuant to Rule 12b-1 for the Put Write ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 229 on Form N-1A filed on February 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225010571/ex99-m6.htm) |
| (m)(7) | [Distribution Plan Pursuant to Rule 12b-1 for the REX Bitcoin Corporate Treasury Convertible Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-m7.htm) |
| (m)(8) | [Distribution Plan Pursuant to Rule 12b-1 for the Opportunistic Trader ETF, Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital TSLA 0DTE Covered Call ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, and Tuttle Capital COIN 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-m8.htm) |
| (m)(9) | [Distribution Plan Pursuant to Rule 12b-1 for the REX-Osprey<sup>TM</sup> ETFs – Filed Herewith.](ex99-m9.htm) |
| (m)(10) | Distribution Plan Pursuant to Rule 12b-1 for the Tuttle 2X Crypto ETFs (To be Filed by Amendment). |
| (m)(11) | Distribution Plan Pursuant to Rule 12b-1 for the Tuttle Capital AI Powered ETFs (To be Filed by Amendment). |
| (m)(12) | [Distribution Plan Pursuant to Rule 12b-1 for the Hedgeye ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-m12.htm) |
| (m)(13) | [Distribution Plan Pursuant to Rule 12b-1 for the Tuttle Capital No Bleed Tail Risk ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 276 on Form N-1A filed on May 21, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000121390025046379/ea024280801_ex99-m13.htm) |
| (m)(14) | [Form of Distribution Plan Pursuant to Rule 12b-1 for the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 286 on Form N-1A filed on May 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-m14.htm) |
| (m)(15) | Distribution Plan Pursuant to Rule 12b-1 for the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long XXI Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, T-REX 2X Long SMR Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF (To be Filed by Amendment). |

---

---

| | |
|:---|:---|
| (m)(16) | Distribution Plan Pursuant to Rule 12b-1 for the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target ETF, T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF (To be Filed by Amendment). |
| (m)(17) | Distribution Plan Pursuant to Rule 12b-1 for the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF (To be Filed by Amendment). |
| (m)(18) | Distribution Plan Pursuant to Rule 12b-1 for the T-REX 2X Long BYDDY Daily Target ETF (To be Filed by Amendment). |
| (m)(19) | Distribution Plan Pursuant to Rule 12b-1 for the Golden Eagle Dynamic Hypergrowth ETF (To be Filed by Amendment). |
| (n)(1) | Rule 18f-3 Multi-Class Plan. Not applicable. |
| (o) | Reserved. |
| (p)(1) | [Code of Ethics for the Registrant is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-p1.htm) |
| (p)(2) | [Code of Ethics for Ridgeline Research, LLC is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on June 15, 2020.](http://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-p2.htm) |
| (p)(3) | [Code of Ethics for Vident Asset Management is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-p3.htm) |
| (p)(4) | [Code of Ethics for Formidable Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 6 on Form N-1A filed on March 12, 2021](http://www.sec.gov/Archives/edgar/data/1771146/000138713121003509/ex99-p6.htm). |
| (p)(5) | [Code of Ethics for Toroso Asset Management is herein incorporated by reference filed from the Registrant's Post-Effective Amendment No. 27 on Form N-1A filed on April 29, 2022.](http://www.sec.gov/Archives/edgar/data/1771146/000138713122005489/ex99-p7.htm) |
| (p)(6) | [Code of Ethics for Applied Finance Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 255 on Form N-1A filed on April 30, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125005132/ex99-p6.htm) |
| (p)(7) | [Code of Ethics for Gea Sphere, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-p7.htm). |
| (p)(8) | [Code of Ethics for Kingsbarn Capital Management, LLC is herein incorporated by reference filed from the Registrant's Post-Effective Amendment No. 27 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1771146/000138713122005489/ex99-p10.htm). |
| (p)(9) | [Code of Ethics for WealthTrust Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-p9.htm). |

---

---

| | |
|:---|:---|
| (p)(10) | [Code of Ethics for Cultivar Capital, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-p10.htm) |
| (p)(11) | [Code of Ethics for Tuttle Capital Management LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-p11.htm) |
| (p)(12) | [Code of Ethics for Laffer Tengler Investments, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-p12.htm) |
| (p)(13) | [Code of Ethics for REX Advisers, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 81 on Form N-1A filed on September 1, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-p12.htm) |
| (p)(14) | [Code of Ethics for Brendan Wood TopGun Partnerships Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023](http://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-p14.htm).<br>|
| (p)(15) | [Code of Ethics for IDX Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 109 on Form N-1A filed on November 7, 2023.](http://www.sec.gov/Archives/edgar/data/1771146/000183988223030055/ex99-p15.htm)<br>|
| (p)(16) | [Code of Ethics for Tapp Finance, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-p16.htm)<br>|
| (p)(17)<br>| [Code of Ethics for 3Fourteen & SMI Advisory Services, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](http://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-p17.htm)<br>|
| (p)(18) | [Code of Ethics for Brookmont Capital Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 212 on Form-N-1A filed on January 17, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125000464/ex99-p18.htm) |
| (p)(19) | [Code of Ethics for King Ridge Capital Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 212 on Form-N-1A filed on January 17, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125000464/ex99-p19.htm) |
| (p)(20) | [Code of Ethics for OT Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-p20.htm) |
| (p)(21) | [Code of Ethics for Hedgeye Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-p21.htm) |
| (p)(22) | [Code of Ethics for OTG Asset Management, Ltd. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 237 on Fomr N-1A filed on March 12, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000183988225015469/ex99-p22.htm) |
| (p)(23) | Code of Ethics for Golden Eagle Strategies, Inc. (To be Filed by Amendment). |
| (q) | [Power of Attorney for Mary Lou H. Ivey, Dr. David J. Urban, and Laura V. Morrison is herein incorporated by reference from the Registrant's Post-Effective amendment No. 208 on form N-1A filed on January 6, 2025.](http://www.sec.gov/Archives/edgar/data/1771146/000199937125000136/ex99-q.htm) |

---

**Item 29. Persons Controlled By or Under Common Control With Registrant**

The REX IncomeMax IBIT Strategy ETF, a series of the Registrant, wholly owns and controls REX IncomeMax IBIT Strategy (Cayman) Portfolio S.P. (the "IBIT Subsidiary"), an exempt company organized under the laws of Cayman Islands. The IBIT Subsidiary's financial statements will be included on a consolidated basis in the REX IncomeMax IBIT Strategy ETF's report filed on Form N-CSR.

The REX-Osprey™SOL +Staking ETF, a series of the Registrant, wholly owns and controls REX-Osprey™ SOL (Cayman) Portfolio S.P. (the "SOL Subsidiary"), an exempt company organized under the laws of Cayman Islands. The SOL Subsidiary's financial statements will be included on a consolidated basis in the REX-Osprey™SOL +Staking ETF's report filed on Form N-CSR.

The REX-Osprey™ ETH +Staking ETF, a series of the Registrant, wholly owns and controls REX-Osprey™ ETH ETF (Cayman) Portfolio S.P. (the "ETH Subsidiary"), an exempt company organized under the laws of Cayman Islands. The ETH Subsidiary's financial statements will be included on a consolidated basis in the REX-Osprey™ ETH +Staking ETF's report filed on Form N-CSR.

**Item 30. Indemnification**

See Article VIII, Section 2 of the Registrant's Agreement and Declaration of Trust and the section titled "Indemnification of Trustees, Officers, Employees and Other Agents" in the Registrant's By-Laws.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("Securities Act"), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is 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 trustees, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the shares 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 issues.

**Item 31. Business and other Connections of the Investment Adviser**

The description of the Investment Adviser is found under the caption "Management," "The Investment Adviser" in the Prospectus and under the caption "Investment Adviser" in the Statement of Additional Information constituting Parts A and B, respectively, of this Registration Statement, which are incorporated by reference herein. The Investment Adviser may provide investment advisory services to persons or entities other than the Registrant.

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

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| | |
|:---|:---|
| 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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB
 Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ABS
 Long/Short Strategies Fund

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AFA
 Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AGF
 Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM
 ETF Products Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric
 Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American
 Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amplify
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Applied
 Finance Dividend Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied
 Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied
 Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Ardian
 Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ARK
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK
 Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Bitwise
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. BondBloxx
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bridgeway
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Brinker
 Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brookfield
 Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Build
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Calamos
 Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos
 Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos
 Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos
 Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos
 Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos
 Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Carlyle
 Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Cascade
 Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Catalyst
 Strategic Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. CBRE
 Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Clifford
 Capital Partners Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cliffwater
 Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater
 Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Cohen
 & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen
 & Steers Infrastructure Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Convergence
 Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. CornerCap
 Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CrossingBridge
 Pre-Merger SPAC ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Curasset
 Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset
 Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. CYBER
 HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Davis
 Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Defiance
 Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance
 Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Denali
 Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Dividend
 Performers ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Dodge
 & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. DoubleLine
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. DoubleLine
 Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine
 Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine
 Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DriveWealth
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. EIP
 Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Ellington
 Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. ETF
 Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Evanston
 Alternative Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange
 Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Exchange
 Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. FlexShares
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Fortuna
 Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Forum
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum
 Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Forum
 Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Gramercy
 Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Grayscale
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Guinness
 Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Harbor
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Harris
 Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Hawaiian
 Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Horizon
 Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Horizon
 Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Horizon
 Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Horizon
 Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Horizon
 Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. IDX
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Innovator
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Ironwood
 Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Ironwood
 Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Jensen
 Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. John
 Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Kurv
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Lazard
 Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Manor
 Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Milliman
 Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. MoA
 Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Morgan
 Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Morgan
 Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Morgan
 Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Morningstar
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. NEOS
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Niagara
 Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. NXG
 Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NXG
 NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Opal
 Dividend Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. OTG
 Latin America Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Palmer
 Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Palmer
 Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Partners
 Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Perkins
 Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Plan
 Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Point
 Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Precidian
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Preferred-Plus
 ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Rareview
 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview
 Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Renaissance
 Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Reynolds
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. RiverNorth
 Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. RiverNorth
 Patriot ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. RMB
 Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill
 Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill
 Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Rule
 One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Russell
 Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Six
 Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Sound
 Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. SP
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Sparrow
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Spear
 Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. STF
 Tactical Growth & Income ETF, Series of Listed Funds Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Strategic
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Strategy
 Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Tekla
 World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Tema
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The
 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The
 2023 ETF Series Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The
 Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The
 Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The
 Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The
 Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Third
 Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Third
 Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal
 Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal
 Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. TIFF
 Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Timothy
 Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy
 Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy
 Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy
 Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy
 Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Total
 Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Touchstone
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. T-Rex
 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex
 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex
 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. T-Rex
 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. TrueShares
 Active Yield ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. TrueShares
 Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. TrueShares
 Structured Outcome (April) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. TrueShares
 Structured Outcome (August) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. TrueShares
 Structured Outcome (December) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. TrueShares
 Structured Outcome (February) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. TrueShares
 Structured Outcome (January) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. TrueShares
 Structured Outcome (July) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. TrueShares
 Structured Outcome (June) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. TrueShares
 Structured Outcome (March) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. TrueShares
 Structured Outcome (May) ETF, Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. TrueShares
 Structured Outcome (November) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. TrueShares
 Structured Outcome (October) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. TrueShares
 Structured Outcome (September) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. TrueShares
 Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. U.S.
 Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. Union
 Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. Vest
 Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Vest
 S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Vest
 US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Vest
 US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. Vest
 US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Vest
 US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Virtus
 Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Volatility
 Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. WEBs
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. Wellington
 Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. Wilshire
 Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. Wilshire
 Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215. WisdomTree
 Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216. WisdomTree
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217. 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 Three Canal Plaza, Suite 100, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Position with Underwriter | &nbsp;&nbsp; Position with Registrant<br>|
| &nbsp;&nbsp;Teresa Cowan | &nbsp;&nbsp;Three Canal Plaza, <br> Suite 100, Portland, ME<br> 04101 | &nbsp;&nbsp;President/Manager |  |
| &nbsp;&nbsp;Chris Lanza | &nbsp;&nbsp;Three Canal Plaza, <br> Suite 100, Portland, ME <br> 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Kate Macchia | &nbsp;&nbsp;Three Canal Plaza, <br> Suite 100, Portland, ME <br> 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Alicia Strout | &nbsp;&nbsp;Three Canal Plaza, <br> Suite 100, Portland, ME<br> 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| &nbsp;&nbsp;Kelly B. Whetstone | &nbsp;&nbsp;Three Canal Plaza, <br> Suite 100, Portland, ME<br> 04101 | &nbsp;&nbsp;Secretary |  |
| &nbsp;&nbsp;Susan L. LaFond | &nbsp;&nbsp;Three Canal Plaza, <br> Suite 100, Portland, ME<br> 04101 | &nbsp;&nbsp;Treasurer |  |
| &nbsp;&nbsp;Weston Sommers | &nbsp;&nbsp;Three Canal Plaza, <br> Suite 100, Portland, ME<br> 04101 | &nbsp;&nbsp;Financial and Operations Principal and Chief Financial Officer |  |

---

---

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

---

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

The accounts, books or other documents of the Registrant required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are kept in several locations:

a) Adviser Ridgeline
 Research LLC, 14961 Finegan Farm Drive, Darnestown, Maryland 20874 (records relating to its function as investment adviser to the American
 Conservative Values ETF and the American Conservative Values Small-Cap ETF).

b) Sub-Adviser Vident
 Advisory, LLC (d/b/a Vident Asset Management), 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009 (records relating to its function
 as sub-adviser to the American Conservative Values ETF, the American Conservative Values Small-Cap ETF, the Kingsbarn Tactical Bond ETF,
 the Kingsbarn Dividend Opportunity ETF, the REX ETFs, the REX FANG & Innovation Equity Premium Income ETF, the REX AI Equity Premium
 Income ETF, the REX Crypto Equity Premium Income ETF, the REX IncomeMax IBIT Strategy ETF and the REX Bitcoin Corporate Treasury Convertible
 Bond ETF).

c) Adviser Formidable
 Asset Management, LLC, 221 East fourth Street, Suite 2700, Cincinnati, Ohio 45202 (records relating to its function as investment adviser
 to the Formidable ETFs).

d) Sub-Adviser Tidal
 Investments, LLC, 898 N. Broadway, Suite 2, Massapequa, New York 11758 (records relating to its function as sub-adviser to the Formidable
 ETFs, the Applied Finance Valuation Large Cap ETF, WealthTrust DBS Long Term Growth ETF, Cultivar ETF, IDX Dynamic Innovation ETF, IDX
 Dynamic Fixed Income ETF, the SMI 3Fourteen Full-Cycle Trend ETF, the SMI 3Fourteen REAL Asset Allocation ETF, the Hedgeye ETFs and the
 OTG Latin America ETF).

e) Adviser Applied
 Finance Advisors, LLC, 17806 IH 10, Suite 300, San Antonio, Texas 78257 (records relating to its function as adviser to the Applied Finance
 Valuation Large Cap ETF).

f) Adviser Kingsbarn
 Capital Management, LLC, 1645 Village Center Circle, Suite 200, Las Vegas, Nevada 89134 (records relating to its function as adviser to
 the Kingsbarn Tactical Bond ETF and Kingsbarn Dividend Opportunity ETF).

g) Adviser WealthTrust
 Asset Management, LLC, 4458 Legendary Drive, Suite 140, Destin, Florida 32541 (records relating to its function as adviser to the WealthTrust
 DBS Long Term Growth ETF).

h) Adviser Cultivar
 Capital, Inc., 421 E. Hickory Street, Suite 103, Denton, Texas 76201 (records relating to its function as adviser to the Cultivar ETF).

i) Adviser Tuttle
 Capital Management LLC, 155 Lockwood Rd., Riverside CT 06878 (records relating to its function as adviser to the Tuttle Capital 2X DBMF
 ETF, Tuttle Capital 2X All Innovation ETF, Tuttle Capital 2X Inverse All Innovation ETF, T-REX 2X Inverse NVIDIA Daily Target ETF, T-REX
 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF, T-REX 2X Long Tesla Daily Target ETF, LAFFER\|TENGLER Equity
 Income ETF, Tuttle Capital Daily 2X Inverse Regional Banks ETF, Tuttle Capital Daily 2X Long AI ETF, Tuttle Capital Daily 2X Inverse AI
 ETF, Brendan Wood TopGun ETF, T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily
 Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF, T-REX 2X Inverse Microsoft Daily Target
 ETF, Tuttle Capital Congressional Trading ETF, the T-REX 2X Hedge ETFs, the Tuttle Option Income ETFs, the Put Write ETFs, the Opportunistic
 Trader ETF, the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered
 Call ETF, Tuttle Capital TSLA 0DTE Covered Call ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call
 ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF,
 the Tuttle 2X Crypto ETFs, the Tuttle Capital AI Powered ETFs, the Tuttle Capital No Bleed Tail Risk ETF, the T-REX 2X Long DKNG Daily
 Target ETF, the T-REX 2X Long BULL Daily Target ETF, the T-REX 2X Long XXI Daily Target ETF, the T-REX 2X Long CRWV Daily Target ETF,
 and the T-REX 2X Long SMR Daily Target ETF, T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR
 Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long GOLD Daily Target ETF, T-REX
 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target
 ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily
 Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long
 TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX
 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, T-REX 2X Long DOUL Daily Target
 ETF, Tuttle Capital 1X Inverse Volatility ETF, Tuttle Capital 2X Inverse Volatility ETF, and T-REX 2X Long BYDDY Daily Target ETF, T-REX
 2X Long GEV Daily Target ETF, T-REX 2X Long HHH Daily Target ETF, and T-REX 2X Long CRCL Daily Target ETF).

j) Sub-Adviser Laffer
 Tengler Investments, Inc., 103 Murphy Court, Nashville, TN 37203 (records relating to its function as sub-adviser to the LAFFER\|TENGLER
 Equity Income ETF).

k) Adviser REX
 Advisers, LLC, 1241 Post Road, Second Floor, Fairfield, Connecticut 06824 (records relating to its function as adviser to the REX ETFs,
 REX FANG & Innovation Equity Premium Income ETF, REX AI Equity Premium Income ETF, the REX Crypto Equity Premium Income ETF, REX IncomeMax
 IBIT Strategy ETF, the REX Bitcoin Corporate Treasury Convertible Bond ETF and the REX-Osprey<sup>TM</sup>ETFs).

---

| | | |
|:---|:---|:---|
| l) | Sub-Adviser | Brendan Wood TopGun Partnerships Inc., 15 Prince Arthur Avenue, Toronto, Ontario, Canada M5R 1B2 (records relating to its function as sub-adviser to the Brendan Wood TopGun ETF).<br>|
| m) | Adviser | Tapp Finance, Inc., 3700 W. Lawton St., Seattle, Washington 98199 (records relating to its function as adviser to the TappAlpha SPY Growth & Daily Income ETF and the TappAlpha Innovation 100 Growth & Daily Income ETF).<br>|
| n) | Sub-Adviser | Tuttle Capital Management, LLC, 155 Lockwood Rd., Riverside CT 06878 (relating to its function as sub-adviser to the TappAlpha SPY Growth & Daily Income ETF and the TappAlpha Innovation 100 Growth & Daily Income ETF).<br>|
| o) | Adviser | IDX Advisors, LLC, 2201 E. Camelback Road, Suite 605, Phoenix, AZ 85016 (records relating to its function as adviser to the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF).<br>|
| p) | Adviser | 3Fourteen & SMI Advisory Services, LLC, 4400 Ray Blvd., Columbus, Indiana 47203 (records relating to its function as adviser to the SMI 3Fourteen Full-Cycle Trend ETF and the SMI 3Fourteen REAL Asset Allocation ETF).<br>|
| q) | Adviser | Brookmont Capital Management, LLC, 5950 Berkshire Lane, Suite 1420, Dallas, TX 75225 (records relating to its function as adviser to the Brookmont Catastrophic Bond ETF).<br>|
| r) | Sub-Adviser | King Ridge Capital Advisors, LLC, 87 Summit Road, New London, NH 03257 (relating to its function as sub-adviser to the Brookmont Catastrophic Bond ETF).<br>|
| s) | Sub-Advisor | OT Advisors, LLC, 7284 West Palmetto Park Road, Suite 303, Boca Raton, Florida 33433 (relating to its function as sub-adviser to the Opportunistic Trader ETF).<br>|
| t) | Adviser | Hedgeye Asset Management, LLC, 1 High Ridge Park, 3<sup>rd</sup> Floor, Stamford, CT 06905 (relating to its function as adviser to the Hedgeye ETFs). |
| u) | Adviser | OTG Asset Management, Ltd., Montenegro #1439 Torre Infrabol Piso 6, La Paz, Bolivia (relating to its function as the adviser to the OTG Latin America ETF).<br>|
| v) | Adviser | Golden Eagle Strategies, Inc., 2103 South Ocean Boulevard, Unit B, Delray Beach, Florida 33483 (relating to its function as the adviser to the Golden Eagle Dynamic Hypergrowth ETF).<br>|
| w) | Custodian, Transfer Agency | Citibank, N.A., 390 Greenwich Street, 6<sup>th</sup> Floor, New York, New York 10013. |
| x) | Transfer Agent<br>| U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, WI 53202. |
| y) | Custodian | U.S. Bank, N.A., 425 Walnut St., Cincinnati, Ohio 45202.<br>|
| z) | Administrator | Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235. |
| aa) | Distributor | Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. |

---

bb) Fund Accountant Citi Fund Services Ohio, Inc., located at 4400 Easton Commons, Suite 200, Columbus, Ohio, 43219.

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings** 

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) of the Securities Act and has duly caused this Post-Effective Amendment No. 303 to the Registrant's Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richmond, Commonwealth of Virginia on the 27th day of June, 2025.

ETF OPPORTUNITIES TRUST

---

| | |
|:---|:---|
| By: | /s/ Karen M. Shupe |
|  | Karen M. Shupe |
|  | Treasurer and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 303 to the Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| Signature | Signature | Title | &nbsp;&nbsp;Date |
| \*Mary Lou H. Ivey | \*Mary Lou H. Ivey | Trustee | &nbsp;&nbsp;June 27, 2025 |
| \*Laura V. Morrison | \*Laura V. Morrison | Trustee | &nbsp;&nbsp;June 27, 2025 |
| \*Dr. David J. Urban | \*Dr. David J. Urban | Trustee | &nbsp;&nbsp;June 27, 2025 |
| /s/ Karen M. Shupe | /s/ Karen M. Shupe | Treasurer and Principal Executive Officer | &nbsp;&nbsp;June 27, 2025 |
| Karen M. Shupe | Karen M. Shupe |  |  |
| /s/ Ann T. MacDonald | /s/ Ann T. MacDonald | Assistant Treasurer and Principal Financial Officer | &nbsp;&nbsp;June 27, 2025 |
| Ann T. MacDonald | Ann T. MacDonald |  |  |
| \*By: | /s/ Karen M. Shupe |  |  |
| Karen M. Shupe | Karen M. Shupe |  |  |

---

\*[Attorney-in-fact pursuant to Powers of Attorney filed as Exhibit (q) on January 6, 2025 (Accession No. 0001999371-25-000136)](http://www.sec.gov/Archives/edgar/data/1771146/000199937125000136/ex99-q.htm)

EXHIBITS

---

| | |
|:---|:---|
| [(d)(38)](ex99-d38.htm) | [Amended Management Agreement between T-REX (Cayman) Portfolios SPC (a Cayman Islands exempted company) and REX Advisers, LLC on behalf of the REX IncomeMax IBIT Strategy ETF, REX-Osprey<sup>TM</sup> DOGE ETF, REX-Osprey<sup>TM</sup> TRUMP ETF, REX-Osprey<sup>TM</sup> BONK ETF, REX-Osprey<sup>TM</sup> XRP ETF, REX-Osprey<sup>TM</sup> SOL ETF, REX-Osprey<sup>TM</sup> BTC ETF and REX-Osprey<sup>TM</sup> ETH ETF and the REX-Osprey<sup>TM</sup> MOVE ETF](ex99-d38.htm) |

---

---

| | |
|:---|:---|
| [(d)(46)](ex99-d46.htm) | [Form of Advisory Agreement between the Registrant and REX Advisers, LLC on behalf of the REX-Osprey<sup>TM</sup> DOGE ETF, REX-Osprey<sup>TM</sup> TRUMP ETF, REX-Osprey<sup>TM</sup> BONK ETF, REX-Osprey<sup>TM</sup> XRP ETF, REX-Osprey<sup>TM</sup> +Staking SOL ETF, REX-Osprey<sup>TM</sup> BTC ETF and REX-Osprey<sup>TM</sup> ETH +Staking ETF and the REX-Osprey<sup>TM</sup> MOVE ETF](ex99-d46.htm) |

---

[(g)(33)](ex99-g33.htm) [Master Custody Service Agreement between the Registrant and Anchorage Digital Bank N.A. on behalf of the REX-Osprey™ SOL +Staking ETF and REX-Osprey™ ETH +Staking ETF](ex99-g33.htm)

[(h)(26)](ex99-h26.htm) [Form of Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the REX-Osprey<sup>TM</sup> ETFs](ex99-h26.htm)

[(i)(49)](ex99-i49.htm) [Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX-Osprey<sup>TM</sup>ETFs](ex99-i49.htm)

[(m)(9)](ex99-m9.htm) [Distribution Plan Pursuant to Rule 12b-1 for the REX-Osprey<sup>TM</sup> ETFs](ex99-m9.htm)

## Ex-99.(D)(38)

[ETF OPPORTUNITIES TRUST 485BPOS](rexosprey-485bpos_062725.htm)

**Exhibit 99(d)(38)**

**AMENDED MANAGEMENT AGREEMENT**

**REX Advisers, LLC**

This Agreement originally entered into on October 18, 2024 and amended as of March 18, 2025, between T-REX (Cayman) Portfolios SPC (the "Fund"), on behalf of each Segregated Portfolio listed on Appendix A hereto (each a "Segregated Portfolio" and collectively, the "Segregated Portfolios"), and REX Advisers, LLC, a Delaware limited liability company with its principal place of business in Fairfield, Connecticut, (referred to herein as "REX Advisers"), to provide certain management and investment advisory services to the Fund, for and on behalf of the Segregated Portfolios.

The Fund is a Cayman Islands segregated portfolio company which maintains segregated portfolios (as defined in the Companies Act (Revised) of the Cayman Islands) in order to segregate the assets and liabilities of each such segregated portfolios from the assets and liabilities of other segregated portfolios and from the general assets of the Fund. The sole shareholder of each Segregated Portfolio is the corresponding series of ETF Opportunities Trust listed on Appendix A hereto (the "Sole Shareholder"). ETF Opportunities Trust (the "Trust"), is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (collectively with the rules and regulations promulgated thereunder and any exemptive orders thereunder, the "1940 Act"), and consists of more than one series, including each Sole Shareholder. Each Segregated Portfolio's principal purpose is to provide its corresponding Sole Shareholder with exposure to certain assets such as commodities and exchange traded products or funds within the limitations of the U.S. federal tax requirements that apply to the Sole Shareholder. Each Segregated Portfolio (unlike the Sole Shareholder) may invest without limitation in commodities, commodity index-linked securities, exchange traded products or funds, other commodity-linked securities and derivative instruments. However, each Segregated Portfolio otherwise is subject to such Sole Shareholder's investment restrictions and other policies. The Fund and each Segregated Portfolio wishes to have the benefit of the investment advisory services of REX Advisers and REX Advisers desires to furnish services for the Fund and the Segregated Portfolios and to perform the functions assigned to it under this Agreement for the considerations provided. Accordingly, the parties have agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment.** The Fund on behalf of each Segregated Portfolio hereby appoints
REX Advisers as the Fund's investment adviser with respect to each Segregated Portfolio listed on Appendix A for the period and
on the terms set forth in this Agreement. REX Advisers accepts such appointment and agrees to render or cause to be rendered the services
set forth for the compensation herein specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Duties.** In its capacity as investment adviser to the Fund and the Segregated
Portfolios, REX Advisers shall have the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) REX Advisers shall regularly provide the Fund and each Segregated Portfolio with
investment advisory services, including management, supervision and investment research and advice and shall furnish a continuous investment
program for each Segregated Portfolio's portfolio of securities and other investments consistent with each such Segregated Portfolio's
investment objectives, policies and restrictions, as stated in the corresponding Sole Shareholder's current Prospectus and Statement
of Additional Information. The investment advisory services to be provided shall be subject to the supervision of the Fund's Board
of Directors (the "Board") and shall include the design, development and ongoing review and evaluation of each Segregated
Portfolio and its investment strategy; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design,
development, implementation and ongoing review and evaluation of a process for the valuation of the Segregated Portfolio's investments;
design, development, implementation and ongoing review and evaluation of a compliance program for the Segregated Portfolio; design, development,
implementation and ongoing review and evaluation of a process for the voting of proxies and rights to consent to corporate action for
the Segregated Portfolio's investments; participation in Board meetings and oversight of preparation of materials for the Board,
including materials for Board meetings and regular communications with the Board; and ongoing cash management services.

In furtherance of the foregoing, without limitation, REX Advisers shall determine from time to time what securities and other investments and instruments will be purchased, retained, sold or exchangedby the particular Segregated Portfolio and what portion of the assets of such Segregated Portfolio will be held in the various securities and other investments in which the Segregated Portfolio invests, and shall implement those decisions (including the execution of investment documentation and agreements), all subject to the provisions of the Fund's Memorandum and Articles of Association (as may be amended from time to time, the "Articles"), the 1940 Act and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the "SEC") and any applicable Cayman Islands law and U.S. state and federal law, as well as the investment objectives, policies and restrictions of each Segregated Portfolio and, to the extent applicable, each Sole Shareholder, and any other specific policies adopted by the Board and disclosed to REX Advisers. REX Advisers is authorized as the agent of the Fund to give instructions to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the account of the Fund and each Segregated Portfolio. Subject to applicable provisions of the 1940 Act and direction from the Board, the investment program to be provided hereunder may entail the investment of all or substantially all of the assets of the Fund in one or more investment companies.

Except as specifically provided above, in no event shall REX Advisers be deemed to have assumed any duties with respect to, or be responsible for, the distribution of the shares of the Fund or any Segregated Portfolio, nor shall REX Advisers be deemed to have assumed, or have any responsibility with respect to, functions specifically assumed by any transfer agent, fund accounting agent, custodian or shareholder servicing or other agent, in each case employed by the Fund to perform such functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) REX Advisers will place orders pursuant to its investment determinations for each
Segregated Portfolio either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant
or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable
law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund, the Segregated Portfolios and/or the
other accounts over which REX Advisers or its affiliates exercise investment discretion. REX Advisers is authorized to pay a broker or
dealer who provides such brokerage and research services a commission for executing a portfolio transaction for a Segregated Portfolio
which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if REX Advisers
determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services
provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities
which REX Advisers, and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt
policies and procedures that modify and restrict REX Advisers' authority regarding the execution of each Segregated Portfolio's
portfolio transactions provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund, on behalf of each Segregated Portfolio, hereby authorizes any entity
or person associated with REX Advisers which is a member of a national securities exchange to effect any transaction on the exchange for
the account of a Segregated Portfolio which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Fund
and each Segregated Portfolio hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2- 2(T)(a)(2)(iv).
Notwithstanding the foregoing, REX Advisers agrees that it will not deal with itself, or with the Directors of the Fund or any principal
underwriter of the Fund, as principals or agents in making purchases or sales of securities or other property for the account of the Fund
or a Segregated Portfolio, nor will it purchase any securities from an underwriting or selling group in which REX Advisers or its affiliates
is participating, or arrange for purchases and sales of securities between the Fund, a Segregated Portfolio and another account advised
by REX Advisers or its affiliates, except in each case as permitted by the 1940 Act and in accordance with such policies and procedures
as may be adopted by the Fund from time to time, and will comply with all other provisions of the Articles and each Sole Shareholder's
then- current Prospectus and Statement of Additional Information relative to REX Advisers and its directors and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) REX Advisers shall, at the request of the Board, exercise voting rights, rights to consent to corporate

action and any other rights pertaining to each Segregated Portfolio's portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) REX Advisers may execute on behalf of the Fund certain agreements, instruments
and documents in connection with the services performed by it under this Agreement. These may include, without limitation, brokerage agreements,
clearing agreements, account documentation, futures and option agreements, swap agreements, other investment related agreements, and any
other agreements, documents or instruments REX Advisers believes are appropriate or desirable in performing its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Activities of REX Advisers.** Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of REX Advisers, whether or not a Director, officer or employee of the Fund, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of REX Advisers to engage in any other business or to render services of any kind, including investment advisory, administrative and management services, to any other fund, firm, individual or association. If the purchase or sale of securities for a Segregated Portfolio and one or more other accounts of REX Advisers is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by REX Advisers. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with REX Advisers' policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Allocation of Charges and Expenses.** During the term of this Agreement, REX Advisers shall pay all of the expenses of the Fund (including compensation of members of the Board of Trustees of the Fund), except for (i) the fee payment under this Agreement, (ii) interest expenses, (iii) taxes, (iv) acquired fund fees and expenses, (v) brokers' commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund or a Segregated Portfolio, (vi) credit facility fees and expenses, including interest expenses and (vii) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. For the avoidance of doubt, REX Advisers' payment of such expenses may be accomplished through the Fund's payment of such expenses and a corresponding reduction in the fee payable to REX Advisers pursuant to Section 6 hereof; provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to REX Advisers pursuant to Section 6 hereof, REX Advisers will reimburse the Fund for such excess amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Obligation to Provide Information.** Each party's obligation to provide information shall be as
follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall at all times keep REX Advisers fully informed with regard to the
securities owned by the Fund and the Segregated Portfolio's, the Fund's and the Segregated Portfolio's funds available,
or to become available, for investment, and generally as to the condition of the Fund's and each Segregated Portfolio's affairs.
The Fund shall furnish REX Advisers with such other documents and information with regard to the Fund's affairs as REX Advisers
may from time to time reasonably request. The Fund shall provide REX Advisers with access to all information, documents, and records of
and about the Fund and the Segregated Portfolios that are necessary for REX Advisers to carry out the performance of its duties under
this Agreement. Each Sole Shareholder shall furnish REX Advisers with a certified copy of any financial statement or report prepared for
the Sole Shareholder by certified or independent public accountants, and with copies of any financial statements or reports made by such
Sole Shareholder to its shareholders or to any governmental body or securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) REX Advisers shall at all times keep the Fund fully informed with regard to each
Segregated Portfolio's investment performance and investment mandate compliance, and generally as to the condition of the Fund's
and each Segregated portfolio's affairs. REX Advisers shall furnish the Fund with such other documents and information with regard
to the Fund as the Fund may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) REX Advisers acknowledges the Fund is subject to the Data Protection Act
 (Revised) of the Cayman Islands (the "DPA") and acknowledges and agrees that, to the extent that the Fund or one of its delegates desires or
is required to transfer "personal data" (as defined under the DPA) to the REX Advisers, the Fund may only do so in accordance
with the DPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Compensation of REX Advisers.** The Fund agrees to pay REX Advisers and REX
Advisers agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to
the provisions hereof, a management fee payable monthly and calculated as of the daily net assets of each Segregated Portfolio included
on Appendix <u>A</u> of this Agreement, as such Appendix A may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Compensation of Trustees, Officers and Employees.** No Director, officer
or employee of the Fund shall receive from the Fund any salary or other compensation as such Director, officer or employee while he is
at the same time a director, officer, or employee of REX Advisers, a sub-adviser or principal underwriter, or affiliate of any of the
foregoing, or a consultant, independent contractor or other person who receives remuneration or other benefits from any of the foregoing,
except as the Board may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will become effective with respect to the Fund on the date set
forth above and shall continue in effect with respect to the Fund and each Segregated Portfolio, unless sooner terminated in accordance
with its terms, for two years from its effective date, and shall continue in effect from year to year thereafter, provided that, subject
to clause 8(b), such continuance is specifically approved at least annually by an authorized person of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust's authority to approve the continuance of this Agreement by an authorized
person of the Trust pursuant to clause 8(a) above shall be revoked, and shall not be required, in the event the REX Adviser to the respective
Sole Shareholder of each Segregated Portfolio no longer serves in an investment advisory capacity with respect to such Sole Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Termination.** This Agreement may be terminated with respect to the Fund
and each Segregated Portfolio at any time, without penalty, by the Board of Directors of the Fund or the affirmative vote of a majority
of the outstanding voting securities of the Fund provided that 60 days' written notice of termination be given to REX Advisers at
its principal place of business. This Agreement may be terminated with respect to the Fund by REX Advisers at any time by giving 60 days'
written notice of termination to the Fund, addressed to its principal place of business. For so long as each Sole Shareholder is the sole
shareholder of its corresponding Segregated Portfolio, this Agreement may be terminated with respect to such Segregated Portfolio at any
time by the Trust, on behalf of such Sole Shareholder, or by vote of a majority of the outstanding voting securities of the Sole Shareholder,
upon 60 days' written notice of termination to REX Advisers. This Agreement may be terminated with respect to the Fund or a Segregated
Portfolio upon the mutual written consent of REX Advisers and, for so long as each Sole Shareholder is the sole shareholder of its corresponding
Segregated Portfolio , the Trust. This Agreement shall terminate automatically in the event of its assignment by REX Advisers and shall
not be assignable by the Fund without the consent of REX Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Liability of REX Advisers.** REX Advisers may rely on information reasonably
believed by it to be accurate and reliable. REX Advisers assumes no responsibility under this Agreement other than to render the services
called for hereunder, in good faith, and shall not be liable for any error of judgment or mistake of law, or for any loss arising out
of any investment or for any act or omission in the execution of securities transactions for the Fund or a Segregated Portfolio, provided
that nothing in this Agreement shall protect REX Advisers against any liability to the Fund or a Segregated Portfolio to which REX Advisers
would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason
of its reckless disregard of its obligations and duties hereunder. As used in this Section 10, the term "REX Advisers" shall
include any affiliates of REX Advisers performing services for the Fund contemplated hereby and the partners, shareholders, directors,
officers and employees of REX Advisers and such affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Meanings of Certain Terms.** For the purposes of this Agreement, the terms
"assignment," "interested person," and "majority of the outstanding voting securities" shall have
the meanings given to them by Section 2(a) of the 1940 Act,
subject to such exemptions as may be granted by the Securities and Exchange Commission by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Amendments.** No provision of this Agreement may be changed, waived, discharged
or terminated orally with respect to the Fund, but only by an instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought. No material amendment of the Agreement shall be effective with respect to the Fund
until approved by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Miscellaneous.** This Agreement embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part
of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Governing Law.** This Agreement shall be construed and the provisions thereof
interpreted under and in accordance with the laws of the State of Delaware and the applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Confidential Information.** Each party to this Agreement acknowledges that
in order to perform the duties called for in this Agreement, it may be necessary for a party ("owner") to disclose to the
other party(ies) certain "Confidential Information." Confidential Information means non-public, proprietary information, data
or know- how of an owner, including, but not limited to, personal information of an owner's customers. No party will use another
party's Confidential Information except as required for the performance of this Agreement. Each party will use commercially reasonable
efforts in a manner fully consistent with industry standards and applicable federal, state and international laws and regulations to hold
in confidence a party's Confidential Information. Notwithstanding the foregoing, Confidential Information does not include information
which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) already in the possession of the receiving party or its subsidiaries and not subject to a confidentiality obligation to the providing party; (ii) independently developed by the receiving party; (iii) publicly disclosed or in the public domain through no fault of the receiving party; (iv) rightfully received by the receiving party or its subsidiaries from a third party that is not under any obligation to keep such information confidential; (v) approved for release by written agreement with the owner; or (vi) disclosed pursuant to the requirements of law, regulation or court order or as required or requested by any regulatory authority.

Each party to this Agreement represents, warrants and agrees that it has adopted and implemented, and will continue to have in place and follow for the term of this Agreement and thereafter, appropriate policies and procedures designed to detect, prevent and mitigate the risk of identity theft and other breaches of privacy concerning Confidential Information. Each party agrees to take immediate and appropriate measures to respond to any breach of privacy concerning Confidential Information of the owner, and to notify the owner in writing regarding such breach in the most expedient time possible and without unreasonable delay; provided, however, that a party may postpone providing such notice as the party deems consistent with the legitimate needs of law enforcement. Each party further agrees to provide the owner with a copy of its plan to remediate any such breach and to pay for all costs associated with such remediation and with providing written notice of such breach to the applicable party.

Each party agrees to establish and maintain (i) administrative, technical and physical safeguards against the destruction, loss or alteration of Confidential Information, and (ii) appropriate security measures to protect Confidential Information, which measures are consistent applicable Cayman Islands, federal, state and international laws and regulations relating to personal information security.

The provisions found in this Section on Confidential Information will survive any expiration or termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Limitation of Liability.** The undersigned Director of the Fund has executed
this Agreement not individually, but as a Director under the Fund's Articles and the obligations of this Agreement are not binding
upon any of the Directors, officers or shareholders of the Fund individually. REX Advisers agrees that for services rendered to the Fund
or a particular Segregated Portfolio, or for any claim by it in connection with services rendered to the Fund or such Segregated Portfolio,
it shall look only to assets of the Fund or the particular Segregated Portfolio for satisfaction.

**[Remainder of page intentionally left blank.]**

The parties hereto have caused this Agreement to be executed by their duly authorized signatories as of the date and year first above written.

**REX ADVISERS, LLC**

By: <u>/s/ Robert Rokose</u> 

Name: Robert Rokose <br> Title: President

**T-REX (CAYMAN) PORTFOLIOS SPC**

FOR AND ON BEHALF OF EACH SEGREGATED PORTFOLIO LISTED ON APPENDIX A HERETO

By: <u>/s/ Mary Lou Ivey</u><br> Name: Mary Lou Ivey

Title: Director

**APPENDIX A**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Fund</u> | &nbsp;&nbsp;<u>Segregated Portfolio</u> | &nbsp;&nbsp;<u>Management Fee</u> |
| &nbsp;&nbsp;REX IncomeMax IBIT Strategy ETF | &nbsp;&nbsp;REX IncomeMax IBIT Strategy (Cayman) Portfolio S.P. | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> DOGE ETF | &nbsp;&nbsp; REX-Osprey<sup>TM</sup> DOGE (Cayman)<br> Portfolio S.P. | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> TRUMP ETF | &nbsp;&nbsp;REX-Osprey<sup>TM</sup> TRUMP (Cayman) Portfolio S.P. | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> BONK ETF | &nbsp;&nbsp; REX-Osprey<sup>TM</sup> BONK (Cayman)<br> Portfolio S.P. | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> XRP ETF | &nbsp;&nbsp;REX-Osprey<sup>TM</sup> XRP (Cayman) Portfolio S.P. | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> SOL ETF | &nbsp;&nbsp;REX-Osprey<sup>TM</sup> SOL (Cayman) Portfolio S.P. | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> BTC ETF | &nbsp;&nbsp; REX-Osprey<sup>TM</sup> BTC (Cayman)<br> Portfolio S.P. | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> ETH ETF | &nbsp;&nbsp;REX-Osprey<sup>TM</sup> ETH (Cayman) Portfolio S.P. | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> MOVE ETF | &nbsp;&nbsp; REX-Osprey<sup>TM</sup> MOVE (Cayman)<br> Portfolio S.P. | &nbsp;&nbsp;1.50% |

---

---

| | |
|:---|:---|
| **Signature:** | */s/ Robert Rokose* |
|  | Robert Rokose (Mar 20, 2025 10:20 EDT) |
| **Email:** | rrokose@rexfin.com |

---

## Ex-99.(D)(46)

[ETF OPPORTUNITIES TRUST 485BPOS](rexosprey-485bpos_062725.htm)

**Exhibit 99(d)(46)**

**AMENDED INVESTMENT ADVISORY AGREEMENT**

**THIS AGREEMENT** which is made effective as of the date noted in the Schedules attached hereto and may be amended from time to time, by and between **ETF Opportunities Trust**, a Delaware statutory trust (hereinafter referred to as the "Trust"), and **REX Advisers, LLC**, a Delaware limited liability company (hereinafter referred to as "Advisor") with its principal place of business located at 1241 Post Road, 2<sup>nd</sup> Floor, Fairfield, Connecticut 42860 with respect to the series portfolios of the Trust identified in this Agreement (each a "Fund").

**WHEREAS,** the Trust is an open-end management investment company registered as such with the Securities and Exchange Commission (the "Commission") pursuant to the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Advisor is an investment adviser registered as such with the Commission under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

**WHEREAS,** This Agreement is made effective as to each Fund as of the date set forth on the set of schedules to this Agreement identified as "Schedule A" and then numerically designated (e.g., Schedule A-1) attached hereto as of the "Effective Date" noted on each Schedule A with respect to each of the Funds;

**NOW, THEREFORE,** in consideration of the mutual promises and covenants hereinafter set forth, it is agreed by and between the parties, as follows:

**1.** **General Provision.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby engages Advisor and Advisor hereby accepts such engagement, to act as the investment adviser of the Fund identified in each Schedule A to this Agreement and to perform for the Fund such other duties and functions as are hereinafter set forth. Advisor shall, in all matters, give to the Fund and the Trust's Board of Trustees the benefit of its best judgment, effort, advice and recommendations and shall at all times use its best efforts to conform to and enable the Fund to conform to: (i) the provisions of the Investment Company Act and any rules or regulations thereunder; (ii) any order or no-action relief of the Commission applicable to the operation of the Fund; (iii) any other applicable provisions of state or federal law; (iv) the provisions of the Declaration of Trust and By-Laws of the Trust, as amended from time to time; (v) any other policies, procedures and determinations of the Board of Trustees of the Trust; (vi) the fundamental policies and investment restrictions of the Fund as reflected in the Trust's registration statement under the Investment Company Act; and (vii) the Prospectus and Statement of Additional Information of the Trust in effect from time to time. The appropriate officers, contractors and employees of Advisor shall be available upon reasonable notice for consultation with any of the trustees and officers of the Trust with respect to any matters dealing with the business and affairs of the Trust as they pertain to the Fund, including the valuation of any of the Fund's portfolio securities which do not have readily available market quotations per Section 3 hereof.

**2.** **Investment Management.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Advisor shall, subject to the direction and control by the Trust's Board of Trustees: (i) regularly provide investment advice and recommendations to the Fund with respect to its investments, investment policies and the purchase and sale of securities; (ii) designate the identity, quantity and weighting of the securities (and amount of cash, if any) to be accepted in exchange for "creation units" of the Fund or that will be applicable that day to redemption requests received by the Fund; (iii) supervise continuously the investment program of the Fund and the composition of its portfolio and determine what securities shall be purchased or sold by the Fund; and (iv) arrange, subject to the provisions of Section 7 hereof, for the purchase of securities and other investments for the Fund and the sale of securities and other investments held in the portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provided that the Trust shall not be required to pay any compensation other than as provided by the terms of this Agreement and subject to the provisions of Section 7 hereof, Advisor may obtain investment information, research or assistance from any other person, firm or corporation to supplement, update or otherwise improve its investment management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Advisor may, from time to time, hire one or more sub-advisers, including, without limitation, affiliates of Advisor, to perform investment advisory services with respect to the Fund(s) or any portion thereof. In addition, the Advisor has the authority to (i) select new or additional sub-advisers for each Fund, (ii) enter into and materially modify existing sub-advisory agreements, and (iii) terminate and replace any sub-adviser. Each such action described in this paragraph is subject to the approval of the Board of Trustees, including a majority of the Trustees of the Trust who are not "interested persons" (as defined in the Investment Company Act) of the Trust or the Advisor, and the terms of any applicable exemptive relief obtained from the Commission. The retention of a sub-adviser by the Advisor shall not relieve the Advisor of its responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provided that nothing herein shall be deemed to protect Advisor from willful misfeasance, bad faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under the Agreement, Advisor shall not be liable for any loss sustained by reason of good faith errors or omissions in connection with any matters to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Nothing in this Agreement shall prevent Advisor or any officer or contractor or other related party thereof from acting as investment adviser for any other person, firm or corporation and shall not in any way limit or restrict Advisor or any of its directors, officers, stockholders, contractors, other related parties or employees from buying, selling or trading any securities for its or their own account or for the account of others for whom it or they may be acting, provided that such activities will not adversely affect or otherwise impair the performance by Advisor of its duties and obligations under this Agreement and under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. To carry out the duties and responsibilities provided hereunder, Advisor is hereby authorized, as agent and attorney-in-fact for the Trust, for the account of, at the risk of and in the name of the Fund, to place orders and issue instructions for the Fund. In all purchases, sales and other transactions in securities for the Fund, Advisor is authorized to exercise full discretion and act for the Fund in the same manner and with the same force and effect as the Fund might or could do with respect to such purchases, sales or other transactions, as well as with respect to all other things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

**3.** **Other Duties of Advisor.** 

Advisor shall, at its own expense, provide and supervise the activities of all administrative and clerical personnel as shall be required to provide effective corporate management and administration for the Fund, including (i) the compilation and maintenance of such records with respect to its operations as may reasonably be required; (ii) the preparation and filing of such reports with respect thereto as shall be required by the Commission; (iii) the composition of periodic reports with respect to its operations for shareholders of the Fund; (iv) the composition of proxy materials for meetings of the Fund's shareholders; (v) the composition of such registration statements as may be required by Federal securities laws for continuous public sale of shares of the Fund and (vi) at Advisor's discretion, the development and implementation, if appropriate, of management and shareholder services designed to enhance the value or convenience of the Fund as an investment vehicle.

**4.** **Allocation of Expenses.** 

During the term of this Agreement, Advisor shall pay all of the expenses of the Fund (including compensation of members of the Board of Trustees who are not "interested persons" (as that term is defined in the Investment Company Act) of a Fund), except for (i) the fee payment under this Agreement, (ii) distribution fees or expenses under the Fund's 12b-1 plan (if any), (iii) interest expenses, (iv) taxes, (v) acquired fund fees and expenses, (vi) brokers' commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, (vii) credit facility fees and expenses, including interest expenses and (viii) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. For the avoidance of doubt, Advisor's payment of such expenses may be accomplished through the Fund's payment of such expenses and a corresponding reduction in the fee payable to Advisor pursuant to Section 5 hereof; provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to Advisor pursuant to Section 5 hereof, Advisor will reimburse the Fund for such excess amount.

Any officers or employees of Advisor or any entity controlling, controlled by or under common control with Advisor, who may also serve as officers, trustees or employees of the Trust shall not receive any compensation from the Trust for their services. The expenses with respect to any two or more series of the Trust shall be allocated in proportion to the net assets of the respective series except where allocations of direct expenses can be made.

**5.** **Compensation of Advisor.** 

The Trust agrees to pay Advisor on behalf of the Fund and Advisor agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a management fee payable monthly and calculated on the daily net assets of the Fund at an annual rate as noted in each <u>Schedule A</u> of this Agreement.

**6.** **Portfolio Transactions and Brokerage.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Advisor is authorized, in arranging the Fund's portfolio transactions, to employ or deal with such members of securities or commodities exchanges, brokers or dealers, including "affiliated" broker-dealers (as that term is defined in the Investment Company Act) (hereinafter "broker-dealers"), as may, in its best judgment, implement the policy of the Fund to obtain "best execution," for these transactions, which is understood to mean prompt and reliable execution at the most favorable price obtainable. The Advisor shall not be precluded from obtaining, consistent with the provisions of Subsection (c) of this Section the benefit of such investment information or research as will be of significant assistance to the performance by Advisor of its investment management functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Advisor shall select broker-dealers to effect the Fund's portfolio transactions on the basis of its estimate of their ability to obtain best execution of particular and related portfolio transactions. The abilities of a broker-dealer to obtain best execution of particular portfolio transaction(s) will be judged by Advisor on the basis of all relevant factors and considerations including, insofar as feasible, the execution capabilities required by the transaction or transactions; the ability and willingness of the broker-dealer to facilitate the Fund's portfolio transactions by participating therein for its own account; the importance to the Fund of speed, efficiency or confidentiality; the broker-dealer's apparent familiarity with sources from or to whom particular securities might be purchased or sold; as well as any other matters relevant to the selection of a broker-dealer for particular and related transactions of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Advisor shall have discretion, in the interests of the Fund, to allocate brokerage on the Fund's portfolio transactions to broker-dealers, other than an affiliated broker-dealer, qualified to obtain best execution of such transactions who provide brokerage and/or research services (as such services are defined in Section 28(e)(3) of the Securities Exchange Act of 1934) for the Fund and/or other accounts for which Advisor or its affiliates exercise "investment discretion" (as that term is defined in Section 3(a)(35) of the Securities Exchange Act of 1934) and to cause the Trust to pay such broker-dealers a commission for effecting a portfolio transaction for the Fund that is in excess of the amount of commission another broker-dealer adequately qualified to effect such transaction would have charged for effecting that transaction, if Advisor determines, in good faith, that such commission is reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer, viewed in terms of either that particular transaction or the overall responsibilities of Advisor and its investment advisory affiliates with respect to the accounts as to which they exercise investment discretion. In reaching such determination, Advisor will not be required to place or attempt to place a specific dollar value on the brokerage and/or research services provided or being provided by such broker-dealer. In demonstrating that such determinations were made in good faith, Advisor shall be prepared to show that all commissions were allocated for the purposes contemplated by this Agreement and that the total commissions paid by the Trust over a representative period selected by the Trust's trustees were reasonable in relation to the benefits to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Advisor shall have no duty or obligation to seek advance competitive bidding for the most favorable commission rate applicable to any particular portfolio transactions or to select any broker- dealer on the basis of its purported or "posted" commission rate but will, to the best of its ability, endeavor to be aware of the current level of the charges of eligible broker-dealers and to minimize the expense incurred by the Fund for effecting its portfolio transactions to the extent consistent with the interests and policies of the Fund as established by the determinations of the Board of Trustees of the Trust and the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. On occasions when Advisor deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of Advisor and its affiliates, Advisor to the extent permitted by applicable laws and regulations, may, but will be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by Advisor in the manner which Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients over time. The Trust agrees that Advisor and its affiliates may give advice and take action in the performance of their duties with respect to any of their other clients that may differ from advice given, or the timing or nature of actions taken, with respect to the Funds. The Trust acknowledges that Advisor and its affiliates are fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold the same or similar investments) as the Funds, and that Advisor will carry out its duties hereunder together with its duties under such relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust recognizes that an affiliated broker-dealer: (i) may act as one of the Fund's regular brokers so long as it is lawful for it so to act; (ii) may be a major recipient of brokerage commissions paid by the Trust; and (iii) may effect portfolio transactions for the Fund only if the commissions, fees or other remuneration received or to be received by it are determined in accordance with procedures contemplated by any rule, regulation or order adopted under the Investment Company Act for determining the permissible level of such commissions.

**7.** **Duration.** 

This Agreement, with respect to each Fund (including any series of the Trust added to this Agreement by execution of an amended or new <u>Schedule A</u>), will take effect on the date set forth next to that Fund's name in the applicable <u>Schedule A</u>. Unless earlier terminated pursuant to Section 10 hereof, this Agreement, with respect to each Fund, shall remain in effect until two years from the effective date specified in the appliable <u>Schedule A</u>, and thereafter will continue in effect from year to year, so long as such continuance shall be approved at least annually by the Trust's Board of Trustees, including the vote of the majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the Investment Company Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or by the holders of a "majority" (as defined in the Investment Company Act) of the outstanding voting securities of the Fund and by such a vote of the Trust's Board of Trustees.

**8.** **Termination.** 

This Agreement may be terminated: (i) by Advisor at any time without penalty upon giving the Trust sixty days' written notice (which notice may be waived by the Trust); or (ii) by the Trust at any time without penalty upon sixty days' written notice to Advisor (which notice may be waived by Advisor) provided that such termination by the Trust shall be directed or approved by the vote of a majority of all of the trustees of the Trust then in office or by the vote of the holders of a majority of the outstanding voting securities of the Fund, as defined in the Investment Company Act.

**9.** **Assignment or Amendment.** 

This Agreement may not be amended without the written agreement of the Advisor and the affirmative vote of the Board of Trustees of the Trust, including a majority of the Trustees who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purposes of voting on such approval and, where required by the Investment Company Act, by a vote or written consent of a majority of the outstanding voting securities of the Fund, and shall automatically and immediately terminate in the event of its "assignment," as defined in the Investment Company Act.

**10.** **Disclaimer of Trustee or Shareholder Liability** 

Advisor understands and agrees that the obligations of the Trust under this Agreement are not binding upon any Trustee or shareholder of the Trust or Fund personally but bind only the Trust and the Trust's property. Advisor represents that it has notice of the provisions of the Declaration of Trust of the Trust disclaiming Trustee or shareholder liability for acts or obligations of the Trust and agrees that obligations, if any, assumed by the Trust pursuant to this Agreement will be limited in all cases to the Trust and its assets, and if the liability relates to one or more series, the obligations hereunder will be limited to the respective assets of the Fund.

**11.** **Definitions.** 

The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with the provisions and definitions of the Investment Company Act.

**12.** **Miscellaneous.** 

This agreement shall be governed by New York law, excluding the laws on conflicts of laws. To the extent that the applicable laws of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the Investment Company Act or any rule or order of the Securities and Exchange Commission thereunder. 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.

**13.** **Notices** 

Any notice, advice, document, report or other client communication to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid or electronically addressed by the party giving notice to the other party at the last address furnished by the other party. By consenting to the electronic delivery of any notice, advice, document, report or other client communication in respect of this Agreement or as required pursuant to applicable law, the Adviser authorizes the Sub-Adviser to deliver all communications by email or other electronic means.

---

| | |
|:---|:---|
| To the Adviser at: | REX Advisers, LLC<br> 1241 Post Road, Suite 200<br> Fairfield, CT 06824<br> Attention: Robert Rokose<br> E: RRokose@rexshares.com |
| To the Trust at: | ETF Opportunities Trust<br> 8730 Stony Point Parkway, Suite 205<br> Richmond, Virginia 23235<br> Attention: President<br> E: mgt@ccofva.com |

---

**14.** **Entire Agreement** 

This Agreement embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement, but such counterparts shall together constitute but one and the same instrument.

---

| |
|:---|
| ETF OPPORTUNIES TRUST, FOR THE FUNDS LISTED IN EACH <u>SCHEDULE A</u> HEREOF: |
| Signature |
| By: David A. Bogaert |
| Title: President |

---

---

| |
|:---|
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-1</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp; REX FANG & Innovation Equity Premium Income ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.65% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-2</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp; REX IncomeMax AMD Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax AMZN Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax BIIB Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax IBIT Strategy ETF | &nbsp;&nbsp;September 25, 2024 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax EEM Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax GDXJ Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax GOOG Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax META Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax MSFT Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax MSTR Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax PYPL Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax SLV Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax SMH Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax SNOW Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax TLRY Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; REX IncomeMax V Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-3</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp;REX IncomeMax UNG Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;REX IncomeMax USO Strategy ETF | &nbsp;&nbsp;August 15, 2023 | &nbsp;&nbsp;0.99% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-4</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp;REX IncomeMax TSLA Strategy ETF | &nbsp;&nbsp;September 27, 2023 | &nbsp;&nbsp;0.99% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-5</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp;REX AI Equity Premium Income ETF | &nbsp;&nbsp;February 21, 2024 | &nbsp;&nbsp;0.65% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-6</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp;REX Crypto Equity Premium Income ETF | &nbsp;&nbsp;September 25, 2024 | &nbsp;&nbsp;0.85% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-7</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp;REX Bitcoin Corporate Treasury Convertible Bond ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;0.85% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

**<u>Schedule A-8</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> TRUMP ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> ETH + Staking ETF | &nbsp;&nbsp;May 1, 2025 | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> BTC ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> SOL + Staking ETF | &nbsp;&nbsp;May 1, 2025 | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> XRP ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> BONK ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> DOGE ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> MOVE ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;1.50% |

---

---

| |
|:---|
| ETF OPPORTUNITIES TRUST |
| Signature |
| By: David A. Bogaert |
| Title: President |
| REX ADVISERS, LLC |
| Signature |
| By: Robert Rokose |
| Title: President |

---

## Ex-99.(G)(33)

[ETF OPPORTUNITIES TRUST 485BPOS](rexosprey-485bpos_062725.htm)

**Exhibit 99(g)(33)**

![](ex99g33001.jpg)

**ORDER FORM**

Anchorage Contact Client Contact

Name: Julian Pierce Name: Greg Collett

Email: julian.pierce@anchorlabs.com Email: Gcollett@rexfin.com

This MASTER CUSTODY SERVICE AGREEMENT ("**Agreement**") is made and entered into as of the Effective Date provided herein, by and between Anchorage Digital Bank N.A. ("**Anchorage**"), and each Client as provided herein (each a "**Client**") (Anchorage and Client, each a "**Party**" and collectively, the "**Parties**").

The Agreement consists of the terms in this Order Form and the following Standard Terms and Conditions attached hereto.

---

| | |
|:---|:---|
| **1. Effective Date:** | |
| **2. Initial Term:** | One (1) year |
| **3. Renewal Term:** | One (1) year |
| **4. Client(s).** Each "Client" listed herein is subject to the Agreement as if this Agreement were between such individual Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients' Assets Under Custody.  | **4. Client(s).** Each "Client" listed herein is subject to the Agreement as if this Agreement were between such individual Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients' Assets Under Custody.  |
|  | REX-Osprey ETH + Staking Strategy (Cayman) Portfolio S.P., a Cayman Islands Segregated Portfolio Company |
|  | REX-Osprey SOL + Staking Strategy (Cayman) Portfolio S.P., a Cayman Islands Segregated Portfolio Company |
|  | REX-Osprey SOL + Staking ETF, a series of the ETF Opportunities Trust, a Delaware Statutory Trust |
|  | REX-Osprey ETH + Staking ETF, a series of the ETF Opportunities Trust, a Delaware Statutory Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. Fees.

In full consideration for Anchorage's provision of the Services described herein, Client will pay Anchorage the following fees ("**Fees**"). Fees will start accruing from the Effective Date of this Agreement ("**Fees Commencement Date**"). Fees will be due within thirty (30) days from the date of the invoice.

Changes to the Services, including the inclusion of new assets or Clients, are subject to changes in Fees. Fees shall be invoiced by Anchorage, and paid by Client, in US Dollars (**"USD**").

---

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|  | Confidential & Proprietary |

---

---

| | | |
|:---|:---|:---|
| **FEE TYPE** | **AUC TIER (graduated basis)** | **Annual Basis Points** |
|  **Monthly Custody Fee** | Less than $500m | 8 |
|  **Monthly Custody Fee** | Greater than or equal to $500m but less than<br> $1b | 7 |
|  **Monthly Custody Fee** | Greater than or equal to $1b but less than<br> $3b | 6 |
|  **Monthly Custody Fee** | Greater than or equal to $3b but less than<br> $10b | 5 |
|  **Monthly Custody Fee** | Greater than $10b | 3 |
| <br> **One-Time Onboarding Fee** | $0.00. | $0.00. |
| <br> **Monthly Minimum Fee** | $0.00 | $0.00 |
|  **On-Chain Services** | Varies based on service. | Varies based on service. |

---

**Fees shall be calculated separately on a graduated basis for the amount of AUC in each AUC Tier according to the applicable Annual Basis Points for that AUC Tier.**

*Example:*

*Tier 1 = less than $10m; Annual Basis Points at 35 bps*

*Tier 2 = $10 - 100m; Annual Basis Points at 25 bps*

*Client shall pay 35 bps for the first $10m under custody, and 25 bps for the next $90m under custody.*

**Client shall pay a Fee** which shall be the greater of i) Monthly Custody Fee, or ii) Monthly Minimum Fee.

---

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&nbsp;&nbsp;&nbsp;&nbsp;6. Address for Notices:

---

| | |
|:---|:---|
| **To Client(s):** | **Invoice Email:** REXAdvisersOps@rexfin.com <br> **Notice Email:** REXAdvisersOps@rexfin.com <br> **Attention:** Osprey Funds |
|  | 1241 Post Road |
|  | Fairfield, Connecticut 06824 <br> United States |

---

---

| | |
|:---|:---|
| **To Anchorage:** | <u>legal@anchorage.com</u> AND |
|  | <u>custodyexecutive@anchorage.com</u><br> Anchorage Digital Bank N.A. <br> 101 S. Reid Street, Suite 307 #329 <br> Sioux Falls, South Dakota 57103 |

---

IN CONSIDERATION AND WITNESS WHEREOF, Anchorage and Client, by their duly authorized representatives, hereby execute this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ANCHORAGE DIGITAL BANK N.A.** | **ANCHORAGE DIGITAL BANK N.A.** | **ON BEHALF OF EACH CLIENT SET FORTH HERETO** | **ON BEHALF OF EACH CLIENT SET FORTH HERETO** |
| By: | ![](ex99g33002.jpg) | By: | ![](ex99g33003.jpg) |
| Name: | Rachel Anderika | Name: | Karen Shupe |
| Title: | Bank COO | Title: | Treasurer |
|  |  | Company: | Rex Financial |

---

---

| | |
|:---|:---|
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---

**AFFILIATED BUSINESS DISCLOSURE <br> AND CONFLICT OF INTEREST WAIVER**

Anchorage Digital Bank N.A. ("**Anchorage Digital Bank**") is affiliated with Anchor Labs, Inc., Anchorage Hold LLC, Anchorage Digital Singapore Pte. Ltd., and other affiliates (each an "**Anchorage Affiliate**"), through common ownership and management. In particular, Anchor Labs, Inc. provides certain administrative, technology, marketing, and other support services for custodial accounts on behalf of Anchorage Digital Bank. Because Anchorage Digital Bank and Anchorage Affiliates are under common ownership and management, the owners of Anchor Labs, Inc. will receive an indirect benefit from any fees you pay to Anchorage Digital Bank. In addition, Anchorage Digital Bank and Anchorage Affiliates may each provide services to its own clients that are also participating in any additional optional services supported by both Anchorage Digital Bank and Anchorage Affiliates. Anchorage Digital Bank and Anchorage Affiliates may refer clients to each other, and cooperate with each other, for the performance of these shared services. If Anchorage Digital Bank offers additional optional services to clients to participate in a network of services offered by Anchorage Affiliates, and you choose to participate in such services, you hereby acknowledge and consent to the sharing of Client Data (as defined in this Agreement) between Anchorage Digital Bank and Anchorage Affiliates in order to provide such services to you. Any sharing of Client Data shall be subject to the Data Processing Addendum (as defined in this Agreement) agreed between the applicable parties, and all applicable Laws. Your use of services of Anchorage Digital Bank may result in benefits from such referral to the other companies by virtue of the companies' common ownership and management.

<u>ACKNOWLEDGEMENT</u>

I, duly authorized and on behalf of each Client as set forth in the Order Form, have read this disclosure form, and I acknowledge and understand that Anchorage Digital Bank and Anchorage Affiliates are under common ownership and control. I further acknowledge and understand that by retaining Anchorage Digital Bank, I am providing an indirect financial benefit to the owners of Anchorage Affiliates. Understanding the common ownership and control of the companies, I agree to utilize the services of Anchorage Digital Bank freely and with no influence from anyone. I also understand and agree that Anchorage Digital Bank may share Client Data with any Anchorage Affiliate for the purpose of facilitating additional optional services to participate in a network of services offered by Anchorage Digital Bank, and Anchorage Affiliates. I acknowledge and understand that any referrals for services among Anchorage Digital Bank and Anchorage Affiliates may result in the owners of the referring company receiving an indirect financial benefit from the services provided.

*[Signature page to follow]*

---

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**ON BEHALF OF EACH CLIENT SET FORTH HERETO**

---

| | |
|:---|:---|
| By: | ![](ex99g33003.jpg) |
| Name: | Karen Shupe |
| Title: | Treasurer |
| Company: | Rex Financial |

---

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| | |
|:---|:---|
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**ANCHORAGE DIGITAL BANK <br> STANDARD TERMS AND CONDITIONS**

*Capitalized terms not defined in the Order Form, body of these Standard Terms and Conditions, or supporting Schedules are defined in Schedule A (Definitions).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Anchorage Appointment and Provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Appointment</u>. Client appoints Anchorage to provide the Services, including
acting as custodian of Client Digital Assets pursuant to this Agreement, and Anchorage hereby accepts such appointment. The Parties
agree that for purposes of this Agreement, Anchorage shall be considered to be an "excluded fiduciary" under SDCL 55-1B-2
and shall follow the Directions from Client. Client for such purposes shall be considered to be a Trust Advisor (in its capacity
as a custody account holder) under SDCL 55-1B-1(3), and the provisions of such statutes shall apply to the responsibilities of
the parties hereunder, provided that such designation shall not limit Anchorage's duties and obligations under applicable federal
and state securities laws. Anchorage is a qualified custodian as defined under Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Provision of the Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to (i) Client's successful completion of the account acceptance
process as provided in Section 2.1, and (ii) provided that Client is in compliance with this Agreement, during the Term, Anchorage
will provide the Services to Client. Subject to the terms of this Agreement, Anchorage shall take reasonable care and use commercially
reasonable efforts in performing the Services; provided, however, that, to the extent Anchorage's performance of all or part
of the Services is subject to a standard set forth in this Agreement (including, without limitation, any service level or similar
standard), Anchorage shall be deemed to have satisfied such obligation if Anchorage's performance of such Services meets
such standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anchorage will, in its sole discretion, determine the requirements for
any Direction, including Authenticated Instructions, and whether such requirements have been satisfied as to any Direction. Anchorage
is entitled to rely upon information, data, and instructions from Client (or otherwise persons or parties authorized to act on
its behalf) related to a Direction in all respects. Client acknowledges that (i) Anchorage's acceptance of Directions related
to Client's deposit and withdrawal of assets is based on the parameters of Authenticated Instructions and in accordance with
Anchorage's Services requirements; and (ii) Anchorage has no duty to inquire into or investigate the legality, validity,
or accuracy of any information, data, or instructions related to a Direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Services are available only in connection
with those Digital Assets and protocols that Anchorage, in its sole discretion, supports. The type and scope of Services that Anchorage
supports for each Digital Asset, and applicable Fees for such Services, may differ. Under no circumstances should Client attempt
to use the Services to store, send,
request, or receive Digital Assets and protocols that Anchorage does not support. Anchorage assumes no responsibility in connection
with any attempt to use any Account or Vault with Digital Assets that Anchorage does not support, and any such unsupported Digital
Assets deposited to or received in any Account or Vault are subject to forfeiture and loss. The Digital Assets that Anchorage supports
may change from time to time, based on Anchorage's sole and absolute discretion. Anchorage will notify Client in advance if it
ceases to support a particular Digital Asset for which Anchorage has provided Services to Client and Client shall withdraw any
and all Digital Asset no longer supported by Anchorage within sixty (60) days of receiving such notice. If Client is unable
to withdraw such Digital Assets within this timeframe due to circumstances beyond its reasonable control, Anchorage shall cooperate
with Client in Client's reasonable efforts to complete the safe transfer of such assets.

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event Client enters into
 any of the following agreements (any such agreement, a **"Client Service Provider Agreement"**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) A brokerage services agreement with Anchorage Hold, LLC or any other Anchorage
Affiliate ()"**Broker** "), under which Client appoints Broker to act as Client's agent to issue Directions
to Anchorage for the transfer of Client's Digital Assets or fiat currency to an Account or Vault in the name of, and solely
controlled by Anchorage or its Affiliates ()"**Staging Account** "). The Staging Account is for the purpose of trading,
clearing, settling, netting, accounting for, and providing other services in connection with, Client's Digital Assets or
fiat currency. The Staging Account may contain commingled assets of other Anchorage customers, and Client shall not have a claim
to such assets of other Anchorage customers; it being understood and agreed that, pursuant to Section 1.4, Anchorage shall at all
times maintain accurate books and records with respect to the ownership of all assets in the Staging Account;

ii) [Reserved]

iii) An agency appointment with any other party, under which Client appoints such Third Party ("**Agent**") to act as Client's agent to issue Directions to Anchorage for any purpose set forth in the appointment;

then, in each applicable case, Client shall promptly notify Anchorage in writing of any such agency appointment using a form of notice acceptable to Anchorage. Where Client has duly appointed any of Broker, or Agent (each, a "**Client Service Provider**") as its agent pursuant to the foregoing agreements or a Control Agreement (each a Client Service Provider Agreement), Client directs Anchorage to follow, and Anchorage shall follow, any Direction initiated by a Client Service Provider related to Digital Assets or Fiat Services as if initiated directly by the Client provided that such Directions followed by Anchorage shall be limited to those contemplated by a Client Service Provider Agreement or otherwise agreed between Client Service Provider and Anchorage, including, without limitation, through an Authenticated Instruction by a Client Service Provider on Client's behalf. Client agrees that Broker shall have the ability to instruct Anchorage to restrict Client from withdrawing from Client's Account and/or Vault for Obligations owed. In the event of any inconsistency between instructions from Broker and instructions from the Client, Client hereby acknowledges and agrees that Anchorage shall follow instructions from Broker, even if that may result in disregarding instructions from the Client. Accordingly, Client acknowledges and agrees that Client may not be able to withdraw any assets until Anchorage receives confirmation from the Broker to release such restriction from the applicable assets.

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event Client enters into an account control agreement, vault control
agreement, or other similar agreement (regardless of how titled, a "**Control Agreement**") with Anchorage, a lender
(a "**Control Party**") and any other parties (each, an "**Ancillary Party** "), under which Client
directs Anchorage to follow such Control Party's instructions as described therein, Client directs Anchorage to follow, and
Anchorage shall follow, any Direction initiated by such Control Party related to Digital Assets or Fiat Services as if initiated
directly by the Client. Directions of a Control Party or Ancillary Party may be initiated by any method contemplated by a Control
Agreement or otherwise agreed between a Control Party, Ancillary Party and Anchorage, including, without limitation, through an
Authenticated Instruction by a Control Party on Client's behalf or Ancillary Party on Client's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) From time to time, Anchorage may, in its sole discretion, offer Client
additional optional services involving settlement services ()"**Optional Settlement Services** "). Client may elect
to accept Optional Settlement Services by signing the Settlement Services Addendum attached to this Agreement, or by accepting
such services in the Anchorage Platform if offered therein. In the event Client accepts Optional Settlement Services, Client agrees
to comply with all terms and conditions set forth under the Settlement Services Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Client agrees that Client is solely responsible for any gas or network
fees necessary for the transfer of Digital Assets pursuant to Client Directions. To the extent a Client's Digital Assets
are unable to be transferred out of the Account or Vault due to insufficient gas or network fees necessary for the transfer, Client
agrees to deposit additional Digital Assets to permit such transfer, otherwise the Direction to transfer such Digital Assets shall
be deemed canceled and void. Anchorage shall not be liable for paying any gas or network fees on behalf of Client, unless otherwise
agreed in writing between the parties, and shall not be liable for any canceled Directions due to insufficient gas or network fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Lock-Up Schedules.</u> By custodying Restricted Assets with Anchorage,
Client acknowledges and agrees that: (i) Client has reviewed any and all applicable Lock-Up Schedule(s) in place with the applicable
Token Issuer; (ii) Client will stay apprised of any changes to the applicable Lock-Up Schedule(s) that may affect Client's
Restricted Assets; and (iii) Lock-Up Schedule(s) may require Anchorage to impose restrictions on Client's ability to withdraw,
transfer, or transact with such Restricted Assets. Client acknowledges and agrees that Anchorage will
act in accordance with the terms of the applicable Lock-Up Schedule(s), which may require Anchorage to impose restrictions on Client's
ability to withdraw, transfer, or transact with such Restricted Assets.

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Lock-Up Schedule Agreement</u>. In the event a Lock-Up Schedule Agreement
is entered into by and between Anchorage and Token Issuer, Client acknowledges and agrees that Anchorage will act in accordance
with the terms of the applicable Lock-Up Schedule Agreement, which may require Anchorage to impose restrictions on Client's
ability to withdraw, transfer, or transact with such Restricted Assets.

In the event that a Lock-Up Schedule Agreement is terminated, Anchorage will promptly notify the Client of the termination date. No later than three (3) business days prior to the termination date, Client and Token Issuer shall provide written notice to Anchorage at <u>lockupsupport@anchorage.com</u> of an account or wallet address(es) mutually agreed upon by Client and Token Issuer to which Restricted Assets subject to the Lock-Up Schedule as of the termination date shall be transferred, and Client agrees to work with Token Issuer in good faith to do so. In the event that Anchorage does not receive such written notice, Anchorage shall restrict the withdrawal or transfer of Restricted Assets until such account or wallet address(es) is received or until Restricted Assets in Client's Account or Vault become eligible for withdrawal in accordance with the Lock-Up Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Token Issuer Risks</u>. Client acknowledges and agrees that Anchorage
shall not be liable for, and shall be indemnified and held harmless by the Client for any damages or claims arising from Client's
breach of a Lock-Up Schedule or the enforcement of any Lock-Up Schedule Agreement or Lock-Up Schedule to the Restricted Assets
in Client's Account or Vault. This includes, but is not limited to, decisions made by a Token Issuer that affect the terms
of the Lock-Up Schedule, any designated address to transfer Restricted Assets if Anchorage no longer supports such Restricted Assets,
or any regulatory obligations or developments that may impact Client's Restricted Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Unless acting in accordance with Section 1.2(d), (h), (i), and (j), Anchorage
will follow the Directions from Client. Anchorage is released and shall be indemnified and held harmless by Client for following
the Directions from the Client, Client Service Providers, Control Parties, or Token Issuer, when acting in accordance with any
Client Service Provider Agreement, Control Agreement, Lock-Up Schedule, or Lock-Up Schedule Agreement, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Investor Lock-up</u>. As used herein, "**Native Token** "
means that certain Digital Asset issued by, or related to an ecosystem, network or protocol supported by, Client. If Anchorage
and Client have agreed that Anchorage shall enforce lockups or transfer restrictions applicable to the Native Tokens, then the
terms of this Section 1.2(l) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reference is made to a lock-up
 schedule with respect to the Native Tokens (the "**Lock-Up Schedule** ").
 Pursuant to the terms hereof, Anchorage agrees to enforce (whether through itself or
 an affiliate) the Lock-Up Schedule, which shall require Anchorage (or such affiliate)
 to restrict withdrawals and transfers of applicable Native Tokens ()"**Locked Tokens** ")
 in certain Anchorage clients' custody accounts (**"Lockup Clients** ")
 in accordance with the timeline and amounts indicated therein, to the extent permitted
 by applicable law (such enforcement of the Lock-Up Schedule, the "**Lock-Up Support Services** "). Client agrees to provide the Lock-Up Schedule in the format specified
 by Anchorage to Anchorage at <u>lockupsupport@anchorage.com</u> and each Lockup Client at least fifteen (15) days prior to the date Locked
 Tokens are deposited in the applicable Lockup Clients' custody accounts. Client
 agrees to simultaneously with transmission of such email notice to each Lockup Client,
 include Anchorage as a recipient of a copy of such notice. Notwithstanding anything to
 the contrary contained herein, Anchorage (including any affiliate thereof) shall not
 be obligated to enforce the Lock-Up Schedule with respect to any Anchorage client that
 has not agreed in writing with Anchorage that Anchorage may impose restrictions on such
 client's ability to withdraw, transfer or transact with the Digital Assets that
 are subject to a lock-up schedule.

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Anchorage (or an affiliate) will
 update the Lock-Up Schedule for Locked Tokens solely upon, and in accordance with, written
 notice received via a single email from Client sent simultaneously to both Anchorage
 (to <u>lockupsupport@anchorage.com</u>) and the applicable
 Lockup Client. Within ten (10) days of receiving
such notice (and the copy of such notice sent to each applicable Lockup Client), Anchorage (or an affiliate) will act in accordance
with and implement any changes to the Lock-up Schedule for such Lockup Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Client acknowledges and agrees that neither Anchorage nor its affiliates
shall be liable for any failure to enforce the Lock-Up Schedule due to (i) any action, event or change on the underlying blockchain
or protocols that govern the Digital Assets subject thereto or (ii) any applicable laws, regulations, subpoena, court order, or
directive from a government authority, which Anchorage (or an affiliate) determines, in its reasonable discretion, it is required
to comply with. In the event Anchorage (or an affiliate) complies with any such law, regulation, subpoena, court order, or government
authority that results in failure to enforce the Lock-Up Schedule, Anchorage will provide timely notice of such requirement to
Client where commercially feasible and permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, Anchorage's
total liability for all claims arising from or related to the Lock-Up Support Services shall not exceed, in the aggregate, twenty
five thousand dollars ($25,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Storage of Digital Assets</u>. Anchorage will receive Digital Assets for storage by generating Private Keys and their Public Key pairs, with Anchorage retaining custody of such Private Keys, and Client shall not have any rights to receive such Private Keys. Upon receipt, Anchorage will custody the Digital Assets in Client's name or Accounts established for the benefit of the Client, unless otherwise specified in (a) an applicable Client Service Provider Agreement, or (b) instructions provided by a Client Service Provider or a Control Party pursuant thereto. Anchorage shall be deemed to have received a Digital Asset after the Digital Asset's receipt has been confirmed on the relevant Blockchain or otherwise ledgered to Anchorage's satisfaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Accounting for Digital Assets</u>. At all times, Client owns Digital Assets and fiat currency (if applicable) held by Anchorage on behalf of Client under this Agreement, unless otherwise specified in (a) an applicable Client Service Provider Agreement, or (b) instructions provided by a Client Service Provider or a Control Party pursuant thereto. Client Digital Assets and fiat currency shall be kept separate from the assets of Anchorage and shall not be reflected on Anchorage's balance sheet as assets of Anchorage. Anchorage will record on its books and records all Digital Assets and fiat currency (if applicable) received by it for the Account and will segregate Digital Assets from those of any other person or entity, unless otherwise specified herein or in (i) an applicable Client Service Provider Agreement, or (ii) instructions provided by a Client Service Provider or a Control Party pursuant thereto. Anchorage will provide Client with access to the Technology Platform for transaction records and holdings and will provide Client monthly statements that show balances and transaction records of Client Digital Assets. Upon commercially reasonable notice to Anchorage, Anchorage will provide Client copies of the books and records pertaining to the Client that are in the possession or under the control of Anchorage. The books and records maintained by Anchorage will, to the extent applicable, be prepared and maintained in all material respects as required by applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Authority to Assign or Pledge</u>. Subject to applicable Law and Section 5.4, Client's Digital Assets and fiat currency shall not be subject to any right, charge, security interest, lien or claim of any kind in favor of Anchorage or any of its Affiliates or of any creditor of any of them, and Anchorage shall not have the independent right or authority to assign, hypothecate, pledge, encumber or otherwise dispose of any Client Digital Assets or fiat currency. The Digital Assets in the Account and the fiat currency in the Deposit Account, as defined in Section 2.7, are not general assets of Anchorage or of any of its Affiliates and are not available to satisfy claims of any creditors of Anchorage or of any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Application of UCC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may be otherwise provided in this Agreement or applicable Law, the
Parties agree the relationship between Anchorage and Client is governed by Article 8 of the Uniform Commercial Code, as adopted
and implemented under South Dakota law ()"**UCC** "), and that for the
purposes of this Agreement, (i) Client is an "entitlement holder" and any Digital Assets credited to the Account for
Digital Assets or the Deposit Account for fiat currency, as defined in Section 2.7, shall be treated as a "financial asset"
within the meaning of Article 8 of the UCC; (ii) Anchorage is a "securities intermediary" within the meaning of Article
8 of the UCC and the Hague Securities Convention with respect to all financial assets held in such securities accounts; (iii) Anchorage
maintains its Accounts and Deposit Accounts as "securities accounts" within the meaning of Article 8 of the UCC and
the Hague Securities Convention in the ordinary course of business and (iv) South Dakota is the
"securities intermediary's jurisdiction" for purposes of the UCC, and the law in force in South Dakota is applicable
to all issues specified in Article 2(1) of the Hague Securities Convention.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Under Article 8 of the UCC, Client's Digital Assets held in Accounts
and fiat currency held in Deposit Accounts are not general assets of Anchorage, as applicable, and are not available to satisfy
claims of creditors of Anchorage, as applicable. The treatment of Client's Digital Assets held in Accounts
and fiat currency held in Deposit Accounts as financial assets under Article 8 does not determine the characterization or treatment
of the Digital Assets and fiat currency under any other law or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anchorage and its Affiliates will only be responsible for the performance
of those duties as are expressly set forth herein, including acting in accordance with any Authenticated Instruction given in accordance
with this Agreement. This Agreement sets forth the terms by which Anchorage shall satisfy each of its duties under Article 8 of
the UCC. Anchorage shall have no implied duties or other obligations whatsoever. Anchorage shall not be subject to, nor required
to comply with, any other agreement to which the Client is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Rights of Use; Limits on Use</u>. Subject to the terms of this Agreement, including compliance with Section 2.2 and Client's confidentiality obligations under Section 8, Anchorage hereby grants to Client a non-sublicensable, non-exclusive, worldwide right during the Term to access the Technology Platform. The foregoing rights grant extends to access and use by Authorized Persons, and for the Anchorage API only, to Third Parties authorized by Client, subject to Section 2.3(b). Client will not, and will not permit Authorized Persons or Third Parties to: (i) directly or indirectly copy, disseminate, display, distribute, publish, sell, or otherwise use or disclose any part of the Technology Platform, or create any works or other materials based on or derived from any part of the Technology Platform; (ii) reverse engineer, decompile, or disassemble the software used in the Technology Platform; (iii) sell, rent, lease, or license Client's right to use the Technology Platform except as may be set out under this Agreement; or (iv) use the Technology Platform or Services in any other way not expressly authorized by this Agreement. Client will be responsible for all acts and omissions of Authorized Persons in connection with or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Support and Maintenance</u>. Subject to applicable Law, as part of the Services and at no additional cost to Client, Anchorage will (i) make available the Technology Platform, and (ii) provide other Support Services as described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. <u>Business Continuity Policy</u>. Anchorage shall maintain a business continuity policy
 applicable to Anchorage's performance of Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. <u>Forks, Airdrops</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Should a Fork occur: (i) Anchorage
 retains the right, in its sole discretion, to determine whether or not to support (or
 cease supporting) either Forked Network; (ii) in connection with determining to support
 a Forked Network, Anchorage may suspend certain operations, in whole or in part (with
 or without advance notice), for however long Anchorage deems necessary, in order to take
 the necessary steps, as determined in its sole discretion, to perform obligations hereunder
 with respect to supporting a Forked Network; (iii) Client hereby agrees that Anchorage
 shall determine, in its sole discretion, whether to support such Forked Network and that
 Client shall have no right or claim against Anchorage related to value represented by
 any change in the value of any Digital Asset (whether on a Forked Network or otherwise),
 including with respect to any period of time during which Anchorage exercises its rights
 described herein with respect to Forks and Forked Networks; (iv) Anchorage will use commercially
 reasonable efforts to timely select, in its sole discretion, at least one (1) of the
 Forked Networks to support and will identify such selection in a written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to a Forked Network that Anchorage chooses not to support,
it may, in its sole discretion, elect to (x) abandon or otherwise not pursue obtaining the Digital Assets from that Forked Network,
or (y) deliver the Digital Assets from that Forked Network to Client within a time period as determined by Anchorage in its sole
discretion, together with any credentials, keys, or other information sufficient to gain control over such Digital Assets (subject
to the withholding and retention by Anchorage of any amount reasonably necessary, as determined in Anchorage's sole discretion,
to fairly compensate Anchorage for the efforts expended to obtain and deliver such Digital Assets to Client).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to Forked Networks that Anchorage chooses to support, Client
may be responsible for the fees for such support (to be negotiated), and Client acknowledges and agrees that Anchorage assumes
no responsibility with respect to any Forked Network and related Digital Assets that it chooses not to support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client acknowledges that Digital Asset values can fluctuate substantially
which may result in a total loss of the value of Digital Assets. The supply of Digital Assets available as a result of a Forked
Network and Anchorage's ability to deliver Digital Assets resulting from a Forked Network may depend on circumstances or
Third Party providers that are outside of Anchorage's control. Anchorage does not own or control any of the protocols that
are used in connection with Digital Assets and their related Digital Asset networks, including those resulting from a Forked Network.
Accordingly, Anchorage disclaims all liability relating to a Forked Network and any change in the value of any Digital Assets (whether
on a Forked Network or otherwise), and makes no guarantees regarding the security, functionality, or availability of such protocols
or Digital Asset networks. Client accepts all risks associated with the use of Anchorage's services to conduct transactions,
including, but not limited to, in connection with the failure of hardware, software, and internet connections.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that a Digital Asset network, entity or person (a "**Sender** ")
attempts to or does contribute (sometimes called "airdropping" or "bootstrapping") its Digital Assets (collectively,
" **Airdropped Digital Assets**") to holders of Digital Assets on an existing Digital Asset network and Client notifies
Anchorage in writing of such event, Anchorage may, in its sole discretion, elect to: (i) subject to an airdrop fee to be determined,
support the Airdropped Digital Asset for custody and, if appropriate, reconcile Account(s); (ii) abandon or otherwise not pursue
obtaining the Airdropped Digital Assets; or (iii) within a time period as determined by Anchorage in its sole discretion, deliver
the Airdropped Digital Assets from that Digital Asset network to Client, together with any credentials, keys, or other information
sufficient to gain control over such Airdropped Digital Assets (subject to the withholding and retention by Anchorage of any amount
reasonably necessary, as determined in Anchorage's sole discretion, to fairly compensate Anchorage for the efforts expended
to obtain and deliver such Airdropped Digital Assets to Client). If Anchorage supports, obtains or delivers Airdropped Digital
Assets, such actions will not create any relationship between the Sender and Anchorage, grant any interest or rights to the Sender
(including, without limitation, any Third Party beneficiary rights), or subject Anchorage to any obligations as it relates to the
Sender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. <u>Generally</u>. Notwithstanding any federal, state or local Law to the contrary regarding any common law or contractual duty, Client agrees that Anchorage will perform only such duties as are expressly set forth herein as Services, and no additional duties or obligations shall be implied. Anchorage has the authority to do all acts that Anchorage reasonably determines are necessary, proper, or convenient for it to perform its obligations under this Agreement and shall have no obligation to perform acts which it reasonably believes do not comply with applicable Laws. In providing the Services, Anchorage has no duty to inquire as to the provisions of or application of any agreement or document other than this Agreement, notwithstanding its receipt of such agreement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Client Responsibilities and Acknowledgements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Account Acceptance; Authorized Person Designations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Services will be provided only after Client's successful completion
of the account acceptance process, including but not limited to the onboarding process in Section 2.3(a), as determined in Anchorage's
sole discretion. Anchorage may terminate this Agreement upon fourteen (14) days' prior written notice to the Client due to
Client's failure to complete the onboarding process with Anchorage. To complete the acceptance process, Client shall provide
Anchorage with information and documents, which include but are not limited to, information necessary for Anchorage's compliance
with the Bank Secrecy Act ()"**BSA** "), and all Laws and regulations relating to anti-money laundering ()"**AML** "),
Know-Your-Customer ()"**KYC** "), counter-terrorist financing, sanctions screening requirements, or any other legal
obligations, in each case, as determined by Anchorage in its sole discretion. Upon acceptance of Client by Anchorage, Client shall
nominate and manage Authorized Persons; provided that if Client has entered into, or at any time enters into, a Client Service
Provider Agreement or Control Agreement
that (i) contemplates or requires an Authorized Person to be nominated by a Third Party or (ii) can only be reasonably implemented
through the use of Authorized Persons that are nominated by a Third Party, then Authorized Persons shall be nominated in accordance
with such agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to be approved as an Authorized Person, nominated persons must
agree to data collection permissions and related policies provided in the Anchorage application and Technology Platform, including
privacy policies and other terms, which may be amended from time to time. A copy of the then-current versions of such privacy policies
and other terms will be provided at the written request of Client. Client is solely responsible for the actions or inactions of
all Authorized Persons at all times, including their intentional, unintentional, or coerced use of the Services. With respect to
Client's primary custody Account, Client will initially nominate three (3) or more individuals as Authorized Persons prior
to initiation of Client on-boarding by Anchorage, and a minimum of two (2) of three (3) Authorized Persons must approve an Authenticated
Instruction. Anchorage reserves the right in its reasonable sole discretion to change the minimum number of Authorized Persons
to be designated or which are required to approve a Direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any Account or Vault opened in connection with a Client
Service Provider Agreement or Control Agreement, the applicable Third Party shall nominate the agreed-upon number of individuals
as Authorized Persons, and the Quorum shall be determined as required by such agreement. Subsequent to the approval and on-boarding
of initial Authorized Persons, Client or an approved Third Party (pursuant to a Client Service Provider Agreement or Control Agreement)
may nominate additional Authorized Persons or revoke an Authorized Person's status, each through a Direction to be approved
by a Quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2. <u>Acceptable Devices</u>. Unless expressly agreed upon otherwise, Client shall maintain a separate Acceptable Device for each Authorized Person. The Acceptable Device must have Internet accessibility and meet other technical specifications prescribed by Anchorage in <u>https://anchorage-digital.docsend.com/view/8e8x9kiq26m37xbv</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Authorized Persons; Anchorage API</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each person nominated by Client as an Authorized Person must be confirmed
by Anchorage as an Authorized Person. Authorized Persons may be required to successfully complete the onboarding process and training,
which may include (i) installing the Anchorage application onto the person's Acceptable Device; and (ii) training on the
Services regarding the creation of Directions or joining a Quorum. Upon completion of Anchorage's onboarding process and
any training, to Anchorage's satisfaction in its sole discretion, the nominated person will be designated by Anchorage as
one of Client's Authorized Persons and their device designated by Anchorage as an Acceptable Device, such that they may create
Directions or join a Quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the Services, Anchorage may provide Client with access to the
Anchorage API, through which Client may permit Third Party as well as Anchorage and its Affiliates access to the Account(s) or
Technology Platform. Anchorage shall follow any Directions submitted via
the Anchorage API, including Directions for withdrawals and external transfers of Client's Digital Assets, as though such
Directions were submitted from and by Client and without additional authentication, unless otherwise specified in this Agreement.
Authorized Persons may generate API keys and assign roles to a Third Party, including without limitation, a Third Party application,
subject to their compliance with the Anchorage API's Documentation, and applicable Law. Client and all Authorized Persons
shall use industry best practices to safeguard any generated Anchorage API keys. Client shall be responsible for all Third Party
access to the Account(s) and Directions submitted via the Anchorage API, and Anchorage shall not be liable for following any instructions
submitted via an Anchorage API key unless Anchorage's gross negligence or willful misconduct caused unauthorized access to
or possession of such key. Client shall provide Anchorage with immediate notice if Client discovers or suspects that API Keys generated
by or on behalf of Client or Authorized Persons have been compromised.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>On-Chain Services</u>. From time to time, Anchorage may, in its sole discretion, offer Client additional optional services involving on-chain transactions (other than deposits and withdrawals included in Anchorage's basic custody service), which may include staking, voting, vesting, signaling, and other activities requiring interaction with the applicable blockchain ("**On-Chain Services**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Offer and Acceptance of On-Chain Services</u>. Anchorage may offer On-Chain
Services by presenting the option to elect such services in the Anchorage application to Authorized Persons of Client, except to
the extent On-Chain Services are offered, On-Chain Services shall not be available to Digital Assets in the Staging Account. Any
offer for On-Chain Services will include the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) a basic description of the On-Chain Service;

ii) a disclosure of the material risks of the On-Chain Service;

iii) a description of any associated fees;

iv) any other key terms of the On-Chain Service, as applicable (for example, Anchorage will disclose if Digital Assets must be locked for a minimum period and would not be immediately accessible to Client); and

v) an option to expressly agree to the On-Chain Service. <br>Any Authorized Person may accept an On-Chain Service on behalf of Client by clicking on the button indicating the Authorized Person's election of such service ("Agree" or similar) on behalf of Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Cancellation of On-Chain Services.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Any Authorized Person may cancel an On-Chain Service at any time; provided,
however, that in cases where Digital Assets are locked up for a certain period pursuant to the blockchain protocol, Anchorage will
release locked Digital Assets when and as permitted by the applicable blockchain protocol. If Client desires to cancel an On-Chain
service, Client may do so through the Anchorage application.

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ii) Anchorage may discontinue an On-Chain Service at any time without notice for any reason. If Anchorage decides to discontinue an On-Chain Service, Anchorage will endeavor to provide as much notice to Client as reasonably possible, however Anchorage shall not be liable for any loss of rewards, slashing, penalty, or additional fees that may be incurred by the Client on the blockchain protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Legal Compliance</u>. Notwithstanding any other provision in this Agreement, Client agrees at all times to (i) fully satisfy Anchorage's information requests and other requirements, including but not limited to those relating to Authorized Persons or Digital Assets; (ii) fully comply with all applicable Laws, including the BSA and all other Laws and regulations related to AML, KYC, counter-terrorist financing, sanctions screening requirements, or other legal obligations; (iii) notify Anchorage if Client becomes a target of any BSA, AML, sanctions related, or Digital Asset related action, investigation or prosecution; (iv) notify Anchorage of any changes in jurisdiction or material ownership; and (v) provide Anchorage full cooperation in connection with any inquiry or investigation made or conducted by the U.S. Office of the Comptroller of the Currency ("**OCC**") or any other regulator having jurisdiction over Anchorage. Anchorage will have no obligation to provide the Services if Client or Authorized Persons fail to comply with the foregoing to Anchorage's reasonable satisfaction. Client agrees to immediately notify Anchorage if it becomes aware of any suspicious activity or pattern of activity, or any activity which upon investigation may be a suspicious activity or pattern of activity under applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Acknowledgements</u>. Client hereby agrees and acknowledges the risk disclosures provided at https://www.anchorage.com/risk-disclosures, which may be amended from time to time ("**Risk Disclosure**") shall apply to and is hereby incorporated into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Fiat Currency Instructions and Acknowledgements; Undirected Cash Disclosures</u>. Anchorage may, in its sole discretion, offer Fiat Services to Client. If Anchorage offers Fiat Services, and Client accepts Fiat Services, Client shall be subject to the requirements, policies and procedures of any Fiat Institution (as defined below), as applicable, and Anchorage will, acting as Client's agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deposit all cash deposited by Client with Anchorage, for which the Client
has not already provided transfer instructions, into deposit accounts at Federal Deposit Insurance Corporation ()"**FDIC** ")
-insured, regulated depository institutions selected by Anchorage (each, a "**Fiat Institution** "), which accounts
will be held for the benefit of (FBO) Anchorage clients ()"**Deposit Accounts** "). Deposit Accounts will be non-interest-bearing
and may be segregated by client or pooled into omnibus accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Enter into such sub-accounting agreements as may be required by the Fiat
Institution, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Initiate wire transfer requests from time to time for the withdrawal of Client funds from the
 Deposit Accounts, which requests are to be honored by the Fiat Institution for withdrawal of Client's funds from such
 Deposit Accounts for distributions, investments, fees and other disbursements directed or agreed to by the Client or Client's delegate. All applicable
wire transfer fees shall be paid by the Client.

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For the sub-account held for the benefit of Client, Anchorage will keep records to facilitate pass-through FDIC coverage of up to the maximum coverage level of $250,000 per Client at a single Fiat Institution. Anchorage makes no guarantee that pass-through FDIC coverage will be available, and Client acknowledges and accepts the risk that pass-through FDIC coverage may not be available. Anchorage shall not be liable for any defaults by a Fiat Institution, including but not limited to any bankruptcy filing or insolvency of a Fiat Institution, and any Losses incurred by Client due to Fiat Institution's actions, omissions, failures, or insolvency. For avoidance of doubt, Digital Assets in Client's Accounts are not subject to deposit insurance protection of the FDIC and may not be subject to the protection afforded customers under the Securities Investor Protection Act of 1970, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ownership and Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Services and Documentation</u>. As between the Parties and subject to Section 3.2 (Outputs of Services) and 3.3 (Client Data), Anchorage owns the Services, the Documentation, and all Intellectual Property Rights in the Services and the Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Outputs of Services</u>. Anchorage hereby grants Client a perpetual, royalty-free, non-transferable (except as provided in Section 12.10), non-sublicensable, worldwide license to all output and results from use of the Services by Client or Authorized Persons, including any reports, graphics, data, specification, programs and all other materials or computer output ("**Outputs**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Client Data</u>. As between the Parties, Client owns all Client Data and all Intellectual Property Rights in Client Data. Client hereby grants Anchorage, and any of its Affiliates that facilitate, provide or may provide additional services to Client, a perpetual, royalty-free, non-transferable (except as provided in this Section 3.3 or Section 12.10), non-sublicensable, worldwide license to disclose and use Client Data (i) to facilitate, operate, or manage services for Client; (ii) to monitor, process and support Directions or as necessary to effect, administer, or enforce a transaction or directive that Client otherwise requests or authorizes, including to facilitate Client's use of services provided by Anchorage Affiliates; (iii) to comply with legal or regulatory obligations applicable to the Services including financial reporting and retention of related data; and (iv) in de-identified and anonymized form in aggregation with other clients' data, to improve Anchorage's services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Feedback</u>. From time to time, Client may submit or provide suggestions, requests for features, recommendations, or ideas to Anchorage ("**Feedback**"). By submitting Feedback, Client grants Anchorage a non-exclusive, worldwide, royalty-free, irrevocable, sub-licensable, perpetual license to use the Feedback, without consideration or compensation to Client or Authorized Persons, Affiliates, agents, partners, or personnel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Term and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Term</u>. This Agreement is effective as of the Effective Date and will continue in full force and effect for the Initial Term period in the Order Form, or as otherwise provided in the Order Form, and will be automatically renewed for each successive Renewal Term specified in the Order Form (the Initial Term and each Renewal Term collectively referred to herein as the "**Term**"). For each Renewal Term, Anchorage reserves the right to change the Fees, institute new charges, or to otherwise change the Services upon written notice to Client no less than ninety (90) days prior to the commencement of the Renewal Term. Either Party may elect not to renew the Agreement by providing written notice of cancellation no less than ninety (90) days prior to the expiration of the current Term or unless sooner terminated as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Termination for Cause</u>. This Agreement may be terminated by the non-breaching Party upon a material breach which is not cured within sixty (60) days after receipt by the breaching Party of written notice from the non-breaching Party of such breach. Notwithstanding the foregoing, this Agreement may be terminated immediately (without an opportunity to cure) upon written notice by the non-breaching Party in the following cases: (i) either Party reasonably determines that any part of the Services is or may become in violation of applicable Laws or raises material regulatory, risk, or reputational issues; (ii) Client or Authorized Persons have acted fraudulently or made a willful misrepresentation; (iii) the other Party files bankruptcy or is declared insolvent, or has an administrative or other receiver, manager, trustee, liquidator, administrator, or similar officer appointed over all or any substantial part of its assets; (iv) the other Party enters into or proposes any composition or arrangement with its creditors generally; or (v) the other Party violates Section 8.

In the event that this Agreement is terminated by the Client or Anchorage, Client agrees to promptly notify any and all applicable Token Issuer(s) of the termination date of this Agreement. No later than three (3) business days prior to the termination date of this Agreement, Client shall provide written notice to Anchorage at lockupsupport@anchorage.com of an address or addresses mutually agreed upon by Client and Token Issuer to which Restricted Assets subject to the Lock-Up Schedule as of the termination date of this agreement shall be transferred. If Anchorage does not receive such written notice, Restricted Tokens shall be treated as any other Digital Assets in accordance with the terms of this Agreement and Section 4.4 of the Agreement shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Effect of Termination Notice</u>. Upon termination of this Agreement, Client will pay Anchorage all Fees, as provided in the Order Form, and documented expenses for Services rendered to Client through the effective date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Obligations and Rights on Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Timeline for Termination. Client shall, within ninety (90) days (or as
otherwise agreed in writing between the Parties) of the effective date of termination of this Agreement, whether sent by Anchorage
or by Client, transfer all of Client's Digital Assets or fiat currency out of all Accounts and Vaults with Anchorage, subject
to applicable Laws and any payment obligations and set off to Anchorage for any outstanding Fees and associated costs of such return
(if any). If the Client fails to transfer such Digital Assets or fiat currency within ninety
(90) days (or as otherwise agreed in writing between the Parties) of termination, Client agrees to abandon and forfeit any claims
to such Digital Assets and fiat currency upon closure of Client's Account and Vault. Notwithstanding the foregoing, Clients
may be required to transfer all of Client's Digital Assets or fiat currency earlier than the time period agreed herein if
Anchorage reasonably determines that any part of the Services is or may become in violation of applicable Laws, or raises material
regulatory, risk, or reputational issues. For avoidance of doubt, and regardless of termination, Client shall be responsible for
payment of any Fees accrued until the Client transfers all of Client's Digital Assets from Client's Account with Anchorage
and such Fees shall be paid by Client upon such transfer in accordance with the applicable terms of Section 5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Digital Assets. A Digital Asset will be deemed to have been returned to
Client when: (i) a transfer of the Digital Asset initiated by Anchorage has received a reasonable number of confirmations on the
relevant Blockchain; or (ii) via an alternative method mutually agreed upon between Anchorage and Client. To the extent a Client's
Digital Assets are unable to be transferred out of the Account due to insufficient gas or network fees necessary for the transfer,
Client agrees to deposit additional Digital Assets to permit such transfer, or otherwise abandons and forfeits any claims to such
Digital Assets upon closure of the Account. Client acknowledges and agrees that any Digital Assets transferred into any wallet
address associated with any Client's Account or Vault after the termination of this Agreement are abandoned and forfeited
by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Confidential Information and Client Data. At the Disclosing Party's
written request, the Receiving Party will return or destroy any or all of the Disclosing Party's Confidential Information.
In addition, upon Client's written request, Anchorage will return or destroy all Client Data. Notwithstanding the foregoing,
either Party may retain a copy of Confidential Information and Client Data (i) for audit, legal, accounting or compliance purposes;
(ii) if included within unstructured backup files or that technically cannot be deleted; (iii) as licensed pursuant to Section
3.3; or (iv) as may be required by applicable Laws, including requirements of the OCC, provided that Section 8 shall continue to
apply to all such retained information, notwithstanding termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Timeline for Claims. The Parties agree that any claim, suit, proceeding,
cause of action, or arbitration request arising out of or relating to this Agreement must be asserted within twelve (12) months
of the effective date of the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Fees and Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Fees</u>. Client acknowledges and agrees that the Fees and any other payments or compensation otherwise agreed to by Anchorage and Client represent reasonable compensation for Anchorage's Services and expenses. Client will pay Anchorage the Fees for the Services as set forth in the Order Form, in any addendum or attachment to this Agreement, or as otherwise agreed in writing between the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Invoices; Payment Terms</u>. Anchorage will submit invoices for the Services as set forth in the Order Form. Except as otherwise set forth in the Order Form, Client agrees to pay all undisputed invoices net thirty (30) days following receipt. If Client reasonably disputes any portion of an invoice, Client agrees, within the foregoing 30-day period, to (i) pay the undisputed amounts; and (ii) provide a detailed explanation with all supporting documentation of the basis for its dispute. The first invoice will be sent after the end of the calendar month including the Fees Commencement Date, unless otherwise agreed in writing by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Taxes.</u> The Fees do not include all taxes, assessments, duties, and other governmental and similar charges ("**Taxes**") that may be assessed on Client or Client's assets by governmental authorities, which are Client's sole obligation to remit unless otherwise mandated by law. Client shall be liable for all Taxes relating to any Digital Assets held on behalf of Client or any transaction related thereto. Client shall remit to Anchorage for the amount of any Tax that Anchorage is required under applicable Laws (whether by assessment or otherwise) to pay on behalf of, or in respect of activity in the Account of Client. In the event that Anchorage is required under applicable law to pay any Tax on behalf of Client, Anchorage shall promptly notify Client of the amount required and Client shall promptly transfer to Anchorage the amount necessary to pay the Tax. To the extent Anchorage's Third Party Vendor offers tax advice or services and Client opts into receiving such advice or services from the Third Party Vendor, Client agrees that Anchorage shall not be liable and held harmless for any advice and services provided by the Third Party Vendor. For the avoidance of doubt, all tax advice and services provided by Third Party Vendor is independent of Services provided by Anchorage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Lien and Right of Setoff, Reserve</u>. To secure payment or performance of Client's Obligations, Client hereby pledges and grants to Anchorage (acting for itself and as agent for each Anchorage Affiliate) and each Anchorage Affiliate, and agrees that Anchorage and each Anchorage Affiliate will have, to the maximum extent permitted by Law, a continuing first lien and security interest in, and right of setoff against Accounts, all assets and property credited to the Accounts (including, for the avoidance of doubt, Digital Assets and fiat currency) or otherwise transferred to Anchorage, contractual and non-contractual rights in respect of any of the foregoing, and all proceeds of the foregoing regardless of the place of payment, delivery and/or currency of any obligation (and for such purposes may make any necessary conversions of currencies or Digital Assets). Client acknowledges and agrees that Anchorage has no duties or responsibilities with respect to the foregoing property (including any duty to collect any distributions or enforce or preserve any rights pertaining to such property) other than those expressly set forth under applicable Law. Client agrees that if Anchorage exercises its setoff rights or secured party remedies against Client's Digital Assets or fiat currency, Anchorage may value the Digital Assets using the same valuation method and same process that is otherwise used when in Anchorage's business or any other commercially reasonable valuation method. Client also acknowledges that Anchorage is acting as agent for each Anchorage Affiliate for purposes of this Section 5.4. Client agrees and permits Anchorage: (1) the ability to restrict Client from withdrawing from Client's Account and Vault for Obligations owed; and (2) the ability of setoff against Accounts, all assets and property credited to the Accounts for payments owed to Anchorage by Client or Client's Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Representations and Warranties; Disclaimers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Mutual Representations, Warranties and Covenants</u>. Each Party represents, warrants, and covenants that: (i) it is a validly organized entity under the laws of the jurisdiction of its incorporation; (ii) it has all rights, power, and authority necessary to enter into this Agreement and perform its obligations hereunder; (iii) its performance of this Agreement, and the other Party's exercise of its rights under this Agreement, will not conflict with or result in a breach or violation of any of the terms or provisions or constitute a default under any agreement by which it is bound or any applicable Laws; and (iv) it will comply with all applicable Laws in performing its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Anchorage Representations, Warranties and Covenants</u>. Anchorage represents, warrants and covenants that: (i) the Services will conform to this Agreement; (ii) it is the owner of or is duly authorized to provide all Services; (iii) it has all rights necessary to grant all the rights and licenses that it purports to grant and perform all of its obligations under this Agreement; (iv) it is not aware of any claim that the Services, and the use thereof by any Authorized Person in accordance with this Agreement, infringe upon or otherwise violate any statutory, common law or other rights of any Third Party in or to any Intellectual Property Rights therein; (v) as of the Effective Date, there is no pending, threatened, or anticipated claim, suit, or proceeding affecting or that could affect Anchorage's ability to perform and fulfill its obligations under this Agreement; and (vi) it is a Qualified Custodian as defined in the Investment Company Act of 1940 and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Client Representations, Warranties and Covenants</u>. The Client represents, warrants and covenants as of the Effective Date and as of each Direction from Client provided hereunder that: (i) Client is and has been for the past five (5) years or since its formation, whichever is more recent, based on a reasonable investigation and analysis of such applicable Laws, in compliance with all applicable Laws, including but not limited to those relating to AML,KYC, customer identification and similar Laws; (ii) Client is, and will at all times remain, the owner or beneficial owner of all Digital Assets handled under this Agreement, subject only to liens and encumbrances granted to Anchorage pursuant to this Agreement or otherwise created as part of the Client's business; (iii) Client shall only use the Account(s) for the purpose of custody of Digital Assets by Client as beneficial owner, and under no circumstances shall Client use or cause Account(s) to facilitate third party payments in violation of Section 6.5; (iv) any Digital Assets or fiat currency deposited into any Account are not proceeds of a crime; and (v) Client is not directly or indirectly owned or controlled by any person or entity (a) included on the Specially Designated Nationals and Blocked Persons or the Consolidated Sanctions List maintained by the Office of Foreign Assets Controls ("**OFAC**") or similar list maintained by any government entity from time to time; or (b) located, organized, or resident in a country or territory that is the target of sanctions imposed by OFAC or any government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Anchorage Disclaimers</u>. Except to the extent set forth in Sections 1.2(a), 6.1 and 6.2 above, THE SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ANCHORAGE EXPLICITLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF THE COURSE OF DEALING OR USAGE OF TRADE. The Parties further acknowledge and agree that Anchorage has no obligation to inquire into, and shall not be liable for any damages or other liabilities or harm to any person or entity relating to: (i) the ownership, validity or genuineness of any Digital Asset; (ii) the authority of any Authorized Person to act on behalf of the Client with respect to a Digital Asset; (iii) the accuracy or completeness of any Client Data or information provided by Client or any Authorized Person with respect to a Digital Asset or Direction; or (iv) the collectability, insurability, effectiveness, marketability or suitability of any Digital Asset. Client additionally understands and agrees that Anchorage will follow the Directions from Client, is considered by this Agreement to be an "excluded fiduciary" under SDCL 55-1B-2 and shall be released and held harmless for following the Directions from Client, who is considered by the Agreement to be a Trust Advisor (in its capacity as a custody account holder) under SDCL 55-1B-1(3).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Prohibition Against Nested Transactions</u>. Client shall not permit any transactions and/or activities of a financial institution from passing through any of the Account(s) (including, for example, transactions of a financial institution on behalf of such institution's own clients or customers). Client shall provide Anchorage with such assurances and/or confirmation regarding Client's compliance with the foregoing prohibition as Anchorage may reasonably require, at its sole discretion from time to time, within such time frames as Anchorage may reasonably require and in form and substance reasonably acceptable to Anchorage. Should Client become aware of the use of an Account by any other financial institution, directly or indirectly, Client will promptly cause such use and/or activity to immediately cease and shall promptly notify Anchorage, in writing, of such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Security Requirements; Personal Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Security Requirements; Personal Information</u>. Client and Anchorage hereby agree that the Data Processing Addendum provided at: <u>https://anchorage-digital.docsend.com/view/rw4azp2vuz6p9dhh</u> shall apply to and is hereby incorporated into this Agreement, which may be amended from time to time. Client will comply with and cause Authorized Persons and its Representatives to comply with the terms and conditions set forth in the Data Processing Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Breach Notifications</u>. Anchorage agrees to use commercially reasonable efforts to notify Client of any Personal Data Breach involving Client Data within forty-eight (48) hours of becoming aware of the Personal Data Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Changes in Law</u>. To the extent that applicable data protection Laws impose any additional compliance obligations that are not sufficiently addressed in this Agreement, the Parties agree to enter into good faith discussions regarding amending this Agreement or taking such other steps as may be mutually agreed as reasonably necessary to achieve compliance with those applicable data protection Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Use and Disclosure</u>. The Parties acknowledge that, in the course of performance of this Agreement, it may be necessary for one Party ("**Disclosing Party**") to disclose or permit access to Confidential Information to the other Party ("**Receiving Party**") and its Representatives. Disclosing Party's disclosure of, or provision of access to, Confidential Information to Receiving Party's Representatives is solely for the purposes agreed to under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Confidential Treatment</u>. Confidential Information disclosed to a Receiving Party will be held in confidence by the Receiving Party and not disclosed to others or used except as expressly permitted under this Agreement or as expressly authorized in writing by the Disclosing Party. Each Party will use the same degree of care to protect the other Party's Confidential Information as it uses to protect its own information of like nature, but in no circumstances less than reasonable care. At the Disclosing Party's written request, the Receiving Party will return or destroy any or all of the Disclosing Party's Confidential Information. The Receiving Party will be liable for any breach of the confidentiality and use restrictions of this Agreement by its Representatives, except for those Representatives who execute separate confidentiality agreements with the Disclosing Party with respect to the subject matter hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Allowances</u>. Notwithstanding anything to the contrary in this Section 8, Confidential Information may be disclosed by a Receiving Party to its Representatives, service providers, including Vendors, and professional advisors who require it in connection with their duties in performing such Party's obligations under this Agreement and who are bound by confidentiality obligations substantially similar to those of this Agreement and which would extend to the Disclosing Party's Confidential Information. If disclosure is compelled by law, pursuant to a duly authorized subpoena, court order, or government authority, unless otherwise prohibited by law, the Receiving Party shall provide the Disclosing Party with prompt notice to permit the Disclosing Party to seek a protective order or other appropriate remedy protecting its Confidential Information from disclosure. If disclosure is required, the Receiving Party shall limit the disclosure of the Confidential Information to only the portions required to be disclosed. Notwithstanding the foregoing, Anchorage may disclose any Confidential Information of Client to the OCC, or that is requested from, or required or appropriate to be provided to, any other state, federal, or international governmental or regulatory body with jurisdiction over Anchorage, without prior notice to Client. In addition, notwithstanding the foregoing, Anchorage may disclose the existence and terms of this Agreement in connection with an actual or prospective sale or transfer of Anchorage's assets or stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Exceptions</u>. Except with respect to Personal Information, which will in all circumstances remain Confidential Information, obligations under this Section 8 will not apply to information which: (a) is or becomes available in the public domain without breach of this Agreement; (b) was lawfully received by the Receiving Party from a Third Party without confidentiality restrictions; (c) was known or legally in the possession of to the Receiving Party and its Representatives without confidentiality obligations prior to disclosure from the Disclosing Party; or (d) was independently developed by the Receiving Party without breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Indemnification Obligation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Client will defend, indemnify, and hold harmless Anchorage, its directors, officers, employees and agents (collectively, the "**Anchorage Indemnified Party**") from and against losses, damages, fines, fees (including reasonable fees of attorneys and accountants), and penalties ("**Losses**") asserted in or incurred as a result of claims, demands, suits, or proceedings ("**Claims**") by any person or entity arising out of or in connection with this Agreement, except to the extent arising out of (i) Anchorage's gross negligence, willful misconduct or fraud as determined by a non-appealable, adjudication by an arbiter of competent jurisdiction ("**Bad Acts**"), provided, however, that Anchorage shall be released and held harmless for Direction from the Client, and any results thereof, as it would be pursuant to SDCL 55-1B, which is agreed to be applicable hereunder, even if following such Client Direction constitutes gross negligence or misconduct by Anchorage; and (ii) any material breach by Anchorage of its obligations, warranties and representations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Client further agrees to indemnify Anchorage for actual, reasonable legal costs and expenses directly related to Client's Account(s) or any related account that are a result of any regulatory inquiry, legal action, litigation, dispute, or investigation whether such situations occur or are anticipated, that arise or relate to Client. Client further agrees to defend, indemnify and hold each Anchorage Indemnified Party and any financial institution harmless from and against any Losses or Claims arising from or related to (i) Anchorage's execution of the Directions instituted by Client or anyone acting on Client's behalf or at its direction (such as a Client Service Provider or Control Party), including but not limited to requests for withdrawals by wire transfer made from Client's portion of the Deposit Accounts; (ii) instructions submitted via the Anchorage API, provided that such instructions were submitted pursuant to a validly generated Anchorage API key; and (iii) the actions or omissions of any party to whom the Client may have given access to an Anchorage API key.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Notice and Settlement of a Claim</u>. Anchorage will provide Client with prompt notice of any Claim for which indemnification will be sought hereunder and will cooperate in all reasonable respects with Client in connection with any such Claims, at Client's expense. Client will defend Anchorage at Anchorage's request, but failure to give notice will not relieve Client of its obligations under this Section 9. Client will be entitled to control the handling of any such Claim and to defend or settle any such Claim, in its sole discretion, with counsel of its own choosing, except that any settlement for other than money damages will be subject to the approval of the Anchorage, which approval will not be unreasonably withheld. Client may not settle any Claim without the prior written consent of Anchorage where such proposed settlement may limit, materially interfere with, or otherwise adversely affect the rights of Anchorage herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>LIMITATION OF LIABILITY</u>. EXCEPT FOR ANCHORAGE'S BAD ACTS, ANCHORAGE SHALL NOT BE LIABLE FOR ANY LOSSES, WHETHER IN CONTRACT, TORT OR OTHERWISE, INCURRED BY CLIENT, FOR ANY AMOUNT IN EXCESS OF FEES PAID BY CLIENT IN THE TWELVE (12) MONTHS PRIOR TO WHEN THE LIABILITY ARISES LESS THE AGGREGATE AMOUNT OF ANY LOSSES FOR WHICH ANCHORAGE IS OR WAS LIABLE DURING SUCH PERIOD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.<u>DAMAGES LIMITATION</u>. IN NO EVENT WILL ANCHORAGE BE LIABLE FOR (I) LOSSES WHICH ARISE FROM ANCHORAGE'S COMPLIANCE WITH APPLICABLE LAWS, INCLUDING SANCTIONS LAWS ADMINISTERED BY OFAC; OR (II) SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR LOST PROFITS OR LOSS OF BUSINESS ARISING IN CONNECTION WITH THIS AGREEMENT REGARDLESS OF WHETHER ANCHORAGE WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR IF SUCH POSSIBILITY WAS REASONABLY FORESEEABLE. IN ADDITION TO THE FOREGOING, ANCHORAGE SHALL NOT BE LIABLE FOR ANY LOSSES WHICH ARISE AS A RESULT OF THE NON-RETURN OF DIGITAL ASSETS THAT CLIENT HAS DELEGATED TO ANCHORAGE OR A THIRD PARTY FOR ON-CHAIN SERVICES, SUCH AS STAKING, VOTING, VESTING, AND SIGNALING, UNLESS SUCH LOSSES OCCUR AS A RESULT OF ANCHORAGE'S GROSS NEGLIGENCE, FRAUD OR INTENTIONAL MISCONDUCT.

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FOR THE AVOIDANCE OF DOUBT, THE LIMITATION OF LIABILITY IN THIS SECTION 10 IS A SEPARATE LIMITATION OF LIABILITY AS TO EACH CLIENT AND SHALL NOT INCLUDE ANY AMOUNT PAID BY CLIENTS IN THE AGGREGATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Dispute Resolution; Binding Arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. <u>Initial Resolution; Mediation</u>. In the event of any dispute, potential claim, question, or disagreement arising from or relating to this Agreement or the breach thereof (collectively, a "**Dispute**"), the aggrieved Party shall notify the other of the aggrieved Party's intent to address and resolve the Dispute, and the specific terms of such Dispute. The Parties shall use their commercially reasonable efforts to promptly settle the Dispute. Such efforts will include, at a minimum, that executives of each Party consult, meet in person, and negotiate with each other in good faith. If the Parties do not resolve the Dispute pursuant to the foregoing paragraph within a period of 30 days following the aggrieved Party's notice, then, upon notice by either Party to the other, the Parties agree to confidentially mediate the Dispute in good faith according to the American Arbitration Association ("**AAA**") Commercial Mediation Procedures in Sioux Falls, South Dakota or another location agreed to by the Parties. The Parties shall work in good faith with the mediator to attempt to complete the mediation within 30 days of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. <u>Arbitration</u>. If the parties do not resolve the Dispute pursuant to the foregoing paragraph, then, upon notice by either Party to the other, the Dispute shall be finally settled by binding arbitration administered by the AAA in accordance with the provisions of its rules applicable to commercial disputes. The arbitration shall be conducted on a confidential basis in Sioux Falls, South Dakota, or another location agreed to by the Parties. The arbitration shall be conducted before a single arbitrator experienced in contract, finance and technology law. Any decision or award shall be in writing and shall provide an explanation for all conclusions of law and fact. The arbitrator may award the prevailing Party on each claim or defense, if any, as determined by the arbitrator, some or all of its Costs, in the arbitrator's sole discretion. "**Costs**" mean all reasonable pre-award expenses of the arbitration, including the arbitrators' fees, administrative fees, out-of-pocket expenses such as copying and telephone, witness fees, and reasonable attorneys' fees.

No Party shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; (ii) the class is decertified; or (iii) the customer is excluded from the class by the court. Such forbearance to enforce any agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. <u>Exception for Protection of Confidential Information</u>. The Parties each agree that the protection of Confidential Information is necessary and reasonable in order to protect the Disclosing Party and its business. The Parties each expressly agree that monetary damages would be inadequate to compensate the Disclosing Party for any breach of its Confidential Information. Accordingly, each Party agrees and acknowledges that any such violation or threatened violation would cause irreparable injury to the Disclosing Party and that, in addition to any other remedies that may be available, in law, in equity or otherwise, the Disclosing Party shall be entitled to obtain injunctive relief against the threatened breach or continued breach by the Receiving Party, without the necessity of proving actual damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. General Provisions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Independent Contractor</u>. It is understood by the Parties that Anchorage is an independent contractor, and that this Agreement does not create or constitute a partnership, joint venture or employment relationship between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>No Third Party Beneficiaries</u>. This Agreement is not intended to and shall not be construed to give any Third Party any interest or rights (including, without limitation, any Third Party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or contemplated hereby, except as otherwise expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <u>Publicity and Client Identification</u>. The existence and subject matter of this Agreement, including Fees, is deemed the Confidential Information of Anchorage. Notwithstanding the foregoing, for the Term of the Agreement, Client may use Anchorage's name and approved or publicly available trademarks to identify Anchorage as its Digital Asset custodian services provider, and Anchorage may use Client's name and approved or publicly available trademarks to identify Client as a customer of Anchorage. Any use of a Party's trademarks shall be in a form reasonably acceptable to that Party. Any other use of a Party's name or trademarks by the other may only be made with its prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. <u>Force Majeure</u>. Neither Party will be liable to the other Party for the failure to perform or delay in the performance of its obligations under this Agreement to the extent such failure or delay is caused by or results from a Force Majeure Event. The affected Party will not be held liable by the other Party for such non-performance or delay as long as the fact of the occurrence of such Force Majeure Event is duly proven or is reasonably provable. In addition, Anchorage will not be liable to Client for any costs or expenses incurred by Client as a result of any Force Majeure Event. Notwithstanding the foregoing, if the delay in performance exceeds thirty (30) days, the Party awaiting performance will be permitted to terminate this Agreement upon five (5) days' prior written notice to the other Party, with no further obligation to the Party claiming excusable delay.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. <u>Notices</u>. All notices required or permitted under this Agreement will be in writing and delivered by courier, mail, electronic mail, or within the Anchorage application (except for service of legal process which shall be by courier). A Party's email addresses, or physical address may be changed from time to time by either Party by providing written notice to the other in the manner set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. <u>Execution in Counterparts and by Electronic Means</u>. This Agreement may be executed in counterparts and by electronic means and the Parties agree that such electronic means and delivery will have the same force and effect as delivery of an original document with original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. <u>Entire Agreement; Amendment</u>. This Agreement includes all exhibits, schedules, and attachments referenced herein, all of which are incorporated herein by this reference. This Agreement is the final, complete, and entire agreement of the Parties. There are no other promises or conditions in any other agreement, oral or written. This Agreement supersedes and replace, as applicable, any prior promises, agreements, representations, undertakings, or implications whether made orally or in writing between the Parties related to the subject matter of this Agreement, including but not limited to, any prior Master Custody Services Agreements entered into between the Parties which shall be deemed terminated upon the execution of this Agreement. The Agreement may only be modified or amended in writing and signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8. <u>Remedies Cumulative</u>. Each Party will have all of the rights and remedies provided by law in addition to the rights and remedies set forth in this Agreement and in any other agreement or writing between the Parties. All of a Party's rights and remedies are cumulative and may be exercised from time to time, and the pursuit of one right or remedy will not constitute an exclusive election or otherwise preclude or limit its pursuit of any other or additional right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9. <u>Severability</u>. If any provision of this Agreement will be held to be invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provisions will be deemed to be written, construed and enforced as so limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10. <u>Assignment</u>. No Party may assign any of its rights under this Agreement or delegate its performance under this Agreement without the prior written consent of the other Party; except that Anchorage may assign its rights and delegate its performance under this Agreement to: (i) any entity that acquires all or substantially all of its assets; (ii) any Affiliate that controls, is controlled by, or is under common control with Anchorage; and (iii) any successor in a merger, acquisition, or reorganization, including any judicial reorganization. Any purported assignment in violation of this Section 12.10 will be null and void, *ab initio*, and of no force or effect

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11. <u>Use of Affiliates</u>. Anchorage may use Anchorage Affiliates to provide certain Services as directed by Anchorage. Without limiting the generality of the foregoing, Anchorage hereby discloses that it is a subsidiary of Anchor Labs, Inc., which provides certain technology and administrative services to Anchorage in support of Anchorage's provision of Services hereunder, pursuant to an Intercompany Services Agreement between Anchorage and Anchor Labs, Inc., and all provisions under this Agreement that are applicable to Anchorage will apply equally to its Affiliates, including Anchor Labs, Inc. For the avoidance of doubt, this section does not apply to Anchorage's use of a Vendor, Fiat Institution, or other service provider.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12. <u>Valuation Methodology</u>. Except as otherwise expressly set forth herein (including, without limitation, in the Order Form), for purposes of determining the Assets Under Custody and any other fees or calculations (including, without limitation, in respect of On-Chain Services) hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) For Digital Assets, Daily balances are calculated in U.S. Dollars by applying closing prices, as provided by CryptoCompare.com at the close of each day (UTC), or if unavailable, other reliable, reputable third party pricing sources, selected at Anchorage's sole discretion, to the end of day holdings in the Account. If such source(s)' closing prices for certain Digital Assets are unavailable, or Anchorage reasonably determines that such prices are unreliable due to low or inconsistent trading volumes, Anchorage may use fixed pricing for such Digital Assets, which will be determined in Anchorage's reasonable sole discretion*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For NFTs, Daily balances are calculated in U.S. Dollars based on the corresponding NFT collection floor price. NFT collection floor price means the lowest listed price of any NFT within a collection at a given time, as determined by Anchorage at its sole discretion, provided that such floor price may be subject to change when a reliable, reputable third party pricing source, selected at Anchorage's sole discretion, becomes available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13. <u>No Waiver of Contractual Right</u>. The failure of either Party to enforce any provision of this Agreement will not be construed as a waiver or limitation of that Party's right to subsequently enforce and compel strict compliance with every provision of this Agreement. A waiver or consent given on one occasion is effective only in that instance and will not be construed as a bar to or waiver of any other right on any other occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14. <u>Governing Law</u>. Except to the extent, it is governed by federal banking Law and any other Laws referenced in this Agreement, this Agreement will be governed by and construed exclusively in accordance with the laws of the State of South Dakota, without regard to its conflicts of laws provisions or rules. Subject to Section 11, the Parties hereby agree to submit to the exclusive jurisdiction of any appropriate court located in the State of South Dakota or the United States District Court for South Dakota located in the city of Sioux Falls, South Dakota, as a forum for litigation. Each of the Parties hereto hereby waives all right to trial by jury in any lawsuit, action, proceeding or counterclaim arising out of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15. <u>Survival</u>. Any expiration or termination of this Agreement will not affect any accrued claims, rights or liabilities of Parties, and all provisions which must survive to fulfill their intended purposes, or by their nature are intended to survive such expiration or termination will survive, including Sections 2 - 12, and the Schedules.

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**SCHEDULE A**

**DEFINITIONS**

"**Account**" means an account established in the name of, or for the benefit of a Client, in which the ownership of Digital Assets is recorded and to which Digital Assets are credited. Each Account is recorded separately on Anchorage's books and records and has one or more unique wallet addresses. An organization may have one or more Accounts, and an Account may have one or more Vaults. The Authorized Persons and Quorum requirements for each Account may differ from those of other Accounts.

"**Acceptable Device**" means a hardware device with software configuration set forth in Section 2.2.

"**Affiliate**" means an entity controlling, controlled by or under common control with a Party.

"**Anchorage API"** means the application programming interface, as such may be modified from time to time, made available by Anchorage as part of the Services.

"**Annual Basis Points**" refers to the annual rate for custody fees. Monthly Custody Fees are charged at the rate of one-twelfth of the listed annual rate.

"**AUC**" or "**Assets Under Custody**" means the average daily balance of Client Digital Assets and NFTs in Anchorage's custody each month, calculated after the conclusion of each month, where the average daily balance is determined by adding each daily balance and dividing the sum of the daily balances by the number of days in such month (or in the case of the first month, by the number of days in such month following the Fees Commencement Date).

"**Authenticated Instruction**" means a Direction (i) regarding specific Digital Assets; (ii) to add or remove Authorized Persons; (iii) to generate or remove, or change permissions for, Anchorage API keys; or (iv) which is otherwise provided for by the Services; by (a) an Authorized Person that has received Quorum approval (where such Quorum approval is required) or (b) an authorized application using an Anchorage API key (generated by an Authorized Person). Anchorage's authentication processes and procedures will be determined by Anchorage in its sole discretion from time to time, and will include biometric authentication for each Authorized Person, which may include but are not limited to fingerprint, facial recognition, or voiceprint. Where the purpose of an Authenticated Instruction relates to Digital Assets, such an Authenticated Instruction is an Entitlement Order for purposes of the UCC.

"**Authorized Person**" means a person nominated by Client, or another party if so, contemplated by a Client Service Provider Agreement or Control Agreement, and thereafter approved by Anchorage pursuant to Section 2.1.

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"**Basis Point**" means 1/100<sup>th</sup> of 1%.

"**Blockchain**" means software operating a distributed ledger which is maintained by a network of computers, and that records all transactions in a Digital Asset in theoretically unchangeable data packages known as blocks, each of which are timestamped to reference the previous block so that the blocks are linked in a chain that evidences the entire history of transactions in the Digital Asset.

"**Client Data**" means any or all of the following, and all copies thereof, regardless of the form or media: (i) Personal Information of Client or an Authorized Person; and (ii) any non-public data or information provided or submitted by or on behalf of Client or an Authorized Person as part of the Services.

"**Confidential Information**" means information and technical data, which is not generally known to the public, whether disclosed directly or indirectly, in writing, orally, or visually, that the Receiving Party knows or should know is confidential or proprietary. Examples of Confidential Information include, but are not limited to, a Party's products, software, websites, apps, marketing plans and materials, business strategies, business methods, models, financial reports or projections, product plans and specifications, designs, processes, manuals, ideas, concepts, drawings, pricing, fees, operational plans, know-how, employee information, shareholder information, vendor information, customer information, and ownership or investor information.

"**Digital Asset**" means a digital representation of value that may function as a medium of exchange or medium for investment, and which is evidenced on, and can be electronically received and stored using distributed ledger technology. For the avoidance of doubt, Digital Assets held by Anchorage for the Client are "Financial Assets" for purposes of the UCC and are not assets of Anchorage.

"**Direction**" means any directions, instructions or requests made by Client through the Services, including but not limited to Authenticated Instructions, through the Anchorage application made by Authorized Persons, or the Anchorage API, relating to the storage or transfer of Digital Assets.

"**Documentation**" means all manuals, training and marketing materials, guides, product descriptions, product specifications, technical manuals, supporting materials, and other information relating to the Services and provided by Anchorage to Client.

"**Fee**" has the meaning provided in the Order Form.

"**Fiat Services**" means services related to the custody, management, and Directions related to fiat currencies owned by Client and held for Client's benefit by Anchorage at a Fiat Institution, including (i) holding Client's fiat currency in an omnibus banking account held for the benefit of Anchorage's clients at a Fiat Institution, and (ii) transferring Client's fiat currency as directed by Client, a Client Service Provider or other Client designee.

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"**Force Majeure Event**" means an event occurring after the Effective Date caused by a circumstance beyond a Party's reasonable control and that could not have been prevented or avoided by the exercise of due diligence, including, but not limited to natural catastrophes, fire, explosions, pandemic or local epidemic, war or other action by a state actor, public power outages, civil unrests and conflicts, labor strikes or extreme shortages, acts of terrorism or espionage, Domain Name System server issues outside a Party's direct control, technology attacks (e.g., DoS, DDoS, MitM), cyberattack or malfunction on the blockchain network or protocol, or governmental action rendering performance illegal or impossible.

"**Fork**" means (i) that a Digital Asset network has been changed in a way that makes it incompatible with the unchanged version of the Digital Asset network, (ii) a material population of miners and/or users of the Digital Asset network accept the changes, and (iii) that the two resulting Digital Asset networks have not been merged together in a timely manner. A Fork may create two separate Digital Asset networks (each, a "**Forked Network**"), and may result in Anchorage holding an identical amount of Digital Assets associated with each Forked Network.

"**Intellectual Property Right(s)**" means, with respect to any thing, material or work (hereinafter, a "**Work**"): any and all (i) worldwide copyrights, trademarks, trade secrets and any other intellectual property and proprietary rights and legal protections in and to such Work including but not limited to all rights under treaties and conventions and applications related to any of the foregoing; (ii) all patents, patent applications, registrations and rights to make applications and registrations for the foregoing; (iii) all goodwill associated with the foregoing; (iv) all renewals, extensions, reversions or restorations of all such rights; (v) all works based upon, derived from, or incorporating the Work; (vi) all income, royalties, damages, claims, and payments now or hereafter due or payable with respect thereto; (vii) all causes of action, either in law or in equity for past, present or future infringement based on the Work; (viii) rights corresponding to each of the foregoing throughout the world; and (ix) all the rights embraced or embodied therein, including but not limited to, the right to duplicate, reproduce, copy, distribute, publicly perform, display, license, adapt, prepare derivative works from the Work, together with all physical or tangible embodiments of the Work.

"**Laws**" means all United States federal, state and local laws, statutes, ordinances, regulations, rules, executive orders, circulars, opinions, agency guidance, interpretive letters and other official releases, request, or recommendation of or by any government, or any authority, department or agency thereof.

"**Lock-Up Schedule(s)**" means a schedule that determines when Restricted Assets will become available for Client to withdraw from their Account or Vault.

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"**Lock-Up Schedule Agreement**" means any agreement between Anchorage and any applicable Token Issuer which relates to one or more Lock-Up Schedules.

**"Monthly Custody Fee"** means (Annual Basis Points x AUC)/12 as calculated using the fee table in the Order Form.

**"Monthly Minimum Fee"** refers to the fees as agreed by Parties in the Order Form.

"**NFT**" or "**Non-Fungible Token**" means a digital representation of value which is evidenced in a Blockchain and is used to certify authenticity and ownership of specific Digital Assets. For all purposes of this Agreement (except where specifically addressed), NFTs are included within the definition of "Digital Asset" herein and are deemed a type of Digital Asset.

"**Obligations**" mean in respect of Client, all present and future obligations and liabilities of Client (whether or not matured, unmatured, liquidated, unliquidated, fixed or contingent and irrespective of the currency of such obligations) to Anchorage and each Anchorage Affiliate, as applicable, under this Agreement and any other agreement.

"**On-Chain Services**" has the meaning set forth in Section 2.4.

"**One-Time Onboarding Fee**" refers to the fees for establishing Client as an Anchorage customer, including KYC/AML processes; one in-person training session; Authorized Person onboarding; and remote training for up to ten (10) individuals. Credit, if any, may be applied to Client Fees only above the Monthly Minimum Fee, and will be applied fully each month until the credit has been fully expended within the Initial Term. Any remaining credit after the Initial Term shall be forfeited.

"**Personal Data Breach**" has the meaning provided for in the Data Processing Addendum.

"**Personal Information**" means any information relating to an identified or identifiable individual, such as name, postal address, email address, telephone number, date of birth, Social Security number (or its equivalent), driver's license number, account number, personal identification number, health or medical information, fingerprint, voice print, or any other unique logical or biometric identifier specific to an individual, regardless of the media in which it is contained, that is: (i) disclosed to Anchorage, its Affiliates or Anchorage Representatives by Client or an Authorized Person in anticipation of, in connection with or incidental to the Services; (ii) processed at any time by Anchorage, an Anchorage Affiliate or Anchorage Representatives in connection with or incidental to the performance of its obligations under this Agreement; or (iii) derived by Anchorage, an Anchorage Affiliate or Anchorage Representatives from the information described in (i) and (ii) above.

"**Private Key**" means an alphanumeric string known only to the holder of a Digital Asset, which must be used to transact the Digital Asset represented by the corresponding Public Key.

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"**Public Key**" means an alphanumeric string on a Blockchain that indicates ownership/possession of a specific amount of a Digital Asset by a specific network participant. The Public Key is visible to all participants in the Blockchain's network.

"**Quorum**" means the minimum number of Authorized Persons required to approve a Direction which requires a quorum. Unless otherwise specified in an applicable Client Service Provider Agreement, Control Agreement, or instructions provided in connection therewith, (i) Client may designate the total number and the minimum number of Authorized Persons required to approve an Authenticated Instruction or other Direction so long as Client designates at least three (3) Authorized Persons, with at least two (2) required to approve any Direction.

"**Representative**" means any employees, officers, directors, representatives, contractors, and agents of a Party.

"**Restricted Assets**" means Client's Digital Assets that are subject to a Lock-Up Schedule.

"**SDCL**" means South Dakota Codified Laws.

"**Services**" means the services related to the custody and settlement of Digital Assets provided by Anchorage to Client under this Agreement (including any attachments, schedules, exhibits, or addendums), including the Technology Platform, Support Services and, if applicable, Lock-up Support Services. "Services" also includes Fiat Services or On-Chain Services if Anchorage has offered such services to Client, and Client has accepted such services. For the avoidance of doubt, "Services" expressly excludes the provision of legal, tax, brokerage, or investment advice or recommendations.

**"Support Services"** means services supporting the use of the Services, including access to Anchorage Representatives for support related to Account(s), training, etc.

"**Technology Platform**" means the technology platform and application provided by Anchorage and made available to Client to access the Services and Account(s), including the Anchorage API, and any changes, improvements, extensions thereto or other versions thereof in order to: (i) store Client's Digital Assets and provide related services; (ii) handle Digital Assets according to Authenticated Instructions; and (iii) determine the eligibility of Digital Assets for storage and continued storage. The Technology Platform includes but is not limited to (i) algorithms, computer programs, concepts, ideas, inventions, machines, mask works, procedures, processes, rates, security codes, and works of authorship in all cases whether or not patentable or copyrightable, that are owned or in-licensed by Anchorage or that otherwise are or have been created, developed, owned, incorporated or generated, in whole or in part, by or on behalf of Anchorage for or into or in connection with features, functions, tools or services to be provided pursuant to this Agreement, (ii) all data and other information that are or can be collected, compiled, or derived by or on behalf of Anchorage from any usage by Client or any other person of any work, invention, or other subject matter referred to in the foregoing, and (iii) any work, invention, or other subject matter that constitutes or relates to a suggestion, enhancement, modification, improvement, upgrade, or update regarding, or that is otherwise based on or derived from or related to, any work, invention, or other subject matter referred to in this the foregoing.

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"**Third Party**" means a person(s) or any legal entity that is not a Party, a Representative of a Party, or an Affiliate of a Party.

"**Token Issuer**" means any company, protocol, validator, or other entity that has issued Restricted Assets to Client.

"**UUC**" or "**Units Under Custody**" means the average daily quantity of Client Digital Assets in Anchorage's custody each month, calculated after the conclusion of each month, where the average daily quantity is determined by adding each daily quantity and dividing the sum of the daily quantity amounts by the number of days in such month (or in the case of the first month, by the number of days in such month following the Fees Commencement Date). The first invoice will be sent after the end of the calendar month including the Fees Commencement Date, unless otherwise agreed in writing by the Parties.

"**Vault**" means a subdivision of an Account. Each Vault is held separately on Anchorage's books and records and may have one or more unique wallet addresses. The Authorized Persons and Quorum requirements for each Vault may differ from those of other Vaults.

"**Vendor**" means any Third Party retained by Anchorage or its Affiliates to provide technical or professional services used by Anchorage or its Affiliates to provide the Services to Client.

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## Ex-99.(H)(26)

[ETF OPPORTUNITIES TRUST 485BPOS](rexosprey-485bpos_062725.htm)

**Exhibit 99(h)(26)**

**Commonwealth Fund Services, Inc.**![](ex99h26001.jpg)

**FUND SERVICES AGREEMENT**

Administration Services

Between

**Commonwealth Fund Services, Inc.**

**and**

**ETF Opportunities Trust**

**June 20, 2023**

**Amended May 1, 2025**

Exhibit A – Series Portfolios

Exhibit B – Administrative Services

Exhibit C – Fees and Expenses

**FUND SERVICES AGREEMENT**

**AGREEMENT** (this "Agreement"), dated as of June 20, 2023, between Commonwealth Fund Services, Inc., a corporation organized in accordance with the laws of the Commonwealth of Virginia ("CFS") and ETF Opportunities Trust, a statutory trust organized and existing under the laws of the State of Delaware (the "Trust").

**WITNESSETH:**

**WHEREAS,** the Trust is registered as an open-end, management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and consists of one more series portfolios listed on ***Exhibit A*** (the "Funds"), each of which may consist of one or more classes of shares of beneficial interest; and

**WHEREAS,** the Trust wishes to retain CFS to provide certain administration and other general services (the "Services") with respect to the Funds and CFS is willing to furnish such Services;

**NOW, THEREFORE**, in consideration of the premises and mutual covenants contained herein, the parties hereto hereby agree as follows:

**Section 1. <u>Appointment</u>.** 

The Trust hereby appoints CFS as administrator for the Trust on the terms and conditions set forth in this agreement, and CFS hereby accepts such appointment and agrees to perform the Services as set forth in this Agreement. The Services of CFS shall be confined to those matters expressly set forth herein or as may be agreed to from time to time, and no implied duties are assumed by or may be asserted against CFS hereunder. Notwithstanding the foregoing, to the extent the Trust determines that it would be appropriate to engage another service provider (either directly or through CFS) as the, sub-administrator, CFS responsibilities with respect to such function shall be confined to overseeing such function – any such relationship shall be noted and described in Exhibit C to this Agreement.

**Section 2. <u>Representations and Warranties of CFS</u>.** 

CFS hereby represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a corporation duly organized and existing and in good standing under the laws of the Commonwealth of Virginia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is duly qualified to carry on its business in the Commonwealth of Virginia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is empowered under applicable laws and by its By-Laws to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All requisite corporate proceedings have been taken to authorize it to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It has access to the necessary facilities, equipment, and personnel to perform its duties and obligations under this Agreement; and,

This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of CFS, enforceable against CFS 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 securities parties.

**Section 3. <u>Representations and Warranties of the Trust</u>.** 

The Trust hereby represents and warrants to CFS that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is empowered under applicable laws and by its organizational documents to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All requisite corporate proceedings have been taken to authorize it to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is an open-end management investment company registered under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the Trust, enforceable against the Trust 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;&nbsp;&nbsp;&nbsp;&nbsp;(f) A registration statement under the Securities Act of 1933, as amended, is currently effective and will remain effective, and appropriate state securities laws filings have been made and will continue to be made, with respect to all shares of the Funds and any classes thereof being offered for sale.

**Section 4. <u>Trust Reports to CFS Delivery of Documents and Other Materials</u>.** 

The Trust shall furnish or otherwise make available to CFS such copies of each Fund's prospectus, statement of additional information, financial statements, proxy statements, shareholder reports, each current plan of distribution or similar document adopted by the Trust under Rule 12b-1 under the 1940 Act, each current shareholder services plan or similar document adopted by the Fund, each Fund's net asset value per share, declaration, record and payment dates, amounts of any dividends or income, special actions relating to each Fund's securities and other information relating to the Trust's business and affairs as CFS may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement. CFS shall maintain such information as required by regulation and as agreed upon between the Trust and CFS. The Trust will complete all necessary prospectus and compliance reports, as well as monitoring the various limitations and restrictions.

**Section 5. <u>Services Provided by CFS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CFS will provide, or supervise the performance of others, the Services described herein subject to the direction and supervision of the Trust's Board of Trustees (the "Board"), and in compliance with the objectives, policies and limitations set forth in the Trust's currently effective Registration Statement, Declaration of Trust and By-Laws, applicable laws and regulations, and all resolutions, policies and procedures adopted by the Board, and further subject to CFS's policies and procedures as in effect from time to time. CFS shall be responsible for all necessary office space, equipment, personnel, and facilities necessary for it to perform its obligations under this Agreement. CFS may sub-contract with third parties to perform certain of the Services to be performed by CFS hereunder; provided, however, that CFS shall remain principally responsible to the Trust for the acts and omissions of such other entities and provided further that CFS shall be responsible for the payment of such third parties unless the Board approves such payment in a separate agreement or otherwise approves passing the costs associated with such third party onto the Funds as an out-of-pocket expense of CFS.

Except with respect to CFS's duties as set forth in this Agreement, and except as otherwise specifically provided herein, the Trust assumes all responsibility for ensuring that each Fund complies with all applicable requirements of the Securities Act of 1933, the 1940 Act, the USA PATRIOT Act of 2001, and any other laws, rules and regulations, or interpretations thereof, of governmental authorities with jurisdiction over each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Administrative Services</u> – set forth in Exhibit B.

CFS shall be responsible for promptly communicating any conflicts between its policies and procedures in effect from time to time and the resolutions, policies and procedures adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CFS shall keep records relating to the Services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. CFS agrees that all such records prepared or maintained by CFS relating to the Services to be performed by CFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request. The Trust and the Trust's authorized representatives shall have access to CFS's records relating to the Services under this Agreement at all times during CFS's normal business hours. Upon the reasonable request of the Trust, copies of any such records shall be provided promptly by CFS to the Trust or the Trust's authorized representatives.

**Section 6. <u>Compensation and Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Compensation. The Trust agrees to pay CFS as compensation for its services according to the fee schedule set forth in Schedule C hereto. Fees will begin to accrue for each Fund on the later of the date of this Agreement or the date of commencement of operations of the Fund. If fees begin to accrue in the middle of a month or if this Agreement terminates before the end of any month, all fees for the period from that date to the end of that month or from the beginning of that month to the date of termination, as the case may be, shall be prorated according to the proportion that the period bears to the full month in which the effectiveness or termination occurs. Upon the termination of this Agreement with respect to a Fund, the Fund shall pay to CFS such compensation as shall be payable prior to the effective date of termination.

In addition, the Trust shall reimburse CFS from the assets of each Fund certain reasonable expenses incurred by CFS on behalf of each Fund individually in connection with the performance of this Agreement. Such out-of-pocket expenses shall include, but not be limited to: documented fees and costs of obtaining advice of Fund counsel or accountants in connection with its services to each Fund; postage; long distance telephone; special forms required by each Fund; any economy class travel which may be required in the performance of its duties to each Fund; and any other extraordinary expenses it may incur in connection with its services to each Fund, provided that such extraordinary expenses must be approved by the Board prior to any reimbursement.

In connection with the services provided by CFS pursuant to this Agreement, the Trust, on behalf of each Fund, agrees to reimburse CFS for expenses set forth in Schedule C hereto. In addition, the Trust, on behalf of the applicable Fund, shall reimburse CFS for all reasonable expenses and employee time (at 150% of salary) attributable to any review of the Trust's accounts and records by the Trust's independent accountants or any regulatory body outside of routine and normal periodic reviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Taxes. Except as required by applicable law or as otherwise provided in this Agreement, CFS shall not be liable for any taxes, assessments or governmental charges that may be levied or assessed on any basis whatsoever in connection with the Trust or any customer, excluding taxes, if any, assessed against CFS related to its income or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Invoices/Billing</u>. All fees and reimbursements are payable in arrears on a monthly basis and the Trust, on behalf of the applicable Fund, agrees to pay all fees and reimbursable expenses within five (5) business days following receipt of the respective billing notice. Without prejudice to CFS's other rights, CFS reserves the right to charge interest on overdue amounts (except to the extent the amount is subject to a bona fide dispute) from the due date until actual payment at an annual rate equal to the sum of the overnight Fed Funds rate as in effect from time to time plus 2 percentage points.

**Section 7. <u>Confidentiality</u>.** 

CFS agrees on behalf of itself and its employees to treat confidentially all records and other information relative to the Trust and its shareholders received by CFS in connection with this Agreement, including any non-public personal information as defined in Regulation S-P, and that it shall not use or disclose any such information except for the purpose of carrying out the terms of this Agreement; provided, however, that CFS may disclose such information as required by law or in connection with any requested disclosure to a regulatory authority with appropriate jurisdiction after prior notification to the Trust.

The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals maintained by CFS on databases under the control and ownership of CFS or a third party constitute copyrighted, trade secret, or other proprietary information (collectively, "Proprietary Information") of substantial value to CFS or the third party. The Trust agrees to treat all Proprietary Information as proprietary to CFS and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided under this Agreement.

Upon termination of this Agreement, CFS shall return to the Trust all copies of confidential or non-public personal information received from the Trust hereunder, other than materials or information required to be retained by CFS under applicable laws or regulations. CFS hereby agrees to dispose of any "consumer report information," as such term is defined in Regulation S-P.

**Section 8. <u>Standard of Care / Limitation of Liability</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Responsibility for Losses. CFS shall be under no duty to take any action on behalf of a Fund except as necessary to fulfill its duties and obligations as specifically set forth herein or as may be specifically agreed to by CFS in writing. CFS shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Agreement, but assumes no responsibility for any loss arising out of any act or omission in carrying out its duties hereunder, except a loss resulting from CFS, its employees' or its agents' willful misfeasance, bad faith or gross negligence in the performance of CFS's duties under this Agreement, or by reason of reckless disregard of CFS, its employees' or its agents' obligations and duties hereunder. Notwithstanding the foregoing, the limitation on CFS's liability shall not apply to the extent any loss or damage results from any fraud committed by CFS or any intentionally bad or malicious acts (that is, acts or breaches undertaken purposefully under circumstances in which the person acting knows or has reason to believe that such act or breach violates such person's obligations under this Agreement or can cause danger or harm) of CFS.

Without limiting the generality of the foregoing or of any other provision of this Agreement, (i) CFS shall not be liable for losses beyond its control, provided that CFS has acted in accordance with the standard of care set forth above; and (ii) CFS shall not be liable for (A) the validity or invalidity or authority or lack thereof of any oral or written instructions provided by the Fund, notice or other instrument which conforms to the applicable requirements of this Agreement, and which CFS reasonably believes to be genuine; or (B) subject to Section 15, delays or errors or loss of data occurring by reason of circumstances beyond CFS's control, including fire, flood, catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Limitations on Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) CFS
 is responsible for the performance of only those duties as are expressly set forth herein
 and in the Exhibits and Schedules as they may be amended from time to time. CFS will
 have no implied duties or obligations. Each party to the Agreement shall mitigate damages
 for which the other party may become responsible hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) CFS
 shall have no responsibility to review, confirm or otherwise assume any duty with respect
 to the accurateness or completeness of any instruction or any other information it receives
 from a Fund, and shall be without liability for any loss or damage suffered by a Fund
 or any of a Fund's customers as a result of CFS's reasonable reliance on
 and utilization of any such instruction or other such information. For the avoidance
 of doubt, CFS shall not be liable and shall be indemnified by the Trust for any action
 taken or omitted by it in good faith in reliance on any instruction believed by it in
 good faith to have been authorized by an authorized person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) CFS
 shall have no responsibility and shall be without liability for any loss or damage caused
 by the failure of the Trust to provide CFS with any information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) CFS
 is not responsible for the acts, omissions, defaults or insolvency of any third party
 including, but not limited to, any investment advisers, custodians, intermediaries or
 non-discretionary subcontractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) CFS
 shall have no responsibility for the management of the investments or any other assets
 of the Trust or its customers, and CFS shall have no obligation to review, monitor or
 otherwise ensure compliance by a Fund with the policies, restrictions, guidelines or
 disclosures applicable to the Fund or any other term or condition of the original documents,
 operating documents, policies and procedures or registration statement. Further, CFS
 shall have no liability to the Trust for any loss or damage suffered by the Trust as
 a result of any breach of the investment policies, objectives, guidelines or restrictions
 applicable to the Trust or any misstatement or omission in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except
 as set forth in the exhibits hereto, the Trust acknowledges that the reporting obligations
 of CFS do not constitute a duty to monitor compliance and CFS shall not be liable for
 any failure of the Fund to comply with any laws, regulations or other applicable requirements
 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) CFS
 shall not be liable for the errors of other service providers of the Trust, including
 the errors of pricing services (other than to pursue all reasonable claims against the
 pricing service based on the pricing services' standard contracts entered into
 by CFS) and errors in information provided by an investment adviser to a Fund custodian
 (including prices and pricing formulas and untimely transmission of trade information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) CFS
 will not be responsible or liable for any loss or damage arising from the misuse or sharing
 of online access by any authorized person of the Trust who has been issued a User ID
 by CFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Except
 as expressly provided in this Agreement, CFS hereby disclaims all representations and
 warranties, express or implied, made to the Trust or any other person, including, without
 limitation, any warranties regarding quality, suitability or otherwise (irrespective
 of any course of dealing, custom or usage of trade), of any services or any goods provided
 incidental to services provided under this Agreement. CFS disclaims any warranty of title
 or non-infringement except as otherwise set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Mutual Exclusion of Consequential Damages. Except for any liquidated damages agreed to by the parties to this Agreement related to an unexcused termination of this Agreement, under no circumstances will either party be liable to the other party for special or punitive damages, or consequential loss or damage, or any loss of profits, goodwill, business opportunity, business, or revenue or anticipated savings, in relation to this Agreement, whether or not the relevant loss was foreseeable, or the party was advised of the possibility of such loss or damage or that such loss was in contemplation of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Limited Recourse. CFS hereby acknowledges that a Fund's obligations hereunder with respect to the Fund are binding only on the assets and property belonging to the Fund. The obligations of the parties hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Fund personally, but shall bind only the property of the Fund. The execution and delivery of this Agreement by such officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the Fund's property.

Notwithstanding any other provision of this Agreement, the parties agree that the assets and liabilities of each Fund of the Trust are separate and distinct from the assets and liabilities of each other series portfolios of the Trust and that no series shall be liable or shall be charged for any debt, obligation or liability of any other Fund, whether arising under this Agreement or otherwise.

**Section 9. <u>Indemnification</u>**.

Indemnification by the Funds. Each Fund shall indemnify CFS and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by CFS that result from: (i) any claim, action, suit or proceeding in connection with CFS's entry into or performance of this Agreement with respect to such Fund; or (ii) any action taken or omission to act committed by CFS in the performance of its obligations hereunder with respect to such Fund; or (iii) any action of CFS upon instructions believed in good faith by it to have been executed by a duly authorized officer or representative of the Trust with respect to such Fund; (iv) the offer or sale of shares of the Funds in violation of federal or state securities laws or regulations requiring that such shares be registered or in violation of any stop order or other determination or ruling by any federal or any state agency with respect to the offer or sale of such shares; (v) the processing of any checks or wires, including without limitation for deposit into the Trust's demand deposit account maintained by CFS; (vi) the breach of any representation or warranty set forth in Section 3 above; or (vii) any error, omission, inaccuracy or other deficiency of any information provided to CFS by the Trust, or the failure of the Trust to provide or make available any information requested by CFS knowledgeably to perform its functions hereunder; provided, that CFS shall not be entitled to such indemnification in respect of actions or omissions constituting gross negligence, bad faith or willful misfeasance in the performance of its duties, or by reckless disregard of such duties, on the part of CFS or its employees, agents or contractors.

The reliance upon, and any subsequent use of or action taken or omitted, by CFS, or its agents or subcontractors on: (i) the materials or any other information, records, documents, data, stock certificates or services, which are received by CFS or its agents or subcontractors by machine readable input, facsimile, CRT data entry, electronic instructions or other similar means authorized by a Fund, and which have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust; (ii) any instructions or requests of the Trust or any of its officers; (iii) any instructions or opinions of legal counsel with respect to any matter arising in connection with the services to be performed by CFS under this Agreement which are provided to CFS after consultation with such legal counsel; or (iv) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnification by CFS. CFS shall indemnify each Fund and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by such Fund which result from: (i) CFS's failure to comply with the terms of this Agreement with respect to such Fund; or (ii) CFS's bad faith or willful misfeasance in performing its obligations hereunder with respect to such Fund; or (iii) CFS's gross negligence or misconduct or that of its employees, agents or contractors in connection herewith with respect to such Fund.

In order that the indemnification provisions contained in this Section 9 shall apply, upon the assertion of an indemnification claim, the party seeking the indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim. The Trust shall have the option to participate with CFS in the defense of such claim or to defend against said claim in its own name or that of CFS. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the indemnifying party's written consent, which consent shall not be unreasonably withheld.

**Section 10. <u>Term and Termination</u>.** 

This Agreement shall remain in effect with respect to a Fund from the "Effective Date" until the "End Date," each as set forth in Exhibit A to this Agreement (the "Initial Term"); thereafter, this Agreement shall automatically renew for a period of one year and continue in effect from year to year thereafter (the initial and any subsequent such periods are referred to as "Term").

This Agreement may be terminated by either party at any time, without the payment of a penalty upon at least ninety (90) days' written notice to other party prior to the end of the then current Term. Any termination shall be effective as of the date specified in the notice or upon such later date as may be mutually agreed upon by the parties. Upon notice of termination of this Agreement by either party, CFS shall promptly transfer to the successor administrator the original or copies of all books and records maintained by CFS under this Agreement including, in the case of records maintained on computer systems, copies of such records in machine-readable form, and shall cooperate with, and provide reasonable assistance to, the successor administrator in the establishment of the books and records necessary to carry out the successor administrator's responsibilities. If this Agreement is terminated by the Trust, the Trust shall be responsible for all reasonable out-of-pocket expenses or costs associated with the movement of records and materials to the successor administrator. Additionally, CFS reserves the right to charge for any other reasonable expenses associated with such termination.

**Section 11. <u>Notices</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice required or permitted hereunder shall be in writing and shall be deemed to have been given and effective when delivered in person or by certified mail, return receipt requested, at the following address (or such other address as a party may specify by notice to the other):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 to the Trust, to:

ETF Opportunities Trust

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Attention: President

With copy to:

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

Attention: John H. Lively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 to CFS, to:

Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Attention: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice also shall be deemed given and effective *upon receipt* by any party or other person at the preceding address (or such other address as a party may specify by notice to the other) if sent by regular mail, private messenger, courier service, telex, facsimile, or otherwise, if such notice bears on its first page in 14 point (or larger) bold type the heading "Notice Pursuant to Fund Services Agreement."

**Section 12. <u>Assignment.</u>**

No party may assign or transfer any of its rights or obligations under this Agreement without the other's prior written consent, which consent will not be unreasonably withheld or delayed. This Agreement shall insure to the benefit of and be binding upon the parties and their respective permitted successors and assigns. For the avoidance of doubt, a transaction involving a merger or sale of substantially all of the assets of a Fund shall not require the written consent of CFS.

**Section 13. <u>Holidays</u>.** 

Except as required by laws and regulations governing investment companies, nothing contained in this Agreement is intended to or shall require CFS, in any capacity hereunder, to perform any functions or duties on any holiday or other day of special observance on which CFS is closed. Functions or duties normally scheduled to be performed on such days shall be performed on, and as of, the next business day on which both the Trust and CFS are open. CFS will be open for business on days when the Trust is open for business and/or as otherwise set forth in each Fund's prospectus(es) and Statement(s) of Additional Information.

**Section 14. <u>Waiver</u>.** 

Any term or provision of this Agreement may be waived at any time by the party entitled to the benefit thereof by written instrument executed by such party. No failure of either party hereto to exercise any power or right granted hereunder, or to insist upon strict compliance with any obligation hereunder, and no custom or practice of the parties with regard to the terms of performance hereof, will constitute a waiver of the rights of such party to demand full and exact compliance with the terms of this Agreement.

**Section 15. <u>Force Majeure.</u>**

In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, acts of war or terrorism, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes; provided, however, that this provision shall not imply that CFS is excused from maintaining reasonable business continuity plans to address potential service outages.

**Section 16. <u>Amendments</u>.** 

This Agreement may be modified or amended from time to time by mutual written agreement between the parties. No provision of this Agreement may be changed, discharged or terminated verbally, but only by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought. The compensation stated in Schedule E attached hereto may be adjusted from time to time by the execution of a new schedule signed by the parties thereto.

**Section 17. <u>Severability</u>.** 

If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid.

**Section 18. <u>Headings.</u>**

Titles to clauses of this Agreement are included for convenience of reference only and will be disregarded in construing the language contained in this Agreement.

**Section 19. <u>Counterparts</u>.** 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**Section 20. <u>No Strict Construction</u>.** 

The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

**Section 21. <u>Entire Agreement; Governing Law</u>.** 

This Agreement, the Exhibits and Schedules hereto, and any subsequent amendments of the foregoing embody the entire understanding between the parties with respect to the subject matter hereof, and supersedes all prior negotiations and agreements between the parties relating to the subject matter hereof. This Agreement shall be governed by and construed to be in accordance with the laws of the Commonwealth of Virginia, without reference to choice of law principles thereof, and in accordance with the applicable provisions of the 1940 Act. To the extent that the applicable laws of the Commonwealth of Virginia, or any of the provisions herein, conflict with the applicable provision of the 1940 Act, the latter shall control.

**Section 22. Services Not Exclusive.**

The services of CFS to the Trust are not deemed exclusive, and CFS shall be free to render similar services to others, to the extent that such service does not affect CFS's ability to perform its duties and obligations hereunder.

**Section 23. Special or Consequential Damages.**

Neither party to this Agreement shall be liable to the other party for special or consequential damages under any provision of this Agreement.

**Section 24. Reliance on Trust Instructions and Experts.**

CFS may rely upon the written advice of the Trust and upon statements of the Trust's legal counsel, accountants and other person believed by it in good faith to be expert in matters upon which they are consulted, and CFS shall not be liable for any actions taken in good faith upon such statements.

**Section 25. Survival.** 

The obligations of Sections 6, 7, 8, 9, 14, 15, 17, 21, 23, 24 and this 25 shall survive any termination of this Agreement.

***\* \* \* \* \* \* \* \****

***Signature Page Follows***

***\* \* \* \* \* \* \* \****

 ****

**IN WITNESS WHEREOF,** the parties hereto have caused this Fund Services Agreement to be signed by their respective duly authorized officers as of the day and year first above written.

COMMONWEALTH FUND SERVICES, INC.

By:   Date: May 1, 2025

Print Name: Karen M. Shupe

Title: Managing Director

ETF OPPORTUNITIES TRUST

WITH RESPECT TO THE FUNDS IDENTIFIED ON EXHIBIT A

By:   Date: May 1, 2025

Print Name: David A. Bogaert

Title: President

Amended May 1, 2025

***EXHIBIT A***

***to***

***Fund Services Agreement***

**<u>List of Funds</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**End Date of Initial Term** |
| &nbsp;&nbsp; REX IncomeMax AMD Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax AMZN Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax BIIB Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax IBIT Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax EEM Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax GDXJ Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax GOOG Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax META Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax MSFT Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax MSTR Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax PYPL Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax SLV Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax SMH Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax SNOW Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax TLRY Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax V Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax UNG Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax USO Strategy ETF | &nbsp;&nbsp;August 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX FANG & Innovation Equity Premium Income ETF | &nbsp;&nbsp;September 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX IncomeMax TSLA Strategy ETF | &nbsp;&nbsp;October 1, 2023 | &nbsp;&nbsp;July 31, 2026 |
| &nbsp;&nbsp; REX AI Equity Premium Income ETF | &nbsp;&nbsp;March 1, 2024 | &nbsp;&nbsp;February 28, 2027 |
| &nbsp;&nbsp; REX Crypto Equity Premium Income ETF | &nbsp;&nbsp;October 1, 2024 | &nbsp;&nbsp;September 31, 2027 |
| &nbsp;&nbsp;REX Bitcoin Corporate Treasury Convertible Bond ETF | &nbsp;&nbsp;March 11, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> TRUMP ETF | &nbsp;&nbsp;April 1, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> ETH + Staking ETF | &nbsp;&nbsp;May 1, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> BTC ETF | &nbsp;&nbsp;April 1, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> SOL + Staking ETF | &nbsp;&nbsp;May 1, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> XRP ETF | &nbsp;&nbsp;April 1, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> BONK ETF | &nbsp;&nbsp;April 1, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> DOGE ETF | &nbsp;&nbsp;April 1, 2025 | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;REX-Osprey<sup>TM</sup> MOVE ETF | &nbsp;&nbsp;April 1, 2025 | &nbsp;&nbsp;March 31, 2028 |

---

**EXHIBIT B**

To

Fund Services Agreement

**<u>Administrative Services</u>**

1. Subject
 to the direction and control of the Board of Trustees (the "Board") of the
 Trust, CFS shall manage all aspects of each Fund's operations with respect to each
 Fund except those that are the specific responsibility of any other service provider
 hired by the Trust, all in such manner and to such extent as may be authorized by the
 Board.

2. Oversee
 the performance of administrative and professional services rendered to each Fund by
 others, including its custodian, fund accounting agent, transfer agent and dividend disbursing
 agent as well as legal, auditing, shareholder servicing and other services performed
 for each Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 preparation and maintenance by each Fund's custodian, transfer agent, dividend
 disbursing agent and fund accountant in such form, for such periods and in such locations
 as may be required by applicable law, of all documents and records relating to the operation
 of each Fund required to be prepared or maintained by the Trust or its agents pursuant
 to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 reconciliation of account information and balances among each Fund's custodian,
 transfer agent, dividend disbursing agent and fund accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 transmission of purchase and redemption orders for shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 performance of fund accounting, including the accounting services agent's calculation
 of the net asset value ("NAV") of each Fund's shares.

3. For
 new series or classes, obtain CUSIP numbers, as necessary, and estimate organizational
 costs and expenses and monitor against actual disbursements.

4. Prepare
 and assist with reports for the Board as may be mutually agreed upon by the parties.

5. Prepare
 quarterly and annual Code of Ethics forms for: (i) disinterested Board members; and (ii)
 officers of the Trust, if any, that are also employees of CFS, including a review of
 returned forms against portfolio holdings and reporting to the Board.

6. Prepare
 and mail annual Trustees' and Officers' questionnaires.

7. Maintain
 general Board calendars and regulatory filings calendars.

8. As
 mutually agreed to by the parties, prepare updates to and maintain copies of the Trust's
 trust instrument and by-laws.

9. Coordinate
 with insurance providers, including soliciting bids for Trustees & Officers/Errors
 & Omissions insurance and fidelity bond coverage, coordinate the filing of fidelity
 bonds with the SEC and make related Board presentations.

10. Advise
 the Trust and the Board on matters concerning each Fund and its affairs.

11. With
 the assistance of the counsel to the Trust, the investment adviser, officers of the Trust
 and other relevant parties, prepare and disseminate materials for meetings of the Board
 on behalf of each Fund, and any committees thereof, including agendas and selected financial
 information as agreed upon by the Trust and CFS from time to time; attend and participate
 in Board meetings to the extent requested by the Board.

12. Prepare
 and maintain each Fund's operating expense budget to determine proper expense accruals
 to be charged to each Fund in order to calculate its daily NAV.

13. In
 consultation with counsel for the Trust, assist in and oversee the preparation, filing,
 printing and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amendments
 to each Fund's Registration Statement on Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Periodic
 reports to each Fund's shareholders and the U.S. Securities and Exchange Commission
 (the "SEC"), including but not limited to annual reports and semi-annual
 reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notices
 pursuant to Rule 24f-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Proxy
 materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reports
 to the SEC on Form N-SAR, Form N-CSR, Form N-Q , and Form
 N-PX.

14. Coordinate
 each Fund's annual or SEC audit by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assisting
 each Fund's independent auditors, or, upon approval of each Fund, any regulatory
 body in any requested review of each Fund's accounts and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Providing
 appropriate financial schedules (as requested by each Fund's independent public
 accountants or SEC examiners); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Providing
 office facilities as may be required.

15. Assist
 the Trust in the handling of routine regulatory examinations and work closely with the
 Trust's legal counsel in response to any non-routine regulatory matters.

16. Prepare,
 or cause to be prepared, expense and financial reports, including Fund budgets, expense
 reports, pro-forma financial statements, expense and profit/loss projections and fee
 waiver/expense reimbursement projections on a periodic basis.

17. Authorize
 the payment of Fund expenses and pay, from Fund assets, all bills of each Fund.

18. Assist
 each Fund in the selection of other service providers, such as independent accountants,
 law firms and proxy solicitors; and perform such other recordkeeping, reporting and other
 tasks as may be specified from time to time in the procedures adopted by the Board; provided
 that CFS need not begin performing any such task except upon 65 days' notice and
 pursuant to mutually acceptable compensation agreements.

19. Assist
 the Trust's Chief Compliance Officer with issues regarding the Trust's compliance
 program (as approved by the Board in accordance with Rule 38a-1 under the 1940 Act) as
 reasonably requested.

20. Perform
 certain compliance procedures for the Trust which will include, among other matters,
 monitoring compliance with personal trading guidelines by the Trust's Board.

21. Assist
 the Trust with its obligations under Section 302 and 906 of the Sarbanes-Oxley Act of
 2002 and Rule 30a-2 under the 1940 Act, including the establishment and maintenance of
 internal controls and procedures that are reasonably designed to ensure that information
 prepared or maintained in connection with administration services provided hereunder
 is properly recorded, processed, summarized, or reported by CFS or its affiliates on
 behalf of the Trust so that it may be included in financial information certified by
 the Trust's officers on Form N-CSR and Form N-Q.

22. Prepare
 and file any claims in connection with class actions involving portfolio securities,
 handle administrative matters in connection with the litigation or settlement of such
 claims, and prepare a report to the Board regarding such matters.

23. CFS
 shall provide such other services and assistance relating to the affairs of each Fund
 as the Trust may, from time to time, reasonably request pursuant to mutually acceptable
 compensation agreements.

**EXHIBIT C**

to

Mutual Fund Services Agreement

**Administration and Compliance Fees**

A. For
 administration and compliance, CFS shall be paid an asset-based fee, computed daily and
 paid monthly, at the following annual rates based on the average daily net assets of
 each Fund:

<u>Annual Basis Point Charge\*</u>

0.05% on the first $250 million of daily net assets;

0.04% from $250 to $500 million of daily net assets on assets;

0.03% greater than $500 million in daily next assets

\*Subject to a $27,500 annual minimum fee per fund.

For multiple funds, CFS will calculate the basis point fee based on the combined assets of all funds with a common advisor/sub-advisor for which CFS provides fund administration service.

B. Out-of-pocket
 expenses will be passed through as incurred, with no mark-up or set-off. Out-of-pocket
 expenses include, but are not limited to:

- EDGAR filing fees - Proxy Fees <br> - Regulatory Fees - ICI Membership Fees <br> - Legal Fees - Board meeting related expenses

C. New
 ETF Set-up Fee: $5,000 for the first ETF, $1,000 per ETF for each additional ETF.

## Ex-99.(I)(49)

[ETF OPPORTUNITIES TRUST 485BPOS](rexosprey-485bpos_062725.htm)

**Exhibit 99(i)(49)**

![](ex99i49001.jpg)

JOHN H. LIVELY, Managing Partner

john.lively@practus.com

11300 Tomahawk Creek Pkwy., Suite 310

Leawood, KS 66211

(913) 660-0778

June 27, 2025

ETF Opportunities Trust

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

RE: Opinion of Counsel regarding the Registration Statement filed on Form N-1A under the Investment Company Act of 1940, as amended (the "1940 Act"), and Securities Act of 1933, as amended (the "Securities Act") (File Nos. 333-234544 and 811-23439)

Ladies and Gentlemen:

We have acted as counsel to ETF Opportunities Trust (the "Trust"), a statutory trust organized under the laws of the state of Delaware and registered under the 1940 Act as an open-end series management investment company.

This opinion relates to the Trust's registration statement on Form N-1A (the "Registration Statement") and is given in connection with the filing with the Securities and Exchange Commission (the "Commission") of a post-effective amendment under the Securities Act and an amendment under the 1940 Act (collectively, the "Amendment"), each to the Registration Statement. The Amendment relates to the registration of an indefinite number of shares of beneficial interest (collectively, the "Shares"), with no par value per share, for the REX Osprey™ ETH +Staking ETF and the REX Osprey™ SOL +Staking ETF, each a new series of the Trust (each a "Fund" and collectively the "Funds").

We understand that the Amendment is being filed with the Commission pursuant to the requirements of the Securities Act and that our opinion is required to be filed as an exhibit to the Registration Statement.

In reaching the opinions set forth below, we have examined, among other things, copies of the Trust's Certificate of Trust, Agreement and Declaration of Trust, applicable resolutions of the Board of Trustees, and originals or copies, certified or otherwise identified to our satisfaction, of such other documents, records and other instruments as we have deemed necessary or advisable for purposes of this opinion. We have also examined the prospectus and statement of additional information for the Funds, substantially in the form in which they are being filed in the Amendment (collectively, the "Prospectus").

As to any facts or questions of fact material to the opinions set forth below, we have relied exclusively upon the aforesaid documents and upon representations and declarations of the officers or other representatives of the Trust. We have made no independent investigation whatsoever as to such factual matters.

The Prospectus provides for issuance of the Shares from time to time at the net asset value thereof. In reaching the opinions set forth below, we have assumed that upon sale of the Shares, the Trust will receive the net asset value thereof.

We have also assumed, without independent investigation or inquiry, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
documents submitted to us as originals are authentic; all documents submitted to us as certified or photostatic copies conform
to the original documents; all signatures on all documents submitted to us for examination are genuine; and all documents and
public records reviewed are accurate and complete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
representations, warranties, certifications and statements with respect to matters of fact and other factual information (i) made
by public officers, or (ii) made by officers or representatives of the Trust are accurate, true, correct and complete in all material
respects.

The Delaware Statutory Trust Act provides that shareholders of the Trust shall be entitled to the same limitation on personal liability as is extended under the Delaware General Corporation Law to stockholders of private corporations for profit. There is a remote possibility, however, that, under certain circumstances, shareholders of a Delaware statutory trust may be held personally liable for that trust's obligations to the extent that the courts of another state which does not recognize such limited liability were to apply the laws of such state to a controversy involving such obligations. The Agreement and Declaration of Trust provides that neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any shareholder, or to call upon any shareholder for the payment of any sum of money or assessment whatsoever other than such as the shareholder may at any time agree to pay. Therefore, the risk of any shareholder incurring financial loss beyond such shareholder's investment due to shareholder liability is limited to circumstances in which a Fund is unable to meet its obligations and the express limitation of shareholder liabilities is determined not to be effective.

Based on our review of the foregoing and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Shares to be offered for sale pursuant to the Prospectus are duly and validly authorized by all necessary actions on the part
of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Shares, when issued and sold by the Trust for consideration pursuant to and in the manner contemplated by the Agreement and Declaration
of Trust and the Prospectus, will be validly issued and fully paid and non-assessable, subject to compliance with the Securities
Act, the 1940 Act, and the applicable state laws regulating the sale of securities

We express no opinion as to any other matters other than as expressly set forth above and no other opinion is intended or may be inferred herefrom. The opinions expressed herein are given as of the date hereof and we undertake no obligation and hereby disclaim any obligation to advise you of any change after the date of this opinion pertaining to any matter referred to herein.

We consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the caption "Legal Counsel" in the statement of additional information for the Funds, which is included in the Registration Statement. In rendering this opinion and giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

---

| |
|:---|
| Sincerely, |
| /s/ PRACTUS, LLP |
| Practus, LLP |

---

![](ex99i49002.jpg)<sub>2</sub>

## Ex-99.(M)(9)

[ETF OPPORTUNITIES TRUST 485BPOS](rexosprey-485bpos_062725.htm)

**Exhibit 99(m)(9)**

**ETF OPPORTUNITIES TRUST**

**DISTRIBUTION AND SHAREHOLDER SERVICES PLAN PURSUANT TO RULE 12b-1**

**For Funds Advised by REX Advisers, LLC**

**WHEREAS**, the ETF Opportunities Trust (the "Trust") a statutory trust organized and existing under the laws of the state of Delaware, engages in business as an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

**WHEREAS**, the Trust is authorized to issue an unlimited number of shares of beneficial interest (the "Shares"), in separate series representing the interests in separate funds of securities and other assets; and

**WHEREAS**, the Trust offers a series of such Shares representing interests in the Fund(s) (a "Fund") listed in Schedule A attached hereto; and

**WHEREAS**, the Trust desires to adopt a Distribution and Shareholder Services Plan ("Plan") with respect to the class(es) of Shares of the Fund identified in Section 2(a) of this Plan pursuant to Rule 12b-1 under the 1940 Act; and

**WHEREAS**, the Trustees of the Trust as a whole, including the Trustees who are not interested persons of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or in any agreement relating hereto (the "Non-Interested Trustees"), having determined, in the exercise of reasonable business judgment and in light of their fiduciary duties under state law and under Section 36(a) and (b) of the 1940 Act, that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders, have approved this Plan by votes cast at a meeting held in person and called for the purpose of voting hereon and on any agreements related hereto;

**NOW, THEREFORE**, the Trust hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act, with respect to the class(es) of Shares of the Fund identified in Section 2(a) of this Plan and on the following terms and conditions:

**1. Servicing Activities.** Subject to the supervision of the Trustees of the Trust, the Trust may, directly or indirectly, engage in any activities primarily intended to result in the sale of Shares of the Fund of the class(es) of Shares identified in Section 2(a) of this Plan, which activities may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payments to the Trust's distributor (the "Distributor") and to securities dealers and others in respect of the sale of Shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment of compensation to and expenses of personnel (including personnel of organizations with which the Trust has entered into agreements related to this Plan) who engage in or support distribution of Shares of the Fund or who render shareholder support services not otherwise provided by the Trust's transfer agent, administrator, or custodian, including but not limited to, answering inquiries regarding the Trust, processing shareholder transactions, providing personal services and/or the maintenance of shareholder accounts, providing other shareholder liaison services, responding to shareholder inquiries, providing information on shareholder investments in the Shares of the Fund, and providing such other distribution and shareholder services as the Trust may reasonably request, arranging for bank wires, assisting shareholders in changing dividend options, account designations and addresses, providing information periodically to shareholders showing their positions in the Fund, forwarding communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders, processing purchase, exchange, and redemption requests from shareholders and placing orders with the Fund or its service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) preparation, printing and distribution of sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) preparation, printing and distribution of prospectuses and statements of additional information and reports of the Trust for recipients other than existing shareholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) obtaining information and providing explanations to wholesale and retail distributors of contracts regarding Fund investment objectives and policies and other information about the Fund, including the performance of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable.

The Trust is authorized to engage in the activities listed above, and in any other activities primarily intended to result in the sale of Shares of the Fund, either directly or through other persons with which the Trust has entered into agreements related to this Plan.

**2.** **Maximum Expenditures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The expenditures to be made by the Fund pursuant to this Plan and the basis upon which payment of such expenditures will be made shall be determined by the Trustees of the Trust, but in no event may such expenditures exceed the following:

The Funds may pay an amount calculated at the rate of up to 0.25% per annum of the average daily net asset value of the Funds for each year or portion thereof included in the period for which the computation is being made, elapsed since the commencement of operations to the date of such expenditures.

3. Term
and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall become effective with respect to each class on the date that such class commences operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless terminated as herein provided, this Plan shall continue in effect with respect to each class of the Fund for one year from the effective date of the Plan for such class and shall continue in effect for successive periods of one year thereafter, but only so long as each such continuance is specifically approved by votes of a majority of both (i) the Trustees of the Trust and (ii) the Non-Interested Trustees, cast at an in-person meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Plan may be terminated at any time with respect to a particular class of the Fund by a vote of a majority of the Non-Interested Trustees or by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of such class of the respective Fund.

**4. Amendments.** No material amendment to this Plan shall be made unless: (a) it is approved in the manner provided for annual renewal of this Plan in Section 3(b) hereof; and (b) if the proposed amendment will increase materially the maximum expenditures permitted by Section 2 hereof with respect to any class, it is approved by a vote of the majority of the outstanding voting securities (as defined in the 1940 Act) of such class.

**5. Selection and Nomination of Trustees.** While this Plan is in effect, the selection and nomination of the Non-Interested Trustees of the Trust shall be committed to the discretion of such Non-Interested Trustees.

**6. Quarterly Reports.** The Trust's Distributor or Treasurer shall provide to the Trustees of the Trust and the Trustees shall review quarterly a written report of the amounts expended pursuant to this Plan and any related agreement and the purposes for which such expenditures were made.

**7. Recordkeeping.** The Trust shall preserve copies of this Plan and any related agreement and all reports made pursuant to Section 6 hereof, for a period of not less than six years from the date of this Plan. Any such related agreement or such reports for the first two years will be maintained in an easily accessible place.

**8. Limitation of Liability.** Any obligations of the Trust hereunder shall not be binding upon any of the Trustees, officers or shareholders of the Trust personally, but shall bind only the assets and property of the Trust. The term "World Funds Trust" means and refers to the Trustees from time to time serving under the Trust's Declaration of Trust ("Declaration of Trust"), which may be amended from time to time. This Plan has been authorized by the Trustees (including, the Non-Interested Trustees), acting as such and not individually, and such authorization by such Trustees shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Trust as provided in the Trust's Declaration of Trust.

This Plan was first authorized with respect to the class(es) of Shares identified in Section 2(a) of this Plan on September 25, 2024, amended as of March 11, 2025, and amended as of May 1, 2025.

**SCHEDULE A**

**<u>Funds</u>**

REX Crypto Equity Premium Income ETF

REX Bitcoin Corporate Treasury Convertible Bond ETF

REX-Osprey<sup>TM</sup> TRUMP ETF

REX-Osprey<sup>TM</sup> ETH + Staking ETF

REX-Osprey<sup>TM</sup> BTC ETF

REX-Osprey<sup>TM</sup> SOL + Staking ETF

REX-Osprey<sup>TM</sup> XRP ETF

REX-Osprey<sup>TM</sup> BONK ETF

REX-Osprey<sup>TM</sup> DOGE ETF

REX-Osprey<sup>TM</sup> MOVE ETF