# EDGAR Filing Document

**Accession Number:** 0001954014
**File Stem:** 0001213900-23-022451
**Filing Date:** 2023-3
**Character Count:** 1201170
**Document Hash:** a8feb7467839612cc0064b850f452930
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-022451.hdr.sgml**: 20230516

**ACCESSION NUMBER**: 0001213900-23-022451

**CONFORMED SUBMISSION TYPE**: N-1A/A

**PUBLIC DOCUMENT COUNT**: 50

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230418

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DriveWealth ETF Trust
- **CENTRAL INDEX KEY:** 0001954014
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23837
- **FILM NUMBER:** 23756655

**BUSINESS ADDRESS:**
- **STREET 1:** 15 EXCHANGE PLACE
- **STREET 2:** 10TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 781-929-1094

**MAIL ADDRESS:**
- **STREET 1:** 15 EXCHANGE PLACE
- **STREET 2:** 10TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DriveWealth ETF Trust
- **CENTRAL INDEX KEY:** 0001954014
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268359
- **FILM NUMBER:** 23756654

**BUSINESS ADDRESS:**
- **STREET 1:** 15 EXCHANGE PLACE
- **STREET 2:** 10TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 781-929-1094

**MAIL ADDRESS:**
- **STREET 1:** 15 EXCHANGE PLACE
- **STREET 2:** 10TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### DriveWealth ICE 100 Index ETF (Series ID: S000079523)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000240587 | DriveWealth ICE 100 Index ETF | CETF            |

?xml version='1.0' encoding='ASCII'? DRIVEWEALTH ETF TRUST

Filed with the Securities and Exchange Commission on March 23, 2023

Securities Act of 1933 File No. 333-268359

Investment Company Act of 1940 File No. 811-23837

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒

**Pre-Effective Amendment No. 1** ☒

**Post-Effective Amendment No.** ☐

and/or

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** ☒

**Amendment No. 1** ☒

(Check appropriate box or boxes.)

DRIVEWEALTH ETF TRUST

(Exact name of Registrant as Specified in Charter)

**15 Exchange Place 10th Floor Jersey City, New Jersey 07302** (Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code **(610) 322-6422**

Christopher Quinn

15 Exchange Place

10th Floor

Jersey City, New Jersey 07302

(Name and Address of Agent for Service)

Copies to:

Richard F. Kerr, Esq.

K&L Gates LLP

One Lincoln Street

Boston, Massachusetts 02111-2950

Keri E. Riemer, Esq.

K&L Gates LLP

599 Lexington Avenue

New York, New York 10022

Approximate Date of Proposed Offering: It is proposed that this filing will become effective as soon as practicable after the effective date of this Registration Statement.

Registrant hereby amends the Registration Statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), shall determine.

*PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION - Dated March 23, 2023*

*The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.*

DriveWealth ETF Trust

**Prospectus**

[_____________], 2023

DRIVEWEALTH ICE 100 INDEX ETF-(CETF)<br>

Fund shares are not individually redeemable.Fund shares are listed on NYSE Arca, Inc. (the "Exchange" or "NYSE Arca").

These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission ("SEC") or the U.S. Commodity Futures Trading Commission ("CFTC"), nor have the SEC or CFTC passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

**DriveWealth ETF Trust**

**Table of Contents** 

---

| | |
|:---|:---|
| **[DriveWealth ICE 100 Index ETF Summary](#pros_001)** | **3** |
| **[Additional Information About the Fund and Underlying ETFs](#pros_003)** | **9** |
| **[Management](#pros_006)** | **19** |
| **[Other Service Providers](#pros_007)** | **21** |
| **[Conflicts of Interest](#D_001)** | **22** |
| **[Shareholder Information](#pros_008)** | **23** |
| **[Distribution](#pros_011)** | **27** |
| **[Additional Tax Information](#pros_013)** | **29** |
| **[Additional Disclaimers](#D_002)** | **33** |
| **[Financial Highlights](#pros_014)** | **33** |

---

**<u>DriveWealth ICE 100 Index ETF Summary</u>**

**Risk/Return Summary: Investment Objective** 

DriveWealth ICE 100 Index ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the performance of the ICE DriveWealth 100 Index (the "Index").

**Risk/Return Summary: Fees and Expenses of theFund**

The following table describes the fees and expenses 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 tables and examples below.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees<sup>1</sup> | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributionand/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>2</sup> | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>2</sup> | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.85% |

---

<sup>1</sup> DriveAdvisory, LLC, the Fund's investment adviser, will pay all expenses of the Fund, except for the fee payments to the Adviser under the Investment Advisory Agreement (also known as a "unitary advisory fee"), acquired fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses.

<sup>2</sup> Based on estimated amounts for the current 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. The Example also assumes that your investment has a 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, whether you do or do not sell your shares, your costs would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;1 Year | &nbsp;&nbsp;3 Years |
| &nbsp;&nbsp;$87 | &nbsp;&nbsp;$270 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions,when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund's performance. Because the Fund has not commenced investment operations prior to the date of this Prospectus, it does not have portfolio turnover information for the prior fiscal year to report.

**Risk/Return Summary: Investments, Risks and Performance**

**Principal Investment Strategies**

The Fund seeks to provide investment results that, before fees and expenses, track the performance of the Index. The Index is a rules-based, equal-weighted index that tracks the performance of the top 100 U.S.-listed ETFs. For this purpose, the term "ETFs" means exchange-traded investment vehicles, including exchange-traded funds that are registered as investment companies under the Investment Company Act of 1940, as amended (the "1940 Act") and exchange-traded vehicles that are not subject to the registration requirements of the 1940 Act, such as grantor trusts. The Index selects the 100 top ETFs based on a proprietary methodology that ranks eligible ETFs according to size, liquidity and risk-adjusted returns. The Fund uses a replication indexing strategy, which means that the Fund will invest in all or substantially all of the ETFs in the Index such that, after each quarterly rebalancing, 1% of the Fund's assets will be invested in each of the 100 ETFs represented by the Index. In certain circumstances, when it is not possible or practicable to purchase or hold an ETF included in the Index to the same extent as represented by the Index due to potentially adverse tax consequences of that ETF or due to other Fund policies or restrictions, the Fund may adjust the Fund's holdings such that the Fund's weights may deviate from the weights of the Index to the extent necessary to avoid such adverse tax consequences or otherwise comply with Fund policies or restrictions. The ETFs in which the Fund invests are referred to herein as the "Underlying ETFs."

In order to be eligible for inclusion in the Index, an ETF must satisfy a number of conditions, including, among others, that the ETF: (i) must be listed on NYSE Arca, the New York Stock Exchange ("NYSE"), Nasdaq or Cboe BZX Exchange, Inc. ("Cboe BZX"); (ii) may not be (a) an exchange-traded note, (b) an inverse or leveraged ETF, (c) an ETF-of-ETFs, or (d) a single-stock ETF; and (iii) may not itself track the Index. In addition, the ETF must have at least $100 million in assets under management as of a certain date, and have at least a $3 million trailing average daily traded value over a certain three-month period. ETFs that are eligible for inclusion in the Index are ranked by their risk-adjusted total returns over the most recent three-month period. The Index is provided by ICE Data Indices, LLC (the "Index Provider"), which is not affiliated with either the Fund or its investment adviser.

The Fund has adopted a policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the ETFs that comprise the Index. This investment policy is non-fundamental and may be changed with 60 days prior written notice to Fund shareholders. In addition, the Fund has a policy to not concentrate its investments in securities of issuers in any one industry, as the term "concentrate" is used in the 1940 Act, except to the extent the Index concentrates in an industry or a group of industries.

**Principal Risks** 

A shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the value of its shares.

<u>EquitySecurities Risk.</u> The Fund will hold the equity securities issued by the Underlying ETFs. Equity securities, such as common stock, are subject to changes in value, and their values may be more volatile than those of other asset classes. Common stock generally subjects their holders to more risks than preferred stocks and debt securities because common stockholders' claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of the issuer.

<u>ETF Risk.</u> Like other ETFs, the Fund is subject to the following risks:

· *Authorized Participants Concentration Risk*. The Fund has a limited number of financial institutions that may act as authorized participants (*i.e.,* large institutions that have entered into agreements with the distributor of the Fund's shares and are authorized to transact in Creation Units (described below) with the Fund) ("Authorized Participants"). To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to net asset value ("NAV") and possibly face trading halts or delisting. This, in turn, could lead to wider spreads between the bid price (*i.e.*, the highest price a buyer is willing to pay to purchase shares) and the ask price (*i.e.*, the lowest price a seller is willing to accept for shares) of the Fund.

· *Premium/Discount Risk.* There may be times when the market price of the Fund's shares is more than the NAV intra-day (at a premium to NAV) or less than the NAV intra-day (at a discount to NAV). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.

· *Secondary Market Trading Risk.* Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads (as defined below) and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. In addition, although the Fund's shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund's shares will continue to be listed.

The Underlying ETFs will also be subject tothe foregoing risks.

<u>Investments in Other Investment Companies and ETFs Risk.</u> Because the Fund invests all or substantially all of its assets in the Underlying ETFs, the Fund's investment performance is directly related to the performance of those Underlying ETFs, the majority of which are registered investment companies. The Fund's NAV will change with changes in the value of the Underlying ETFs. In addition, Fund investors will incur a proportionate share of the expenses of the Underlying ETFs (including any operating costs and investment management fees) in addition to the fees and expenses regularly borne the Fund. The Fund will be affected by the investment policies, and practices, performance and risks of the Underlying ETFs in direct proportion to the amount of assets the Fund invests in such Underlying ETFs. Because the Fund seeks to track the Index, the components of which may change on a quarterly basis, the extent to which the Fund is indirectly affected by, or exposed to, an Underlying ETF's performance or risks will vary based on the Index. In addition, to the extent that a significant portion of the Underlying ETFs represent similar asset classes or have similar risks, the Fund will have greater exposure to such asset classes and risks.

<u>Unregistered Investment Vehicles Risk.</u> The Fund may invest in Underlying ETFs that are not registered as investment companies under the 1940 Act. The Fund's investments in such vehicles will not have the regulatory protections afforded by the 1940 Act, such as those that limit the use of leverage and impose requirements on the custody of assets.

<u>Market Risk.</u> The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. Securities markets also may experience long periods of decline in value. Changes in the financial condition of a single issuer can impact a market as a whole. Geo-political risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as natural disasters or pandemics, and governments' reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. In addition, markets and market participants are increasingly reliant on information data systems. Inaccurate data, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.

<u>Passive Investment Risk.</u> There is no guarantee that the Index will create the desired exposure, and the Fund is not actively managed. The Fund does not seek to "beat" the Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.

<u>Management Risk.</u> The Adviser'sinvestment strategy, the implementation of which is subject to a number of constraints, may cause the Fund to underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective. In addition, although the Fund intends to replicate the Index, under unusual circumstances, the Adviser or the sub-adviser to the Fund may determine that it would be in the best interest of the Fund to not fully replicate the Index and/or to hold securities not included in the Index or to hold securities included in the Index at a percentage that differs from the Index percentage.

<u>Tracking Error Risk</u>. There is a risk that the performance of the Fund may diverge from performance of the Index as a result of tracking error. Tracking error may occur because of the differences between the securities held in the Fund's portfolio and those included in the Index, because of pricing differences, transaction and/or operating costs, the Fund's holding uninvested cash, differences in the timing of the accrual of dividends, changes to the Index or the costs of complying with various new or existing regulatory requirements. Additionally, tracking error may result because the Fund incurs fees and expenses, while the Index does not.

<u>Large Shareholder Risk.</u> A significant percentage of the Fund's shares may be owned or controlled by the Adviser and its affiliates, or one or more other large shareholders. Accordingly, the Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows could negatively affect the Fund's net asset value and performance.

<u>New Fund Risk.</u> A new or smaller fundis subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.

<u>Tax Risk.</u> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.

**<u>Performance Information</u>**

Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing the variability of the Fund's return to a broad measure of market performance. Once available, the Fund's current performance information will be available at https://www.drivewealth.com/advisory/dwi-us100 or by calling (833) 222-8843. Past performance does not necessarily indicate how the Fund will perform in the future.

**Management**

**Investment Adviser**

DriveAdvisory, LLC ("DriveAdvisory"or the "Adviser") serves as the investment adviser to the Fund.

**Sub-Adviser**

Penserra Capital Management LLC ("Penserraor the "Sub-adviser") serves as the sub-adviser to the Fund.

**Portfolio Managers**

Dustin Lewellyn, Ernesto Tong and Anand Desai (each a "Portfolio Manager") are jointly and primarily responsible for the day-to-day management of the Fund. Each of the Portfolio Managers has managed the Fund since its inception.

**Purchase and Sale of Fund Shares** 

The Fund is an ETF. Individual Fund shares may only be purchased and sold on a national securities exchange through a broker-dealer and may not be purchased or redeemed directly with the Fund. Shares of the Fund are listed for trading on the Exchange. Shares may be purchased and redeemed from the Fund only in Creation Units of 25,000 shares, or multiples thereof. As a practical matter, only institutions and large investors, such as market makers or other large broker-dealers, purchase or redeem Creation Units. Most investors will buy and sell shares of the Fund on the Exchange. Individual shares can be bought and sold throughout the trading day like other publicly traded securities through a broker-dealer on the Exchange. These transactions do not involve the Fund. The price of an individual Fund share is based on market prices, which may be different from its NAV. As a result, the Fund's shares may trade at a price greater than the NAV (at a premium) or less than the NAV (at a discount). An investor may incur costs attributable to the difference between the bid and ask prices when buying or selling shares in the secondary market (the "bid-ask spread"). Most investors will incur customary brokerage commissions and charges when buying or selling shares of the Fund through a broker-dealer.

Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads, are available on the Fund's website at https://www.drivewealth.com/advisory/dwi-us100.

**Tax Information** 

Fund distributions are generally taxable as ordinary income, qualified dividend income or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged retirement account, which may be taxable upon withdrawal.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as 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 intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary's website for more information.

**<u>Additional Information About the Fund and Underlying ETFs.</u>**

The Fund is designed to track the Index. An index is a financial calculation, based on a grouping of financial instruments, and is not an investment product, while the Fund is an actual investment portfolio. The performance of the Fund and the Index may vary for a number of reasons, including transaction costs, non-U.S. currency valuations, asset valuations, corporate actions (such as mergers and spin-offs), timing variances or from legal restrictions (such as diversification requirements) that apply to the Fund but not to the Index. From time to time, the Index Provider, may make changes to the methodology or other adjustments to the Index. Unless otherwise determined by DriveAdvisory, any such change or adjustment will be reflected in the calculation of the Index performance on a going-forward basis after the effective date of such change or adjustment. Therefore, the Index performance shown for periods prior to the effective date of any such change or adjustment will generally not be recalculated or restated to reflect such change or adjustment.

An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, DriveAdvisory or any of its affiliates.

**Additional Information about the Fund's Investment Strategies**

The Fund seeks to provide investment results that, before fees and expenses, track the performance of the Index. The Index is a rules-based, equal-weighted index that tracks the performance of the top 100 U.S.-listed ETFs. For this purpose, the term "ETFs" means exchange-traded investment vehicles, including exchange-traded funds that are registered as investment companies under the 1940 Act and exchange-traded vehicles that are not subject to the registration requirements of the 1940 Act. The Index selects the 100 top ETFs based on a proprietary methodology that ranks eligible ETFs according to size, liquidity and risk-adjusted returns. The Fund uses a replication indexing strategy, which means that the Fund will invest in all or substantially all of the ETFs in the Index such that, after each quarterly rebalancing, 1% of the Fund's assets will be invested in each of the 100 ETFs represented by the Index. In certain circumstances, when it is not possible or practicable to purchase or hold an ETF included in the Index to the same extent as represented by the Index due to potentially adverse tax consequences of that ETF or due to other Fund policies or restrictions, the Fund may adjust the Fund's holdings such that the Fund's weights may deviate from the weights of the Index to the extent necessary to avoid such adverse tax consequences or otherwise comply with Fund policies or restrictions. Under unusual circumstances, the Adviser or the Sub-adviser may determine that it would be in the best interest of the Fund to exclude from its portfolio an ETF that is a constituent of the Index.

In order to be eligible for inclusion in the Index, an ETF must satisfy a number of conditions, including, among others, that the ETF:

· must be listed on NYSE Arca, NYSE, Nasdaq or Cboe BZX;

· may not be (a) an exchange-traded note, (b) an inverse or leveraged ETF, (c) an ETF-of-ETFs, or (d) a single-stock ETF;

· may not itself track the Index;

· must have at least $100 million in assets under management as of a certain date; and

· must have at least a $3 million trailing average daily traded value over a certain three-month period.

ETFs that are eligible for inclusion in the Index are ranked by their risk-adjusted total returns over the most recent three-month period. An ETF will be selected for inclusion in the Index if, following the process described above, the ETF is (i) one of the 200 most highly ranked ETFs; and (ii) is currently a constituent of the Index. If fewer than 100 ETFs have been selected for inclusion in the Index, then the remaining highest ranked ETFs are added until there are 100 ETF constituents in the Index. Although the Index has only 100 constituent ETFs, the Index ranks 200 ETFs so that, in the event that an ETF is no longer eligible for inclusion due to a corporate action or otherwise, that ineligible ETF can be replaced by the next highest ranked eligible ETF without the need to republish the Index.

The Index undergoes a full reconstitution and rebalancing of constituent holdings quarterly after the close of trading on the third Friday of March, June, September, and December. At the quarterly reconstitution, qualifying constituents are re-selected based on the criteria described above, then equal-weighted. The reference date for the input data used to determine security qualification is the first Friday of March, June, September, and December. For purposes certain eligibility requirements, including liquidity and risk-adjusted return, the Index will utilize a three-month look-back period, which is defined as three calendar months prior to the reference date.

The Fund has adopted a policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the ETFs that comprise the Index. This investment policy is non-fundamental and may be changed with 60 days prior written notice to Fund shareholders. The Fund may hold cash or use a cash sweep vehicle for any excess cash of the Fund. In addition, the Fund has a policy to not concentrate its investments in securities of issuers in any one industry, as the term "concentrate" is used in the 1940 Act, except to the extent the Index concentrates in an industry or a group of industries. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies.

The 1940 Act generally prohibits a fund from acquiring more than 3% of the outstanding voting shares of an investment company, such as an ETF, and limits such investments to no more than 5% of the fund's total assets in any single investment company and no more than 10% in any combination of two or more investment companies. The Fund currently expects to rely on Section 12(d)(1)(F) of the 1940 Act when purchasing shares of other investment companies that are not money market funds. Under Section 12(d)(1)(F), the Fund may generally acquire shares of another investment company, such as an ETF, unless, immediately after such acquisition, the Fund and its affiliated persons would exceed 3% of the investment company's total outstanding stock. To the extent this 3% limitation applies to an investment the Fund wishes to make, the Fund may be prevented from allocating its investments in the manner that the Adviser or Sub-adviser considers optimal. Also, under the 1940 Act, to the extent that the Fund relies upon Section 12(d)(1)(F) in purchasing securities issued by another investment company, the Fund must either seek instructions from its shareholders with regard to the voting of all proxies with respect to its investment in such securities and vote such proxies only in accordance with the instructions, or vote the shares held by it in the same proportion as the vote of all other holders of the securities. In the event that there is a vote of investment company shares held by the Fund in reliance on Section 12(d)(1)(F), the Fund intends to vote such shares in the same proportion as the vote of all other holders of such securities. This policy is subject to change.

**Additional Information about the Investment Risks of the Fund and the Underlying ETFs**

The following section provides additional information regarding certain of the principal risks of investing in the Fund, as well as additional risk information about the Fund and the Underlying ETFs. For further information about investment risks, please see the Fund's Statement of Additional Information ("SAI").

 ****

***<u>Principal Risks of Investing in the Fund</u>***

 

**Equity Securities Risk.** The Fund will invest in the equity securities issued by the Underlying ETFs. Equity securities, such as common stock, are subject to changes in value, and their values may be more volatile than those of other asset classes. Common stock generally subjects their holders to more risks than preferred stocks and debt securities because common stockholders' claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of the issuer. The value of equity securities in the Fund's portfolio will rise and fall over time. These fluctuations could be a sustained trend or a drastic movement. Historically, the equity market has moved in cycles, and the value of the Fund's securities may fluctuate from day to day. The Fund's portfolio will reflect changes in prices of individual portfolio stocks or general changes in stock valuations.

**ETF Risk.** Like other ETFs, the Fund is subject to the following risks:

· *Authorized Participants Concentration Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs, such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

· *Premium/Discount Risk.* The NAV of the Fund's shares will generally fluctuate with changes in the market value of the Fund's securities holdings. The market prices of Fund shares will generally fluctuate in accordance with changes in the Fund's NAV and supply and demand of shares on the secondary market. It cannot be predicted whether Fund shares will trade below (at a discount), at or above (at a premium) their NAV. As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop-loss orders to sell the Fund shares may be executed at market prices that are significantly below NAV. Price differences may be due, in part, to the fact that supply and demand forces at work in the secondary trading market for shares may be closely related to, but not identical to, the same forces influencing the prices of the securities held of the Fund trading individually. The market prices of Fund shares may deviate significantly from the NAV of the shares during periods of market volatility or if the Fund's holdings are or become more illiquid. Disruptions to creations and redemptions may result in trading prices that differ significantly from the Fund's NAV. In addition, market prices of Fund shares may deviate significantly from the NAV if the number of Fund shares outstanding is smaller or if there is less active trading in Fund shares. Investors purchasing and selling Fund shares in the secondary market may not experience investment results consistent with those experienced by those creating and redeeming directly with the Fund.

· *Secondary Market Trading Risk.* Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. In addition, secondary market investors will incur the cost of the difference between the price that an investor is willing to pay for shares (the bid price) and the price at which an investor is willing to sell shares (the ask price). This difference in bid and ask prices is often referred to as the "spread" or "bid-ask spread." The bid-ask spread varies over time for shares based on trading volume and market liquidity, and is generally lower if the Fund's shares have more trading volume and market liquidity and higher if the Fund's shares have little trading volume and market liquidity. Increased market volatility may cause increased bid-ask spreads.

Although Fund shares are listed for trading onthe Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained or that the Fund's shares will continue to be listed. Trading in Fund shares 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 is subject to trading halts caused by extraordinary market volatility pursuant to Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of any Fund will continue to be met or will remain unchanged or that the shares will trade with any volume, or at all.

As ETFs, the Underlying ETFs will also be subject to ETF Risk.

**Investments in Other Investment Companies and ETFs Risk.**

Because the Fund invests all or substantially all of its assets in the Underlying ETFs, the Fund's investment performance is directly related to the performance of those Underlying ETFs. The Fund's net asset value will change with changes in the value of the Underlying ETFs. In addition, Fund investors will incur a proportionate share of the expenses of the Underlying ETFs (including operating costs and investment management fees) in addition to the fees and expenses regularly borne the Fund. The Fund will be affected by the investment policies, and practices, performance and risks of the Underlying ETFs in direct proportion to the amount of assets the Fund invests in such Underlying ETFs. Because the Fund seeks to track the Index, the components of which may change on a quarterly basis, the extent to which the Fund is indirectly affected by, or exposed to, an Underlying ETF's performance or risks will vary based on the Index. In addition, to the extent that a significant portion of the ETFs included in the Index represent similar asset classes or have similar risks, the Fund will have greater exposure to such asset classes and risks.

As noted above, as a shareholder in the Underlying ETFs, the Fund will be indirectly exposed to the risks of investing in such Underlying ETFs. For example, Underlying ETFs that invest in equity securities will be subject to risks associated with such securities, and Underlying ETFs that invest in fixed income securities will be subject to, among other risks, credit risk and interest rate risk. Likewise, Underlying ETFs that invest in foreign securities, restricted securities and other assets, and/or that use derivatives or other instruments, will be exposed to risks associated with such assets and techniques. The Fund will be affected by such risks in direct proportion to the amount of assets the Fund has invested in the applicable Underlying ETFs.

For additional information about the risks of investing in the Underlying ETFs, please see the subsection of this prospectus entitled "Additional Information About the Fund and Underlying ETFs – Additional Risks – Risks of Investing in the Underlying ETFs", as well as the respective prospectuses and statements of additional information of the Underlying ETFs, which are required to be filed electronically with the SEC and may be obtained from its website (www.sec.gov) and, in many cases, are available from the respective websites associated with the Underlying ETFs.

**Unregistered Investment Vehicles Risk.** One or more Underlying ETFs may be exchange-traded investment vehicles that are not be registered as investment companies under the 1940 Act, such as grantor trusts. As a result, the Fund's investments in such Underlying ETFs will not have the regulatory protections afforded by the 1940 Act to investors in registered investment companies. Some protections afforded by the 1940 Act to investors in registered investment companies include limitations applicable to the use of leverage, requirements concerning the custody of assets, and a requirement for the investment company to use an independent registered public accounting firm and to prepare audited financial statements.

**Market Risk.** The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. Securities markets also may experience long periods of decline in value. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Changes in the financial condition of a single issuer can impact a market as a whole.

Geopolitical events, including terrorism, tensions, war or other open conflicts between nations, the imposition of sanctions, or political or economic dysfunction within some nations that are global economic powers or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events such as environmental and natural disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments' reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Impacts from climate change may include significant risks to global financial assets and economic growth. The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund.

Markets and market participants are increasingly reliant on information data systems. Inaccurate data, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.

**Passive Investment Risk.** The Fund is not actively managed, does not seek to "beat" the Index, and does not take temporary positions when markets decline. Therefore, the Fund may not sell an investment due to current or projected underperformance of an investment, industry or sector. If a specific investment is removed from the Index, the Fund may be forced to sell such investment at an inopportune time or for a price other than the investment's current market value. It is expected that the value of Fund shares will decline, more or less, in correspondence with any decline in value of the Index. The Index may not contain the appropriate mix of investments for any particular economic cycle, and the timing of movements from one type of investment to another in seeking to track the Index could have a negative effect on the Fund. However, the Fund's investment objective and principal investment strategies impose limits on the Fund's ability to invest in investments not included in the Index. There is no guarantee that the Index will create the desired exposure.

Unlike an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund's performance could be lower than other types of registered investment companies that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline.

**Management Risk.** The Fund intends to replicate the Index. However, under unusual circumstances, the Adviser or the Sub-adviser may determine that it would be in the best interest of the Fund to not fully replicate the Index and/or to hold securities not included in the Index. The investment strategy, the implementation of which is subject to a number of constraints, may cause the Fund to underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective. In addition, although the Sub-adviser has previously served as the sub-adviser to ETFs, the Adviser has not previously served as an investment adviser to ETFs. As a result, there is no long-term track record against which an investor may judge the Adviser's management of an ETF, and it is possible the Adviser may not achieve the Fund's intended investment objective.

**Tracking Error Risk.** Tracking error refers to the risk that the Fund's performance may not match or correlate to that of the Index, either on a daily or aggregate basis. Tracking error may cause the Fund's performance to be less than expected. There are a number of factors that may contribute to the Fund's tracking error, such as Fund expenses and transaction and/or operational costs, imperfect correlation between the Fund's investments and those of the Index, asset valuation differences, tax considerations, the unavailability of investments in the Index from time to time, holding cash and cash equivalents, and other liquidity constraints. In addition, investments included in the Index may be suspended from trading. Moreover, the Fund may be delayed in purchasing or selling investments and other instruments included in the Index.

**Large Shareholder Risk.** A significant percentage of the Fund's shares may be owned or controlled by the Adviser and its affiliates, or one or more other large shareholders. Accordingly, the Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows may be frequent and could negatively affect the Fund's net asset value and performance, and could cause the Fund to purchase or sell securities at a time when it would not normally do so. It would be particularly disadvantageous for the Fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. These inflows and outflows also could negatively affect the Fund's ability to meet shareholder redemption requests or could limit the Fund's ability to pay redemption proceeds within the time period stated in its prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons.

**New Fund Risk.** The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. The Fund also is subject to the continued listing standards of the Exchange, with which the Fund must comply in order to continue being listed on the Exchange. Among other requirements, the continued listing standards require a minimum number of shareholders.

**Tax Risk**. In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain income and distribution requirements each year and certain asset diversification requirements at the end of each quarter of its taxable year. With respect to the income requirement, the Fund must derive in each taxable year at least 90% of its gross income from certain prescribed sources. With respect to the asset diversification requirement, the Fund generally may not acquire a security if, as a result of the acquisition, at the end of a quarter the Fund would not satisfy the following requirements: (a) that at least 50% of the value of its total assets be represented by (i) cash, cash items, Government Securities and securities of other regulated investment companies, and (ii) other securities limited in respect of any of the security to an amount not greater than 5% of the Fund's total assets and to not more than 10% of the voting securities of such issuer; and (b) not more than 25% of the total value of the Fund's assets can be invested in the securities (other than Government Securities or the securities of other regulated investment companies) of any one issuer, the securities of two or more issuers that the Fund controls and are engaged in the same or similar (or related) trades or businesses, or the securities of one or more qualified publically traded partnerships. If the Fund were to fail to qualify as a regulated investment company, whether as a result of the Fund's not satisfying the income, distribution or diversification requirements, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income, which would adversely affect its performance.

In order to qualify for the favorable tax treatment generally available to regulated investment companies and avoid Fund-level taxes, the Fund must also satisfy certain distribution requirements. If the Fund fails to satisfy the distribution requirement necessary to qualify for treatment as a regulated investment company for any taxable year, the Fund would be treated as a corporation subject to U.S. federal income tax, thereby subjecting any income earned by the Fund to tax at the corporate level. If the Fund fails to satisfy a separate distribution requirement, it will be subject to a Fund-level excise tax. These Fund-level taxes will apply in addition to taxes payable at the shareholder level on distributions.

To the extent the Fund does not distribute to shareholders all of its investment company taxable income and net capital gain in a given year, it will be required to pay U.S. federal income tax on the retained income and gains, thereby reducing the Fund's return. The Fund may elect to treat its net capital gain as having been distributed to shareholders. In that case, shareholders of record on the last day of the Fund's taxable year will be required to include their attributable share of the retained gain in income for the year as a long-term capital gain despite not actually receiving the dividend, and will be entitled to a tax credit or refund for the tax deemed paid on their behalf by the Fund as well as an increase in the basis of their shares to reflect the difference between their attributable share of the gain and the related credit or refund.

 ****

***<u>Additional Risks</u>***

**Cash and Cash Equivalents Risk*.*** The Fund may hold cash or use a cash sweep vehicle for any excess cash of the Fund. Generally, such positions offer less potential for gain than other investments. Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.

**Cash Transactions Risk.** The Fund currently intends to effect creation and redemptions "in-kind." However, the Trust reserves the right to require creations and redemption be effected in whole or in part for cash. To the extent creations and redemptions are effected in cash, the Fund may be less tax-efficient than an investment in an ETF that does not elect to effect all creations and redemptions principally for cash. ETFs generally are able to make in-kind redemptions and generally are not taxed on any gains on holdings that are distributed as part of an in-kind redemption.

**Risks of Investing in the Underlying ETFs.** As described above, the Fund will be indirectly exposed to the risks of the Underlying ETFs in direct proportion to the amount of assets the Fund invests in such Underlying ETFs. In addition to the applicable risks described above, an Underlying ETF will, depending on its investment strategy and policies, be subject to the following risks. The summary of risks below may not present all of the investment risks of the Underlying ETFs. Please see the prospectuses and statements of additional information of the Underlying ETFs for a more fulsome description of the risks of investing in such Underlying ETFs.

· *Counterparty Risk*. An Underlying ETF may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance or non-performance by, another party to a transaction.

· *Credit Risk*. The fixed-income securities in an Underlying ETF's portfolio may be subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions, could cause an issuer to fail to make timely payments of principal or interest, when due. This may cause the issuer's securities to decline in value.

· *Derivatives and Short Position Risk*. An Underlying ETF may invest in certain types of derivatives contracts, including futures, options and swaps, which can be more sensitive to changes in interest rates or to sudden fluctuations in market prices than conventional securities, which can result in greater losses to the Underlying ETF. In addition, an Underlying ETF that engages in short sales and may incur a loss as a result of a short position if the price of the asset sold short increases between the date of the short position sale and the date on which an offsetting position is purchased. Because the potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited.

· *Fixed Income Securities Risk*. An Underlying ETF may invest in fixed income securities, which are obligations of the issuer of the securities to make payments of principal and/or interest on future dates. Fixed income securities are generally subject to the risk that the issuer will be unable to meet principal and interest payments, and the risk of price volatility due to a variety of factors, including interest rate sensitivity, market perception of the issuer's creditworthiness and general market conditions.

· *Foreign and Emerging Market Securities Risk*. An Underlying ETF may invest in foreign securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile, and subject to less government supervision than domestic markets. The value of the Underlying ETF's investments may decline because of factors affecting a particular issuer, and/or factors affecting foreign markets and issuers generally. In addition, where all or a portion of the Underlying ETF's portfolio holdings trade in markets that are closed when the Underlying ETF's market is open, there may be valuation differences that could lead to differences between the Underlying ETF's market price and the value of the Underlying ETF's portfolio holdings. To the extent that an Underlying ETF focuses its investments in a single country or in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on the Underlying ETF's performance relative to a more geographically diversified fund.

· *High Yield Securities Risk.* An Underlying ETF may invest in securities that are rated below investment grade by Standard & Poor's Global Ratings, Fitch, Inc. or Moody's Investors Service, Inc. or, if unrated, are determined to be of comparable quality. These securities, commonly referred to as "junk bonds," may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default.

· *Interest Rate Risk*. Changes in interest rates will affect the value of an Underlying ETF's investments in fixed income securities. When interest rates rise, the value of investments in fixed income securities tends to fall, and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed income securities with longer maturities or durations.

· *Income Risk.* Income risk is the risk that the income received by the Underlying ETF may decrease as a result of falling interest rates or dividend yields.

· *Sector Risk*. To the extent that an Underlying ETF invests more heavily in one sector, industry, or sub-sector of the market, its performance will be especially sensitive to developments that significantly affect that sector, industry, or sub-sector. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. An Underlying ETF's performance could also be affected if the sector, industry, or sub-sector does not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

· *Investment Style Risk.* An Underlying ETF may use a particular style or set of styles (e.g., growth, value) to select investments. Those styles may be out of favor or may not produce the best results over short or longer time periods.

· *Large-Cap Company Risk*. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

· *Mid-Cap and Small-Cap Company Risk*. Mid-cap and small-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies, all of which can negatively affect their value. In general, these risks are greater for small-cap companies than for mid-cap companies.

· *Portfolio Management Risk.* The Underlying ETFs are subject to the risk that strategies used by their investment manager and its securities selections fail to produce the intended results. An investment manager's judgments or decisions about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, may be incorrect or otherwise may not produce the intended results, which may result in losses to the Underlying ETF.

· *Privately Placed and Other Restricted Securities Risk.* Restricted securities, including privately placed securities, are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Difficulty in selling securities may result in a loss or be costly to an Underlying ETF investing in such securities. The risk that securities may not be sold for the price at which an Underlying ETF is carrying them is greater with respect to restricted securities than it is with respect to registered securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, also may make it difficult to determine a fair value for certain securities for purposes of computing the Underlying ETF's net asset value.

· *Liquidity Risk*. Liquidity risk occurs when an investment becomes difficult to purchase or sell. Some assets held by an Underlying ETF may be impossible or difficult to sell, particularly during times of market turmoil. An Underlying ETF may also face liquidity risk as a result of, among other factors, low trading volumes, legal or contractual restrictions on resale, and substantial redemptions of the Underlying ETF's shares.

· *Valuation Risk.* The price at which an Underlying ETF sells any particular investment may differ from the Underlying ETF's valuation of the investment. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. An Underlying ETF's ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents.

**Portfolio Holdings Information**

Each day the Fund is open for business, theTrust publicly disseminates the Fund's full portfolio holdings as of the close of the previous day through the website. A description of the Fund's policies and procedures with respect to the disclosure of Fund portfolio securities is available in the Fund's SAI. The holdings of the Fund can be found on the Fund's website at https://www.drivewealth.com/advisory/dwi-us100.

**<u>Management</u>**

**Board of Trustees**

The Board of Trusteesof the Trust is responsible for the general supervision and overseeing the management and business affairs of the Fund. The Board of Trustees appoints officers who are responsible for the day-to-day operations and oversee operations of the Fund by its officers. The Board of Trustees also reviews management of the Fund's assets by the Adviser and Sub-adviser. Information about the Board of Trustees and executive officers of the Fund is contained in the SAI.

**Investment Adviser**

DriveAdvisory, LLC, the Adviser, is a registered investment adviser located at 15 Exchange Place, 10th Floor, Jersey City, New Jersey 07302. DriveAdvisory serves as investment adviser to the Fund pursuant to an Investment Advisory Agreement (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Trust, except for the fee payments to the Advisor under the Advisory Agreement (also known as a "unitary advisory fee"), acquired fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses.

The Adviser and its affiliates deal, trade and invest for their own accounts in the types of securities in which the Fund also may invest. The Adviser does not use inside information in making investment decisions on behalf of the Fund.

In carrying out its responsibilities under the Advisory Agreement, the Adviser is permitted to retain, at its own cost and expense, the services of one or more sub-advisers. The Adviser may apply for an exemptive order from the SEC to permit it and the Board of Trustees to hire, terminate and replace sub-advisers and to amend the sub-advisory agreements between the Adviser and the sub-advisers without obtaining shareholder approval. However, changes to contracts that result in an increase in the aggregate management fee rate paid by a fund would still be subject to shareholder approval. If such an order is sought and obtained, the Adviser would be able, subject to the approval of Board, to appoint, dismiss and replace sub-advisers and to amend sub-advisory agreements without obtaining shareholder approval. If a new sub-adviser is retained for the Fund pursuant to such an order, shareholders would receive notice of such action.

**Sub-Adviser**

Pursuant to an investment sub-advisory agreement with the Adviser (the "Sub-Advisory Agreement"), Penserra Capital Management LLC, a New York limited liability company with a principal office located at 4 Orinda Way, 100-A, Orinda, California 94563, is responsible for the day-to-day management of the Fund. The Sub-adviser, which has been registered as an investment adviser since 2014, provides investment advisory services to other exchange-traded funds. The Sub-adviser is responsible for, among other things, trading portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of the Index, subject to the supervision of the Adviser and the Board of Trustees. Under the Sub-Advisory Agreement, the Adviser pays the Sub-adviser a fee for its services.

The Sub-adviser is responsible for managing the investment portfolio of the Fund and will direct the purchase and sale of the Fund's investment securities. The Sub-adviser utilizes a team of investment professionals acting together to manage the assets of the Fund. The team meets regularly to review portfolio holdings and to discuss purchase and sale activity. The team adjusts holdings in the portfolio as they deem appropriate in the pursuit of the Fund's investment objective.

**Portfolio Managers**

The Fund's day-to-day activities are managed by a team of portfolio managers from the Sub-adviser.

Dustin Lewellyn, Ernesto Tong, and Anand Desai are the Fund's portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Each of the portfolio managers has managed the Fund since its inception. The portfolio managers are responsible for various functions related to portfolio management, including, but not limited to, investing cash inflows, implementing investment strategy, researching and reviewing investment strategy, and overseeing members of their portfolio management team with more limited responsibilities.

Mr. Lewellyn has been Chief Investment Officer with Penserra since 2012. He was President and Founder of Golden Gate Investment Consulting LLC from 2011 through 2015. Prior to that, Mr. Lewellyn was a managing director at Charles Schwab Investment Management, Inc. ("CSIM"), which he joined in 2009, and head of portfolio management for Schwab ETFs. Prior to joining CSIM, he worked for two years as director of ETF product management and development at a major financial institution focused on asset and wealth management. Prior to that, he was a portfolio manager for institutional clients at a financial services firm for three years. In addition, he held roles in portfolio operations and portfolio management at a large asset management firm for more than 6 years.

Mr. Tong has been a Managing Director with Penserra since 2015. Prior to that, Mr. Tong spent seven years as vice president at BlackRock, where he was a portfolio manager for a number of the iShares ETFs, and prior to that, he spent two years in the firm's index research group.

Mr. Desai has been a Senior Vice President with Penserra since 2020. Mr. Desai has served in various roles at Penserra since joining the team in 2015. Prior to that, Mr. Desai was a portfolio fund accountant at State Street for five years.

For information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of shares in the Fund, see the SAI.

Management Fee

Under the Advisory Agreement, the Adviser is responsible for substantially all expenses of the fund, including the cost of transfer agency, custody, fund administration, compensation paid to the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act), legal, audit and other services, except for the unitary advisory fee under the Advisory Agreement, interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses (if any), litigation expenses and other extraordinary expenses.

Because the Fund had not commenced operations prior to the date of this Prospectus, DriveAdvisory did not receive any unitary advisory fees during the prior fiscal year.

The Advisory Agreement has been approved by the Board of Trustees and shareholders of the Fund. In this regard, DriveAdvisory, as the sole initial shareholder of the Fund, will approve various matters and agreements, including the Advisory Agreement for the Fund prior to its public offering.

The Adviser entered into the Sub-Advisory Agreement with the Sub-adviser, under which the Adviser pays the Sub-adviser*,* for services it provides for that portion of the Fund for which it acts as sub-adviser*,* a monthly fee at an annual rate equal to a percentage of the management fee paid to DriveAdvisory under the Advisory Agreement.

**<u>Other Service Providers</u>**

**Distributor**

Foreside Fund Services, LLC ("Distributor"), an affiliate of Foreside Financial Group, LLC d/b/a ACA Group, serves as the Fund's distributor. Shares in less than Creation Units are not distributed by the Distributor, and the Distributor does not maintain a secondary market in the shares of the Fund.

**Administrator, Transfer Agent and Custodian**

State Street Bank and Trust Company ("State Street") serves as administrator, custodian and transfer agent for the Fund. State Street maintains all necessary shareholder records.

Conflicts of Interest

The investment activities of DriveAdvisory its affiliates (collectively, the "Affiliates"), and their respective directors, officers or employees, in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Fund and its shareholders. DriveAdvisory and its Affiliates may provide investment management services to other funds and discretionary managed accounts that may follow investment programs similar to that of the Fund. In addition, DriveAdvisory and its Affiliates may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Fund. DriveAdvisory, or one or more Affiliates act, or may act, as an investor, research provider, investment manager, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal, and have other direct and indirect interests in other instruments in which the Fund may directly or indirectly invest. The Fund may invest in securities of, or engage in other transactions with, companies with which an Affiliate has significant debt or equity investments or other interests. The Fund also may invest in securities of, or engage in other transactions with, companies for which an Affiliate provides or may in the future provide research coverage. An Affiliate may have business relationships with, and purchase or distribute or sell services or products from or to, distributors, consultants or others who recommend the Fund or who engage in transactions with or for the Fund, and may receive compensation for such services. The Adviser or one or more Affiliates may engage in proprietary trading and advise accounts and funds that have investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same types of securities, currencies and other instruments as the Fund. The trading activities of the Adviser and these Affiliates are carried out without reference to positions held directly or indirectly by the Fund and may result in the Adviser or an Affiliate having positions in certain securities that are senior or junior to, or have interests different from or adverse to, the securities that are owned by the Fund.

No Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the Fund's investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an Affiliate, and it is possible that the Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts.

In addition, the Fund may, from time to time, enter into transactions in which the Adviser or an Affiliate or its or their directors, officers, employees or clients have an adverse interest. Furthermore, transactions undertaken by clients advised or managed by the Adviser or its Affiliates may adversely impact the Fund. Transactions by one or more clients or by the Adviser or its Affiliates or their directors, officers or employees may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund.

The Adviser is an affiliate of DriveWealth, LLC ("DW"). DW is a registered broker-dealer under the Securities Exchange Act of 1934, as amended. DW is also a member of the Financial Industry Regulatory Authority, Inc. (FINRA). DW's primary business is to act as a clearing broker and in such capacity, performs certain functions in support of the customer relationships established by its introducing broker-dealer partners. These functions may include supporting the funding of an end-investors account, the acceptance and execution of transaction orders, and reporting end-investor account activity to the end-investor via trading confirmations, account statements and certain information that the end-investor may view while logged into their accounts through their introducing broker-dealer's website or application program interface (API). DW may act as clearing broker with respect to securities of the Fund. As such, DW may receive compensation for such activities.

The Fund's activities may be limited because of regulatory restrictions applicable to DriveAdvisory or one or more Affiliates and/or their internal policies designed to comply with such restrictions.

It is also possible that, from time to time, an Affiliate and/or its advisory clients (including other funds and separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases) expense ratio of the Fund may be impacted by purchases and sales of the Fund by such Affiliate and/or its advisory clients.

The activities of the Adviser and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that could disadvantage the Fund and its shareholders. The Adviser has adopted policies and procedures designed to address these potential conflicts of interest.

**<u>Shareholder Information</u>**

**Calculating NAV**

The Fund calculates its NAV by:

· Taking the current market value of its total assets

· Subtracting any liabilities and withholdings (if any)

· Dividing that amount by the total number of shares owned by the shareholders

The Fund normally calculates NAV as of the regularly scheduled close of normal trading on each day that the NYSE is scheduled to be open for business (a "Business Day") (normally, 4:00 p.m. Eastern Time). Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Securities listed on a securities exchange (*i.e*. exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by the Fund's independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund's NAV is calculated if a security's exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

Any investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described above).

Securities for which market prices are not "readily available," or are not deemed to reflect current market values, or are debt securities where no evaluated price is available from the Trust's third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Trust's valuation policies and procedures approved by the Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using "fair value" pricing may include, but are not limited to: the security's trading has been halted or suspended; the security's primary trading market is temporarily closed; or the security has not been traded for an extended period of time.

In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund's securities that trade outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser or Sub-adviser becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which the Fund calculates its NAV, it will notify the Administrator and may request that an ad hoc meeting of the Valuation Committee be called.

Fair value pricing involves subjective judgments, and it is possible that a fair value determination for a security may be materially different than the value that could actually be realized upon the sale of the security or that another fund that uses market quotations or its own fair value procedures to price the same securities.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day. In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which the Fund's NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of the Fund's portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur.

**Fair Value Pricing**

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

**Buying and Selling Fund Shares**

Shares of the Fund may be purchased or redeemed directly from the Fund only in Creation Units or multiples thereof. Only a broker-dealer that enters into an Authorized Participant agreement with the Distributor (an "Authorized Participation Agreement") may engage in creation and redemption transactions directly with the Fund. Purchases and redemptions directly with the Fund must follow the Fund's procedures, and are subject to transaction fees, which are described in the SAI. Orders for such transactions may be rejected or delayed if they are not submitted in good order and subject to the other conditions set forth in this Prospectus and the SAI. Please see the SAI for more information about purchases and redemptions of Creation Units.

Once purchased (*i.e*., created) by an Authorized Participant, shares are listed on the Exchange and trade in the secondary market. When you buy or sell the Fund's shares in the secondary market, you will pay or receive the market price. The price at which you buy or sell shares (*i.e.*, the market price) may be more or less than the NAV of the shares. Unless imposed by your broker, there is no minimum dollar amount you must invest in the Fund and no minimum number of Shares you must buy. Shares can be bought and sold throughout the trading day like other publicly traded securities. Most investors will buy and sell shares through a broker and, thus, will incur customary brokerage commissions and charges when buying or selling shares. **Except when aggregated in Creation Units, shares are not redeemable by the Fund.**

The secondary markets are closed on weekends and also are generally closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day (observed), Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

For more information on how to buy and sell shares of the Fund, call (833) 222-8843 or visit https://www.drivewealth.com/advisory/dwi-us100.

**Premium/Discount Information**

Information showing the number of days themarket price of the Fund's shares was greater than the Fund's NAV per share (*i.e.*, at a premium) and the number of days it was less than the Fund's NAV per share (*i.e.*, at a discount) for various time periods will be available by visiting the Fund's website at https://www.drivewealth.com/advisory/dwi-us100. The premium and discount information contained on the website will represent past performance and cannot be used to predict future results.

**Continuous Offering**

The method by which Creation Units of Fund 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 (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(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(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 Fund's 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.**

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), DriveAdvisory, the Sub-adviser or an affiliate may pay the intermediary for marketing activities or other services related to the sale or promotion of the Fund. 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.

**<u>Distribution</u>**

The Distributor distributes Creation Units forthe fund on an agency basis. The Distributor does not maintain a secondary market in shares of the fund. The Distributor has no role in determining the policies of the fund or the securities that are purchased or sold by the fund. The Distributor's principal address is Three Canal Plaza, Suite 100, Portland, ME 04101.

The Adviser and/or its affiliates may pay additional compensation, out of their own assets and not as an additional charge to the Fund, to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries ("financial representatives") in connection with the sale and/or distribution of fund shares or the retention and/or servicing of fund investors and fund shares ("revenue sharing"). For example, the Adviser and/or its affiliates may compensate certain broker-dealers from its own assets for making the fund available through the intermediaries' distribution channels, including online and mobile channels; for providing the fund with "shelf space" or access to a third party platform or fund offering list or other marketing programs, including, without limitation, inclusion of the fund on preferred or recommended sales lists, fund "supermarket" platforms and other formal sales programs; for granting the Adviser and/ or its affiliates access to the financial representative's sales force; for granting the Adviser and/or its affiliates access to the financial representative's conferences and meetings; for assistance in training and educating the financial representative's personnel; and for obtaining other forms of marketing support.

The level of revenue sharing payments made to financial representatives may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the fund attributable to the financial representative, the particular fund or fund type or other measures as agreed to by the Adviser and/or its affiliates and the financial representatives or any combination thereof. The amount of these revenue sharing payments is determined at the discretion of the Adviser and/or its affiliates from time to time, may be substantial, and may be different for different financial representatives based on, for example, the nature of the services provided by the financial representative.

Receipt of, or the prospect of receiving, additional compensation may influence your financial representative's recommendation of the fund. You should review your financial representative's compensation disclosure and/or talk to your financial representative to obtain more information on how this compensation may have influenced your financial representative's recommendation of the fund. Additional information regarding these revenue sharing payments is included in the fund's SAI, which is available to you on request at no charge (see the back cover of this Prospectus for more information on how to request a copy of the SAI).

It is possible that broker-dealers that execute portfolio transactions for the fund will also sell shares of the fund to their customers. However, the Adviser will not consider the sale of fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the fund. Accordingly, the Adviser has implemented policies and procedures reasonably designed to prevent its traders from considering sales of fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the fund. In addition, the Adviser and/or its affiliates will not use fund brokerage to pay for their obligation to provide additional compensation to financial representatives as described above.

**Distribution Plan**

The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act which allows payment of marketing fees of up to 0.25% of the Fund's average net assets. The Fund has no present intention of paying, accruing or incurring any Rule 12b-1 fees until such time as approved by the Fund's Board of Trustees.

**Active Investors and Market Timing**

The Trust's Board of Trustees has determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of the Fund's shares because the Fund sells and redeems its shares at NAV only in Creation Units pursuant to the terms of an Authorized Participant Agreement, and such direct trading between the Fund and Authorized Participants is critical to ensuring that the Fund's shares trade at or close to NAV. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the Fund directly and therefore does not cause the Fund to experience many of the harmful effects of market timing, such as dilution and disruption of portfolio management. In addition, the Fund imposes a transaction fee on Creation Unit transactions, which is designed to offset transfer and other transaction costs incurred by the Fund in connection with the issuance and redemption of Creation Units and may employ fair valuation pricing to minimize potential dilution from market timing The Fund reserves the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive, excessive, or short-term trading.

**Declaration of Trust Provisions**

The Board has adopted, and may amend from time to time, an Amended and Restated Declaration of Trust ("Declaration of Trust") for the Trust, which governs its operations. The Declaration of Trust contains provisions regarding derivative claims of shareholders. Derivative actions will be processed in accordance with the requirements set forth in Section 3816 of the Delaware Act (or successor provision(s)) and such other provisions as required under Delaware law. The Declaration of Trust places limitations on the forum in which claims against the Trust may be heard and includes a waiver of a jury trial. Claims against the Trust, other than those that are brought under the federal securities laws, are required to be brought in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware. Accordingly, shareholders may be required to bring claims in an inconvenient or less favorable forum. However, shareholders should be aware that they cannot waive their rights under the federal securities laws. Therefore, the above limitations do not apply to claims asserted under the federal securities laws. A court may choose not to enforce these provisions.

**Householding Policy**

To reduce expenses, the Fund will mail only one copy of the prospectus or summary prospectus, each annual and semi-annual report, and any proxy statements to each address shared by two or more accounts with the same last name or that the Trust reasonably believes are members of the same family. If you wish to receive individual copies of these documents, please call the Trust at (833) 222-8843 between the hours of 9:00 a.m. and 5:00 p.m. Eastern Time on days the Fund is open for business or contact your financial institution. We will begin sending you individual copies thirty days after receiving your request. **Investors who hold their shares through an intermediary are subject to the intermediary's policies. Contact your financial intermediary for any questions you may have.**

**Dividends and Distributions**

The Fund pays out dividends to shareholdersat least annually. The Fund distributes its net capital gains, if any, to shareholders annually. The Fund may make distributions on a more frequent basis. The Fund reserves the right to declare special distributions, including if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a regulated investment company under Subchapter M of the Code or to avoid imposition of income or excise taxes on undistributed income.

**<u>Additional Tax Information</u>**

The following is a summary of some important tax issues that affect the Fund and its shareholders. The summary is based on current tax laws, which may be changed by legislative, judicial or administrative action. You should not consider this summary to be a detailed explanation of the tax treatment of the Fund, or the tax consequences of an investment in the Fund. **More information about taxes is located in the SAI. You are urged to consult your tax adviser regarding specific questions as to federal, state and local income taxes.**

**Tax Status of the Fund**

The Fund is treated as a separate entity for federal tax purposes, and intends to qualify for the special tax treatment afforded to regulated investment companies. As long as the Fund qualifies for treatment as a regulated investment company, it pays no federal income tax on the earnings it distributes to shareholders.

**Tax Status of Distributions**

The Fund will, at least annually, distribute substantially all of its net investment taxable income and net capital gains income.

The income dividends you receive from the Fund (which include the Fund's short-term capital gains) will be taxed as either ordinary income or qualified dividend income. For non-corporate shareholders, dividends that are reported as qualified dividend income are generally taxable at reduced maximum tax rates to the extent that the Fund receives qualified dividend income and subject to certain limitations and holding period requirements.

Distributions of the Fund's short-term capital gains are generally taxable as ordinary income. Any distributions of net capital gain (the excess of the Fund's net long-term capital gains over its net short-term capital losses) are taxable as long-term capital gains regardless of how long you have owned your shares. Long-term capital gains are taxable at reduced maximum tax rates.

If the Fund makes distributions to a shareholder in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of the shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

The Fund may invest in complex securities. These investments may be subject to numerous special and complex rules. These rules could affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses. In turn, these rules may affect the amount, timing or character of distributions you receive from the Fund.

Dividends and distributions are generally taxable to you whether you receive them in cash or in additional shares. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive that is attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations.

Distributions paid in January but declared by the Fund in October, November or December of the previous year may be taxable to you in the previous year. Your broker will inform you of the amount of your ordinary income dividends, qualified dividend income, and capital gains distributions shortly after the close of each calendar year.

Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these withholding taxes is recoverable, the non-recovered portion will reduce the income received from the securities in the Fund. If more than 50% of the total assets of the Fund at the close of a year consist of non-U.S. stocks or securities, then the Fund may elect, for U.S. federal income tax purposes, to treat certain non-U.S. income taxes (including withholding taxes) paid by the Fund as paid by its shareholders, allowing the shareholder the opportunity to claim a foreign tax credit. The Fund will provide you with the information necessary to reflect foreign taxes paid on your income tax return if it makes this election.

If you hold your shares in a tax-qualified retirement account, you generally will not be subject to federal taxation on income received with respect to the shares (including Fund dividends and distributions, and any gain on the sale of shares), until you begin receiving payments from your retirement account. You should consult your tax adviser regarding the tax rules that apply to your retirement account.

**Tax Status of Share Transactions**

Any capital gain or loss upon a sale of the Fund's shares is generally treated as a long-term gain or loss if the shares have been held for more than one year and as a short-term gain or loss if held for one year or less. Any capital loss on the sale of the Fund's shares held for six months or less is treated as a long-term capital loss to the extent that any capital gain distributions were paid with respect to such shares.

**Medicare Contribution Tax**

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," including interest, dividends, and certain capital gains (including capital gains realized on the sale or exchange of shares of the Fund). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

**Back-Up Withholding**

The Fund, or an intermediary such as a broker, will be required in certain cases to withhold at applicable withholding rates (currently 24%) and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who (1) has provided the Fund or intermediary either an incorrect tax identification number or no number at all, (2) is subject to back-up withholding by the Internal Revenue Service ("IRS") for failure to properly report payments of interest or dividends, (3) has failed to certify to the Fund or intermediary that such shareholder is not subject to back-up withholding, or (4) has not certified that such shareholder is a U.S. person (including a U.S. resident alien).

**Non-U.S. Investors**

If you are not a citizen or permanent resident of the United States or if you are a non-U.S. entity, the Fund's ordinary income dividends (which include distributions of net short-term capital gains) will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies, provided that withholding tax will generally not apply to any gain or income realized by a non-U.S. shareholder in respect of any distributions of long-term capital gains or upon the sale or other disposition of shares of the Fund. The withholding tax will also not apply to properly designated interest-related dividends and short-term capital gain dividends. You also may potentially be subject to U.S. federal estate taxes.

A 30% withholding tax will generally be imposed on dividends paid by the Fund to (i) foreign financial institutions including non-U.S. investment funds unless they agree to collect and disclose to the IRS, or the tax authorities in their home jurisdictions, information regarding their direct and indirect U.S. account holders and (ii) certain other foreign entities, unless they certify certain information regarding their direct and indirect U.S. owners. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an intergovernmental agreement between the United States and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement. Proposed regulations (which are effective while pending) eliminate the application of the Foreign Account Tax Compliance Act withholding tax to capital gain dividends and redemption proceeds that was scheduled to take effect in 2019.

**State Tax Considerations**

In addition to federal taxes, distributions by the Fund and ownership of the Fund's shares may be subject to state and local taxes. You should consult your tax adviser regarding how state and local tax laws affect your investment in the Fund's shares.

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

A person who purchases a Creation Unit by exchanging securities in-kind generally will recognize a gain or loss equal to the difference between (i) the sum of the market value of the Creation Units at the time of the exchange and any net amount of cash received by the Authorized Participant in the exchange and (ii) the sum of the purchaser's aggregate basis in the securities surrendered and any net amount of cash paid for the Creation Units. A person who redeems Creation Units and receives securities in-kind from the Fund will generally recognize a gain or loss equal to the difference between the redeemer's basis in the Creation Units, and the aggregate market value of the securities received and any net cash received. The IRS, however, may assert that a loss realized upon an in-kind exchange of securities for Creation Units or an exchange of Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons effecting in-kind creations or redemptions should consult their own tax adviser with respect to these matters.

The Fund has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Fund also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determinations.

**Index Provider Disclaimers**

Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "ICE DriveWealth 100 Index<sup>SM</sup>/<sup>®</sup>" is a service/trade mark of ICE Data Indices, LLC or its affiliates. These trademarks have been licensed, along with the Index for use by DriveAdvisory, LLC in connection with DriveWealth ICE 100 Index ETF (the "Product"). Neither DriveAdvisory, DriveWealth ETF Trust, nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to DriveAdvisory is the licensing of certain trademarks and trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to the DriveAdvisory or the Product or its holders. ICE Data has no obligation to take the needs of the Licensee or the holders of the Product into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of DriveAdvisory or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of the Product. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

**Additional Disclaimers**

**DriveAdvisory and Trust Disclaimer**

*Neither DriveAdvisory nor the Trust guaranteesthe accuracy or the completeness of any index or any data included therein and neither shall have any liability for any errors, omissions or interruptions therein. DriveAdvisory and the Fund further make no representation or warranty, express or implied, to the owners of shares of the Fund or any members of the public as to results to be obtained by the Fund from the use of any index, as to any data included therein, or as to the advisability of investing in securities generally or in the Fund particularly. DriveAdvisory expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any index or fund. Without limiting any of the foregoing, in no event shall DriveAdvisory have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages.*

**NYSE Arca, Inc. Disclaimer**

*Shares of the Fund are not sponsored, endorsed or promoted by NYSE Arca, Inc. ("NYSE Arca"). NYSE Arca makes no representation or warranty, express or implied, to the owners of the shares of the Fund or any member of the public regarding the ability of the Fund to track the total return performance of an index, if any, or the ability of an index, if any, to track stock market performance. NYSE Arca is not responsible for, nor has it participated in, the determination of the compilation or the calculation of any index, nor in the determination of the timing of, prices of, or quantities of shares of the Fund to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. NYSE Arca has no obligation or liability to owners of the shares of the Fund in connection with the administration, marketing or trading of the shares of the Fund.*

 

*NYSE Arca does not guarantee the accuracy and/or the completeness of any index or any data included therein. NYSE Arca makes no warranty, express or implied, as to results to be obtained by the Trust on behalf of the Fund as licensee, licensee's customers and counterparties, owners of the shares of the Fund, or any other person or entity from the use of any subject index or any data included therein in connection with the rights licensed as described herein or for any other use. NYSE Arca makes no express or implied warranties and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to any index or any data included therein. Without limiting any of the foregoing, in no event shall NYSE Arca have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.*

**<u>Financial Highlights</u>**

No financial highlights are available for the Fund because the Fund had not commenced operations prior to the end of the prior fiscal year.

**Additional Information**

*Additional and more detailed information about the Fund is included in the SAI dated [ ], 2023. The SAI has been filed with the SEC and is incorporated by reference into this Prospectus and, therefore, legally forms a part of this Prospectus. The SEC maintains the EDGAR database on its website (http://www.sec.gov) that contains the SAI, material incorporated by reference, and other information regarding registrants that file electronically with the SEC and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.*

 

*You may obtain a copy of the SAI or the Annual or Semi-Annual Reports, when available, or make inquiries, without charge by calling (833) 222-8843, visiting https://www.drivewealth.com/advisory/dwi-us100, or writing to the Trust at 15 Exchange Place, 10th Floor, Jersey City, New Jersey 07302. Additional information about the Fund's investments will be available in the Annual and Semi-Annual Reports. Also, in the Fund's Annual Report, when available, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.*

*No one has been authorized to give any information or to make any representations not contained in this Prospectus or in the Fund's SAI in connection with the offering of Fund shares. Do not rely on any such information or representations as having been authorized by the Fund, the Adviser or the Sub-adviser, as applicable. This Prospectus does not constitute an offering by the Fund in any jurisdiction where such an offering is not lawful.*

 

*The Trust enters into contractual arrangements with various parties, including among others, the Fund's investment adviser, sub-adviser(s), distributor, custodian, and transfer agent who provide services to the Fund. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.*

 

*This prospectus provides information concerning the Fund that you should consider in determining whether to purchase Fund shares. Neither this Prospectus nor the SAI is intended, or should be read, to be or give rise to an agreement or contract between the Trust, the Trustees, or the Fund and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived.*

The Trust's Investment Company Act file number is 811-23837.

**DriveWealth ETF Trust**

**STATEMENT OF ADDITIONAL INFORMATION**

**[____________], 2023**

**DRIVEWEALTH ICE 100 INDEX ETF - (CETF)**

Shares of DriveWealth ICE 100 Index ETF (the"Fund") will be traded on the NYSE Arca, Inc.

This Statement of Additional Information ("SAI") relates to the Fund, a series of the DriveWealth ETF Trust (the "Trust"). This SAI is not a prospectus and should be read in conjunction with the current prospectus for the Fund, dated [___________], 2023, as it may be revised from time to time (the "Prospectus"). Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. The Fund's audited financial information is not yet available as of the date of this SAI. A copy of the Prospectus, this SAI, and/or the most recent annual and semi-annual reports to shareholders, when available, may be obtained, without charge, by calling (833) 222-8843, visiting https://www.drivewealth.com/advisory/dwi-us100, or writing to the Trust at 15 Exchange Place, 10th Floor, Jersey City, New Jersey 07302.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [GENERAL DESCRIPTION OF THE TRUST AND THE FUND](#sai_001) | 1 |
| [INVESTMENT STRATEGIES AND RISKS](#sai_002) | 1 |
| [INVESTMENT LIMITATIONS](#sai_003) | 12 |
| [MANAGEMENT OF THE FUND](#sai_004) | 15 |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#sai_005) | 19 |
| [EXCHANGE LISTING AND TRADING](#sai_006) | 23 |
| [BOOK ENTRY ONLY SYSTEM](#sai_007) | 24 |
| [PORTFOLIO TURNOVER](#sai_008) | 26 |
| [CREATION AND REDEMPTION OF CREATION UNITS](#sai_009) | 27 |
| [REDEMPTIONS OF CREATION UNITS](#sai_010) | 30 |
| [TAXES](#sai_011) | 34 |
| [DETERMINATION OF NAV](#sai_012) | 42 |
| [DIVIDENDS AND DISTRIBUTIONS](#sai_013) | 43 |
| [OTHER INFORMATION](#sai_014) | 43 |
| [FINANCIAL STATEMENTS](#sai_015) | 45 |
| [APPENDIX A - PROXY VOTING POLICY](#sai_016) | A-1 |
| [APPENDIX B - DESCRIPTION OF SECURITIES RATINGS](#sai_017) | B-1 |

---

**GENERAL DESCRIPTION OF THE TRUST AND THEFUND**

The Trust was organized as a Delaware statutory trust on October 13, 2022 and is permitted to offer multiple, separate series (*i.e.*, funds). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Fund is a diversified series of the Trust. The offering of the Trust's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). Shares of the Fund will only be issued against full payment, as further described in the Prospectus and this SAI.

DriveAdvisory, LLC ("DriveAdvisory" or the "Adviser") serves as the investment adviser to the Fund and is responsible for continuously reviewing, supervising and administering the Fund's investment program. The Adviser has selected Penserra Capital Management, LLC ("Penserra" or the "Sub-adviser") to serve as sub-adviser to manage, on a daily basis, the assets of the Fund. The Adviser has sub-contracted certain of the Trust's administrative and accounting services to State Street Bank and Trust Company ("State Street"). Foreside Fund Services, LLC serves as the distributor (the "Distributor") of the shares of the Fund.

**Exchange-Traded Fund ("ETF") Operations**

The Fund issues and redeems shares at net asset value ("NAV") only in aggregations of a specified number of shares ("Creation Units"), generally in exchange for a basket of securities ("Basket"), together with a specified cash payment, or, in certain circumstances, for an all cash payment. Unlike mutual funds, shares are not individually redeemable.

Certain employees of the Adviser are responsible for interacting with market participants that transact in Baskets for one or more Creation Units. As part of these discussions, these employees may discuss with a market participant the securities the Fund is willing to accept in connection with a purchase ("creation") of shares, and securities that the Fund will provide on a redemption of shares. The Adviser's employees may also discuss portfolio holdings-related information with broker/dealers in connection with settling the Fund's transactions, as may be necessary to conduct business in the ordinary course.

Shares of the Fund will be listed on NYSE Arca, Inc. (the "Exchange"), a national securities exchange and trade in the secondary market, where most investors will buy and sell them at market prices that change throughout the day. Such market prices may be lower, higher or equal to NAV. Accordingly, when transacting in the secondary market, investors may pay more than NAV when purchasing shares and receive less than NAV when selling shares. They may also be subject to brokerage commissions and charges.

**INVESTMENT STRATEGIES AND RISKS**

**General**

The Fund's principal investment strategies and risks are discussed in the Prospectus. The investment techniques discussed below and in the Prospectus may, consistent with the Fund's investment objective and investment limitations, be used by the Fund or the ETFs in which the Fund invests (the "Underlying ETFs"). The term "ETF" refers to exchange-traded investment vehicles, including those that are required to register under the 1940 Act and are not subject to the registration requirements of the 1940 Act. As such, the Underlying ETFs may include an exchange-traded vehicle that is not registered under 1940 Act. The Fund is free to reduce or eliminate its activity with respect to any of the investment techniques discussed below without changing its fundamental investment policies (described below) and without prior notice to shareholders. There is no assurance that the Fund's strategies or any other methods of investment will result in the achievement of the Fund's objective.

The following supplements the information contained in the Prospectus concerning the investment strategies and risk factors relating to an investment in the Fund.

**Regulatory Risk.** The Fund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Fund's operations and/or change the competitive landscape. Additional legislative or regulatory changes could occur that may materially and adversely affect the Fund. Such legislative or regulatory changes could pose additional risks and result in material adverse consequences to the Fund and the Underlying ETFs.

**Cybersecurity Risk.** With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g*., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e*., efforts to make network services unavailable to intended users). Cyber security failures or breaches suffered by the Adviser, Sub-adviser, Distributor or other service provider (including, but not limited to, index providers, fund accountants, custodians, transfer agents and administrators), market makers, a limited number of financial institutions that may act as authorized participants (*i.e.,* large institutions that have entered into agreements with the distributor of the Fund's shares and are authorized to transact in Creation Units with the Fund) (each an "Authorized Participant"), and the issuers of securities in which the Fund invests have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Trust has established a business continuity plan in the event of, and risk management systems to prevent, such cyber attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Trust cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests, market makers or Authorized Participants. The Fund and its shareholders could be negatively impacted as a result of any cyber incidents impacting such parties.

**Government Intervention in Financial Markets.** The value of the Fund's holdings is generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In the event of such a disturbance, issuers of securities held by the Fund may experience significant declines in the value of their assets and even cease operations or may receive government assistance accompanied by increased restrictions on their business operations or other government intervention. Governments or their agencies may acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation and performance of the Fund's portfolio holdings.

Past instability during the 2008-2009 financial downturn led the U.S. Government, other governments and financial and prudential regulators to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that experienced extreme volatility, and in some cases a lack of liquidity. It is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

**Tracking Variance.** As discussed in the Prospectus, the Fund is subject to the risk of tracking variance (also referred to as tracking error risk). Tracking variance may result from share purchases and redemptions, transaction costs, expenses and other factors. Share purchases and redemptions may necessitate the purchase and sale of securities by the Fund and the resulting transaction costs which may be substantial because of the number and the characteristics of the securities held. In addition, transaction costs are incurred because sales of securities received in connection with spin-offs and other corporate reorganizations are made to conform each Fund's holdings to its investment objective. Tracking variance also may occur due to factors such as the size of the Fund, the maintenance of a cash reserve pending investment or to meet expected redemptions, changes made in the Fund's designated index or the manner in which the index is calculated or because the indexing and investment approach of the Adviser does not produce the intended goal of the Fund. Tracking variance is monitored by the Adviser or Sub-adviser.

**Recent Market Conditions.** The Fund seeks to track the performance of the ICE DriveWealth 100 Index (the "Index"). The performance of the Index and the Fund is subject to general market conditions.

U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region.

Interest rates were unusually low in recent years in the United States and abroad, but the interest rate environment changed dramatically in 2022 as interest rates moved significantly higher. Aggressive stimulus measures in 2020 and 2021, rising demand for goods and services, tight labor markets, and supply chain disruptions contributed to a surge of inflation in many sectors of the U.S. and global economies. Due to concerns regarding high inflation, the U.S. Federal Reserve (the "Fed") and many foreign governments and monetary authorities have raised interest rates and implemented other policy initiatives in an effort to control inflation, and they may continue to do so. It is difficult to predict accurately the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of any such further increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Rising interest rates may present a greater risk than has historically been the case due to the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives. As such, fixed-income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. The Fund's investments may not keep pace with inflation, and the value of an investment in the Fund may be eroded over time by inflation. Changes in government or central bank policies could negatively affect the value and liquidity of the Fund's investments and cause it to lose money, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful. The Fed's or foreign central banks' actions may result in an economic slowdown in the U.S. and abroad. There are concerns that monetary policy may provide less support should economic growth slow.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund's ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that the Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund's investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund beyond any direct exposure the Fund may have to Russian issuers or issuers in other countries affected by the invasion.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy and have material adverse impacts on the Fund. The impact of the novel coronavirus (COVID-19) pandemic caused significant volatility and severe losses in global financial markets. The COVID-19 pandemic and efforts to contain its spread resulted, and may continue to result, in significant disruptions to business operations, supply chains and customer activity, widespread business closures and layoffs, travel restrictions and border closings, extended quarantines and stay-at-home orders, event and service cancellations, labor shortages, and significant challenges in healthcare service preparation and delivery, as well as general concern, uncertainty and social unrest. Other outbreaks of infectious diseases or other public health issues that may arise in the future may have similar or worse effects. The impact of any outbreak may last for an extended period of time.

Public health crises caused by outbreaks of infectious diseases or other public health issues, such as the COVID-19 pandemic, may exacerbate other pre-existing economic, political, and social tensions and risks, disrupt market conditions and operations and economies around the world, and negatively affect market performance and the value of investments in individual companies in significant and unforeseen ways. The impact of infectious diseases may be greater in countries that do not move effectively to control them or that have limited access to or popular uptake of vaccines, which may occur because of a lack of health care or economic resources or for political or other reasons. Additionally, public health crises caused by outbreaks of infectious diseases or other public health issues, such as the COVID-19 pandemic, could impair the information technology and other operational systems upon which the Adviser relies, and could otherwise disrupt the ability of the Fund's service providers to perform essential tasks. Such impacts could impair the Fund's ability to maintain operational standards (including with respect to satisfying redemption requests), disrupt the operations of the Fund's service providers, and negatively impact the Fund's performance.

High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and there has been a significant increase in the amount of debt due to the economic effects of the COVID-19 pandemic and ensuing economic relief and public health measures. Economic, political and other developments may result in a further increase in the amount of public debt, including in the United States. The long-term consequences of high public debt are not known, but high levels of public debt may negatively affect economic conditions and the value of markets, sectors and companies in which the Fund invests.

**Cash Management Risk.** The Fund intends to hold cash or use a cash sweep vehicle for excess cash of the Fund to accommodate Fund operations. While the Fund does not intend to maintain larger cash positions, it is possible that holding cash could negatively affect the Fund's performance due to missed investment opportunities, and may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets.

**Investment Risks of the Underlying ETFs**

**As the Fund will invest all or substantially all of its assets in the Underlying ETFs, it will be indirectly exposed to the investment risks of those Underlying ETFs. The following supplements the discussion in the Fund's Prospectus regarding the risks to which one or more Underlying ETFs may be subject. However, that discussion and the following information may not present all of the investment risks of the Underlying ETFs. Please see the Underlying ETFs' prospectuses and statements of additional information for a more complete discussion of those risks.**

**Equity Securities Risk.** An Underlying ETF that invests in equity securities will be subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Underlying ETF's shares. These factors contribute to price volatility. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company's assets in the event of liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Large-Cap Risk*. An Underlying ETF that invests in large-cap companies is subject to the risk that stocks of larger companies may underperform relative to those of small- and mid-sized companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Mid-Cap Risk*. An Underlying ETF that invests in mid-cap companies is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Preferred Stock Risk*. Preferred stock represents an equity interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, both of which can have a negative impact on the stock's price when interest rates decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Small-Cap Risk*. An Underlying ETF may invest in small-cap companies. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base and limited access to capital. Newer companies with unproven business strategies also tend to be smaller companies. The above factors increase risks and make these companies more likely to fail than companies with larger market capitalizations and could increase the volatility of the Underlying ETF's portfolio and performance.

**Foreign Investments.** An Underlying ETF may invest in foreign securities. Investment in foreign securities involves special risks. These include market risk, interest rate risk and the risks of investing in securities of foreign issuers and of companies whose securities are principally traded outside the United States on foreign exchanges or foreign over-the-counter markets and in investments denominated in foreign currencies. Market risk involves the possibility that stock prices will decline over short or even extended periods. The stock markets tend to be cyclical, with periods of generally rising prices and periods of generally declining prices. These cycles will affect the value of an Underlying ETF to the extent that it invests in foreign stocks. In addition, the performance of investments in securities denominated in a foreign currency will depend on the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Absent other events that could otherwise affect the value of a foreign security (such as a change in the political climate or an issuer's credit quality), appreciation in the value of the foreign currency generally can be expected to increase the value of a foreign currency-denominated security in terms of U.S. dollars. A rise in foreign interest rates or decline in the value of the foreign currency relative to the U.S. dollar generally can be expected to depress the value of a foreign currency-denominated security.

There are other risks and costs involved in investing in foreign securities, which are in addition to the usual risks inherent in domestic investments. Investment in foreign securities involves higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Foreign investments also involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability. Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls, or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks are subject to less stringent reserve requirements, and to different accounting, auditing and recordkeeping requirements. Also, the legal remedies for investors may be more limited than the remedies available in the U.S.

Although an Underlying ETF may invest in securities denominated in foreign currencies, its portfolio securities and other assets will be valued in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time causing, together with other factors, the Fund's NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the U.S. or abroad. To the extent that the Underlying ETF's total assets, adjusted to reflect the Underlying ETF's net position after giving effect to currency transactions, are denominated in the currencies of foreign countries, the Underlying ETF will be more susceptible to the risk of adverse economic and political developments within those countries.

Issuers of foreign securities may also suffer from social, political and economic instability. Such instability can lead to illiquidity or price volatility in foreign securities traded on affected markets. Foreign issuers may be subject to the risk that during certain periods the liquidity of securities of a particular issuer or industry, or all the securities within a particular region, will be adversely affected by economic, market or political events, or adverse investor perceptions, which may cause temporary or permanent devaluation of the relevant securities. In addition, if a market for a foreign security closes as a result of such instability, it may be more difficult to obtain accurate independently sourced prices for securities traded on these markets and may be difficult to value the affected foreign securities for extended periods of time.

An Underlying ETF investing in foreign securities also is subject to the possible imposition of exchange control regulations or freezes on the convertibility of currency. In addition, through the use of forward currency exchange contracts with other instruments, any net currency positions of the Underlying ETF may expose them to risks independent of their securities positions. In addition, it will be subject to foreign withholding taxes with respect to certain dividends or interest received from sources in foreign countries, and capital gains on securities of certain foreign countries may be subject to taxation. To the extent such taxes are not offset by credits or deductions allowed to investors under U.S. federal income tax law, they may reduce the net return to shareholders.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Such delays in settlement could result in temporary periods when a portion of the assets of the Underlying ETF remain un-invested and no return is earned on such assets. The inability of the Underlying ETF to make intended security purchases or sales due to settlement problems could result either in losses to the Underlying ETF due to subsequent declines in value of the portfolio securities or, if the Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets.* Investments in the securities of issuers based in countries with emerging-market economies are subject to greater levels of risk and uncertainty than investments in more-developed foreign markets, since emerging-market securities may present market, credit, currency, liquidity, legal, political, and other risks greater than, or in addition to, the risks of investing in developed foreign countries. These risks include high currency exchange-rate fluctuations; increased risk of default (including both government and private issuers); greater social, economic, and political uncertainty and instability (including the risk of war); more substantial governmental involvement in the economy; less governmental supervision and regulation of the securities markets and participants in those markets; controls on foreign investment and limitations on repatriation of invested capital and on a fund's ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques in certain emerging-market countries; the fact that companies in emerging-market countries may be newly organized, smaller, and less seasoned; the difference in, or lack of, auditing and financial reporting requirements or standards, which may result in the unavailability of material information about issuers; different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions; difficulties in obtaining and/or enforcing legal judgments against non-U.S. companies and non-U.S. persons, including company directors and officers, in foreign jurisdictions; and significantly smaller market capitalizations of emerging-market issuers. In addition, shareholders of emerging market issuers, such as an Underlying ETF that invests in such issuers, often have limited rights and few practical remedies in emerging markets. Additionally, the risks associated with investments in emerging markets often are significant, and vary from jurisdiction to jurisdiction and company to company. Each of these risks could negatively impact an Underlying ETF investing in emerging market securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● *Geographic Risk.* A natural disaster could occur in a geographic region in which an Underlying ETF invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Underlying ETF's investments in, or which are exposed to, the affected region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● *Currency Risk.* Currency risk is the chance that changes in currency exchange rates will negatively affect securities denominated in, and/or companies receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a portfolio's investment in securities denominated in a foreign currency or may widen existing losses. Currency gains and losses could occur regardless of the performance of the underlying investment.

**Cash and Short-TermInvestments.** An Underlying ETF may hold cash or invest in short-term paper and other short-term investments. Short-term paper generally includes any note, draft bill of exchange or banker's acceptance payable on demand or having a maturity at the time of issuance that does not exceed nine months or any renewal thereof payable on demand or having a maturity that is likewise limited. An Underlying ETF also may invest its uninvested cash in high-quality, short-term debt securities, including repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in money market funds. To the extent the Underlying ETF invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies by the 1940 Act. Generally, these securities offer less potential for gains than other types of securities.

**Convertible Securities Risk.** An Underlying ETF may invest in convertible securities, which have both debt and equity characteristics. The value of a convertible security fluctuates in relation to changes in interest rates and the credit quality of the issuer, as well as in relation to changes in the price of the underlying common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument, which may be less than the current market price of the security. Convertible securities are subject to equity risk, interest rate risk and credit risk and are often lower-quality securities.

**Corporate Debt Securities.** An Underlying ETF may invest in investment grade corporate debt securities of any rating or maturity. Investment grade corporate bonds are those rated BBB or better by S&P<sup>®</sup> (as defined below) or Baa or better by Moody's (as defined below). Securities rated BBB by S&P<sup>®</sup> are considered investment grade, but Moody's considers securities rated Baa to have speculative characteristics. See <u>Appendix B</u> for a description of corporate bond ratings. An Underlying ETF may also invest in unrated securities.

Corporate debt securities are fixed-income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or un-secured status. Commercial paper has the shortest term and is usually unsecured. The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest. Because of the wide range of types, and maturities, of corporate debt securities, as well as the range of creditworthiness of its issuers, corporate debt securities have widely varying potentials for return and risk profiles.

Corporate debt securities carry both credit risk and interest rate risk. Credit risk is the risk that the Underlying ETF could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Some corporate debt securities that are rated below investment-grade are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The credit risk of a particular issuer's debt security may vary based on its priority for repayment. Interest rate risk is the risk that the value of certain corporate debt securities will tend to fall when interest rates rise. In general, corporate debt securities with longer terms tend to fall more in value when interest rates rise than corporate debt securities with shorter terms.

**Depositary Receipts.** American Depositary Receipts ("ADRs") are receipts that are traded in the United States evidencing ownership of the underlying foreign securities and are denominated in U.S. dollars. Global Depositary Receipts ("GDRs") are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and usually are denominated in foreign currencies. GDRs may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in the foreign securities markets.

To the extent that an Underlying ETF invests in ADRs, such ADRs will be listed on a national securities exchange. To the extent that an Underlying ETF invests in GDRs, such GDRs will be listed on a foreign exchange. Generally, all Depositary Receipts must be sponsored. An Underlying ETF however, may invest in unsponsored Depositary Receipts under certain limited circumstances. A non-sponsored depository may not provide the same shareholder information that a sponsored depositary is required to provide under its contractual arrangement with the issuer. Therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts.

**Illiquid or Restricted Securities.** An Underlying ETF may invest in illiquid securities, which are assets that the Underlying ETF 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 asset. An inability to sell a portfolio position can adversely affect the Underlying ETF's value or prevent the Underlying ETF from being able to take advantage of other investment opportunities. Illiquid and relatively less liquid securities may also be difficult to value. Over recent years, the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Illiquid securities risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. An Underlying ETF may also invest in private placements and other restricted securities, including Regulation S securities and Rule 144A securities, could have the effect of increasing the Underlying ETF's level of illiquidity. Private placements and restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and the Underlying ETF might be unable to dispose of such securities promptly or at prices reflecting their true value.

**Pooled Investment Vehicles.** An Underlying ETF may invest in the securities of pooled vehicles that are not investment companies and, thus, not required to comply with the provisions of the 1940 Act. As a shareholder of such pooled vehicles, an Underlying ETF will not have all of the investor protections afforded by the 1940 Act. Such pooled vehicles may, however, be required to comply with the provisions of other federal securities laws, such as the Securities Act. These pooled vehicles typically hold currency or commodities, such as gold or oil, or other property that is itself not a security. If an Underlying ETF invests in, and thus, is a shareholder of, a pooled vehicle, the Underlying ETF's shareholders will indirectly bear the Underlying ETF's proportionate share of the fees and expenses paid by the pooled vehicle, including any applicable management fees, in addition to both the management fees payable directly by the Underlying ETF to its investment adviser and the other expenses that the Underlying ETF bears directly in connection with its own operations. In addition, the Underlying ETF's investment in pooled investment vehicles may be considered illiquid and subject to the Underlying ETF's restrictions on illiquid investments.

**Junk Bonds.** An Underlying ETF may invest in lower-rated debt securities, including securities in the lowest credit rating category, of any maturity, otherwise known as "junk bonds."

Junk bonds generally offer a higher current yield than that available for higher-grade issues. However, lower-rated securities involve higher risks, in that they are especially subject to adverse changes in general economic conditions and in the industries in which the issuers are engaged, to changes in the financial condition of the issuers and to price fluctuations in response to changes in interest rates. During periods of economic downturn or rising interest rates, highly leveraged issuers may experience financial stress that could adversely affect their ability to make payments of interest and principal and increase the possibility of default. In the past, the prices of many lower-rated debt securities declined substantially, reflecting an expectation that many issuers of such securities might experience financial difficulties. As a result, the yields on lower-rated debt securities rose dramatically, but such higher yields did not reflect the value of the income stream that holders of such securities expected, but rather, the risk that holders of such securities could lose a substantial portion of their value as a result of the issuers' financial restructuring or default. There can be no assurance that such declines will not recur.

The market for lower-rated debt issues generally is thinner and less active than that for higher quality securities, which may limit the Underlying ETF's ability to sell such securities at fair value in response to changes in the economy or financial markets. Adverse publicity and investor perceptions, whether based on fundamental analysis, may also decrease the values and liquidity of lower-rated securities, especially in a thinly traded market. Changes by recognized rating services in their rating of a fixed-income security may affect the value of these investments. The Underlying ETF will not necessarily dispose of a security when its rating is reduced below its rating at the time of purchase.

**Investment Grade Securities Risk.** Securities rated in the lower investment grade rating categories (e.g., BBB or Baa) are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may possess certain speculative characteristics.

**Leverage.** Under the 1940 Act, an ETF is permitted to borrow from a bank up to 33-1/3% of its net assets for short-term or emergency purposes. An Underlying ETF may borrow money at a fiscal quarter end to maintain the required level of diversification to qualify as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code"). As a result, the Underlying ETF may be exposed to the risks of leverage, which may be considered a speculative investment technique. Leverage magnifies the potential for gain and loss on amounts invested and therefore increases the risks associated with investing in the Underlying ETF. If the value of the Underlying ETF's assets increases, then leveraging would cause the Underlying ETF's NAV to increase more sharply than it would have had the Underlying ETF not been leveraged. Conversely, if the value of the Underlying ETF's assets decreases, leveraging would cause the Underlying ETF's NAV to decline more sharply than it otherwise would have had the Underlying ETF not been leveraged. The Underlying ETF may incur additional expenses in connection with borrowings.

**Liquidity Risk.** An Underlying ETF's investments may be subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Underlying ETF to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by an Underlying ETF, particularly during periods of market stress. In addition, if a number of securities held by an Underlying ETF stop trading, it may have a cascading effect and cause the Underlying ETF to halt trading. Volatility in market prices will increase the risk of the Underlying ETF being subject to a trading halt. Certain countries in which an Underlying ETF may invest may be subject to extended settlement delays and/or foreign holidays, during which the Underlying ETF will unlikely be able to convert holdings to cash.

**MLP Risk**. An Underlying ETF may invest in securities of master limited partnerships ("MLPs"), which involve risks that differ from an investment in common stock. Holders of units of MLPs have more limited control rights and limited rights to vote on matters affecting the MLP as compared to holders of stock of a corporation. An MLP is controlled by its general partner, which generally has conflicts of interest and limited fiduciary duties to the MLP, which may permit the general partner to favor its own interests over the MLP's. An Underlying ETF investing in MLPs will derive the cash flow associated from that investment from investments in equity securities of MLPs. The amount of cash that an Underlying ETF investing in MLPs will have available to pay or distribute to shareholders depends entirely on the ability of the MLPs that each such Underlying ETF owns to make distributions to their partners and the tax character of those distributions. The amount of cash that each individual MLP can distribute to its partners will depend on the amount of cash it generates from operations, which will vary from quarter to quarter.

MLPs are subject to numerous business related risks, including: deterioration of business fundamentals, reducing profitability due to development of alternative energy sources, among other things, consumer sentiment, changing demographics in the markets served, unexpectedly prolonged and precipitous changes in commodity prices and increased competition that reduces the MLP's market share; the lack of growth of markets requiring growth through acquisitions; disruptions in transportation systems; the dependence of certain MLPs upon unrelated third parties; availability of capital for expansion and construction of needed facilities; a significant decrease in production due to depressed commodity prices or otherwise; the inability of MLPs to successfully integrate recent or future acquisitions; and the general level of the economy.

**Mortgage-Related and Other Asset-Backed Securities Risk.** An Underlying ETF that invests in mortgage-related and other asset-backed securities is subject to credit risk, liquidity risk, the risk of default, interest rate risk, and prepayment and extension risk, sometimes to a greater extent than various other types of fixed income investments. Declines in the credit quality of and defaults by the issuers of mortgage related and other asset-backed securities may decrease the value of such securities, which could result in losses to an Underlying ETF, and may reduce the liquidity of such securities and make such securities more difficult to purchase or sell at an advantageous time and price. In addition, borrowers may default on the obligations that underlie mortgage-related and other asset-backed securities.

**Prepayment Risk and Extension Ris***k.* Prepayment risk is the risk that the issuer of a security held by an Underlying ETF may pay off principal more quickly than originally anticipated. The Underlying ETF may have to reinvest the proceeds in an investment offering a lower yield, may not benefit from any increase in value that might otherwise result from declining interest rates and may lose any premium it paid to acquire the security. Extension risk is the risk that the issuer of a security held by an Underlying ETF may pay off principal more slowly than originally anticipated. The Underlying ETF may be prevented from reinvesting the proceeds it would have received at a given time in an investment offering a higher yield.

**Real Estate Investment Trusts ("REITs")**. An Underlying ETF may invest in REITs, which pool investors' money for investment in income producing commercial real estate or real estate related loans or interests.

An Underlying ETF may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

**Repurchase Agreements.** An Underlying ETF may agree to purchase portfolio securities from financial institutions subject to the seller's agreement to repurchase them at a mutually agreed upon date and price ("repurchase agreements"). Repurchase agreements are considered to be loans under the 1940 Act. The seller under a repurchase agreement will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Default by the seller would, however, expose the Underlying ETF to possible loss because of adverse market action or delay in connection with the disposition of the underlying obligations. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the Underlying ETF could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Underlying ETF seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights.

**Reverse Repurchase Agreements**. An Underlying ETF may borrow funds by selling portfolio securities to financial institutions such as banks and broker-dealers and agreeing to repurchase them at a mutually specified date and price ("reverse repurchase agreements"). The Underlying ETF may use the proceeds of reverse repurchase agreements to purchase other securities either maturing, or under an agreement to resell, on a date simultaneous with or prior to the expiration of the reverse repurchase agreement. Reverse repurchase agreements are considered to be borrowings under the 1940 Act and involve the risk that the market value of the securities sold by the Underlying ETF may decline below the repurchase price.

**Securities Lending Risk.** An Underlying ETF may lend its portfolio securities to seek income. There is a risk that a borrower may default on its obligations to return loaned securities. The Underlying ETF will be responsible for the risks associated with the investment of cash collateral and may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower.

**Structured Products.** An Underlying ETF may invest in structured products, including exchange-traded notes ("ETNs") and equity-linked instruments. These types of structured products are senior, unsecured unsubordinated debt securities issued by an underwriting bank that are designed to provide returns that are linked to a particular benchmark less investor fees. Structured products have a maturity date and, generally, are backed only by the creditworthiness of the issuer. As a result, the value of a structured product may be influenced by time to maturity, volatility and lack of liquidity in the underlying market (*e.g*., the commodities market), changes in the applicable interest rates, and changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced market. Structured products also may be subject to credit risk. The value of an ETN may also be subject to the level of supply and demand for the ETN.

**U.S. Government Securities Risk.** Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. government. Some obligations are backed only by the credit of the issuing agency or instrumentality, and, in some cases, there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security an Underlying ETF holds does not apply to the market value of the security or to shares of the Underlying ETF. A security backed by the U.S. Treasury or the full faith and credit of the U.S. government, is guaranteed only as to the timely payment of interest and principal when held to maturity.

**Warrants.** An Underlying ETF may purchase warrants and similar rights, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. The prices of warrants do not necessarily correlate with the prices of the underlying shares. The purchase of warrants involves the risk that the purchasing Underlying ETF could lose the purchase value of a warrant if the right to subscribe to additional shares is not exercised prior to the warrant's expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.

It is impossible to predict the effects of these or similar risks in the future on the Fund, although it is possible that these or similar events could have a significant adverse impact on the NAV and/or risk profile of the Fund.

**INVESTMENT LIMITATIONS**

Unless otherwise noted, whenever a fundamental investment policy or limitation states that a maximum percentage of the Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset. Accordingly, other than with respect to the Fund's limitations on borrowings, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund's investment policies and limitations.

**Fundamental Policies**

The Fund seeks to provide investment results that, before fees and expenses, track the performance of the ICE DriveWealth 100 Index. The investment objective may be changed by Board of Trustees of the Trust (the "Board") without shareholder approval. The investment limitations below are fundamental policies of the Fund, and cannot be changed without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of the outstanding shares" means the vote of (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

The Fund may not:

1. Issue senior securities, except as permitted under the 1940 Act, the rules, regulations and interpretations thereunder, and any applicable exemptive relief.

2. Borrow money, except as permitted under the 1940 Act, the rules, regulations and interpretations thereunder, and any applicable exemptive relief.

3. Act as an underwriter of another issuer's securities, except to the extent that the Fund may be considered an underwriter within the meaning of the Securities Act in the disposition of portfolio securities.

4. The Fund will not concentrate its investments in securities of issuers in any one industry, as the term "concentrate" is used in the 1940 Act, except to the extent the Index concentrates in an industry or a group of industries. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies.

5. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts or securities of companies engaged in the real estate business).

6. Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts, forward contracts, swaps and other financial instruments or from investing in issuers engaged in the commodities business or securities or other instruments backed by physical commodities).

7. Lend any security or make any other loan except as permitted under the 1940 Act, the rules, regulations and interpretations thereunder, and any applicable exemptive relief. This limitation does not apply to purchases of debt securities or to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments permissible under the Fund's investment policies.

<u>Information about the Fund's Fundamental Investment Policies</u>

The Fund's fundamental policies will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the U.S. Securities and Exchange Commission (the "SEC") and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

<u>Issuing Senior Securities</u>. The 1940 Act prohibits a fund from issuing senior securities except that a fund may borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose. A fund may also borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. This policy will be interpreted not to prevent collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin.

<u>Borrowing Money</u>. The 1940 Act permits a fund to borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose, and to borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes. (A fund's total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the 1940 Act requires the borrowing fund to maintain an "asset coverage" of at least 300% of the amount of its borrowings, provided that in the event that the fund's asset coverage falls below 300%, the fund is required to reduce the amount of its borrowings so that it meets the 300% asset coverage threshold within three days (not including Sundays and holidays). Asset coverage means the ratio that the value of the fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings and thus subject to the 1940 Act restrictions.

<u>Acting as an Underwriter</u>. The 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers. Rather, the 1940 Act permits a fund to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of the fund's underwriting commitments, when added to the value of the fund's investments in issuers where the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act. Although it is not believed that the application of the Securities Act provisions described above would cause the Fund to be engaged in the business of underwriting, this policy will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the fund may be considered to be an underwriter under the Securities Act.

<u>Concentration</u>. While the 1940 Act does not define what constitutes "concentration" in an industry, the SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal business activities in the same industry constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy in (4) above will be interpreted to refer to concentration as that term may be interpreted from time to time.

<u>Real Estate</u>. The 1940 Act does not prohibit a fund from owning real estate. However, a fund could lose favorable tax treatment if too much of its income is from sources other than investments in securities. This restriction would not prevent a fund from investing in securities of companies that invest in real estate or real estate-related activities.

<u>Commodities</u>. The 1940 Act generally does not prohibit a fund from investing in commodities or commodity-related instruments. A fund is, however, limited in the amount of illiquid assets it may purchase, and certain commodities, especially physical commodities, may be considered to be illiquid.

<u>Lending</u>. The 1940 Act does not prohibit a fund from making loans. However, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements.

**Non-Fundamental Investment Policies**

In addition to the fundamental investment policies set forth above, the Fund has adopted a non-fundamental policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the ETFs that comprise the Index. This investment policy may be changed with 60 days prior written notice to Fund shareholders.

**Continuous Offering**

The method by which Creation Units of shares arecreated 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, at any point a "distribution," as such term is used in the Securities Act, may occur. 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 such 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 categorization 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, generally are 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.

**MANAGEMENT OF THE FUND**

Overall responsibility for oversight of the Fund rests with the Board. The Board has engaged the Adviser and Sub-adviser ("Advisers") to manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Advisers and other service providers in the operations of the Fund in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Trust's charter. The Board is currently composed of six (6) members, four (4) of whom are Independent Trustees. The Board conducts regular meetings four (4) times a year. In addition, the Board holds special meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The Independent Trustees meet regularly outside the presence of management, in executive session or with other service providers to the Trust.

The Board has appointed Robert Cortright, an interested trustee, to serve in the role of Chair of the Board. The Board Chair's role is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Trustees generally between meetings. The Board Chair may also perform such other functions as may be delegated by the Board from time to time.

The Board has established a Nominating and Governance Committee and an Audit Committee to assist the Board in the oversight and direction of the business and affairs of the Fund (as further described below). The Chair of each Committee is an Independent Trustee. The role of the Chair of each Committee is to preside at all meetings of the Committee and to act as a liaison with service providers, officers, attorneys and other Trustees between meetings. The Committees meet regularly to conduct the oversight functions delegated to the Committees by the Board and reports their findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise independent judgment over management and it allocates areas of responsibility among committees of Independent Trustees and the full Board to enhance effective oversight.

Day-to-day risk management with respect to the Fund is the responsibility of the Advisers or other service providers (depending on the nature of the risk), subject to the supervision of the Advisers. The Fund is subject to a number of risks, including investment, compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk management functions performed by the Advisers and other service providers, as applicable, it is not possible to identify and eliminate all of the risks applicable to the Fund. The Trustees have an oversight role in this area, satisfying themselves that risk management processes and controls are in place and operating effectively. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and committee activities. In some cases, risk management issues are specifically addressed in presentations and discussions. The Board, directly or through a committee, also reviews reports from, among others, management and the independent registered public accounting firm for the Trust, as appropriate, regarding risks faced by the Fund and management's risk functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Trust's compliance program, including assessments by independent third parties, and reports to the Board regarding compliance matters for the Trust and its principal service providers. In testing and maintaining the compliance program, the Chief Compliance Officer (and his or her delegates) assesses key compliance risks affecting the Fund and addresses them in periodic reports to the Board.

**Members of the Board and Officers of the Trust** 

Set forth below are the names, years of birth,position with the Trust, term of office, principal occupations for a minimum of the last five years, number of portfolios overseen by, and other directorships of each of the persons currently serving as members of the Board and as officers of the Trust. Also included below is the term of office for each of the officers of the Trust. Unless otherwise noted, the address of each person listed is c/o DriveWealth ETF Trust, 15 Exchange Place, 10th Floor, Jersey City, New Jersey 07302. The members of the Board serve as Trustees for the life of the Trust or until retirement, removal, or their office is terminated pursuant to the Trust's Declaration of Trust.

The Chairman of the Board, Robert Cortright, is an interested person of the Trust as defined in the 1940 Act. No single Independent Trustee (defined below) serves as a lead Independent Trustee. The Board has determined its leadership structure is appropriate given the specific characteristics the Trust and its operations. The Board made this determination in consideration of, among other things, Trustees who are not interested persons of the Trust (*i.e.*, "Independent Trustees") constitute at least fifty percent (50%) of the Board and the Audit Committee is composed of the Independent Trustees.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**Name, Address** <br> **and Year of Birth of Trustee/Officer** | &nbsp;&nbsp;<br>**Position(s) Held with** <br> **the Trust, Term of Office and Length of Time Served** | &nbsp;&nbsp;<br>**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp;<br> **Number of Portfolios in Fund Complex Overseen** <br> **by Trustee/**<br> **Officer** | &nbsp;&nbsp;<br>**Other Directorships Held by Trustee/Officer** |
| Interested Trustees | Interested Trustees | Interested Trustees | Interested Trustees | Interested Trustees |
| &nbsp;&nbsp;Robert S. Cortright\*<br> Year of Birth: 1957 | &nbsp;&nbsp;Trustee <br> (since 2022) | &nbsp;&nbsp;Chief Executive Officer, DriveWealth Holdings, Inc., since May 2012. | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Christopher J. Quinn\*<br> Year of Birth: 1966 | &nbsp;&nbsp;President (Principal Executive Officer) and Trustee<br> (since 2022) | &nbsp;&nbsp;Vice President, DriveWealth, LLC since January 2022; Product Marketing Manager, isolved from September, 2021 to January 2022; Innovations Consultant, Northern Trust from November 2019 to September 2021. | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Kirt F. Bjork<br> Year of Birth: 1961 | &nbsp;&nbsp;Trustee<br> (since 2022) | &nbsp;&nbsp;Director of Regional Development, University of Notre Dame since August 2005. | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;James O. Bryant<br> Year of Birth: 1962 | &nbsp;&nbsp;Trustee<br> (since 2022) | &nbsp;&nbsp;Retired; previously, Senior Managing Director, State Street Bank & Trust from May 1986 through April 2019. | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Robert F. Smith, Jr.<br> Year of Birth: 1964 | &nbsp;&nbsp;Trustee<br> (since 2022) | &nbsp;&nbsp;Partner, Circle Drive Associates since 1999; Partner, R F SMITH NH HOLDINGS LLC since 2014; Owner, Granite Industrial Machinery LLC from 2014 to 2022. | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Caitlin Sheehan<br> Year of Birth: 1981 | &nbsp;&nbsp;Trustee<br> (since 2022) | &nbsp;&nbsp;Director of Internal Communications, SS&C Eze since 2017. | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Officers | &nbsp;&nbsp;Officers | &nbsp;&nbsp;Officers | &nbsp;&nbsp;Officers | &nbsp;&nbsp;Officers |
| &nbsp;&nbsp;Michael Minella<br> Year of Birth 1971 | &nbsp;&nbsp;Treasurer (Principal Financial Officer) and Chief Compliance Officer | &nbsp;&nbsp;Senior Principal Consultant and Fund Chief Compliance Officer, ACA Group, LLC from 2022 to present; Fidelity Investments, Director of Audit and Risk Strategy & Planning from 2021 to 2022; Fidelity Management & Research Company, Vice President and Director of Funds' Treasurer's Office and Investment & Adviser Compliance from 2009 to 2021. | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Christopher Yamaguchi<br> Year of Birth 1987 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;General Counsel, DriveWealth, LLC since November 2017. | &nbsp;&nbsp;1 |  |

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\* Each of Christopher Quinn and Robert Cortright is an "interested" person of the Trust, as that term is defined in the 1940 Act, by virtue of his affiliation with the Adviser and/or an affiliate of the Adviser.

**Board Standing Committees**

The Board has established the following standing committees:

 ****

***Audit Committee.*** Each Independent Trustee is a member of the Trust's Audit Committee (the "Audit Committee") and James Bryant is the Chairman of the Audit Committee. The principal responsibilities of the Audit Committee are the appointment, compensation and oversight of the Trust's independent auditors, including the review of any significant disputes regarding financial reporting between Trust management and such independent auditors. Under the terms of the Audit Committee charter adopted by the Board, the Audit Committee is authorized to, among other things, (i) oversee the accounting and financial reporting processes of the Trust and its internal control over financial reporting; (ii) oversee the quality and integrity of the Fund's financial statements and the independent audits thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the Trust's compliance with legal and regulatory requirements that relate to the Trust's accounting and financial reporting, internal control over financial reporting and independent audits; (iv) approve, prior to appointment, the engagement of the Trust's independent auditors and, in connection therewith, review and evaluate the qualifications, independence and performance of the Trust's independent auditors; and (v) act as a liaison between the Trust's independent auditors and the full Board. The Board of the Trust has adopted a written charter for the Audit Committee.

***Nominating Committee.*** Each Independent Trustee is a member of the Trust's Nominating Committee and Robert Smith is the Chairman of the Nominating Committee. The principal responsibilities of the Nominating Committee are to (i) identify, select and nominate the appropriate number of candidates for election or appointment as members of the Board, (ii) recommend any appropriate changes to the Board for consideration (iii) review periodically Board governance practices and procedures and any recommendations of the Chief Compliance Officer of the Trust relating thereto, (iv) review annually compensation paid by the Trust to Trustees for their service on the Board and its committees, (v) review committee chair assignments and committee assignments on an annual basis, and to determine whether there is a need for additional committees of the Board or whether existing committees should be combined or reorganized, and (vi) evaluate on at least an annual basis the independence of counsel to the Independent Trustees, if any. The Nominating Committee is solely responsible for the selection and nomination of the Trust's Independent Trustees and does not consider nominations for the office of Trustee made by Trust shareholders.

**Trustee Qualifications** 

The Board has concluded that each of the Trustees should serve on the Board because of his or her ability to review and understand information about the Trust and the Fund provided by management, to identify and request other information he or she may deem relevant to the performance of the Trustees' duties, to question management and other service providers regarding material factors bearing on the management and administration of the Fund, and to exercise his or her business judgment in a manner that serves the best interests of the Fund's shareholders. In addition, the Board has concluded that each of the Trustees should serve as a Trustee based on his or her own experience, qualifications, attributes and skills as described below.

Christopher J. Quinn should serve as Trustee because of his previous employment experience and his knowledge of and experience in the financial services industry.

Robert S. Cortright should serve as Trustee because of the experience he has gained as Chief Executive Officer of DriveWealth Holdings, Inc., and his knowledge of and experience in the financial services industry.

Kirt F. Bjork should serve as Trustee because of his employment experience and his knowledge of and experience in the financial services industry.

James O. Bryant should serve as Trustee because of his prior employment experience, his understanding of, among other things, generally accepted accounting principles and financial statements, and his knowledge of and experience in the financial services industry.

Robert F. Smith, Jr. should serve as Trustee because of his experience serving as an officer of several businesses and his knowledge of the financial services industry.

Caitlin Sheehan should serve as Trustee because of the experience she has gained in the financial services and in financial technology industries.

As of January 20, 2023, none of the Independent Trustees or members of their immediate family, beneficially owned or owned of record securities representing interests in the Adviser, the Sub-adviser, or Distributor, or any person controlling, controlled by or under common control with such persons. For this purpose, "immediate family member" includes an Independent Trustee's spouse, children residing in the same household and dependents of the Independent Trustee.

**Fund Shares Owned by Board Members**

The Fund is new and, therefore, as of the date of this SAI, none of the Trustees beneficially owned shares of the Fund. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Act of 1934 (the "1934 Act").

**Board Compensation** 

The table below lists the compensation each Independent Trustee is expected to receive from the Fund during the fiscal year ending September 30, 2023. The interested Trustees do not receive compensation from the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **<br>Name** | &nbsp;&nbsp;**<br>Aggregate Compensation from Fund** | &nbsp;&nbsp;**Pension or**<br> **Retirement Benefits**<br> **as Part of Expenses** | &nbsp;&nbsp;**<br> Estimated Annual Benefit upon**<br> **Retirement** | &nbsp;&nbsp;**<br>Total**<br> **Compensation**<br> **from the Trust** |
| &nbsp;&nbsp;Kirt F. Bjork | &nbsp;&nbsp;$17500 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$17500 |
| &nbsp;&nbsp;James O. Bryant | &nbsp;&nbsp;$17500 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$17500 |
| &nbsp;&nbsp;Robert F. Smith, Jr. | &nbsp;&nbsp;$17500 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$17500 |
| &nbsp;&nbsp;Caitlin Sheehan | &nbsp;&nbsp;$17500 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$17500 |

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**Codes of Ethics**

Each of the Trust, DriveAdvisory, and Penserra has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. The Codes of Ethics apply to the personal investing activities of trustees, directors, 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 the Codes of Ethics, access persons are permitted to engage in personal securities transactions (including investments in securities that may be purchased and held by the Fund), but are required to report their personal securities transactions for monitoring purposes. Each Code of Ethics is on file with the SEC and is available to the public.

**Proxy Voting Policy**

The Board has delegated the responsibility to vote proxies on the securities held in the Fund's portfolio to the Adviser. The Adviser has adopted proxy voting policies and procedures, included in <u>Appendix A</u> to this SAI, concerning the voting of proxies of the Fund. The Trust is required to disclose annually the Fund's complete proxy voting record on Form N-PX covering the period from July 1 of one year through June 30 of the next and to file Form N-PX with the SEC no later than August 31 of each year. The Form N-PX is available, or will be available, at no charge upon request by calling (833) 222-8843. The Fund's Form N-PX is also available or will be available, on the SEC's website at www.sec.gov.

**Control Persons and Principal Holders of Securities** 

The Fund has not yet commenced operations as of the date of this SAI, and, therefore, there were no public shareholders of the Fund as of the date of this SAI. DriveAdvisory will own the initial shares issued by the Fund and can thus approve any matter requiring shareholder approval.

**INVESTMENT ADVISORY AND OTHER SERVICES**

**Investment Adviser**

DriveAdvisory serves as investment adviserto the Fund pursuant to an Investment Advisory Agreement between the Trust and DriveAdvisory (the "Advisory Agreement"). DriveAdvisory is a New Jersey limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). DriveAdvisory's offices are located at 15 Exchange Place, 10th Floor, Jersey City, New Jersey 07302. DriveAdvisory is a wholly owned subsidiary of DriveWealth Holdings, Inc., and DriveWealth Holdings, Inc. is the sole voting member of DriveAdvisory.

Under the Advisory Agreement, DriveAdvisory is responsible for reviewing, supervising and administering the Fund's investment program and the general management and administration of the Trust. DriveAdvisory has engaged Penserra to assist it in managing the Fund's investments. DriveAdvisory is responsible for overseeing the Sub-adviser. DriveAdvisory arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. DriveAdvisory manages the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services, and permits its officers and employees to serve as officers or Trustees of the Trust. Under the Advisory Agreement, DriveAdvisory bears all of its own costs associated with providing advisory services to the Fund. As part of the Advisory Agreement, DriveAdvisory has contractually agreed to pay all expenses of the Fund, (except for the fee payments to the Adviser under the Advisory Agreement (also known as a "unitary advisory fee")), acquired fund fees and expenses, brokerage commissions, trading fees, taxes and no-routine or extraordinary expenses. Nevertheless, there exists a risk that a Trust service provider will seek recourse against the Trust if it is not timely paid by DriveAdvisory for the fees and expenses for which it is responsible, which could materially adversely affect the Fund.

Because the Fund had not commenced operations prior to the date of this SAI, DriveAdvisory did not receive any unitary advisory fees during the prior three fiscal years.

The Advisory Agreement with respect to the Fund will continue in effect for two years from its initial effective date, and thereafter is subject to annual approval by (i) the Board or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, provided that in either event such continuance also is approved in accordance with Section 15(c) of the 1940 Act, namely by a vote of a majority of the Trustees of the Trust who are not parties to such agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. If the shareholders of the Fund fail to approve the Advisory Agreement, DriveAdvisory may continue to serve in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder.

The Advisory Agreement with respect to the Fund is terminable without any penalty, by vote of the Board or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, or by DriveAdvisory, in each case on not less than sixty (60) days' prior written notice to the other party; provided that a shorter notice period shall be permitted for the Fund in the event its shares are no longer listed on a national securities exchange or in such other circumstances where the Fund waives such notice period. The Advisory Agreement will terminate automatically and immediately in the event of its "assignment" (as defined in the 1940 Act).

**Sub-Adviser**

Penserra, with itsprincipal office located at 4 Orinda Way, 100-A, Orinda California 94563, serves as the investment sub-adviser for the Fund pursuant to an Investment Sub-Advisory Agreement between the Adviser and Penserra (the "Sub-Advisory Agreement"). The Sub-adviser is responsible for placing purchase and sale orders and shall make investment decisions for the Fund, subject to the supervision by the Adviser. For its services, the Sub-adviser is compensated by the Adviser. Because the Fund is new, the Adviser has not paid any sub-advisory fees to the Sub-adviser with respect to the Fund as of the date of this SAI. Penserra is owned by Dustin Lewellyn, Ernesto Tong, Anand Desai and Penserra Financial Ventures, LLC.

**Portfolio Managers**

The Sub-adviser supervises and manages the investment portfolio of the Fund and will direct the purchase and sale of the Fund's investment securities. The Sub-adviser utilizes a team of investment professionals acting together to manage the assets of the Fund. The team meets regularly to review portfolio holdings and to discuss purchase and sale activity. The team adjusts holdings in the portfolio as they deem appropriate in the pursuit of the Fund's investment objective.

Dustin Lewellyn, Ernesto Tong, and Anand Desai of Penserra are the Fund's portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. The portfolio managers are responsible for various functions related to portfolio management, including, but not limited to, investing cash inflows, implementing investment strategy, researching and reviewing investment strategy, and overseeing members of their portfolio management team with more limited responsibilities.

***Portfolio Manager Fund Ownership.*** The Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of shares of the Fund as of the end of the most recently completed fiscal year. The Fund has not yet commenced operations as of the date of this SAI. Therefore, Dustin Lewellyn, Ernesto Tong, and Anand Desai did not beneficially own any shares of the Fund as of that date.

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***Other Accounts.*** The following table provides additional information about other portfolios or accounts managed by the Fund's portfolio managers as of January 19, 2023. The portfolio managers did not manage any accounts with performance-based fees:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio Managers | &nbsp;&nbsp;Portfolio Managers | &nbsp;&nbsp;Portfolio Managers | &nbsp;&nbsp;Portfolio Managers | &nbsp;&nbsp;Portfolio Managers | &nbsp;&nbsp;Portfolio Managers | &nbsp;&nbsp;Portfolio Managers |
| &nbsp;&nbsp;Name | &nbsp;&nbsp;**Registered** <br> **Investment Companies\*** | &nbsp;&nbsp;**Registered** <br> **Investment Companies\*** | &nbsp;&nbsp;**Other Pooled** <br> **Investment Vehicles\*** | &nbsp;&nbsp;**Other Pooled** <br> **Investment Vehicles\*** | &nbsp;&nbsp;Other Accounts\* | &nbsp;&nbsp;Other Accounts\* |
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;Total<br> Assets | &nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;Total Assets ($ millions) | &nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;**Total Assets**<br> **($ millions)** |
| &nbsp;&nbsp;Dustin Lewellyn | &nbsp;&nbsp;42 | &nbsp;&nbsp;$5.99 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ernesto Tong | &nbsp;&nbsp;42 | &nbsp;&nbsp;$5.99 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Anand Desai | &nbsp;&nbsp;42 | &nbsp;&nbsp;$5.99 billion | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

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***Portfolio Manager Compensation***

The portfolio managers receive a base pay and an annual bonus incentive based on performance against individual and organizational unit objectives, as well as overall Sub-adviser results. The plan is designed to align manager compensation with investors' goals by rewarding portfolio managers who obtain results consistent with the objectives of the products under the individual's management. In addition, these employees also participate in a long-term incentive program. The long-term incentive plan is eligible to senior level employees and is designed to reward profitable growth in company value. An employee's total compensation package is reviewed periodically to ensure that they are competitive relative to the external marketplace.

***Description of Material Conflicts of Interest***

A 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 Fund. Therefore, a potential conflict of interest may arise as a result of the similar investment objectives, whereby the portfolio manager could favor one account over another. Another potential conflict could include the portfolio manager's knowledge of the size, timing and possible market impact of the Fund's trades, whereby the portfolio manager could use this information to the advantage of other accounts, including personal trading, and to the disadvantage of the Fund. However, the Sub-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. The Sub-adviser monitors and limits personal trading in accordance with its Code of Ethics.

**Administrator, Custodian and Transfer Agent** 

State Street serves as administrator (the "Administrator") for the Fund. The principal address of the Administrator is State Street Financial Center, One Lincoln Street, Boston, MA, 02111. Under an Administration Agreement with the Trust dated January 18, 2023 (the "Administration Agreement"), the Administrator provides necessary administrative and accounting services for the maintenance and operations of the Trust and the Fund. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such services.

For its services under the Administration Agreement, the Administrator is entitled to a fee, based on assets under management, subject to a minimum fee. The Advisory Agreement provides that DriveAdvisory will pay certain operating expenses of the Trust, including the fees due to the Administrator under the Administration Agreement.

Additionally, State Street serves as custodian (the "Custodian") for the Trust. Under the Custodian Agreement with the Trust dated January 12, 2023 the Custodian maintains in separate accounts cash, securities and other assets of the Fund, keeps all necessary accounts and records, and provides other services. The Custodian is required, upon the order of the Trust, to deliver securities held by it, in its capacity as custodian, and to make payments for securities purchased by the Trust for the Fund.

Under the Custodian Agreement, foreign securities held by the Fund, if any, will generally be held by sub-custodians in the Custodian's sub-custodian network.

State Street further acts as a transfer agent (the "Transfer Agent") for the Trust's authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust, under the Transfer Agent Agreement with the Trust dated January 18, 2023. The Advisory Agreement provides that DriveAdvisory will pay certain operating expenses of the Trust, including the fees due to the Transfer Agent under the Transfer Agent Agreement.

**Distributor and Distribution Arrangements** 

Foreside Fund Services, LLC serves as distributorfor the Trust. The Distributor's principal address is Three Canal Plaza, Suite 100, Portland, ME 04101. The Distributor has entered into a Distribution Agreement with the Trust dated February 3, 2023, (the "Distribution Agreement") pursuant to which it distributes shares of the Fund. The Distribution Agreement will continue for two years from its effective date and is renewable annually. Shares are continuously offered for sale by the Fund through the Distributor only in Creation Units, as described in the Prospectus and below in the "Creation and Redemption of Creation Units" section. Shares in less than Creation Units are not distributed by the Distributor. The Distributor is a broker-dealer registered under the 1934 Act and a member of the Financial Industry Regulatory Authority ("FINRA"). The Distributor is not affiliated with DriveAdvisory, Penserra or any national securities exchange.

The Distribution Agreement provides that it may be terminated at any time, without the payment of any penalty: (i) by a vote of a majority of the Independent Trustees; (ii) by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund; or (iii) on at least thirty (30) days' prior written notice to the other party. The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).

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

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***Distribution Plan.*** The Fund has adopted a distribution plan applicable to the Fund's shares (the "Distribution Plan"). Under the Distribution Plan, the Distributor, or designated service providers, may receive up to 0.25% of the Fund's assets attributable to shares as compensation for distribution services pursuant to Rule 12b-1 of the 1940 Act. Distribution services may include: (i) services in connection with distribution assistance, (ii) payments to financial institutions and other financial intermediaries, such as broker-dealers, fund "supermarkets" and the Distributor's affiliates and subsidiaries, as compensation for services or reimbursement of expenses incurred in connection with distribution assistance, and/or (iii) advertising and marketing of shares, such as the costs of preparation, printing, mailing or otherwise disseminating sales literature, advertising, and prospectuses (other than those furnished to current shareholders of the Fund), promotional and incentive programs, and such other marketing expenses that the Distributor may incur. The Distribution Plan is a compensation plan, which means that the Distributor is compensated regardless of its expenses, as opposed to a reimbursement plan which reimburses only for expenses incurred.

No distribution fees are currently charged to the Fund and there are currently no plans to impose these fees. The Distribution Plan was adopted in order to permit the implementation of the Fund's method of distribution. In the event that 12b-1 fees are charged in the future, because the Fund pays these fees out of assets on an ongoing basis, over time these fees may cost you more than other types of sales charges and will increase the cost of your investment in the Fund.

The Distribution Plan will remain in effect for a period of one year and is renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the Trustees and (2) by a vote of the majority of those Independent Trustees who have no direct or indirect financial interest in the Distribution Plan. The Distribution Plan may not be amended to increase materially the amount of fees that may be paid by the Fund under the Distribution Plan unless such amendment is approved by a 1940 Act majority vote of the outstanding shares and by the Fund's Trustees in the manner described above. The Distribution Plan is terminable with respect to the Fund at any time by a vote of a majority of the Trustees or by a 1940 Act majority vote of the outstanding shares.

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***Intermediary Compensation.*** DriveAdvisory and/or its affiliates, out of its own resources and not out of the Fund's assets (*i.e.*, without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks and other financial intermediaries ("Intermediaries"), to the extent permitted by applicable law, for certain activities related to the Fund, including marketing and education support and the sale of the Fund's shares. These arrangements are sometimes referred to as revenue sharing arrangements. Revenue sharing arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of the Fund's shares or the amount received by a shareholder as proceeds from the redemption of shares of the Fund.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars and printed communications). Such compensation may also be paid to Intermediaries for inclusion of the Fund on a sales list, including a preferred or select sales list, in other sales programs. DriveAdvisory periodically assesses the advisability of continuing to make these payments.

Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker or other investment professional, if any, may also be significant to such adviser, broker or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend and what services to provide in connection with various products based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker or investment professionals if he or she receives similar payments from his or her Intermediary firm.

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

**Counsel to the Trust**

K&L Gates LLP, One Lincoln Street, Boston, Massachusetts 02111, serves as counsel to the Trust.

**Independent Registered Public Accounting Firm** 

KPMG LLP, located at Two Financial Center, 60 South Street, Boston, MA 02111, the Trust's independent registered public accounting firm, provides audit and tax services with respect to filings with the SEC.

**EXCHANGE LISTING AND TRADING**

A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the Prospectus. The discussion below supplements, and should be read in conjunction with, such sections of the Prospectus.

The shares of the Fund are listed and traded on the Exchange identified on the cover of this SAI at prices that may differ from the Fund's NAV. There can be no assurance that the Exchange requirements necessary to maintain the listing of the shares of the Fund will continue to be met. The Exchange may, but is not required to, remove the shares of the Fund from listing if, among other matters: (i) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the 1940 Act; (ii) if the Fund no longer complies with the requirements set forth by the Exchange; (iii) following the initial 12-month period after commencement of trading of the Fund, there are fewer than fifty (50) Beneficial Owners (as that term is defined below) of the shares of the Fund; or (iv) such other event shall occur or condition exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the shares of the Fund from listing and trading upon termination of the Fund.

Trading prices of shares on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares.

As in the case of other stocks traded on the Exchange, broker's commissions on purchases or sales of shares in market transactions will be based on investors' negotiated commission rates.

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

**BOOK ENTRY ONLY SYSTEM**

The information below supplements and should beread in conjunction with the section in the Prospectus entitled "Shareholder Information."

The Depository Trust Company ("DTC") acts as securities depository for the Fund's shares. Shares of the Fund are represented by securities registered in the name of the DTC or its nominee, Cede & Co., and deposited with, or on behalf of, the DTC.

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

Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by the DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of shares. The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. Such laws may impair the ability of certain investors to acquire beneficial interests in shares.

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

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

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

The DTC may decide to discontinue providing its service with respect to shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for the DTC to perform its functions at a comparable cost.

**Brokerage Transactions** 

The Sub-adviser assumes general supervision over placing orders on behalf of the Fund for the purchase and sale of portfolio securities.

Although the Sub-adviser strives to obtain the best net price under prevailing circumstances surrounding each trade, the determinative factor is whether a transaction represents the best overall execution for the Fund and not whether the lowest possible transaction cost is obtained. The Sub-adviser considers the full range and quality of a broker-dealer's servicing in selecting the broker to meet best execution obligations, and may not pay the lowest transaction cost available. The Sub-adviser reviews trading to ensure best execution, operational performance, and reasonable commission rates. Order flow may go through traditional broker-dealers, but may also be executed on an Electronic Communication Network, Alternative Trading System or other execution system.

Where multiple broker-dealers are available to execute portfolio transactions, in selecting the brokers or dealers for any transaction in portfolio securities, the Sub-adviser's policy is to make such selection based on factors deemed relevant, which may include the breadth of the market in the security; the price of the security; the reasonableness of the commission or mark-up or mark-down, if any; execution capability; settlement capability; back office efficiency; and the financial condition of the broker or dealer, both for the specific transaction and on a continuing basis. The overall reasonableness of brokerage commissions paid or spreads is evaluated by the Sub-adviser generally based upon its knowledge of available information as to the general level of commissions paid or spreads by other institutional investors for comparable services. Brokers or dealers may also be selected because of their ability to handle special or difficult executions, such as may be involved in large block trades, less liquid securities, broad distributions, or other circumstances. The Sub-adviser may also consider the provision or value of research, products or services a broker or dealer may provide, if any, as a factor in the selection of a broker or dealer or the determination of the reasonableness of commissions paid in connection with portfolio transactions. The Trust has adopted policies and procedures that prohibit the consideration of sales of the Fund's shares as a factor in the selection of a broker or a dealer to execute its portfolio transactions.

When one or more broker-dealers is believed capable of providing the best combination of price and execution, a broker-dealer need not be selected based solely on the lowest commission rate available for a particular transaction. In such cases, the Sub-adviser may pay a higher commission than otherwise obtainable from other brokers in return for brokerage research services provided to the Sub-adviser consistent with Section 28(e) of the 1934 Act. Section 28(e) provides that the Sub-adviser may cause the Fund to pay a broker-dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged as long as the Sub-adviser makes a good faith determination that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer. To the extent the Sub-adviser obtains brokerage and research services that it otherwise would acquire at its own expense, the Sub-adviser may have incentive to place a greater volume of transactions or pay higher commissions than would otherwise be the case.

The types of products and services that the Sub-adviser may obtain from broker-dealers through such arrangements may 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 Sub-adviser may use products and services provided by brokers in servicing all of its client accounts and not all such products and services may necessarily be used in connection with the account that paid commissions to the broker-dealer providing such products and services. Any advisory or other fees paid to the Sub-adviser are not reduced as a result of the receipt of brokerage and research services.

In some cases, the Sub-adviser may receive a product or service from a broker that has both a research and a non-research use. When this occurs, the Sub-adviser will make a good faith allocation between the research and non-research uses of the product or service. The percentage of the service that is used for research purposes may be paid for with brokerage commissions, while the Sub-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 Sub-adviser faces a potential conflict of interest, but the Sub-adviser believes that its allocation procedures are reasonably designed to appropriately allocate the anticipated use of such products and services to research and non-research uses.

Brokerage transactions may be conducted through an affiliate (as defined in the 1940 Act). An affiliated broker-dealer will receive compensation from the Fund in connection with the Fund's portfolio investment transactions conducted through them. This arrangement may present actual or perceived conflicts of interest, but the 1940 Act permits commissions to be paid by a fund to an affiliated broker or dealer if such commissions do not exceed the usual and customary broker's commission. Accordingly, the Fund has adopted compliance policies and procedures to permits such trades so long as, among other matters, the commissions paid to an affiliated broker-dealer are, in the judgment of the Sub-adviser, reasonable and fair as compared to the commissions charged by other brokers in connection with comparable transactions involving similar securities.

An affiliated broker-dealer may engage in proprietary trading and advise accounts and funds that have investment objectives similar to that of the Fund and/or that engage in and compete for transactions in the same types of securities, currencies and other instruments as the Fund. Such activities could affect the prices and availability of the securities, currencies, and instruments in which the Fund invests, which could have an adverse impact on the Fund's performance. Such transactions for an affiliated broker-dealers other client accounts will be executed independently of the Fund's transactions and thus at prices or rates that may be more or less favorable than those obtained by the Fund. As a result, the affiliated broker-dealer may compete with the Fund for appropriate investment opportunities.

**Brokerage Commissions**

Because the Fund had not commenced operations as of the date of this SAI, the Fund did not pay any brokerage commissions during the three prior fiscal years.

**Directed Brokerage**

Because the Fund had not commenced operations as of the date of this SAI, the Fund did not pay any brokerage commissions pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser or the Sub-adviser during the prior fiscal year.

**Affiliated Brokers** 

Because the Fund had not commenced operations as of the date of this SAI, the Fund did not pay any brokerage commissions to any affiliated brokers during the three prior fiscal years.

**Regular Broker-Dealers** 

The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) which the Fund may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (iii) sold the largest dollar amounts of the Fund's shares.

Because the Fund had not commenced operations as of the date of this SAI, the Fund did not own any securities of their "regular broker-dealers" as of that time.

**PORTFOLIO TURNOVER**

Portfolio turnover may vary from year to year, as well as within a year. High turnover rates are likely to result in comparatively greater brokerage expenses or dealer mark-ups and other transaction costs. The overall reasonableness of brokerage commissions is evaluated by the Sub-adviser based upon their knowledge of available information as to the general level of commissions and spreads paid or incurred by the other institutional investors for comparable services.

Because the Fund had not commenced operations as of the date of this SAI, the Fund does not have portfolio turnover information for the prior fiscal year to report.

**CREATION AND REDEMPTION OF CREATION UNITS**

**General**

The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without a sales load but subject to the transaction fees described below, at the NAV next determined after receipt, on any Business Day (as defined below), of an order in proper form. A "Business Day", as used herein, is any day on which the New York Stock Exchange ("NYSE") is open for business. As of the date of this SAI, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Currently, the number of shares that constitutes a Creation Unit is 25,000 shares. In its discretion, the Board reserves the right to increase or decrease the number of the Fund's shares that constitute a Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of the Fund, and to make changes in the number of shares constituting a Creation Unit, including in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

Creation Units may be purchased and redeemed only by or through a DTC Participant that has entered into an authorized participant agreement with the Distributor. Such Authorized Participant will agree, pursuant to the terms of such authorized participant agreement and on behalf of itself or any investor on whose behalf it will act, to certain conditions, including those set forth below, the authorized participant agreement and any handbook governing the Authorized Participants (collectively, the "AP Agreement"). Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant to purchase or redeem Creation Units. Investors should be aware that their particular broker may not be a DTC Participant or may not have executed an Authorized Participant Agreement with the Distributor and that Creation Unit orders may have to be placed by the investor's broker through an Authorized Participant. As a result, orders placed through an Authorized Participant may result in additional charges to such investor. A list of current Authorized Participants may be obtained from the Distributor.

Investors who are not Authorized Participants may purchase and sell shares of the Fund through an Authorized Participant or on the secondary market.

Because the portfolio securities of the Fund may trade on days that the Exchange is closed or are otherwise not Business Days for the Fund, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

The Basket of securities comprising a Fund Deposit and a Fund Redemption (each, as defined below) may be representative of the Fund's portfolio holdings; or the Fund may utilize Custom Baskets provided that certain conditions are met. A "Custom Basket" is (i) a basket that is composed of a non-representative selection of the Fund's portfolio holdings, (ii) a representative Basket that is different from the initial Basket used in transactions on the same business day, or (iii) a Basket that contains bespoke cash and/or security substitutions, including for a single Authorized Participant. The Trust has adopted policies and procedures that govern the construction and acceptance of Baskets, including heightened requirements for Custom Baskets. Such policies and procedures provide detailed parameters for the construction and acceptance of Custom Baskets, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Adviser and/or Sub-adviser who are required to review each Custom Basket for compliance with those parameters. In connection with the construction and acceptance of Custom Baskets, the Adviser or Sub-adviser (as applicable) may consider various factors, including, but not limited to: (1) whether the securities, assets and other positions comprising a Basket are consistent with the Fund's investment objective, policies and disclosure; (2) whether the securities, assets and other positions can legally and readily be acquired, transferred and held by the Fund and/or Authorized Participant(s), as applicable; (3) whether and to what extent to include cash in the Basket; (4) whether the Custom Basket increases the liquidity of the Fund's portfolio, noting that a Custom Basket may not be accepted which adversely affects the liquidity position of the Fund's portfolio when other Basket options exist; (5) whether the use of Custom Baskets may reduce costs, increase (tax) efficiency and improve trading in Fund shares; and (6) with respect to index-based strategies, whether the securities, assets and other positions aid the Fund to track its underlying index. The policies and procedures apply different criteria to different types of Custom Baskets in order to mitigate against potential overreaching by an Authorized Participant, although there is no guarantee that such policies and procedures will be effective.

**Purchases of Creation Units**

The consideration for the purchase of Creation Units of the Fund consists of an in-kind deposit of a designated portfolio of securities ("Deposit Securities") or cash for all or any portion of such securities ("Deposit Cash") (collectively, the "Deposit Basket") and the Cash Component, which is an amount equal to the difference between the aggregate NAV of a Creation Unit and the Deposit Basket. Together, the Deposit Basket and the Cash Component constitute the "Fund Deposit."

The Custodian or the Administrator makes available through the National Securities Clearing Corporation ("NSCC") on each Business Day, prior to the opening of regular trading on the Exchange, the list of names and the required number of shares of each Deposit Security and Deposit Cash, in the Deposit Basket, and the estimated amount of the Cash Component to be included in the current Fund Deposit. Such Fund Deposit will normally be applicable, subject to any adjustments as described below, in order to effect purchases of Creation Units of the Fund until such time as the next-announced Fund Deposit is made available. The means by which the Deposit Basket and Cash Component are to be delivered by the Authorized Participant to the Fund are set forth in the AP Agreement, except to the extent the Distributor and the Authorized Participant otherwise agree. Fund shares will be settled through the DTC system.

The identity and number of shares of the Deposit Securities change pursuant to, among other matters, changes in the composition of the Fund's portfolio and as rebalancing adjustments and corporate action events are reflected from time to time. The composition of the Deposit Securities may also change in response to adjustments to the weighting or composition of the component securities constituting the Fund's Index.

Cash purchases of Creation Units will be effected in essentially the same manner as in-kind purchases. The Authorized Participant will pay the cash equivalent of the Deposit Securities as Deposit Cash plus or minus the same Cash Component.

The Adviser or Sub-adviser (as applicable) on behalf of the Fund, will convert subscriptions that are made in whole or in part in cash, including Deposit Cash, into the relevant foreign currency prior to investment at the applicable exchange rate and subject to the applicable spread. Those purchasing Creation Units of the Fund bear the risk associated with changes in the currency exchange rate between the time they place their order and the time that the Fund converts any cash received into foreign investments.

**Placement of Purchase Orders**

To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor an irrevocable order in proper form to purchase shares of the Fund generally before 4:00 pm Eastern Time. For a purchase order to be processed based on the NAV calculated on a particular Business Day, the purchase order must be received in proper form and accepted by the Trust prior to the time as of which the NAV is calculated (ordinarily 4:00 pm Eastern Time ("Cutoff Time")). Investors who are not Authorized Participants and seek to place a purchase order for a Creation Unit through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Distributor by the Cutoff Time on such Business Day. Custom orders must normally be received in proper form and accepted by the Trust at least two hours prior to the Cutoff Time.

The AP Agreement sets forth the different methods whereby Authorized Participants can submit purchase orders. A purchase order is considered to be in proper form if a request in a form satisfactory to the Fund is (1) received by the Distributor from an Authorized Participant on behalf of itself or another person within the time period set above, and (2) all the procedures and other requirements applicable to the method used by the Authorized Participant to submit the purchase order.

Creation Unit orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor. Economic or market disruptions or changes, or telephone or other communication failure, may impede transmissions with an Authorized Participant. Orders to create shares of the Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a weekend) when the securities markets in a foreign market in which the Fund may invest are closed may not be accepted or may be charged the maximum transaction fee. The Distributor, in its discretion, may permit the submission of orders and requests by or through an Authorized Participant via communication through the facilities of a proprietary website maintained by an agent of the Trust for this purpose. A Purchase order, if accepted by the Trust, will be processed based on the NAV as of the next Cutoff Time.

**Acceptance of Orders for, and Issuance of, Creation Units**

All questions as to whether an order has been submitted in proper form and 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 Fund and the Fund's determination shall be final and binding.

The Fund reserves the right to reject or revoke acceptance of a creation order, for any reason, provided that such action is not in contravention of Rule 6c-11. For example, the Fund may reject or revoke acceptance of a creation order including, but not limited to, when (i) the order is not in proper form; (ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the Deposit Securities delivered do not conform to the identity and number of shares specified; (iv) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (v) circumstances outside the control of the Fund, the Distributor, the Sub-adviser and DriveAdvisory make it impracticable to process purchase orders. The Distributor shall notify a prospective purchaser of a Creation Unit and/or the Authorized Participant acting on behalf of such purchaser of the rejection or revocation of acceptance of such order. The Fund, the Custodian, the sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.

Except as provided in the following paragraph, a Creation Unit will not be issued until the transfer of good title to the Fund of the Deposit Securities and the payment of the Cash Component, Deposit Cash and creation transaction fees have been completed. In this regard, the Custodian will require, prior to the issuance of a Creation Unit, that the sub-custodian confirm to the Custodian that the Deposit Securities have been delivered to the account of the Fund at the sub-custodian(s). If the Fund does not receive the foregoing by the time specified herein the Creation Unit may not be delivered or the purchase order may be rejected.

The Fund may issue Creation Units to an Authorized Participant, notwithstanding the fact that all Deposit Securities have not been received, 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 of up to 115% of the value of the missing Deposit Securities. The only collateral that is acceptable is cash in U.S. dollars. Such cash collateral must be delivered no later than 2:00 p.m., Eastern Time on the contractual settlement date of the Creation Unit(s). The Fund may buy the missing Deposit Securities at any time, and the Authorized Participant will be liable for any shortfall between the cost to the Fund of purchasing such securities and the cash collateral. In addition, the cash collateral may be invested at the risk of the Authorized Participant, and any income on invested cash collateral will be paid to that Authorized Participant. Information concerning the Fund's current procedures for collateralization of missing Deposit Securities is available from the Distributor.

In certain cases, an Authorized Participant may create and redeem Creation Units on the same trade date. In these instances, the Fund reserves the right to settle these transactions on a net basis or require a representation from the Authorized Participant that the creation and redemption transactions are for separate Beneficial Owners.

Once the Fund has accepted a purchase order, upon the next determination of the NAV of the shares, the Fund may confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. A confirmation of acceptance will then be transmitted to the Authorized Participant that placed the order. Creation Units typically are settled on a T+2 basis (*i.e*., two Business Days after trade date), subject to certain exceptions. However, the Fund reserves the right to settle Creation Unit transactions on a basis other than T+2, including in order to accommodate non-U.S. market holiday schedules, closures and settlement cycles, and to account for different treatment among non-U.S. and U.S. markets of dividend record dates and ex-dividend dates.

**Creation Transaction Fees**

A standard creation transaction fee is imposed to offset transfer and other costs associated with the issuance of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized Participant on the applicable Business Day.

The Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown in the table below) to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses. Authorized Participants will also bear the costs of transferring the Deposit Securities, including any stamp duty or other similar fees and expenses.

The standard creation transaction fee and maximum variable transaction fee for a Creation Unit are set forth below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **<br> Fund** | &nbsp;&nbsp;**Standard Transaction Fee** | &nbsp;&nbsp;**Maximum Variable Transaction Fee\*** |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;$250\*\* | &nbsp;&nbsp;3% |

---

\* As a percentage of the Creation Unit(s) purchased.

\*\* If a transaction is settled via cash instead of in-kind, the fee will be reduced to $100.

The Adviser may adjust the transactions fees from time to time based on actual experience.

**REDEMPTIONS OF CREATION UNITS**

The consideration paid by the Fund for the redemption of Creation Units consists of an in-kind basket of designated securities ("Redemption Securities") or cash for all or any portion of such securities ("Redemption Cash") (collectively, the "Fund Securities") and the Cash Component, which is an amount equal to the difference between the aggregate NAV of a Creation Unit and the Fund Securities. Together, the Fund Securities and the Cash Component constitute the "Fund Redemption."

The Custodian or the Administrator normally makes available through NSCC on each Business Day, prior to the opening of regular trading on the Exchange, the list of names and the number of shares of each Redemption Security and Redemption Cash, as applicable, and the estimated amount of the Cash Component to be included in the current Fund Redemption. Such Fund Redemption is applicable, subject to any adjustments as described below, for redemptions of Creation Units of the Fund until such time as the next-announced Fund Redemption is made available. The delivery of Fund shares will be settled through the DTC system. The means by which the Fund Securities and Cash Component are to be delivered to the Authorized Participant by the Fund are set forth in the AP Agreement, except to the extent the Distributor and the Authorized Participant otherwise agree.

The identity and number of shares of the Redemption Securities change pursuant to, among other matters, changes in the composition of the Fund's portfolio and as rebalancing adjustments and corporate action events are reflected from time to time. The composition of the Redemption Securities may also change in response to adjustments to the weighting or composition of the component securities constituting the Fund's investments and may not be the same as the Deposit Securities.

Cash redemptions of Creation Units will be effected in essentially the same manner as in-kind redemptions. The Authorized Participant will receive the cash equivalent of the Fund Securities as Redemption Cash plus or minus the same Cash Component.

The Adviser or the Sub-adviser, as applicable, on behalf of the Fund, will sell investments denominated in foreign currencies and convert such proceeds into U.S. Dollars at the applicable exchange rate and subject to the applicable spread for redemptions that are made in whole or in part for cash, including Redemption Cash. Those redeeming Creation Units of the Fund bear the risk associated with changes in the currency exchange rate between the time they place their order and the time that the Fund converts any investments into U.S. Dollars.

**Placement of Redemption Orders**

To initiate a redemption order for a Creation Unit, an Authorized Participant must submit to the Distributor an irrevocable order in proper form to redeem shares of the Fund generally before 4:00 pm Eastern Time. For a redemption order to be processed based on the NAV calculated on a particular Business Day, the order must be received in proper form and accepted by the Trust prior to the time as of which the NAV is calculated (ordinarily 4:00 pm Eastern Time) (the Cutoff Time). Investors who are not Authorized Participants and seek to place a redemption order for a Creation Unit through an Authorized Participant should allow sufficient time to permit proper submission of the redemption order to the Distributor by the Cutoff Time on such Business Day. Custom orders must normally be received in proper form and accepted by the Trust at least two hours prior to the Cutoff Time.

The AP Agreement sets forth the different methods whereby Authorized Participants can submit redemption requests. A redemption request is considered to be in proper form if a request in a form satisfactory to the Fund is (1) received by the Distributor from an Authorized Participant on behalf of itself or another person within the time period set above, and (2) all the procedures and other requirements applicable to the method used by the Authorized Participant to submit the redemption order.

Creation Unit orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor. Economic or market disruptions or changes, or telephone or other communication failure, may impede transmissions to an Authorized Participant. Orders to redeem shares of the Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a weekend) when the securities markets in a foreign market in which the Fund may invest are closed may be charged the maximum transaction fee. The Distributor, in its discretion, may permit the submission of orders by or through an Authorized Participant via communication through a proprietary website maintained by an agent of the Trust for this purpose. A redemption request, if accepted by the Trust, will be processed based on the NAV as of the next Cutoff Time.

**Acceptance of Orders for, and Redemption of, Creation Units**

All questions as to whether an order has been submitted in proper form and the requisite number of Fund shares and transaction fees have been delivered shall be determined by the Fund and the Fund's determination shall be final and binding.

The Fund reserves the absolute right to reject a redemption order if the order is not in proper form. In addition, the right of redemption may be suspended or the date of payment postponed with respect to the Fund (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which trading on the NYSE is suspended or restricted, (iii) for any period during which an emergency exists as a result of which disposal of the shares of the Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC. The Fund or Distributor will notify the Authorized Participant of such rejection, but the Fund, Custodian, sub-custodian and Distributor shall not be liable for any failure to give such notification.

The payment by the Fund of the Fund Securities, including Redemption Securities, Redemption Cash, and Cash Component will not be issued until the transfer of the Creation Unit(s) and the applicable redemption transaction fees has been completed. If the Transfer Agent does not receive the investor's shares through DTC's facilities and the applicable redemption transaction fees by the required time, the redemption request may be rejected.

To the extent contemplated by the AP Agreement, in the event the Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to the Fund's Transfer Agent, the Transfer Agent will nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking may be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash having a value (marked to market daily) of up to 115% of the value of the missing shares, which the Trust may change from time to time. The current procedures for collateralization of missing shares require, among other things, that any cash collateral shall be in the form of U.S. dollars in immediately available funds and shall be held by the Custodian and marked to market daily, and that the fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the cash collateral shall be payable by the Authorized Participant. The AP Agreement will permit the Trust, on behalf of the Fund, to purchase the missing shares at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Trust of purchasing such shares, Fund Securities or Cash Component and the value of the collateral.

A redeeming Beneficial Owner or Authorized Participant acting on behalf of such Beneficial Owner must maintain appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction where Redemption Securities are customarily traded and will be delivered. If neither the redeeming Beneficial Owner nor the Authorized Participant acting on behalf of such redeeming Beneficial Owner has appropriate arrangements to take delivery of Redemption Securities in the applicable non-U.S. jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of Redemption Securities in such jurisdiction, the Trust may redeem shares in Redemption Cash, and the redeeming Beneficial Owner will be required to receive its redemption proceeds as Redemption Cash.

In addition, because redemptions of shares for Redemption Securities will be subject to compliance with applicable U.S. federal and state securities laws, the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Fund cannot lawfully deliver specific Redemption Securities or cannot do so without first registering the Fund Security under such laws.

Once the Fund has accepted a redemption order, upon the next determination of the NAV of the shares, the Fund may confirm the redemption of a Creation Unit, against receipt of payment, at such NAV. Transfer Agent will then transmit a confirmation of acceptance to the Authorized Participant that placed the order. Deliveries of redemption proceeds by the Fund typically are settled on a T+2 basis (*i.e*., two Business Days after trade date), but may be made up to seven days later, particularly in stressed market conditions. The Fund reserves the right to settle redemption transactions up to 15 days later to accommodate non-U.S. market holiday schedules (see below for further information), closures and settlement cycles, to account for different treatment among non-U.S. and U.S. markets of dividend record dates and dividend ex-dates (*i.e*., 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.

In certain cases, an Authorized Participant may create and redeem Creation Units on the same trade date. In these instances, the Fund reserves the right to settle these transactions on a net basis or require a representation from the Authorized Participant that the creation and redemption transactions are for separate Beneficial Owners.

**Redemption Transaction Fees**

A standard redemption transaction fee is imposed to offset transfer and other costs associated with the redemption of Creation Units. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized Participant on the applicable Business Day.

The Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown in the table below) to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses. Authorized Participants will also bear the costs of transferring the Redemption Securities, including any stamp duty or other similar fees and expenses. Investors who use the services of a broker or other financial intermediary may be charged a fee for such services.

The standard redemption transaction fee and maximum variable transaction fee for a Creation Unit are set forth below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **<br> Fund** | &nbsp;&nbsp;**Standard Transaction Fee** | &nbsp;&nbsp;**Maximum Variable Transaction Fee\*** |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;$250\*\* | &nbsp;&nbsp;2% |

---

\* As a percentage of the Creation Unit(s) redeemed.

\*\* If a transaction is settled via cash rather than in-kind, the fee will be reduced to $100.

The Adviser may adjust the transactions fees from time to time based on actual experience.

**Taxation on Creation and Redemptions of Creation Units** 

An Authorized Participant generally will recognize either gain or loss upon the exchange of Deposit Securities for Creation Units. This gain or loss will generally equal the difference between (i) the sum of the market value of the Creation Units at the time of the exchange and any net amount of cash received by the Authorized Participant in the exchange and (ii) the sum of the Authorized Participant's aggregate basis in the Deposit Securities exchanged therefor and any net amount of cash paid for the Creation Units. However, the U.S. Internal Revenue Service may apply the wash sales rules to determine that any loss realized upon the exchange of Deposit Securities for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisers.

Current U.S. federal tax laws dictate that capital gain or loss realized from the redemption of Creation Units will generally create long-term capital gain or loss if the Authorized Participant holds the Creation Units for more than one year, or short-term capital gain or loss if the Creation Units were held for one year or less, if the Creation Units are held as capital assets.

**Postponement of Redemptions**

For every occurrence of one or more intervening holidays in the applicable non-U.S. market that are not holidays observed in the U.S. equity market, the redemption settlement cycle will be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable closings in a non-U.S. market due to emergencies may also prevent the Trust from delivering securities within normal settlement period. The securities delivery cycles currently practicable for transferring portfolio securities to redeeming investors, coupled with non-U.S. market holiday schedules, will require a delivery process longer than seven calendar days, in certain circumstances, but in no event longer than fifteen calendar days.

The right of redemption may also be suspended or the date of payment postponed (1) for any period during which the relevant Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the relevant 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 Fund or determination of its NAV is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**TAXES**

The following discussion of certain U.S. federalincome tax consequences of investing in the Fund is based on the Code, U.S. Treasury regulations, and other applicable authority, all as in effect as of the date of the filing of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in the Fund. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisers regarding their particular situation and the possible application of foreign, state, and local tax laws.

**Qualification as a RIC**

The Fund has elected or intends to elect to be treated, and intends to qualify each year, as a RIC under Subchapter M of the Code. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, among other things:

(a) derive at least 90% of its gross income each year from (i) dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below);

(b) diversify its holdings so that, at the end of each quarter of its taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items, U.S. government securities, securities of other RICs and other securities, with investments in such other securities limited with respect to any one issuer to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested in (1) the securities (other than those of the U.S. government or other RICs) of any one issuer or two or more issuers that are controlled by the Fund and that are engaged in the same, similar or related trades or businesses or (2) the securities of one or more qualified publicly traded partnerships; and

(c) distribute with respect to each taxable year at least the sum of 90% of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid – generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and 90% of its net tax-exempt interest income.

In general, for purposes of the 90% of gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Fund. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in Code section 7704(d), and (iii) that derives less than 90% of its income from the qualifying income described in (a)(i) of the prior paragraph) will be treated as qualifying income. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the 90% test described in (a) above if such gains are not directly related to a fund's business of investing in stock or securities. Accordingly, regulations may be issued in the future that could treat some or all of the Fund's non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing the Fund's status as a RIC for all years to which the regulations are applicable.

**Taxation of the Fund**

If the Fund qualifies as a RIC, the Fund will not be subject to federal income tax on income and gains that are distributed in a timely manner to its shareholders in the form of dividends.

If the Fund fails to satisfy the qualifying income test in any taxable year or the diversification requirements for any quarter, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. If these relief provisions are not available to the Fund for any year in which it fails to qualify as a RIC, all of its taxable income will be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally will be taxable as ordinary income dividends to its shareholders, subject to the dividends received deduction for corporate shareholders and lower tax rates on qualified dividend income for individual shareholders. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute at least annually to its shareholders substantially all of its taxable income and its net capital gains. Taxable income that is retained by the Fund will be subject to tax at regular corporate rates. If the Fund retains any net capital gain, that gain will be subject to tax at corporate rates, but the Fund may designate the retained amount as undistributed capital gains in a notice to its shareholders who (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence.

**Deferral of Late Year Losses**

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

**Capital Loss Carryovers**

If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Such capital loss carryover can be used to offset capital gains of the Fund in succeeding taxable years. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

**Excise Tax**

If the Fund fails to distribute in a calendar year an amount at least equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any retained amount from the prior year, the Fund will be subject to a nondeductible 4% excise tax on the undistributed amount. For these purposes, the Fund will be treated as having distributed any amount on which it has been subject to corporate income tax for the taxable year ending within the calendar year. A dividend paid to shareholders in January of a year generally is deemed to have been paid by the Fund on December 31 of the preceding year if the dividend was declared and payable to shareholders of record on a date in October, November, or December of that preceding year. The Fund intends to declare and pay dividends and distributions in the amounts and at the times necessary to avoid the application of the 4% excise tax, although there can be no assurance that it will be able to do so.

**Fund Distributions**

Distributions are taxable whether shareholders receive them in cash or reinvest them in additional shares. Moreover, distributions are generally subject to federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund's NAV reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when the Fund's NAV also reflects unrealized losses.

Dividends and other distributions by the Fund are generally treated under the Code as received by the shareholders at the time the dividend or distribution is made. However, if any dividend or distribution is declared by the Fund in October, November or December of any calendar year and payable to its shareholders of record on a specified date in such a month but is actually paid during the following January, such dividend or distribution will be deemed to have been received by each shareholder on December 31 of the year in which the dividend was declared.

Distributions by the Fund of investment income are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned the investments that generated those gains, rather than how long a shareholder has owned his or her Fund shares. Distributions of net capital gains from the sale of investments that the Fund owned for more than one year and that are properly designated by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains. Distributions from capital gains are generally made after applying any available capital loss carryovers. Preferential long-term capital gain rates apply to individuals at a maximum rate of 20% for individuals with taxable income exceeding certain thresholds. Such preferential rates also apply to qualified dividend income if certain holding period requirements are met. Distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (*i.e.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, which includes China (but not Hong Kong which is treated as a separate jurisdiction), or the stock of which is readily tradable on an established securities market in the United States). In order for some portion of the dividends received by the Fund's shareholders to be qualified dividend income, the Fund must meet holding period and other requirements with respect to the dividend paying stocks in its portfolio, and the shareholder must meet holding period and other requirements with respect to the Fund's shares.

Given the Fund's investment objective, it is not expected that Fund distributions will be eligible for qualified dividend income treatment or the corporate dividends received deduction on Fund distributions attributable to dividends received.

For U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly), a 3.8% Medicare contribution tax will apply on all or a portion of their "net investment income," including interest, dividends, and capital gains, which generally includes taxable distributions received from the Fund. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

If the Fund makes distributions to a shareholder in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of the shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

Investors considering buying shares just prior to a dividend or capital gain distribution should be aware that, although the price of shares purchased at that time may reflect the amount of the forthcoming distribution, such dividend or distribution may nevertheless be taxable to them. If the Fund is the holder of record of any security on the record date for any dividends payable with respect to such security, such dividends will be included in the Fund's gross income not as of the date received but as of the later of (a) the date such security became ex-dividend with respect to such dividends (*i.e.*, the date on which a buyer of the security would not be entitled to receive the declared, but unpaid, dividends); or (b) the date the Fund acquired such security. Accordingly, in order to satisfy its income distribution requirements, the Fund may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.

**Sale or Exchange of Shares** 

A sale or exchange of shares in the Fund may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of shares will be disallowed if shares of the Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

As noted above, for U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly), a 3.8% Medicare contribution tax will apply on "net investment income," including interest, dividends, and capital gains, which generally includes taxable distributions received from the Fund and taxable gains on the disposition of shares of the Fund.

**Backup Withholding**

The Fund (or a financial intermediary, such as a broker, through which a shareholder holds Fund shares) generally is required to withhold and to remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify that he, she or it is not subject to such withholding. The backup withholding tax rate is currently 24%.

**Federal Tax Treatment of Certain Fund Investments**

Transactions of the Fund in options, futures contracts, hedging transactions, forward contracts, swap contracts, straddles and foreign currencies may be subject to various special and complex tax rules, including mark-to-market, constructive sale, straddle, wash sale and short sale rules. These rules could affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses. These rules may in turn affect the amount, timing or character of the income distributed to shareholders by the Fund.

The Fund is required, for federal income tax purposes, to mark to market and recognize as income for each taxable year its net unrealized gains and losses as of the end of such year on certain regulated futures contracts, foreign currency contracts and options that qualify as Section 1256 contracts in addition to the gains and losses actually realized with respect to such contracts during the year. Except as described below under "Certain Foreign Currency Tax Issues," gain or loss from Section 1256 contracts that are required to be marked to market annually will generally be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders.

Some debt obligations that are acquired by the Fund may be treated as having original issue discount ("OID"). Generally, the Fund will be required to include OID in taxable income over the term of the debt security, even though payment of the OID is not received until a later time, usually when the debt security matures. If the Fund holds such debt instruments, it may be required to pay out as distributions each year an amount that is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary. The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net gains from such transactions, its shareholders may receive larger distributions than they would have in the absence of such transactions.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gains on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

**Certain Foreign Currency Tax Issues**

The Fund's gain or loss on foreign currency denominated debt securities and on certain other financial instruments, such as forward currency contracts and currency swaps, that is attributable to fluctuations in exchange rates occurring between the date of acquisition and the date of settlement or disposition of such securities or instruments generally will be treated under Section 988 of the Code as ordinary income or loss. The Fund may elect out of the application of Section 988 of the Code with respect to the tax treatment of each of its foreign currency forward contracts to the extent that (i) such contract is a capital asset in the hands of the Fund and is not part of a straddle transaction and (ii) the Fund makes an election by the close of the day the contract is entered into to treat the gain or loss attributable to such contract as capital gain or loss.

The Fund's forward contracts may qualify as Section 1256 contracts if the underlying currencies are currencies for which there are futures contracts that are traded on and subject to the rules of a qualified board or exchange. However, a forward currency contract that is a Section 1256 contract would, absent an election out of Section 988 of the Code as described in the preceding paragraph, be subject to Section 988. Accordingly, although such a forward currency contract would be marked to market annually like other Section 1256 contracts, the resulting gain or loss would be ordinary. If the Fund were to elect out of Section 988 with respect to forward currency contracts that qualify as Section 1256 contracts, the tax treatment generally applicable to Section 1256 contracts would apply to those forward currency contracts: that is, the contracts would be marked to market annually and gains and losses with respect to the contracts would be treated as long-term capital gains or losses to the extent of 60% thereof and short-term capital gains or losses to the extent of 40% thereof. If the Fund were to elect out of Section 988 with respect to any of its forward currency contracts that do not qualify as Section 1256 contracts, such contracts will not be marked to market annually and the Fund will recognize short-term or long-term capital gain or loss depending on the Fund's holding period therein. The Fund may elect out of Section 988 with respect to some, all or none of its forward currency contracts.

Finally, regulated futures contracts and non-equity options that qualify as Section 1256 contracts and are entered into by the Fund with respect to foreign currencies or foreign currency denominated debt instruments will be subject to the tax treatment generally applicable to Section 1256 contracts unless the Fund elects to have Section 988 apply to determine the character of gains and losses from all such regulated futures contracts and non-equity options held or later acquired by the Fund.

**Foreign Investments**

Income received by the Fund from sources within foreign countries (including, for example, interest on securities of non-U.S. issuers) may be subject to withholding and other taxes imposed by such countries. Tax treaties between such countries and the U.S. may reduce or eliminate such taxes. If as of the end of the Fund's taxable year more than 50% of the Fund's assets consist of foreign securities, the Fund is expected to make an election to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by the Fund during that taxable year to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by the Fund may be subject to certain limitations imposed by the Code, which may result in the shareholder not getting a full credit or deduction for the amount of such taxes. Because a foreign tax credit is only available for foreign taxes paid by the Fund, no such credit may be available for a reduction in the Fund's net asset value to reflect a reserve (if any) for Chinese withholding taxes. Shareholders who do not itemize on their federal income tax returns may claim a credit, but not a deduction, for such foreign taxes.

**Passive Foreign Investment Companies**

If the Fund purchases shares in a PFIC, it may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains. If the Fund were to invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Code, in lieu of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts would be subject to the 90% and excise tax distribution requirements described above. In order to make this election, the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Alternatively, the Fund may make a mark-to-market election that would result in the Fund being treated as if it had sold and repurchased its PFIC stock at the end of each year. In such case, the Fund would report any such gains as ordinary income and would deduct any such losses as ordinary losses to the extent of previously recognized gains. The election must be made separately for each PFIC owned by the Fund and, once made, would be effective for all subsequent taxable years, unless revoked with the consent of the IRS. By making the election, the Fund could potentially ameliorate the adverse tax consequences with respect to its ownership of shares in a PFIC, but in any particular year may be required to recognize income in excess of the distributions it receives from the PFIC and its proceeds from dispositions of PFIC stock. The Fund may have to distribute this "phantom" income and gain to satisfy the 90% distribution requirement and to avoid imposition of the 4% excise tax. The Fund will make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effects of these rules.

**Tax-Exempt Shareholders**

Under current law, income of a RIC that would be treated as unrelated business taxable income ("UBTI") if earned directly by a tax-exempt entity generally will not be attributed as UBTI to a tax-exempt entity that is a shareholder in the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

**Non-U.S. Shareholders**

In general, dividends other than Capital Gain Dividends paid by the Fund to a shareholder that is not a "U.S. person" within the meaning of the Code (a "foreign person") are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate) even if they are funded by income or gains (such as foreign-source dividend and interest income) that, if paid to a foreign person directly, would not be subject to withholding. If the Fund were to recognize short-term capital gains or U.S.-source portfolio interest, properly reported short-term capital gain dividends and interest-related dividends paid by the Fund would not be subject to such withholding tax.

A beneficial holder of shares who is a non-U.S. person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a U.S. income tax deduction for losses) realized on a sale of shares of the Fund or on Capital Gain Dividends or short-term capital gain dividends unless (i) such gain or dividend is effectively connected with the conduct of a trade or business carried on by such holder within the United States or (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the Capital Gain Dividend or short-term capital gains dividends and certain other conditions are met.

In order for a non-U.S. investor to qualify for an exemption from backup withholding, the foreign investor must comply with special certification and filing requirements. Foreign investors in the Fund should consult their tax advisers in this regard. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the Internal Revenue Service.

A beneficial holder of shares who is a non-U.S. person may be subject to the U.S. federal estate tax in addition to the federal income tax consequences referred to above. If a shareholder is eligible for the benefits of a tax treaty, any income or gain effectively connected with a U.S. trade or business will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States.

Under the Foreign Account Tax Compliance Act ("FATCA"), a 30% withholding tax will be imposed on dividends paid by the Fund, to (i) foreign financial institutions including non-U.S. investment funds unless they agree to collect and disclose to the Internal Revenue Service information regarding their direct and indirect U.S. account holders and (ii) certain other foreign entities, unless they certify certain information regarding their direct and indirect U.S. owners. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement a similar reporting regime will be exempt from this withholding tax if the shareholder and the applicable foreign government comply with the terms of such agreement. A Shareholder subject to such withholding tax will not receive additional amounts from the Fund to compensate for such withholding. Proposed regulations (which are effective while pending) eliminate the application of the FATCA withholding tax to capital gain dividends and redemption proceeds that was scheduled to take effect in 2019.

**Creation and Redemption of Creation Units** 

An Authorized Participant who exchanges securitiesfor Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service, 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 on the basis that there has been no significant change in economic position. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year.

Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will be treated as short-term capital gains or losses.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction.

**Section 351**

The Trust on behalf of the Fund has the right to reject an order for Creation Units if the purchaser (or group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.

**Tax Shelter Reporting Regulations**

Under U.S. Treasury regulations, if an individual shareholder recognizes a loss of $2 million or more in any single tax year or, for a corporate shareholder, $10 million or more in any single tax year, the shareholder must file with the Internal Revenue Service a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**General Considerations**

The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific federal income tax consequences of purchasing, holding and disposing of shares of the Fund, as well as the effect of state, local and foreign tax law and any proposed tax law changes.

**DETERMINATION OF NAV**

This information supplements and should be readin conjunction with the section in the Prospectus entitled "Calculating NAV."

The NAV per share of the Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares of the Fund outstanding, rounded to the nearest cent. The NAV per share for the Fund normally is calculated by the Administrator and determined as of the regularly scheduled close of normal trading on each day that the NYSE is scheduled to be open for business (normally 4:00 p.m., Eastern Time). Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Securities listed on a securities exchange (*i.e*. exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund's NAV is calculated if a security's exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If, a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

Investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described below).

Investments for which market prices are not readily available, or are not deemed to reflect current market values, or are debt securities where no evaluated price is available from the Trust's third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Trust's valuation policies and procedures approved by the Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using fair value pricing may include, but are not limited to: the security's trading has been halted or suspended; the security's primary trading market is temporarily closed; or the security has not been traded for an extended period of time. The Fund may fair value certain of the foreign securities held by the Fund, if any, each day the Fund calculates its NAV.

In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund's securities that trade outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations.

If the Adviser or the Sub-adviser becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which the Fund calculates its NAV, it will notify the Administrator and may request that an ad hoc meeting of the Audit Committee be called.

With respect to trade-halted securities, the Trust typically will fair value a trade-halted security by adjusting the security's last market close price by the security's sector performance, as measured by a predetermined index, unless the Adviser or the Sub-adviser recommends and the Trust's Audit Committee determines to make additional adjustments.

Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could actually be realized upon the sale of the security or that another fund that uses market quotations or its own fair value procedures to price the same securities.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day. In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which the Fund's NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of the Fund's portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur.

Fund shares are purchased or sold on a national securities exchange at market prices, which may be higher or lower than NAV. Transactions in Fund shares will be priced at NAV only if shares are purchased or redeemed directly from the Fund in Creation Units. No secondary sales will be made to brokers or dealers at a concession by the Distributor or by the Fund. Purchases and sales of shares in the secondary market, which will not involve the Fund, will be subject to customary brokerage commissions and charges.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund intends to pay out dividends, if any, at least annually. The Fund also distributes its net realized capital gains, if any, to investors annually. The Fund may make distributions on a more frequent basis. The Fund may occasionally be required to make supplemental distributions at some other time during the year. Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable.

**OTHER INFORMATION**

**Portfolio Holdings**

The Board has approved portfolio holdings disclosure policies and procedures that govern the timing and circumstances of disclosure to shareholders and third parties of the Fund's portfolio holdings and the use of material non-public information about the Fund's holdings. These policies and procedures, as described below, are designed to ensure that disclosure of portfolio holdings is in the best interests of Fund shareholders, and address conflicts of interest between the interests of Fund shareholders and those of DriveAdvisory, the Sub-adviser, the Distributor, or any affiliated person of the Fund, DriveAdvisory, the Sub-adviser, or the Distributor. The policies and procedures apply to all officers, employees, and agents of the Fund, including DriveAdvisory and the Sub-adviser.

The Fund will disclose on its website at the start of each Business Day the identities and quantities of the securities and other assets held by the Fund that will form the basis of the Fund's calculation of its NAV on that Business Day. The Fund's entire portfolio holdings are also publicly disseminated each day the Fund is open for business through financial reporting and news services including publicly available internet web sites. In addition, a Basket composition file, which includes the security names and share quantities to deliver in exchange for Fund shares, together with estimates and actual cash components, is publicly disseminated daily via the NSCC. The Basket represents one Creation Unit of the Fund.

Greater than daily access to information concerning the Fund's portfolio holdings will be permitted (i) to certain personnel of Fund service providers that are involved in portfolio management and providing administrative, operational, risk management, or other support to portfolio management, including authorized participants (*i.e.,* large institutions that have entered into agreements with the distributor of the Fund's shares and are authorized to transact in Creation Units with the Fund) ("Authorized Participants"), and (ii) to other personnel of the Funds' service providers who deal directly with, or assist in, functions related to investment management, administration, custody and fund accounting, as may be necessary to conduct business in the ordinary course in a manner consistent with the requirements of the 1940 Act and rules promulgated thereunder, agreements with the Funds, and the terms of the Trust's current registration statement. From time to time, and in the ordinary course of business, such information may also be disclosed (i) to other entities that provide services to the Funds, including pricing information vendors, and third parties that deliver analytical, statistical or consulting services to the Fund and (ii) generally after it has been disseminated to the NSCC.

The Chief Compliance Officer may authorize disclosure of portfolio holdings under additional circumstances when it is determined to be appropriate and doing so is reasonably likely not to harm the Fund or its shareholders.

The Board exercises continuing oversight of the disclosure of the Fund's portfolio holdings by (1) overseeing the implementation and enforcement of the Trust's the portfolio holdings policies and procedures by the Fund's Chief Compliance Officer and the Fund, (2) considering reports and recommendations by the Chief Compliance Officer concerning any material compliance matters (as defined in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act) that may arise in connection with any portfolio holdings policies and procedures, and (3) considering whether to approve or ratify any amendment to any of the portfolio holdings policies and procedures. The Board and the Fund reserve the right to amend the policies and procedures in their sole discretion at any time and from time to time without prior notice to shareholders. For purposes of the policies and procedures, the term "portfolio holdings" means investment positions held by the Fund that are not publicly disclosed.

In addition to the permitted disclosures described above, the Fund must publicly disclose its complete holdings quarterly in SEC filings. These reports will be available, free of charge, on the EDGAR database on the SEC's web site at www.sec.gov.

No person is authorized to disclose the Fund's portfolio holdings or other investment positions except in accordance with the Trust's policies and procedures.

**Voting Rights**

Each share of the Fund is entitled to one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shareholders receive one vote for every full Fund share owned. Shareholders of the Fund will vote separately on matters relating solely to the Fund. All shares of the Fund are freely transferable.

As a Delaware statutory trust, the Trust is not required to hold annual shareholder meetings unless otherwise required by the 1940 Act. However, for the purpose of considering removal of a Trustee as provided in Section 16(c) of the 1940 Act, a special meeting may be called by shareholders owning at least 10% of the outstanding shares of the Trust. Shareholder inquiries can be made by contacting the Trust at the number and website address provided under "Shareholder Inquiries" below.

**Shareholder Inquiries**

Shareholders may visit the Trust's web site at https://www.drivewealth.com/advisory/dwi-us100 or call (833) 222-8843 to obtain information about account statements, procedures, and other related information.

**FINANCIAL STATEMENTS**

DriveWealthICE 100 Index ETF

Statement of Assets and Liabilities

January 12, 2023

---

| | |
|:---|:---|
| **Assets:** | |
| Cash | $100000 |
| Total assets | 100000 |
| **Liabilities:** |  |
| Total liabilities | - |
| **Net Assets** | $100000 |
| **Net Assets consist of:** |  |
| Paid-in capital | $100000 |
| Net Assets | $100000 |
| **Shares Outstanding (no par value; unlimited shares authorized)** | 4000 |
| Net Asset Value Per Share | $25.00 |

---

*See accompanying Notesto Financial Statement.*

DriveWealth ICE 100 Index ETF

Notes to Financial Statement

January 12, 2023

**Note A – Organization**

DriveWealth ICE 100 Index ETF (the "Fund")is a newly organized, diversified, separate operating series of DriveWealth ETF Trust ("Trust"), a Delaware statutory trust since October 11, 2022, that is registered with the Securities and Exchange Commission as an open-end management investment company. The Fund has had no operations to date, other than those relating to organizational matters and the sale and issuance of 4,000 shares of common stock at an aggregate purchase price of $100,000 ($25.00 per share) to DriveAdvisory, LLC ("Adviser"), the Fund's investment adviser on January 12, 2023.

The Fund's investment objective is to seek investment results that, before fees and expenses, track the performance of the ICE DriveWealth 100 Index.

Under the Fund's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. The Fund may enter into contracts that contain representations and that provide general indemnifications. The Fund's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Fund.

**Note B – Summary of Significant Accounting Policies**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services—Investment Companies."

The preparation of the financial statement in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions at the date of the financial statement. Actual results could differ from those estimates.

**Note C – Investment Advisory Agreement and Other Services**

The Fund retains the Adviser as its investment adviser under an Investment Advisory Agreement (the "Advisory Agreement"). For such investment advisory services, the Fund has agreed to pay the Adviser a unitary advisory fee payable at the annual rate of 0.50% of the Fund's average daily net assets. Under the Advisory Agreement, the Adviser bears all of its own costs associated with providing services to the Fund.

In addition, the Adviser has contractually agreed to pay all operating expenses of the Fund, except (i) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes); (ii) brokerage expenses, including commissions, and other transaction costs; (iii) acquired fund fees and expenses; (iv) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the "1940 Act"), including distribution fees; (v) the compensation payable to the Adviser under the Advisory Agreement; (vi) litigation and tax reclaim expenses; and (vii) any expenses determined to be extraordinary expenses by the Board of Trustees (the "Board"). There were no fees incurred as of January 12, 2023 relating to these arrangements. With the Fund's consent, the Adviser may subcontract to third parties some of its responsibilities to the Fund under the Investment Advisory Agreement and may compensate each such third party that provides such services. There were no fees incurred as of January 12, 2023 relating to these arrangements.

Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") with the Adviser, Penserra Capital Management LLC is responsible for the day-to-day management of the Fund. Under the Sub-Advisory Agreement, the Adviser pays the Sub-adviser a fee for its services.

The Fund has adopted a Distribution Plan (the "Distribution Plan") that allows the Fund to pay distribution fees to Foreside Fund Services, LLC (the "Distributor") and other firms that provide distribution services ("Service Providers") . Under the Distribution Plan, if a Service Provider provides distribution services, the Fund would pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. The Distributor would, in turn, pay the Service Provider out of its fees. The Board currently has determined not to implement any 12b-1 fees pursuant to the Plan. 12b-1 fees may only be imposed after approval by the Board.

**Note D – Organizational Expenses and Offering Costs**

The Adviser (and not the Fund) has agreed to pay all of the Fund's organizational expenses and offering costs. As a result, organizational expenses and offering costs of the Fund are not reflected in the Fund's Statement of Assets and Liabilities. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser. Organizational expenses and offering costs are estimated to be $360,600.

**Note E – Capital Share Transactions**

The Fund will issue or redeem capital shares in aggregation of a specified number of shares (each, a "Creation Unit") to certain institutional investors (typically market makers or other broker-dealers) on a continuous basis through the Distributor. Currently, the number of shares that constitutes a Creation Unit is 25,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities, cash or a combination thereof, consistent with the Fund's investment objective, policies and disclosure.

**Note F – Federal Income Taxes**

It is the intention of the Fund to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent the Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

**Note G – Subsequent Events**

Management has evaluated all subsequent events through the date on which this statement was issued and has determined that no additional items require adjustment to or disclosure in this financial statement.

![image_001.jpg](image_001.jpg)

KPMG LLP

Two Financial Center

60 South Street

Boston, MA 02111

**Report of IndependentRegistered Public Accounting Firm**

To the Shareholder of the Fund and Board of Trustees

DriveWealth ETF Trust:

*Opinion on the Financial Statement*

We have audited the accompanying statement of assets and liabilities of DriveWealth ICE 100 Index ETF (the Fund), a series of the DriveWealth ETF Trust, as of January 12, 2023, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of January 12, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

![image_002.jpg](image_002.jpg)

We have served as the auditor of DriveWealth ETF Trust since 2023.

Boston, Massachusetts

March 23, 2023

KPMG LLP, a Delawarelimited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

**APPENDIX A - PROXY VOTING POLICY**

**Proxy Voting Policies and Procedures ofthe Adviser**

**Background**

An investment adviser owes a duty of care and loyalty to its clients with respect to monitoring corporate events and exercising proxy authority in the best interests of such clients. DriveAdvisory will adhere to Rule 206(4)-6 of the Advisers Act and applicable laws and regulations in regard to the voting of proxies. As a result, investment advisers must conduct a reasonable review into matters on which the adviser votes and to vote in the best interest of the client.

**Policies and Procedures**

The Trust has delegated proxy voting responsibilities to DriveAdvisory with respect to DriveWealth ICE 100 Index ETF, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with the Funds' and their shareholders' best interests and incompliance with all applicable proxy voting rules and regulations. As such, DriveAdvisory has the authority to vote proxies with respect to securities held by the Funds over which DriveAdvisory has voting discretion.

DriveAdvisory will cast proxy votes in a manner that is consistent with the best interests of the Funds. Where DriveAdvisory undertakes proxy voting responsibilities on behalf of multiple clients, it shall consider whether it should have different voting policies for some or all of these different clients, depending on the investment strategy and objectives of each client. These proxy voting policies and procedures are designed to deal with the complexities which may arise in cases where DriveAdvisory's interests conflict or appear to conflict with the interests of its clients and to provide a copy of proxy voting and these procedures upon client request. DriveAdvisory will also make available the record of DriveAdvisory's votes promptly upon request.

Unless contractually obligated to vote in a certain manner, DriveAdvisory will reach its voting decisions independently, after appropriate investigation. In order to facilitate the actual process of voting proxies, DriveAdvisory may contract with a proxy voting service provider. To the extent a proxy voting service provider is used, the CCO will be responsible for overseeing the proxy voting service provider's proxy voting activities for DriveAdvisory and will attempt to ensure that proxies are voted pursuant to the Procedures.

The CCO is responsible for monitoring the effectiveness of this policy.

DriveAdvisory generally will monitor proposed corporate actions and proxy issues regarding client securities and may take any of the following actions based on the best interests of its clients: (i) determine how to vote the proxies; (ii) abstain; or (iii) follow the recommendations of an independent proxy voting service in voting the proxies.

In general, DriveAdvisory will determine how to vote proxies based on reasonable judgment of the vote most likely to produce favorable financial results for its clients. Proxy votes generally will be cast in favor of proposals that maintain or strengthen the shared interests of shareholders. Proxy votes generally will be cast against proposals having the opposite effect. DriveAdvisory will always consider each side of each proxy issue.

Non-Voting of Proxies

DriveAdvisory will generally not vote proxies in the following situations:

● Where DriveAdvisory and client have agreed in advance to limit the conditions under which DriveAdvisory would exercise voting authority;

● Proxies are received for equity securities where, at the time of receipt, DriveAdvisory's position, across all clients that it advises, is less than, or equal to, 1% of the total outstanding voting equity (an "immaterial position"); or

● Where DriveAdvisory has determined that refraining is in the best interest of the client, such as when the cost to the client of voting the proxy is greater than the expected benefit of voting (e.g. voting a foreign security that is required to be made in person).

● Proxies are received for equity securities where, at the time of receipt, DriveAdvisory's clients no longer hold that position.

Management Proposals

DriveAdvisory will generally vote for routine matters proposed by issuer management, such as setting a time or place for an annual meeting, changing the name or fiscal year, or voting for directors in favor of the management proposed slate. Other routine matters in which DriveAdvisory will generally vote along with company management include: appointment of auditors; fees paid to board members; and change in the board structure. DriveAdvisory will generally vote along with management as long as the proposal does not: i) measurably change the structure, management, control or operations of DriveAdvisory; ii) measurably change the terms of, or fees or expenses associated with, an investment in DriveAdvisory; and (iii) the proposal is consistent with customary industry standards and practices, as well as the laws of the state of incorporation applicable to DriveAdvisory. Routine matters may not necessitate the same level of analysis than non-routine matters.

Non-Routine Matters

Non-routine matters may include such things as:

● The authorization of additional common or preferred stock;

● Initiation or termination of barriers to takeover or acquisition;

● Mergers or acquisitions; and

● Corporate reorganizations.

In non-routine matters, DriveAdvisory will attempt to be generally familiar with the questions at issue. Non-routine matters will be voted on a case-by-case basis given the complexity of many of these issues. When determining how to vote non-routine matters DriveAdvisory shall typically conduct an issue-specific analysis, giving consideration to the potential effect on the value of a client's investments.

Processing Proxy Votes

The CCO will be responsible for determining whether each proxy is for a "routine" matter, as described above, and whether the policy and procedures set forth herein actually address the specific issue. For proxies that are not clearly "routine", DriveAdvisory, in conjunction with the CCO, will determine how to vote each such proxy by applying these policies and procedures. Upon making a decision, the proxy will be executed and returned for submission to the issuer. DriveAdvisory's proxy voting record will be updated at the time the proxy is submitted.

Periodic Testing

DriveAdvisory shall evaluate compliance by periodically sampling the proxy votes it casts on behalf of its clients by sampling proxy votes that relate to proposals that are non-routine matters and require more issue-specific analysis (e.g., mergers and acquisition transactions, dissolutions, conversions, or consolidations).

Conflicts of Interest

Conflicts of interest between DriveAdvisory or an Associated Person of DriveAdvisory and DriveAdvisory's clients with respect to a proxy issue conceivably may arise, for example, from personal or professional relationships with an issuer or with the directors, candidates for director, or senior executives of an issuer.

Potential conflicts of interest between DriveAdvisory and its clients may arise when DriveAdvisory's relationships with an issuer or with a related third party actually conflict, or appear to conflict, with the best interests of DriveAdvisory's clients.

If the issue is specifically addressed in these policies and procedures, DriveAdvisory will vote in accordance with these policies. In a situation where the issue is not specifically addressed in these policies and procedures and an apparent or actual conflict exists, DriveAdvisory shall either: i) delegate the voting decision to an independent third party; ii) inform clients of the conflict of interest and obtain advance consent of a majority of such clients for a particular voting decision; or iii) obtain approval of a voting decision from DriveAdvisory's CEO, who will be responsible for documenting the rationale for the decision made and voted.

In all such cases, DriveAdvisory will make disclosures to clients of all material conflicts and will keep documentation supporting its voting decisions.

If the CCO determines that a material conflict of interest exists, the following procedures shall be followed:

1. DriveAdvisory may disclose the existence and nature of the conflict to the client(s) owning the securities, and seek directions on how to vote the proxies;

2. DriveAdvisory may abstain from voting, particularly if there are conflicting client interests (for example, where client accounts hold different client securities in a competitive merger situation); or

3. DriveAdvisory may follow the recommendations of an independent proxy voting service in voting the proxies.

Disclosure to Clients

The full text of DriveAdvisory's proxy voting policy will be providedto clients upon request.

**Form N-PX**

The Fund Administrator will file an annual report of each proxy voted with respect to portfolio securities held by the Funds during the twelve-month period ended June 30 on Form N-PX no later than August 31 of each year. The Form N-PX filing for the Funds will be based on the proxy voting records provided by DriveAdvisory.

It is our policy to avoid situations where there is any conflict of interest or perceived conflict of interest affecting our voting decisions. Any conflicts of interest, regardless of whether actual or perceived, will be addressed in accordance with these policies and procedures

It is the general policy of the Firm to vote on all matters presented to Security holders in any Proxy, and these policies and procedures have been designed with that in mind. However, DriveAdvisory reserves the right to abstain on any particular vote or otherwise withhold its vote on any matter if, in its judgement, the costs associated with voting such Proxy outweigh the benefits to Clients or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of our Clients.

While the guidelines included in the procedures are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration DriveAdvisory's contractual obligations to our Clients and all other relevant facts and circumstances at the time of the vote (such that these guidelines may be overridden to the extent Adviser believes appropriate).

As DriveAdvisory provides investment advisory services to registered, an open-end investment company, it will vote any proxies for the Funds in accordance with any applicable investment restrictions of the Funds, if applicable.

**Proxy Voting Service Provider Oversight**

To the extent a proxy voting service provider is used, DriveAdvisory will obtain an annual attestation from the proxy voting service provider addressing the following items:

1. Proxy voting service provider has the capacity and competence to adequately analyze proxy issues and other governance issues and makes its recommendations in an impartial and independent manner;

2. Identify any exceptions to the proxy voting service provider's proxy voting policies in the application of vote recommendations on behalf of the Funds;

3. Identify any proxy voting recommendations made by the proxy voting service provider which were subject to a conflict of interest.

**APPENDIX B - DESCRIPTION OF SECURITIES RATINGS**

Moody's Investors Service, Inc. ("Moody's")and Standard &Poor's® ("S&P") are private services that provide ratings of the credit quality of debt obligations. A description of the ratings assigned by Moody's and S&P are provided below. These ratings represent the opinions of these rating services as to the quality of the securities that they undertake to rate. It should be emphasized, however, that ratings are general and are not absolute standards of quality. An advisor attempts to discern variations in credit rankings of the rating services and to anticipate changes in credit ranking. However, subsequent to purchase by a fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum rating required for purchase by the fund. In that event, an advisor will consider whether it is in the best interest of a fund to continue to hold the securities.

Moody's credit ratings are current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody's defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings are not statements of current or historical fact. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. Credit ratings do not comment on the suitability of an investment for any particular investor. Moody's issues its credit ratings with the expectation and understanding that each investor will make its own study and evaluation of each security that is under consideration for purchase, holding, or sale.

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

(1) This Appendix A may contain information obtained from third parties, including ratings from credit ratings agencies such as S&P. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. they issue, as well as structured finance securities backed by receivables or other financial assets.

Short-Term Credit Ratings

Moody's

Moody's short-term ratings are opinionsof the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"P-1" - Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

"P-2" - Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

"P-3" - Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

"NP" - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Note: Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced by the senior-most long-term rating of the issuer, its guarantor or support-provider.

S&P

S&P's short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days-including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating.

The following summarizes the rating categories used by S&P for short-term issues:

"A-1" - Obligations are rated in the highest category and indicate that the obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

"A-2" - Obligations are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

"A-3" - Obligations exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

"B" - Obligations are regarded as having significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

"C" - Obligations are currently vulnerable to nonpayment and are dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation.

"D" - Obligations are in payment default. The "D" rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Local Currency and Foreign Currency Risks Country risk considerations are a standard part of S&P's analysis for credit ratings on any issuer or issue. Currency of repayment is a key factor in this analysis. An obligor's capacity to repay foreign currency obligations may be lower than its capacity to repay obligations in its local currency due to the sovereign government's own relatively lower capacity to repay external versus domestic debt. These sovereign risk considerations are incorporated in the debt ratings assigned to specific issues. Foreign currency issuer ratings are also distinguished from local currency issuer ratings to identify those instances where sovereign risks make them different for the same issuer.

Long-Term Credit Ratings

Moody's

Moody's long-term ratings are opinions of the relative credit risk of financial obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial loss suffered in the event of default.

The following summarizes the ratings used by Moody's for long-term debt:

"Aaa" - Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

"Aa" - Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

"A" - Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

"Baa" - Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

"Ba" - Obligations rated "Ba" are judged to be speculative and are subject to substantial credit risk.

"B" - Obligations rated "B" are considered speculative and are subject to high credit risk.

"Caa" - Obligations rated "Caa" are judged to be of poor standing and are subject to very high credit risk.

"Ca" - Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

"C" - Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

S&P

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

● Likelihood of payment — capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

● Nature of and provisions of the obligation;

● Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

The following summarizes the ratings used by S&P for long-term issues:

"AAA" - An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

"AA" - An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

"A" - An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

"BBB" - An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Obligations rated "BB," "B," "CCC," "CC," and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

"BB" - An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

"B" - An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB," but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

"CCC" - An obligation rated "CCC" is currently vulnerable to nonpayment, and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

"CC" - An obligation rated "CC" is currently highly vulnerable to nonpayment.

"C" - A "C" rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default. Among others, the "C" rating may be assigned to subordinated debt, preferred stock or other obligations on which cash payments have been suspended in accordance with the instrument's terms or when preferred stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

"D" - An obligation rated "D" is in payment default. The "D" rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days, irrespective of any grace period. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized. An obligation's rating is lowered to "D" upon completion of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

Plus (+) or minus (-) - The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

"NR" - This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy.

Local Currency and Foreign Currency Risks Country risk considerations are a standard part of S&P's analysis for credit ratings on any issuer or issue. Currency of repayment is a key factor in this analysis. An obligor's capacity to repay foreign currency obligations may be lower than its capacity to repay obligations in its local currency due to the sovereign government's own relatively lower capacity to repay external versus domestic debt. These sovereign risk considerations are incorporated in the debt ratings assigned to specific issues. Foreign currency issuer ratings are also distinguished from local currency issuer ratings to identify those instances where sovereign risks make them different for the same issuer.

Municipal Note Ratings

Moody's

Moody's uses three rating categories for short-term municipal obligations that are considered investment grade. These ratings are designated as Municipal Investment Grade ("MIG") and are divided into three levels - "MIG 1" through "MIG 3". In addition, those short-term obligations that are of speculative quality are designated "SG", or speculative grade. MIG ratings expire at the maturity of the obligation.

The following summarizes the ratings used by Moody's for these short-term obligations:

"MIG 1" - This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

"MIG 2" - This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

"MIG 3" - This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

"SG" - This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned; a long- or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade or "VMIG" rating scale.

When either the long- or short-term aspect of a VRDO is not rated, that piece is designated "NR", e.g., "Aaa/NR" or "NR/VMIG 1".

VMIG rating expirations are a function of each issue's specific structural or credit features.

"VMIG 1" - This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

"VMIG 2" - This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

"VMIG 3" - This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

"SG" - This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

S&P

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

• Amortization schedule-the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

"SP-1" - The issuers of these municipal notes exhibit a strong capacity to pay principal and interest. Those issues determined to possess a very strong capacity to pay debt service are given a plus (+) designation.

"SP-2" - The issuers of these municipal notes exhibit a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

"SP-3" - The issuers of these municipal notes exhibit speculative capacity to pay principal and interest.

**PART C. OTHER INFORMATION**

**ITEM 28. EXHIBITS:**

---

| | |
|:---|:---|
| (a) | [Amended and Restated Agreement and Declaration of Trust\*\*](ea151560_ex99-a.htm) |
| (b) | [By-Laws of the Trust\*](http://www.sec.gov/Archives/edgar/data/1954014/000089843222000643/exh99-b.htm) |
| (c) | Instruments defining rights of security holders with respect to the Registrant are contained inthe Declaration of Trust and By-Laws, which are incorporated by reference to [Exhibits (a)](ea151560_ex99-a.htm) and [(b)](http://www.sec.gov/Archives/edgar/data/1954014/000089843222000643/exh99-b.htm) of Item 28 of Part C herewith. |
| (d)(1) | [Form of Investment Advisory Agreement between the Registrant and DriveAdvisory, LLC\*\*](ea151560_ex99-d1.htm) |
| (d)(2) | [Form of Sub-Advisory Agreement between DriveAdvisory, LLC and Penserra Capital Management LLC\*\*](ea151560_ex99-d2.htm) |
| (e)(1) | [Distribution Agreement\*\*](ea151560_ex99-e1.htm) |
| (e)(2) | [Form of Authorized Participation Agreement\*\*](ea151560_ex99-e2.htm) |
| (f) | Not applicable. |
| (g) | [Custodian Agreement\*\*](ea151560_ex99-g.htm) |
| (h)(1) | [Transfer Agency Agreement\*\*](ea151560_ex99-h1.htm) |
| (h)(2) | [Administration Agreement\*\*](ea151560_ex99-h2.htm) |
| (h)(3) | [Sublicense Agreement between the Trust and DriveAdvisory, LLC\*\*](ea151560_ex99-h3.htm) |
| (h)(4) | [Fund CCO and AMLO Agreement\*\*](ea151560_ex99-h4.htm) |
| (h)(5) | [Fund PFO/Treasurer Agreement\*\*](ea151560_ex99-h5.htm) |
| (i) | [Legal Opinion\*\*](ea151560_ex99-i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm\*\*](ea151560_ex99-j.htm) |
| (k) | Not applicable. |
| (l) | [Initial Capital Agreement\*\*](ea151560_ex99-l.htm) |
| (m) | [Plan of Distribution Pursuant to Rule 12b-1\*\*](ea151560_ex99-m.htm) |
| (n) | Not applicable. |
| (o) | Reserved. |
| (p)(1) | [Code of Ethics of the Registrant\*\*](ea151560_ex99-p1.htm)<br>|
| (p)(2) | [Code of Ethics of DriveAdvisory, LLC\*\*](ea151560_ex99-p2.htm) |
| (p)(3) | [Code of Ethics of Penserra Capital Management LLC\*\*](ea151560_ex99-p3.htm)<br>|
| (p)(4) | [Code of Ethics of Distributor\*\*](ea151560_ex99-p4.htm)  |
| (q)(1) | [Power of Attorney - Caitlin Sheehan\*\*](ea151560_ex99-q1.htm)<br>|
| (q)(2) | [Power of Attorney - Christopher Quinn\*\*](ea151560_ex99-q2.htm)<br>|
| (q)(3) | [Power of Attorney - James Bryant\*\*](ea151560_ex99-q3.htm) |
| (q)(4) | [Power of Attorney - Kirt Bjork\*\*](ea151560_ex99-q4.htm) |
| (q)(5) | [Power of Attorney - Robert Cortright\*\*](ea151560_ex99-q5.htm)<br>|
| (q)(6) | [Power of Attorney - Robert Smith\*\*](ea151560_ex99-q6.htm)<br>|

---

---

| | |
|:---|:---|
| EX-101.INS | XBRL Instance Document\*\* |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document\*\* |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase\*\* |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase\*\* |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase\*\* |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase\*\* |

---

\* Previously filed as exhibits to the Registration Statement filedon November 15, 2022, and incorporated by reference herein.

\*\* Filed herewith.

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE TRUST.**

Not applicable.

**ITEM 30. INDEMNIFICATION.**

The Registrant is organized as a Delaware statutorytrust and is operated pursuant to an Amended and Restated Agreement and Declaration of Trust dated March 15, 2023 ("Declaration of Trust") that permits the Registrant to indemnify its trustees and officers under certain circumstances. Such indemnification, however, is subject to the limitations imposed by the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"). The Registrant's Declaration of Trust provides that officers and trustees of the Trust shall be indemnified by the Trust against liabilities and expenses of defense in proceedings against them by reason of the fact that they each serve as an officer or trustee of the Trust.

Under Article IX, Section 2 of the Registrant's Declaration of Trust:

a. Subject to the exceptions and limitations contained in subsection (b) below;

i. every person who is, or has been, a Trustee or an officer, employee or agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with: (A) any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof; and (B) any liabilities and expenses, including, without limitation, the cost of credit monitoring, incurred by the indemnified representative as a result of the indemnified representative, while acting in an indemnified capacity, having provided personally identifiable information, including, without limitation, birthdates, social security numbers, driver's license numbers or passport numbers, to a regulator or counterparty by or with whom the Trust, or its series, is regulated or engages in business to satisfy a legal or procedural requirement of such regulator or counterparty, including, without limitation, know-your-customer or anti- money laundering requirements, and the security of such personally identifiable information is compromised and used to the detriment of the indemnified representative.

ii. as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever.

b. To the extent required under the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person;

i. who shall have been finally adjudicated by a court or other body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein; or

ii. in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(i) above resulting in a payment by a Trustee or officer, unless there has been a determination that such Covered Person did not engage in bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein: (A) by the court or other body approving the settlement or other disposition; (B) by at least a majority of those Trustees who are neither Interested persons of the Trust nor parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial- type inquiry).

c. The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

d. To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the person or persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

e. To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit, proceeding or other matter of the character described in subsection (a) of this Section 2 shall be paid by the Trust and each Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or applicable Series if it is ultimately determined that he or she is not entitled to indemnification under this Section 2; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission. The advancement of any expenses pursuant to this Section 2(e) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002, as amended from time to time, or for any other reason.

f. Any repeal or modification of this Article IX or adoption or modification of any other provision of this Declaration of Trust inconsistent with this Article shall be prospective only to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification or right to advancement of expenses available to any Covered Person with respect to any act or omission that occurred prior to such repeal, modification or adoption.

g. Nothing contained herein shall affect any rights to indemnification to which any Covered Person or other person may be entitled by contract or otherwise under law or prevent the Trust from entering into any contract to provide indemnification to any Covered Person or other person. Without limiting the foregoing, the Trust may, in connection with any transaction permitted by this Declaration of Trust, including the acquisition of assets subject to liabilities or a merger or consolidation pursuant hereto, assume the obligation to indemnify any person including a Covered Person or otherwise contract to provide such indemnification, and such indemnification shall not be subject to the terms of this Article IX unless otherwise required under applicable law.

Insofar as indemnification for liabilities arising under the 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 INVESTMENT ADVISER AND SUB-ADVISER**

DriveAdvisory, LLC (the "Adviser") is a registered investment adviser that provides investment advisory services to the each series of the Registrant. The address of the Adviser is 15 Exchange Place, 10th Floor, Jersey City, New Jersey 07302. Penserra Capital Management LLC (the "Sub-Adviser") is a registered investment adviser that provides sub-advisory services to DriveWealth ICE100 Index ETF, a series of the Registrant. The address of the Sub-Adviser is 4 Orinda Way, Suite 100-A, Orinda, California, 94563. The description of the Adviser and the Sub-Adviser is found under the captions "Investment Adviser" and "Sub-Adviser" in the Prospectus and under the captions "Investment Adviser" and "Sub-Adviser" in the Statement of Additional Information constituting Parts A and B, respectively, of this Registration Statement, which are incorporated by reference herein. The Adviser and the Sub-Adviser provide investment advisory services to other clients in addition to the Registrant.

**ITEM 32. PRINCIPAL UNDERWRITERS:**

(a) Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for certain series of the following investment companies registered under the 1940 Act, as amended:

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. Absolute Shares Trust

4. Adaptive Core ETF, Series of Collaborative Investment Series Trust

5. AdvisorShares Trust

6. AFA Multi-Manager Credit Fund

7. AGF Investments Trust

8. AIM ETF Products Trust

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

10. Alpha Intelligent – Large Cap Growth ETF, Series of Listed Funds Trust

11. Alpha Intelligent – Large Cap Value ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. Amplify ETF Trust

15. Applied Finance Core Fund, Series of World Funds Trust

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

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

18. ARK ETF Trust

19. ARK Venture Fund

20. ASYMmetric ETFs Trust

21. B.A.D. ETF, Series of Listed Funds Trust

22. Bitwise Funds Trust

23. Bluestone Community Development Fund

24. BondBloxx ETF Trust

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

26. Bridgeway Funds, Inc.

27. Brinker Capital Destinations Trust

28. Brookfield Real Assets Income Fund Inc.

29. Build Funds Trust

30. Calamos Convertible and High Income Fund

31. Calamos Convertible Opportunities and Income Fund

32. Calamos Dynamic Convertible and Income Fund

33. Calamos ETF Trust

34. Calamos Global Dynamic Income Fund

35. Calamos Global Total Return Fund

36. Calamos Strategic Total Return Fund

37. Carlyle Tactical Private Credit Fund

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

39. Cboe Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

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

41. Cboe Vest US Large Cap 10% Buffer VI Fund, Series of World Funds Trust

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

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

44. Center Coast Brookfield MLP & Energy Infrastructure Fund

45. Clifford Capital Focused Small Cap Value Fund, Series of World Funds Trust

46. Clifford Capital International Value Fund, Series of World Funds Trust

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

48. Cliffwater Corporate Lending Fund

49. Cliffwater Enhanced Lending Fund

50. Cohen & Steers Infrastructure Fund, Inc.

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

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

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

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

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

56. Davis Fundamental ETF Trust

57. Defiance Daily Short Digitizing the Economy ETF, Series of ETF Series Solutions

58. Defiance Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions

59. Defiance Next Gen Connectivity ETF, Series of ETF Series Solutions

60. Defiance Next Gen H2 ETF, Series of ETF Series Solutions

61. Defiance Quantum ETF, Series of ETF Series Solutions

62. Direxion Shares ETF Trust

63. Dividend Performers ETF, Series of Listed Funds Trust

64. Dodge & Cox Funds

65. DoubleLine ETF Trust

66. DoubleLine Opportunistic Credit Fund

67. DoubleLine Yield Opportunities Fund

68. Eaton Vance NextShares Trust

69. Eaton Vance NextShares Trust II

70. EIP Investment Trust

71. Ellington Income Opportunities Fund

72. ETF Opportunities Trust

73. Evanston Alternative Opportunities Fund

74. Exchange Listed Funds Trust

75. Fiera Capital Series Trust

76. FlexShares Trust

77. Forum Funds

78. Forum Funds II

79. Forum Real Estate Income Fund

80. Goose Hollow Tactical Allocation ETF, Series of Collaborative Investment Series Trust

81. Grayscale Future of Finance ETF, Series of ETF Series Solutions

82. Grizzle Growth ETF, Series of Listed Funds Trust

83. Guinness Atkinson Funds

84. Harbor ETF Trust

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

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

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

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

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

90. IDX Funds

91. Innovator ETFs Trust

92. Ironwood Institutional Multi-Strategy Fund LLC

93. Ironwood Multi-Strategy Fund LLC

94. John Hancock Exchange-Traded Fund Trust

95. Kelly Strategic ETF Trust

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

97. LifeGoal Conservative Wealth Builder ETF, Series of Northern Lights Fund Trust II

98. LifeGoal Home Down Payment ETF, Series of Northern Lights Fund Trust II

99. LifeGoal Wealth Builder ETF, Series of Northern Lights Fund Trust II

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

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

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

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

104. Manor Investment Funds

105. Merk Stagflation ETF, Series of Listed Funds Trust

106. Milliman Variable Insurance Trust

107. Mindful Conservative ETF, Series of Collaborative Investment Series Trust

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

109. Mohr Growth ETF, Series of Collaborative Investment Series Trust

110. Mohr Sector Navigator ETF, Series of Collaborative Investment Series Trust

111. Morgan Creek-Exos Active SPAC Arbitrage ETF, Series of Listed Funds Trust

112. Morgan Stanley ETF Trust

113. Morningstar Funds Trust

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

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

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

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

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

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

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

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

122. Palmer Square Opportunistic Income Fund

123. Partners Group Private Income Opportunities, LLC

124. Performance Trust Mutual Funds, Series of Trust for Professional Managers

125. Perkins Discovery Fund, Series of World Funds Trust

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

127. Plan Investment Fund, Inc.

128. PMC Funds, Series of Trust for Professional Managers

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

130. Preferred-Plus ETF, Series of Listed Funds Trust

131. Putnam ETF Trust

132. Quaker Investment Trust

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

134. Rareview Inflation/Deflation ETF, Series of Collaborative Investment Series Trust

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

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

137. Renaissance Capital Greenwich Funds

138. Revere Sector Opportunity ETF, Series of Collaborative Investment Series Trust

139. Reynolds Funds, Inc.

140. RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

141. RiverNorth Patriot ETF, Series of Listed Funds Trust

142. RMB Investors Trust

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

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

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

146. Roundhill Cannabis ETF, Series of Listed Funds Trust

147. Roundhill IO Digital Infrastructure ETF, Series of Listed Funds Trust

148. Roundhill MEME ETF, Series of Listed Funds Trust

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

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

151. Rule One Fund, Series of World Funds Trust

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

153. SHP ETF Trust

154. Six Circles Trust

155. Sound Shore Fund, Inc.

156. Sparrow Funds

157. Spear Alpha ETF, Series of Listed Funds Trust

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

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

160. Strategy Shares

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

162. Syntax ETF Trust

163. Teucrium Agricultural Strategy No K-1 ETF, Series of Listed Funds Trust

164. The Community Development Fund

165. The Finite Solar Finance Fund

166. The Private Shares Fund

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

168. Third Avenue Trust

169. Third Avenue Variable Series Trust

170. Tidal ETF Trust

171. Tidal Trust II

172. TIFF Investment Program

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

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

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

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

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

178. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

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

180. Total Fund Solution

181. Touchstone ETF Trust

182. TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

183. TrueShares ESG Active Opportunities ETF, Series of Listed Funds Trust

184. TrueShares Low Volatility Equity Income ETF, Series of Listed Funds Trust

185. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

186. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

187. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

188. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

189. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

190. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

191. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

192. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

193. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

194. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

195. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

196. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

197. TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

198. U.S. Global Investors Funds

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

200. Variant Alternative Income Fund

201. Variant Impact Fund

202. VictoryShares Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

203. VictoryShares Dividend Accelerator ETF, Series of Victory Portfolios II

204. VictoryShares Emerging Markets Value Momentum ETF, Series of Victory Portfolios II

205. VictoryShares International High Div Volatility Wtd ETF, Series of Victory Portfolios II

206. VictoryShares International Value Momentum ETF, Series of Victory Portfolios II

207. VictoryShares International Volatility Wtd ETF, Series of Victory Portfolios II

208. VictoryShares NASDAQ Next 50 ETF, Series of Victory Portfolios II

209. VictoryShares Protect America ETF, Series of Victory Portfolios II

210. VictoryShares Top Veteran Employers ETF, Series of Victory Portfolios II

211. VictoryShares US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

212. VictoryShares US 500 Volatility Wtd ETF, Series of Victory Portfolios II

213. VictoryShares US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

214. VictoryShares US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

215. VictoryShares US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

216. VictoryShares US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

217. VictoryShares US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

218. VictoryShares US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

219. VictoryShares US Small Mid Cap Value Momentum ETF, Series of Victory Portfolios II

220. VictoryShares US Value Momentum ETF, Series of Victory Portfolios II

221. VictoryShares USAA Core Intermediate-Term Bond ETF, Series of Victory Portfolios II

222. VictoryShares USAA Core Short-Term Bond ETF, Series of Victory Portfolios II

223. VictoryShares WestEnd US Sector ETF, Series of Victory Portfolios II

224. Walthausen Funds

225. West Loop Realty Fund, Series of Investment Managers Series Trust

226. WisdomTree Digital Trust

227. WisdomTree Trust

228. WST Investment Trust

229. XAI Octagon Floating Rate & Alternative Income Term Trust

(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; <u>Position with Registrant</u><br>|
| &nbsp;&nbsp;Teresa Cowan | &nbsp;&nbsp;111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | &nbsp;&nbsp;President/Manager |  |
| &nbsp;&nbsp; Chris Lanza<br>| &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp; Vice President<br>|  |
| &nbsp;&nbsp; Kate Macchia<br>| &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Nanette K. Chern | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| &nbsp;&nbsp;Kelly B. Whetstone | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Secretary |  |
| &nbsp;&nbsp;Susan L. LaFond | &nbsp;&nbsp;111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | &nbsp;&nbsp;Treasurer |  |

---

(c) Not applicable.

**ITEM 33. LOCATION OF ACCOUNTS AND RECORDS**

Books or other documents required to be maintained by Section 31(a) of the 1940 Act, as amended, and the rules promulgated thereunder, are maintained as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12) and 31a-1(d), the required books and records will be maintained at the offices of Registrant's Custodian:

State Street Bank and Trust Company

One Lincoln Street

State Street Financial Center

Boston, MA 02111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Withrespect to Rules 31a-1(a); 31a-1(b)(1), (4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are maintained at the offices of the Registrant's Administrator.

State Street Bank and Trust Company

One Lincoln Street

State Street Financial Center

Boston, MA 02111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the required books and records are maintained at the principal offices of the Registrant's Adviser and Sub-Advisers:

DriveAdvisory, LLC

15 Exchange Place

10th Floor

Jersey City, New Jersey 07302

Penserra Capital Management LLC

4 Orinda Way

Suite 100-A

Orinda, California, 94563

**ITEM 34. MANAGEMENT SERVICES** 

Not applicable.

**ITEM 35. UNDERTAKINGS**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the SecuritiesAct of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Bolton and State of Massachusetts, on March 23, 2023.

---

| |
|:---|
| DRIVEWEALTH ETF TRUST |
| /s/ Christopher Quinn |
| Christopher Quinn |
| President (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act, this pre-effectiveamendment to the Registrant's Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Christopher Quinn |  |  |
| Christopher Quinn | President (Principal Executive Officer) and Trustee | March 23, 2023 |
| /s/ Michael Minella |  |  |
| Michael Minella | Treasurer (Principal Financial Officer/Principal Accounting Officer) | March 23, 2023 |
| /s/ Robert Cortright\* |  |  |
| Robert Cortright | Trustee | March 23, 2023 |
| /s/ Kirt Bjork\* |  |  |
| Kirt Bjork | Trustee | March 23, 2023 |
| /s/ James Bryant\* |  |  |
| James Bryant | Trustee | March 23, 2023 |
| /s/ Caitlin Sheehan\* |  |  |
| Caitlin Sheehan | Trustee | March 23, 2023 |
| /s/ Robert Smith\* |  |  |
| Robert Smith | Trustee | March 23, 2023 |
| By: /s/ Christopher Quinn |  |  |
| Christopher Quinn | Attorney In Fact for the Persons Listed Above | March 23, 2023 |

---

\*By Power of Attorney

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| (a) | [Amended and Restated Agreement and Declaration of Trust](ea151560_ex99-a.htm) |
| (d)(1) | [Form of Investment Advisory Agreement between the Registrant and DriveAdvisory, LLC](ea151560_ex99-d1.htm) |
| (d)(2) | [Form of Sub-Advisory Agreement between DriveAdvisory, LLC and Penserra Capital Management LLC](ea151560_ex99-d2.htm) |
| (e)(1) | [Distribution Agreement](ea151560_ex99-e1.htm) |
| (e)(2) | [Form of Authorized Participation Agreement](ea151560_ex99-e2.htm) |
| (g) | [Custodian Agreement](ea151560_ex99-g.htm) |
| (h)(1) | [Transfer Agency Agreement](ea151560_ex99-h1.htm) |
| (h)(2) | [Administration Agreement](ea151560_ex99-h2.htm) |
| (h)(3) | [Sublicense Agreement between the Trust and DriveAdvisory, LLC](ea151560_ex99-h3.htm) |
| (h)(4) | [Fund CCO and AMLO Agreement](ea151560_ex99-h4.htm) |
| (h)(5) | [Fund PFO/Treasurer Agreement](ea151560_ex99-h5.htm) |
| (i) | [Legal Opinion](ea151560_ex99-i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm](ea151560_ex99-j.htm) |
| (l) | [Initial Capital Agreement](ea151560_ex99-l.htm) |
| (m) | [Plan of Distribution Pursuant to Rule 12b-1](ea151560_ex99-m.htm) |
| (p)(1) | [Code of Ethics of the Registrant](ea151560_ex99-p1.htm) |
| (p)(2) | [Code of Ethics of DriveAdvisory, LLC](ea151560_ex99-p2.htm) |
| (p)(3) | [Code of Ethics of Penserra Capital Management LLC](ea151560_ex99-p3.htm) |
| (p)(4) | [Code of Ethics of Distributor](ea151560_ex99-p4.htm) |
| (q)(1) | [Power of Attorney - Caitlin Sheehan](ea151560_ex99-q1.htm) |
| (q)(2) | [Power of Attorney - Christopher Quinn](ea151560_ex99-q2.htm) |
| (q)(3) | [Power of Attorney - James Bryant](ea151560_ex99-q3.htm) |
| (q)(4) | [Power of Attorney - Kirt Bjork](ea151560_ex99-q4.htm) |
| (q)(5) | [Power of Attorney - Robert Cortright](ea151560_ex99-q5.htm) |
| (q)(6) | [Power of Attorney - Robert Smith](ea151560_ex99-q6.htm) |

---

## Ex-99.(A)

**Exhibit (a)**

DRIVEWEALTH ETF TRUST

15 Exchange Place<br> 10th Floor Jersey City, NJ

07302

AMENDED AND RESTATED

AGREEMENT AND DECLARATION OF TRUST

March 15, 2023

---

| | | |
|:---|:---|:---|
| Article I | DEFINITIONS | 2 |
| Article II | THE TRUSTEES | 4 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;MANAGEMENT OF THE TRUST | 4 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;INITIAL TRUSTEES; ELECTION AND NUMBER OF TRUSTEES. | 4 |
| &nbsp;&nbsp;&nbsp;Section 3. | &nbsp;&nbsp;&nbsp;TERM OF OFFICE OF TRUSTEES. | 4 |
| &nbsp;&nbsp;&nbsp;Section 4. | &nbsp;&nbsp;&nbsp;VACANCIES; APPOINTMENT OF TRUSTEES. | 4 |
| &nbsp;&nbsp;&nbsp;Section 5. | &nbsp;&nbsp;&nbsp;TEMPORARY VACANCY OR ABSENCE. | 5 |
| &nbsp;&nbsp;&nbsp;Section 6. | &nbsp;&nbsp;&nbsp;CHAIRPERSON. | 5 |
| &nbsp;&nbsp;&nbsp;Section 7. | &nbsp;&nbsp;&nbsp;ACTION BY THE TRUSTEES. | 5 |
| &nbsp;&nbsp;&nbsp;Section 8. | &nbsp;&nbsp;&nbsp;OWNERSHIP OF TRUST PROPERTY | 5 |
| &nbsp;&nbsp;&nbsp;Section 9. | &nbsp;&nbsp;&nbsp;EFFECT OF TRUSTEES NOT SERVING | 5 |
| &nbsp;&nbsp;&nbsp;Section 10. | &nbsp;&nbsp;&nbsp;TRUSTEES AND OTHERS AS SHAREHOLDERS | 5 |
| &nbsp;&nbsp;&nbsp;Section 11. | &nbsp;&nbsp;&nbsp;TRUSTEE COMPENSATION | 6 |
| Article III | POWERS OF THE TRUSTEES | 6 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;POWERS | 6 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;CERTAIN TRANSACTIONS | 10 |
| Article IV | SERIES; CLASSES; SHARES | 10 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;ESTABLISHMENT OF SERIES AND CLASSES | 10 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;SHARES | 10 |
| &nbsp;&nbsp;&nbsp;Section 3. | &nbsp;&nbsp;&nbsp;PREEMPTIVE AND APPRAISAL RIGHTS | 11 |
| &nbsp;&nbsp;&nbsp;Section 4. | &nbsp;&nbsp;&nbsp;INVESTMENTS IN THE TRUST | 11 |
| &nbsp;&nbsp;&nbsp;Section 5. | &nbsp;&nbsp;&nbsp;ASSETS AND LIABILITIES OF SERIES AND CLASSES | 11 |
| &nbsp;&nbsp;&nbsp;Section 6. | &nbsp;&nbsp;&nbsp;OWNERSHIP AND TRANSFER OF SHARES | 12 |
| &nbsp;&nbsp;&nbsp;Section 7. | &nbsp;&nbsp;&nbsp;STATUS OF SHARES; LIMITATION OF SHAREHOLDER LIABILITY | 13 |
| &nbsp;&nbsp;&nbsp;Section 8. | &nbsp;&nbsp;&nbsp;FRACTIONS | 13 |
| Article V | DISTRIBUTIONS, REDEMPTIONS AND NET ASSET VALUE | 13 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;DISTRIBUTIONS | 13 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;REDEMPTIONS | 13 |
| &nbsp;&nbsp;&nbsp;Section 3. | &nbsp;&nbsp;&nbsp;REDEMPTION BY TRUST | 14 |
| &nbsp;&nbsp;&nbsp;Section 4. | &nbsp;&nbsp;&nbsp;PREVENTION OF PERSONAL HOLDING COMPANY STATUS | 14 |
| &nbsp;&nbsp;&nbsp;Section 5. | &nbsp;&nbsp;&nbsp;DETERMINATION OF NET ASSET VALUE PER SHARE | 15 |
| &nbsp;&nbsp;&nbsp;Section 6. | &nbsp;&nbsp;&nbsp;SUSPENSION OF RIGHT OF REDEMPTION | 15 |

---

- Page i -

---

| | | |
|:---|:---|:---|
| Article VI | SHAREHOLDERS' POWERS AND MEETINGS | 15.0 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;VOTING POWERS | 15.0 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;MEETINGS OF SHAREHOLDERS | 16.0 |
| &nbsp;&nbsp;&nbsp;Section 3. | &nbsp;&nbsp;&nbsp;QUORUM; REQUIRED VOTE | 16.0 |
| &nbsp;&nbsp;&nbsp;Section 4. | &nbsp;&nbsp;&nbsp;INSPECTION OF RECORDS | 16.0 |
| &nbsp;&nbsp;&nbsp;Section 5. | &nbsp;&nbsp;&nbsp;ADDITIONAL PROVISIONS | 16.0 |
| &nbsp;&nbsp;&nbsp;Section 6. | &nbsp;&nbsp;&nbsp;DERIVATIVE ACTIONS | 16.0 |
| Article VII | CONTRACTS WITH SERVICE PROVIDERS | 16.0 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;INVESTMENT ADVISER. | 16.0 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;PRINCIPAL UNDERWRITER/DISTRIBUTOR. | 17.0 |
| &nbsp;&nbsp;&nbsp;Section 3. | &nbsp;&nbsp;&nbsp;CUSTODIAN. | 17.0 |
| &nbsp;&nbsp;&nbsp;Section 4. | &nbsp;&nbsp;&nbsp;TRANSFER AGENCY, SHAREHOLDER SERVICES AND ADMINISTRATION AGREEMENTS. | 17.0 |
| &nbsp;&nbsp;&nbsp;Section 5. | &nbsp;&nbsp;&nbsp;PARTIES TO CONTRACTS WITH SERVICE PROVIDERS. | 17.0 |
| &nbsp;&nbsp;&nbsp;Section 6. | &nbsp;&nbsp;&nbsp;MODIFICATION, AMENDMENT AND WAIVER. | 17.0 |
| Article VIII | EXPENSES OF THE TRUST, SERIES AND CLASSES | 18.0 |
| Article IX | LIMITATION OF LIABILITY AND INDEMNIFICATION | 18.0 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;LIMITATION OF LIABILITY. | 18.0 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;INDEMNIFICATION. | 18.0 |
| &nbsp;&nbsp;&nbsp;Section 3. | &nbsp;&nbsp;&nbsp;INDEMNIFICATION OF SHAREHOLDERS. | 20.0 |
| Article X | MISCELLANEOUS | 20.0 |
| &nbsp;&nbsp;&nbsp;Section 1. | &nbsp;&nbsp;&nbsp;TRUST NOT A PARTNERSHIP. | 20.0 |
| &nbsp;&nbsp;&nbsp;Section 2. | &nbsp;&nbsp;&nbsp;TRUSTEE ACTION; EXPERT ADVICE; NO BOND OR SURETY. | 20.0 |
| &nbsp;&nbsp;&nbsp;Section 3. | &nbsp;&nbsp;&nbsp;TERMINATION OR REORGANIZATION OF THE TRUST. | 20.0 |
| &nbsp;&nbsp;&nbsp;Section 4. | &nbsp;&nbsp;&nbsp;TRUST INSTRUMENT. | 21.0 |
| &nbsp;&nbsp;&nbsp;Section 5. | &nbsp;&nbsp;&nbsp;APPLICABLE LAW; JURISDICTION AND WAIVER OF JURY TRIAL. | 22.0 |
| &nbsp;&nbsp;&nbsp;Section 6. | &nbsp;&nbsp;&nbsp;AMENDMENTS. | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 7. | &nbsp;&nbsp;&nbsp;FISCAL YEAR. | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 8. | &nbsp;&nbsp;&nbsp;SEVERABILITY. | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 9. | &nbsp;&nbsp;&nbsp;INTERPRETATION. | 23.0 |
| SCHEDULE A |  |  |

---

- Page ii -

**DRIVEWEALTH ETF TRUST**

AMENDED AND RESTATED

<u>AGREEMENT AND DECLARATION OF TRUST</u>

This Amended and Restated Declaration of Trust ("Declaration of Trust") of DriveWealth ETF Trust (the "Trust") is made and entered into as of March 15, 2023 by the Trustees for the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth.

WHEREAS, the Trust exists pursuant to a Declaration of Trust dated October 11, 2022 (the "Existing Declaration of Trust"); and

WHEREAS, the name of the Trust remains "Drivewealth ETF Trust," and the Trustees may, without Shareholder authorization or approval, change the name of the Trust and adopt such other name as they deem proper in their sole discretion, with any name change of the Trust becoming effective upon the filing of a certificate of amendment reflecting such change in the office of the Delaware Secretary of State or at a future date or time specified in such certificate of amendment; and

WHEREAS, any such name change of the Trust shall continue to constitute an amendment to this Declaration of Trust; and

WHEREAS, the Trustees desire to amend and restate the Existing Declaration of Trust in its entirety, and, in furtherance thereof, have agreed to do so as set forth herein.

NOW, THEREFORE, the Trustees hereby amend and restate the Existing Declaration of Trust in its entirety as herein provided and do hereby declare that the Trustees will hold all cash, securities, and other assets which the Trust now possesses or may hereafter acquire from time to time in any manner and manage and dispose of the same upon the following terms and conditions.

Article I<br> <u>DEFINITIONS</u>

Unless otherwise provided or required by the context:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Assets belonging to" a Series has the meaning set forth in Article IV, Section 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "By-laws" means the By-laws of the Trust adopted by the Trustees, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Class" means a class of Shares of a Series established pursuant to Article IV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Commission," "Interested Person" and "Principal Underwriter" have the meanings provided in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Covered Person" means a person so defined in Article IX, Section 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Delaware Act" means Chapter 38 of Title 12 of the Delaware Code, entitled "Treatment of Delaware Statutory Trusts," as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Exchange" means a national securities exchange, including as defined in Section 2(a)(26) of the 1940 Act or in Section 6 of the Securities Exchange Act of 1934;

- Page 2 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Fundamental Policies" shall mean the investment policies and restrictions as set forth from time to time in any prospectus or contained in any current registration statement of the Trust filed with the Commission or as otherwise adopted by the Trustees and the Shareholders in accordance with applicable requirements of the 1940 Act and designated as fundamental policies therein as they may be amended from time to time in accordance with applicable requirements of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "IIV" means the intraday indicative value of a Series as calculated by, on behalf of or with respect to the Trust or any Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Liabilities" means liabilities, debts, obligations, expenses, costs, charges and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Majority Shareholder Vote" means "the vote of a majority of the outstanding voting securities" as defined in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Net Asset Value per Share" means the net asset value of each Series or Class, determined as provided in Article V, Section 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Outstanding Shares" means Shares shown in the records of the Trust or its transfer agent or similar agent or entity as then issued and outstanding but does not include Shares that have been repurchased or redeemed by the Trust and are held in the treasury of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Series" means a series of Shares established pursuant to Article IV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Shareholder" means a record owner of Outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Shares" means the equal proportionate transferable units of interest into which the beneficial interest of each Series or Class is divided from time to time (including whole Shares and fractions of Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Tax Code" means the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Trust" means "Drivewealth ETF Trust", the Delaware statutory trust established under the Delaware Act by the filing of the certificate of trust in the Office of the Secretary of State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Trust Property" means any and all property, real or personal, tangible or intangible, that is from time to time owned or held by or for the account of the Trust or any Series or the Trustees on behalf of the Trust or any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Trustees" means the persons who may from time to time be duly qualified, elected or appointed, and serving as Trustees in accordance with Article II, in each case so long as such persons continue in office in accordance with the terms hereof, and reference herein to a Trustee or the Trustees refers to such person or persons in his or her capacity as Trustees hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "1940 Act" means the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time.

- Page 3 -

Article II<br> THE TRUSTEES

Section 1. MANAGEMENT OF THE TRUST. The business and affairs of the Trust shall be managed by or under the direction of the Trustees. The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act through one or more Series and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of an investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Act, and in connection therewith the Trust shall have and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Trustees may execute all instruments and take all action they deem necessary, proper or desirable to promote the interests of the Trust. Any action taken pursuant to this Declaration of Trust and any determination made by the Trustees in good faith as to what is in the interests of the Trust shall be conclusive.

Section 2. INITIAL TRUSTEES; ELECTION AND NUMBER OF TRUSTEES. The initial Trustee shall be the person named in the Trust's certificate of trust. The number of Trustees (other than any initial Trustee(s) shall be fixed from time to time by a majority of the Trustees; provided, however, that there shall be at least one (1) Trustee. Shareholders shall not be entitled to elect Trustees except as required by the 1940 Act or under this Declaration of Trust.

Section 3. TERM OF OFFICE OF TRUSTEES. Subject to any limitations on the term of service imposed by the By-laws and any retirement policy adopted by the Trustees, each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner; except that (a) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein, (b) any Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the other Trustees, specifying the effective date of removal, (c) any Trustee who has become physically or mentally incapacitated or is otherwise unable or unwilling to serve, may be retired by a written instrument signed by a majority of the other Trustees, specifying the effective date of retirement, and (d) any Trustee may be removed at any meeting of the Shareholders by a vote of at least two-thirds of the Outstanding Shares.

Section 4. VACANCIES; APPOINTMENT OF TRUSTEES. Whenever a vacancy exists in the Board of Trustees, regardless of the reason for such vacancy, the remaining Trustees may appoint any person as they determine in their sole discretion to fill that vacancy, consistent with the limitations under the 1940 Act, including Section 10 thereunder. No appointment of any Trustee shall take effect if such appointment would cause the number of Trustees who are Interested Persons to exceed the number permitted by Section 10 of the 1940 Act. Any such appointment shall be made by a written instrument signed by a majority of the Trustees or by a resolution of the Trustees, duly adopted and recorded in the records of the Trust, specifying the effective date of the appointment. The Trustees may appoint a new Trustee as provided above in anticipation of a vacancy expected to occur because of the retirement, resignation or removal of a Trustee, or an increase in number of Trustees, provided that such appointment shall become effective only at or after the expected vacancy occurs. As soon as any such Trustee has accepted his or her appointment in writing, the trust estate shall vest in the new Trustee, together with the continuing Trustees, without any further act or conveyance, and he or she shall be deemed a Trustee hereunder. The Trustees' power of appointment is subject to Section 16(a) of the 1940 Act.

- Page 4 -

Section 5. TEMPORARY VACANCY OR ABSENCE. Whenever a vacancy in the Board of Trustees occurs, until such vacancy is filled or otherwise eliminated, or while any Trustee is absent from his or her domicile (unless that Trustee has made arrangements to be informed about, and to participate in, the affairs of the Trust during such absence), or is physically or mentally incapacitated, the remaining Trustees shall have all the powers hereunder and their determination as to such vacancy, absence or incapacity shall be conclusive.

Section 6. CHAIRPERSON. The Trustees shall appoint one of their members to be Chairperson of the Board of Trustees. The Chairperson shall preside at all meetings of the Trustees and shall assume such other duties as the Trustees may assign to the Chairperson from time to time.

Section 7. ACTION BY THE TRUSTEES. Unless otherwise specified herein or in the By-laws or required by law, any action by the Trustees shall be deemed effective if approved or taken by a majority of the Trustees present at a duly called meeting of Trustees (including a meeting by telephonic or other electronic means, unless otherwise required by the 1940 Act at which a quorum is present or by written consent of a majority of Trustees (or such greater number as may be required by applicable law) without a meeting. Except for purposes of adjournments, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the authorized number of Trustees, unless there is only one Trustee, at which point a quorum will consist of that one Trustee. Subject to the requirements of the 1940 Act, the Trustees by majority vote may delegate to any Trustee or Trustees authority to approve particular matters or take particular actions on behalf of the Trust. In addition, the Trustees and any committee of the Trustees, including any executive committee, may act with or without a meeting. Unless provided otherwise herein, and except as required under applicable provisions of the 1940 Act, any action of any committee may be taken at a meeting by a vote of a majority of the members present (a quorum being present) or without a meeting by written consent of a majority of the members. With respect to actions of the Trustees and any committee, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by applicable law.

Section 8. OWNERSHIP OF TRUST PROPERTY. Title to the Trust Property shall at all times be considered as vested in the Trust, except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other person as nominee, on such terms as the Trustees may determine. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Series or Class of the Trust. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee. Upon the resignation, removal or death of a Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 9. EFFECT OF TRUSTEES NOT SERVING. The death, resignation, retirement, removal, incapacity or inability or refusal to serve of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

Section 10. TRUSTEES AND OTHERS AS SHAREHOLDERS. Subject to any restrictions in the law and/or By-laws, any Trustee, officer, agent or independent contractor of the Trust may acquire, own and dispose of Shares to the same extent as any other Shareholder; the Trustees may sell Shares to, and acquire and redeem Shares from, any such person or any firm or other entity in which such person is interested, subject only to any general limitations herein or in the By-laws relating to the sale and redemption of such Shares.

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Section 11. TRUSTEE COMPENSATION. Any Trustee may be compensated for his or her services as Trustee by fixed periodic payments or by fees for attendance at meetings, by both or otherwise, and in addition may be reimbursed for transportation and other expenses, all in such manner and amounts as the Board of Trustees may from time to time determine. Nothing herein shall in any way prevent the engagement or employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal (other than compensation received by a retiring Trustee as a trustee emeritus or similar position), or any right to damages on account of such removal.

Article III<br> POWERS OF THE TRUSTEES

Section 1. POWERS. The Trustees in all instances shall act as principals, free of the control of the Shareholders. The Trustees shall have full power and authority to take or refrain from taking any action and to execute any contracts and instruments that they may consider necessary, proper or desirable in the management of the Trust. The Trustees shall not in any way be bound or limited by current or future laws or customs applicable to trust investments, but shall have full power and authority to make any investments which they, in their sole discretion, deem proper to accomplish the purposes of the Trust. The Trustees may exercise all of their powers without recourse to any court or other authority. No one dealing with the Trustees shall be under any obligation to make any inquiry concerning the authority of the Trustees or to see to the application of any payments made or property transferred to the Trust or the Trustees or upon their order. Subject to any applicable express limitation herein or in the By-laws or resolutions of the Trust, the Trustees shall have power and authority, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Fundamental Policies in effect from time to time with respect to the Trust or any Series to, operate as and carry on the business of an investment company registered under the 1940 Act, and exercise all the powers necessary and proper to conduct such a business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the limits of applicable law (including the provisions of the 1940 Act) to subscribe for, invest in, reinvest in, purchase, or otherwise acquire, hold, lend, pledge, mortgage, hypothecate, write options on, lease, sell, assign, transfer, exchange, distribute, or otherwise deal in or dispose of any form of property, including, but not limited to, cash (U.S. currency), foreign currencies and related instruments, and securities of any kind that are permissible investments for registered investment companies under applicable law (including, but not limited to, common and preferred stocks, warrants, bonds, debentures, time notes, and all other evidences of indebtedness, negotiable or non-negotiable instruments, obligations, certificates of deposit or indebtedness, commercial paper, repurchase agreements, reverse repurchase agreements, dollar rolls, convertible securities, forward contracts, options, futures contracts, swaps, other financial contracts or derivative instruments, securities issued by an investment company or any series thereof (whether registered under the 1940 Act or unregistered), securities of any issuer that would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act, and other securities of any kind issued, created, guaranteed or sponsored by any and all persons, including the United States, individual states or the District of Columbia, territories and possessions of the United States, any political subdivision, agency or instrumentality of the United States and any foreign government or subdivision thereof, without regard to whether any such instruments or securities mature before or after the possible termination of the Trust or one or more of its Series; to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description; and to hold cash or other property uninvested, without in any event being bound or limited by any current or future law or custom concerning investments by trustees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To adopt By-laws not inconsistent with this Declaration of Trust providing for the conduct of the business of the Trust and to amend and repeal them to the extent such right is not expressly reserved to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To elect and remove such officers, and appoint and terminate such agents, as the Trustees deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To employ one or more investment advisers, administrators, depositories, custodians and other persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To employ as custodian of any assets of the Trust, subject to any provisions herein or in the By-laws, one or more banks, trust companies or companies that are members of an Exchange or other entities permitted by the Commission to serve as such and authorize any depository or custodian to employ sub-custodians or agents and to deposit all or any part of the Trust's assets in a system or systems for the central handling of securities and debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To retain one or more transfer, dividend (disbursing), securities lending, accounting and Shareholder servicing, National Securities Clearing Corporation or similar agents and registrars, to retain auditors and counsel, and with respect to Series whose Shares trade on an Exchange, to retain one or more market makers, Exchange specialists, listing and IIV agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To provide for the distribution of Shares through a Distributor, Principal Underwriter, by the Trust itself or by any other method, including pursuant to a distribution plan of any kind, and to arrange for the listing and trading of Shares on one or more Exchanges, as appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To pay or cause to paid all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust or any Series or Class or in connection with the management thereof, including but not limited to the Trustees' compensation and such expenses and charges for the Trust's officers, employees, investment advisers, administrator, distributor, principal underwriter, auditors, counsel, depository, custodian, transfer agent, registrar, dividend disbursing agent, accounting agent, shareholder servicing agents and other agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To set record dates in the manner provided for herein or in the By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To establish a registered office and have a registered agent in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To delegate consistent with their continuing exclusive authority over the management of the Trust and the Trust Property, such authority as the Trustees consider desirable to any officers of the Trust and to any agent, independent contractor, manager, investment adviser, sub-advisers, custodian, administrator, underwriter or other service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To sell, exchange or otherwise dispose of any or all of the assets of the Trust or any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To vote or give assent, or exercise any rights of ownership, with respect to securities or other property, and to execute and deliver proxies or powers of attorney delegating such power to such persons as the Trustees deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To hold any security or other property (i) in a form not indicating any trust, whether in bearer, book entry, unregistered or other negotiable form or (ii) either in the Trust's or Trustee's own name or in the name of a custodian or a nominee or nominees, subject to safeguards according to the usual practice of statutory trusts or investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To establish and terminate separate and distinct Series with separately defined investment objectives and policies, distinct investment purposes and separate Shares representing beneficial interests in such Series, and to establish and terminate separate Classes; to fix the variations in the relative rights and preferences as between the different Classes of the Trust, or, if any Series be established, the Series, provided, that all Shares of the Trust or any Series shall be identical to all other Shares of the Trust or same Series, as the case may be, except that there may be established by the Trustees variations between different Classes as to, among other things, allocation of expenses, right of redemption, special and relative rights as to dividends and on liquidation, conversion, and conditions under which the several Classes shall have separate voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To interpret the investment policies, practices, or limitations of any Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To the full extent permitted by Section 3804 of the Delaware Act, to allocate assets and Liabilities of the Trust to a particular Series, and Liabilities to a particular Class, or to apportion the same between or among two or more Series or Classes, provided that any Liabilities incurred by a particular Series or Class shall be payable solely out of the Assets belonging to that Series or Class, respectively, as provided for in Article IV, Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer whose securities are held by the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including, but not limited to, claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To declare and make distributions of income and of capital gains to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Subject to the Fundamental Policies in effect from time to time with respect to the Trust or any Series, to borrow money, otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation (and to pay commitment and other borrowing-related fees in connection therewith) and to secure the same by mortgaging, pledging, or otherwise subjecting as security any assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee or undertake the performance of any obligation, contract, or engagement of any other person, firm, association, or corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To establish, from time to time, a minimum total investment for Shareholders in the Trust or in one or more Series or Classes, and to require the redemption of the Shares of any Shareholders whose investment is less than such minimum or take such other action as the Trustees in their discretion shall determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) To establish committees for such purposes, with such membership, and with such responsibilities as the Trustees may consider proper, including: (i) a committee consisting of fewer than all of the Trustees then in office, which may act for and bind the Trustees and the Trust with respect to the institution, prosecution, dismissal, settlement, review or investigation of any legal action, suit or proceeding, pending or threatened to be brought before any court, administrative agency, or other adjudicatory body; (ii) an executive committee which shall have all authority of the entire Board of Trustees except such committee cannot declare dividends except to the extent specifically delegated by the Board of Trustees and cannot authorize removal of a Trustee or any merger, consolidation or sale of substantially all of the assets of the Trust;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) To issue, sell, repurchase, redeem, cancel, retire, acquire, hold, resell, reissue, dispose of and otherwise deal in Shares; to suspend or terminate the sales or trading of Shares of any Series or Class for any period of time; to establish terms and conditions, including any fees or expenses, regarding the issuance, sale, repurchase, redemption, cancellation, retirement, acquisition, holding, resale, reissuance, disposition of or dealing in Shares; subject to Articles IV and V, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property of the Trust or of the particular Series with respect to which such Shares are issued; and, to combine the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series of Class to become Shareholders of such single Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans and trusts, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) To purchase, and pay for, out of Trust Property or the Assets belonging to any appropriate Series, such insurance as the Trustees may deem necessary or appropriate for the conduct of business, including insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, the Shareholders, Trustees, officers, employees, agents, independent contractors of the Trust (including the investment adviser of any Series) and/or any other person as the Trustees may see fit to such extent as the Trustees shall determine against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such person against such claim, or to otherwise indemnify or reimburse such persons, out of Trust Property or the assets belonging to any appropriate Series, to the fullest extent permitted by this Declaration of Trust or the Delaware Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To enter into contracts or carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary or desirable to accomplish any purpose or to further any of the foregoing powers, and to take every other action incidental to the foregoing business or purposes, objects or powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) To endorse or guarantee the payment of any notes or other obligations of any person; to make contracts or guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property (or Series property) or any part thereof to secure any or all such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) To collect all property due to the Trust; to prosecute, defend, compromise or abandon any claims related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Subject to the 1940 Act, to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage.

The powers and authorities enumerated in the preceding clauses shall be construed as objects and powers, and the enumeration of specific powers shall not limit in any way the general powers of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust or the applicable Series and not an action in an individual capacity. In construing this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees.

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Section 2. CERTAIN TRANSACTIONS. Except as prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm or other entity of which any such Trustee or officer is a member acting as principal, or have any such dealings with any investment adviser, administrator, distributor or transfer agent for the Trust or with any Interested Person of such person. The Trust may employ any such person or entity in which such person is an Interested Person, as broker, legal counsel, registrar, investment adviser, administrator, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

Article IV<br> SERIES; CLASSES; SHARES

Section 1. ESTABLISHMENT OF SERIES AND CLASSES. The Trust shall consist of one or more separate and distinct Series created and maintained in accordance with Article III, Section 1(q), and this Article IV. The Trustees may designate the rights, privileges, voting powers and preferences of the Shares of each Series relative to the Shares of any other Series. The Trustees may divide the Shares of any Series into any number of Classes representing interests in the Assets belonging to that Series, each Share of each such Class having an equal beneficial interest in such assets and identical voting, dividend, liquidation and other rights and subject to the same terms and conditions, except that (a) expenses allocated to a Class may be borne solely by that Class as determined by the Trustees and (b) a Class may have exclusive voting rights with respect to matters affecting only that Class. The Series and Classes indicated on Schedule A ("Schedule A") as of the date hereof are hereby established and are referred to as the "Initial Series and Classes." The establishment and designation of each additional Series or Class of Shares of the Trust shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series or Class of the Trust, whether directly in such resolution or by reference to another document, including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Each such resolution shall be incorporated herein by reference upon adoption. The relative rights and preferences of the Initial Series and Classes shall be as set forth herein. The relative rights and preferences of each additional Series or Class shall be as set forth herein, unless expressly provided otherwise by the Trustees in establishing such Series or Class. For the avoidance of doubt, to the maximum extent permitted by law, the Trust's public filings, including its registration statement(s) filed with the Commission, shall not constitute a contract between the Trust or any Series and the Shareholders, and shall not give rise to any contract claims by the Shareholders against the Trust or any Series. The Trust shall maintain separate and distinct records for each Series and shall hold and account for the Assets belonging thereto separately from the other assets of the Trust or Assets belonging to any other Series. A Series may issue any number of Shares and need not issue Shares. Each holder of Shares of a Series shall be entitled to receive his or her *pro rata* share of all distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of Shares of a Series, or upon liquidation or termination of any Series, the redeeming Shareholder shall be paid solely out of the Assets belonging to that Series. The Trustees may, without Shareholder authorization or approval, change the name of any Series or Class and adopt such other name as they deem proper in their sole discretion. Any name change of any Series or Class shall become effective upon the adoption by the Board of Trustees of a resolution approving such change, whether directly in such resolution or by reference to or approval of another document that sets forth such change, or at a future date or time specified in such resolution or other document.

Section 2. SHARES. All references to Shares in this Declaration of Trust shall be deemed to be Shares of the Trust and any or all Series or Classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each Class, except as context otherwise requires. The beneficial interest in each Series shall be divided into Shares of one or more Classes. The number of Shares of each Series and Class shall be unlimited, and each Share shall have no par value. All Shares issued hereunder, including Shares issued in connection with a dividend or other distribution of Shares or a split or reverse split of Shares, shall be fully paid and nonassessable. The Trustees shall have full power and authority, in their sole discretion and without obtaining Shareholder approval, (1) to issue original or additional Shares at such times and on such terms and conditions as they deem appropriate, (2) to issue fractional Shares and Shares held in the Trust's treasury, (3) to establish and to change in any manner Shares of any Series or Class with such preferences, terms of conversion, voting powers, rights, privileges, and business purpose or investment objective as the Trustees may determine (but the Trustees may not change Outstanding Shares in a manner materially adverse to the Shareholders of such Shares), (4) to divide or combine the Shares of any Series or Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of a holder of the Shares of the Trust or such Series or Class in the assets held with respect to the Trust or such Series or Class, (5) to classify or reclassify any unissued Shares of any Series or Class into one or more Series or Classes (whether the Shares to be classified or reclassified are issued and outstanding or unissued and whether such Shares constitute part or all of the Shares of the Trust or such Series or Class), (6) to abolish any one or more Series or Classes, (7) to issue Shares to acquire other assets (including assets subject to, and in connection with, the assumption of liabilities) and businesses and (8) to take such other action with respect to the Shares as the Trustees may deem desirable. Shares held in the Trust's treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

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Section 3. PREEMPTIVE AND APPRAISAL RIGHTS. Shareholders shall have no preference, preemptive or other right to acquire, purchase or subscribe to any additional Shares or other securities issued by the Trust, other than such right, if any, as the Trustees in their discretion may determine. Shareholders shall have no appraisal rights with respect to their Shares. Further, except as otherwise determined by action of the Trustees in their sole discretion, Shareholders shall have no exchange or conversion rights with respect to their Shares. No action may be brought by a Shareholder on behalf of the Trust unless Shareholders owning no less than a majority of the then-outstanding Shares, or Series or Class thereof, join in the bringing of such action. Ownership of Shares shall not be deemed to establish a contract between the Shareholder and the Trust or any Series. A Shareholder of Shares in a particular Series or Class of the Trust shall not be entitled to participate in a derivative or class action lawsuit on behalf of any other Series or Class, as appropriate, or on behalf of the Shareholders in any such other Series or Class of the Trust.

Section 4. INVESTMENTS IN THE TRUST. The Trustees shall accept investments in any Series from such persons, on such terms, and for such consideration, which may consist of tangible or intangible property or a combination thereof, as they may from time to time authorize. At the Trustees' sole discretion, such investments in a Series, subject to applicable law, may be in the form of cash or securities in which that Series is authorized to invest, valued as provided in Article V, Section 5. Direct investment in a Series or Class at Net Asset Value per Share shall be credited to the investing Shareholder's account in the form of full Shares at the Net Asset Value per Share next determined after the investment is received or accepted as may be determined by the Trustees; provided, however, that the Trustees may, in their sole discretion,

(a) impose a sales charge upon investments in any Series or Class, (b) issue fractional Shares or

(c) determine the Net Asset Value per Share of the initial capital contribution for any Series. The Trustees shall have the right to refuse to accept investments in any Series or by any person at any time without any cause or reason therefor whatsoever.

Section 5. ASSETS AND LIABILITIES OF SERIES AND CLASSES. All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested and all income, earnings, profits and proceeds thereof (including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be) (collectively "Assets belonging to" that Series), shall be recorded, held and accounted for separately from the other assets of the Trust and Assets belonging to every other Series. The Assets belonging to a Series shall belong only to that Series for all purposes and to no other Series, subject only to the rights of creditors of that Series. Any assets, income, earnings, profits and proceeds thereof, funds and/or payments that are not readily identifiable as belonging to any particular Series shall be allocated by the Trustees between or among one or more Series as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series for all purposes, and the assets, income, earnings, profits, proceeds, funds and payments so allocated to a Series shall be treated for all purposes as Assets belonging to that Series. The Assets belonging to a Series shall be charged with all Liabilities of the Trust with respect to that Series and/or attributable to that Series, except that Liabilities allocated solely to a particular Class shall be borne by that Class. Any Liabilities of the Trust that are not readily identifiable as chargeable to any particular Series or Class shall be allocated and charged by the Trustees between or among any one or more Series or Classes in such manner as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes.

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Without limiting the foregoing, but subject to the right of the Trustees to allocate Liabilities as herein provided, the Liabilities incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the Assets belonging to that Series and not against the assets of the Trust generally or the Assets belonging to any other Series. Notice of this contractual limitation on Liabilities among Series may, in the Trustees' sole discretion, be set forth in the Trust's certificate of trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Act, and upon the giving of such notice in the certificate of trust, the provisions of Section 3804(a) of the Delaware Act relating to limitations on Liabilities among Series (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look only to the Assets belonging to that Series to satisfy or enforce any Liability with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any Assets belonging to any other Series.

Section 6. OWNERSHIP AND TRANSFER OF SHARES. The ownership of Shares shall be recorded on the books of the Trust or those of a transfer agent or similar agent or entity that has access to Share ownership information for the Trust or a Series or Class, which books shall be maintained separately for the Shares of each Series and Class of the Trust. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, if any, of each Series or Class of the Trust and any other similar matters. The Trustees may make such rules as they consider appropriate for the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer agent or similar agent or entity, as the case may be, shall be conclusive as to who are the Shareholders of each Series and Class of the Trust, as to the number of Shares of each Series and Class of the Trust held from time to time by each Shareholder and as to who shall be entitled to exercise or enjoy the rights of Shareholders, including in connection with the establishment of a record date.

Shares shall be transferable on the records of the Trust or its transfer agent or similar agent or entity in accordance with such rules as the Trust may establish from time to time. Except as provided in the following paragraph of this Section 6, Shares are transferable only by a Shareholder of record or by its agent thereto. Upon receipt by the Trust or its transfer agent or similar agent or entity of a request from a Shareholder of record to transfer Shares held by such Shareholder to another person, accompanied by such information as may be required by the Trust or its transfer agent or similar agent or entity, the transfer shall be recorded on the applicable register of the Trust or its transfer agent or similar agent or entity. Until such transfer is recorded, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof, and neither the Trustees, any transfer agent or similar agent or entity for the Trust nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

Any person entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of such evidence thereof as the Trust or its transfer agent or similar agent or entity may require, but until such transfer is recorded, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof, and neither the Trustees, any transfer agent or similar agent or entity nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

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Section 7. STATUS OF SHARES; LIMITATION OF SHAREHOLDER LIABILITY. Shares shall be deemed to be personal property giving Shareholders only the rights provided in this Declaration of Trust. Every Shareholder, by virtue of having acquired a Share, shall be held expressly to have assented to and agreed to be bound by the terms of this Declaration of Trust and the By-Laws. The death, incapacity, dissolution, termination, or bankruptcy of a Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of such Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property, profit, interest, or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. No Shareholder shall be personally liable for the Liabilities incurred by, contracted for or otherwise existing with respect to the Trust or any Series or Class thereof. Neither the Trust nor the Trustees, nor any officer, employee, or agent of the Trust shall have any power to bind any Shareholder personally or to demand payment from any Shareholder for anything, other than as agreed by the Shareholder. Shareholders shall have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated in the State of Delaware. Any note, bond, contract or other written obligation of the Trust or any Series may contain a statement to the effect that such obligation may be enforced only against the assets of the Trust or Assets belonging to one or more Series; however, the omission of such statement shall not operate to bind, or create personal liability for, any Shareholder or Trustee.

Section 8. FRACTIONS. Any fractional Shares of a Series or Class shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, as applicable, including with respect to voting, dividends, distributions, redemption of Shares and termination of the Trust, Series or Class.

Article V<br> DISTRIBUTIONS, REDEMPTIONS AND NET ASSET VALUE

Section 1. DISTRIBUTIONS. The Trustees may declare and pay dividends and other distributions, including dividends on Shares of a particular Series and other distributions from the Assets belonging to that Series. The amount and payment of dividends or distributions and their form, whether they are in cash, Shares or other Trust Property, shall be determined by the Trustees. Dividends and other distributions may be paid pursuant to a standing resolution adopted once or more often as the Trustees determine. All dividends and other distributions on Shares of a particular Series shall be distributed pro rata to the Shareholders of that Series in proportion to the number of Shares of that Series they held on the record date established for such payment, except that such dividends and distributions shall appropriately reflect expenses allocated to a particular Class of such Series. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or similar plans as the Trustees deem appropriate.

Section 2. REDEMPTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Shareholder of a Series or Class thereof shall have the right, on any business day to require the Trust to redeem all or any part of the Shareholder's Shares of a Series or Class, upon and subject to the terms and condition provided in this Article V, Section 2, in accordance with and pursuant to procedures or methods prescribed or approved by the Trustees; provided, however, if so determined by the Trustees, any Series or Class now or hereafter authorized shall be redeemable only in aggregations of such number of Shares ("Creation Units") and at such times as may be determined by or pursuant to procedures or methods prescribed or approved by the Trustees. The Trustees shall have the unrestricted power to determine from time to time the number of Shares constituting a Creation Unit for each Series or Class by written consent or by resolutions adopted at any regular or special meeting of the Trustees and may delegate such power to committees and officers as it deems appropriate. Each Shareholder of a Series or Class, upon request to the Trust in accordance with such procedures as may from time to time be in effect, accompanied by surrender of any certificated Shares in proper form, shall be entitled to require the Trust to redeem all or any number of such Shareholder's Shares standing in the name of such holder on the books of the Trust; provided, however, in the case of Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable only in Creation Units, in such Creation Units. The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem from such Shareholder his Outstanding Shares or Creation Units, as applicable, for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption; and (ii) if so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting such redemption at such rates as the Trustees may establish, as and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder. The procedures for effecting and suspending redemption shall be as set forth in the Trust's registration statement on Form N-1A. Payment may be in any form permitted by Article IV, Section 4, including in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series to redeem Shares during any period of time when and to the extent permissible under the 1940 Act or any exemptive relief therefrom.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended (or successor statute thereto), and to comply with the requirements of any other taxing authority or other applicable laws or regulations.

Section 3. REDEMPTION BY TRUST. The Trustees may cause the Trust to redeem the Shares of any Series or Class held by a Shareholder at the redemption price that would be applicable if such Shares were then being redeemed by the Shareholder pursuant to Article V, Section 2, upon such conditions as may from time to time be determined by the Trustees. Among other times, the Trustees may require any Shareholder or group of Shareholders (including some or all of the shareholders of any Series or Class) to redeem Shares for any reason as may be determined by the Trustees in their sole discretion, including when: (i) the direct or indirect ownership of Shares of the Trust or any Series has or may become concentrated in such Shareholder or group of Shareholders to an extent that would disqualify any Series or the Trust as a regulated investment company under the Internal Revenue Code of 1986, as amended (successor statute thereto); (ii) the failure to supply a tax identification number or other identifying information to facilitate the Trust or a Series compliance with applicable law or regulation; (iii) if the Share activity of the account or ownership of Shares is deemed either to affect adversely the Trust or any Series or not to be in the best interests of the remaining Shareholders of the Trust, any Series or Class; (iv) the failure of any Shareholder to pay when due the consideration for any purchase of Shares, including any purchase of any Creation Unit of Shares; (vi) the failure of any Shareholder to tender Shares to the Trust or Series in connection with any redemption of Shares, including any redemption of a Creation Unit of Shares; or (v) if a Shareholder fails to meet or maintain any qualifications applicable to holding, purchasing or redeeming Shares of the Trust, any Series or Class. Upon redemption of Shares pursuant to this Article V, Section 3, the Trust shall promptly cause payment of the full redemption price to be made to such Shareholder for Shares so redeemed.

Section 4. PREVENTION OF PERSONAL HOLDING COMPANY STATUS. The Trust may reject any purchase order, refuse to transfer any Shares, and compel the redemption of Shares if, (a) at the time thereof the Shareholder affected owns Shares equal to or in excess of a maximum percentage of the Shares of such Series or Trust determined from time to time by the Trustees, or (b) in the Trustees' opinion, any such rejection, refusal, or redemption would prevent the Trust from becoming a personal holding company as defined by the Tax Code.

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Section 5. DETERMINATION OF NET ASSET VALUE PER SHARE. The term "Net Asset Value per Share" of any Series or Class shall be determined in accordance with the methods and procedures established by the Trustees from time to time and, to the extent required by applicable law, as disclosed in the then current prospectus or statement of additional information for the Series. In the absence of action by the Trustees, the term "Net Asset Value per Share" of any Series or Class shall mean that amount by which the assets belonging to that Series or Class exceed its liabilities divided by the number of relevant Outstanding Shares. The Trustees may delegate the power and duty to determine the Net Asset Value per Share to one or more Trustees or officers of the Trust or to a manager, investment adviser, administrator, custodian, depository or other agent appointed for such purpose. The Net Asset Value per Share shall be determined separately for each Series and Class at times prescribed by the Trustees or, in the absence of action by the Trustees, as of the close of regular trading on the New York Stock Exchange on each day for all or part of which such exchange is open for regular trading. At any time the Trustees may cause the Net Asset Value per Share last determined to be determined again in a similar manner and may fix the time when such redetermined values shall become effective. In the event that the Trust, a Series or Class sells or redeems Shares at a Net Asset Value per Share that is subsequently determined not to have been calculated in accordance with the applicable methods and procedures established by the Trustees ("Initial Net Asset Value per Share") and it is determined to reprocess such sales and redemptions at the Net Asset Value per Share calculated in accordance with the applicable methods and procedures established by the Trustees ("Final Net Asset Value per Share"), the Trust, Series or Class, as the case may be, shall have no liability, based on any difference between the Initial Net Asset Value per Share and the Final Net Asset Value per Share, to any Shareholder who did not purchase their Shares directly from the Trust, or redeem their Shares directly to the Trust, at the Initial Net Asset Value per Share.

Section 6. SUSPENSION OF RIGHT OF REDEMPTION. If, as referred to in Section 2 of this Article V, the Trustees suspend the right of Shareholders to redeem their Shares, such suspension shall take effect at the time the Trustees shall specify, but not later than the close of business on the business day next following the declaration of suspension. Thereafter Shareholders shall have no right of redemption or payment until the Trustees declare the end of the suspension or the suspension terminates or expires pursuant to the 1940 Act or any exemptive relief thereunder. If the right of redemption is suspended, a Shareholder may either withdraw his or her request for redemption or receive payment based on the Net Asset Value per Share next determined after the suspension terminates.

Article VI<br> SHAREHOLDERS' POWERS AND MEETINGS

Section 1. VOTING POWERS. The Shareholders shall have power to vote only (a) for or against the election of Trustees as provided in Article II, Section 2, (b) for the removal of Trustees as provided in Article II, Section 3(d), (c) with respect to such additional matters relating to the Trust to the extent required by federal law, including the 1940 Act, this Declaration of Trust or the By-laws or any registration statement of the Trust with the Commission (or any successor agency) or any state, and (d) as the Trustees may otherwise consider desirable or necessary in their sole discretion.

Notwithstanding any other provision of this Declaration of Trust, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then entitled to vote shall be voted in aggregate, except: (a) when required by the 1940 Act, Shares shall be voted by individual Series or Class; (b) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Series, then only Shareholders of such Series shall be entitled to vote thereon; and (c) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon.

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A Shareholder of each Series or Class thereof shall be entitled to one vote for each Share of such Series or Class thereof on any matter on which such Shareholder is entitled to vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy or in any manner provided for in the By-laws, which may provide that proxies may be given in writing or by any electronic or telecommunications device or in any other manner described in the By-laws or in a resolution of the Trustees. Until Shares of a Series are issued, as to that Series the Trustees may exercise all rights of Shareholders and may take any action required or permitted to be taken by Shareholders by law, this Declaration of Trust or the By-laws.

Section 2. MEETINGS OF SHAREHOLDERS. Unless otherwise set forth in this Declaration of Trust, provisions relating to meetings of the Shareholders shall be as provided in the By-laws.

Section 3. QUORUM; REQUIRED VOTE. Except when a larger quorum is required by law, this Declaration of Trust or the By-laws, a quorum for the transaction of business at a Shareholders' meeting with respect to a Series or Class, or with respect to the Trust, as applicable, shall be, respectively, with respect to any Series or Class that is listed on an Exchange one-third of the Outstanding Shares of such Series or Class, and with respect to any Series or Class that is not listed on an Exchange one-tenth of the Outstanding Shares of such Series or Class, or where a Trust-wide vote is required, one-third of the Outstanding Shares of the Trust, entitled to vote in person or by proxy. Any lesser number shall be sufficient for adjournments. Any adjourned session of a Shareholders' meeting may be held within a reasonable time without further notice for the purpose of taking action upon any matter that would have been acted upon at the original meeting but for its adjournment. Except when a larger vote is required by law, this Declaration of Trust or the By-laws, a majority of the Outstanding Shares voted in person or by proxy shall decide any matters to be voted upon with respect to the entire Trust and a plurality of such Outstanding Shares shall elect a Trustee; provided, that if this Declaration of Trust or applicable law permits or requires that Shares be voted on any matter by individual Series or Classes, then a majority of the Outstanding Shares of that Series or Class (or, if required by law, a Majority Shareholder Vote of that Series or Class) voted in person or by proxy on the matter shall decide that matter insofar as that Series or Class is concerned. Shareholders may act as to the Trust or any Series or Class by written consent as provided in the By-laws.

Section 4. INSPECTION OF RECORDS. Except as conferred by law or otherwise by the Trustees, no Shareholder shall have any right to inspect any records, account, book or document of the Trust.

Section 5. ADDITIONAL PROVISIONS. By-Laws may include further provisions for Shareholders' votes and meetings and related matters not inconsistent with the provisions hereof.

Section 6. DERIVATIVE ACTIONS. Derivative actions will be processed in accordance with the requirements set forth in Section 3816 of the Delaware Act (or successor provision(s)) and such other provisions as required under Delaware law.

Article VII<br> CONTRACTS WITH SERVICE PROVIDERS

Section 1. INVESTMENT ADVISER. The Trust may enter into one or more investment advisory or management contracts on its behalf or on behalf of any Series, providing for investment advisory services, statistical and research facilities and services, and other facilities and services to be furnished to the Trust or Series on terms and conditions acceptable to the Trustees. Any such contract may provide for the investment adviser to effect purchases, sales or exchanges of portfolio securities or other Trust Property on behalf of the Trustees or may authorize any officer or agent of the Trust to effect such purchases, sales or exchanges pursuant to recommendations of the investment adviser. The Trustees may authorize the investment adviser to employ one or more sub-advisers to perform such of the acts and services of the investment adviser as agreed upon between the investment adviser and sub-adviser, and any reference herein to the investment advisers shall be construed to include any sub-adviser, unless the context requires otherwise.

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Section 2. PRINCIPAL UNDERWRITER/DISTRIBUTOR. The Trust may enter into contracts, on its behalf or on behalf of any Series or Class, providing for the distribution and sale of Shares by the other party, either directly or as sales agent, on terms and conditions acceptable to the Trustees. The Trustees may adopt a plan or plans of distribution with respect to Shares of any Series or Class and enter into any related agreements, whereby the Series or Class finances directly or indirectly any activity that is primarily intended to result in sales of its Shares, subject to applicable rules and regulations. Such contract may also provide for the repurchase or sale of Shares by such other party as principal or agent of the Trust.

Section 3. CUSTODIAN. The Trustees shall at all times place and maintain the securities and similar investments of the Trust and of each Series and Class with a custodian meeting the requirements of Section 17(f) of the 1940 Act and the rules thereunder or as otherwise permitted by the Commission or its staff. The Trust, on its behalf or on behalf of any Series, may enter into an agreement with a custodian on terms and conditions acceptable to the Trustees, providing for the custodian, among other things, (a) to hold the securities owned by the Trust or any Series or Class and deliver the same upon written order or oral order confirmed in writing, (b) to receive and give a receipt for money paid for any moneys due to the Trust or any Series or Class and on behalf of the Trust or any Series or Class, and deposit the same in its own banking department or elsewhere, (c) to disburse such funds upon orders or vouchers, (d) to keep books and accounts of the Trust and Series or Class, as necessary or appropriate, and (e) to employ one or more sub-custodians.

Section 4. TRANSFER AGENCY, SHAREHOLDER SERVICES AND ADMINISTRATION AGREEMENTS. The Trust, on behalf of itself or any Series or Class, may enter into transfer agency agreements, shareholder service agreements, administration agreements and any other agreements with any party or parties on terms and conditions acceptable to the Trustees.

Section 5. PARTIES TO CONTRACTS WITH SERVICE PROVIDERS. The Trustees may authorize the Trust to enter into any contract referred to in this Article VII with any entity, including the investment adviser, any sub-adviser or any affiliated person of the investment adviser or a sub-adviser, although one or more of the Shareholders, Trustees or officers of the Trust may be an officer, director, trustee, partner, shareholder, or member of such entity, and no such contract shall be invalidated or rendered void or voidable because of such relationship. No person having such a relationship shall be disqualified from voting on or executing a contract in his or her capacity as Trustee and/or Shareholder, or be liable merely by reason of such relationship for any loss or expense to the Trust with respect to such a contract or accountable for any profit realized directly or indirectly therefrom; provided, that the contract was reasonable and fair and not inconsistent with this Declaration of Trust or the By-laws.

Section 6. MODIFICATION, AMENDMENT AND WAIVER. The authority of the Trustees hereunder to authorize the Trust to enter into contracts or other agreements or arrangements shall include the authority of the Trustees to modify, amend, waive, supplement, assign a portion of, novate or terminate the same. The enumeration of any specific contract in this Article shall in no way be deemed to limit the power or authority of the Trustees as otherwise set forth in this Declaration of Trust to authorize the Fund to engage, contract with or make payments to such persons as the Trustees may deem desirable for the Trust or any Series.

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Article VIII<br> EXPENSES OF THE TRUST, SERIES AND CLASSES

The Trustees are authorized to incur, pay or cause to be paid out of the principal or income of the Trust or a particular Series or Class, or partly out of the principal and partly out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust or a particular Series or Class, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser(s), principal underwriter, auditors, counsel, administrator, custodian, transfer agent, securities lending agent, shareholder servicing agent, accounting services agent and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur.

Article IX<br> LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 1. LIMITATION OF LIABILITY. All persons contracting with or having any claim against the Trust or a particular Series shall look only to the assets of the Trust or Assets belonging to such Series, respectively, for payment under such contract or claim; and neither the Trustees nor any of the Trust's officers or employees, whether past, present or future, shall be personally liable therefor. Every written instrument or obligation on behalf of the Trust or any Series may contain a statement to the foregoing effect, but the absence of such statement shall not operate to make any Trustee or officer of the Trust liable thereunder. The Trustees and officers of the Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing of them or any officer, agent, employee, investment adviser, principal underwriter or independent contractor of the Trust, but nothing contained in this Declaration of Trust or in the Delaware Act shall protect any Trustee or officer of the Trust against liability to the Trust or to Shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Section 2. INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the exceptions and limitations contained in subsection (b) below;

&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) every person who is, or has been, a Trustee or an officer, employee or agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with: (A) any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof; and (B) any liabilities and expenses, including, without limitation, the cost of credit monitoring, incurred by the indemnified representative as a result of the indemnified representative, while acting in an indemnified capacity, having provided personally identifiable information, including, without limitation, birthdates, social security numbers, driver's license numbers or passport numbers, to a regulator or counterparty by or with whom the Trust, or its series, is regulated or engages in business to satisfy a legal or procedural requirement of such regulator or counterparty, including, without limitation, know-your-customer or anti- money laundering requirements, and the security of such personally identifiable information is compromised and used to the detriment of the indemnified representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent required under the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person;

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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;(i) who shall have been finally adjudicated by a court or other body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(i) above resulting in a payment by a Trustee or officer, unless there has been a determination that such Covered Person did not engage in bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein: (A) by the court or other body approving the settlement or other disposition; (B) by at least a majority of those Trustees who are neither Interested persons of the Trust nor parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial- type inquiry).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the person or persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit, proceeding or other matter of the character described in subsection (a) of this Section 2 shall be paid by the Trust and each Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or applicable Series if it is ultimately determined that he or she is not entitled to indemnification under this Section 2; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission. The advancement of any expenses pursuant to this Section 2(e) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002, as amended from time to time, or for any other reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any repeal or modification of this Article IX or adoption or modification of any other provision of this Declaration of Trust inconsistent with this Article shall be prospective only to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification or right to advancement of expenses available to any Covered Person with respect to any act or omission that occurred prior to such repeal, modification or adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing contained herein shall affect any rights to indemnification to which any Covered Person or other person may be entitled by contract or otherwise under law or prevent the Trust from entering into any contract to provide indemnification to any Covered Person or other person. Without limiting the foregoing, the Trust may, in connection with any transaction permitted by this Declaration of Trust, including the acquisition of assets subject to liabilities or a merger or consolidation pursuant hereto, assume the obligation to indemnify any person including a Covered Person or otherwise contract to provide such indemnification, and such indemnification shall not be subject to the terms of this Article IX unless otherwise required under applicable law.

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Section 3. INDEMNIFICATION OF SHAREHOLDERS. If any Shareholder or former Shareholder of any Series is held personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the Assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Series, shall, upon request by such Shareholder or former Shareholder, assume the defense of any claim made against him or her for any act or obligation of the Series and satisfy any judgment thereon from the Assets belonging to the Series.

Article X<br> MISCELLANEOUS

Section 1. TRUST NOT A PARTNERSHIP. This Declaration of Trust creates a statutory trust pursuant to the Delaware Act and not a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship. No Trustee shall have any power to bind personally either the Trust's officers, other Trustees or any Shareholder. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 2. TRUSTEE ACTION; EXPERT ADVICE; NO BOND OR SURETY. The exercise by the Trustees of their powers and discretion hereunder in good faith and with reasonable care under the circumstances then prevailing shall be binding upon everyone interested. Subject to the provisions of Article IX, the Trustees shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and subject to the provisions of Article IX, shall not be liable for any act or omission in accordance with such advice or for failing to follow such advice. The appointment, designation or identification of a Trustee as Chairperson of the Trustees, a member or chair of a committee of the Trustees, an expert on any topic or in any area (including an audit committee financial expert), or any other special appointment, designation or identification of a Trustee, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof. In addition, no appointment, designation or identification of a Trustee as aforesaid shall affect in any way that Trustee's rights or entitlement to indemnification or advancement of expenses. The Trustees shall not be required to give any bond as such, nor any surety if a bond is obtained.

Section 3. TERMINATION OR REORGANIZATION OF THE TRUST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Trust and each Series or Class designated and established hereunder shall have perpetual existence. Notwithstanding anything else contained herein but subject to applicable federal and state law, the Trustees may, without any Shareholder vote or approval:

&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) sell, convey, merge and/or transfer all or substantially all of the assets of the Trust or Assets belonging to any affected Series to another Series or to another entity that is an open-end investment company as defined in the 1940 Act, or is a series thereof, for adequate consideration, which may include the assumption of all outstanding taxes and other Liabilities, accrued or contingent, of the Trust or any affected Series, and which may include shares of or interests in such Series, entity or series thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time sell and convert into cash all or substantially all of the assets of the Trust or Assets belonging to any affected Series;

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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;(iii) cause the Trust to merge or consolidate with or into, or be reorganized as, another trust, or a corporation, partnership, limited liability company, association or other organization, organized under the laws of Delaware or any other jurisdiction or a segregated portfolio of assets ("series") of any of the foregoing (each, an "Entity");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cause any Series to merge or consolidate with or into, or be reorganized as, a newly organized Entity in a transaction or series of transactions intended to qualify as a reorganization under Section 368(a)(1) of the Tax Code or a successor provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cause the Trust to incorporate under the laws of Delaware or any other jurisdiction; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cause to be organized, or assist in organizing, an Entity to acquire all or part of the Trust Property or of the Assets belonging to a Series or to carry on any business in which the Trust directly or indirectly has any interest and to sell, convey and transfer all or part of the Trust Property or of the Assets belonging to a Series to any such Entity in exchange for shares or other equity securities thereof or otherwise and to lend money to, subscribe for the shares or other equity securities of and enter into any contracts with any such Entity; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) dissolve or liquidate any Series and terminate any Class at any time in connection with which any action to dissolve the Trust shall be deemed also an action to dissolve each Series and to terminate each Class.

The Trustees or Trust or Series shall provide written notice to affected Shareholders of any transaction described in this Section 3. The transactions described in this Section 3 may be effected through share-for-share exchanges, transfers or sale of assets, shareholder in-kind redemptions and purchases, exchange offers or any other method the Trustees approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon making reasonable provision for the payment of all known Liabilities of the Trust or any affected Series in either subsection (a)(i) or (ii) above, by such assumption or otherwise, the Trustees shall distribute the remaining proceeds or assets (as the case may be) ratably among the Shareholders of the Trust or any affected Series; however, the payment to any particular Class of such Series may be reduced by any fees, expenses or charges allocated to that Class. Upon completion of the distribution of the remaining proceeds or assets pursuant to subsection (a)(i) or (ii) above, the Trust or affected Series shall terminate and the Trustees and the Trust shall be discharged of any and all further liabilities and duties hereunder with respect thereto and the right, title and interest of all parties therein shall be canceled and discharged. Upon termination of the Trust, following completion of winding up of its business, the Trustees shall cause a certificate of cancellation of the Trust's certificate of trust to be filed in accordance with the Delaware Act, which certificate of cancellation may be signed by any one Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any agreement of merger or consolidation or certificate of merger may be signed by a majority of Trustees, and facsimile signatures conveyed by electronic or telecommunication means shall be valid. Pursuant to and in accordance with the provisions of Section 3815(f) of the Delaware Act, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 3 may effect any amendment to the Declaration of Trust or effect the adoption of a new trust instrument of the Trust if it is the surviving or resulting trust in the merger or consolidation.

Section 4. TRUST INSTRUMENT. The original or a copy of this Declaration of Trust and of each amendment and/or restatement hereto or Declaration of Trust supplemental shall be kept at the office of the Trust. Anyone dealing with the Trust may rely on a certificate by a Trustee or an officer of the Trust as to the authenticity of the Declaration of Trust or any such amendments, restatements or supplements and as to any matters in connection with the Trust.

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Section 5. APPLICABLE LAW; JURISDICTION AND WAIVER OF JURY TRIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration of Trust and the Trust created hereunder are governed by and construed and administered according to the Delaware Act and the applicable laws of the State of Delaware; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration of Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets or (vii) the establishment of fiduciary or other standards of responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with Section 3804(e) of the Delaware Act (or any successor provision), any suit, action or proceeding brought by or on behalf of any Shareholder or any person claiming any interest in any Shares against the Trust, any Series or Class, or the Trustees or officers of the Trust, other than those that are brought under the federal securities laws, shall be brought exclusively in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware. Accordingly, all Shareholders and other persons hereby: irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding; irrevocably waive, to the fullest extent permitted by law, any objection that they may make now or hereafter to the laying of the venue of any such suit, action or proceeding in such court; irrevocably waive, to the fullest extent permitted by law, any objection that they may make now or hereafter that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Further, IN CONNECTION WITH ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW. All Shareholders and other persons agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such person at the address shown on the books and records of the Trust or its transfer or similar agent with respect to the Shares in which the person claims an interest. Service of process in any such suit, action or proceeding against the Trust or any Trustee or officer of the Trust may be made at the address of the Trust's registered agent in the State of Delaware. Any service so made shall be effective as if personally made in the State of Delaware.

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Section 6. AMENDMENTS. The Trustees may, without any Shareholder vote, amend or otherwise supplement this Declaration of Trust by making an amendment, a trust instrument supplemental hereto or an amended and restated trust instrument. No vote or consent of any Shareholder shall be required for any amendment to this Declaration of Trust except (i) as determined by the Trustees in their sole discretion or (ii) as required by federal law including the 1940 Act, but only to the extent so required. Any amendment that is submitted to Shareholders, which the Trustees determine would affect the Shareholders of a particular Series or Class, shall be authorized by vote of the Shareholders of such Series or Class, and no vote shall be required of Shareholders of any Series or Class not affected.

Section 7. FISCAL YEAR. The fiscal year of each Series of the Trust shall end on a specified date as set forth in the By-laws or by resolution. The Trustees may change the fiscal year of the Trust or any Series without Shareholder approval. Different Series may have different fiscal years.

Section 8. SEVERABILITY. The provisions of this Declaration of Trust are severable. If the Trustees determine, with the advice of counsel, that any provision hereof conflicts with the 1940 Act, the regulated investment company provisions of the Tax Code or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination. If any provision hereof is held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision only in such jurisdiction and shall not affect any other provision of this Declaration of Trust.

Section 9. INTERPRETATION. As used herein, the singular includes the plural and vice versa. Words denoting any gender include all genders. The Trustees may construe any of the provisions of this Declaration of Trust insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Trustees in good faith shall be conclusive as to the meaning to be given to such provisions. Headings herein are for convenience only and shall not affect the construction of this Declaration of Trust.

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**IN WITNESS WHEREOF**, the Trustees named below do hereby make and enter into this Declaration of Trust as of the date first written above.

---

| |
|:---|
| /s/ Robert Cortright |
| Robert Cortright |
| /s/ Christopher Quinn |
| Christopher Quinn |
| /s/ Caitlin Sheehan |
| Caitlin Sheehan |
| /s/ Robert Smith |
| Robert Smith |
| /s/ Kirt Bjork |
| Kirt Bjork |
| /s/ James Bryant |
| James Bryant |

---

**<u>SCHEDULE A</u>**

(As of March 15, 2023)

DriveWealth ICE 100 Index ETF (formerly, DriveWealth 100)

## Ex-99.(D)(1)

**Exhibit (d)(1)**

**FORM OF**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement ("Agreement") is made this ________, 2023, by and between DriveWealth ETF Trust (the "Trust"), a Delaware statutory trust, and DriveAdvisory, LLC, a New Jersey limited liability company (the "Adviser").

**WHEREAS**, the Adviser is engaged in the business of rendering investment management services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

**WHEREAS**, the Trust is a management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "Investment Company Act");

**WHEREAS**, the Trust is authorized to issue shares of beneficial interest in separate series with each such series representing interests in a separate portfolio of securities and other assets;

**WHEREAS**, the Trust offers shares representing interests in each of the separate series listed on Schedule A attached hereto, as may be amended from time to time to add and remove series (each, a "Fund" and collectively, the "Funds");

**WHEREAS**, the Trust desires to appoint the Adviser to serve as the investment adviser with respect to each of the Funds; and

**WHEREAS**, the Adviser is willing to provide management and investment advisory services to the Funds on the terms and conditions hereinafter set forth;

**NOW**, **THEREFORE**, in consideration of the mutual covenants and agreements set out in this Agreement, the Trust and the Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Provision.</u>

The Trust, on behalf of each Fund, hereby employs the Adviser, and the Adviser hereby undertakes to act, as the investment adviser of the Fund and to perform for the Fund such other duties and functions as are hereinafter set forth for the compensation herein provided. The Adviser shall, in all matters, give to the Trust and its Board of Trustees (the "Board") the benefit of its best judgment, effort, advice and recommendations and shall, at all times conform to, and use its best efforts to enable the Trust and the Funds to conform to (i) the provisions of the Investment Company Act and the rules or regulations thereunder, (ii) any other applicable provisions of state or federal law, (iii) the provisions of the Declaration of Trust and By-Laws of the Trust, as may be amended from time to time, (iv) any policies established by the Board; (v) the investment objective, investment policies and investment restrictions of the Fund as reflected in its Prospectus and Statement of Additional Information ("SAI"), as each may be amended or supplemented from time to time, included in the Trust's registration statement or as such policies may, from time to time, be amended by the Fund's shareholders; and (vi) as otherwise applicable, the Prospectus and SAI of each Fund in effect from time to time. The appropriate officers and employees of the Adviser 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, including the valuation of any Fund's portfolio securities for which market prices are unavailable or for which the Adviser believes the market prices are unreliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services to be Provided by the Adviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Management Services</u>. The Adviser shall perform, or arrange for the performance of, the management and other related services necessary for the operation of each Fund. The Adviser shall provide the Funds with office space, facilities, equipment and necessary personnel and such other services as the Adviser, subject to review by the Board, from time to time shall determine to be necessary or useful to perform its obligations under this Agreement. The Adviser, also on behalf of the Funds, shall conduct relations with custodians, depositories, transfer agents, administrators, pricing agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Adviser shall prepare or participate in the preparation of Board materials, registration statements, proxy statements and reports and other communications to shareholders. The Adviser generally shall monitor each Fund's compliance with investment policies and restrictions as set forth in filings made by the Fund under the federal securities laws. The Adviser shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Funds as it shall determine to be desirable.

Notwithstanding the foregoing, the Adviser shall not be deemed to have assumed any duties with respect to, and shall not be responsible for, the distribution of the shares of any Fund, nor shall the Adviser be deemed under this Agreement to have assumed or have any responsibility with respect to functions specifically assumed by any administrator, transfer agent, fund accounting agent, custodian, shareholder servicing agent or other agent, in each case employed by the Trust to perform such functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investment Advisory Services</u>. Subject to the supervision, direction and approval of the Board, the Adviser will conduct, or cause to be conducted, a continual program of investment, evaluation, sale, and reinvestment of each Fund's assets. Subject to paragraph (c) below, with respect to each Fund, the Adviser is authorized, in its sole discretion, to: (i) obtain and evaluate pertinent economic, financial, and other information affecting each Fund and its investment assets as such information relates to securities or other financial instruments that are purchased for or considered for purchase by the Funds; (ii) make investment decisions for the Fund; (iii) place purchase and sale orders for portfolio transactions on behalf of the Fund and manage otherwise uninvested cash assets of the Fund; (iv) arrange for the pricing of Fund securities; (v) execute account documentation, agreements, contracts and other documents as may be requested by brokers, dealers, counterparties and other persons in connection with the Adviser's management of the assets of the Fund (in such respect, and only for this limited purpose, the Adviser will act as the Fund's agent and attorney-in-fact); (vi) employ professional portfolio managers and securities analysts who provide research and other services to the Fund; and (vii) make decisions with respect to the use by the Fund of borrowing for leverage or other investment purposes as consistent with the Fund's exemptive relief (if any), investment objective(s) and policies and applicable law, regulations and interpretations and exemptions from the foregoing. The Adviser will in general take such action as is appropriate to effectively manage each Fund's investment practices.

The Adviser will manage, or cause to be managed, the investment and reinvestment of the assets of each Fund in a manner consistent with the Fund's investment objectives and policies as stated in its Prospectus and SAI. The Adviser also will manage, or cause to be managed, the investments of each Fund in a manner consistent with any and all applicable investment restrictions contained in the Investment Company Act and the rules and regulations thereunder, the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), including the diversification requirement of Subchapter M, any exemptive orders issued by the U.S. Securities and Exchange Commission ("SEC") applicable to the Fund or any SEC staff no-action letter applicable to the Fund, and any applicable state securities law or regulation. The Trust will provide the Adviser with copies of any such SEC exemptive orders or SEC staff no-action letters. The Adviser agrees to perform its duties hereunder in compliance with the Funds' policies and procedures adopted pursuant to Rule 38a-1 under the Investment Company Act, and the Adviser's duties and obligations under Rule 206(4)-7 under the Advisers Act, including providing the Chief Compliance Officer of the Trust and/or the Board with such information, reports and certifications as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sub-advisers</u>. In carrying out its responsibilities hereunder, the Adviser may, in its sole discretion to the extent permitted by applicable law, any exemptive orders issued by the SEC applicable to the Funds or any SEC staff no-action letter applicable to the Funds, employ, retain or otherwise avail itself of the services of other persons or entities registered as investment advisers under the Advisers Act (each, a "sub-adviser") at the Adviser's own cost and expense, including without limitation, affiliates of the Adviser, on such terms as the Adviser shall determine to be necessary, desirable or appropriate. Retention of one or more sub-advisers shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall supervise and oversee the activities of any such sub-adviser, and the Adviser shall be responsible for all acts and omissions of such sub-advisers in connection with the performance of the Adviser's duties hereunder unless otherwise agreed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Proxy Voting</u>. The Adviser will have authority and responsibility to vote proxies for each Fund's securities. The Adviser shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Adviser will vote proxies in the best interest of each Fund and may choose not to vote proxies where the cost of doing so, in the Adviser's opinion, would exceed the expected benefits to the Fund. The Adviser shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for the Funds to comply with the 1940 Act and other applicable law. The Adviser's authority to vote proxies for each Fund's securities may be revoked or modified by the Board at any time. The Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote proxies for a Fund to the Fund's sub-adviser(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Securities Lending Activities</u>. The Adviser shall provide the following services with respect to any securities lending activities on behalf of each Fund that engages in such activities: (i) assist the securities lending agent for each such Fund (the "Agent") to determine which securities are available for loan, (ii) monitor the Agent's activities to ensure that securities loans are effected in accordance with the Adviser's instructions and in accordance with applicable procedures and guidelines adopted by the Board, (iii) make recommendations to the Board regarding the Fund's participation in securities lending; (iv) prepare appropriate periodic reports for, and seek appropriate periodic approvals from, the Board with respect to securities lending activities, (v) respond to Agent inquiries concerning Agent's activities, and (vi) such other related duties as the Adviser deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information and Reports.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser will keep the Trust informed of developments relating to its duties as investment adviser of which the Adviser has, or should have, knowledge that would materially affect the Funds. In this regard, the Adviser will provide the Trust and its officers with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Trust may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser will provide the Trust with any information reasonably requested regarding its management of the Funds required for any shareholder report, registration statement or amendment thereto, or supplement to a Fund's Prospectus or SAI to be filed by the Trust with the SEC. The Adviser will promptly inform the Trust if any information in a Fund's Prospectus or SAI, as may be amended or supplemented, to the Adviser's knowledge is (or will become) inaccurate or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Portfolio Transactions and Brokerage.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Placement of Orders</u>. The Adviser will take, or cause to be taken, all actions that it considers necessary to implement the investment policies of the Funds, and, in particular, to place all orders for the purchase or sale of securities or other investments for the Funds with brokers or dealers that the Adviser, in its sole discretion, selects. To that end, the Adviser is authorized as the Funds' agent to give instructions to the Funds' custodian as to deliveries of securities or other investments and payments of cash for the Funds' account. In connection with the selection of brokers or dealers and the placement of purchase and sale orders, the Adviser is subject to the supervision of the Board and is directed at all times to seek to obtain best execution and price within the policy guidelines determined by the Board and set out in each Fund's current Prospectus or SAI, subject to provisions (b), (c) and (d) of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Soft Dollar Arrangements</u>. On an ongoing basis, but not less often than annually, the Adviser will identify and provide a written description to the Board of all "soft dollar" arrangements that the Adviser maintains with respect to the Funds or with brokers or dealers that execute transactions for the Funds, if any, and of all research and other services provided to the Adviser by a broker or dealer (whether prepared by such broker or dealer or by a third party), if any, as a result, in whole or in part, of the direction of Fund transactions to the broker or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Aggregated Transactions</u>. On occasions when the Adviser deems the purchase or sale of a security or other financial instrument to be in the best interest of a Fund, as well as other clients, the Adviser is authorized, but not required, to aggregate purchase and sale orders for securities or other financial instruments held (or to be held) by that Fund with similar orders being made on the same day for other client accounts or portfolios that the Adviser manages. When an order is so aggregated, the Adviser may allocate the recommendations or transactions among all accounts and portfolios for whom the recommendation is made or transaction is effected on a basis that the Adviser reasonably considers equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Adviser and the Funds recognize that in some cases this procedure may adversely affect the size of the position obtainable for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Affiliated Brokers</u>. An affiliate of the Adviser may act as broker or agent in connection with the purchase or sale of securities or other investments for the Funds, subject to: (i) the requirement that the Adviser seek to obtain best execution and price within the policy guidelines determined by the Board and set out in each Fund's current Prospectus or SAI; and (ii) the provisions of the Investment Company Act, the Advisers Act, and any other applicable federal securities law or regulation. The Trust agrees that any entity or person associated with the Adviser or a sub-adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Funds that is permitted by Section 11(a) of the Exchange Act of 1934, as amended (the "Exchange Act"), and the Trust consents to the retention of compensation for such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Records.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maintenance of Records</u>. The Adviser hereby undertakes and agrees to maintain for the Trust, in the form and for the period required by Rules 31a-2 and Rule 31a-4 under the Investment Company Act, all records relating to the Funds' investments that are required to be maintained by the Funds pursuant to the Investment Company Act and any other applicable state or federal securities law or regulation, including the Exchange Act, and the Advisers Act, with respect to the Adviser's responsibilities under this Agreement (the "Funds' Books and Records").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership of Records</u>. The Adviser agrees that the Funds' Books and Records are the Trust's property and further agrees to surrender them promptly to the Trust upon the request of the Trust; *provided, however,* that the Adviser may retain copies of the Funds' Books and Records at its own cost. The Funds' Books and Records will be made available, as soon as reasonably practicable, following any written request, to the Funds' accountants or auditors during regular business hours at the Adviser's offices. The Trust or its authorized representatives will have the right to copy any records in the Adviser's possession that pertain to any Fund. These books, records, information, or reports will be made available to properly authorized government representatives consistent with state and federal law and/or regulations. In the event of the termination of this Agreement, the Funds' Books and Records will be returned to the Trust. The Adviser agrees that the policies and procedures it has established for managing the Funds, including, but not limited to, all policies and procedures designed to ensure compliance with federal and state regulations governing the adviser/client relationship and management and operation of the Funds, will be made available promptly for inspection by the Fund or its authorized representatives upon reasonable written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Funds shall pay to Adviser, for all services rendered to each Fund by Adviser hereunder, the fees set forth in Schedule A attached hereto, which may be amended from time to time to reflect the addition and/or termination of any Fund as a Fund hereunder and to reflect any change in the management fees payable with respect thereto. All fees payable hereunder shall be accrued daily and paid as soon as practicable after the last day of each calendar month. In case of commencement or termination of this Agreement with respect to any Fund during any calendar month, the fee with respect to such Fund for that month shall be reduced proportionately based upon the number of calendar days during which it is in effect, and the fee shall be computed upon the average daily net assets of such Fund for the days during which it is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining fees payable to the Adviser, the daily value of a Fund's net assets will be computed at the times and in the manner specified in the Fund's current Prospectus or SAI, and on days on which the net assets are not so determined, the net asset value computation to be used will be as determined on the immediately preceding day on which the net assets were determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser may from time to time and for such periods as it deems appropriate voluntarily reduce its compensation (and, if appropriate, assume additional expenses of one or more of the Funds), including to the extent that any Fund's expenses exceed such lower expense limitation as the Adviser may, by notice to the Fund, voluntarily declare to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Expenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Adviser</u>. Except as otherwise provided in Section 7(b) of this Agreement, the Adviser agrees to pay all expenses incurred by each Fund, including any expenses incurred by the Trust and allocated to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Funds</u>. The Trust, on behalf of each Fund, on a Fund-by-Fund basis out of the assets of the particular Fund for which an expense relates, agrees to pay a unitary advisory fee, which will cover substantially all of each Fund's expenses. The unitary advisory fee will not cover acquired fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses. For the avoidance of doubt, any fees and expenses incurred by a Fund in connection with the lending of its portfolio securities shall be treated as reducing the gross revenues or income receivable from such arrangements and shall not be treated as a fee or expense for which the Adviser is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Liability of Adviser.</u>

Neither the Adviser nor its directors, officers, employees, agents or controlling persons or assigns shall be liable for any error of judgment or mistake of law, or for any loss suffered by the Trust, any Fund or its shareholders arising out of any investment or for any act or omission in connection with the matters to which this Agreement relates; *provided,* however, that no provision of this Agreement shall be deemed to protect the Adviser against any liability to the Trust or any Fund to which it might otherwise be subject by reason of any willful misfeasance, bad faith or gross negligence in the performance of its duties or the reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Term of Agreement; Termination of Agreement; Amendment of Agreement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>. This Agreement will become effective with respect to a Fund on the date that such Fund commences investment operations, as set forth opposite the Fund's name on Schedule A annexed hereto (the "Effective Date"), and, unless terminated in accordance with its terms, will continue for an initial two-year term and thereafter so long as such continuance is specifically approved with respect to such Fund at least annually as required by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated, without penalty, with respect to any Fund (i) by the Board or by vote of holders of a majority of the outstanding shares of the Fund upon sixty (60) days' written notice to the Adviser, and (ii) by the Adviser upon sixty (60) days' written notice to the Fund (which notice may be waived by the Fund). This Agreement will terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) <u>Amendment</u>. This Agreement may be amended by the parties only if the amendment is specifically approved by: (i) a majority of those Trustees of the Trust who are not parties to this Agreement or "interested persons" of any party cast in person at a meeting called for the purpose of voting on this Agreement's approval; and (ii) if required by applicable law, the vote of a majority of the outstanding shares of the Fund. The amendment of Schedule A to this Agreement for the sole purpose of (i) adding or removing one or more Funds or (iiThis Agreement may be amended by the parties only) making other non-material changes to the information included in the Schedule shall not be deemed an amendment of this Agreement or amendment affecting an already existing Fund and requiring the approval of shareholders of that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Disclaimer of Trustee and Shareholder Liability.</u>

The obligations of the Trust and the Funds under this Agreement are not binding upon any of the Trustees, officers, employees, agents or shareholders of the Trust and the Funds individually, but bind only the property of that Fund and no other Funds of the Trust. The Adviser agrees to look solely to the assets of the Trust and each Fund for the satisfaction of any liability in respect of the Trust and the Funds under this Agreement and will not seek recourse against such Trustees, officers, employees, agents or shareholders, or any of them, or any of their personal assets for such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Other Activities.</u>

Nothing in this Agreement shall be construed to prohibit or otherwise limit the Adviser or any of its affiliates from engaging in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, including the provision of investment advisory and management services, to any other fund, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Definitions.</u>

The terms "assignment," "affiliated person," and "interested person," when used in this Agreement, will have the respective meanings specified in Section 2(a) of the Investment Company Act. The term "majority of the outstanding shares" means the lesser of (a) sixty-seven percent (67%) or more of the shares present at a meeting if more than fifty percent (50%) of these shares are present or represented by proxy, or (b) more than fifty percent (50%) of the outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement; Severability.</u>

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. <u>Governing Law.</u>

To the extent the federal securities laws do not apply, this Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York, without reference to the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Counterparts.</u>

This Agreement may be executed in one or more counterparts, each of which will be deemed an original, and all of such counterparts together will constitute one and the same instrument.

[signature page to follow]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

---

| |
|:---|
| DRIVEWEALTH ETF TRUST |
| By: |
| Name. |
| Title: |
| DRIVEADVISORY, LLC |
| By: |
| Name: |
| Title: |

---

**Schedule A<br> to the<br> Investment Advisory Agreement dated _________, 2023<br> by and between DriveWealth ETF Trust and DriveAdvisory, LLC**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;0.50% |

---

**B-1**

## Ex-99.(D)(2)

**Exhibit (d)(2)**

**FORM OF**

**PENSERRA CAPITAL MANAGEMENT LLC SUB-ADVISORY AGREEMENT**

Sub-Advisory Agreement (this "Agreement") entered into as of the __ day of _________, 2023, by and between DriveAdvisory, LLC (the "Adviser"), a New Jersey limited liability company with its principal place of business at 15 Exchange Place, 10th Floor, Jersey City, New Jersey 07302, and Penserra Capital Management LLC, a registered investment adviser organized under the laws of the State of New York (the "Sub-Adviser").

WHEREAS, DriveWealth ETF Trust, a Delaware statutory trust (the "Trust"), is an open-end management investment company, registered as such under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated _________, 2023 (the "Advisory Agreement") with the Trust, relating to the provision of portfolio management services to each series listed on <u>Schedule A</u> hereto (each such series, the "Fund"), as may be amended from time to time;

WHEREAS, the Advisory Agreement provides that, in carrying out its responsibilities under the Advisory Agreement with respect to the Fund, the Adviser may employ, retain or otherwise avail itself of the services of one or more sub-advisers;

WHEREAS, the Adviser and the Trustees of the Trust desire to retain the Sub-Adviser to render portfolio management services to the Fund in the manner and on the terms set forth in this Agreement, and the Sub-Adviser is willing to provide such services.

NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

1. <u>Appointment and Acceptance of Appointment</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment sub-adviser
to the Fund for the periods and on the terms herein set forth. The Sub-Adviser accepts such appointment and agrees to render the services
herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, subject to the supervision and oversight of the Adviser, manage the investment and reinvestment of such portion
of the assets of the Fund, as the Adviser may from time to time allocate to the Sub-Adviser for management (the "Sub-Advised Assets").
The Sub-Adviser shall manage the Sub-Advised Assets in conformity with (i) the investment objective, policies and restrictions of the
Fund set forth in the Fund's prospectus and statement of additional information, as they may be amended from time to time, any additional
policies or guidelines, including without limitation compliance policies and procedures, established by the Adviser, the Trust's
Chief Compliance Officer, or by the Trust's Board of Trustees ("Board") that have been furnished in writing to the Sub-Adviser,
(ii) the written instructions and directions received from the Adviser and/or the Trust as delivered; and (iii) the requirements of the
1940 Act , the Investment Advisers Act of 1940 ("Advisers Act"), and all other federal and state laws applicable to registered
investment companies and the Sub-Adviser's duties under this Agreement, all as may be in effect from time to time. The foregoing
are referred to below together as the "Policies."

For purposes of compliance with the Policies, the Sub-Adviser shall be entitled to treat the Sub-Advised Assets as though the Sub-Advised Assets constituted the entire Fund, and the Sub-Adviser shall not be responsible in any way for the compliance of any assets of the Fund, other than the Sub-Advised Assets, with the Policies. Subject to the foregoing, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Fund, without regard to the length of time the securities have been held and the resulting rate of portfolio turnover or any tax considerations; and the majority or the whole of the Sub-Advised Assets may be invested in such proportions of stocks, bonds, other securities or investment instruments, or cash, as the Sub-Adviser shall determine. Notwithstanding the foregoing provisions of this Section 2(a), however, (i) the Sub-Adviser shall, upon and in accordance with written instructions from the Adviser, effect such portfolio transactions for the Sub-Advised Assets as the Adviser shall determine are necessary in order for the Fund to comply with the Policies, and (ii) upon notice to the Sub-Adviser, the Adviser may effect in-kind redemptions with shareholders of the Fund with securities included within the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Absent instructions from the Adviser or the officers of the Trust to the contrary, the Sub- Adviser shall place orders pursuant to
its determinations either directly with the issuer or with any broker and/or dealer or other person who deals in the securities in which
the Fund is trading. With respect to common and preferred stocks, in executing portfolio transactions and selecting brokers or dealers,
the Sub-Adviser shall use its best judgment to obtain the best overall terms available. In assessing the best overall terms available
for any transaction, the Sub-Adviser shall consider all factors it deems relevant, including the breadth of the market in the security,
the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission,
if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available and in selecting the
broker or dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research services (as those
terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to the Fund and/or other account over which the Sub-Adviser
and/or an affiliate of the Sub- Adviser exercises investment discretion. With respect to securities other than common and preferred stocks,
in placing orders with brokers, dealers or other persons, the Sub-Adviser shall attempt to obtain the best net price and execution of
its orders, provided that to the extent the execution and price available from more than one broker, dealer or other such person are believed
to be comparable, the Sub-Adviser may, at its discretion but subject to applicable law, select the executing broker, dealer or such other
person on the basis of the Sub-Adviser's opinion of the reliability and quality of such broker, dealer or such other person; broker
or dealers selected by the Sub-Adviser for the purchase and sale of securities or other investment instruments for the Sub-Advised Assets
may include brokers or dealers affiliated with the Sub-Adviser, provided such orders comply with Rules 17e-1 and 10f-3 under the 1940
Act and the Trust's Rule 17e-1 and Rule 10f-3 Procedures, respectively, in all respects, or any other applicable exemptive rules
or orders applicable to the Sub- Adviser. Notwithstanding the foregoing, the Sub-Adviser will not effect any transaction with a broker
or dealer that is an "affiliated person" (as defined under the 1940 Act) of the Sub-Adviser or the Adviser without the prior
approval of the Adviser. The Adviser shall provide the Sub-Adviser with a list of brokers or dealers that are affiliated persons of the
Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser acknowledges that the Adviser and the Trust may rely on Rules 17a-7, 17a-10, 10f-3 and 17e-1 under the 1940 Act, and
the Sub-Adviser hereby agrees that it shall not consult with any other investment adviser to the Trust with respect to transactions in
securities for the Sub-Advised Assets or any other transactions in the Trust's assets, other than for the purposes of complying
with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Adviser with a true and complete copy of its compliance policies and procedures for compliance with
"federal securities laws" (as such term is defined under Rule 38a-1 under the 1940 Act) and Rule 206(4)-7 under the Advisers
Act (the "Sub-Adviser Compliance Policies"). The Sub-Adviser's chief compliance officer ("Sub-Adviser CCO")
shall provide to the Trust's Chief Compliance Officer ("Trust CCO") or his or her delegate promptly (and in any event
within 10 business days) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report of any "material compliance matters," as defined by Rule 38a-1 under the 1940 Act, that have occurred in connection
with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the Sub-Adviser CCO's report with respect to the annual review of the Sub-Adviser Compliance Policies pursuant to
Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust CCO may request) certification regarding the Sub-Adviser's compliance with Rule 206(4)-7
under the Advisers Act and Section 38a-1 under the 1940 Act as well as the foregoing sub-paragraphs (i) - (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Fund as well
as other fiduciary or agency accounts managed by the Sub-Adviser, aggregate, to the extent permitted by applicable laws and regulations,
the securities to be sold or purchased in order to obtain the best overall terms available and execution with respect to common and preferred
stocks and the best net price and execution with respect to other securities. In such event, allocation of the securities so purchased
or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it considers to be most fair
and equitable over time to the Fund and to its other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser, in connection with its rights and duties with respect to the Fund and the Trust shall use the care, skill, prudence
and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would
use in the conduct of an enterprise of a like character and with like aims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The services of the Sub-Adviser hereunder are not deemed exclusive and the Sub-Adviser shall be free to render similar services to
others (including other investment companies) so long as its services under this Agreement are not impaired thereby. The Sub-Adviser will
waive enforcement of any non-compete agreement or other agreement or arrangement to which it is currently a party that restricts, limits,
or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide investment advisory or other
services and will transmit to any person or entity notice of such waiver as may be required to give effect to this provision; and the
Sub-Adviser will not become a party to any non-compete agreement or any other agreement, arrangement, or understanding that would restrict,
limit, or otherwise interfere with the ability of the Adviser and the Trust or any of their affiliates to employ or engage any person
or organization, now or in the future, to manage the Fund or any other assets managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall furnish the Adviser reports concerning portfolio transactions and performance of the Sub-Advised Assets as the
Adviser may reasonably determine in such form as may be mutually agreed upon, and agrees to review the Sub-Advised Assets with the Adviser
and discuss the management of them. The Sub-Adviser shall promptly respond to requests by the Adviser and the Trust CCO or their delegates
for copies of the pertinent books and records maintained by the Sub-Adviser relating directly to the Fund. The Sub- Adviser shall also
provide the Adviser with such other information and reports, including information and reports related to compliance matters, as may reasonably
be requested by it from time to time, including without limitation all material requested by or required to be delivered to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise instructed by the Adviser, the Sub-Adviser shall <u>not</u> have the power, discretion or responsibility to vote
any proxies in connection with securities in which the Sub-Advised Assets may be invested, and the Adviser shall retain such responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall cooperate promptly and fully with the Adviser and/or the Trust in responding to any regulatory or compliance
examinations or inspections (including any information requests) relating to the Trust, the Fund or the Adviser brought by any governmental
or regulatory authorities. The Sub-Adviser shall provide the Trust CCO or his or her delegate with notice within a reasonable period (but
in any event within three business days) of any deficiencies or other issues identified by the United States Securities and Exchange Commission
("SEC") in an examination or otherwise that relate to or that may affect the Sub-Adviser's responsibilities with respect
to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser shall be responsible for the preparation and filing of Schedule 13G and Form 13F on behalf of the Sub-Advised Assets.
The Sub-Adviser shall not be responsible for the preparation or filing of any other reports required on behalf of the Sub-Advised Assets,
except as may be expressly agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall maintain separate detailed records of all matters pertaining to the Sub-Advised Assets, including, without limitation,
brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions
of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Adviser on behalf of the Trust
are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Adviser further agrees to preserve for
the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is likely to impair the Sub-Adviser's ability
to fulfill its commitments under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Upon request from the Adviser, or the custodian or recordkeeping agent of the Trust, the Sub-Adviser will, to the best of its ability,
provide reasonable assistance to the Adviser, custodian or recordkeeping agent in determining or confirming, consistent with the procedures
and policies stated in the Trust's valuation policy and procedures and/or the Fund's prospectus and statement of additional
information (as may be amended from time to time), the value of any of the Fund's holdings or other assets of a Fund. Such reasonable
assistance shall include (but is not limited to) verifying pricing and providing fair valuations or recommendations for fair valuations
to the Adviser. In addition, if the Sub-Adviser becomes aware, over the course of its regular activities, that (1) the value of any holding
of the Fund does not appear to reflect corporate actions, news, or other significant events; (2) a market quotation is not readily available
or is deemed to be unreliable; or (3) the holding otherwise requires a review to determine if a fair valuation is necessary under the
policies and procedures of the Sub-Adviser used to determine the value of portfolio holdings, the Sub-Adviser will, to the best of its
ability, promptly notify the Trust or the Adviser. The Sub-Adviser shall have written policies and procedures that address the above requirements.
The Sub-Adviser shall notify the Trust and the Adviser immediately if it identifies any error in connection with the valuation of a Sub-Advised
asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Parties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser represents and warrants to the Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser is a registered investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Form ADV that the Sub-Adviser has previously provided to the Adviser is a true and complete copy of the form as currently filed
with the SEC, and the information contained therein is accurate and complete in all material respects and does not omit to state any material
fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Adviser
will promptly provide the Adviser and the Trust with a complete copy of all subsequent amendments to its Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Sub-Adviser has adopted and implemented (1) written policies and procedures pursuant to, and in accordance with, Rule 38a-1 under
the 1940 Act and Rule 206(4)-7 under the Advisers Act; (2) written policies and procedures reasonably designed to address cybersecurity
risks; and (3) a written business continuity plan reasonably designed to address operational and other risks related to a significant
disruption in the Sub-Adviser's operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) This Agreement has been duly authorized and executed by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser is registered under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser and the Trust have duly authorized the execution of this Agreement by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Obligations of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall provide (or cause the Fund's Custodian (as defined in Section 5 hereof, the Fund's accountant and the
Fund's distributor) to provide) timely information to the Sub-Adviser regarding such matters as the composition of the Sub-Advised
Assets, cash requirements and cash available for investment in the Sub-Advised Assets, and all other information as may be reasonably
necessary for the Sub-Adviser to perform its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has furnished the Sub-Adviser with a copy of the prospectus and statement of additional information of the Fund and it
agrees during the continuance of this Agreement to furnish the Sub-Adviser copies of any revisions or supplements thereto at, or, if practicable,
before the time the revisions or supplements become effective. The Adviser agrees to furnish the Sub-Adviser with copies of any financial
statements or reports made by the Fund to its shareholders, and any further materials or information that the Sub- Adviser may reasonably
request to enable it to perform its functions under this Agreement.

5. <u>Custodian</u>. The Adviser shall provide the Sub-Adviser with a copy of the Fund's agreement with the custodian designated
to hold the assets of the Fund (the "Custodian") and any material modifications thereto (the "Custody Agreement")
that may affect the Sub-Adviser's duties, copies of such modifications to be provided to the Sub-Adviser reasonably in advance of
the effectiveness of such modifications. The Sub-Advised Assets shall be maintained in the custody of the Custodian identified in, and
in accordance with the terms and conditions of, the Custody Agreement (or any sub-custodian properly appointed as provided in the Custody
Agreement). The Sub-Adviser shall have no liability for the acts or omissions of the Custodian, unless such act or omission is taken solely
in reliance upon instruction given to the Custodian by a representative of the Sub-Adviser properly authorized to give such instruction
under the Custody Agreement. Any assets added to the Fund shall be delivered directly to the Custodian.

6. <u>Use of Name</u>. During the term of this Agreement, the Adviser shall have permission to use the Sub-Adviser's name in the
offering and marketing of the Fund, and agree to furnish the Sub-Adviser, for its prior approval at its principal office all prospectuses,
brochures, advertisements, promotional materials, web-based information, proxy statements shareholder reports and other similar informational
materials that are to be made available to shareholders of the Fund or to the public and that refer to the Sub-Adviser in any way. During
the term of this Agreement, the Sub-Adviser shall not use the Adviser's name or the Trust's name without the prior consent
of the Adviser.

7. <u>Expenses</u>. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with the performance
of its duties under paragraph 2 hereof other than the cost (including taxes, brokerage commissions and other transaction costs, if any)
of the securities or other investment instruments purchased or sold for the Fund.

8. <u>Compensation of the Sub-Adviser</u>. As full compensation for all services rendered, facilities furnished and expenses borne by
the Sub-Adviser hereunder, the Sub-Adviser shall be paid the fees in the amounts and in the manner set forth in <u>Schedule B</u> hereto.

9. <u>Independent Contractor Status</u>. The Sub-Adviser shall for all purposes hereof be deemed to be an independent contractor and
shall, unless otherwise provided or authorized, have no authority to act for or represent the Trust or the Adviser in any way or otherwise
be deemed an agent of the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Adviser shall be confined to those expressly set forth herein with respect to the Sub-Advised
Assets. The Sub-Adviser shall not be liable for any loss arising out of any portfolio investment or disposition hereunder, except a loss
directly resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless
disregard of its obligations and duties hereunder. The Sub-Adviser shall have no liability for any indirect, incidental, consequential,
special, exemplary or punitive damages even if the Sub-Adviser has been advised of the possibility of such damages. Furthermore, under
no circumstances shall the Sub-Adviser be liable for any loss arising out of any act or omission taken by another sub-adviser, or any
other third party, in respect of any portion of the Trust's assets not managed by the Sub-Adviser pursuant to this Agreement. Notwithstanding
the foregoing, nothing herein shall be deemed to relieve the Sub-Adviser of any liability it would otherwise have under applicable federal
securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall indemnify the Adviser, the Trust and the Fund, and their respective affiliates and
controlling persons (the "Adviser Indemnified Persons") for any liability and expenses, including reasonable attorneys'
fees, which the Adviser, the Trust or the Fund and their respective affiliates and controlling persons may sustain as a result of the
Sub-Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Sub-Adviser's willful
misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder or violation of applicable law; provided, however,
that the Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result of the either
of the Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser shall indemnify the Sub-Adviser, its affiliates and its controlling persons (the "Sub-Adviser
Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, arising from, or in connection
with, the Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Adviser's
willful misfeasance, bad faith, gross negligence, reckless disregard of their duties hereunder or violation of applicable law; provided,
however, that the Sub-Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result
of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Effective Date and Termination</u>. This Agreement shall become effective with respect to the Fund on the date that the Fund commences
investment operations (the "Effective Date"), and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless otherwise terminated, this Agreement shall continue in effect for an initial term of two years, and thereafter from year to
year thereafter so long as such continuance is specifically approved at least annually (i) by the Board or by vote of a majority of the
outstanding voting securities of the Fund, and (ii) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement
or interested persons of any such party (the "Disinterested Trustees"), cast in person at a meeting called for the purpose
of voting on such approval (except that no in person meeting will be required in the event that SEC guidance or exemptive relief permits
action without an in person meeting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement may at any time be terminated on 60 days' written notice to the Sub- Adviser either by vote of the Board or by
vote of a majority of the outstanding voting securities of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement shall automatically terminate in the event of its "assignment," as such term is defined in Section 2(a)(4)
of the 1940 Act, or upon the termination of the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Agreement may be terminated by the Sub-Adviser on 60 days' written notice to the Adviser and the Trust, or by the Adviser
immediately upon notice to the Sub-Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) termination of this Agreement pursuant to this Section 11 shall be without the payment of any penalty.

12. <u>Amendment</u>. This Agreement may be amended at any time by mutual consent of the Adviser and the Sub-Adviser, provided that, if
required by law, such amendment shall also have been approved by vote of a majority of the outstanding voting securities of the Fund and
by vote of a majority of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such approval.

13. <u>Assignment</u>. The Sub-Adviser may not assign this Agreement. The Sub-Adviser shall notify the Adviser in writing sufficiently
in advance of any proposed change of "control," as defined in Section 2(a)(9) of the 1940 Act, so as to enable the Trust and/or
the Adviser to: (a) consider whether an assignment will occur, (b) consider whether to enter into a new Sub-Advisory Agreement with the
Sub-Adviser or its successor as a result of such change of control, and (c) prepare, file, and deliver any disclosure document to the
Fund's shareholders as may be required by applicable law.

14. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall 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 upon and shall inure to the benefit of the parties hereto and their respective successors (subject to paragraph 11(c)
hereof) and, to the extent provided in paragraph 10 hereof, each Sub-Adviser and Adviser Indemnified Person. Anything herein to the contrary
notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties to do anything in
violation of any applicable laws or regulations. Any provision in this Agreement requiring compliance with any statute or regulation shall
mean such statute or regulation as amended and in effect from time to time.

15. <u>Regulation S-P</u>. In accordance with Regulation S-P, if non-public personal information regarding any party's customers
or consumers is disclosed to the other party in connection with this Agreement, the other party receiving such information will not disclose
or use that information other than as necessary to carry out the purposes of this Agreement.

16. <u>Confidentiality</u>. Any information or recommendations supplied by either the Adviser or the Sub- Adviser, that are not otherwise
in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder,
including without limitation portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement,
are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required
by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information
may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary
to carry out the purposes of this Agreement, the Custodian, and such persons as the Adviser may designate in connection with the Sub-Advised
Assets.

17. <u>Notices</u>. All notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below
of each applicable party in person or by registered or certified mail or a private mail or delivery service providing the sender with
notice of receipt or such other address as specified in a notice duly given to the other parties. Notice shall be deemed given on the
date delivered or mailed in accordance with this paragraph.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For: **DriveAdvisory, LLC**<br>15 Exchange Place<br> 10th Floor<br> Jersey City, NJ 07302<br> Attn: Chris Quinn |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> For: **Penserra Capital Management LLC**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Orinda Way<br> Suite 100A Orinda,<br> CA 94563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Dustin Lewellyn |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> For: **DriveWealth ETF Trust**<br>15 Exchange Place<br> 10th Floor<br> Jersey City, NJ 07302<br>Attn: Chris Quinn |

---

18. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

19. <u>Governing Law</u>. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, or
any applicable provisions of the 1940 Act. To the extent that the laws of the State of New York, or any of the provisions in this Agreement,
conflict with the applicable provisions of the 1940 Act, the 1940 Act shall control.

20. <u>Severability and Survival</u>. Should any portion of this Agreement for any reason be held to be void in law or in equity, the
Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein. Section 10 shall survive the
termination of this Agreement.

[signature page to follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

**DriveAdvisory, LLC**

By:   <br> Name: <br> Title:

**Penserra Capital Management LLC**

By:   <br> Name: <br> Title:

<u>Schedule A</u>

<u>Funds(s)</u>

(as of March __, 2023)

DriveWealth ICE 100 Index ETF

<u>Schedule B</u>

<u>Sub-advisory Fees</u>

The Adviser, pursuant to Section 8 of this Agreement, agrees to pay the Sub-adviser under the following schedule:

For the services to be rendered by the Sub-adviser as provided in Section 2 of this Agreement, the Adviser shall pay to the Sub-adviser at the end of each month an advisory fee as follows:

The sub-advisory fee payable by the Adviser with respect to each Fund is calculated on an aggregate basis with each of the net assets of funds sub-advised by the Sub-Adviser in the DriveAdvisory Funds Complex (the "DriveAdvisory Complex Sub-Advised Assets"). The sub-advisory fee is computed daily and paid monthly in an amount equal to the greater of (1) $5,000 per month or (2) 0.03% per annum of the DriveAdvisory Complex Sub-Advised Assets on the first $5 billion, 0.025% per annum of the DriveAdvisory Complex Sub-Advised Assets on the next $5 billion, and 0.02% per annum of the DriveAdvisory Complex Sub-Advised Assets on assets over $10 billion.

## Ex-99.(E)(1)

**Exhibit (e)(1)**

**ETF DISTRIBUTION AGREEMENT**

This distribution agreement (the "<u>Agreement</u>") is effective as of February 3, 2023 and made by DriveWealth ETF Trust, a Delaware statutory (the "<u>Trust</u>") having its principal place of business at 15 Exchange Place, Suite 1000, Jersey City, NJ 07302, and Foreside Fund Services, LLC, a Delaware limited liability company (the "<u>Distributor</u>") having its principal place of business at Three Canal Plaza, Suite 100, Portland, ME 04101.

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") with separate and distinct series (each series a "<u>Fund,</u>" and collectively the "Funds").

WHEREAS, the Trust intends to create and redeem aggregations ("Creation Units") of shares of beneficial interest (the "Shares") of each Fund on a continuous basis and such Shares will be registered with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "1933 Act").

WHEREAS, the Trust intends to list the Shares on one or more national securities exchanges (together, the "<u>Listing Exchanges</u>").

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>").

WHEREAS, the Trust desires to retain the Distributor to (i) act as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund, and (ii) hold itself available to review and approve orders for the purchase and redemption of such Creation Units in the manner set forth in the Trust's Prospectus.

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

**1. <u>Appointment</u>**. The Trust hereby appoints the Distributor to serve as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

**2. <u>Definitions</u>**. Wherever they are used herein, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Prospectus</u>" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

3. <u>Duties of the Distributor</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to serve as the principal underwriter of the Funds in connection with the review and approval of all purchase and redemption orders of Creation Units of each Fund ("Purchase Orders" and "Redemption Orders", respectively) by authorized participant agreement (an "AP Agreement") that have executed an AP Agreement with the Distributor and Transfer Agent/Index Receipt Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent/ Index Receipt Agent to transact in Fund Securities, Deposit Securities, and related Cash Components through or outside the Clearing Process, and as provided in and in accordance with the Registration Statement and Prospectus. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use commercially reasonable efforts to provide the following services to the Trust with respect to the continuous distribution of Creation Units of each Fund: (i) at the request of the Trust, the Distributor shall enter into AP Agreements between and among Authorized Participants, the Distributor and the Transfer Agent/Index Receipt Agent, for the purchase and redemption of Creation Units of the Funds, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units, and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall ensure that all direct requests to Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to make available, at the Trust's request, one or more members of its staff to attend, either via telephone or in person, Board meetings of the Trust in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributor shall review and approve, prior to use, all marketing materials with respect to the Trust or any Fund ("<u>Marketing Materials</u>") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to be filed with FINRA. The Distributor agrees to furnish to the applicable Fund's investment adviser any comments provided by FINRA with respect to such materials and to consult with such investment adviser regarding any response or required change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor shall not offer any Shares and shall not approve any Purchase Order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Trust's obligation to redeem any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall work with the Index Receipt Agent to review and approve orders placed by Authorized Participants and transmitted to the Index Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor agrees to maintain, and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain a copy of all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Distributor agrees to maintain compliance policies and procedures (a "<u>Compliance Program</u>") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

4. <u>Duties of the Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to create, issue, and redeem Creation Units of each Fund in accordance with the procedures described in the Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust will make available to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus, (ii) copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants regularly retained by the Trust, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall inform Distributor of any such jurisdictions in which the Trust has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

The Distributor acknowledges and agrees that the Trust reserves the right to suspend sales and Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall arrange to provide each Fund's Listing Exchange with copies of the Prospectus to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will make it known that Prospectuses are available by making sure such disclosures are in all Marketing Materials with respect to a Fund.

5. <u>Fees and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall be entitled to no compensation or reimbursement of expenses from the Trust for the services provided by the Distributor pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall pay (i) all expenses relating to Distributor's broker- dealer qualification and registration under the 1934 Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from a Fund's Investment Adviser with respect to any services performed under this Agreement, as may be agreed upon by the Distributor and the Fund's Investment Adviser from time to time.

The Trust shall bear any costs associated with printing Prospectuses, and all other such materials.

6. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "<u>Distributor Indemnitee</u>") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("<u>Losses</u>") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iii) any claim that the Registration Statement, Prospectus, shareholder reports, Marketing Materials s specifically approved by the Trust and Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "<u>Trust Indemnitees</u>") against any Losses arising out of or based upon (i) the allegation of any wrongful act of the Distributor or any of its directors, officers, employees or affiliates in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, shareholder reports, any information or materials relating to the Funds (as described in section 3(e)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor for use in such Registration Statement, Prospectus, shareholder report, information or materials relating to the Funds (as described in section 3(g)) or other information filed by the Trust (as from time to time amended).

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to 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 under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Notwithstanding the foregoing, failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into AP Agreements with certain Authorized Participants for the purchase and redemption of Creation Units. The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain representations, undertakings and indemnification that are not included in the form-of AP Agreement (each such modified AP Agreement a "<u>Non-Standard AP Agreement</u>").

To the extent that Distributor is requested or required to make any such representations in a Non-Standard AP Agreement, and the Trust has approved the Non-Standard AP Agreement in writing, (e-mail in the regular course permissible), the Trust shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Trust or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard AP Agreement.

7. <u>Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Distributor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware limited liability company and is
and at all times will remain duly authorized and licensed under applicable law to carry out its services as contemplated herein; (ii)
the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action;
(iii) its entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or
require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is
bound; (iv) it is registered as a broker-dealer under the 1934 Act and is a member of FINRA; and (v) it has in place compliance policies
and procedures reasonably designed to prevent violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under the
1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All activities by the Distributor and its agents and employees in connection with
the services provided in this Agreement shall comply with the Registration Statement and Prospectus, the instructions of the Trust, and
all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940
Act by the SEC or any securities association registered under the 1934 Act, including FINRA and the Listing Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor and the Trust each represent that its anti-money laundering program ("<u>AML Program</u>"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the parties acknowledge that the APs are not "customers" for the purposes of 31 CFR 103.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor and the Trust each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all of the applicable terms and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware statutory trust and is and at all times will
remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940
Act; (iii) the execution, delivery
and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) its entering into
this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement
or document to which the Trust is a party or by which it is bound; (v) the Registration Statement and each Fund's Prospectus
have been prepared, and all Marketing Materials shall be prepared, in all materials respects, in conformity with the 1933 Act, the
1940 Act and the rules and regulations of the SEC (the " <u>Rules and Regulations</u> "); and (vi) the Registration
Statement and each Fund's Prospectus contain, and all Marketing Materials shall contain, all statements required to be stated
therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact contained therein,
or to be contained in all Marketing Materials, are or will be true and correct in all material respects at the time indicated or the
effective date, as the case may be, and none of the Registration Statement, any Fund's Prospectus, nor any Marketing Materials
shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the case of each Fund's Prospectus in light of the circumstances in which made, not
misleading; and (viii) except as otherwise noted in the Registration Statement and Prospectus, the offering price for all Creation
Units will be the aggregate net asset value of the Shares per Creation Unit of the relevant Fund, as determined in the manner
described in the Registration Statement and Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. it shall file such amendment or amendments to the Registration Statement and each
Fund's Prospectus as, in the light of future developments, shall, in the opinion of the Trust's counsel, be necessary in order
to have the Registration Statement and each Fund's Prospectus at all times contain all material facts required to be stated therein
or necessary to make the statements
therein, in light of the circumstances in which made, not misleading. The Trust shall not file any amendment to the Registration Statement
or a Fund's Prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement
shall in any way limit the Trust's right to file at any time such amendments to the Registration Statement or any Fund's Prospectus
as the Trust may deem advisable. The Trust will also notify the Distributor in the event of any stop order suspending the effectiveness
of the Registration Statement. Notwithstanding the foregoing, the Trust shall not be deemed to make any representation or warranty as
to any information or statement provided by the Distributor for inclusion in the Registration Statement or any Fund's Prospectus;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. upon delivery of Deposit Securities from, or Fund Securities to an Authorized Participant
in connection with a purchase or redemption of Creation Units, the Authorized Participant will acquire good and unencumbered title to
such securities, free and clear of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims and that such
Fund and Deposit Securities will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act.

8. <u>Duration, Termination and Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

**9. <u>Notice</u>.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Foreside:** | &nbsp;&nbsp;(ii) **If to the Trust:** |
| &nbsp;&nbsp; Foreside Fund Services, LLC <br> Attn: Legal Department<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> Email: legal@foreside.com | &nbsp;&nbsp; DriveWealth ETF Trust<br> Attn: Legal Department<br> 15 Exchange Place, Suite 1000<br> Jersey City, NJ 07302 <br> Telephone: 800-461-2580<br> Email: legal @drivewealth.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to:<br> etp-services@foreside.com |  |

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**10. <u>Choice of Law</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof.

**11. <u>Counterparts</u>.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**12. <u>Severability</u>.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

**13. <u>Insurance</u>.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

**14. <u>Confidentiality</u>.** During the term of this Agreement, the Distributor and the Trust may have access to non-public or proprietary confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means non-public or proprietary information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, non-public or proprietary information that may be financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided by the other party, or (iii) applicable law, rule, or regulation or in response to a routine self- regulatory examination or request for information directed at the receiving party. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency or self regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

**15. <u>Limitation of Liability</u>.** This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Trust shall be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of that Fund. The Trust's Agreement and Declaration of Trust is on file with the Trust.

**16. <u>Use of Names; Publicity</u>.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the name "DriveWealth" in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

The Distributor will not issue any press releases or make any public announcements regarding the existence of this Agreement without the express written consent of the Trust. Neither the Trust nor the Distributor will disclose any of the economic terms of this Agreement, except as may be required by law.

**17. <u>Exclusivity</u>.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

**18. <u>Governing Language</u>.** This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below.

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| | | | |
|:---|:---|:---|:---|
| Foreside Fund Services, LLC | Foreside Fund Services, LLC | DriveWealth ETF Trust | DriveWealth ETF Trust |
| By: | /s/ Teresa Cowan | By: | /s/ Christopher Quinn |
|  | Teresa Cowan, President |  | Christopher Quinn, President |
| Date: 2/8/2023 | Date: 2/8/2023 | Date: 2/3/2023 | Date: 2/3/2023 |

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**EXHIBIT A**

DriveWealth ICE 100 Index ETF

## Ex-99.(E)(2)

**Exhibit (e)(2)**

**FORM OF AUTHORIZED PARTICIPANT AGREEMENT**

**DRIVEWEALTH ETF TRUST**

This Authorized Participant Agreement (the "Agreement") is entered into by and between Foreside Fund Services, LLC (the "Distributor") and _____________ (the "Participant") and is subject to acceptance by State Street Bank and Trust Company (the "Transfer Agent"), and is further subject to acknowledgement and agreement by DriveWealth ETF Trust (the "Trust"), a series trust offering a number of portfolios of securities (each a "Fund" and collectively the "Funds"), solely with respect to Sections 4(c) and 12(c) herein. Capitalized terms used but not defined herein are defined in the current prospectus for each Fund as it may be supplemented or amended from time to time and included in the Trust's Registration Statement on Form N-1A, as it may be amended from time to time, or otherwise filed with the U.S. Securities and Exchange Commission ("SEC") (together with such Fund's Statement of Additional Information incorporated therein, the "Prospectus").

The Distributor provides services as principal underwriter of the Funds acting on an agency basis in connection with the distribution of shares of beneficial interest of each Fund (the "Shares"). The Transfer Agent has been retained to provide certain transfer agency services and to be the order taker with respect to the purchase and redemption of Creation Units of Shares.

This Agreement is intended to set forth certain procedures by which the Participant may purchase and/or redeem Creation Units through the Federal Reserve/Treasury Automated Debt Entry System maintained at the Federal Reserve Bank of New York (the "Federal Reserve Book-Entry System") and the Continuous Net Settlement ("CNS") clearing processes of National Securities Clearing Corporation ("NSCC") (as such processes have been enhanced to effect purchases and redemptions of Creation Units, the "CNS Clearing Process") or, outside of the CNS Clearing Process, the manual process of The Depository Trust Company ("DTC").

Nothing in this Agreement shall obligate the Participant to create or redeem one or more Creation Units of Shares, to facilitate a creation or redemption through it by a third party ("Participant Client"), or to sell or offer to sell the Shares.

The parties agree as follows:

1. STATUS, REPRESENTATIONS AND WARRANTIES OF PARTICIPANT

(a) The Participant represents and warrants that it has the ability to transact through the Federal Reserve Book-Entry System and, with respect to orders for the purchase of Creation Units ("Purchase Orders") or orders for redemption of Creation Units ("Redemption Orders" and, together with Purchase Orders, the "Orders"), (i) through the CNS Clearing Process, because it is a member of NSCC and a participant in the CNS System of NSCC, and/or (ii) outside the CNS Clearing Process, because it is a DTC participant (a "DTC Participant"). Any change in the foregoing status of the Participant shall automatically and immediately terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent.

The Participant may place Orders either through the CNS Clearing Process or outside the CNS Clearing Process, subject to the procedures for purchase and redemption set forth in the Prospectus and Section 2 of this Agreement.

(b) The Participant represents and warrants that it is and throughout the duration of this Agreement will be: (i) a broker-dealer registered with the SEC, and it is a member in good standing of the Financial Industry Regulatory Authority, Inc. ("FINRA"); (ii) registered and/or licensed to act as a broker or dealer, as required under all applicable laws, rules and regulations in the states or other jurisdictions in which the Participant conducts its activities, or it is otherwise exempt; and (iii) a Qualified Institutional Buyer, as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "1933 Act") and, to the extent that the securities received in a Redemption Order include 144A securities and the Participant is acting on behalf of a Participant Client, such Participant Client is also a Qualified Institutional Buyer. The parties may have the right to terminate this Agreement on thirty (30 days' written notice in the event of any change in the foregoing status of the Participant.

Any change in the foregoing status of the Participant shall terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent.

(c) In the event Shares are authorized for sale in jurisdictions outside the several states, territories and possessions of the United States and the Participant offers and sells Shares in such jurisdictions, the Participant agrees to observe all applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale is made, to comply with the full disclosure requirements of the 1933 Act and the regulations promulgated thereunder, and to conduct its business in accordance with the FINRA rules, to the extent the foregoing relates to the Participant's transactions in, and activities with respect to, the Shares. The Participant will not offer or sell Shares of any Fund in any state or jurisdiction where such Shares may not lawfully be offered and/or sold.

(d) The Participant understands and acknowledges that the method by which Creation Units will be created and traded may raise certain issues under certain interpretations of applicable U.S. federal securities laws. For example, because new Creation Units of Shares may be issued and sold by a Fund on an ongoing basis, a "distribution", as such term is used in the 1933 Act, may occur at any point. The Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in it being deemed a participant in a distribution in a manner which could, under certain interpretations of applicable law, render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Participant also understands and acknowledges that dealers who are not "underwriters," but who effect transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. For the avoidance of doubt, the Participant does not admit to being an underwriter of the Shares.

2. EXECUTION OF PURCHASE AND REDEMPTION ORDERS

(a) All Orders must comply with the procedures for Orders set forth in the Prospectus and in this Agreement, which includes any attachments. The Participant, the Distributor, and the Transfer Agent each agrees to comply with the provisions of the Prospectus, this Agreement, and the laws, rules, and regulations that are applicable to it in its role under this Agreement. If there is a conflict between the terms of the Prospectus and the terms of this Agreement, the terms of the Prospectus control.

(b) Phone lines used in connection with Orders will be recorded. The Participant hereby consents to the recording of all calls in connection with the Orders, provided that the Participant may reasonably request that the recording party promptly provide to the Participant copies of recordings of any such calls, which have been retained in accordance with the recording party's usual document retention policy. If a recording party becomes legally compelled to disclose to any third party any recording involving communications with the Participant, to the extent legally permitted to do so, such recording party shall provide the other parties with reasonable advance written notice identifying the recordings to be disclosed, together with copies of such recordings, so that they may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so.

(c) The Participant understands that a Creation Unit generally will not be issued until the requisite cash and/or the designated basket of securities (the "Deposit Securities"), as well as any applicable fee imposed on an Order ("Transaction Fee") and taxes, are transferred to the Trust on or before the settlement date in accordance with the Prospectus.

3. AUTHORIZATION OF TRANSFER AGENT

Solely with respect to Orders submitted through the CNS Clearing Process, the Participant hereby authorizes the Transfer Agent, or its designee, to transmit to the NSCC on behalf of the Participant such instructions, including share and cash amounts as are necessary with respect to the purchase and redemption of Creation Units, and Orders consistent with the instructions and Orders issued by the Participant to the Transfer Agent. The Participant agrees to be bound by the terms of such instructions and Orders as reported by the Transfer Agent or its designee to the NSCC as though such instructions were issued by the Participant directly to the NSCC.

4. MARKETING MATERIALS AND REPRESENTATIONS.

(a) The Participant represents and warrants that it will not make any representations concerning a Fund, Creation Units or Shares, other than those consistent with the Prospectus or any Marketing Materials (as defined below) furnished to the Participant by the Distributor.

(b) The Participant agrees not to furnish, or cause to be furnished by it or its employees, to any person, or to display or publish, any information or materials relating to a Fund or the Shares, including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials ("Marketing Materials"), unless (i) such Marketing Materials: (a) are either furnished to the Participant by the Distributor, or (b) if prepared by the Participant, are consistent in all respects with the Prospectus, and clearly indicate that such Marketing Materials are prepared and distributed solely by the Participant, and (ii) Participant and such Marketing Materials prepared by the Participant comply with applicable FINRA rules and regulations. The Participant shall file all such Marketing Materials that it prepares with FINRA, if required by applicable laws, rules or regulations.

(c) The Trust represents and warrants that (i) the Prospectus is effective, no stop order of the SEC has been issued, no proceedings for such purpose have been instituted or, to its knowledge, are being contemplated; (ii) the Prospectus conforms in all material respects to the requirements of all applicable law, and the rules and regulations of the SEC thereunder and does not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (iii) the Shares, when issued and delivered against payment of consideration thereof, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable; (iv) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of the Shares, except the registration of the Shares under the 1933 Act; (v) Shares will be approved for listing on a national exchange; (vi) it will not lend Fund securities pursuant to any securities lending arrangement that will prevent the Trust from settling a Redemption Order; (vii) any and all Marketing Materials prepared by the Trust and provided to the Participant in connection with the offer and sale of Shares shall comply with applicable law, including without limitation, the provisions of the 1933 Act and the rules and regulations thereunder and applicable requirements of FINRA, and will not contain any untrue statement of a material fact related to a Fund or the Shares or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; and (viii) it will not name the Participant in the Prospectus, Marketing Materials, or on the Fund's website without the prior written consent of Participant, unless such naming is required by law, rule, or regulation. For avoidance of doubt, the Trust or Distributor may disclose the name of Participant to persons who contact the Trust or Distributor for a list of authorized participants.

(d) Notwithstanding anything to the contrary in this Agreement, the term Marketing Materials shall not include (i) written materials prepared by the Participant that generally mention a Fund without recommending the Fund (including in connection with a list of products sold through Participant or in the context of asset allocations), (ii) materials prepared by and used for the Participant's internal use only, (iii) brokerage communications, including correspondence and institutional communications, as defined under FINRA rules, prepared by the Participant in the normal course of its business, and (iv) research reports prepared by the Participant; provided, however, that any such materials prepared by Participant comply with applicable FINRA rules and regulations and other applicable laws, rules and regulations (collectively, "Section 4(d) Materials").

5. TITLE TO SECURITIES; RESTRICTED SHARES

The Participant represents and warrants on behalf of itself and any Participant Client that Deposit Securities delivered by it to the custodian and/or any relevant sub-custodian in connection with a Purchase Order will not be "restricted securities," as such term is used in Rule 144(a)(3)(i) of the 1933 Act, and, at the time of delivery, the Fund will acquire good and unencumbered title to such Deposit Securities, free and clear of all liens, restrictions, charges and encumbrances, and not be subject to any adverse claims.

6. CASH COMPONENT

The Participant hereby agrees that, in connection with a Purchase Order on behalf of itself or any Participant Client, it will make available on or before the contractual settlement date (the "Contractual Settlement Date"), by means satisfactory to the Trust, and in accordance with the provisions of the relevant Prospectus, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash portion of the Order ("Cash Component") next determined after acceptance of the Purchase Order, together with the applicable Transaction Fee. Any excess funds will be returned following settlement of the Purchase Order. The Participant agrees to ensure that the Cash Component will be received by the issuing Fund in accordance with the terms of the applicable Prospectus, but in any event on or before the Contractual Settlement Date, and in the event payment of such Cash Component has not been made in accordance with the provisions of the Prospectuses or by such Contractual Settlement Date, the Participant will pay the amount of the Cash Component, plus interest, computed at such reasonable rate as may be specified by the Fund. The Participant shall be liable to the custodian, any sub-custodian, or the Trust for any amounts advanced by the custodian or any sub-custodian to the Participant for payment of the amounts due and owing, including for the Cash Component. Computation of the Cash Component shall exclude any taxes, duties or other fees and expenses payable upon the transfer of beneficial ownership of the Deposit Securities, which shall be the sole responsibility of the Participant and not the Trust.

7. ROLE OF PARTICIPANT

(a) Each Party acknowledges and agrees that, for all purposes of this Agreement, the Participant will be deemed to be an independent contractor and will have no authority to act as agent for the Trust, Funds or Distributor in any matter or in any respect under this Agreement. The Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours to consult with the Trust, Funds or Distributor or their designees concerning the performance of the Participant's responsibilities under this Agreement.

(b) The Participant agrees as a DTC Participant and in connection with any Purchase or Redemption Orders in which it acts on behalf of a third party, that it shall extend to such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectuses.

(c) The Participant represents that from time to time, it may be a beneficial owner of Shares ("Beneficial Owner"). To the extent that it is a Beneficial Owner, the Participant agrees to irrevocably appoint the Distributor as its attorney and proxy with full authorization and power to vote (or abstain from voting) the Participant's beneficially owned Shares with no input from the Participant. The Distributor will vote (or abstain from voting) the Participant's beneficially owned Shares in the same proportion (or abstentions) as the other beneficial owners of Shares of the applicable Fund or the Trust. The Distributor, as attorney and proxy for the Participant hereunder: (i) is hereby given full power of substitution and revocation; (ii) may act through such agents, nominees, or attorneys as it may appoint from time to time; and (iii) may provide voting instructions to such agents, nominees, or substitute attorneys. The Distributor may terminate this irrevocable proxy within sixty (60) days' written notice to the Participant. This irrevocable proxy terminates upon termination of the Agreement.

(d) The Participant represents and warrants that it has implemented, and agrees to maintain and implement on an on-going basis, an anti-money laundering program reasonably designed to comply with all applicable anti-money laundering laws and regulations, including but not limited to the Bank Secrecy Act of 1970 and the USA PATRIOT Act of 2001, each as amended from time to time, and any rules adopted thereunder and/or any applicable anti-money laundering laws and regulations of other jurisdictions where Participant conducts business, and any rules adopted thereunder or guidelines issued, administered or enforced by any governmental agency.

8. AUTHORIZED PERSONS OF THE PARTICIPANT

(a) Concurrently with the execution of this Agreement, and from time to time thereafter as may be requested by the Funds, the Transfer Agent, or the Distributor, the Participant shall deliver to the Funds and the Transfer Agent, with copies to the Distributor, a certificate in the format of Attachment A to this Agreement, duly certified by the Participant, setting forth the names and signatures of all persons authorized by the Participant (each an "Authorized Person") to give Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Participant. Such certificate may be relied upon by the Distributor, the Transfer Agent and the Funds as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Funds, Distributor, and the Transfer Agent of a superseding certificate or of written notice from the Participant that an individual should be added to, or removed from, the certificate. Whenever the Participant wants to add an Authorized Person, revoke the authority of an Authorized Person, or change or cancel a PIN Number (as defined below), the Participant shall give prompt written notice of such fact to the Funds and the Transfer Agent, with a copy to the Distributor, and such notice shall be effective upon receipt by the Funds, the Transfer Agent, and the Distributor.

(b) The Transfer Agent shall issue to each Authorized Person a unique personal identification number ("PIN Number") by which the Participant and such Authorized Person shall be identified and instructions to the Funds, Transfer Agent, and Distributor issued by Participant through the Authorized Person shall be authenticated. The Participant and each Authorized Person shall keep his/her PIN Number confidential and only those Authorized Persons who were issued a PIN Number shall use such PIN Number to identify himself/herself and to submit instructions for Participant, to the Funds, Transfer Agent, and Distributor. If an Authorized Person's PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon in writing by the Participant and the Transfer Agent. If an Authorized Person's PIN Number is compromised, the Participant shall contact the Transfer Agent promptly in writing in order for a new one to be issued. Upon receipt of written notice as set forth in paragraph (a) of this section, the Transfer Agent agrees to promptly issue a PIN Number when the Participant adds an Authorized Person and shall promptly cancel a PIN Number when the Participant revoke's a person's authority to act for it.

(c) The Transfer Agent and Distributor shall not have any obligation to verify instructions and Orders given using a PIN Number and shall assume that all instructions and Orders issued to it using an Authorized Person's PIN Number have been properly placed, unless the Transfer Agent and Distributor have actual knowledge to the contrary because they received from the Participant written notice as set forth in paragraph (a) of this section that such person is no longer authorized to act on behalf of Participant. [The Participant agrees that none of the Distributor, the Transfer Agent, or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for Losses (as defined below) incurred by the Participant as a result of the unauthorized use of an Authorized Person's PIN Number, unless the Transfer Agent, Distributor, and the Funds previously received from Participant written notice to revoke such Authorized Person's PIN Number as set forth in paragraph (a) of this section.] This paragraph (c) shall survive the termination of this Agreement.

9. REDEMPTIONS

(a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act.

(b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund.

(c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account.

(d) In the event that the Distributor, Transfer Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, Transfer Agent and/or Trust may, without liability, reject the Participant's Redemption Order.

(e) In the event that the Participant receives securities in connection with a Redemption Order ("Fund Securities") the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

10. BENEFICIAL OWNERSHIP

(a) The Participant represents and warrants that, based upon the number of outstanding Shares of any particular Fund, either (i) it does not, and will not in the future as the result of one or more Purchase Orders, hold for the account of any single Beneficial Owner, or group of related Beneficial Owners, 80 percent or more of the currently outstanding Shares of such Fund, so as to cause the Fund to have a basis in the portfolio securities deposited with the Fund different from the market value of such portfolio securities on the date of such deposit, pursuant to sections 351 and 362 of the Internal Revenue Code of 1986, as amended, or (ii) it is carrying some or all of the Deposit Securities as a dealer and as inventory in connection with its market making activities.

(b) A Fund, the Distributor, and the Transfer Agent have the right to require, as a condition to the acceptance of a deposit of Deposit Securities, information from the Participant regarding ownership of the Shares by such Participant and its customers, and to rely thereon to the extent necessary to make a determination regarding ownership of 80 percent or more of the Fund's currently outstanding Shares by a Beneficial Owner.

11. OBLIGATIONS OF PARTICIPANT

(a) Pursuant to its obligations under the federal securities laws, the Participant agrees to maintain all books and records of all sales of Shares made by or through it and to furnish copies of such records to the Trust, Transfer Agent and/or the Distributor upon their reasonable request.

(b) The Participant affirms that it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation and that it will maintain such procedures throughout the term of this Agreement.

(c) The Participant represents, covenants, and warrants that it has taken affirmative steps so that will not be an affiliated person of a Fund, a promoter or principal underwriter of a Fund or an affiliated person of such persons due to ownership of Shares, including due to its grant of an irrevocable proxy with respect to the Shares to the Distributor.

12. INDEMNIFICATION

This Section 12 shall survive the termination of this Agreement.

(a) The Participant hereby agrees to indemnify and hold harmless the Distributor, the Trust, the Funds, the Transfer Agent, their respective subsidiaries, affiliates, directors, trustees, officers, employees, and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Participant Indemnified Party"), from and against any claim, loss, liability, cost, or expense (including reasonable attorneys' fees) ("Loss") incurred by such Participant Indemnified Party as a result of (i) any breach by the Participant of any provision of this Agreement that relates to the Participant; (ii) any failure on the part of the Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations in relation to its role as an authorized participant under this Agreement; (iv) actions of a Participant Indemnified Party taken in reasonable reliance upon any instructions reasonably believed by any Participant Indemnified Party to be genuine and to have been given by the Participant; (v) Section 4(d) Materials; or (vi) the Participant's failure to complete an Order that has been accepted.

(b) The Distributor hereby agrees to indemnify and hold harmless the Participant, its affiliates, directors, partners, members, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Distributor Indemnified Party") from and against any Loss incurred by such Distributor Indemnified Party as a result of: (i) any breach by the Distributor of any provision of this Agreement that relates to the Distributor; (ii) any failure on the part of the Distributor to perform any of its obligations set forth in this Agreement; or (iii) any failure by the Distributor to comply with applicable laws, rules and regulations, including rules and regulations of any self-regulatory organizations, in relation to its role as principal underwriter of the Trust under this Agreement.

(c) The Trust hereby agrees to indemnify and hold harmless the Participant, its respective affiliates, directors, partners, members, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Trust Indemnified Party") from and against any Loss, as may be limited by Section 13 hereof, incurred by such Trust Indemnified Party as a result of any breach by the Trust of its representations in Section 4(c). All Shares represent interests in a separate Fund, the assets and liabilities of which are separate and distinct; and any indemnification provided hereunder with respect to the Shares of a Fund shall be limited to the corresponding assets of such Fund.

13. LIMITATION OF LIABILITY

This Section 13 shall survive the termination of this Agreement.

(a) In no event shall any party be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of revenue, loss of actual or anticipated profit, loss of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation.

(b) No party shall be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation: acts of God; earthquakes; fires; floods; wars; civil or military disturbances; terrorism; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions.

(c) Reserved.

(d) [Except as provided in Section 12, in the absence of bad faith, gross negligence or willful misconduct on its part, the Transfer Agent, whether acting directly or through its agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder.]

(e) The Distributor shall not be liable for any action or failure to take any action with respect to the voting matters set forth in Section 7(c).

14. INFORMATION ABOUT DEPOSIT SECURITIES

On each day that the Trust is open for business, through the facilities of the NSCC, the names and amounts of Deposit Securities to be included in the current Fund Deposit for each Fund will be published.

15. RECEIPT OF PROSPECTUSES BY PARTICIPANT

The Participant acknowledges receipt of the Prospectuses and represents that it has reviewed and understands the terms thereof.

16. CONSENT TO ELECTRONIC DELIVERY OF PROSPECTUSES

The Distributor may electronically deliver the Prospectus, annual or semi-annual report, or other shareholder information (each, a "<u>Shareholder Document</u>") to persons who have effectively consented to such electronic delivery. The Distributor will deliver Shareholder Documents electronically by sending consenting persons an e-mail message informing them that the applicable Shareholder Document has been posted and is available on the Fund's website and providing a hypertext link to the document.

The Distributor shall electronically deliver all Shareholder Documents to the Participant at the e-mail address set forth on the signature page attached to this Agreement, unless and until the Participant provides written notice to the Distributor requesting otherwise. Until such notice is provided, the Participant can only obtain access to the Shareholder Documents electronically.

 ****

 ****

17. NOTICES

Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery; by Federal Express or other similar delivery service; by registered or certified United States first class mail, return receipt requested; or by electronic mail or similar means of same day delivery. Unless otherwise notified in writing, all notices to the Fund shall be at the address or telephone number or electronic mail address indicated below the signature of the Distributor. All notices to the Participant, the Distributor, and the Transfer Agent shall be directed to the address or telephone number or electronic mail address indicated below the signature line of such party.

18. EFFECTIVENESS, TERMINATION, AND AMENDMENT OF AGREEMENT

(a) This Agreement shall become effective on the date set forth below and may be terminated at any time by any party upon sixty (60) days' prior written notice to the other parties, and may be terminated earlier by the Fund, the Participant or the Distributor at any time in the event of a material breach by another party of any provision of this Agreement.

(b) No party may assign its rights or obligations under this Agreement (in whole or in part) without the prior written consent of the other party, which shall not be unreasonably withheld.

(c) This Agreement may not be amended, except by a writing signed by all the parties hereto. This Agreement is intended to, and shall apply to, each of the current and future Funds of the Trust, such that no amendment shall be required in the event that the Trust creates new Funds or terminates existing Funds, provided, however, that notice shall be provided to the Participant of such creation or termination of Funds.

19. GOVERNING LAW

This Section 19 shall survive the termination of this Agreement.

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the conflicts of laws provisions thereof. The parties irrevocably submit to the personal jurisdiction and service and venue of any New York State or United States Federal court sitting in New York, New York having subject matter jurisdiction, for the purposes of any suit, action or proceeding arising out of or relating to this Agreement.

20. ARBITRATION

Any controversy or claim arising out of or relating to this Agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in the State of New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

21. COUNTERPARTS

This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.

22. SEVERANCE

If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

23. HEADINGS

Headings and sub-headings are included solely for convenient reference and shall not affect the meaning, construction, operation, or effect of the terms of this Agreement.

24. ENTIRE AGREEMENT

This Agreement, which includes the attachments, supersedes any prior agreement between the parties with respect to the subject matter contained herein and constitutes the entire agreement between the parties regarding the matters contained herein.

[*Signature page follows*]

The duly authorized representatives of the below parties have executed this Agreement, the effective date of which shall be the date of the most recent signature below.

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| |
|:---|
| **Foreside Fund Services, LLC** |
| By: |
| Name: |
| Title: |
| Address: Three Canal Plaza, Suite 100 |
| Portland, Maine 04101 |
| Telephone: 207-553-7100 |
| E-mail: etp-services@foreside.com |
| Date |

---

---

| |
|:---|
| **[Name of Participant]** |
| **DTC/NSCC Clearing Participant Code:** |
| By: |
| Name: |
| Title: |
| Address: |
| Telephone: |
| E-mail: |
| Date: |

---

---

| |
|:---|
| ACCEPTED BY: |
| **State Street Bank and Trust Company** as Transfer Agent |
| By: |
| Name: |
| Title: |
| Telephone: |
| E-mail: |
| Date: |

---

Acknowledged and agreed, solely with respect to sections 4(c) and 12(c) hereof:

---

| |
|:---|
| **DriveWealth ETF Trust** |
| By: |
| Name: |
| Title: |
| Address: |

---

---

| |
|:---|
| Telephone: |
| E-mail: |
| Date: |

---

**ATTACHMENT A**

**AUTHORIZED PERSONS**

**[** **Insert AP Form of Certification for Authorized Persons]**

## Ex-99.(G)

**Exhibit (g)**

**CUSTODY AGREEMENT**

**This Agreement** (the "<u>Agreement</u>") is made as of January 12, 2023 (the "<u>Effective Date</u>") **between**:

**(1)** **DRIVEWEALTH ETF TRUST**, a statutory trust formed under the laws of Delaware, on behalf of itself
and each of its series identified on Appendix A (each such series, a " <u>Fund</u> ") (the " <u>Client</u> "); and

**(2)** **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The Commonwealth
of Massachusetts, U.S.A. (the " <u>Custodian</u> ").

1 Definitions and Interpretation

Defined terms and the general rules of interpretation agreed by the Parties are set forth in <u>Schedule 1</u>.

2 Appointment of the Custodian

The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "<u>Services</u>") subject to and in accordance with the terms of this Agreement. Custodian accepts such appointment and agrees to provide the Services stated herein to the Client.

3 Safekeeping Securities

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Holding Securities.** The Custodian will hold Securities delivered or credited to its account under
this Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through
accounts at CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Client Entitlements and Segregation.** The Custodian will take the following steps to reflect the
Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian,
Subcustodians, and CSDs, in accordance with Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **Accounts at the Custodian.** Open and maintain on the records of the Custodian one or more securities
accounts in the name of the Client or such other name as the Client may reasonably request (each, a " <u>Securities Account</u> ")
and credit Securities to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** **Accounts at the Subcustodians or CSDs.** Open and maintain securities accounts at the Subcustodians
or CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which
the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts: (i) may be commingled
(or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian
at a CSD) or, in limited markets, segregated (or separate) accounts for Securities of the Client; and (ii) must not include any proprietary
securities of the Custodian, the Subcustodian or the CSD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** **Physical Securities.** Physically segregate bearer Securities from the proprietary assets of the
Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's
proprietary assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** **Registration Names.** Register certificated Securities (other than bearer securities) in the name
of the Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local
Market Practice and the laws and regulations applicable to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.5** **Records of Transactions; Reconciliation.** Maintain records of the Client's transactions in
the Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs
in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice. Subcustodians
will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients
against the records of the CSDs in which they are a direct participant in accordance with the Subcustodians' standard procedures
and Local Market Practice.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Securities Interchangeable.** Securities of the Client (whether held in separate or commingled accounts)
are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that
the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually deposited with the Custodian
or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Acceptance of Securities.** Except as otherwise agreed in writing with the Client, the Custodian
will only accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market
where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of certain
securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally
equipped or permitted to hold under any law or regulation.

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| | |
|:---|:---|
| 4 | Cash |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Cash Accounts.** The Custodian will open and maintain in the name of the Client one or more cash
deposit accounts (each a " <u>Cash Account</u> ") in such currencies as may be required in connection with the investment activity
of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Location of Cash Deposits.** Cash received for the Client will be deposited with the Custodian, or
with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as
On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account with, and recorded as
a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is
maintained in a deposit account with, and recorded as a liability on the balance sheet of, a Subcustodian (through any of its branches).
The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of
currencies as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Cash Records.** The Custodian will reflect Cash balances held in all On Book and Off Book Client
deposit accounts on its books and records and report the balances to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Banking Relationship.** In accepting deposits under this Agreement, the Custodian (for On Book Cash)
or the relevant Subcustodian (for Off Book Cash) acts as banker and does not hold the money deposited on trust or segregated from its
proprietary assets. Accordingly, the Client is an unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian
(for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the
Custodian or relevant Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that
the Custodian receives from the Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Interest and Charges.** Cash Accounts may be interest bearing or non-interest bearing and may be
subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine
on a periodic basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1** the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid
or charged to the Client from time to time with respect to a Cash Account; provided, however, where possible, the Custodian will use reasonable
efforts to provide notice to the Client prior to the imposition of a negative interest rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2** the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that
will trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Overdrafts.** The Client must maintain sufficient funds in the Cash Accounts to settle all transactions
in the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under
this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any transaction that would result
in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the
overdraft upon demand by the Custodian or within five Business Days, whichever is earlier, plus any applicable overdraft fees and interest
on the principal overdraft.

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|:---|:---|
| **5** | **Transaction Settlement** |

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&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Settlement**. The Custodian will settle all transactions in accordance with Local Market Practice,
which may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual
Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment basis.

&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Contractual Settlement.** In order to facilitate transaction settlement, the Custodian may provisionally
credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined
income basis (" <u>Contractual Settlement</u> "), for markets, securities and eligible clients as determined and notified by
the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular
clients at any time.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Use of Funds.** Where Contractual Settlement applies, the Custodian will credit or debit the appropriate
Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have
use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier than the date payment actually
occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to
settle until the date that settlement actually occurs.

&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Reversal.** The Custodian may reverse any Contractual Settlement credit at any time before actual
receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will
not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual Settlement
for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Secured Liability.** To the extent that the Custodian has not received the cash payment associated
with a credit, the amount credited remains a Secured Liability under this Agreement.

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| | |
|:---|:---|
| **6** | **Corporate Actions** |

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&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Transmit Information.** The Custodian will promptly transmit or make available to the Client all
material written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief
synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information is received directly
from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from
standard vendors routinely used by professional global custodians provided that the Custodian can verify the accuracy of such information.
The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians)
without further review although it will generally note if such information is single sourced. The Custodian generally will not transmit
or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can
be verified against at least one additional source.

&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Exercise.** The Custodian will process the Client's elections with respect to any voluntary
Corporate Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper
Instructions by the deadline specified in the Custodian's Corporate Action notification (the " <u>Corporate Actions Deadline Date</u> "). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no
responsibility for any failure to exercise such instructions accurately or timely. In the absence of receiving Proper Instructions by
the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the
event of a mandatory Corporate Action, the Custodian will act without Proper Instructions in accordance with Section 22.10.

&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Class Actions.** The Custodian will transmit written information received by the Custodian regarding
any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation
by the Client beyond such forwarding of written information. In no event will the Custodian act as a lead plaintiff in a class action.

&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Fractional Positions.** Fractional positions resulting from Corporate Actions will be dealt with
in accordance with the Client Publications.

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| | |
|:---|:---|
| **7** | **Proxy Servicing** |

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&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Transmit Information.** The Custodian will forward to the Client or its agent that shall be identified
to the Custodian in writing all proxies received by the Custodian relating to the Securities then held under this Agreement, for the markets
designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the
receipt and distribution of proxies and will share the Client's position and contact information to facilitate such collection and
distribution.

&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Voting.** The Custodian provides proxy voting services for the markets designated in the Client Publications.
The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions
and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide the voting services, the
Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set
out in the Client Publications must have been met, including where applicable receiving an executed power of attorney, in each case by
the deadline specified in the Custodian's proxy notification.

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| | |
|:---|:---|
| **8** | **Income Collection** |

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&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Monitoring and Crediting.** The Custodian will use reasonable efforts to monitor and collect on a
timely basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the
Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the Custodian or its Affiliates.
The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Repatriation of Income.** The Client is responsible for directing the repatriation of income into
the base currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set
out in Section 13 of this Agreement.

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| | |
|:---|:---|
| **9** | **Statements and Reports** |

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&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Contents.** The Custodian will make available reports to the Client regarding the Portfolio on a
periodic basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed
with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities transaction activity.
Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These
reports will not include net asset value calculations.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Cash and Securities Not Held.** The Custodian may agree to incorporate information in respect of
cash or securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information
provided by the Client or a third party without any requirement to verify the accuracy of such information. The Custodian will not perform
any other Services in relation to such cash or securities.

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| | |
|:---|:---|
| **10** | **Tax Withholding and Tax Relief** |

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&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Withholding.** The Custodian will withhold (or cause to be withheld) the amount of any tax which
is required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's
domicile and entity type in respect of any dividend, interest income or other distribution in relation to any Security, and/or the proceeds
or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information
and documentation, the Custodian is obligated to arrange for maximum withholding. In certain markets, the Client will be required to hire
a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Tax Relief.** The Custodian will apply for a reduction of withholding tax and refund of any tax paid
or tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws
which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to time in the Client
Publications *.* The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities
such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible for tax treaty or domestic law
tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Documentation.** In order for the Custodian to perform the services in this Section 10, the Client
will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes,
including documentary evidence of its tax domicile, and its entity type and details of any special ruling or treatment to which the Client
may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are
or will be held. The Client is responsible for ensuring the documentation and information provided is true and accurate in all material
respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies
in the documentation or information supplied. The provision of documentation and information under this Section 10.3 will be taken to
be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating
withholding and determining available tax relief, without the need to undertake any further inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Client Responsible for Taxes.** The Client will be liable for all taxes, levies or similar obligations
which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian
on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior payment made to the Client
by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy
such tax obligation. The Client will also remain liable for any tax deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **No Tax Advice.** The Client acknowledges that the Custodian is not, and will not be deemed to be,
providing tax advice or tax counsel.

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| | |
|:---|:---|
| **11** | **Physical Safekeeping of Investment Documents** |

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&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Document Safekeeping.** The Custodian may agree to provide physical safekeeping for Investment Documents
delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation
and other requirements as the Custodian may specify from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **No Other Services.** The Custodian will not otherwise perform any other Services in relation to such
Investment Documents.

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| | |
|:---|:---|
| **12** | **Alternative Asset Servicing.** |

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&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Alternative Assets**. The Custodian will hold Alternative Assets delivered or credited to its account
under this Agreement directly or through accounts at Subcustodians. In turn, Subcustodians will hold Alternative Assets directly. The
books and records of the Custodian will at all times identify those Alternative Assets belonging to the Client, whether held directly
at the Custodian or through accounts at Subcustodians. In the event that the Client holds interests in Alternative Assets such as investment
funds, accounts or vehicles, the Investment Documents related to such investments will be custodied as provided in Section 11. Unless
otherwise agreed in writing, the Custodian will not perform any other services or assume any obligations in relation to Alternative Assets.

13 Foreign Exchange

&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Role of Custodian.** The role of the Custodian with respect to foreign exchange transactions is limited
to facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation
to the Client or any other person in connection with the execution of any foreign exchange transactions, other than the obligation as
agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Role of Counterparties.** If the Client enters into any foreign exchange transaction with State Street
Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a
principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are governed by separate arrangements
(including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange
transactions entered into by the Client directly with the trading desk of these entities or by Proper Instruction to the Custodian using
the indirect foreign exchange services described in the Client Publications.

14 Subcustodians

&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Use of Subcustodians.** The Custodian is authorized to utilize Subcustodians in connection with its
performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Selection and Monitoring.** The Custodian will use reasonable skill, care and diligence in the selection,
monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of
each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis monitoring the performance by each
Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed
to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Special Subcustodians**. At the request of the Client, the Custodian may agree to appoint one or
more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each, a " <u>Special Subcustodian</u> ")
for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the Custodian shall enter into a tri-party
subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement
shall comply with Law applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent
practicable.

&nbsp;&nbsp;&nbsp;&nbsp;**14.4** **Provisions Relating to Rule 17f-5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.1** **Delegation**. To the extent applicable, each Client, by resolution of its Board, may delegate to
the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian
advises the Customer that it does not accept such delegation with respect to a country, the Custodian accepts such delegation. The Custodian
acting in this capacity shall be referred to as the "Foreign Custody Manager."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2** **Exercise of Care as Foreign Custody Manager**. The Foreign Custody Manager will exercise such reasonable
care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets
of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.3** **Foreign Custody Arrangements.** The Foreign Custody Manager will perform the delegated responsibilities
only with respect to Covered Foreign Countries and will provide the Client with a list on <u>Schedule A</u> of the Eligible Foreign Custodian(s)
it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody Manager may amend the list
from time to time in its sole discretion upon notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.4** **Scope of Delegated Responsibilities**. The Foreign Custody Manager, when placing and maintaining
Foreign Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable
care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign
Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified
in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign
custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system to monitor
(a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract
governing the foreign custody arrangements. The Foreign Custody Manager will notify the Client if it determines that the custody arrangements
with an Eligible Foreign Custodian are no longer appropriate and will act in accordance with the Client's Proper Instructions with
respect to the disposition of the affected Foreign Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.5** **Reporting Requirements**. The Foreign Custody Manager will (i) report the withdrawal of Foreign Assets
from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client
an updated <u>Schedule A</u> at the end of the calendar quarter in which the action has occurred, and (ii) after the occurrence of any
other material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification
of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.6** **Representations of Foreign Custody Manager and Client**. The Foreign Custody Manager represents to
Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). If applicable, Client represents to the Custodian that
its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant
to this Agreement to the Custodian as the Foreign Custody Manager of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7.** **Withdrawal of Acceptance of Delegation as Foreign Custody Manager.** Upon reasonable prior written
notice to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect
to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as Foreign Custody Manager
to the Client generally or with respect to the designated Covered Foreign Country, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.8.** **Settlement Practices.** The Custodian will provide to each Client the information with respect to
custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on <u>Schedule C</u> at the time or times set out on the schedule. The Custodian may revise <u>Schedule C</u> from time to time, but no revision will result
in a Client being provided with substantively less information than had been previously provided on <u>Schedule C</u>.

15 Central Securities Depositories

&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Use of Central Securities Depositories.** The Custodian and its Subcustodians will use CSDs in connection
with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications **.** 

&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Rules of Central Securities Depositories.** Where the Custodian or its Subcustodians use CSDs, the
Client acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the
rules and procedures governing the operation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Provisions Relating to Rule 17f-4**. The Custodian may deposit and maintain securities or other financial
assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Provisions Relating to Rule 17f-7.** The Custodian will (i) provide the Client or its Investment
Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on <u>Schedule B</u> in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify
the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and
(iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above.

**15A. Provision of ETF Services** 

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|:---|:---|
| **15A.1** | Each Client identified on <u>Appendix A</u> as an "ETF" is an exchange-traded fund that will issue and redeem shares only in aggregations of a specified number of shares, each called a "Creation Unit," generally in exchange for a basket of securities and/or instruments and a specified cash payment, as more fully described in such Client's currently effective prospectus and statement of additional information (collectively, the "<u>Prospectus</u>"). Capitalized terms used in this Section 15A without definition shall have the meanings given to them in the Prospectus. For the avoidance of doubt, this Section 15A will only apply with respect to the ETFs identified on <u>Appendix A</u> hereto. |

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|:---|:---|
| **15A**.**2** | **Determination of Fund Deposit, etc.** Subject to and in accordance with the directions of the Investment Manager, the Custodian shall determine for each Client after the end of each trading day on the NYSE Arca, Inc. (the "<u>Exchange</u>"), in accordance with Client policies and the procedures set forth in the Prospectus, (i) the identity and weighting of the securities in the Deposit Securities and the Fund Securities, (ii) the cash component, and (iii) the amount of cash redemption proceeds (all as described in the Prospectus and Statement of Additional Information) required for the issuance or redemption, as the case may be, of Creation Units on such date. The Custodian shall provide or cause to be provided this information to the Client's distributor and other persons as instructed according to Client policies and procedures and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation (the "<u>NSCC</u>"), prior to the opening of trading on the Exchange. |

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|:---|:---|
| **15A.3** | **Allocation of Deposit Security Shortfalls.** Each Client acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Client (collectively, the "<u>ETF Custody Clients</u>"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "<u>Common Deposit Security Shortfall</u>"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall. |

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|:---|:---|
| **15A.4** | **Creation and Redemption of Creation Units.** |

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| | |
|:---|:---|
| **15A.4.1** | **Creation**. The Custodian shall receive and deposit into the Client's account such payments as are received for Client shares issued or sold in Creation Units. The Custodian will provide timely notification to the Client and the Transfer Agent of any receipt of such payments by the Custodian. |

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|:---|:---|
| **15A.4.2** | **Redemption**. Upon receipt of instructions from the Client's Transfer Agent, the Custodian shall set aside funds and securities of the Client to the extent available for payment to, or in accordance with the instructions of, Authorized Participants who have delivered to the Transfer Agent a request for redemption of their shares, in Creation Units, which shall have been accepted by the Transfer Agent, the applicable Fund Securities (or such securities in lieu thereof as may be designated by the Investment Advisor in accordance with the Prospectus) for such Client and the Cash Redemption Amount, if applicable, less any applicable Redemption Transaction Fee. The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through the DTC system or through wire transfer in the case of redemptions effected outside of the DTC system. |

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|:---|:---|
| **15A.5** | **Communications Authorization.** The Custodian is hereby authorized to communicate with a Fund's investment adviser, the Fund's administrator, the Fund's transfer agent and the Fund's distributor as may be necessary in connection with the Fund's business and to maintain compliance with applicable laws, rules and regulations and with respect to cash balances, securities and securities transaction activity in connection with Creation Unit transactions, including with respect to notifications of anticipated creations or redemptions of Creation Units for any Client. |

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16 Delegation

&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Use of Delegates.** The Custodian will have the right, without prior notice to or the consent of
the Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law
applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee schedule, the Custodian will
be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Provision of Information Regarding Delegates.** The Custodian will provide or make available to the
Client on a quarterly or other periodic basis information regarding its global operating model for the delivery of the Services, which
information will include the identities of Delegates affiliated with the Custodian that perform or may perform any part of the Services,
and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may
reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**16.3** **Third Parties.** Nothing in this Section limits or restricts the Custodian's right to use Affiliates
or third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement
other than the provision of the Services.

17 Standard of Care and Liability

&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Standard of Care.** The Custodian will at all times exercise the reasonable skill, care and diligence
expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally
applicable industry standards and practices in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.2** **Liability for Losses.** Subject to the limitations and exclusions of liability in this Agreement,
the Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful
misconduct, or fraud of the Custodian in the performance of its obligations under this Agreement. The parties agree that "negligence"
will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;**17.3** **Responsibility for Subcustodians.** The Custodian will be liable to the Client for the acts and omissions
of its Subcustodians as if it had committed such acts and omissions itself; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.1** compliance with the standard of care set out in Section 17.1 will be assessed in accordance with the standards
and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing
the relevant Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.2** the Custodian will have no liability for Losses resulting from the insolvency or other financial default
of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian
to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the Subcustodian as required
under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Responsibility for Special Subcustodians.** Notwithstanding the provisions of Section 17.3 to the
contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions
of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful misconduct or fraud of the Custodian.
In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any
Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;**17.5** **Responsibility for Delegates.** The Custodian will be liable to the Client for the acts and omissions
of its Delegates as if it had committed such acts and omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;**17.6** **Force Majeure.** Neither Party will be in breach of this Agreement or liable for Losses arising by
reason of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this
Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its business continuity
obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **No Liability for Certain Losses.** The Custodian will not be liable to the Client for any Losses
to the extent they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1** the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required in
a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that
the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.2** a delay in processing or any failure to process any Proper Instruction to the extent permitted under Section
22, subject to the satisfaction of the conditions set out in that Section, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.3** the failure of the Client or any person authorized by it to comply with the Client's obligations
under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.4** any other acts and omissions of the Client, any person authorized by it or any third party, including
any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.

&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Mutual Exclusion of Indirect and Other Loss.** Notwithstanding any other provision of this Agreement,
neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit,
revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of any similar kind; in each case whether
or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses
cannot be excluded or limited as a matter of Law applicable to either Party.

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| | |
|:---|:---|
| **18** | **Error Correction** |

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&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **Error Correction**. If an error results from an act or omission of the Custodian in performing the
services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which
may include effecting corrective transactions involving the Client's assets, where and to the extent reasonably necessary to place
the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses
arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or
related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian
will be entitled to net gains against Losses when permitted by Law. The Custodian will have no duty to notify or account to the Client
for any Loss or gain associated with an error it has fully remediated.

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| | |
|:---|:---|
| **19** | **Limits on the Scope of the Services** |

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&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **No Fiduciary or Implied Duties.** The Custodian is responsible only for the duties it has expressly
undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent
such fiduciary duties may not be disclaimed as a matter of Law.

&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Investment and Other Risk, Client Compliance Matters.** The Client bears the risk of investing in
Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment
risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from Local
Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with
any investment or other restriction, guideline or requirement imposed by the Client's constituent documents or by contract or Law
applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Data Accuracy.** The Custodian has no responsibility for, or duty to review, verify or otherwise
perform any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the
Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to
the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data
review under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**19.4** **Title.** The Custodian is not responsible for title or entitlement to, validity or genuineness, including
good deliverable form, of any asset received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;**19.5** **Proceedings.** The Custodian is not responsible for commencing legal or administrative proceedings
on behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other
payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and presentment.

&nbsp;&nbsp;&nbsp;&nbsp;**19.6** **Laws Applicable to the Custodian or Subcustodian.** Laws applicable to the Custodian or a Subcustodian
may from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services
to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be entitled to comply with
the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;**19.7** **Securities on Loan.** Asset servicing is not generally performed for securities on loan unless otherwise
noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered
by a separate securities lending or services agreement.

20 Indemnity

&nbsp;&nbsp;&nbsp;&nbsp;**20.1** **Indemnity by Client.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the
Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in connection with the performance
of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record
of the Client's Securities, except, in each case, to the extent such Losses result from the Custodian's negligence, wilful
misconduct or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**20.2** **Indemnity by Custodian.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred
by the Client, in each case, to the extent such Losses result from the negligence, wilful misconduct or fraud of the Custodian (or that
of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**20.3** **Duty to Mitigate.** Each Party will use reasonable efforts to mitigate any Losses in respect of which
it claims indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**20.4** **Notice of Claims.** A Party seeking indemnification under this Section (" <u>Indemnified Party</u> ")
against a third-party claim (" <u>Indemnified Claim</u> ") will promptly provide written notice of such claim to the Party obligated
to indemnify (" <u>Indemnifying Party</u> "). The failure to notify the Indemnifying Party will not relieve such Party of any
liability under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified
Claim.

&nbsp;&nbsp;&nbsp;&nbsp;**20.5** **Right to Control Third Party Claims.** The Indemnifying Party will, at its own expense, be entitled
but not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified
Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise related to the Indemnified
Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense
of (i) the Indemnifying Party or (ii) all of the customers from which indemnification is sought, including the Indemnifying Party, pro
rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defense of the Indemnified Claim, the
Indemnified Party may retain separate counsel at its own expense. If a conflict of interest exists between the Parties with respect to
the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

&nbsp;&nbsp;&nbsp;&nbsp;**20.6** **Settlement of Claims.** Neither Party may settle an Indemnified Claim without the consent of the
other Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the
right to settle an Indemnified Claim without the consent of, but with prior notice to, the Indemnified Party if such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1** involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2** fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount
paid in settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.3** does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;**20.7** **Cooperation.** In all cases, each Party will, as applicable, provide reasonable cooperation and assistance
to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to
the settlement of the claim and the details of any settlement offer.

21 Obligations of the Client

&nbsp;&nbsp;&nbsp;&nbsp;**21.1** **Provide Information.** The Client will provide or cause to be provided to the Custodian all data,
information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as
may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and timely manner, in order
to enable the Custodian to discharge its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**21.2** **AML Compliance.** The Client will comply with all applicable anti-money laundering, sanctions or
other financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations
and other documentation in order for the Custodian to comply with its anti-money laundering policy.

&nbsp;&nbsp;&nbsp;&nbsp;**21.3** **Pass Through Representations.** To the extent that the Custodian is required to give (or is deemed
to have given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice
in connection with the execution of transaction documents or the issuance or transmission of trade notifications, confirmations and/or
settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software
of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the Client will be deemed to have made such representation,
warranty or undertaking to the Custodian, provided that such representation, warranty or undertaking is based on information provided
to the Custodian by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**21.4** **Operational Requirements.** The Client will adhere to the deadlines and other operational requirements
set out in the Client Publications, to facilitate meeting the requirements of CSD's, Third Party Agents and Market Participants.

&nbsp;&nbsp;&nbsp;&nbsp;**21.5** **Client Review and Notification.** In accordance with standard market practice, the Client will employ
commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give
the Custodian prompt written notice of any suspected error or omission or the Client's inability to access any such Information
so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

&nbsp;&nbsp;&nbsp;&nbsp;**21.6** **Fees.** In consideration for the Services provided by the Custodian, the Client will pay the Fees
as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable
under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption, withholding or other similar
tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**21.7** **Client Publications.** The Client will ensure that it provides the Custodian with and regularly updates,
as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

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|:---|:---|
| 22 | Proper Instructions |

---

&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Dealings in Cash and Securities.** The Custodian will effect all transactions and dealings in Cash
and Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Appointment of Authorized Persons.** The Client and each Investment Manager will provide the Custodian
with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The
Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary from the Client and has
had a reasonable time to act on such notice.

&nbsp;&nbsp;&nbsp;&nbsp;**22.3** **Authentication Procedures.** The Custodian will implement Authentication Procedures. The Client acknowledges
that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions
of certain types and are not designed to detect errors. Any purported Proper Instruction received by the Custodian in accordance with
an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under
this Agreement for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**22.4** **Security Measures by Client.** The Client is responsible for ensuring that appropriate security measures
are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager
in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**22.5** **No Duty to Verify.** Except to the extent the Custodian is required to comply with Authentication
Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged
in investment activity are authorized to do so or that any instructions received by the Custodian are duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;**22.6** **Decline/Delay in Processing.** The Custodian reserves the right to decline to process or delay the
processing of any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1** the Custodian, in good faith, determines that the instruction may not have been properly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.2** the instruction is inaccurate, incomplete or unclear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.3** the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local
Market Practice or the Custodian's standard operating procedures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.4** the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions
to cancel or amend previously issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** the Custodian has not already acted on the previously issued Proper Instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.2** the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time
to time in the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;**22.8** **Oral Instructions.** If applicable, the Custodian may act on an oral instruction (given in accordance
with an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written
confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;**22.9** **Conflicting Claims.** If there is a dispute or conflicting claim with respect to Securities or Cash
held by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment
Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting claims have been finally determined
by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence
satisfactory to it of such determination or agreement, or (ii) the Custodian has received an indemnity, security or both, satisfactory
to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.

&nbsp;&nbsp;&nbsp;&nbsp;**22.10** **Matters Not Requiring Proper Instructions.** The Client authorises the Custodian in the absence of
Proper Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms
of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates of ownership
and other certificates and documents relating to Securities.

---

| | |
|:---|:---|
| **23** | **Creditors Rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Security.** To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby
grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) the Client's
Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or under the control of the Custodian
or its Subcustodians pursuant to this Agreement and (ii) cash proceeds of any of the above (collectively, the " <u>Collateral</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;**23.2** **Rights of the Custodian**. In the event that the Client fails to satisfy in full any of the Secured
Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement
or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice to the Custodian's other
rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured
Liabilities and any related transaction expenses, to (a) exercise its right of retention and withhold delivery of any Collateral and otherwise
refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the
net proceeds of such sale or realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client
in any Cash Account(s) against such Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;**23.3** **Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in
any manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable
under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in the relevant
market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other
things: (i) accelerate or cause the acceleration of the maturity of any fixed term deposits comprised in the Collateral and (ii) effect
any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion,
which rates may include a mark-up from the rates the Custodian receives on the interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;**23.4** **Notice.** The Custodian will use reasonable efforts to give the Client prior notice of any exercise
of the right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior
notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable judgment, giving
such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

24 Confidentiality and Use of Data

&nbsp;&nbsp;&nbsp;&nbsp;**24.1** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.1** **No Disclosure Without Consent.** Subject to Section 24.2 and Section 24.3, Confidential Information
will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.2** **No limitations of obligations under Agreement or at Law.** Except as expressly contemplated by this
Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates
under this Agreement and Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Use of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.1** **Use of Confidential Information and Data generally.** Subject to this Section 24.2 and Section 24.3,
all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services,
as applicable, pursuant to this Agreement or otherwise discharging its obligations under this 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;**24.2.2** **Use of Data for Indicators.** The Custodian and its Affiliates (except those Affiliates or business
divisions principally engaged in the business of asset management) may use Data to develop, publish or otherwise distribute to third parties
certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds
into various markets, sectors or investment instruments (collectively, the " <u>Indicators</u> "), but only so long as, unless
the Client otherwise consents, the Data is combined or aggregated with (A) information relating to other customers of the Custodian or
(B) information derived from other sources, in each case such that any published information will be displayed in a manner designed to
prevent attribution or identification of such Indicators with the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.3** **Economic benefit from Indicators.** The Client acknowledges that the Custodian may seek and realize
economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.1** **Disclosure of Confidential Information to Representatives.** The Receiving Party may disclose the
Disclosing Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors,
consultants and other similar advisors that have a reasonable need to know such Confidential Information (" <u>Representatives</u> "),
provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential
Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative
has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties
acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party
would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include
its Affiliates and Service Providers (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2** **Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit
use (as applicable) of Confidential Information of the Client without the Client's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.1** to its Affiliates and any of its third-party agents and service providers (" <u>Service Providers</u> ")
in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper
Instruction, including in accordance with the standard practices or requirements of any Financial Market Utility or in connection with
the settlement, holding or administration of Cash, Securities or other instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.2** to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates,
including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and
client service management and marketing.

Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.3** **Confidential Information and Cloud Computing and Storage.** Each Party may store Confidential Information
with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably
necessary for the receipt of cloud computing and storage services and related hardware and software maintenance and support. Such Confidential
Information must be disclosed under obligations of confidentiality. The Custodian will maintain the confidentiality of all Confidential
Information received from the Client, or an agent or Affiliate of the Client, using at least the same safeguards it uses to secure its
own similar information, but in no event a less than reasonable safeguard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.4** **Disclosure of Confidential Information to comply with law.** The Receiving Party may disclose the
Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including
in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the requirements of any applicable
regulatory authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.5** **Harm of Unauthorized Disclosure of Confidential Information.** Each Party acknowledges that the disclosure
to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may
immediately give rise to continuing irreparable injury inadequately compensable in damages at law, and in such cases the Receiving Party
agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against
any such breach or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.6** **Responsibility for Representatives.** Each Party will be responsible for any use or disclosure of
Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed
such Confidential Information itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.7** **No Disclosure to Custodian Asset Manager Division.** In no event will the Custodian allow representatives
of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the
Client, including Data.

25 Term and Termination

&nbsp;&nbsp;&nbsp;&nbsp;**25.1** **Term.** This Agreement will commence on the Effective Date and will continue until terminated in
accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;**25.2** **Termination Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1** **Prior Notice.** The Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1.1** the Client may terminate this Agreement by giving not less than 180 days' prior written notice to
the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1.2** the Custodian may terminate this Agreement by giving not less than 180 days' prior written notice
to the 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;**25.2.2** **Immediate Effect.** A Party may terminate this Agreement with immediate effect at any time by written
notice to the other Party, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.2.1** an Insolvency Event occurs in relation to the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.2.2** such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to
cure such breach within 30 days of receipt of notice from the Custodian requesting it to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.2.3** such other Party commits a material breach of an obligation under this Agreement and has failed to cure
such breach within 30 days of receipt of notice requesting it to do so.

If the Custodian terminates this Agreement pursuant to sub-sections 25.2.1 or 25.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;**25.3** **Actions on Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.1** **Successor Custodian.** Upon termination of the Agreement, the Custodian will deliver the Portfolio
to the successor custodian designated by the Client in Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.2** **Remaining Portfolio.** If any part of the Portfolio remains in the possession of the Custodian or
its Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian
may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not terminated. If no successor
custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank
or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New
York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank
or trust company all of the Securities of the Client held in any CSD. The transfer will be on such terms as are contained in this Agreement
or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company,
and any cost or expense incurred by the Custodian, in connection with the transfer will be for the account of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.3** **Payment of Fees.** Upon termination of this Agreement, Fees will become due and payable for the period
to the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred
to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

26 Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;**26.1** **Each Party.** Each Party represents and warrants to the other that: (i) it has the power to enter
into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized persons so as to
constitute valid and binding obligations of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;**26.2** **Client.** The Client further represents and warrants to the Custodian that: (i) it is the beneficial
owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if
it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the purposes of this Agreement and not as
agent for another person.

&nbsp;&nbsp;&nbsp;&nbsp;**26.3** **Custodian.** The Custodian further represents and warrants to the Client that: (i) it holds such
authorisations and licences as are necessary to lawfully perform its obligations under this Agreement; and (ii) it will seek to maintain
such authorisations and licenses for the term of this Agreement.

27 Record Retention and Audit Rights

&nbsp;&nbsp;&nbsp;&nbsp;**27.1** **Records.** The Custodian will retain the records it is required to maintain under this Agreement
in accordance with the Law applicable to the Custodian and the Law applicable to investment companies registered under the 1940 Act. The
books and records maintained by the Custodian in respect of the Client shall be maintained for the periods required by, the rules and
regulations applicable to investment companies registered under the 1940 Act, and shall be reasonably arranged and indexed by the Custodian
in a manner that permits reasonably prompt location, access and retrieval of a particular record including, if requested by the Client
within a reasonable period of time and without undue burden to the Custodian, retrieval within the time period specified by any regulatory
entity with jurisdiction over the Client. All books and records maintained by the Custodian pursuant to this Agreement shall at all times
be the property of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**27.2** **Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators
or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance
of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;**27.3** **Frequency and Scope.** For inspections requested by the Client (such request will include reasonable
advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency,
timing, and scope of such audits.

&nbsp;&nbsp;&nbsp;&nbsp;**27.4** **Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to provide
access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client;
(ii) any information that is treated as confidential under the Custodian's corporate policies, including, without limitation, internal
audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions;
or (iii) any other documents, reports, or information that the Custodian is obligated or entitled to maintain in confidence as a matter
of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality
thereof and a reasonable opportunity to communicate with the Custodian's personnel regarding such technology.

28 Business Continuity, Internal Controls and Information Security

&nbsp;&nbsp;&nbsp;&nbsp;**28.1** **Business Continuity Plans.** The Custodian will at all times maintain a business contingency plan
and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian
will implement such plans following the occurrence of an event which results in an interruption or suspension of the Services to be provided
by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;**28.2** **Internal Controls Review and Repor** t. The Custodian will retain a firm of independent auditors to
perform an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue
a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a copy of the report
to the Client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;**28.3** **Information Security Systems and Controls.** The Custodian has implemented and will maintain commercially
reasonable information security systems and controls, which include administrative, technical, and physical safeguards that are designed
to: (i) maintain the security and confidentiality of the Client's data; (ii) protect against any anticipated threats or hazards
to the security or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements
applying to the Custodian; and (iii) protect against unauthorized access to or use of the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;**28.4** **Virus Detection.** The Custodian will at all times employ a current version of one of the leading
commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services
for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

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| | |
|:---|:---|
| 29 | General |

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&nbsp;&nbsp;&nbsp;&nbsp;**29.1** **Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their
Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.1** provide a wide range of financial services to many clients of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.2** engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and
acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients;

which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;**29.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian,
its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.1** may do business with each client on different contractual or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.2** will seek to profit and is entitled to receive and retain profits and compensation in connection with
such activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.3** may act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.4** may act or refrain from acting based upon information derived from such activities that is not available
to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.5** are not under a duty to notify or disclose to the Client any information which comes to their notice as
a result of such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.6** do not have an obligation to consider, act in, or provide information to the Client in respect of, the
interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client
under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;**29.3** **Notice.** Unless otherwise specified, all notices, requests, demands and other communications under
this Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.1** when delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.2** on the next Business Day after being sent by e-mail (unless the sender receives an automated message that
the e-mail has not been delivered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.3** on the next Business Day after being sent by overnight courier service for next Business Day delivery;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.4** on the third Business Day after being sent by certified or registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**29.4** **Waiver.** No failure on the part of any Party to exercise, and no delay on its part in exercising,
any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude
any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;**29.5** **Sole Remedy.** Subject to the right to seek relief under the specific circumstances expressly permitted
in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract
under and consistent with the terms of this Agreement will be the sole and exclusive remedy available for any and all matters arising
from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct)
relating to the Agreement or provision of the Services, whether before, during or after the term of this Agreement. Accordingly, to the
maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other
rights and remedies that otherwise would be available to such party in law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;**29.6** **Assignment and Successors**. The terms of this Agreement are binding on the Parties'
 representatives, successors and permitted assigns and this Agreement and any rights or obligations
 under this Agreement may not be assigned or transferred without the prior written consent
 of the other Party. However, in the event that either Party becomes the subject of an Insolvency
 Event, then such Party will have the right to assign or transfer its rights and obligations
 under this Agreement to any entity to which the Party transfers its business and assets (including
 a bridge bank or similar entity) and the other Party irrevocably consents to such assignment
 or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;29.7 Entire Agreement. This Agreement is the complete and exclusive agreement
of the Parties regarding the Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or
understandings between the parties relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;**29.8** **Amendments**. This
 Agreement may be amended by written agreement between the Parties. However, the Custodian
 may amend this Agreement by giving written notice to the Client of such proposed amendment
 and the Client will be taken to have consented to the amendment if the Client does not affirmatively
 object in writing within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;29.9 Counterparts and Electronic Signatures. This Agreement may be executed
in separate counterparts, each of which will be an original, but which together will constitute one and the same agreement. Counterparts
may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and
the Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic
signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as conclusive of the intention
to be bound by this Agreement as if signed by the Parties' manuscript signatures.

&nbsp;&nbsp;&nbsp;&nbsp;29.10 Severance. In the event that any part of this Agreement will be determined
to be void or unenforceable for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially
frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable part
were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;29.11 Survival. The provisions of Sections 10 (Tax Withholding and Tax Relief),
17 (Standard of Care and Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and
Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive termination of this Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;29.12 Governing Law and Jurisdiction. This Agreement is governed by and interpreted
in accordance with the laws of the Commonwealth of Massachusetts, and any disputes which may arise out of, under or in connection with
this Agreement will be determined by the exclusive jurisdiction of the Massachusetts courts.

&nbsp;&nbsp;&nbsp;&nbsp;29.13 Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;**29.14** **Qualified Financial Contracts.** In the event that the Client is
 domiciled and organized outside of the United States, such Client and the Custodian hereby
 agree to be bound by the terms of the QFC addendum attached hereto as <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;29.15 The Parties; Additional Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.15.1** All references in this Agreement to the "Client" are to each of the entities listed on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference in this Agreement
to "the Parties" shall mean the Custodian and the individual Client as to which the matter relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.15.2** If any entity in addition to those listed on <u>Appendix A</u> would like the Custodian to render Services
under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client and that entity (together with the Custodian) will be
bound by all Sections of this Agreement.

[Remainder of page intentionally left blank.]

Signed by the Parties:

**DRIVEWEALTH ETF TRUST**, for and on behalf of

each entity listed on <u>Appendix A</u>

---

| | |
|:---|:---|
| By: | /s/ Christopher Quinn |
| Name: | Christopher Quinn |
| Title: | President |

---

Date: January 13, 2023

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | Senior Vice President |

---

Date: January 13, 2023

**Schedule 1<br> Definitions**

In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

**"Affiliate"** means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1

"**Client**" means the party named in the preamble.

**"Client Publications"** means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

**"Collateral"** has the meaning given to it in Section 23.1.

**"Confidential Information"** means all information provided by or on behalf of a party (the "<u>Disclosing Party</u>") to the other party (the "<u>Receiving Party</u>"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

**"Contractual Settlement"** has the meaning given to it in Section 5.2

**"Corporate Actions"** means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on <u>Schedule A</u>, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

**"Effective Date"** has the meaning given to it in the preamble.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on <u>Schedule B</u>.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing given by an Authorized
Person including a facsimile transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in an electronic communication
as may be agreed upon between the Custodian and the Client in writing from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by such other means as may be
agreed from time to time by the Custodian and the Client .

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

**"Secured Liabilities"** means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

"**Subcustodian**" means with respect to assets of the Client within the U.S., any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 and the rules and regulations thereunder, and, with respect to assets of the Client outside the U.S., an Eligible Foreign Custodian, as defined in Rule 17f-5 under the 1940 Act, appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalized terms used in this Agreement have the meanings given to them in this <u>Schedule 1</u> unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

**Schedule 2<br> Notices**

**(Section 29)**

---

| | |
|:---|:---|
| CUSTODIAN: | **STATE STREET BANK AND TRUST COMPANY** |
| Attention: | Danielle Capobianco |
| CC: | Senior Vice President – Custody Operations |
|  | Legal Department |
| Address: | 1 Lincoln Street, Boston, MA 02111 |
| Telephone No: | 617-662-3883 |
| Email: | dcapobianco@statestreet.com |
| CLIENT: | **DRIVEWEALTH ETF TRUST,** for and on behalf of each entity listed on Appendix A |
| Attention: | Christopher Quinn |
| Address: | 15 Exchange Place, 10th Floor |
|  | Jersey City, New Jersey 07302 |
| Telephone No: | 781-929-1094 |
| Email: | cquinn@drivewealth.tech |

---

**Appendix A**

**List of Funds**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Jurisdiction of Formation** |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;ETF | &nbsp;&nbsp;N/A |

---

**Appendix B**

**QFC Addendum**

**Opt-In to U.S. Special Resolution Regime**. Notwithstanding anything to the contrary in this Agreement or any other agreement, the parties hereto expressly acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer or assignment of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) by the Custodian will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Custodian or an Affiliate of the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights with respect to this Agreement that may be exercised against the Custodian are permitted to be exercised to no greater extent than the Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States.

**Adherence to the ISDA Protocol.** At such times as the parties to this Agreement have adhered to the ISDA Protocol and this Agreement is or is deemed modified or amended by the ISDA Protocol, the terms of the ISDA Protocol will supersede the terms of this QFC Addendum as included as part of this Agreement, and in the event of any inconsistency between this QFC Addendum and the ISDA Protocol, the ISDA Protocol will prevail.

**Definitions**. As used in this QFC Addendum:

"<u>Affiliate</u>" has the meaning given in section 2(k) of the Bank Holding Company Act (12 U.S.C. §1841(k)) and section 225.2(a) of the Federal Reserve Board's Regulation Y (12 CFR § 225.2(a)).

"<u>Default Right</u>" means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) right of a party, whether contractual or otherwise (including, without limitation, rights incorporated by reference to any other contract, agreement, or document, and rights afforded by statute, civil code, regulation, and common law), to liquidate, terminate, cancel, rescind, or accelerate such agreement or transactions thereunder, set off or net amounts owing in respect thereto (except rights related to same-day payment netting), exercise remedies in respect of collateral or other credit support or property related thereto (including the purchase and sale of property), demand payment or delivery thereunder or in respect thereof (other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure), suspend, delay, or defer payment or performance thereunder, or modify the obligations of a party thereunder, or any similar rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) right or contractual provision that alters the amount of collateral or margin that must be provided with respect to an exposure thereunder, including by altering any initial amount, threshold amount, variation margin, minimum transfer amount, the margin value of collateral, or any similar amount, that entitles a party to demand the return of any collateral or margin transferred by it to the other party or a custodian or that modifies a transferee's right to reuse collateral or margin (if such right previously existed), or any similar rights, in each case, other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure.

"<u>ISDA</u>" refers to the International Swaps and Derivatives Association, Inc.

"<u>ISDA Protocol</u>" means the ISDA 2018 U.S. Resolution Stay Protocol as published by ISDA as of July 31, 2018.

"<u>U.S. Special Resolution Regime</u>" means the Federal Deposit Insurance Act (12 U.S.C. §1811–1835a) and regulations promulgated thereunder and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 5381–5394) and regulations promulgated thereunder.

## Ex-99.(H)(1)

**Exhibit (h)(1)**

**TRANSFER AGENCY AND SERVICE AGREEMENT**

THIS AGREEMENT (this "<u>Agreement</u>") is made as of the 18th day of January, 2023, by and between **STATE STREET BANK AND TRUST COMPANY**, a Massachusetts trust company having its principal office and place of business at One Lincoln Street, Boston, Massachusetts 02111 ("<u>State Street</u>" or the "<u>Transfer Agent</u>"), and **DRIVEWEALTH ETF TRUST**, a Delaware statutory trust having its principal office and place of business at 15 Exchange Place, 10th Floor, Jersey City, New Jersey, 07302 (the "<u>Trust</u>").

**WHEREAS**, the Trust is authorized to issue shares of beneficial interest ("<u>Shares</u>") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

**WHEREAS**, the Trust intends to initially offer Shares in one or more series, each as named in the attached <u>Schedule A</u>, which may be amended by the parties from time to time (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 11 of this Agreement, being herein referred to as a "<u>Portfolio</u>," and collectively as the "<u>Portfolios</u>");

**WHEREAS**, each Portfolio will issue and redeem Shares only in aggregations of Shares known as "Creation Units" as described in the currently effective prospectus and statement of additional information of the Trust (collectively, the "<u>Prospectus</u>");

**WHEREAS**, only those entities ("<u>Authorized Participants</u>") that have entered into an Authorized Participant Agreement with the distributor for the Portfolios, (the "<u>Distributor</u>"), are eligible to place orders for Creation Units with the Distributor;

**WHEREAS**, the Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("<u>DTC</u>") or its nominee will be the record or registered owner of all outstanding Shares;

**WHEREAS**, Trust desires to appoint Transfer Agent to act as its transfer agent, dividend disbursing agent and agent in connection with certain other activities, and Transfer Agent is willing to accept such appointment.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, agree as follows:

1. <u>TERMS OF APPOINTMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to the terms and conditions set forth in this Agreement, the Trust and each Portfolio hereby employs
and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Creation Units and dividend
disbursing agent of the Trust and each Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services*. In accordance with procedures established from time to time by agreement
between the Trust and each Portfolio, as applicable, and the Transfer Agent (the " <u>Procedures</u> "), the Transfer Agent
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish each Authorized Participant's account in the applicable Portfolio on the Transfer Agent's
recordkeeping system and maintain such account for the benefit of such Authorized Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receive and process orders for the purchase of Creation Units from the Distributor or the Trust, and promptly
deliver payment and appropriate documentation thereof to the custodian of the applicable Portfolio as identified by the Trust (the " <u>Custodian</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) generate or cause to be generated and transmitted confirmation of receipt of such purchase orders to the
Authorized Participants and, if applicable, transmit appropriate trade instruction to the National Securities Clearance Corporation (" <u>NSCC</u> ")
and/or DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) receive and process redemption requests and redemption directions from the Distributor or the Trust with
respect to Shares of each Portfolio and deliver the appropriate documentation thereof to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to items (i) through (iv) above, the Transfer Agent may execute transactions directly with
Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any
redemption, pay over or cause to be paid over in the appropriate manner such monies, if any, to the redeeming Authorized Participant as
instructed by the Distributor or the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) prepare and transmit by means of DTC's book-entry system payments for any dividends and distributions
declared by the Trust on behalf of the applicable Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) record the issuance of Shares of the applicable Portfolio and maintain a record of the total number of
Shares of each Portfolio which are issued and outstanding; and provide the Trust on a regular basis with the total number of Shares of
each Portfolio which are issued and outstanding but Transfer Agent shall have no obligation, when recording the issuance of Shares, to
monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance of any laws
relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility of
the Trust and each Portfolio; and, excluding DTC or its nominee as the record or registered owner, the Transfer Agent shall have no obligations
or responsibilities to account for, keep records of, or otherwise related to, the beneficial owners of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) maintain and manage, as agent for the Trust and each Portfolio, such bank accounts as the Transfer Agent
shall deem necessary for the performance of its duties under this Agreement, including but not limited to, the processing of Creation
Unit purchases and redemptions and the payment of a Portfolio's dividends and distributions. The Transfer Agent may maintain such
accounts at the bank or banks deemed appropriate by the Transfer Agent in accordance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) process any request from an Authorized Participant to change its account registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except as otherwise instructed by the Trust, the Transfer Agent shall process all transactions in each
Portfolio in accordance with the procedures mutually agreed upon by the Trust and the Transfer Agent with respect to the proper net asset
value to be applied to purchase orders received in good order by the Transfer Agent or by the Trust or any other person or firm on behalf
of such Portfolio or from an Authorized Participant before cut-offs established by the Trust. The Transfer Agent shall report to the Trust
any known exceptions to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the
services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Transfer Agent shall perform such other services for the Trust or the applicable Portfolio(s) that
are mutually agreed to by the parties from time to time, for which the Trust will pay such fees as may be mutually agreed upon, including
the Transfer Agent's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>DTC and NSCC</u>. The Transfer Agent shall: (a) accept and effectuate the registration and maintenance
of accounts, and the purchase and redemption of Creation Units in such accounts, in accordance with instructions transmitted to and received
by the Transfer Agent by transmission from DTC or NSCC on behalf of Authorized Participants; and (b) issue instructions to a Portfolio's
banks for the settlement of transactions between the Portfolio and DTC or NSCC (acting on behalf of the applicable Authorized Participant).

1.4 *Authorized Persons*. The Trust and each Portfolio, hereby agrees and acknowledges that the Transfer Agent may rely on the current list of authorized persons, including authorized persons of the Trust or the Distributor, as provided or agreed to by the Trust in writing and as may be amended from time to time (each, an "<u>Authorized Person</u>"), in receiving instructions to issue or redeem Creation Units. The Trust and each Portfolio, agrees and covenants for itself and each such authorized person that any order or sale of or transaction in Creation Units received by it after the order cut-off time as set forth in the Prospectus or such earlier time as designated by such Portfolio (the "<u>Order Cut-Off Time</u>"), shall be effectuated at the net asset value determined on the next business day or as otherwise required pursuant to the applicable Portfolio's then-effective Prospectus, and the Trust or such Authorized Person shall so instruct the Transfer Agent of the proper effective date of the transaction.

1.5 *Anti-Money Laundering and Client Screening*. With respect to the Trust's or any Portfolio's offering and sale of Creation Units at any time, and for all subsequent transfers of such interests, the Trust or its delegate shall, to the extent applicable, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Shares and Creation Units and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Creation Units or Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control ("<u>OFAC</u>") database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records. In order to assist the Trust with the Trust's anti-money laundering ("<u>AML</u>") responsibilities under the U.S. Bank Secrecy Act, as amended, including by the USA PATRIOT Act, and other applicable AML laws and regulations (the "<u>AML Laws</u>"), the Transfer Agent shall provide certain risk-based activity monitoring tools and procedures that are reasonably designed to: (i) assist in the verification of persons opening accounts with the Trust; and (ii) screen of persons opening accounts for potential matches to sanction-related lists promulgated by the United States, the European Union, and the United Nations for potential matches. Notwithstanding the foregoing, in no event will the Transfer Agent be responsible for the Trust's compliance with applicable anti-money laundering laws, rules and regulations, now or hereafter in effect, including the AML Laws and the regulations administered by OFAC, as the same may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *State Transaction ("<u>Blue Sky</u>") Reporting*. If applicable, the Trust shall be solely responsible for its "blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 *Tax Law*. The Transfer Agent shall have no responsibility or liability for any obligations now or hereafter imposed on the Trust, a Portfolio, any Creation Units, any Shares, a beneficial owner thereof, an Authorized Participant or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be the responsibility of the Trust to notify the Transfer Agent of the obligations imposed on the Trust, a Portfolio, the Creation Units, the Shares, or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 The Transfer Agent shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

2. <u>FEES AND EXPENSES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement,
the Transfer Agent shall be entitled to receive the fees and expenses set forth in a written fee schedule agreed to by the parties.

3. <u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u> 

The Transfer Agent represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 It is a trust company duly organized and existing under the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 It is duly registered as a transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934,
as amended (the " <u>1934 Act</u> "), it will remain so registered for the duration of this Agreement, and it will promptly
notify the Trust in the event of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It is duly qualified to carry on its business in the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 It is empowered under applicable laws and by its organizational documents to enter into and perform the
services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 All requisite organizational proceedings have been taken to authorize it to enter into and perform this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 It has and will continue to have access to the necessary facilities, equipment, and personnel to perform
its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 It will maintain a business continuity contingency plan and a disaster recovery plan and will take commercially
reasonable measures to maintain and periodically test such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 It is in compliance with all laws applicable to its business, the violation of which would adversely affect
the Transfer Agent's performance of its obligations under this Agreement.

4. <u>REPRESENTATIONS AND WARRANTIES OF THE TRUST AND THE PORTFOLIOS</u> 

The Trust and each Portfolio represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Trust is a statutory trust duly organized, existing and in good standing under the laws of the state
of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Trust is empowered under applicable laws and by its organizational documents to enter into and perform
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 All requisite proceedings have been taken to authorize the Trust to enter into, perform and receive services
pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Trust and the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Trust is registered under the Investment Company Act of 1940, as amended (the " <u>1940 Act</u> "),
as an open-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 A registration statement under the Securities Act of 1933, as amended (the " <u>Securities Act</u> "),
will be effective and will remain effective at any time in which the Trust offers or sells Shares of a Portfolio during the term of the
Agreement, and all appropriate state securities law filings, if any are required, have been or will be made when required by applicable
law and will continue to be made, with respect to all Shares of the Trust being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Where information provided by the Trust or the Trust's investors includes information about an identifiable
individual (" <u>Personal Information</u> "), the Trust represents and warrants that it has obtained all consents and approvals,
as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of
Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer Agent to
use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the
Transfer Agent may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it
was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal Information
of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified
by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, including
without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that
regulates the collection, processing, use or disclosure of Personal Information; *provided, that* provided that this indemnification
shall not apply to actions or omissions of the Transfer Agent, its officers or employees in cases of its or their own negligence, bad
faith, fraud or willful misconduct.

5. <u>DATA ACCESS AND PROPRIETARY INFORMATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive
design techniques, and documentation manuals furnished to the Trust by the Transfer Agent as part of the Trust's ability to access
certain Trust confidential information maintained by the Transfer Agent or another third party on databases under the control and ownership
of the Transfer Agent (" <u>Data Access Services</u> ") constitute copyrighted, trade secret, or other proprietary information
(collectively, " <u>Transfer Agent Proprietary Information</u> ") of substantial value to the Transfer Agent or another third
party. In no event shall Transfer Agent Proprietary Information be deemed Authorized Participant information or Trust confidential information.
The Trust, on behalf of itself and the Portfolios, agrees to treat all Transfer Agent Proprietary Information as proprietary to the Transfer
Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided
hereunder. Without limiting the foregoing, the Trust agrees for itself and its officers and trustees and their agents, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use such programs and databases solely on the Trust's, or such agents' computers or other
devices, or on computers or other devices of its affiliates, solely in accordance with the Transfer Agent's applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refrain from copying or duplicating in any way the Transfer Agent Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such
access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance
with the Transfer Agent's instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) refrain from causing or allowing Transfer Agent Proprietary Information transmitted from the Transfer
Agent's computers to the Trust's, or such agents' computer to be retransmitted to any other computer facility or other
location, except with the prior written consent of the Transfer Agent (such consent not be unreasonably withheld);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) allow the Trust, its officers and trustees and their agents to have access only to those authorized transactions
agreed upon by the Trust and the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) honor all reasonable written requests made by the Transfer Agent to protect at the Transfer Agent's
expense the rights of the Transfer Agent in the Transfer Agent Proprietary Information at common law, under federal copyright law and
under other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Transfer Agent Proprietary Information shall not include all or any portion of any of the foregoing items
that (i) are or become publicly available without breach of this Agreement; (ii) that are released for general disclosure by a written
release by the Transfer Agent; or (iii) that are already in the possession of the receiving party at the time of receipt without obligation
of confidentiality or breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Trust may, with reasonable notice to the Transfer Agent, disclose Transfer Agent Proprietary Information
in the event that it is required to be disclosed: (i) by law or in a judicial or administrative proceeding; or (ii) by an appropriate
regulatory authority having jurisdiction over the Trust; provided that all reasonable legal remedies for maintaining such information
in confidence have been exhausted, including, but not limited to, giving the Transfer Agent as much advance notice of the possibility
of such disclosure as practical so the Transfer Agent may attempt to prevent such disclosure or obtain a protective order concerning such
disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 If the Trust notifies the Transfer Agent that any of the Data Access Services do not operate in material
compliance with the most recently issued user documentation for such services, the Transfer Agent shall use commercially reasonable efforts
in a timely manner to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data Access
Services are solely responsible for the contents of such data, and the Trust agrees to make no claim against the Transfer Agent arising
out of the contents of such third-party data, including, but not limited to, the accuracy thereof. DATA ACCESS SERVICES AND ALL COMPUTER
PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER
AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 If the transactions available to the Trust include the ability to originate electronic instructions to
the Transfer Agent in order to (i) effect the transfer or movement of cash or Creation Units, or (ii) transmit Authorized Participant
information or other information (collectively, the " <u>Instructions</u> "), then in such event the Transfer Agent shall be
entitled to rely on the validity and authenticity of such Instruction without undertaking any further inquiry as long as such Instruction
is undertaken in conformity with security procedures established by the Transfer Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this
Section. The obligations of this Section shall survive any earlier termination of this Agreement.

6. <u>STANDARD OF CARE / LIMITATION OF LIABILITY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Transfer Agent shall at all times act in good faith in its performance of all services performed under
this Agreement, but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment
processing errors, unless said errors are caused by its negligence, bad faith, fraud or willful misconduct of that of its employees or
agents. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section
4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 In any event, the Transfer Agent's cumulative liability for the term of the Agreement for all liability
or losses, regardless of the form of action or legal theory, shall be limited to two times the total fees (excluding expenses) received
by the Transfer Agent under this Agreement during the preceding 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 In no event shall the Transfer Agent be liable for any special, incidental, indirect, punitive or consequential
damages, regardless of the form of action and even if the same were foreseeable.

7. <u>INDEMNIFICATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents
(the " <u>Indemnitees</u> "), shall not be responsible for, and the Trust and each Portfolio, severally and not jointly, shall
indemnify and hold the Indemnitees harmless from and against, any and all losses, damages, costs, charges, reasonable counsel fees (including
the defense of any lawsuit in which one of the Indemnitees is a named party), payments, expenses and liability arising out of or attributable
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this
Agreement, provided that such actions are taken in good faith and without negligence, bad faith, fraud or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust's breach of any representation, warranty or covenant of the Trust hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trust's lack of good faith, negligence, willful misconduct or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its agents
or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer
Agent or its agents or subcontractors in physical form, or by machine readable input, facsimile, electronic data entry, electronic instructions
or other similar means authorized by the Trust, and which have been prepared, maintained or performed by the Trust or any other person
or firm on behalf of the Trust, including but not limited to any broker-dealer, third party administrator or previous transfer agent;
(b) any instructions or requests of the Trust or its officers or the Trust's agents or subcontractors or their officers or employees,
in each case who have been designated by the Trust as Authorized Persons; (c) any instructions or opinions of legal counsel to the Trust
or any Portfolio with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement
which are provided to the Transfer Agent by the Trust or Fund after consultation with such legal counsel; or (d) 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) the offer or sale of Creation Units by the Trust in violation of any requirement under federal or state
securities laws or regulations requiring that such Creation Units be registered, or in violation of any stop order or other determination
or ruling by any federal or state agency with respect to the offer or sale of such Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the negotiation and processing of any checks, wires and ACH transmissions, including without limitation,
for deposit into, or credit to, the Trust's demand deposit accounts maintained by the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all actions relating to the transmission of Trust, Creation Unit or Authorized Participant data through
the NSCC clearing systems, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any tax obligations under the tax laws of any country or of any state or political subdivision thereof,
including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties
and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 At any time the Transfer Agent may apply to any officer of the Trust for instructions, and may consult
with legal counsel (which may be Trust counsel) with respect to any matter arising in connection with the services to be performed by
the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified
by the Trust and the applicable Portfolio for any action taken or omitted by it in reliance upon such instructions or upon the opinion
of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document
furnished by or on behalf of the Trust or the applicable Portfolio, reasonably believed to be genuine and to have been signed by the proper
person or persons, or upon any instruction, information, data, records or documents provided the Transfer Agent or its agents or subcontractors
by machine readable input, electronic data entry or other similar means authorized by the Trust and the Portfolios, and shall not be held
to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

8. <u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *Delivery of Documents*. The Trust shall promptly furnish to the Transfer Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of the resolution of the Board of Trustees of the Trust (the " <u>Board</u> ") certified
by the Trust's Secretary authorizing the appointment of the Transfer Agent and the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A copy of the Declaration of Trust and By-Laws of the Trust and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *Certificates, Checks, Facsimile Signature Devices*. The Transfer Agent hereby agrees to establish
and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices;
and for the preparation or use, and for keeping account of, such certificates, forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *Records*. The Transfer Agent shall keep records relating to the services to be performed hereunder,
in the form and manner as it may deem advisable. In furtherance of the Trust's compliance with the requirements of Section 31 of
the 1940 Act and the Rules thereunder, the Transfer Agent agrees that any records relating to the services provided to the Trust and Portfolios
hereunder shall be the property of the Trust and will be made available upon reasonable request and preserved in accordance with and for
the periods prescribed by the applicable Rules unless such records are earlier surrendered to the Trust or Portfolios. Records may be
surrendered in either written or machine-readable form, at the option of the Transfer Agent. In the event that the Transfer Agent is requested
or authorized by the Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation,
or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce
the records of the Trust or the Transfer Agent's personnel as witnesses or deponents, the Trust agrees to pay the Transfer Agent
for the Transfer Agent's time and expenses, as well as the fees and expenses of the Transfer Agent's counsel, incurred in
such production.

9. <u>CONFIDENTIALITY AND USE OF DATA</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 All information provided under this Agreement by a party (the " <u>Disclosing Party</u> ") to
the other party (the " <u>Receiving Party</u> ") regarding the Disclosing Party's business and operations shall be treated
as confidential. A Receiving Party shall keep confidential the confidential information of a Disclosing Party at least to the same degree
as the Receiving Party protects its own confidential information. Subject to Section 9.2 below, all confidential information provided
under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or
service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations
under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial
and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing
shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other
than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided
by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation,
audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law
or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct
the Transfer Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included
in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party
providing the information, which consent shall not be unreasonably withheld *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 (a) In connection with the provision of the services and the discharge of its other obligations under
this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates
(" <u>Affiliates</u> ")) may collect and store information regarding the Trust or Fund and share such information with its Affiliates,
agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under
this Agreement and other agreements between the Trust and the Transfer Agent or any of its Affiliates and (ii) to carry out management
of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory
compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Trust or Portfolios ("<u>Data</u>") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "<u>Indicators</u>"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Trust, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Transfer Agent affirms that it has, and will continue to have throughout the term of this Agreement,
procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information
to the extent required by applicable laws, rules and regulations.

10. <u>Effective Period and Termination</u> 

This Agreement shall remain in full force and effect for an initial four (4) year term (the "<u>Initial Term</u>"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one (1) year terms (each, a "<u>Renewal Term</u>") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement upon 30 days written notice: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Trust or any Portfolio, the Trust or applicable Portfolio shall pay Transfer Agent its compensation due and shall reimburse Transfer Agent for its costs, expenses and disbursements.

In the event of: (i) the Trust's termination of this Agreement with respect to the Trust or its Portfolio(s) for any reason other than as set forth in the immediately preceding paragraph, or (ii) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing services hereunder to the Trust or a Portfolio (or its respective successor), the Trust or applicable Portfolio shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with respect to the Trust or such Portfolio) and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Trust's or such Portfolio's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Trust or a Portfolio and distribution of the Trust's or Portfolio's assets as a result of the Board's determination in its reasonable business judgment that the Trust or such Portfolio is no longer viable, (b) a merger of the Trust or a Portfolio into, or the consolidation of the Trust of a Portfolio with, another entity, or (c) the sale by the Trust or a Portfolio of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Trust or such Portfolio (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Portfolio shall in no way affect the rights and duties under this Agreement with respect to the Trust or any other Portfolio.

11. <u>Additional portfolios</u> 

In the event that the Trust establishes one or more series of Shares in addition to the Portfolios listed on the attached <u>Schedule A</u>, with respect to which the Trust desires to have the Transfer Agent render services as transfer agent under the terms hereof, it shall so notify the Transfer Agent in writing, and if the Transfer Agent agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

12. <u>assignment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Except as provided in Section 13 below, neither this Agreement nor any rights or obligations hereunder
may be delegated or assigned by either party without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed
to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Trust and the Portfolios, and the duties
and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Trust
and the Portfolios. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors
and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer
Agent and the Trust. Neither party shall make any commitments with third parties that are binding on the other party without the other
party's prior written consent.

13. <u>DELEGATION; SUBCONTRACTORS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Transfer Agent shall have the right, without the consent or approval of the Trust, to employ agents,
subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any
part of the services stated herein (each, a " <u>Delegate</u> " and collectively, the " <u>Delegates</u> "), without
the consent or approval of the Trust. The Transfer Agent shall be responsible for the services delivered by, and the acts and omissions
of, any such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions itself. Where required,
such Delegate shall be a duly registered transfer agent pursuant to Section 17A(c)(2) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Transfer Agent will provide the Trust with information regarding its global operating model for the
delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated
with the Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates perform services,
as well as such other information about its Delegates as the Trust may reasonably request from time to time. Nothing in this Section 13
shall limit or restrict the Transfer Agent's right to use affiliates or third parties to perform or discharge, or assist it in the
performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

14. <u>miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 *Amendment*. This Agreement may be amended by a written agreement executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 *Business Continuity, Internal Controls, and Information Security.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 <u>Business Continuity Plans</u>. The Transfer Agent will at all times maintain a business contingency
plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Transfer
Agent will implement such plans following the occurrence of an event which results in an interruption or suspension of the services to
be provided by the Transfer Agent hereunder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 <u>Internal Controls Review and Report</u>. The Transfer
Agent will retain a firm of independent auditors to perform an annual review of certain internal controls and procedures employed by
the Transfer Agent in the provision of the services hereunder and issue a standard System and Organization Controls 1 or equivalent report
based on such review. The Transfer Agent will provide a copy of the report to the Trust upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3 <u>Information Security Systems and Controls</u>. The Transfer
Agent has implemented and will maintain commercially reasonable information security systems and controls, which include administrative,
technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Trust's data; (ii)
protect against any anticipated threats or hazards to the security or integrity of the Trust's data, including appropriate measures
designed to meet legal and regulatory requirements applying to the Transfer Agent; and (iii) protect against unauthorized access to or
use of the Trust's data. In the event the Transfer Agent becomes aware of critical vulnerabilities in its information security
systems and controls, the Transfer Agent will use commercially reasonable efforts to remediate such vulnerabilities within a reasonable
period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4 <u>Virus Detection</u>. The Transfer Agent will at all times
employ a current version of one of the leading commercially available virus detection software programs to test the hardware and software
applications used by it to deliver the services hereunder for the presence of any computer code designed to disrupt, disable, harm, or
otherwise impede operation.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 *Massachusetts Law to Apply*. This Agreement shall be construed and the provisions thereof interpreted
under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to any conflicts of law rules thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 *Force Majeure*. The Transfer Agent shall not be responsible or liable for any failure or delay in
performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control,
including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, acts of war or terrorism,
pandemics, governmental actions or communication disruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 *Data Protection*. The Transfer Agent will implement and maintain a comprehensive written information
security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders,
employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in connection
with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's
name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b)
driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or
(f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing
that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information"
shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government
records lawfully made available to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 *Survival*. All provisions regarding indemnification, warranty, liability, and limits thereon, and
confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 *Severability*. If any provision or provisions of this Agreement shall be held invalid, unlawful,
or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 *Priorities Clause*. In the event of any conflict, discrepancy or ambiguity between the terms and
conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall
take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 *Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on
any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence
to that term or any term of this Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under
this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single
or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise
of any other right or remedy. Any waiver must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 *Entire Agreement*. This Agreement and any schedules, exhibits, attachments or amendments hereto
constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof
whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 *Counterparts*. This Agreement may be executed in several counterparts, each of which shall be deemed
to be an original, and all such counterparts taken together shall constitute one and the same Agreement *.* Counterparts may be executed
in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby
adopt as original any signatures received via electronically transmitted form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 *Reproduction of Documents*. This Agreement and all schedules, exhibits, attachments and amendments
hereto may be reproduced by any photographic, photostatic, digital or other similar process. The parties hereto all/each agree that any
such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not
the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any
enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 *Notices*. Any notice instruction or other instrument required to be given hereunder will be in writing
and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the
following address or such other address as may be notified by any party from time to time:

&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) If to Transfer Agent, to:

**STATE STREET BANK AND TRUST COMPANY**

Transfer Agency

Attention: Compliance

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy MA 02171

With a copy to:

**STATE STREET BANK AND TRUST COMPANY**

Legal Division – Global Services Americas

One Lincoln Street

Boston, MA 02111

&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) If to the Trust, to:

**DRIVEWEALTH ETF TRUST**

15 Exchange Place, 10th Floor

Jersey City, New Jersey 07302

Attention: Christopher Quinn

Telephone: 781-929-1094

Email: cquinn@drivewealth.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 *Interpretive and Other Provisions*. In connection with the operation of this Agreement, the Transfer
Agent and the Trust on behalf of each of the Funds, may from time to time agree on such provisions interpretive of or in addition to the
provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive
or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall
contravene any applicable laws or regulations or any provision of the Trust's governing documents. No interpretive or additional
provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 *Names*. The obligations of the Trust or a Portfolio entered into in the name or on behalf thereof by any trustee, shareholder, representative, or agent thereof are made not individually, but in such capacities, and are not binding upon any of the trustees, shareholders, representatives or agents of the Trust or such Portfolio personally, but bind only the assets of the Trust or such Portfolio, and all persons dealing with the Trust or a Portfolio must look solely to the assets of the Trust or such Portfolio for the enforcement of any claims against the Trust or such Portfolio. No Portfolio shall be liable for any claims against any other Portfolio.

*[Remainder of Page Intentionally Left Blank]*

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **State Street Bank and Trust Company** | **State Street Bank and Trust Company** | **State Street Bank and Trust Company** |
| By: | /s/ Danielle Capobianco | /s/ Danielle Capobianco |
|  | Name: | Danielle Capobianco |
|  | Title: | Vice President |

---

---

| | | |
|:---|:---|:---|
| **DRIVEWEALTH ETF Trust** | **DRIVEWEALTH ETF Trust** | **DRIVEWEALTH ETF Trust** |
| By: | /s/ Christopher Quinn | /s/ Christopher Quinn |
|  | Name: | Christopher Quinn |
|  | Title: | President |

---

<u>Schedule A</u>

LIST OF PORTFOLIOS

DriveWealth ICE 100 Index ETF

## Ex-99.(H)(2)

**Exhibit (h)(2)**

**ADMINISTRATION AGREEMENT**

This Administration Agreement (this "<u>Agreement</u>") dated and effective as of January 18, 2023, is by and between **STATE STREET BANK AND TRUST COMPANY**, a Massachusetts trust company (the "<u>Administrator</u>"), and **DRIVEWEALTH ETF TRUST**, a Delaware statutory trust (the "<u>Trust</u>").

WHEREAS, the Trust is an open-end management investment company currently comprised of one or more investment series, each operating as an exchange-traded fund (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and is registered with the U.S. Securities and Exchange Commission ("<u>SEC</u>") by means of a registration statement ("<u>Registration Statement</u>") under the Securities Act of 1933, as amended ("<u>1933 Act</u>"), and the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, the Trust desires to retain the Administrator to furnish certain administrative services to the Trust, and the Administrator is willing to furnish such services, on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

**1.** **Appointment of Administrator** 

The Trust hereby appoints the Administrator to act as administrator to the Trust for purposes of providing certain administrative services for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees to render the services stated herein.

The Trust currently consists of the Fund(s) and their respective classes of shares as listed in <u>Schedule A</u> to this Agreement. In the event that the Trust establishes one or more additional Fund(s) with respect to which it wishes to retain the Administrator to act as administrator hereunder, the Trust shall notify the Administrator in writing. Upon written acceptance by the Administrator, such Fund(s) shall become subject to the provisions of this Agreement to the same extent as the existing Fund, except to the extent that such provisions (including those relating to compensation and expenses payable) may be modified with respect to such Fund in writing by the Trust and the Administrator at the time of the addition of such Fund. Each such writing shall be considered an amendment to, and become a part of, this Agreement.

**2.** **Delivery of Documents** 

The Trust will promptly deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Declaration of Trust and By-laws ("<u>Governing Documents</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust's currently effective Registration Statement under the 1933 Act and the 1940 Act and each Prospectus and Statement of Additional Information ("<u>SAI</u>") relating to the Fund(s) and all amendments and supplements thereto as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Copies of the resolutions of the Board of Trustees of the Trust (the "<u>Board</u>") certified by the Trust's Secretary authorizing (1) the Trust to enter into this Agreement and (2) certain individuals on behalf of the Trust to (a) give instructions to the Administrator pursuant to this Agreement and (b) sign checks and pay expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of the investment advisory agreement between the Trust and its investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion, deem necessary or appropriate in the proper performance of its duties.

**3.** **Representations and Warranties of the Administrator** 

The Administrator represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has the requisite power and authority to carry on its business in The Commonwealth of Massachusetts;

&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 and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No legal or administrative proceedings have been instituted or threatened which would materially impair the Administrator's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Administrator or any law or regulation applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It will maintain a business continuity contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It has and will continue to have access to the necessary facilities, equipment, and personnel to perform its duties and obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It is in compliance with all laws applicable to its business, the violation of which would adversely affect the Administrator's performance of its obligations under this Agreement.

**4.** **Representations and Warranties of the Trust** 

The Trust represents and warrants to the Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a statutory trust, duly organized, existing and in good standing under the laws of its state of formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has the requisite power and authority under applicable laws and by its Declaration of Trust and By-laws to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is an investment company properly registered with the SEC under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement has been filed and, once effective, will remain effective during the term of this Agreement. The Trust also warrants to the Administrator that, as of the effective date of this Agreement and apart from filings to be made by the Administrator on behalf of the Trust pursuant to the terms of this Agreement, all necessary filings under the securities laws of the states in which the Trust offers or sells its shares have been or will be made when required by applicable law to be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No legal or administrative proceedings have been instituted or threatened which would impair the Trust's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Its entrance into this Agreement will not cause a material breach or be in material conflict with any other agreement or obligation of the Trust or any law or regulation applicable to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As of the close of business on the date of this Agreement, the Trust is authorized to issue unlimited shares of beneficial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Where information provided by the Trust or the Trust's investors includes information about an identifiable individual ("<u>Personal Information</u>"), the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Administrator, and as required for the Administrator to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Administrator may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal Information may be accessed by national security authorities, law enforcement and courts. The Administrator shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information; *provided, that* provided that this indemnification shall not apply to actions or omissions of the Administrator, its officers or employees in cases of its or their own negligence, bad faith, fraud or willful misconduct.

**5.** **Administration Services** 

The Administrator shall provide the services as listed on <u>Schedule B</u>, subject to the authorization and direction of the Trust and, in each case where appropriate, the review and comment by the Trust's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Trust and the Administrator.

The Administrator shall perform such other services for the Trust that are mutually agreed to by the parties from time to time, for which the Trust will pay such fees as may be mutually agreed upon, including the Administrator's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

The Administrator shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

**6.** **Compensation of Administrator; Expense Reimbursement; Trust Expenses** 

The Administrator shall be entitled to the reasonable compensation for its services and expenses recorded in a written fee schedule, as agreed upon from time to time in writing between the Trust on behalf of each applicable Fund and the Administrator.

The fees are accrued daily and billed monthly. In the event of a termination of this Agreement with respect to a Fund pursuant to Section 13 below before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period.

The Trust will bear all expenses that are incurred in its operation and not specifically assumed by the Administrator. For the avoidance of doubt, Trust expenses not assumed by the Administrator include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel retained by the Trust (including, if applicable and requested by the Trust, such counsel's review of the Registration Statement, Form N-CSR, Form N-PORT, Form N-PX, Form N-CEN, proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by the Administrator under this Agreement); cost of any services contracted for by the Trust directly from parties other than the Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "<u>Preparation</u>"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members who are not "interested persons" of the Trust (as such term is defined in the 1940 Act); the salary and expenses of any officer, director\trustee or employee of the Trust; costs of Preparation, printing, distribution and mailing, as applicable, of the Trust's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of the Trust's tax returns, Form N-1A, Form N-CSR, Form N-PORT, Form N-PX, and Form N-CEN, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Fund(s)' net asset value.

**7.** **Instructions and Advice** 

At any time, the Administrator may apply to any officer of the Trust or his or her designee for instructions and may consult with its own legal counsel or outside counsel for the Trust or the independent accountants for the Trust, with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement. For the avoidance of doubt, in the event the Administrator applies to outside counsel for the Trust for consultation, such consultation shall not be considered to be, and shall not be relied upon as, legal advice or guidance, unless otherwise expressly authorized by the Trust and its counsel. Notwithstanding the foregoing, the Administrator shall be entitled to reasonably rely on and may act upon advice of its own counsel, or information provided to it by outside counsel to the Trust on behalf of the Trust, on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.

The Administrator shall not be liable, and shall be indemnified by the Trust, for any action reasonably taken or omitted by it in good faith and without negligence, willful misconduct or fraud in reliance upon any such instructions or advice or upon any paper or document believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Fund(s). Nothing in this section shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

**8.** **Limitation of Liability and Indemnification** 

The Administrator shall at all times exercise reasonable care and act in good faith in the performance of its duties under this Agreement; provided, however, that the Administrator shall assume no responsibility and shall be without liability for any loss, liability, claim or expense suffered or incurred by the Trust except to the extent caused solely by its own negligence, bad faith, fraud or willful misconduct or that of its agents or employees in the performance of the Administrator's duties hereunder.

The Administrator shall be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 14, shall have no responsibility for the actions or activities of any other party, including other service providers. The Administrator shall have no liability in respect of any loss, damage or expense suffered by the Trust insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Trust by entities other than the Administrator prior to the Administrator's appointment as administrator for the Trust. The Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless solely caused by or resulting from the negligence, bad faith, fraud or willful misconduct of the Administrator, its officers or employees. The Administrator shall not be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such damages were foreseeable or whether either party or any entity had been advised of the possibility of such damages. In any event, the Administrator's cumulative liability for each calendar year (a "<u>Liability Period</u>") with respect to the Trust under this Agreement regardless of the form of action or legal theory shall be limited to two times its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Trust including, but not limited to, any liability relating to qualification of the Trust as a regulated investment company or any liability relating to the Trust's compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period. "Compensation Period" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s) giving rise to the Administrator's liability for that period have occurred. Notwithstanding the foregoing, for purposes of calculating the cumulative liability of the Administrator (a) for the period commencing on the date of this Agreement and terminating on December 31, 2023 (the "<u>Initial Liability Period</u>"), the Compensation Period shall be the Initial Liability Period, calculated on an annualized basis, and (b) for the period commencing January 1, 2024 and terminating on December 31, 2024, and for each consecutive one-year period thereafter, the Compensation Period shall be such Liability Period commencing January 1 and ending December 31, calculated on an annualized basis.

Neither party shall be responsible or liable for losses arising by reason of any failure or delay in performance of its obligations under this Agreement due to or caused, directly or indirectly, by circumstances beyond its reasonable control, which may include without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, acts of war or terrorism, epidemics, pandemics, governmental actions or communication disruption, except in the case of Administrator, to the extent that such losses are attributable to its breach of its business continuity obligations under this Agreement.

The Trust shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by the Trust or upon reasonable reliance on information or records given or made by the Trust or its investment adviser, provided that this indemnification shall not apply to actions or omissions of the Administrator, its officers or employees in cases of its or their own negligence, bad faith, fraud or willful misconduct.

The limitation of liability and indemnification contained herein shall survive the termination of this Agreement.

**9.** **Confidentiality** 

All information provided under this Agreement by a party (the "<u>Disclosing Party</u>") to the other party (the "<u>Receiving Party</u>") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 10 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 10 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Administrator or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

The undertakings and obligations contained in this Section shall survive the termination of this Agreement.

**10.** **Use of Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 10 includes each of its parent company, branches and affiliates ("<u>Affiliates</u>")) may collect and store information regarding the Trust or Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Administrator and/or its Affiliates (except those Affiliates or business divisions principally engaged in the business of asset management) may use any data or other information ("<u>Data</u>") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Administrator or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust, publish, sell, distribute or otherwise commercialize the Data; provided that, unless the Trust otherwise consents, the Data is combined or aggregated with (i) information relating to other customers of the Administrator and/or its Affiliates or (ii) information derived from other sources, in each case such that any published information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Trust. The Trust agrees that the Administrator and/or its Affiliates may seek to profit and realize economic benefit from the commercialization and use of the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly contemplated by this Agreement, nothing in this Section 10 shall limit the confidentiality and data-protection obligations of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 10 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

**11.** **Compliance with Governmental Rules and Regulations; Records** 

The Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it.

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section 13. The Administrator further agrees that all records that it maintains for the Trust pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Administrator. In the event that the Administrator is requested or authorized by the Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Administrator's personnel as witnesses or deponents, the Trust agrees to pay the Administrator for the Administrator's time and expenses, as well as the reasonable fees and expenses of the Administrator's counsel incurred in such production.

**12.** **Services Not Exclusive** 

The services of the Administrator are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust.

**13.** **Effective Period and Termination** 

This Agreement shall remain in full force and effect for an initial four-year term (the "<u>Initial Term</u>"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one (1) year terms (each, a "<u>Renewal Term</u>"), unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement upon 30 days' written notice: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Trust or any Fund, the Trust or the applicable Fund shall pay Administrator its compensation due for services performed under this Agreement and shall reimburse Administrator for its costs, expenses and disbursements, including those associated with the transfer of any records maintained by the Administrator.

In the event of: (i) the Trust's termination of this Agreement with respect to the Trust or its Fund(s) for any reason other than as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Administrator is not retained to continue providing services hereunder to the Trust or a Fund (or its respective successor), the Trust or the applicable Fund shall pay the Administrator its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Administrator with respect to the Trust or such Fund) and shall reimburse the Administrator for its costs, expenses and disbursements, including those associated with the transfer of any records maintained by the Administrator. Upon receipt of such payment and reimbursement, the Administrator will deliver the Trust's or such Fund's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such (a) the liquidation or dissolution of the Trust or a Fund and distribution of the Trust's or such Fund's assets as a result of the Board's determination in its reasonable business judgment that the Trust or such Fund is no longer viable (b) a merger of the Trust or a Fund into, or the consolidation of the Trust or a Fund with, another entity, or (c) the sale by the Trust or a Fund of all, or substantially all, of the Trust's or Fund's assets to another entity, in each of (b) and (c) where the Administrator is retained to continue providing services to the Trust or such Fund (or its respective successor) on substantially the same terms as this Agreement.

Should the Agreement be terminated by either party for any reason and if requested by the Trust, the Administrator agrees to negotiate, in good faith, to continue performing the services contemplated in this Agreement pursuant to the terms and conditions of this Agreement for such fair compensation as shall be agreed upon between the Fund and the Administrator (with the existing agreed-to compensation at the time of termination being one indicator of what is considered fair compensation) for a reasonable period of time to be agreed upon by the parties in good faith, in order to provide for the orderly transition of services to an alternative service provider designated by the Trust so that, to the extent feasible, the services are maintained without interruption. The Trust shall reimburse the Administrator for additional costs (to be mutually agreed upon by the parties) which are reasonably incurred by the Administrator in the transition. In the event of a merger of the Trust or a Fund into, or the consolidation of the Trust or a Fund with, another entity, or the sale by the Trust or a Fund of all, or substantially all, of its assets to another entity, the Administrator shall reasonably cooperate with the Trust to provide such information and assistance, as may be reasonably requested by the Trust, to effect any such transaction.

Termination of this Agreement with respect to any one particular Fund shall in no way affect the rights and duties under this Agreement with respect to the Trust or any other Fund.

**14.** **Delegation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator shall have the right, without the consent or approval of the Trust, and subject to the Administrator's commercially reasonable diligence and oversight, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein, other than services required by applicable law to be performed by the Administrator (each, a "<u>Delegate</u>" and collectively, the "<u>Delegates</u>"). The Administrator shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Administrator had provided such services and committed such acts and omissions itself. The Administrator shall be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator will provide the Trust with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Administrator that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Trust may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to the Fund Administration Tax Services as set forth on <u>Schedule B2</u> attached hereto, the Trust acknowledges and agrees to execute and deliver to the Administrator a tax delegation consent in the form set forth as <u>Schedule B2(i)</u> hereto, with such changes as the Administrator may require from time to time. While the parties anticipate that such consent will be valid as long as the Agreement remains in effect, in the event the Trust revokes its consent at any time or does not provided its consent as required hereunder, the Trust acknowledges and agrees that the Administrator may, without liability or prior notice, cease performing any or all of the Fund Administration Tax Services and may renegotiate the fees the Administrator charge for such Fund Administration Tax Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Section 14 shall limit or restrict the Administrator's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

**15.** **Interpretive and Additional Provisions** 

In connection with the operation of this Agreement, the Administrator and the Trust on behalf of each of the Funds, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Trust's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of the Agreement.

**16.** **Notices** 

Any notice, instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

If to the Trust:

DriveWealth ETF Trust

15 Exchange Place, 10th Floor

Jersey City, New Jersey 07302

Attention: Christopher Quinn

Telephone: 781-929-1094

If to the Administrator:

State Street Bank and Trust Company

State Street Financial Center

One Lincoln Street

Boston, MA 02111

Attention: Danielle Capobianco

Telephone: 617-662-3883

with a copy to:

State Street Bank and Trust Company

Legal Division – Global Services Americas

State Street Financial Center

One Lincoln Street

Boston, MA 02110

Attention: Senior Vice President and Senior Managing Counsel

**17.** **Amendment** 

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

**18.** **Assignment** 

This Agreement may not be assigned by (a) the Trust without the written consent of the Administrator or (b) the Administrator without the written consent of the Trust, except that the Administrator may assign this Agreement to a successor of all or a substantial portion of its business, or to an affiliate of the Administrator.

**19.** **Successors** 

This Agreement shall be binding on and shall inure to the benefit of the Trust and the Administrator and their respective successors and permitted assigns.

**20.** **Data Protection** 

The Administrator shall implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and/or officers that the Administrator receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. This provision will survive termination or expiration of the Agreement for so long as the Administrator continues to possess or have access to personal information related to the Trust. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public. The Administrator will maintain commercially reasonable information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Trust's data, (ii) protect against any anticipated threats or hazards to the security or integrity of the Trust's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Administrator; and (iii) protect against unauthorized access to or use of the Trust's data.

The Administrator will at all times employ a current version of one of the leading commercially available virus detection software programs to test the hardware and software applications used by it to deliver the services provided hereunder for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

**21.** **Entire Agreement** 

This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

**22.** **Waiver** 

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

**23.** **Severability** 

If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

**24.** **Governing Law** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws rules.

**25.** **Reproduction of Documents** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

**26.** **Counterparts** 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

**27.** **Cooperation with Trust's Accountants** 

The Administrator shall cooperate with the Trust's independent public accountants and take all reasonable actions in the performance of its obligations under this Agreement to provide such information, as may be reasonably requested by the Trust from time to time, to such accountants for the expression of their opinion.

**28.** **Limitation of Liability of the Trust and Funds** 

It is expressly acknowledged and agreed that the obligations of the Trust and the Funds under this Agreement are not binding upon any of the trustees, officers, employees, agents or shareholders of the Trust and the Funds individually, but bind only the property of a relevant Fund and no other Fund of the Trust. The Administrator agrees to look solely to the assets of the applicable Fund for the satisfaction of any liability in respect of the Fund under this Agreement and will not seek recourse against such trustees, officers, employees, agents or shareholders, or any of them, or any of their personal assets for such transaction.

**29.** **No Advertising/Publicity** 

Neither party shall use the other party's name, service marks or trademarks, or refer to or identify the other party, in any advertising, publicity releases (including references on any customer lists or posting on web-sites), or promotional or marketing correspondence to others without the other party's prior written consent.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first written above.

**DRIVEWEALTH ETF TRUST**

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| | |
|:---|:---|
| By: | /s/ Christopher Quinn |
| Name: | Christopher Quinn |
| Title: | President |

---

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Danielle Capobianco |
| Name: | Danielle Capobianco |
| Title: | Vice President |

---

**SCHEDULE A**

**Listing of Fund(s)**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Jurisdiction of Formation** |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;ETF | &nbsp;&nbsp;N/A |

---

**Schedule** **B**

**LIST OF SERVICES**

1. Fund Administration Treasury Services as described in Schedule B1 attached hereto.

2. Fund Administration Tax Services and Fund Administration Legal Services as described in Schedule B2 attached
hereto.

3. Fund Accounting Services as described in Schedule B3 attached hereto.

4. Fund Administration CFTC Services as described in Schedule B4 attached hereto.

5. Fund Administration Money Market Fund Services as described in Schedule B5 attached hereto.

6. N-PORT Services as described in Schedule B6 attached hereto.

**SCHEDULE B1**

**<u>Fund Administration Treasury Services</u>**

(a) Prepare for the review by designated officer(s) of the Trust financial information regarding the Fund(s)
that will be included in the Trust's semi-annual and annual shareholder reports, and other periodic reports (as mutually agreed
upon), including tax footnote disclosures where applicable;

(b) Coordinate the audit of the Trust's financial statements by the Trust's independent accountants,
including the preparation of supporting audit workpapers and other schedules;

(c) Prepare for the review by designated officer(s) of the Trust financial information required by Form N-1A,
proxy statements and such other reports, forms or filings as may be mutually agreed upon;

(d) Prepare for the review by designated officer(s) of the Trust annual fund expense budgets, perform accrual
analyses and roll-forward calculations and recommend changes to fund expense accruals on a periodic basis, arrange for payment of the
Trust's expenses, review calculations of fees paid to the Trust's investment adviser, custodian, fund accountant, distributor
and transfer agent, and obtain authorization of accrual changes and expense payments;

(e) Provide periodic testing of the Fund(s) with respect to compliance with the Internal Revenue Code's
mandatory qualification requirements, the requirements of the 1940 Act and limitations for the Fund(s) contained in the Registration Statement
for the Fund(s) as may be mutually agreed upon, including quarterly compliance reporting to the designated officer(s) of the Trust as
well as preparation of Board compliance materials;

(f) Prepare and furnish total return performance information for the Fund(s), including such information on
an after-tax basis, calculated in accordance with applicable U.S. securities laws and regulations, as may be reasonably requested by Trust
management;

(g) Prepare and disseminate vendor survey information;

(h) Prepare and coordinate the filing of Rule 24f-2 notices, including coordination of payment;

(i) Provide sub-certificates in connection with the certification requirements of the Sarbanes-Oxley Act of
2002 with respect to the services provided by the Administrator; and

(j) Maintain certain books and records of the Trust as required under Rule 31a-1(b) of the 1940 Act, as may
be mutually agreed upon.

B1-1

**SCHEDULE B2**

**<u>Fund Administration Tax Services and Fund Administration Legal Services</u>**

<u>Fund Administration Tax Services</u>

(a) Prepare annual tax basis provisions for both excise and income tax purposes, including wash sales, all
other required book/tax differences to be mutually agreed upon by the parties and all tax financial statement disclosure;

(b) Prepare the Funds' annual federal, state, and local income and any excise tax returns and extension
requests for review and for execution and filing by the Trust's independent accountants and execution and filing by the Trust's
treasurer, including Form 1120-RIC, Form 8613 and Form 1099-MISC;

(c) Prepare annual shareholder reporting information relating to Form 1099-DIV;

(d) Preparation of financial information relating to Form 1099-DIV, including completion of the ICI Primary
and Secondary forms, Qualified Dividend Income, Dividends Received Deduction, Alternative Minimum Tax, Foreign Tax Credit, United States
Government obligations;

(e) Review periodic income distribution calculations, including estimates, and annual minimum distribution
calculations (income and capital gain) for both federal and excise tax purposes prior to their declaration; and

(f) Participate in discussions of potential tax issues with the Funds and the Funds' audit firm.

Tax services, as described in this Schedule B2, do not include identification of passive foreign investment companies, qualified interest income securities or Internal Revenue Code Section 1272(a)(6) tax calculations for asset backed securities.

<u>Fund Administration Legal Services</u>

(a) Prepare the agenda and resolutions for all requested Board of Trustees (the "Board"), Independent
Trustees, and committee meetings, make presentations to the Board, Independent Trustees and committee meetings where appropriate or upon
reasonable request, prepare minutes for such Board, Independent Trustees, and committee meetings, prepare scripts, inspector's reports
and other materials for the Trust's shareholder meetings and attend and prepare minutes of such meetings;

(b) Prepare for filing with the SEC the following documents: Form N-CSR, Form N-PX and all amendments to the
Registration Statement, including updates of the Prospectus and SAI for the Fund(s) and any supplements to the Prospectus and SAI for
the Fund(s);

B2-1

(c) Prepare for filing with the SEC proxy statements on Schedule 14A and proxy or information statement/prospectus
on Form N-14 and provide consultation on proxy solicitation matters;

(d) Maintain general Board calendars and regulatory filings calendars;

(e) Maintain copies of the Trust's Declaration of Trust, By-laws and other corporate records of the
Trust as may be mutually agreed upon;

(f) Assist in developing guidelines and procedures and periodically reviewing the Trust's 1940 Act Rule
38a-1 compliance policies and procedures manual;

(g) Assist the Trust in preparing for and the handling of regulatory examinations, inquiries and investigations,
including working closely with the Trust's legal counsel in response to any non-routine regulatory matters;

(h) Maintain awareness of significant emerging regulatory and legislative developments that may affect the
Trust, update the Board and the investment adviser on those developments and provide related planning assistance where requested or appropriate;

(i) Coordinate the printing of the prospectus and shareholder
financial reports;

(j) Coordinate with insurance providers, including soliciting bids for Directors & Officers/Errors &
Omissions insurance and fidelity bond coverage, file fidelity bonds with the SEC and make related Board presentations; and

(k) Provide an in-person representative at regularly scheduled quarterly Board meetings to prepare minutes
for such Board meetings.

B2-2

**SCHEDULE B2(i)**

**<u>CONSENT TO DISCLOSE TAX RETURN INFORMATION</u>**

**Federal law prohibits our disclosing, without your consent, your federal tax return information to third parties or our use of that information for purposes other than the preparation of your return.**

Subject to the terms and conditions of the Administration Agreement dated January 18, 2023 (the "<u>Administration Agreement</u>") between **STATE STREET BANK AND TRUST COMPANY** ("<u>we</u>" or "<u>State Street</u>") and **DRIVEWEALTH ETF TRUST** ("<u>you</u>" or the "<u>Customer</u>"), we may subcontract portions of our Fund Administration Tax Services (the "<u>Tax Services</u>") to State Street affiliates and/or other subcontractors. By signing below, you hereby authorize us to provide any and all information, including your entire tax return information for all past, present, and future years, that we receive in connection with this engagement to the State Street affiliates listed on Schedule B2(ii), for the purpose of providing the Tax Services set forth in the Administration Agreement and for related administration and regulatory compliance purposes.

Your consent will be valid as long as the Administration Agreement remains in effect. Notwithstanding the foregoing, you may revoke your consent with regards to Tax Services at any time by providing written notice to us. By signing below, you agree that if you revoke your consent we may refuse to perform Tax Services and/or alter the fees we charge for such Tax Services.

In lieu of consenting to this disclosure, you have the right to request a more limited disclosure of tax return information. In the event that the service model changes as a result of your revocation or limitation on this consent, you agree to negotiate an equitable adjustment to the applicable fee schedule in good faith.

---

| | |
|:---|:---|
| **DRIVEWEALTH ETF TRUST** | **DRIVEWEALTH ETF TRUST** |
| By: | /s/ Christopher Quinn |

---

Name (printed): Christopher Quinn

Title: President

Date: January 18, 2023

B2-3

**SCHEDULE B2(ii)**

· State Street Corporate Services Mumbai Private
Limited

· KPMG LLP

· Grant Thornton LLP

B2-4

**SCHEDULE B3**

**<u>Fund Administration and Fund Accounting Services</u>**

(a) Maintain market value of assets in each Fund at the frequency agreed with the Client, using the Authorized
Data Sources and in accordance with the methodologies and tolerance checks agreed with the Client.

(b) Calculate market value of assets in each Fund at the frequency agreed with the Client, using the Authorized
Data Sources and in accordance with the methodologies and tolerance checks agreed with the Client.

(c) Notify the Client of any securities that cannot be priced in accordance with the agreed methodology and
Authorized Price Sources and provide stale price report whenever any security cannot be priced for the period agreed with the Client (e.g.
5 consecutive days).

(d) Record the accrual of income to be received by each Fund and the receipt of all income by each Fund.

(e) Amortize the fixed income assets for each Fund in accordance with the amortization methodology agreed
with the Client.

(f) Accrue expenses for each Fund in accordance with methodology agreed with the Client, including accruals
for tax provisions and management / performance fees and fees for all other service providers (as relevant).

(g) Review any significant differences between accruals and payments.

(h) Record investment transactions (e.g. purchases, sales and transfers) for each Fund as notified by the
Client or its investment manager/other agents (including transactions in derivatives, foreign currencies and unlisted pooled funds, as
relevant).

(i) Record capital activity as required for each Fund.

(j) Record the impact of corporate actions on the securities in each Fund, using information received from
Client, its custodian/broker and/or standard commercial services.

(k) Calculate the net asset value of each Fund and net asset value per share or unit of ownership (as applicable)
of each Fund in accordance with the valuation methodology in the Governing Documents and at the frequency agreed with the Client.

B3-1

(l) Perform book basis profit and loss allocations for partnership structures.

(m) Publish/distribute NAV information as agreed with the Client.

(n) Perform agreed reconciliations of the accounting books and records to the records maintained by the investment
manager or Client's other service providers and counterparties (e.g., custodians, prime brokers, investment managers, banks etc.)
at the frequency agreed with the Client.

(o) Work with relevant third party and/or Client to resolve any identified exceptions.

(p) Record value of derivatives for each Fund in the accounting books and records from Authorized Data Sources
and reconcile the derivatives so recorded to the positions reported by brokers/counterparties.

(q) If applicable, calculate and record variation margin in the accounting books and records and reconcile
to variation margin reported by brokers/counterparties.

B3-2

**SCHEDULE B4**

**<u>Fund Administration CFTC Services</u>**

Subject to the authorization and direction of the Trust, State Street will provide the CFTC Services set forth on Schedule B4 (the "CFTC Services") to assist the Funds, the Trust and/or its affiliates in complying with applicable CFTC compliance testing and reporting requirements.

**Limitation of Responsibilities**. With regard to the CFTC Services, the Administrator's responsibilities are limited to the provision of the CFTC Services described in Schedule B4. These responsibilities do not include: (i) determination of the Trust's status as a Commodity Pool Operator (a "CPO"), (ii) the determination of the Trust's eligibility for an exclusion from classification as a CPO, or (iii) the completion and filing of the Form CPO-PQR. Where the Trust uses the Services to comply with any law, representation, agreement or other obligation, State Street makes no representation that any such Services complies with such law, representation, agreement, or other obligation, and State Street has no obligation of compliance with respect thereto. The Trust should contact its legal counsel for specific guidance on compliance with the Commodity Exchange Act of 1936, as amended (the "Commodity Exchange Act"). Unless the Trust currently subscribes to fund administration legal services with the Administrator, the CFTC Services do not include assisting the Trust with preparation of annual enhanced prospectus disclosures. Assistance with the registration of an entity as a CPO is not included as a CFTC Service.

**Responsibilities of the Trust**. The Trust is responsible for providing authorization and direction to the Administrator with respect to the CFTC Services. The Trust is responsible for arranging, in each case where appropriate, for the review and comment by Trust's independent accountants and legal counsel of CFTC financial information, reports and any filings prepared by the Administrator. In addition, the Trust is solely responsible for determining Trust's status as a CPO, and/or Trust's eligibility for an exclusion from classification as a CPO.

The Trust shall be responsible for accurately and timely supplying the Administrator with complete financial, organizational and other information, and/or arranging for the provision of such information from third parties, as may be required in order for the Administrator to provide the CFTC Services, and any information requested by the Administrator in connection with the foregoing. The Administrator is authorized and instructed to rely upon the information it receives from the Trust or any third party (including, without limitation, the Trust's third party administrator(s), custodian(s), prime broker(s), and other service providers to the Trust) authorized by the Trust to provide such information to the Administrator and on any instructions received from the Trust. The Trust and any third party from which the Administrator shall receive or obtain certain records, reports and other data included in the CFTC Services provided hereunder are solely responsible for the contents of such information, including, without limitation, the accuracy thereof, and the Administrator shall be entitled to rely on such records, reports and other data as provided to the Administrator by the Trust or any third party, and any instructions provided to the Administrator by the Trust, and shall have no responsibility for making any interpretive determinations with respect thereto. The Administrator has no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any such information, or instructions, and shall be without liability for any loss or damage suffered by the Trust as a result of the Administrator's reliance on and utilization of such information or instructions believed by it to be genuine and to have been properly issued by or on behalf of the Trust or such third party. The Administrator shall have no responsibility and shall be without liability for any loss or damage caused by the failure of the Trust or any third party to provide it with the information required.

B4-1

**CFTC financial reporting, compliance testing and exclusion filing services**

Subject to the authorization and direction of the Trust and, in each case where appropriate, the review and comment by Trust's independent accountants and legal counsel, and in accordance with procedures that may be established from time to time between the Trust and the Administrator, the Administrator will:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Perform daily testing for compliance with the CFTC initial margin test and the CFTC net notional test;
and

&nbsp;&nbsp;&nbsp;&nbsp;(b) As applicable, prepare the Trust's initial and annual Rule 4.5 notice of exclusion from classification
as a CPO under the Commodity Exchange Act and file such initial and annual notice with the National Futures Association.

B4-2

**SCHEDULE B5**

**<u>Fund Administration Money Market Fund Services</u>**

**(for any Fund that is a Money Market Fund)**

(a) Prepare for posting on the Fund's website daily each money market fund's market-based NAVs;

(b) Prepare for posting on the Fund's website each money market fund's daily liquid assets and
weekly liquid assets;

(c) Prepare for posting on the Funds' website each money market fund's inflows/outflows;

(d) Prepare for posting on the Fund's website each money market funds' monthly schedule of portfolio
investments;

(e) Prepare and coordinate each money market fund's monthly filing of Form N-MFP;

(f) Provide periodic testing of the Fund with respect to compliance with certain Rule 2a-7 diversification
requirements, including aggregation of affiliates testing, the 10% or 15% basket test and asset backed securities testing; and

(g) Prepare and coordinate each Fund's filings of Form N-CR

B5-1

**SCHEDULE B6**

**Fund Administration Form N-PORT (the "<u>Form N-PORT Services</u>") and Form N-CEN (the "<u>Form N-CEN Services</u>") Support Services (collectively, the "<u>Form N-PORT and Form N-CEN Support Services</u>"), Quarterly Portfolio of Investments Services and Liquidity Risk Measurement Services (collectively, with the Form N-PORT and Form N-CEN Support Services, and for purposes of this Schedule B6, the "<u>Services</u>")** 

(a) **<u>N-PORT and N-CEN Reporting Solution (Data and Filing)</u>**<u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Subject to the receipt of all required data,
documentation, assumptions, information and assistance from the Trust (including from any third parties with whom the Trust will need
to coordinate in order to produce such data, documentation, and information), the Administrator will use required data, documentation,
assumptions, information and assistance from the Trust, the Administrator's internal systems and, in the case of Trusts not administered
by the Administrator or its affiliates, third party Trust administrators or other data providers, including but not limited to Third Party
Data (as defined below) (collectively, the " <u>Required Data</u> ") to perform necessary data aggregations (including any applicable
aggregation of risk metrics) and calculations and prepare, as applicable: (i) data sets provided by the Administrator consistent with
the categories of information in data templates and the Trust's reporting profile and Onboarding Checklist (as defined below), and
maintain records of such data sets; (ii) a monthly draft Form N-PORT standard template for review and approval by the Trust and (iii)
annual updates of Form N-CEN for review and approval by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust acknowledges and agrees that it will
be responsible for reviewing and approving each such draft N-PORT template and N-CEN update.

&nbsp;&nbsp;&nbsp;&nbsp;· Following review and final approval by the Trust
of each such draft Form N-PORT template and N-CEN update, and at the direction of and on behalf of the Trust, the Administrator will (i)
produce an .XML formatted file of the completed Form N-PORT and Form N-CEN and maintain a record thereof in accordance with this Agreement
and (ii) when required, electronically submit such filing to the SEC.

The Form N-PORT Services will be provided to each Fund as set forth in the attached Annex 1. The Form N- CEN Services will be provided to the Trust as set forth in the attached Annex 1. Annex 1 may be updated from time to time upon the written request of the Trust through an updated Annex 1 signed by both parties.

(b) **Quarterly Portfolio of Investments Services:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Subject to the receipt of all Required Data,
and as a component of the Form N- PORT and Form N-CEN Support Services, the Administrator will use such Required Data from the Trust,
the Administrator's internal systems and other data providers to prepare a draft portfolio of investments (the "Portfolio
of Investments"), compliant with GAAP, as of the Trust's first and third fiscal quarter-ends.

B6-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Following review and final approval by the Trust
of each such draft of the Portfolio of Investments, and at the direction of and on behalf of the Trust, the Administrator will attach
each Portfolio of Investments to the first and third fiscal quarter-end N-PORT filing that is submitted electronically to the SEC.

(c) **<u>Liquidity Risk Measurement Services</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;· The Administrator will provide the following
liquidity risk measurement services (" <u>Liquidity Risk Measurement Services</u> ") to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;· As applicable, the Administrator will provide
the Trust with Liquidity Risk Measurement Services that will provide calculation of security level exposure, characteristics, liquidity
analytics, including days to liquidate, liquidity scores, fixed income cost to liquidate, stress testing and redemption flow analysis.
Liquidity analytics will be calculated daily, weekly, or monthly (as per written agreement between the Administrator and the Trust) and,
as applicable, aggregated monthly for purposes of inclusion in the Administrator's standard N-PORT filing template. Services also
will include the Administrator's standard liquidity Trust profile report and online access to the Administrator's dynamic
risk reporting tools via my.statestreet.com which enable Trusts to analyze and generate risk reporting.

&nbsp;&nbsp;&nbsp;&nbsp;· The Liquidity Risk Measurement Services will
be provided to each Fund of the Trust as set forth in the attached <u>Annex 1</u>, which shall be executed by the Administrator and the
Trust. <u>Annex 1</u> may be updated from time to time upon the written request of the Trust and by virtue of an updated <u>Annex 1</u> that is signed by both parties.

**<u>Trust Duties, Representations and Covenants in Connection with the Services</u>**.

The provision of the Services to the Trust by the Administrator is subject to the following terms and conditions:

1. The parties acknowledge and agree on the following matters:

The Services depend, directly or indirectly, on: (i) Required Data and (ii) information concerning the Trust or its affiliates or any Fund, pooled vehicle, security or other investment or portfolio regarding which the Trust or its affiliates provide services or is otherwise associated ("<u>Trust Entities</u>") that is generated or aggregated by the Administrator or its affiliates in connection with services performed on the Trust's behalf or otherwise prepared by the Administrator ("State Street Data," together with Required Data and Third Party Data (as defined below), "<u>Services-Related Data</u>"). The Administrator's obligations, responsibilities and liabilities with respect to any State Street Data used in connection with other services received by the Trust shall be as provided in such respective other agreements between the Administrator or its affiliates and the Trust relating to such other services (e.g., administration and/or custody services, etc.) from which the State Street Data is derived or sourced ("<u>Other Trust Agreements</u>"). Nothing in this Agreement or any service schedule(s) shall limit or modify the Administrator's or its affiliates' obligations to the Trust under the Other Trust Agreements.

B6-2

In connection with the provision of the Services by the Administrator, the Trust acknowledges and agrees that it will be responsible for providing the Administrator with any information requested by the Administrator, including, but not limited to, the following:

&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) Arranging for the regular provision of all Required Data (including State Street Data, where applicable) and related information to the Administrator, in formats compatible with Administrator-provided data templates including, without limitation, Required Data and the information and assumptions required by the Administrator in connection with a Trust reporting profile and onboarding checklist, as it, or the information or assumptions required, may be revised at any time by the Administrator, in its discretion (collectively, the "<u>Onboarding Checklist</u>") and such other forms and templates as may be used by the Administrator for such purposes from time to time, for all Funds receiving services under this Agreement, including but not limited to those to be reported on Form N-PORT and Form N-CEN (as determined by the Trust), including, without limitation, arranging for the provision of data from the Trust, its affiliates, third party administrators, prime brokers, custodians, and other relevant parties. If and to the extent that Required Data is already accessible to the Administrator (or any of its affiliates) in its capacity as administrator to one or more Trusts, the Administrator and the Trust will agree on the scope of the information to be extracted from the Administrator's or any of its affiliate's systems for purposes of the Administrator's provision the Services, subject to the discretion of the Administrator, and the Administrator is hereby expressly authorized to use any such information as necessary in connection with providing the Services, hereunder; and

&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) Providing all required information and assumptions not otherwise included in Trust data and assumptions provided pursuant to Section 1(A) above, including but not limited to the Required Data, as may be required in order for the Administrator to provide the Services.

The following are examples of certain types of information that the Trust is likely to be required to provide with respect to the Trust and each Fund pursuant to Sections 1(A) and 1(B) above, and the Trust hereby acknowledges and understands that the following categories of information are merely illustrative examples, are by no means an exhaustive list of all such required information, and are subject to change as a result of any amendments to Form N-PORT and Form N-CEN or any changes in requirements relating to the provision of Liquidity Risk Measurement Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEC filing classification of the Trust (i.e.,
small or large filer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any data sourced from third
parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any securities reported as
Miscellaneous; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Explanatory Notes included in N-PORT Section
E. B6-3

2. The Trust acknowledges that it has provided or prior to the commencement of Services will have provided, to the Administrator all material assumptions used by the Trust or that are expected to be used by the Trust in connection with the completion of Form N-PORT and Form N-CEN and the provision of the Services, and that it has approved, or prior to the commencement of Services with have approved, all material assumptions used by the Administrator in the provision of the Services prior to the first use of the Services. The Trust will also be responsible for promptly notifying the Administrator of any changes in any such material assumptions previously notified to the Administrator by the Trust or otherwise previously approved by the Trust in connection with the Administrator's provision of the Services. The Trust acknowledges that the completion of Form N-PORT and Form N-CEN and the provision of the Services, and the data required thereby, requires the use of material assumptions in connection with many different categories of information and data, and the use and/or reporting thereof, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment classification of positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions necessary in converting data extracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General operational and process assumptions used by the Administrator in
performing the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions specific to the Trust and the Funds.

The Trust hereby acknowledges and understands that the foregoing categories of information that may involve the use of material assumptions are merely illustrative examples of certain subject matter areas in relation to which the Trust (and/or the Administrator on its behalf in connection with the Services) may rely on various material assumptions, and are by no means an exhaustive list of all such subject matter areas.

3. The Trust acknowledges and agrees on the following matters:

&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) The Trust has independently reviewed the Services (including, without limitation, the assumptions, market data, securities prices, securities valuations, tests and calculations used in the Services), and the Trust has determined that the Services are suitable for its purposes. None of the Administrator or its affiliates, nor their respective officers, directors, employees, representatives, agents or service providers (collectively, including the Administrator, "<u>State Street Parties</u>") make any express or implied warranties or representations with respect to the Services or otherwise.

&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) The Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. The Administrator is not providing, and the Services do not constitute, legal, tax, investment, or regulatory advice, or accounting or auditing services advice. Unless otherwise agreed to in writing by the parties to this Agreement, the Services are of general application and the Administrator is not providing any customization, guidance, or recommendations. Where the Trust uses Services to comply with any law, regulation, agreement, or other Trust obligation, the Administrator makes no representation that any Service complies with such law, regulation, agreement, or other obligation, and the Administrator has no obligation of compliance with respect thereto.

B6-4

&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 Trust may use the Services and any reports, charts, graphs, data, analyses and other results generated by the Administrator in connection with the Services and provided by the Administrator to the Trust ("<u>Materials</u>") provided, that the term "Materials" shall not include the Trust or Funds' underlying data unmodified by the Services or the as-filed versions of the Form N-PORT, Form N-CEN and Portfolio of Investments filings) as follows: (a) for the internal business purpose of the Trust or the relevant fund relating to the applicable Service or (b) for submission to the U.S. Securities and Exchange Commission, as required, of a Form N-PORT template and a Form N-CEN update, including any Portfolio of Investments, if applicable. The Trust may also redistribute the Materials, or an excerpted portion thereof, to its Board of Trustees, investment managers, investment advisers, agents, clients, investors or participants, as applicable, that have a reasonable interest in the Materials in connection with their relationship with the Trust (each a "<u>Permitted Person</u>"); provided, however, (i) the Trust may not charge a fee, profit, or otherwise benefit from the redistribution of Materials to Permitted Persons, (ii) data provided by third party sources such as but not limited to market or index data ("<u>Third Party Data</u>") contained in the Materials may not be redistributed other than Third Party Data that is embedded in the calculations presented in the Materials and not otherwise identifiable as Third Party Data, except to the extent the Trust has separate license rights with respect to the use of such Third Party Data, or (iii) the Trust may not use the Services or Materials in any way to compete or enable any third party to compete with the Administrator. No Permitted Person shall have any further rights of use or redistribution with respect to, or any ownership rights in, the Materials or any excerpted portion thereof.

Except as expressly provided in this Section 3(C), the Trust, any of its affiliates, or any of their respective officers, directors, employees, investment managers, investment advisers, agents or any other third party, including any client of, or investor or participant in the Trust or any Permitted Persons (collectively, including the Trust, "<u>Trust Parties</u>"), may not directly or indirectly, sell, rent, lease, license or sublicense, transmit, transfer, distribute or redistribute, disclose display, or provide, or otherwise make available or permit access to, all or any part of the Services or the Materials (including any State Street Data or Third Party Data contained therein, except with respect to Third Party Data to the extent the Trust has separate license rights with respect to the use of such Third Party Data). Without limitation, Trust Parties shall not themselves nor permit any other person to in whole or in part (i) modify, enhance, create derivative works, reverse engineer, decompile, decompose or disassemble the Services or the Materials; (ii) make copies of the Services, the Materials or portions thereof; (iii) secure any source code used in the Services, or attempt to use any portions of the Services in any form other than machine readable object code; (iv) commercially exploit or otherwise use the Services or the Materials for the benefit of any third party in a service bureau or software-as-a-service environment (or similar structure), or otherwise use the Services or the Materials to perform services for any third party, including for, to, or with consultants and independent contractors; or (v) attempt any of the foregoing or otherwise use the Services or the Materials for any purpose other than as expressly authorized under this Agreement.

B6-5

&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) The Trust shall limit the access and use of the Services and the Materials by any Trust Parties to a need-to-know basis and, in connection with its obligations under this Agreement, the Trust shall be responsible and liable for all acts and omissions of any Trust Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The Services, the Materials and all confidential information of the Administrator (as confidential information is defined in the Agreement and other than Third Party Data and Required Data), are the sole property of the Administrator. The Trust has no rights or interests with respect to all or any part of the Services, the Materials or the Administrator's confidential information, other than its use and redistribution rights expressly set forth in Section 3(C) herein. The Trust automatically and irrevocably assigns to the Administrator any right, title or interest that it has, or may be deemed to have, in the Services, the Materials or the Administrator's confidential information, including, for the avoidance of doubt and without limitation, any Trust Party feedback, ideas, concepts, comments, suggestions, techniques or know-how shared with the Administrator (collectively, "<u>Feedback</u>") and the State Street Parties shall be entitled to incorporate any Feedback in the Services or the Materials or to otherwise use such Feedback for its own commercial benefit without obligation to compensate the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Administrator may rely on Services-Related Data used in connection with the Services without independent verification. Services-Related Data used in the Services may not be available or may contain errors, and the Services may not be complete or accurate as a result.

*[Remainder of Page Intentionally Left Blank]*

B6-6

**<u>ANNEX 1</u>**

**DRIVEWEALTH ETF TRUST**

Further to the Administration Agreement dated as of January 18, 2023 between DriveWealth ETF Trust (the "<u>Trust</u>") and State Street Bank and Trust Company (the "<u>Administrator</u>"), the Trust and the Administrator mutually agree to update this <u>Annex 1</u> by adding and/or removing Funds, as applicable:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form N-PORT and N-CEN Services** | &nbsp;&nbsp;**Form N-PORT and N-CEN Services** |
| &nbsp;&nbsp;**Name of Trust** | &nbsp;&nbsp;**Service Type** |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;N-PORT and N-CEN Reporting Solution (Data and Filing) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Liquidity Risk Measurement Services** | &nbsp;&nbsp;**Liquidity Risk Measurement Services** |
| &nbsp;&nbsp;**Name of Trust** | &nbsp;&nbsp;**Frequency** |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;Daily |

---

B6-7

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex I</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| **DRIVEWEALTH ETF TRUST** | **DRIVEWEALTH ETF TRUST** |
| By: | /s/ Christopher Quinn |
| Name: | Christopher Quinn |
| Title: | President |
| Address: | 15 Exchange Place, 10th Floor |
|  | Jersey City, New Jersey 07302 |

---

---

| | |
|:---|:---|
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Danielle Capobianco |
| Name: | Danielle Capobianco |
| Title: | Vice President |
| Address: | State Street Financial Center |
|  | One Lincoln Street |
|  | Boston, MA 02111 |

---

B6-8

## Ex-99.(H)(3)

**Exhibit (h)(3)**

**<u>SUBLICENSE AGREEMENT</u>**

This Sublicense Agreement (the "<u>Agreement</u>") is made as of 2/15/2023, by and between DriveAdvisory, LLC ("<u>Adviser</u>"), an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") and DriveWealth ETF Trust, a statutory trust established under the laws of the State of Delaware ("<u>Trust</u>").

**RECITALS**

WHEREAS, pursuant to that certain "Index License Agreement" dated December 29, 2022 (the "<u>License Agreement</u>") between ICE Data Indices, LLC ("<u>Index Provider</u>"), and Adviser, Adviser obtained a license to use certain indexes compiled, calculated, maintained and owned by Index Provider (as more particularly set forth in the License Agreement) (such indexes, the "<u>Indexes</u>"); and

WHEREAS, Adviser has the right under the License Agreement to sublicense its rights thereunder to the Indexes to the Trust; and

WHEREAS, the Trust wishes to use the Indexes in connection with the establishment of certain exchange-traded funds (each, an "<u>ETF</u>" or "<u>Fund</u>") (as more particularly set forth in Exhibit A hereto); and

WHEREAS, Adviser wishes to grant a sublicense to the Trust, on behalf of each ETF, for the use of the relevant Index;

NOW THEREFORE, the parties agree as follows:

&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. <u>Grant of Sublicense</u>. Subject to the terms and conditions of this Agreement, Adviser hereby grants to the Trust a sublicense to use the Indexes (and all associated Index data and materials) in the manner set forth in, and subject to the terms of, the License Agreement, including without limitation the restrictions of the License Agreement. Each Index that is as subject of this sublicense is set forth on Exhibit A, which schedule may be updated from time to time by mutual agreement of the parties.

&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. <u>Performance of Obligations Under the License</u>. The Trust will not cause the Adviser not to comply with its obligations under the License 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;3. <u>Fees</u>. Unless otherwise set forth on Exhibit A, no Fund shall pay any fees to the Adviser or the Index Provider.

&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. <u>Termination</u>. This Agreement shall terminate if (a) the License Agreement terminates, or (b) Adviser or an entity controlling, controlled by or under common control with the Adviser ceases to exercise investment discretion over the Trust or Fund. Adviser shall notify the Trust as soon as reasonably practicable of the occurrence of an event described in (a) above. Upon termination of this Agreement, the Trust's right to use the Indexes shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification</u>. The Trust shall indemnify and hold harmless Adviser, its officers, employees, agents, successors, and assigns against all judgments, damages, costs or losses of any kind (including reasonable attorneys' and experts' fees) resulting from any claim, action or proceeding (collectively "claims") that arises out of or relates to any breach by Adviser of its covenants, representations, and warranties under the License Agreement caused by the actions or inactions of the Trust or any Fund, provided, however, that the Trust does not waive or limit in any way any rights it may have, including under the federal securities laws. The provisions of this section shall survive termination of this 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;6. <u>Assignment</u>. This Agreement may not be assigned by the Adviser or any Fund without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Amendment</u>. No provision of this Agreement may be waived, altered, or amended except by written agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Construction</u>. Headings used in this Agreement are for convenience only, and shall not affect the construction or interpretation of any of its provisions. Each of the provisions of this Agreement is severable, and the invalidity or inapplicability of one or more provisions, in whole or in part, shall not affect any other provision. To the extent not preempted by federal law, this Agreement shall be construed and interpreted under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute only one instrument.

IN WITNESS WHEREOF the parties have caused this Agreement to be executed as of the date first above written, with intent to be bound hereby.

---

| | | | |
|:---|:---|:---|:---|
| **DriveAdvisory, LLC** | **DriveAdvisory, LLC** | **DriveWealth ETF Trust** | **DriveWealth ETF Trust** |
| By: | /s/ Chris Yamaguchi | By: | /s/ Christopher Quinn |
| Name: | Chris Yamaguchi | Name: | Christopher Quinn |
| Title: | General Counsel | Title: | President |

---

**Exhibit A to Sublicense Agreement dated February 15, 2023**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Index** | &nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;ICE DriveWealth 100 Index (formerly ICE DriveWealth ETF 100 Index) | &nbsp;&nbsp;DriveWealth ICE 100 Index ETF |

---

## Ex-99.(H)(4)

**Exhibit (h)(4)**

**FUND CCO AND AMLO AGREEMENT**

**AGREEMENT** is made effective as of January 24, 2022 by **DriveWealth ETF Trust,** a Delaware statutory trust with its principal office and place of business at 15 Exchange Place, Suite 1000, Jersey City, NJ 07302 (the "Fund Company"), and **Foreside Fund Officer Services, LLC**, a Delaware limited liability company, with its principal office and place of business at Three Canal Plaza, Suite 100, Portland, ME 04101 ("Foreside").

**WHEREAS**, the Fund Company is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and has created and issued shares in one or more series (each such series a "Fund").

**WHEREAS**, the Fund Company desires that Foreside perform certain compliance services and Foreside is willing to provide those services on the terms and conditions set forth in this Agreement.

**NOW THEREFORE**, for and in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Fund Company and Foreside hereby agree as follows:

**SECTION 1. PROVISION OF CCO AND AMLO; DELIVERY OF DOCUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside hereby agrees to provide a Chief Compliance Officer ("CCO"), as described in Rule 38a-1 of the 1940 Act ("Rule 38a-1"), and an Anti-Money Laundering Officer ("AMLO") to the Fund Company for the period and on the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection therewith, the Fund Company has delivered to Foreside copies of, and shall promptly furnish Foreside with all amendments of or supplements to: (i) the Fund Company's Declaration of Trust and Bylaws (collectively, "Organizational Documents"); (ii) the Fund Company's current Registration Statement filed with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), and/or the 1940 Act (the "Registration Statement"); (iii) the current Prospectus and Statement of Additional Information (collectively, as currently in effect, the "Prospectus") in place for each of the Funds covered by this Agreement; (iv) each plan of distribution or similar document that may be adopted by the Fund Company under Rule 12b-1 under the 1940 Act and each current shareholder service plan or similar document adopted by the Fund Company with respect to any or all of its Funds; (v) copies of the Fund Company's current annual and semi-annual reports to shareholders; and (vi) all compliance and risk management policies, programs and procedures adopted by the Fund Company with respect to the Funds. The Fund Company shall deliver to Foreside a certified copy of the resolution of the Board of Trustees of the Fund Company (the "Board") appointing the CCO and AMLO and authorizing the execution and delivery of this Agreement. In addition, the Fund Company shall deliver, or cause to deliver, to Foreside upon Foreside's reasonable request any other documents that would enable Foreside to perform the services described in this Agreement.

**SECTION 2. DUTIES OF FORESIDE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the approval of the Board, Foreside shall make available a qualified person who is competent and knowledgeable regarding the federal securities laws and anti-money laundering laws and regulations to act as the Fund Company's CCO and AMLO. Foreside's responsibility for the activities of the CCO and AMLO are limited to the extent that the Board shall make all decisions regarding the designation and termination of the CCO and AMLO and shall review and approve the compensation of the CCO and AMLO as provided by Rule 38a-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Fund Company, the CCO and AMLO shall provide the services as set forth on <u>Appendix A</u> hereto (the "Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreside may provide other services and assistance relating to the affairs of the Fund Company as the Fund Company may, from time to time, request subject to mutually acceptable compensation and implementation agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Foreside shall maintain records relating to its services, such as compliance policies and procedures, relevant Board presentations, annual reviews, and other records, as are required to be maintained under the 1940 Act and Rule 38a-1 thereunder (collectively, the "Records"). Such Records shall be maintained in the manner and for the periods as are required under such laws and regulations. The Records shall be the property of the Fund Company. The Fund Company, or the Fund Company's authorized representatives, shall have access to the Records at all times during Foreside's normal business hours. Upon the reasonable request of the Fund Company, copies of any of the Records shall be provided promptly by Foreside to the Fund Company or its authorized representatives at the Fund Company's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing contained herein shall be construed to require Foreside to perform any service that could cause Foreside to be deemed an investment adviser for purposes of the 1940 Act or the Investment Advisers Act of 1940, as amended, or that could cause any Fund to act in contravention of such Fund's Prospectus or any provision of the 1940 Act. Further, while Foreside will provide consulting and other services under this Agreement to assist the Fund Company with respect to the Fund Company's obligations under and compliance with various laws and regulations, Fund Company understands and agrees that Foreside is not a law firm and that nothing contained herein shall be construed to create an attorney-client relationship between Foreside and Fund Company or to require Foreside to render legal advice or otherwise engage in the practice of law in any jurisdiction. Thus, except with respect to Foreside's duties as set forth in this Section 2 and, except as otherwise specifically provided herein, the Fund Company assumes all responsibility for ensuring that the Fund Company and each of its Funds complies with all applicable requirements of the Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the 1940 Act and any laws, rules and regulations of governmental authorities with jurisdiction over the Fund Company or the Funds. All references to any law in this Agreement shall be deemed to include reference to the applicable rules and regulations promulgated under authority of the law and all official interpretations of such law or rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Foreside does not offer legal or accounting services and does not provide substitute services for the services provided by legal counsel or that of a certified public accountant. Foreside will make every reasonable effort to provide the services described in this Agreement; however, Foreside does not guarantee that work performed by Foreside or the CCO or AMLO for the Fund Company would be favorably received by any regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In order for Foreside to perform the services required by this Section 2, the Fund Company shall (1) instruct all such service providers as are required to furnish any and all information to Foreside as reasonably requested by Foreside and assist Foreside as may be required and (2) ensure that Foreside has access to all records and documents maintained by the Fund Company or any Service Provider.

**SECTION 3. STANDARD OF CARE; LIMITATION OF LIABILITY; INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by Foreside in writing. Foreside shall use its best judgment and efforts in rendering the services described in this Agreement and shall not be liable to the Fund Company, any Fund or any of the Funds' shareholders for any action or inaction of Foreside or the CCO or AMLO relating to any event whatsoever in the absence of bad faith, reckless disregard, gross negligence or willful misfeasance. Further, neither Foreside nor the CCO or AMLO shall be liable to the Fund Company, any Fund or any of the Funds' shareholders for any action taken, or failure to act, in good faith reliance upon: (i) the advice and opinion of Fund Company counsel; and/or (ii) any certified copy of any resolution of the Board. Neither Foreside nor the CCO or AMLO shall be under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument which Foreside and/or the CCO and/or the AMLO reasonably believe(s) in good faith to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund Company agrees to indemnify and hold harmless Foreside, its affiliates and each of their respective directors, officers, employees and agents and any person who controls Foreside within the meaning of Section 15 of the Securities Act (any of Foreside, its affiliates, their respective officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Foreside Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i) Foreside's performance of its duties under this Agreement, or (ii) the breach of any obligation, representation or warranty under this Agreement by the Fund Company.

In no case (i) is the indemnity of the Fund Company in favor of any Foreside Indemnitee to be deemed to protect the Foreside Indemnitee against any liability to which the Foreside Indemnitee 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 under this Agreement, or (ii) is the Fund Company to be liable with respect to any claim made against any Foreside Indemnitee unless the Foreside Indemnitee notifies the Fund Company in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim are served upon the Foreside Indemnitee (or after the Foreside Indemnitee receives notice of service on any designated agent).

Failure to notify the Fund Company of any claim shall not relieve the Fund Company from any liability that it may have to any Foreside Indemnitee unless failure or delay to so notify the Fund Company prejudices the Fund Company's ability to defend against such claim. The Fund Company shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Fund Company elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Foreside Indemnitee, defendant or defendants in the suit. In the event the Fund Company elects to assume the defense of any suit and retain counsel, the Foreside Indemnitee, defendant or defendants in the suit, shall bear the fees and expenses of any additional counsel retained by them. If the Fund Company does not elect to assume the defense of any suit, it will reimburse the Foreside Indemnitee, defendant or defendants in the suit, for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreside agrees to indemnify and hold harmless the Fund Company and each of its trustees and officers and any person who controls the Fund Company within the meaning of Section 15 of the Securities Act (for purposes of this paragraph, the Fund Company and each of its trustees and officers and its controlling persons are collectively referred to as the "Fund Indemnitees") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i) the breach of any obligation, representation or warranty under this Agreement by Foreside, or (ii) Foreside's failure to comply in any material respect with applicable securities laws.

In no case (i) is the indemnity of Foreside in favor of any Fund Indemnitee to be deemed to protect any Fund Indemnitee against any liability to which such Fund Indemnitee 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 under this Agreement, or (ii) is Foreside to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Fund Indemnitee unless the Fund Indemnitee notifies Foreside in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim are served upon the Fund Indemnitee (or after the Fund Indemnitee has received notice of service on any designated agent).

Failure to notify Foreside of any claim shall not relieve Foreside from any liability that it may have to the Fund Indemnitee against whom such action is brought unless failure or delay to so notify Foreside prejudices Foreside's ability to defend against such claim. Foreside shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if Foreside elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Fund Indemnitee, defendant or defendants in the suit. In the event that Foreside elects to assume the defense of any suit and retain counsel, the Fund Indemnitee, defendant or defendants in the suit, shall bear the fees and expenses of any additional counsel retained by them. If Foreside does not elect to assume the defense of any suit, it will reimburse the Fund Indemnitee, defendant or defendants in the suit, for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of Section 3(b) or 3(c) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund Company, and not Foreside, shall be solely responsible for approval of the designation of the CCO and the AMLO, as well as for removing the CCO and/or AMLO, as the case may be, from his or her responsibilities related to the Funds in accordance with applicable laws, rules and regulations (e.g., Rule 38a-1). Therefore, notwithstanding the provisions of this Section 3, the Fund Company shall supervise the activities of the CCO and the AMLO with regard to such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund Company agrees that Foreside, its employees, officers and directors shall not be liable to the Fund Company for any actions, damages, claims, liabilities, costs, expenses or losses in any way arising out of or relating to the services described in this Agreement for an aggregate amount in excess of two times (2x) the fees paid to Foreside in performing services hereunder. The provisions of this paragraph shall apply regardless of the form of action, damage, claim, liability, cost, expense or loss, whether in contract, statute, tort (including, without limitation, gross negligence) or otherwise.

In no event shall either party or their respective employees, officers, trustees and directors be liable for consequential, special, indirect, incidental, punitive or exemplary damages, costs, expenses or losses (including, without limitation, lost profits and opportunity costs or fines).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Foreside shall not be liable for the errors of service providers to the Fund Company or their systems.

**SECTION 4. REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside covenants, represents and warrants to the Fund Company that:

&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) it is a limited liability company duly organized and in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) it is duly qualified to carry on its business in the State of Maine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) it is empowered under applicable laws and by its operating agreement to enter into this Agreement and perform its duties under this 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; (iv) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) it has access to the necessary facilities, equipment, and personnel with the requisite knowledge and experience to assist the CCO and the AMLO in the performance of their duties and obligations under this 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; (vi) this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of Foreside, enforceable against Foreside 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) it shall make available a person who is competent and knowledgeable regarding the federal securities laws and is otherwise reasonably qualified to act as a CCO and who will, in the exercise of his or her duties to the Fund Company as CCO, act in good faith and in a manner reasonably believed by him or her to be in the best interests of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) it shall make available a person who is competent and knowledgeable regarding the federal securities laws, anti-money laundering law and regulation and is otherwise reasonably qualified to act as an AMLO and who will, in the exercise of his or her duties to the Fund Company as AMLO, act in good faith and in a manner reasonably believed by him or her to be in the best interests of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ix) it shall compensate the CCO fairly, subject to the Board's right under any applicable regulation (e.g., Rule 38a-1) to approve the designation, termination and level of compensation of the CCO. In addition, it shall not retaliate against the CCO should the CCO inform the Board of a compliance failure or take aggressive action to ensure compliance with the federal securities laws by the Fund Company or a service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) it shall comply with all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xi) it shall maintain policies of insurance reasonable and customary for its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xii) it shall report to the Board promptly if it learns of CCO or AMLO malfeasance or in the event the CCO or AMLO is terminated as a CCO or AMLO, as the case may be, by another fund company for cause or if the CCO or AMLO is terminated by Foreside; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xiii) it shall report to the Board if at any time the CCO or the AMLO, as the case may be, is/are subject to the disqualifications set forth in Section 15(b)(4) of the Exchange Act or Section 9 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund Company covenants, represents and warrants to Foreside that:

&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) it is a statutory trust duly organized and in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the Fund Company, enforceable against the Fund Company 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) a registration statement under the Securities Act and the 1940 Act will be effective and will remain effective and appropriate State securities law filings will be made made and will continue to be made with respect to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) The CCO and AMLO shall be covered by the Fund Company's Directors & Officers Liability Insurance Policy (the "Policy"), and the Fund Company shall use reasonable efforts to ensure that such coverage be (a) reinstated should the Policy be cancelled; (b) continued after the CCO or AMLO ceases to serve as an officer of the Fund Company on substantially the same terms as such coverage is provided for all other Fund Company officers after such persons are no longer officers of the Fund Company; and (c) continued in the event the Fund Company merges or terminates, on substantially the same terms as such coverage is provided for all other Fund Company officers (and for a period of no less than six years). The Fund Company shall provide Foreside with proof of current coverage, including a copy of the Policy, and shall notify Foreside immediately should the Policy be cancelled or terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) the CCO and AMLO are named officers in the Fund Company's corporate resolutions and subject to the provisions of the Fund Company's Organizational Documents regarding indemnification of its officers.

**SECTION 5. COMPENSATION AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the compliance services provided by Foreside pursuant to this Agreement, the Fund Company shall pay Foreside the fees and expenses set forth in <u>Appendix B</u> hereto.

Except as otherwise set forth in <u>Appendix B</u> hereto, all fees payable hereunder shall be accrued daily by the Fund Company and shall be payable monthly in arrears on the first business day of each calendar month for services performed during the prior calendar month. All out-of-pocket charges incurred by Foreside shall be paid as incurred. 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, the Fund Company shall pay to Foreside such compensation as shall be due and payable as of the effective date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Foreside may, with respect to questions of law relating to its services hereunder, apply to and obtain the advice and opinion of Fund Company counsel. The costs of any such advice or opinion shall be borne by the Fund Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The CCO and AMLO are serving solely as officers of the Fund Company and neither Foreside nor the CCO or AMLO shall be responsible for, or have any obligation to pay, any of the expenses of the Fund Company or any of its Funds. All Fund Company expenses shall be the sole obligation of the Fund Company, which shall pay or cause to be paid all Fund expenses.

**SECTION 6. EFFECTIVENESS, DURATION, TERMINATION AND ASSIGNMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date indicated above or at such time as Foreside commences providing services under this Agreement, whichever is later (the "Effective Date"). Upon the Effective Date, this Agreement shall constitute the entire agreement between the parties and shall supersede all previous agreements between the parties, whether oral or written, relating to the Fund Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect until terminated in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty (i) by the Board on sixty (60) days' written notice to Foreside or (ii) by Foreside on sixty (60) days' written notice to the Fund Company, provided, however, that the Board will have the right and authority to remove the individual designated by Foreside as the Fund Company's CCO or the individual designated by Foreside as the Fund Company's AMLO at any time, with or without cause, without payment of any penalty. In this case, Foreside will designate another employee of Foreside, subject to approval of the Board and the disinterested trustees, to serve as temporary CCO or as temporary AMLO until the earlier of: (i) the designation of a new permanent CCO or a new permanent AMLO; or (ii) the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Should the employment of the individual designated by Foreside to serve as the Fund Company's CCO or the individual designated by Foreside to serve as the Fund Company's AMLO be terminated for any reason, Foreside will immediately designate another qualified individual, subject to ratification by the Board and the disinterested trustees, to serve as temporary CCO or as temporary AMLO until the earlier of: (i) the designation, and approval by the Board, of a new permanent CCO or a new permanent AMLO; or (ii) the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of Sections 3, 6(e), 7, 10, 11, and 12 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement and the rights and duties under this Agreement shall not be assignable by either Foreside or the Fund Company except by the specific written consent of the other party. All terms and provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

**SECTION 7. CONFIDENTIALITY**

Each party shall comply with the laws and regulations applicable to it in connection with its use of confidential information, including, without limitation, Regulation S-P (if applicable). Foreside agrees to treat all records and other information related to the Fund Company as proprietary information of the Fund Company and, on behalf of itself and its employees, to keep confidential all such information, except that Foreside may release such other information (a) as approved in writing by the Fund Company, which approval shall not be unreasonably withheld and may not be withheld where Foreside is advised by counsel that it may be exposed to civil or criminal contempt proceedings for failure to release the information (provided, however, that Foreside shall seek the approval of the Fund Company as promptly as possible so as to enable the Fund Company to pursue such legal or other action as it may desire to prevent the release of such information) or (b) when so requested by the Fund Company.

**SECTION 8. FORCE MAJEURE**

Foreside shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control including, without limitation, acts of civil or military authority, national emergencies, fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication system or power supply. In addition, to the extent Foreside's obligations hereunder are to oversee or monitor the activities of third parties, Foreside shall not be liable for any failure or delay in the performance of Foreside's duties caused, directly or indirectly, by the failure or delay of such third parties in performing their respective duties or cooperating reasonably and in a timely manner with Foreside.

**SECTION 9. ACTIVITIES OF FORESIDE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent necessary to perform Foreside's obligations under this Agreement, nothing herein shall be deemed to limit or restrict Foreside's right, or the right of any of Foreside's managers, officers or employees who also may be a director, trustee, officer or employee of the Fund Company (including, without limitation, the CCO and AMLO), or who are otherwise affiliated persons of the Fund Company, to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, trust, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon prior approval by the Fund Company and the Board with respect to the CCO, Foreside may subcontract any or all of its functions or responsibilities pursuant to this Agreement to one or more persons, which may be affiliated persons of Foreside who agree to comply with the terms of this Agreement; provided, that any such subcontracting shall not relieve Foreside of its responsibilities hereunder. Foreside may pay those persons for their services, but no such payment will increase Foreside's compensation or reimbursement of expenses from the Fund Company.

**SECTION 10. COOPERATION WITH INDEPENDENT PUBLIC ACCOUNTANTS**

Foreside shall cooperate with the Fund Company's independent public accountants and shall take reasonable action to make all necessary information available to the accountants for the performance of such accountants' duties.

**SECTION 11. LIMITATION OF SHAREHOLDER AND TRUSTEE LIABILITY**

The trustees of the Fund Company and the shareholders of the Funds shall not be liable for any obligations of the Fund Company under this Agreement, and Foreside agrees that, in asserting any rights or claims under this Agreement, it shall look only to the assets and property of the Fund Company and the Funds.

**SECTION 12. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by, and the provisions of this Agreement shall be construed and interpreted under and in accordance with, the laws of the State of Delaware, without regard to the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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. This Agreement shall be construed as if drafted jointly by both Foreside and Fund Company and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing and personally delivered or sent by facsimile or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until changed by Foreside or the Fund Company, as the case may be. Notice shall be given to each party at the following address:

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Foreside:** | &nbsp;&nbsp;(ii) **To Fund Company:** |
| Foreside Fund Officer Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br> Attention: Legal Department<br> Phone: 207.553.7110<br> E-mail: legal@foreside.com | DriveWealth ETF Trust<br> 15 Exchange Place, Suite 1000<br> Jersey City, NJ 07302 <br> Attention: Christopher Quinn <br> Phone: 781-929-1094<br> E-mail: cquinn@drivewealth.tech |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Invoices for fees and expenses due to Foreside hereunder and as set forth in <u>Appendix B</u> hereto shall be sent by Foreside to the address furnished below unless and until changed by the Fund Company (Fund Company to provide reasonable advance notice of any change of billing address to Foreside):

DriveWealth ETF Trust

Attn: Michael Dugan

15 Exchange Place, Suite 1000, Jersey City, NJ 07302

Phone: 201-370-8495

Email: mdugan@drivewealth.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing contained in this Agreement is intended to or shall require Foreside, in any capacity hereunder, to perform any functions or duties on any day other than a Fund Company business day. Functions or duties normally scheduled to be performed on any day which is not a Fund Company business day shall be performed on, and as of, the next Fund Company business day, unless otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The term "affiliate" and all forms thereof used herein shall have the meanings ascribed thereto in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No amendment to this Agreement shall be valid unless made in writing and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers.

---

| | | | |
|:---|:---|:---|:---|
| **DRIVEWEALTH ETF TRUST** | **DRIVEWEALTH ETF TRUST** | **FORESIDE FUND OFFICER SERVICES, LLC** | **FORESIDE FUND OFFICER SERVICES, LLC** |
| By: | /s/ Christopher Quin | By: | /s/ Joseph C. Smith |
|  | Christopher Quinn, President |  | Joseph C. Smith, Senior Counsel |
| Date: | January 24, 2023 | Date: | January 26, 2023 |

---

**<u>Appendix A</u>**

**FUND CCO & AMLO SERVICES**

Foreside will propose a qualified candidate to serve as each Fund's CCO & AMLO, who will assume responsibility as Fund CCO & AMLO upon appointment by the Fund Company's Board of Trustees (the "Board"). The CCO & AMLO will perform the following services:

¾ Develop compliance policies and procedures for the Fund, designed to meet the requirements of Rule 38a-1 under the Investment Company Act of 1940 (the "1940 Act");

---

| | |
|:---|:---|
| ¾ | Conduct periodic reviews of the adequacy of the Fund's compliance policies and procedures and determine the effectiveness of their implementation; |

---

¾ Conduct periodic reviews of the adequacy and effectiveness of the following service providers' compliance policies and procedures: advisor, sub-advisor, distributor, administrator and transfer agent;

¾ Recommend the incorporation of any new or amended regulations or "best practice"initiatives into the Fund's compliance policies and procedures that may be appropriate;

---

| | |
|:---|:---|
| ¾ | Document the controls in place and any testing being performed by service providers, of key fund compliance procedures, which may include collecting and organizing relevant compliance data, reviewing reports, investigating exceptions, and making inquiries of Fund management and the Fund's service providers; |

---

¾ Conduct on-site visits to the advisor and/or sub-advisors and other service providers as necessary;

¾ Meet periodically with the Fund's management;

¾ Prepare quarterly and annual CCO reports for the Board and attend Board and Board Committee meetings (in-person and telephonic);

¾ No less than annually, meet separately with those members of the Board that are not"interested persons" of the Fund;

¾ Provide other services and assistance relating to the affairs of the Fund as the Board may, from time to time, reasonably request in connection with the CCO's compliance responsibilities;

¾ Maintain records relating to the compliance program as required by applicable laws and regulations;

¾ Develop and maintain AML policies and procedures for the Fund, designed to meet the requirements of the Bank Secrecy Act and USA PATRIOT Act;

¾ Review the adequacy of the Fund's AML policies and procedures and the effectiveness of their implementation; and

¾ Monitor and review AML responsibilities that have been delegated to the Fund's service providers.

**<u>Appendix B</u>**

**<u>Foreside Compensation</u>**

**(1)** **Compliance Services** 

---

| | | |
|:---|:---|:---|
| **Description** | **Description** | Fee |
| Base fee for the services<br> of the Funds' CCO | Recurring annual fee (invoiced monthly in arrears; subject to standard annual CPI-U adjustment). | $70000 |
| Base fee for the services<br> of the Funds' AMLO | Recurring annual fee (invoiced monthly in arrears; subject to standard annual CPI-U adjustment). | $5000 |
| Per Fund Fee | Recurring annual fee (invoiced monthly in arrears subject to standard annual CPI-U adjustment). | $5000 |
| Implementation Fee | Invoiced upon contract execution. Includes review and/or development of Fund compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act, review of Service Provider compliance policies and procedures and representation at initial board meeting. | $10,000 [waived] |
| Due Diligence Fee (if applicable) | Recurring annual fee (invoiced monthly in arrears). Applicable to each additional advisory entity after the second entity. | $4000 |
| **Amount Due with Initial Invoice** | **Amount Due with Initial Invoice** | **$5000** |

---

**(2)** **Out-Of-Pocket and Related Expenses:** The Fund Company shall also reimburse
Foreside for reasonable out-of-pocket and ancillary expenses incurred in the provision of services pursuant to this Agreement, including
but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) postage and delivery services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) record storage and retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reasonable travel expenses incurred in connection with the provision of the services
pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reasonable travel expenses incurred in connection with travel requested by the Board;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other expenses incurred in connection with the provision of the services pursuant
to this Agreement.

## Ex-99.(H)(5)

**Exhibit (h)(5)**

**FUND PFO/TREASURER AGREEMENT**

**AGREEMENT** is made effective as of January 24, 2022 by **DriveWealth ETF Trust**, a Delaware statutory trust, with its principal office and place of business at 15 Exchange Place, Suite 1000, Jersey City, NJ 07302 (the "Fund Company"), and **Foreside Officer Services, LLC**, a Delaware limited liability company with its principal office and place of business at Three Canal Plaza, Suite 100, Portland, ME 04101 ("Foreside").

**WHEREAS**, the Fund Company is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

**WHEREAS**, the Fund Company desires that Foreside perform certain services and Foreside is willing to provide those services on the terms and conditions set forth in this Agreement.

**NOW THEREFORE**, for and in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Fund Company and Foreside hereby agree as follows:

**SECTION 1. PROVISION OF PFO/TREASURER; DELIVERY OF DOCUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside hereby agrees to provide an employee of Foreside acceptable to the Board of Trustees of the Fund Company (the "Board") to serve as the Fund Company's Principal Financial Officer and Treasurer ("PFO/Treasurer") to the Fund Company for the period and on the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection therewith, the Fund Company has delivered to Foreside copies of, and shall promptly furnish Foreside with all amendments of or supplements to: (i) the Fund Company's Declaration of Trust and Bylaws (collectively "Organizational Documents"); (ii) the Fund Company's current Registration Statement filed with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the 1940 Act (the "Registration Statement"); (iii) the Fund Company's current Prospectus and Statement of Additional Information (collectively, as currently in effect, the "Prospectus") in place for each of the Funds covered by this Agreement; (iv) each plan of distribution or similar document that may be adopted by the Fund Company under Rule 12b-1 under the 1940 Act and each current shareholder service plan or similar document adopted by the Fund Company with respect to any or all of the Funds; and (v) all compliance policies, programs and procedures adopted by the Fund Company with respect to the Fund Company. The Fund Company shall deliver to Foreside a certified copy of the resolution of the Board appointing the PFO/Treasurer hereunder and authorizing the execution and delivery of this Agreement. In addition, the Fund Company shall deliver, or cause to deliver, to Foreside upon Foreside's reasonable request any other documents that would enable Foreside to perform the services described in this Agreement.

**SECTION 2. DUTIES OF FORESIDE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the approval of the Board, Foreside shall make available an employee of Foreside who is competent and knowledgeable regarding the management and internal controls of the Fund Company to serve as the Fund Company's PFO/Treasurer, who will have the authority normally incident to such office, including the authority to execute documents required to be executed by the Fund Company's "Principal Financial Officer" and/or "Treasurer".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Foreside and/or the PFO/Treasurer, as an agent of Foreside, shall provide the services as set forth on <u>Appendix A</u> hereto (the "Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreside shall maintain records relating to the Services, such as policies and procedures, relevant Board presentations, and other records (collectively, the "Records"), as are required to be maintained under the relevant securities laws and regulations. Such reports shall be maintained in the manner and for the periods as are required under such laws and regulations. The Records shall be the property of the Fund Company. The Fund Company, or the Fund Company's authorized representatives, shall have access to the Records at all times during Foreside's normal business hours. Upon the reasonable request of the Fund Company, copies of any of the Records shall be provided promptly by Foreside to the Fund Company or the Fund Company's authorized representatives at the Fund Company's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained herein shall be construed to require Foreside to perform any service that could cause Foreside to be deemed an investment adviser for purposes of the 1940 Act or the Investment Advisers Act of 1940, as amended or that could cause the Fund Company to act in contravention of the Fund Company's Prospectus or any provision of the 1940 Act. Further, while Foreside will provide services under this Agreement to assist the Fund Company with respect to the Fund Company's obligations under and compliance with various laws and regulations, Fund Company understands and agrees that Foreside is not a law firm and that nothing contained herein shall be construed to create an attorney-client relationship between Foreside and Fund Company or to require Foreside to render legal advice or otherwise engage in the practice of law in any jurisdiction. Thus, except with respect to Foreside's duties as set forth in this Section 2, and except as otherwise specifically provided herein, the Fund Company assumes all responsibility for ensuring that the Fund Company complies with all applicable requirements of the Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the 1940 Act and any laws, rules and regulations of governmental authorities with jurisdiction over the Fund Company. All references to any law in this Agreement shall be deemed to include reference to the applicable rules and regulations promulgated under authority of the law and all official interpretations of such law or rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Foreside does not offer legal or accounting services and does not provide substitute services for the services provided by legal counsel or that of a certified public accountant. Foreside will make every reasonable effort to provide the services described in this Agreement; however, Foreside does not guarantee that work performed by Foreside for the Fund Company would be favorably received by any regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In order for Foreside to perform the Services, the Fund Company shall take reasonable steps to (i) encourage all of its service providers to furnish any and all information to Foreside as reasonably requested; and (ii) ensure that Foreside has access to all relevant records and documents maintained by the Fund Company or any service provider to the Fund Company as are necessary to perform the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Foreside may provide other services and assistance relating to the affairs of the Fund Company as the Fund Company may, from time to time, request subject to mutually acceptable compensation and implementation agreements.

**SECTION 3. STANDARD OF CARE; LIMITATION OF LIABILITY; INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by Foreside in writing. Foreside shall use its best judgment and efforts in rendering the Services and shall not be liable to the Fund Company, any Fund or any of the Fund Company's shareholders for any action or inaction of Foreside or the PFO/Treasurer relating to any event whatsoever in the absence of bad faith, reckless disregard, gross negligence or willful misfeasance. Further, neither Foreside nor the PFO/Treasurer shall be liable to the Fund Company, any Fund or any of the Fund Company's shareholders for any action taken, or failure to act, in good faith reliance upon: (i) the advice and opinion of Fund Company counsel; and/or (ii) any certified copy of any resolution of the Board. Neither Foreside nor the PFO/Treasurer shall be under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument which Foreside and/or the PFO/Treasurer reasonably believes in good faith to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund Company agrees to indemnify and hold harmless Foreside, its affiliates and each of their respective directors, officers, employees and agents and any person who controls Foreside within the meaning of Section 15 of the Securities Act (any of Foreside, its affiliates, their respective officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Foreside Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i) Foreside's performance of its duties under this Agreement, or (ii) the breach of any obligation, representation or warranty under this Agreement by the Fund Company.

In no case (i) is the indemnity of the Fund Company in favor of any Foreside Indemnitee to be deemed to protect the Foreside Indemnitee against any liability to which the Foreside Indemnitee 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 under this Agreement, or (ii) is the Fund Company to be liable with respect to any claim made against any Foreside Indemnitee unless the Foreside Indemnitee notifies the Fund Company in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim are served upon the Foreside Indemnitee (or after the Foreside Indemnitee receives notice of service on any designated agent).

Failure to notify the Fund Company of any claim shall not relieve the Fund Company from any liability that it may have to any Foreside Indemnitee unless failure or delay to so notify the Fund Company prejudices the Fund Company's ability to defend against such claim. The Fund Company shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Fund Company elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Foreside Indemnitee, defendant or defendants in the suit. In the event the Fund Company elects to assume the defense of any suit and retain counsel, the Foreside Indemnitee, defendant or defendants in the suit, shall bear the fees and expenses of any additional counsel retained by them. If the Fund Company does not elect to assume the defense of any suit, it will reimburse the Foreside Indemnitee, defendant or defendants in the suit, for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreside agrees to indemnify and hold harmless the Fund Company and each of its Trustees and officers and any person who controls the Fund Company within the meaning of Section 15 of the Securities Act (for purposes of this paragraph, the Fund Company and each of its Trustees and officers and its controlling persons are collectively referred to as the "Fund Company Indemnitees") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i) the breach of any obligation, representation or warranty under this Agreement by Foreside or (ii) Foreside's failure to comply in any material respect with applicable securities laws.

In no case (i) is the indemnity of Foreside in favor of any Fund Company Indemnitee to be deemed to protect any Fund Company Indemnitee against any liability to which such Fund Company Indemnitee 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 under this Agreement, or (ii) is Foreside to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Fund Company Indemnitee unless the Fund Company Indemnitee notifies Foreside in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim are served upon the Fund Company Indemnitee (or after the Fund Company Indemnitee has received notice of service on any designated agent).

Failure to notify Foreside of any claim shall not relieve Foreside from any liability that it may have to the Fund Company Indemnitee against whom such action is brought unless failure or delay to so notify Foreside prejudices Foreside's ability to defend against such claim. Foreside shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if Foreside elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Fund Company Indemnitee, defendant or defendants in the suit. In the event that Foreside elects to assume the defense of any suit and retain counsel, the Fund Company Indemnitee, defendant or defendants in the suit, shall bear the fees and expenses of any additional counsel retained by them. If Foreside does not elect to assume the defense of any suit, it will reimburse the Fund Company Indemnitee, defendant or defendants in the suit, for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of Section 3(b) or 3(c) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Foreside shall not be liable for the errors of service providers to the Fund Company or their systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund Company agrees that Foreside, its employees, officers and directors shall not be liable to the Fund Company for any actions, damages, claims, liabilities, costs, expenses or losses in any way arising out of or relating to the Services for an aggregate amount in excess two times (2x) of the fees paid by the Fund Company to Foreside in performing services hereunder. The provisions of this paragraph shall apply regardless of the form of action, damage, claim, liability, cost, expense or loss, whether in contract, statute, tort (including, without limitation, gross negligence) or otherwise.

In no event shall either party or their respective employees, officers and directors be liable for consequential, special, indirect, incidental, punitive or exemplary damages, costs, expenses or losses (including, without limitation, lost profits and opportunity costs or fines).

**SECTION 4. REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside covenants, represents and warrants to the Fund Company that:

&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) it is a limited liability company duly organized and in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) it is duly qualified to carry on its business in the State of Maine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is empowered under applicable laws and by its Operating Agreement to enter into this Agreement and perform its duties under this 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;(iv) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has access to the necessary facilities, equipment, and personnel with the requisite knowledge and experience to assist the PFO/Treasurer in the performance of his or her duties and obligations under this 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;(vi) this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of Foreside, enforceable against Foreside 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it shall make available a person who is competent and knowledgeable regarding the federal securities laws and is otherwise reasonably qualified to act as a PFO/Treasurer and who will, in the exercise of his or her duties to the Fund Company as PFO/Treasurer, act in good faith and in a manner reasonably believed by him or her to be in the best interests of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) it shall report to the Board promptly if Foreside learns about PFO/Treasurer malfeasance or in the event the PFO/Treasurer is terminated as an officer by another Fund Company for cause or terminated by Foreside;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) it shall comply with all applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it shall maintain policies of insurance reasonable and customary for its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) it shall report to the Board if at any time the PFO/Treasurer, as the case may be, is/are subject to the disqualifications set forth in Section 15(b)(4) of the Exchange Act or Section 9 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund Company covenants, represents and warrants to Foreside that:

&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) it is a statutory trust duly organized and in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the Fund Company, enforceable against the Fund Company 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a Registration Statement under the Securities Act and the 1940 Act will be effective and will remain effective and appropriate State securities law filings will be made and will continue to be made with respect to the Fund Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the PFO/Treasurer shall be covered by the Fund Company's Directors & Officers Liability Insurance Policy (the "Policy"), and the Fund Company shall use reasonable efforts to ensure that such coverage be (a) reinstated should the Policy be cancelled; (b) continued after the PFO/Treasurer ceases to serve as an officer of the Fund Company on substantially the same terms as such coverage is provided for all other Fund Company officers after such persons are no longer officers of the Fund Company; and (c) continued in the event the Fund Company merges or terminates, on substantially the same terms as such coverage is provided for all other Fund Company officers (and for a period no less than six years). The Fund Company shall provide Foreside with proof of current coverage, including a copy of the Policy, and shall notify Foreside immediately should the Policy be cancelled or terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the PFO/Treasurer is a named officer in the Fund Company's corporate resolutions and subject to the provisions of the Fund Company's Organizational Documents regarding indemnification of its officers.

**SECTION 5. COMPENSATION AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services provided by Foreside pursuant to this Agreement, the Fund Company shall pay Foreside the fees and expenses set forth in <u>Appendix B</u> hereto.

Except as otherwise set forth in <u>Appendix B</u> hereto, all fees payable hereunder shall be accrued daily by the Fund Company and shall be payable monthly in arrears on the first business day of each calendar month for services performed during the prior calendar month. All out-of-pocket charges incurred by Foreside shall be paid as incurred. 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, the Fund Company shall pay to Foreside such compensation as shall be due and payable as of the effective date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Foreside may, with respect to questions of law relating to its services hereunder, apply to and obtain the advice and opinion of Fund Company counsel. The costs of any such advice or opinion shall be borne by the Fund Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The PFO/Treasurer is serving solely as an officer of the Fund Company and neither the PFO/Treasurer nor Foreside shall be responsible for, or have any obligation to pay, any of the expenses of the Fund Company or any of its Funds. All Fund Company expenses shall be the sole obligation of the Fund Company, which shall pay or cause to be paid all Fund Company expenses.

**SECTION 6. EFFECTIVENESS, DURATION, TERMINATION AND ASSIGNMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date indicated above or at such time as Foreside commences providing the Services, whichever is later (the "Effective Date"). Upon the Effective Date, this Agreement shall constitute the entire agreement between the parties and shall supersede all previous agreements between the parties, whether oral or written, relating to the Fund Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect until terminated in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty (i) by the Board on sixty (60) days' written notice to Foreside or (ii) by Foreside on sixty (60) days' written notice to the Fund Company; provided, however, that the Board will have the right and authority to remove the individual designated by Foreside as the Fund Company's PFO/Treasurer at any time, with or without cause, without payment of any penalty. In this case, Foreside will designate another employee of Foreside, subject to approval of the Board and the Independent Trustees, to serve as temporary PFO/Treasurer until the earlier of: (i) the designation of a new permanent PFO/Treasurer; or (ii) the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Should the employment of the individual designated by Foreside to serve as the Fund Company's PFO/Treasurer be terminated for any reason, Foreside will immediately designate another qualified individual, subject to ratification by the Board and the disinterested trustees, to serve as temporary PFO/Treasurer until the earlier of: (i) the designation, and approval by the Board, of a new permanent PFO/Treasurer; or (ii) the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of Sections 3, 6(d), 7, 10, 11, and 12 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement and the rights and duties under this Agreement shall not be assignable by either Foreside or the Fund Company except by the specific written consent of the other party. All terms and provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

**SECTION 7. CONFIDENTIALITY**

Each party shall comply with the laws and regulations applicable to it in connection with its use of confidential information, including, without limitation, Regulation S-P (if applicable). Foreside agrees to treat all records and other information related to the Fund Company as proprietary information of the Fund Company and, on behalf of itself and its employees, to keep confidential all such information, except that Foreside may release such other information (a) as approved in writing by the Fund Company, which approval shall not be unreasonably withheld and may not be withheld where Foreside is advised by counsel that it may be exposed to civil or criminal contempt proceedings for failure to release the information (provided, however, that Foreside shall seek the approval of the Fund Company as promptly as possible so as to enable the Fund Company to pursue such legal or other action as it may desire to prevent the release of such information) or (b) when so requested by the Fund Company.

**SECTION 8. FORCE MAJEURE**

Foreside shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control including, without limitation, acts of civil or military authority, national emergencies, fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication system or power supply. In addition, to the extent Foreside's obligations hereunder are to oversee or monitor the activities of third parties, Foreside shall not be liable for any failure or delay in the performance of Foreside's duties caused, directly or indirectly, by the failure or delay of such third parties in performing their respective duties or cooperating reasonably and in a timely manner with Foreside.

**SECTION 9. ACTIVITIES OF FORESIDE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent necessary to perform Foreside's obligations under this Agreement, nothing herein shall be deemed to limit or restrict Foreside's right, or the right of any of Foreside's managers, officers or employees who also may be a director, trustee, officer or employee of the Fund Company (including, without limitation, the PFO/Treasurer), or who are otherwise affiliated persons of the Fund Company, to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, trust, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon prior approval by the Fund Company, Foreside may subcontract any or all of its functions or responsibilities pursuant to this Agreement to one or more persons, which may be affiliated persons of Foreside who agree to comply with the terms of this Agreement; provided, that any such subcontracting shall not relieve Foreside of its responsibilities hereunder. Foreside may pay those persons for their services, but no such payment will increase Foreside's compensation or reimbursement of expenses from the Fund Company.

**SECTION 10. COOPERATION WITH INDEPENDENT PUBLIC ACCOUNTANTS**

Foreside shall cooperate with the Fund Company's independent public accountants and shall take reasonable action to make all necessary information available to the accountants for the performance of such accountants' duties.

**SECTION 11. LIMITATION OF SHAREHOLDER AND TRUSTEE LIABILITY**

The Trustees of the Fund Company and the shareholders of the Funds shall not be liable for any obligations of the Fund Company under this Agreement, and Foreside agrees that, in asserting any rights or claims under this Agreement, it shall look only to the assets and property of the Fund Company and the Funds.

**SECTION 12. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by, and the provisions of this Agreement shall be construed and interpreted under and in accordance with, the laws of the State of Delaware, without regard to the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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. This Agreement shall be construed as if drafted jointly by both Foreside and Fund Company and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing and personally delivered or sent by facsimile or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until changed by Foreside or the Fund Company, as the case may be. Notice shall be given to each party at the following address:

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Foreside:** | &nbsp;&nbsp;(ii) **To Fund Company:** |
| &nbsp;&nbsp; Foreside Fund Officer Services, LLC <br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br> Attention: Legal Department <br> Phone: 207.553.7110<br> E-mail: legal@foreside.com | &nbsp;&nbsp; DriveWealth ETF Trust<br> 15 Exchange Place, Suite 1000 <br> Jersey City, NJ 07302 <br> Attention: Christopher Quinn <br> Phone: 781-929-1094<br> E-mail: cquinn@drivewealth.tech |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Invoices for fees and expenses due to Foreside hereunder and as set forth in <u>Appendix B</u> hereto shall be sent by Foreside to the address furnished below unless and until changed by Fund Company (Fund Company to provide reasonable advance notice of any change of billing address to Foreside):

DriveWealth ETF Trust

Attn: Michael Dugan

15 Exchange Place, Suite 1000, Jersey City, NJ 07302

Phone: 201-370-8495

E-mail: mdugan@drivewealth.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing contained in this Agreement is intended to or shall require Foreside, in any capacity hereunder, to perform any functions or duties on any day other than a Fund Company business day. Functions or duties normally scheduled to be performed on any day which is not a Fund Company business day shall be performed on, and as of, the next Fund Company business day, unless otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The term "affiliate" and all forms thereof used herein shall have the meanings ascribed thereto in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No amendment to this Agreement shall be valid unless made in writing and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers.

---

| | |
|:---|:---|
| **DRIVEWEALTH ETF TRUST** | **DRIVEWEALTH ETF TRUST** |
| By: | /s/ Christopher Quinn |
| Name: | Christopher Quinn |
| Title: | President, DriveWealth ETF Trust |
| Date: | January 24, 2023 |

---

---

| | |
|:---|:---|
| **FORESIDE FUND OFFICER SERVICES, LLC** | **FORESIDE FUND OFFICER SERVICES, LLC** |
| By: | /s/ Joseph C. Smith |
| Name: | Joseph C. Smith, Senior Counsel |
| Date: | January 26, 2023 |

---

**<u>Appendix A</u>**

**Services**

**Foreside and the Fund PFO will perform the following Fund PFO services:**

¾ Along with the Fund's Principal Executive Officer, establish, maintain and oversee disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) and internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act);

¾ Chair and/or attend disclosure controls committee meetings to support Sarbanes-Oxley certifications on an agreed upon frequency; request and review sub-certifications from key service providers;

¾ Attend quarterly Board meetings, Board Committee meetings and special Board meetings as may be reasonably requested by the Board (in-person and telephonic) and make relevant

disclosures and present materials to the Board, the Fund's independent registered public

accountants and the audit committee, as required or requested;

---

| | |
|:---|:---|
| ¾ | Assist with the planning and coordination of the Fund's annual financial statement audit including liaising with the Fund administrator, and independent registered public accountants, serving as a signatory to management representation letters, representation letter requests of other service providers and trade confirmation requests; |

---

¾ Evaluate and assist in the implementation of new accounting and financial reporting requirements;

¾ Review and comment on the Fund's financial statements and shareholder reports as initially prepared by the Fund administrator (including semi-annual and annual reports and related SEC filings);

¾ Review and oversee daily Fund expense payment authorizations, periodic budget/accrual review and authorization, as required or requested;

¾ Review and comment on Forms N-CSR, N-CSRS, N-PORT, N-CEN;

¾ Review and comment on the annual update of the Fund registration statement / prospectus & statement of additional information;

¾ Certify and/or sign as the Fund's treasurer and authorize the filings listed above;

¾ Perform high level review of periodic fund distributions, fund tax returns and other tax reporting and sign or authorize as fund officer as required; and

¾ Conduct periodic due diligence reviews/monitoring of control environment of certain key service providers. <br>

**<u>Appendix B</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Fees for the Services** 

---

| | | |
|:---|:---|:---|
| **Description** | **Description** | **Fee** |
| &nbsp;&nbsp; Base fee for the services of<br> the Funds' PFO | &nbsp;&nbsp;Recurring annual fee (invoiced monthly in arrears; subject to standard annual CPI-U adjustment). | &nbsp;&nbsp;&nbsp;$70000 |
| &nbsp;&nbsp;Per Fund Fee | &nbsp;&nbsp;Recurring annual fee (invoiced monthly in arrears subject to standard annual CPI-U adjustment). | &nbsp;&nbsp;&nbsp;$5000 |
| &nbsp;&nbsp;Implementation Fee | &nbsp;&nbsp;Invoiced upon contract execution. Includes development of the Fund's Sarbanes-Oxley program, representation at initial board meeting, oversight of seed audit and related pre-launch activities (if applicable). | &nbsp;&nbsp;&nbsp;$10,000 [Waived] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Out-Of-Pocket and Related Expenses:** The Fund Company shall also reimburse Foreside
for reasonable out-of-pocket and ancillary expenses incurred in the provision of services pursuant to this Agreement, including but not
limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) postage and delivery services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) record storage and retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reasonable travel expenses incurred in connection with the provision of the services
pursuant to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other expenses incurred in connection with the provision of the services pursuant
to this Agreement.

- A2 -

## Ex-99.(I)

**Exhibit (i)**

---

| | |
|:---|:---|
| ![](ex99-i_001.jpg) | **K&L Gates LLP**<br> One Lincoln Street<br> Boston, Ma 02111-2959<br> T +1 617.261.3100 klgates.com |

---

March 23, 2023

DriveWealth ETF Trust

15 Exchange Place

10th Floor

Jersey City, NJ, 07302

Ladies and Gentlemen:

We have acted as counsel to DriveWealth ETF Trust, a Delaware statutory trust (the "<u>Trust</u>"), in connection with Pre-Effective Amendment No. 1 (the "<u>Pre-Effective Amendment</u>") to the Trust's registration statement on Form N-1A (File Nos. 333-268359; 811-23837) (the "<u>Registration Statement</u>"), to be filed with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") on or about March 23, 2023, registering an indefinite number of shares of beneficial interest in the series of the Trust listed in Schedule A to this opinion letter (the "<u>Shares</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

This opinion letter is being delivered in connection with the Trust's filing of Pre-Effective Amendment at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>").

For purposes of this opinion letter, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 relevant portions of the prospectus and statement of additional information (collectively,
 the " <u>Prospectus</u> ") filed as part of the Pre-Effective Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 declaration of trust, as amended, and bylaws of the Trust in effect on the date of this opinion
 letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 resolutions adopted by the trustees of the Trust relating to the Pre-Effective Amendment,
 the establishment and designation of the Fund and the Shares, and the authorization for issuance
 and sale of the Shares.

We also have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinions, we have relied on a certificate of an officer of the Trust. We have not independently established any of the facts on which we have so relied.

---

| | |
|:---|:---|
| ![](ex99-i_001.jpg) | **K&L Gates LLP**<br> One Lincoln Street<br> Boston, Ma 02111-2959<br> T +1 617.261.3100 klgates.com |

---

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the Delaware Statutory Trust Act and the provisions of the Investment Company Act that are applicable to equity securities issued by registered open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

Based upon and subject to the foregoing, it is our opinion that (1) the Shares to be issued pursuant to the Pre-Effective Amendment, when issued and paid for by the purchasers upon the terms described in the Pre-Effective Amendment will be validly issued, and (2) such purchasers will have no obligation to make any further payments for the purchase of the Shares or contributions to the Trust or its creditors solely by reason of their ownership of the Shares.

This opinion is rendered solely in connection with the filing of the Pre-Effective Amendment and supersedes any previous opinions of this firm in connection with the issuance of Shares. We hereby consent to the filing of this opinion with the Commission in connection with the Pre-Effective Amendment. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement or Prospectus within the meaning of the term "expert" as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ K&L Gates LLP |

---

---

| | |
|:---|:---|
| ![](ex99-i_001.jpg) | **K&L Gates LLP**<br> One Lincoln Street<br> Boston, Ma 02111-2959<br> T +1 617.261.3100 klgates.com |

---

**Schedule A**

**DriveWealth ICE 100 Index ETF**

## Ex-99.(J)

**Exhibit (j)**

---

| | |
|:---|:---|
| ![](ex99-j_001.jpg) |  |
|  | KPMG LLP<br> Two Financial Center <br> 60 South Street<br> Boston, MA 02111 |

---

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated March 23, 2023 with respect to the financial statement of DriveWealth ICE 100 Index ETF, a series of the DriveWealth ETF Trust, included herein and to the reference to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information filed on Form N-1A.

![](ex99-j_002.jpg)

Boston, Massachusetts<br> March 23, 2023

KPMG LLP, a Delaware limited liability partnership and a member firm of <br> the KPMG global organization of independent member firms affiliated with<br> KPMG International Limited, a private English company limited by guarantee.

## Ex-99.(L)

**Exhibit (l)**

![](ex-l_001.jpg)

February 1, 2023

DriveWealth ETF Trust<br> 15 Exchange Place<br> 10th Floor<br> Jersey City, NJ 07302

Ladies and Gentlemen:

For purposes of Section 14 of the Investment Company Act of 1940, as amended, DriveWealth ETF Trust (the "Trust") has issued, and on January 10, 2023 we purchased from the Trust, the amount of shares of the initial series of the Trust (the "Fund") at the price per share below to serve as the seed capital for the Fund prior to commencement of the public offering of the Fund's shares.

---

| | | |
|:---|:---|:---|
| DriveWealth ICE 100 Index ETF | DriveWealth ICE 100 Index ETF |  |
| Number of Shares | Price Per Share | Total Investment |
| 4000 | $25.000 | $100000 |

---

We represent and warrant to the Trust that the shares of the Trust have been acquired for investment and not with a view to distribution thereof, and that we have no present intention to redeem or dispose of any of the shares.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| DriveAdvisory, LLC | DriveAdvisory, LLC |
| By: | /s/ Michael J. Dugan |
| Name: | Michael Dugan |
| Title: | Chief Financial Officer |

---

15 Exchange Place, Jersey City, NJ 07302

<u>info@drivewealth.com</u>

<u>drivewealth.com</u>

## Ex-99.(M)

**Exhibit (m)**

**DRIVEWEALTH ETF TRUST**

**DISTRIBUTION PLAN**

**WHEREAS**, DriveWealth ETF Trust (the "Trust") is an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

**WHEREAS**, the Board of Trustees ("<u>Trustees</u>") have determined that there is a reasonable likelihood that this distribution plan (the "Plan") will benefit the series of the Trust listed on Exhibit A hereto (the "Funds"), as may be amended from time to time, and their shareholders ("Shareholders") who from time to time beneficially own shares subject to this Plan ("Shares"); and

**WHEREAS,** pursuant to Rule 12b-1 under the 1940 Act, the Trustees adopt this Plan under which a Fund's principal underwriter ("Distributor"), financial intermediary or other entity providing shareholder services or services intended to result in the distribution of Fund shares (collectively, "Service Providers") will provide, pursuant to an agreement, the services stated in Section 2 herein;

**NOW, THEREFORE**, on behalf of each Fund, the Trustees hereby adopt this Plan in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Trust's registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

**<u>Section 1</u>**. The Trust has adopted this Plan to enable the Funds to directly or indirectly bear expenses relating to the distribution of their Shares.

**<u>Section 2</u>**. Each Fund may pay Service Providers a fee at the annual rate specified on Exhibit A for distribution and shareholder services (including but not limited to, providing incentives to financial institutions ("Financial Institutions") to sell Shares, advertising and marketing of Shares to include preparing, printing and distributing prospectuses and sales literature to prospective shareholders and with Financial Institutions), recordkeeping services and educational services, as well as the costs of implementing and operating the Plan. The Distributor may retain all or a part of this fee as compensation for distribution or shareholder services it provides or it may use such fee to compensate or reimburse other Service Providers, including financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets, that provide distribution or shareholder services as specified by the Distributor. The actual fee to be paid by the Distributor to such Service Providers will be made pursuant to an agreement and negotiated based on the extent and quality of services provided.

**<u>Section 3</u>**. This Plan shall not take effect with respect to any Fund until it has been approved (a) by a vote of at least a majority of the outstanding Shares of a Fund, if adopted after any public offering of Shares; and (b) together with any related agreements, by votes of the majority of both (i) the Trustees and (ii) the Qualified Trustees (as defined herein), cast in person at a Board of Trustees meeting called for the purpose of voting on this Plan or related agreement, as applicable.

**<u>Section 4</u>**. This Plan shall continue in effect for a period of more than one year after it takes effect only for so long as such continuance is specifically approved at least annually in the manner provided in clause (b) of Section 3 herein.

**<u>Section 5</u>**. Quarterly in each year that this Plan remains in effect, any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees of the Trust, a written report of the amounts expended under the Plan and the purposes for which such expenditures were made.

**<u>Section 6</u>**. With respect to each Fund, this Plan may be terminated at any time by the vote of a majority of the Qualified Trustees or by vote of a majority of the outstanding voting securities of the Shares of a Fund. The termination of the Plan with respect to any Fund shall not affect the continuance of the Plan with respect to any other Fund.

**<u>Section 7</u>**. All agreements with any person relating to implementation of this Plan with respect to a Fund shall be in writing, and any agreement related to this Plan shall provide (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Qualified Trustees or by the vote of a majority of the outstanding voting securities of the Shares of a Fund, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

**<u>Section 8</u>**. This Plan may be amended in the manner provided in clause (b) of Section 3 herein; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 with respect to any Fund without the approval of Shareholders holding a majority of the outstanding voting securities of the Shares of such Fund.

**<u>Section 9</u>**. As used in this Plan, (a) the term "Qualified Trustees" shall mean those Trustees who are not interested persons of the Trust, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms "assignment" and "interested person" shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

**<u>Section 10</u>**. While this Plan is in effect, the selection and nomination of those Trustees who are not interested persons of the Trust within the meaning of Section 2(a)(19) of the 1940 Act shall be committed to the discretion of the Trustees then in office who are not interested persons of the Trust.

**<u>Section 11</u>**. This Plan shall not obligate the Trust or any other party to enter into an agreement with any particular person.

**<u>Section 12</u>**. Any question of interpretation of any term or provision of this Plan having a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Plan is relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation or order.

**<u>Section 13.</u>** If any provision of this Plan shall be held or made invalid, the remainder of the Plan shall not be affected thereby.

**<u>Section 14.</u>** The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in Section 5 hereof for a period of at least six years, the first two years in an easily accessible place.

Adopted: January 11, 2023

**EXHIBIT A**

**Dated January 11, 2023**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Fund(s)</u> | &nbsp;&nbsp;<u>Share Classes</u> | &nbsp;&nbsp;<u>Distribution Fees</u> |
| &nbsp;&nbsp;DriveWealth ICE 100 Index ETF | &nbsp;&nbsp;N/A | &nbsp;&nbsp;0.25% |

---

<u>Calculation of Fees</u>

Distribution fees are based on a percentage of the Funds' average daily net assets attributable to Shares of the Funds.

## Ex-99.(P)(1)

**Exhibit (p)(1)**

**DRIVEWEALTH ETF TRUST**

**(the "Trust")**

**<u>4.1 Code of Ethics</u>**

**<u>Pursuant to Rule 17j-1</u>**

**<u>of the Investment Company Act of 1940</u>**

**I.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) "Access
 Person" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any
 Advisory Person of a Fund or of a Fund's investment adviser. If an investment adviser's primary
 business is advising Funds or other advisory clients, all of the investment adviser's directors,
 officers, and general partners are presumed to be Access Persons of any Fund advised by the
 investment adviser. All of a Fund's directors, officers, and general partners are presumed
 to be Access Persons of the Fund; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any
 director, officer or general partner of a principal underwriter who, in the ordinary course
 of business, makes, participates in or obtains information regarding, the purchase or sale
 of Covered Securities by the Fund for which the principal underwriter acts, or whose functions
 or duties in the ordinary course of business relate to the making of any recommendation to
 the Fund regarding the purchase or sale of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "Adviser"
 shall mean DriveAdvisory, LLC (the "Adviser").

&nbsp;&nbsp;&nbsp;&nbsp;(3) "Advisory
 Person" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any
 director, officer, general partner or employee of the Fund or investment adviser (or of any
 company in a control relationship to the Fund or investment adviser) who, in connection with
 his or her regular functions or duties, makes, participates in, or obtains information regarding,
 the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making
 of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any
 natural person in a control relationship to the Fund or investment adviser who obtains information
 concerning recommendations made to the Fund with regard to the purchase or sale of Covered
 Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(4) "Beneficial
 Ownership" shall be interpreted in the same manner as it would be in determining whether
 a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934,
 as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(5) "Board"
 shall mean the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(6) "Control"
 shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Generally,
 it means the power to exercise a controlling influence over the management or policies of
 a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;(7) "Covered
 Security" means a security as defined in section 2(a)(36) of the 1940 Act, except that
 it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. bankers'
 acceptances, bank certificates of deposit, commercial paper and high- quality short-term
 debt instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. shares
 issued by open-end funds

&nbsp;&nbsp;&nbsp;&nbsp;(8) "Fund"
 or "Funds" shall mean the portfolio series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(9) "Independent
 Trustee" means a trustee of the Trust who is not an "interested person"
 of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(10) "Interested
 Person" shall have the meaning as considered in Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(11) "Investment
 Personnel" of the Trust or the Adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any
 employee of the Fund or investment adviser (or of any company in a control relationship to
 the Fund or investment adviser) who, in connection with his or her regular functions or duties,
 makes or participates in making recommendations regarding the purchase or sale of securities
 by the Fund or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any
 natural person who controls the Fund or investment adviser and who obtains information concerning
 recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(12) "Private
 Placement" means an offering that is exempt from registration under the Securities
 Act pursuant to Section 4(2) or Section 4(6) of the Securities Act or pursuant to Rules 504,
 505 or 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(13) "Purchase"
 or "sale" of a Security includes, among other things, any option to purchase
 or sell a Security, and any security convertible into or exchangeable for a Security.

&nbsp;&nbsp;&nbsp;&nbsp;(14) "Review
 Officer" means the officer of the Trust or the Adviser designated from time to time
 to receive and review reports of purchases and sales by Access Persons. It is recognized
 that a different Review Officer may be designated with respect to the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(15) "Security"
 shall have the same meanings as that set forth in Section 2(a)(36) of the 1940 Act and shall
 include exchange traded funds and securities that operate in a substantially similar manner
 as traditional exchange traded funds except that it shall not include securities issued by
 the Government of the United States or an agency or instrumentality thereof (including all
 short-term debt securities which are "government securities" within the meaning
 of Section 2(a)(16) of the 1940 Act), bankers' acceptances, bank certificates of deposit,
 commercial paper and shares of registered open-end investment companies (other than open
 end exchange traded funds and the Funds).

&nbsp;&nbsp;&nbsp;&nbsp;(16) A
 Security "held or to be acquired" by the Trust or any Fund means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any
 Covered Security which, within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. is
 or has been held by the Trust or any Fund thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. is
 being or has been considered by a Fund's investment adviser or sub- adviser for purchase
 by a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any
 option to purchase or sell and any Security convertible into or exchangeable for any Security
 described in (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;(17) "Automatic
 investment plan" means a program in which regular periodic purchases (or withdrawals)
 are made automatically in (or from) investment accounts in accordance with a predetermined
 schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**II.** **Prohibited Purchases and Sales of Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) No
 affiliated person of or principal underwriter for the Trust, including each of its series
 (each, a "Fund"), or any affiliated person of an investment adviser of or principal
 underwriter for a Fund, in connection with the purchase or sale, directly or indirectly,
 by such Access Person of a Security held or to be acquired by the Trust (within the meaning
 of Rule 17j-1(a)(10)), shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) employ
 any device, scheme or artifice to defraud such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) make
 to such Fund any untrue statement of a material fact or omit to state to such Fund a material
 fact necessary in order to make the statements made, in light of the circumstances under
 which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) engage
 in any act, practice or course of business which would operate as a fraud or deceit upon
 such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) engage
 in any manipulative practice with respect to Fund.

**III.** **Additional Restrictions and Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pre-approval
 of IPOs and Private Placements – Investment Personnel must pre-clear all investments
 in initial public offerings ("IPOs") and private placements with the Compliance
 Officer.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 provisions of the Adviser's Code of Ethics are hereby adopted as the Code of Ethics
 of the Trust applicable to Advisory Persons. A violation of the Adviser's Code of Ethics
 by any Advisory Person shall also constitute a violation of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Each
 Access Person (other than the Trust's Independent Trustees and its Trustees and officers
 who are not currently affiliated with or employed by the Trust's investment adviser
 or principal underwriter) who is not required to provide such information under the terms
 of a code of ethics described in Section VI hereof must provide to the Review Officer a complete
 listing of all securities owned by such person as of the end of a calendar quarter. The initial
 listing must be submitted no later than 10 days of the date upon which such person first
 becomes an Access Person of the Trust, and each update thereafter must be provided no later
 than 30 days after the start of the subsequent year. The information included in the annual
 holdings report must be as of each calendar year-end. The Initial Holdings Report and Annual
 Holdings Report are attached to this Code of Ethics as **Exhibit A** and **Exhibit C**,
 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Each
 Access Person (other than the Trust's Independent Trustees) shall report all holdings
 and transactions in Securities in which the person has, or by reason of such transaction
 acquires, any direct or indirect Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Initial holdings report (Exhibit A).</u> No later than 10 days after the person becomes an Access
 Person (which information must be current as of a date no more than 45 days prior to the
 date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The
 title, number of shares and principal amount of each Covered Security in which the Access
 Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The
 name of any broker, dealer or bank with whom the Access Person maintained an account in which
 any securities were held for the direct or indirect benefit of the Access Person as of the
 date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The
 date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Quarterly transaction reports (Exhibit B).</u> No later than 30 days after the end of a calendar quarter,
 the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) With
respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial
ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount
of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With
respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect
benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
date that the report is submitted by the Access Person.

In the event no reportable transactions occurred during the quarter, the report should be so noted and returned signed and dated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Annual Holdings Reports (Exhibit C).</u> Annually, the following information (which information must be current as of a date no more than 45
days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The
title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial
ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The
name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or
indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The
date that the report is submitted by the Access Person.

Reports shall be filed with the Trust or Adviser Review Officer, as applicable. The Review Officer shall submit confidential quarterly reports with respect to his or her own personal securities transactions to an officer designated to receive his or her reports ("alternate review officer"), who shall act in all respects in the manner prescribed herein for the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Exceptions
 from reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A
person need not make a report under paragraph IV(1) of this section with respect to transactions effected for, and Covered Securities
held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. An
Independent Trustee who is not an "interested person" of the Fund, and who would be required to make a report solely by reason
of being a Fund Trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) An
initial holdings report under paragraph IV(1)i of this section and an annual holdings report under paragraph V(1)iii of this section;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A
quarterly transaction report under paragraph IV(1)ii of this section, unless the Trustee knew or, in the ordinary course of fulfilling
his or her official duties as a Trustee, should have known that during the 15-day period immediately before or after the Trustee's
transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered
purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. An
Access Person who would otherwise be required to report his or her transactions under this Code of Ethics shall not be required to file
reports pursuant to this Section IV where such person is required to file reports pursuant to a code of ethics described in Section VI,
hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. An
Access Person need not make a quarterly transaction report under paragraph IV(1)ii of this section with respect to transactions effected
pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Any
such report submitted may contain a statement that the report shall not be construed as an admission by the person making such report
that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Review Enforcement** 

The Compliance Officer of the Trust shall review or supervise the review of the personal securities transactions reported pursuant to section V of this Code. If the Compliance Officer of the Trust determines that a violation may have occurred, the Compliance Officer of the Trust shall submit the pertinent information regarding the transaction to the Board.

The Review Officer of the Trust is responsible for identifying each person who is (a) an Access Person of the Trust; and (b) required to report his or her transactions under this Code and shall inform such Access Persons of their reporting obligation under the Code. Such Access Persons shall execute the compliance certifications attached to this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Investment Adviser's, or Principal Underwriter's Code of Ethics.** 

The investment adviser (including, each sub-adviser), and principal underwriter (where applicable) of Trust shall:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Submit
to the Board of Trustees of the Trust a copy of its code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Promptly
report to the appropriate Trust in writing any material amendments to such code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(3) Promptly
furnish to the Trust upon request copies of any reports made pursuant to such Code by any person who is an Access Person as the Trust;
and

&nbsp;&nbsp;&nbsp;&nbsp;(4) Shall
immediately furnish to the Trust, without request, all material information regarding any violation of such code of ethics by any person
who is an Access Person as to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Annual Written Report to the Board.** 

At least once each year, the Review Officer of the Trust and Adviser will provide the Board of Trustees a written report that includes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Issues
Arising Under the Code - The report will describe any issue(s) that arose during the previous year under the Code, including any material
Code violations, and any resulting sanction(s).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Certification
The report will certify to the Board of Trustees that the Trust and the Adviser has adopted measures reasonably necessary to prevent
its personnel from violating this Code of Ethics currently and in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Records.** 

The Trust shall maintain records in the manner and to the extent set forth below, which records may be maintained under the conditions described under Rule 31a-2 under the 1940 Act and shall be available for examination by representatives of the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;(1) A
copy of this Code of Ethics and any other code which is, or at any time within the past five (5) years has been, in effect shall be preserved
in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;(2) A
record of any violation of this Code of Ethics and of any action taken as a result of such violation shall be preserved in an easily
accessible place for a period of not less than five (5) years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;(3) A
copy of each report made by an Access Person pursuant to this Code of Ethics shall be preserved for a period of not less than five (5)
years from the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) A
list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code of Ethics shall
be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;(5) A
copy of each annual report to the Board of Trustees will be maintained for at least five (5) years from the end of the fiscal year in
which it is made, the first two (2) years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;(6) A
record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities in an IPO or a Private Placement,
shall be preserved for at least five (5) years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amendment
or Revision of Adviser's Code of Ethics. Any amendment or revision of the Adviser's Code of Ethics shall be deemed to be
an amendment or revision of the section of this Code applicable Advisory Persons and such amendment or revision shall be promptly furnished
to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Confidentiality.
All reports of securities transactions and any other information filed with the Trust pursuant to this Code of Ethics shall be treated
as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Interpretation
of Provisions. The Board of Trustees may from time to time adopt such interpretations of this Code of Ethics as it deems appropriate.

**Adopted:** January 11, 2023

**Exhibit A**

**DRIVEWEALTH ETF TRUST**

**INITIAL REPORT OF SECURITIES HOLDINGS**

**AND ACCOUNTS**

**Date on which I become an Access Person ____________**

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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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount and Title of Security: | Name of Broker-Dealer or Bank | <u>Check Type of Account</u> | <u>Check Type of Account</u> | <u>Check Type of Account</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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount and Title of Security: | Name of Broker-Dealer or Bank | Personal | Immediate<br> Family | <br> Fiduciary |

---

The above is a record of (i) every Security in which I had any direct or indirect Beneficial Ownership on the date I became an Access Person as more fully described in the Trust's Code of Ethics; and (ii) the name of each broker, dealer or bank with whom I maintained an account in which any Securities were held for my direct or indirect benefit as of the date I became an Access Person. Date:_________________________ Signature: __________________

---

| | |
|:---|:---|
| Note 1. | This report shall not be construed as an admission by me that I have any direct or indirect Beneficial Ownership in the Securities reported, which have been marked by me with an asterisk (\*). Such Securities holdings are reported solely to meet the standards imposed by Rule 17j-1 under the Investment Company Act of 1940. |
| Note 2. | Copies of brokerage statements are attached to this signed report in lieu of the above |
| Note 3. | Report must be submitted within 10 days after becoming an Access Person. The information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person |

---

**Exhibit B**

**DRIVEWEALTH ETF TRUST**

**QUARTERLY REPORT OF SECURITIES TRANSACTIONS AND ACCOUNTS**

**For Calendar Quarter Ending _______________**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Date** | **Date** | | | **Check Type of Account** | **Check Type of Account** | **Check Type of Account** |
| **Amount and Title<br> of Security** | **Bought** | **Sold** | **Price** | **Name of Broker- <br> Dealer or Bank** | **Personal** | **Immediate<br> Family** | **Fiduciary** |

---

The above is a record of (i) every transaction during the quarter in a Security in which I had or by reason of which I acquired any direct or indirect Beneficial Ownership as more fully described in the Trust's Code of Ethics; and (ii) each account established by me with a broker, dealer or bank in which any Securities were held during the quarter for my direct or indirect benefit.

Date:___________________________ Signature: _____________________________

Note 1. If the transaction is other than a sale or purchase, please explain the transaction below. <br> Note 2. In the case of debt securities, include principal amount, interest rate and maturity date.

Note 3. This report shall not be construed as an admission by me that I have acquired any direct or indirect Beneficial Ownership in the Securities involved in the transaction reported, which have been marked by me with an asterisk(\*). Such transactions are reported solely to meet the standards imposed by Rule 17j-1 under the Investment Company Act of 1940.

Note 4. Copies of brokerage statements are attached to this signed report in lieu of the above. <br> Note 5. The report must be submitted within 30 days after the end of the calendar quarter.

**Exhibit C**

**DRIVEWEALTH ETF TRUST**

**ANNUAL REPORT OF SECURITIES HOLDINGS AND ACCOUNTS**

**For Calendar Year Ending December 31, _____________**

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| | | | | |
|:---|:---|:---|:---|:---|
| Amount and Title of Security: | Name of Broker-Dealer or Bank | <u>Check Type of Account</u> | <u>Check Type of Account</u> | <u>Check Type of Account</u> |
| Amount and Title of Security: | Name of Broker-Dealer or Bank | Personal | Immediate<br> Family | Fiduciary |

---

The above is a record of (i) every Security in which I had any direct or indirect Beneficial Ownership on the above calendar year- end date as more fully described in the Trust's Code of Ethics; and (ii) the name of each broker, dealer or bank with whom I maintained an account in which any Securities were held for my direct or indirect benefit.

Date: _______________________Signature: _________________________

Note 1. This report shall not be construed as an admission by me that I have any direct or indirect Beneficial Ownership in the Securities reported, which have been marked by me with an asterisk(\*). Such Securities holdings are reported solely to meet the standards imposed by Rule 17j-1 under the Investment Company Act of 1940.

Note 2. Copies of brokerage statements are attached to this signed report in lieu of the above<br> Note 3. Report must be submitted within 45 days after the calendar year-end.

**Exhibit D**

**DRIVEWEALTH ETF TRUST**

**ANNUAL CERTIFICATION FORM**

This is to certify that I have read and understand the Code of Ethics of DriveWealth ETF Trust dated [_______] and that I recognize that I am subject to the provisions thereof and will comply with its provisions.

This is to further certify that I have complied with the requirements of the Code of Ethics and that I have reported all personal securities transactions, holdings and securities accounts required to be disclosed or reported pursuant to the Code of Ethics.

Please sign your name here:__________

Please print your name here:__________

Please date here: ___________________

**DRIVEWEALTH ETF TRUST**

**(the "Trust")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>4.2 Code of Ethics for Principal Executive and Senior Financial Officers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") is intended to serve as the Code of Ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall apply to the Trust's Principal Executive Officer and Principal Financial Officer (the "Principal Officers," each of whom is named in Exhibit A attached hereto), consistent with and in furtherance of their fiduciary duties, and for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Honest and Ethical Conduct** 

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of the DriveWealth ETF Trust (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Financial Records and Reporting** 

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Compliance with Laws, Rules and Regulations** 

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Compliance with this Code of Ethics** 

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Affirmation of the Code** 

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code (Refer to Exhibit B), and annually thereafter (Refer to Exhibit C) must affirm that they have complied with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Amendment and Waiver** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

---

| | |
|:---|:---|
| **Adopted:** | January 11, 2023 |

---

**EXHIBIT A**

Persons Covered by this Code of Ethics:

Robert Cortright Chief Executive Officer and Principal Executive Officer

Michael Minella Treasurer and Principal Financial Officer

**EXHIBIT B**

**INITIAL CERTIFICATION FORM**

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of DriveWealth ETF Trust, dated, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here: ______________

Please print your name here: ______________

Please date here:________________________

**EXHIBIT C**

**ANNUAL CERTIFICATION FORM**

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of DriveWealth ETF Trust dated ___________ , (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of the Code during the period _____________ of _____________ through .

Please sign your name here: ______________

Please print your name here: ______________

Please date here:________________________

## Ex-99.(P)(2)

**Exhibit (p)(2)**

**DriveAdvisory, LLC**

**Code of Ethics**

**Introduction and Things You Should Know**

This is the Code of Ethics (the "Code" or "Code of Ethics") of DriveAdvisory, LLC (the "Company"). The Code includes the following sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiduciary
 Duty Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code of
 Ethics Compliance and Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guidelines
 for Professional Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal
 Trading Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sanctions
 and Reporting Violations

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

Rule 204A-1 under the Advisers Act requires each registered investment adviser to adopt and implement a written code of ethics that contains provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the standard
 of conduct the adviser requires of its supervised persons, which reflects the fiduciary of
 the adviser and its supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting
 and review of personal Securities transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting
 of violations of the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delivery
 of the code to all Associated Persons and requiring acknowledgment of receipt thereof.

Rule 17j-1 under the Investment Company Act of 1940 also requires certain persons to be subject to a code of ethics. Rule 17j-1 makes it unlawful for any affiliated person of a RIC, including Associated Persons, or any affiliated person of its adviser or principal underwriter to engage in certain enumerated types of misconduct in connection with the purchase or sale by such person of a security held or to be acquired by the RIC. Specifically, Rule 17j-1 prohibits such affiliated persons from: (1) employing any device, scheme or artifice to defraud the RIC; (2) making any untrue statement of a material fact to the RIC or omitting to state a material fact necessary in order to make the statements made to the RIC, in light of the circumstances under which they are made, not misleading; (3) engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the RIC; or (4) engaging in any manipulative practice with respect to the RIC.

If you have any doubt or uncertainty about what this Code requires or permits, you should ask the Chief Compliance Officer. Do not speculate.

The Company expects all Associated Persons to comply with the spirit of the Code, as well as the specific requirements contained in the Code.

The Company treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, the Company may take disciplinary measures against you, including, without limitation, imposing penalties or fines, reducing your compensation, demoting you, requiring unwinding of the trade, requiring disgorgement of trading gains, suspending or terminating your employment, or any combination of the foregoing.

Improper trading activity can constitute a violation of this Code. You can also violate this Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Your conduct can violate this Code even if no clients are harmed by your conduct.

**Definitions**

These terms have special meanings as used in this Code of Ethics. Defined terms from the Company's Compliance Manual are incorporated by reference into this Code of Ethics:

***Access Person*** - An "Access Person" is a Supervised Person who (i) has access to nonpublic information regarding any client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of any Reportable Fund, (ii) is involved in making securities recommendations to clients, or (iii) has access to such recommendations that are nonpublic. All of the Company's directors, officers, and partners are presumed to be Access Persons. At the discretion of the CCO, the Company may require other persons who, depending on the facts and circumstances, act as an agent for, or provide services to, the Company to be treated as Access Persons for some or all of the policies and procedures set forth herein (either as stated herein or in modified form), as determined appropriate by the CCO. Specific arrangements with such persons will vary depending on their relationship to the Company and other facts and circumstances.

***Advisers Act*** – The Investment Advisers Act of 1940.

***Associated Person -*** For purposes of this Code, all Supervised Persons and Access Persons are collectively referred to as "Associated Persons." At the discretion of the CCO, the Company may require other persons who, depending on the facts and circumstances, act as an agent for, or provide services to, the Company to be treated as Associated Persons for some or all of the policies and procedures set forth herein (either as stated herein or in modified form), as determined appropriate by the CCO. Specific arrangements with such persons will vary depending on their relationship to the Company and other facts and circumstances.

***Automatic Investment Plan*** - Purchases and sales of securities in accordance with a pre-set amount or pre-determined schedule effected through an automatic investment plan or dividend reinvestment plan. This includes regular savings plans, pension schemes, the automatic reinvestment of dividends, income or interest received from a security in such plans or any other type of account.

***Beneficial Ownership*** - Means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities, including those owned by Members of the Family/Household (as defined below) of an Access Person.

***Chief Compliance Officer ("CCO")*** - Means Mark Bulger, or another person that has been designated to perform the functions of CCO. For purposes of reviewing the CCO's own transactions and reports under this Code, the functions of the CCO are performed by the CEO, and shall be clearly denoted in the Company's compliance records.

***Client*** - Any person for whom, or entity for which, the Company serves as an investment adviser, renders investment advice, or makes any investment decisions for compensation is considered a client.

***Covered Account*** - Means any account in which an Access Person has any direct or indirect Beneficial Ownership of Securities.

***Federal Securities Laws*** - Means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Advisers Act, title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

***Material Nonpublic Information*** *("MNPI")* – is information that is both material and nonpublic. See below for definitions of "Material Information" and "Nonpublic Information." Also, refer to the "Insider Trading Policy" in the Compliance Manual for additional details.

***Material Information* -** "Material Information" generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 information that a reasonable investor would likely consider important in making his or her
 investment decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 information that is reasonably certain to have a substantial effect on the price of a company's
 securities.

Examples of Material Information include, but are not limited to, the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. The prohibition against misusing MNPI applies to all types of financial instruments including, but not limited to, stocks, bonds, warrants, options, futures, forwards, swaps, commercial paper, and government-issued securities. Material Information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material.

***Nonpublic Information* -** Information is "nonpublic" until it has been effectively communicated to the market and the market has had time to "absorb" the information. For example, information found in a report filed with the Securities and Exchange Commission, or appearing in Dow Jones, The Wall Street Journal, or other publications of general circulation would be considered public.

Once information has been effectively distributed to the investing public, it is no longer nonpublic. However, the distribution of MNPI must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Nonpublic Information does not change to public information solely by selective dissemination. Examples of the ways in which Nonpublic Information might be transmitted include, but are not limited to in person, in writing, by telephone, during a presentation, by email, instant messaging, text message, or through social networking sites.

Associated Persons must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving MNPI.

***Members of the Family/Household*** - "Members of the Family/Household" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A spouse
 or domestic partner (unless they do not live in the same household as the Access Person and
 the Access Person does not contribute in any way to their support);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Children
 under the age of 18;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Children
 who are 18 or older (unless they do not live in the same household as the Access Person and
 the Access Person does not contribute in any way to their support); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any of
 the people who share the Access Person's household including stepchildren, grandchildren,
 parents, stepparents, grandparents, brothers, sisters, in-laws, and adoptive relationships.

***Non-Reportable Securities*** - "Non-Reportable Securities" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short- term
 debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares
 issued by open-end investment companies, other than Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares
 issued by unit investment trusts that are invested exclusively in unaffiliated mutual funds.

***Private Placement*** – Also known as a "Limited Offering." An offering that is exempt from registration pursuant to sections 4(2) or 4(6) of the Securities Act, or pursuant to Rules 504, 505, or 506 of Regulation D.

***Reportable Fund*** - Any fund for which the Company serves as an investment adviser, as defined in Section 2(a)(20) of the Investment Company Act of 1940, any fund whose investment adviser or principal underwriter controls the Company, is controlled by the Company, or is under common control with the Company.

***Reportable Securities*** - Means all Securities, except Non-Reportable Securities, in which an Access Person has Beneficial Ownership.

***Restricted List*** *-* a list of Securities that Associated Persons are prohibited from trading without first receiving written clearance from the CCO. Securities that must be placed on the Restricted List include all securities about which the Company or Access Persons possess MNPI, or securities from which the Company or its access persons are contractually or otherwise restricted from transacting. See applicable section in this Code for further details.

***RIC*** – investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940.

***Security or Securities*** - Means anything that is considered a "security" under Section 202(a)(18) of the Advisers Act. This is a very broad definition of security. It includes most kinds of investment instruments, including things that one might not ordinarily think of as "securities," such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange
 traded funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options
 on securities, on indexes and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments
 in all kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments
 in foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments
 in private investment funds and hedge funds.

If there is any question or doubt about whether an investment is considered a security or a Reportable Security under this Code, ask the CCO.

***Supervised Person*** - A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of the Company, or other person who provides investment advice on behalf of the Company and is subject to the supervision and control of the Company. This may also include all temporary workers, consultants, independent contractors, and anyone else designated by the CCO. For purposes of the Code, such 'outside individuals' will generally only be included in the definition of a Supervised Person, if their duties include access to certain types of information, which would put them in a position of sufficient knowledge to necessitate their inclusion under the Code. The CCO shall make the final determination as to which of these are considered Supervised Persons.

**Fiduciary Duty Standards**

This Code of Ethics is based on the principle that the Company has a fiduciary duty to place the interests of clients ahead of the Company's interests. The Company must avoid activities, interests, and relationships that might interfere with making decisions in the best interests of the Company's clients.

All Associated Persons must act with competence, dignity, integrity, and in an ethical manner, when dealing with clients, the public, prospects, third-party service providers and fellow Associated Persons.

We expect all Associated Persons to adhere to the highest standards with respect to any potential conflicts of interest with clients. As a fiduciary, the Company must act in its clients' best interests. Neither the Company, nor any Associated Person should ever benefit at the expense of any client. Notify the CCO promptly if you become aware of any practice that creates, or gives the appearance of, a material conflict of interest.

**Guidelines for Professional Standards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all
 times, all Associated Persons must comply with applicable Federal Securities Laws and must
 reflect the professional standards expected of those engaged in the investment advisory business,
 and they shall act within the spirit and the letter of the federal, state, and local laws
 and regulations pertaining to investment advisers and the general conduct of business. These
 standards require all personnel to be judicious, accurate, objective, and reasonable in dealing
 with both clients and other parties so that his or her personal integrity is unquestionable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Associated
 Persons are required to report any violation of the Code by any person to the CCO or other
 appropriate persons of the Company promptly. Such reports will be held in confidence to the
 extent practicable. However, the Company remains responsible for satisfying the regulatory
 reporting and other obligations that may follow the reporting of a potential violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons must place the interests of clients first. All Associated Persons must scrupulously
 avoid serving his or her own personal interests ahead of the interests of the Company's clients.
 In addition, Associated Persons must work diligently to ensure that no client is preferred
 over any other client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons must use good judgment in identifying and responding appropriately to actual or apparent
 conflicts. Conflicts of interest that involve the Company and/or its Associated Persons on
 one hand and clients on the other hand will be fully disclosed in the Company's Form ADV
 and as otherwise required and/or resolved in a way that favors the interests of the clients
 over the interests of the Company and its Associated Persons. If an Associated Person believes
 that a conflict of interest has not been identified or appropriately addressed, that Associated
 Person should promptly bring the issue to the CCO's attention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 Associated Persons are naturally prohibited from engaging in any practice that defrauds or
 misleads any client, or from engaging in any manipulative or deceitful practice with respect
 to clients or Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Associated
 Person may serve on the board of directors of any publicly traded company and conduct any
 other outside business activities without prior written permission from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons will not cause or attempt to cause any client to purchase, sell, or hold any security
 in a manner calculated to create any personal benefit, or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons must use reasonable care and exercise independent professional judgment when conducting
 investment analysis, making investment recommendations, trading, promoting the Company's
 services, and engaging in other professional activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons must conduct all personal securities transactions in full compliance with this Code,
 including the Restricted List. Technical compliance with the Code's provisions shall not
 automatically insulate from scrutiny any securities transactions or actions that could indicate
 a violation of the Company's fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal
 transactions in securities by Access Persons must be transacted to avoid even the appearance
 of a conflict of interest on the part of such personnel with the interests of the Company's
 clients. Likewise, Associated Persons must avoid actions or activities that allow (or appear
 to allow) a person to profit or benefit from his or her position with the Company at the
 expense of clients, or that otherwise bring into question the person's judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons are subject to Insider Trading Policies adopted by the Company to detect and prevent
 the misuse of MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Associated
 Person shall communicate information known to be false to others (including but not limited
 to clients, prospective clients and other Associated Persons) with the intention of manipulating
 financial markets for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons are prohibited from accepting compensation for services from outside sources without
 the specific prior written permission of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When any
 Associated Person faces a conflict or potential conflict between his or her personal interest
 and the interests of clients, he or she is required to immediately report the conflict to
 the CCO for instructions regarding how to proceed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated
 Persons must treat recommendations and actions of the Company, and material information of
 other companies, as confidential and private matters. Accordingly, we have adopted a Privacy
 Policy to prohibit the transmission, distribution, or communication of any information regarding
 securities transactions in client accounts or other nonpublic information, except to broker-dealers,
 other bona fide service providers, or regulators in the ordinary course of business. In addition,
 no information obtained during the course of employment regarding particular securities (including
 internal reports and recommendations) may be transmitted, distributed, or communicated to
 anyone who is not affiliated with the Company, without the prior written approval of the
 CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Associated
 Person shall intentionally sell to or purchase from a client any security or other property
 without prior written authorization from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No
 Associated Person shall provide loans or receive loans from clients without the prior written
 authorization from the CCO.

**Code of Ethics Compliance and Administration**

The CCO administers the Code of Ethics and shall certify compliance with any RIC's Code of Ethics to the RIC's CCO on a quarterly basis. All questions regarding the Code should be directed to the CCO. You must cooperate to the fullest extent reasonably requested by the CCO to enable (i) the Company to comply with all applicable Federal Securities Laws; and (ii) the CCO to discharge duties under the Code of Ethics.

There are three Reporting Forms that an Access Person must complete under this Code. Additional information about and copies of these Reporting Forms are included below. You can also obtain copies of the Reporting Forms from the CCO.

Nothing herein shall prohibit or impede in any way an Associated Person or former Associated Person from reporting a possible securities law violation directly to the SEC or other regulatory authority. In addition, the Company will not retaliate in any way against an Associated Person or former Associated Person for providing information relating to a possible securities law violation to the SEC or other regulatory authority.

The Company's management will review the terms and provisions of this Code at least annually and make amendments as necessary. Any amendments will be distributed to all Associated Persons of the Company (including the RIC's CCO), and the Company shall require each Associated Person to provide in writing an acknowledgement of their receipt, understanding and acceptance of the change(s).

Associated Persons are generally expected to discuss any perceived risks or concerns about the Company's business practices with their direct supervisor. However, if an Associated Person is uncomfortable discussing an issue with his/her supervisor, or if s/he believes that an issue has not been appropriately addressed, the Associated Person should bring the matter to the CCO's attention, or if the supervisor is the CCO, then to the attention of a senior officer of the firm.

The Company will distribute the Company's Code of Ethics to each Associated Person upon the commencement of employment or engagement and upon any amendment to the Code of Ethics.

All Associated Persons must acknowledge that they have received, read, understand, and agree to comply with the Company's Code of Ethics by completing the Agreement to Abide by Code of Ethics upon commencement of employment or engagement with the Company. The Company will require all Associated Persons to annually reaffirm this agreement. All Associated Persons will be required to acknowledge in writing receipt of any amendments made to this Code of Ethics.

The Company will describe its Code of Ethics in Part 2A of its Form ADV and, upon request, furnish clients with a copy of the Code of Ethics. All client requests for the Company's Code of Ethics should be directed to the CCO.

On a periodic basis, but not less than annually, the Company's CCO shall prepare a written report to each RIC client's CCO and its Board of Trustees setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of any issues arising under the Code or underlying procedures since the last report to the
 Board including, but not limited to, information about material violations of the Code or
 underlying procedures and sanctions imposed in response to the material violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A certification
 on behalf of the Company that the Company has adopted procedures reasonably necessary to
 prevent Access Persons from violating the Code and a summary of existing procedures concerning
 personal investing (including a summary of any changes in procedures made during the past
 year).

The CCO will maintain a copy of this Code of Ethics in the Company's files. Additionally, the CCO will review the Code of Ethics at least annually to ensure it remains appropriately aligned with the Company's advisory business.

**Personal Trading Policies**

**Personal Securities Transactions**

Personal trading activity conducted by the Company's Access Persons should be executed in a manner consistent with our fiduciary obligations to our clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Access Person trades should not involve trading activity so excessive as to conflict with one's ability to fulfill daily job responsibilities or to otherwise violate anti- manipulative or insider trading regulations.

It may be possible for Access Persons to exclude accounts held personally or by immediate family members sharing the same household if the Access Person does not (i) exercise any investment discretion or decision-making, (ii) receive notice of transactions prior to execution, or (iii) otherwise have any direct or indirect influence or control over the accounts. Access Persons should consult with the CCO before excluding any accounts held by immediate family members sharing the same household. With respect to each account excluded on this basis, the Access Person will be required to certify periodically that they meet each of these three conditions and may also be required to provide the CCO with additional information regarding the account that the CCO requests.

**Accounts Covered by the Code**

The Company's Code of Ethics applies to all Reportable Securities and Covered Accounts over which Access Persons have any Beneficial Ownership, which typically includes securities held by Members of Family/Household.

It may be possible for Access Persons to exclude accounts held personally or by immediate family members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts. Access Persons should consult with the CCO before excluding any accounts held by immediate family members sharing the same household.

The following policies and procedures apply to all securities owned or controlled by an Access Person, and any Covered Account. Any account in question should be addressed with the CCO immediately to determine if it is considered a Covered Account.

Improper trading activity can constitute a violation of this Code. Nevertheless, the Code can be violated by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Individual conduct can violate this Code even if no clients are harmed by such conduct.

**Reportable Securities**

The Company requires Access Persons to provide periodic reports regarding transactions and holdings in all "Reportable Securities," which include any Security, except the following, which are Non- Reportable Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short- term
 debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 issued by open-end investment companies registered in the U.S., none of which are advised
 or underwritten by the Company or an affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 issued by unit investment trusts that are invested exclusively in unaffiliated mutual funds.

Exchange-traded funds, or ETFs, are somewhat similar to open-end registered investment companies. However, ETFs are Reportable Securities and are subject to the reporting requirements contained in the Company's Code of Ethics.

The term "digital asset" refers to an asset that is issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, "virtual currencies," "coins," and "tokens." Recent statements from the Chair of the Securities and Exchange Commission indicate that he views all digital assets, other than Bitcoin, to be "securities." If you have any questions as to whether your digital asset is reportable, contact the CCO.

**Reporting Requirements**

The Company requires periodic reporting of Access Persons' holdings of Reportable Securities to the CCO. Access Persons must promptly report to the Company the opening of any new Covered Accounts, submit quarterly reports regarding Reportable Securities transactions, and report Reportable Securities holdings on an annual basis.

The CCO will make all required records of personal transactions in Reportable Securities available to the required regulatory authority, promptly upon request. These include statements for all accounts for personal securities transactions.

All Access Persons must file reports as described below, even if there are no holdings, transactions, or accounts to list in the reports. Copies of the reporting forms are included at the end of the Code or can be obtained from the CCO. The Company may rely on brokerage statements to the extent such statements are made accessible to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Holdings Reports

No later than 10 calendar days after an Associated Person becomes an Access Person (or within 10 days of the adoption of this Code if the Associated Person was already an Access Person at the time of its adoption), that Access Person must submit an *Initial Holdings Report* to the CCO. The information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annual Holdings Reports

By January 31 of each year, each Access Person must file an *Annual Personal Securities Holdings Report* with the CCO.

*<u>Content Requirements for Initial and Annual Holdings Reports</u>*

 

Each holdings report (initial and annual) must contain at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title
 and type of security, and as applicable the exchange ticker symbol or CUSIP number, number
 of shares, and principal amount of each *Reportable Security* in which the Access Person
 has any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of
 any broker, dealer or bank with which the Access Person maintains an account in which any
 securities (including securities that are not *Reportable Securities* **)** are held
 for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the
 Access Person submits the report.

All information contained in the holding report must be current as of the date no more than 45 days prior to the date the report is submitted. If you do not have any holdings to report, this should be indicated on the relevant holdings report*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reports

No later than 30 calendar days after the end of March, June, September, and December, each year, each Access Person must file a *Quarterly Report of Personal Securities Transactions* form with the CCO.

The *Quarterly Report of Personal Securities Transactions* form requires each Access Person to list all transactions in Reportable Securities during the most recent calendar quarter in which the Access Person had Beneficial Ownership.

*<u>Content Requirements for Quarterly Transactions Reports</u>*

 

Each transaction report must contain, at a minimum, the following information about each transaction involving a reportable security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The date of
 the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
 interest rate and maturity date, number of shares, and principal amount of each reportable
 security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nature
 of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The price
 of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name
 of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The date the
 Access Person submits the report.

The quarterly transaction reporting requirement may be satisfied by instructing the custodian for these accounts to send duplicate confirmations and brokerage account statements for the Covered Accounts, in which such transactions took place, to the Company, c/o the CCO, provided all required information is included in the report and the Company receives the confirmations or statements not later than 30 days after the close of the calendar quarter in which the transaction(s) took place.

Alternatively, Access Persons may submit this information on the *Quarterly Report of Personal Securities Transactions* form provided by the Company.

If you did not have any transactions or account openings to report, this should be indicated on the *Quarterly Report of Personal Securities Transactions* form. Signed and dated *Quarterly Report of Personal Securities Transactions* form and/or duplicate account statements must be submitted to the CCO within 30 days of the end of each calendar quarter.

Any Transaction Reports reflecting holdings of the CCO requiring review under Rule 204A-1 will be reviewed by the CEO, or his or her designee.

**Exceptions from Reporting Requirements**

There are limited exceptions from certain reporting requirements. Specifically, Access Persons are not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly
 reports for any transactions effected pursuant to an Automatic Investment Plan. However,
 any transaction that overrides the pre-set schedule or allocations of the Automatic Investment
 Plan must be included in a quarterly transaction report; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any reports
 with respect to Reportable Securities held in accounts over which the Access Person had no
 direct or indirect influence or control (as defined in the next paragraph), such as a blind
 trust, wherein the Access Person has no knowledge of the specific management actions taken
 by the trustee and no right to intervene in the trustee's management.

Any investment plans or accounts for which an Access Person claims an exception based on "no direct or indirect influence or control" must be brought to the attention of the CCO who will, on a case-by- case basis, determine whether the plan or account qualifies for an exception and make record of such determination. Unless and until such exception is granted, all applicable reporting requirements shall apply.

"No direct or indirect influence or control" with respect to an account shall mean that the Access Person has 1) no knowledge of the specific management actions taken by the trustee or third party manager; 2) no right to intervene in the management of the account by the trustee or third party manager; 3) no discussions with the trustee or third party manager concerning account holdings which could reflect control or influence; and 4) no discussions with the trustee or third party manager wherein the Access Person provides investment directions or suggestions.

In making a determination of whether or not the Access Person has direct or indirect influence or control, the CCO will ask for information about the Access Person's relationship with the party responsible for making the investment decisions regarding the account (i.e., independent professional versus friend or relative; unaffiliated versus affiliated firm).

The Company requires that all Access Persons seeking a reporting exception for an account based on "no direct or indirect influence or control" submit such a request in writing to the CCO initially when the exception is first sought, and no less than annually thereafter confirm in writing that the exception still applies.

The CCO may periodically request information or a certification from a party responsible for managing the account and may also periodically request reporting on the account to identify transactions that would have been prohibited pursuant to this Code of Ethics, absent the exception granted.

**Review and Recordkeeping**

The CCO shall review personal trading reports for all Access Persons no less than quarterly and will otherwise take reasonable steps to monitor compliance with, and enforce this Code of Ethics.

Evidence of the reviews shall be maintained in the Company's files.

The Company reserves the right to require the Access Person to reverse, cancel, or freeze, at the Access Person's expense, any transaction or position in a specific security if the Company believes the transaction or position violates its policies or appears improper. The Company will keep all such information confidential except as required to enforce this policy or to participate in any investigation concerning violations of applicable law.

The Company's Code of Ethics is designed to mitigate material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the CCO, or its designee, monitors Access Persons' trading to detect potential issues including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading
 in securities appearing on the Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequent
 short-term trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Front-Running
 and other trading in conflict with client interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading
 that appears to be based on MNPI.

The CCO will review reports submitted pursuant to the Code of Ethics for potential behavior issues, violations or practices inconsistent with the spirit of the Code of Ethics. The CCO's trades are reviewed by the CEO. Upon review, the CCO/CEO will initial and date each report received, and document a written description of any issues noted. Personal trading that appears problematic may result in further inquiry by the CCO/CEO.

The CCO shall maintain all records in accordance with Rule 17j-1 under the 1940 Act and Rules 204A- 1 and 204-2 under the Advisers Act.

**Prohibited and Restricted Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must obtain written approval of the CCO prior to directly or indirectly acquiring
 beneficial ownership in any security in an initial public offering ("IPO") or in
 a limited offering (For the CCO's personal trades, the CCO must first obtain written approval
 from the CEO.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 Access Person wishing to purchase or sell a security obtained through a private placement
 must first obtain written approval by the CCO. In addition, if an Associated Person who owns
 a security in a private company knows that the company is about to engage in an IPO, he or
 she must disclose this information to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participation
 in investment clubs must be approved in writing by the CCO in advance of any such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Access
 Person may trade any Security on the Restricted List without first obtaining preclearance
 from the CCO or a designee.

**Case-by-Case Exemptions**

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from the Prohibitions on Trading on a case-by-case basis. Any request for such consideration must be submitted by the Access Person in writing to the CCO. Exceptions will only be granted in those cases in which the CCO determines that granting the request will create no actual, potential, or apparent conflict of interest.

**Pre-Clearance**

Access Persons are prohibited from engaging in any transaction in a Reportable Security in any account in which the Access Person has any Beneficial Ownership, unless the Access Person obtains the CCO's written pre-clearance approval for that transaction in advance of the transaction. (For the CCO' s personal trades, the CCO must first obtain written pre-clearance from the CEO.)

If pre-clearance is obtained, the approval is valid for the day on which it is granted. The CCO may revoke a pre-clearance any time after it is granted and before the transaction is executed. The CCO may deny or revoke pre-clearance for any reason.

The Company or its Employees may receive information that may be deemed to be MNPI. Consequently, the Company may choose to restrict personal trading and trading on behalf of clients in a security of a company or issuer by placing the company or issuer on a Restricted List. Refer to the Company's Insider Trading Policy in the Compliance Manual for further information and requirements.

As noted above, transactions in private placements and IPOs are always prohibited, unless pre- clearance is obtained, in advance of the transaction. Pre-clearance is obtained by first completing and signing the *Personal Securities Trading Request Form*. (A copy of the *Personal Securities Trading Request Form* is included in this Code, or a copy can be obtained from the CCO.) The *Personal Securities Trading Request Form* is then submitted to the CCO for approval. approval. If the CCO makes a request to transact in a private placement or IPO, then the *Personal Securities Trading Request Form* must be submitted to the CEO for pre-clearance approval.

If pre-clearance is obtained, the Access Person shall act promptly taking the necessary steps to effectuate the IPO or private placement investment. The CCO may revoke a pre-clearance any time up until the Access Person has made a firm commitment to invest.

**Restricted List**

The Company has adopted a Restricted List which includes companies and issuers in whose securities Associated Persons are prohibited from trading without first receiving written clearance from the CCO. Associated Persons may use the *Personal Securities Trading Request Form* for this purpose.

When a trading request is submitted, the CCO will check the trade request against the Restricted List maintained by the Company. The trade request then is either approved or rejected depending on how the request compares with the restricted lists.

Issuers are placed on the Restricted List due to one or more of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 issuer is a client, or an affiliate of a client of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One
 or more of the Company's clients holds concentrated positions in securities of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Company or one or more of its Associated Persons has MNPI about the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CCO believes that trading in a specific company or issuer may present a conflict of interest
 to the Company or its clients.

**Timing of Personal Transactions**

When the Company is purchasing or selling, or considering for purchase or sale a Reportable Security on behalf of a client account, no Access Person with knowledge of such Company's purchase or sale may effect a transaction in the Reportable Security prior to the client purchase or sale having been executed, or until the Company's decision has been made not to pursue the transaction. Access Persons are permitted to purchase or sell Reportable Securities as part of the Company's aggregated orders. Other exceptions include trades as a result of an automatic investment plan, dividend reinvestments plans, and approved third party managed accounts.

**Blackout Period**

The blackout period described below (the "Blackout Period") applies to all Access Persons and their Reportable Accounts. It is designed to prevent front running, coat tailing and various other activities that create potential conflicts with client interests.

No Access Person may purchase or sell a Reportable Security for an account in which the Access Person has Beneficial Ownership within 7 calendar days immediately before or after a day on which any client account purchases or sells that Reportable Security (or of the same issuer, such as an option or a related convertible or exchangeable security). This includes transactions on the other side of the market (e.g., client account sells ABC and Access Person purchases ABC).

Accounts beneficially owned by Access Persons which are managed by the Company and traded at the same time, terms and execution prices with client accounts as part of an aggregated order may participate in the aggregated order without violating the Blackout Period. Other exceptions include trades as a result of an automatic investment plan, dividend reinvestments plans, and approved third party managed accounts.

Blackout Period violations are subject to disciplinary measures including the cancelling of the trade or other measures the Company may determine. The Company recognizes that certain situations may occur entirely in good faith and may choose not to take disciplinary measures in such instances if it appears that the Access Person acted in good faith and in the best interests of clients.

**Sanctions and Reporting Violations of the Code**

**Disciplinary Responses**

All disciplinary responses to violations of the Code shall be administered by the CCO, subject to approval by the CEO of the Company. Determinations regarding appropriate disciplinary responses will be administered on a case-by-case basis.

Violations of this Code of Ethics, or the other policies and procedures set forth in the Compliance Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject an Associated Person to civil, regulatory or criminal sanctions. No Associated Person will determine whether he or she committed a violation of the Code of Ethics, or impose any sanction against himself or herself. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

Associated Persons must promptly report any suspected violations of the Code of Ethics to the CCO. To the extent practicable, the Company will protect the identity of an Associated Person who reports a suspected violation. However, the Company remains responsible for satisfying the regulatory reporting and other obligations that may follow the reporting of a potential violation. The CCO shall be responsible for ensuring a thorough investigation of all suspected violations of the Code and shall maintain a report of all violations. Retaliation against any Associated Person who reports a violation of the Code of Ethics is strictly prohibited and will be cause for corrective action, up to and including dismissal.

Nothing herein shall prohibit or impede in any way an Associated Person, or former Associated Person, from reporting a possible securities law violation directly to the SEC or other regulatory authority. In addition, the Company will not retaliate in any way against an Associated Person, or former Associated Person, for providing information relating to a possible securities law violation to the SEC or other regulatory authority.

**Agreement to Abide by Code of Ethics**

This agreement is entered into by and between DriveAdvisory, LLC (the "Company") and the Associated Person whose name and signature is represented below.

By signing this agreement, I, ______________________________, acknowledge that:

____ I have received a copy of the Company's Code of Ethics;

____ I have read and understand the information contained in the Code of Ethics; and

____ I will abide by the Code of Ethics and any subsequent amendments thereto.

To comply with the Company's Code of Ethics, I further certify that I have directed each broker with whom I have a Covered Account containing Reportable Securities and to send to the Company's designated CCO duplicate copies of all periodic statements relating to my accounts or have otherwise complied with the reporting requirements of the policy and the Company's Code of Ethics.

To meet the disclosure requirements of pertinent securities laws, rules and regulations, I further certify that I will disclose all legal and disciplinary events for which I am, or have been personally involved, including information regarding any actions or fines by any regulatory organization.

Signature:   <br>Date:  

**Associated Persons Report**

**DriveAdvisory, LLC**

As of_________, 20 ______

---

| | | | |
|:---|:---|:---|:---|
| **NAME** | **TITLE** | **ACKNOWLEDGEMENT OF RECEIPT OF<br> CODE OF ETHICS** | **ACCESS PERSON?** |
| | | | Yes |
| | | | Yes |
| | | | Yes |
| | | | Yes |
| | | | Yes |
| | | | Yes |

---

**Personal Securities Trading Request Form**

**DriveAdvisory, LLC**

Name:

Details of Proposed Transaction:

---

| | |
|:---|:---|
| Circle One | Purchase/Sale |
| Date of Transaction | |
| Indicate Name of Issuer and Symbol | |
| Type of Security (e.g., Note, Common Stock, Preferred Stock) | |
| Quantity of Shares or Units | |
| Price Per Share/Unit | |
| Approximate Dollar Amount | |
| Account for Which Transaction will be Made | |
| Name of Broker | |

---

Date of Request <u>_____________________________</u>

You ______*may / _____may not* execute the proposed transaction described above.

Authorized Signature:   <br>Date of Response:  

**Initial Personal Securities Holdings Report**

**(page 1 of 2)**

To: CCO, DriveAdvisory, LLC

From: _________________________________

(Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Initial Personal Securities Holdings Report:

As of ___________, 20 ____, I hold the following Reportable Securities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Type of** |  |  |  |  |  |  |
| **Date of** | **Security** | **Transaction** | **Type of** | **Ticker/C** | **# of** | **Principal** |  | **Name of Broker-** |
| **Transaction** | **Title\*** | **(Purchase/Sale**<br> **/Other)** | **Security** | **USIP** | **Shares** | **Amount** | **Price** | **Dealer** |

---

\* Include interest rate and maturity date, if applicable. Use additional sheet(s), if necessary.

**(page 2 of 2)**

________The following broker-dealer, bank, or other custodian holds accounts invested in Non- Reportable Securities in which I have Beneficial Ownership.

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer, or Bank** | **Account Title** | **Account Number** |

---

Use additional sheet(s), if necessary.

_____As of _______________, 20 _____, I do not have any direct or indirect Beneficial Ownership in any account containing any securities. However, I agree to promptly notify the designated CCO, if any such account is opened, so long as I am an Access Person with DriveAdvisory, LLC.

Signed:   Date:   <br>Report reviewed by:   Date:  

**Quarterly Report of Personal Securities Transactions**

**(page 1 of 2)**

To: CCO, DriveAdvisory, LLC

From: __________________________________

(Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Quarterly Report of Personal Securities Transactions, as amended:

During the quarter ending _______________, I have purchased, sold, or have otherwise obtained Beneficial Ownership in the following securities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Type of** |  |  |  |  |  |  |
| **Date of** | **Security** | **Transaction** | **Type of** | **Ticker/C** | **# of** | **Principal** |  | **Name of Broker-** |
| **Transaction** | **Title\*** | **(Purchase/Sale**<br> **/Other)** | **Security** | **USIP** | **Shares** | **Amount** | **Price** | **Dealer** |

---

\* Include interest rate and maturity date, if applicable. Use additional sheet(s), if necessary.

**(page 2 of 2)**

______During the above period, I have not purchased or sold any Reportable Securities in which I have direct or indirect Beneficial Ownership.

______During the above period, I have disclosed to the Company all new accounts in which I have direct or indirect Beneficial Ownership.

______I do not currently have any Beneficial Ownership in any Covered Accounts. However, I agree to promptly notify DriveAdvisory, LLC, if I obtain Beneficial Ownership in any account, so long as I am an Access Person of DriveAdvisory, LLC.

Signed:   Date:   <br>Report reviewed by:   Date:  

**Annual Certification of Compliance**

**With The Personal Securities Transactions Disclosure Requirements**

**And Code Of Ethics For DriveAdvisory, LLC**

In accordance with the policies and procedures regarding Personal Securities Transactions and the Code of Ethics for DriveAdvisory, LLC, I certify that during the year ending December 31,_________:

____ I have reported all Reportable Securities holdings in which I have Beneficial Ownership.

____ I have obtained pre-clearance for all Covered Securities transactions in which I have Beneficial Ownership, except for transactions that are exempt from pre-clearance or those for which I have received a written exception from the CCO.

____ I have reported all Reportable Securities transactions in which I have Beneficial Ownership, except for transactions, which are exempt from reporting, or for which I have received a written exception from the CCO.

____ I have complied with the Code of Ethics in all other respects.

---

| |
|:---|
| Print Name: |
| Signature: |
| Dated: |

---

**Annual Personal Securities Holdings Report**

**(page 1 of 2)**

To: CCO, DriveAdvisory, LLC

From: ____________________________________

(Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Annual Personal Securities Holdings Report:

As of,____________, 20_____, I hold the following Reportable Securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Title\*** | **Type of Security** | **Ticker/CUSIP** | **# of Shares** | **Principal Amount** | **Name of Broker-Dealer** |

---

\* Include interest rate and maturity date, if applicable. Use additional sheet(s), if necessary.

**(page 2 of 2)**

**_____**The following broker-dealer, bank, or other custodian holds accounts invested in Non-Reportable Securities in which I have Beneficial Ownership.

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer, or Bank** | **Account Title** | **Account Number** |

---

Use additional sheet(s), if necessary

_________As of _______________, 20______, I do not have any direct or indirect Beneficial Ownership in any account containing any securities. However, I agree to promptly notify the designated CCO, if any such account is opened, so long as I am an Associated Person with DriveAdvisory, LLC.

Signed:   Date:   <br>Report reviewed by:   Date:

## Ex-99.(P)(3)

**Exhibit (p)(3)**

**Code of Ethics**

**Penserra Capital Management LLC**

**March 2016**

**APPENDIX E**

**Penserra Capital Management LLC**

**CODE OF ETHICS**

**Adopted March 1, 2016**

I. <u>INTRODUCTION</u>

High ethical standards are essential for the success of Penserra Capital Management LLC (the "Adviser") and to maintain the confidence of the Adviser's clients. The Adviser's long-term business interests are best served by adherence to the principle that the interests of clients come first. We have a fiduciary duty to clients to act solely for the benefit of our clients. All personnel of the Adviser, including members, officers and employees of the Adviser must put the interests of the Adviser's clients before their own personal interests and must act honestly and fairly in all respects in dealings with clients. All personnel of the Adviser must also comply with all federal securities laws.

Potential conflicts of interest between the interests of the Adviser's personnel and the interests of the Adviser's clients may arise in connection with the operation of the Adviser's investment Advisory activities, including conflicts arising in connection with the personal trading activities of the Adviser's personnel. In recognition of (i) the fact that an employee of the Adviser may have a pre-existing personal securities account and may require the ability to sell securities from time to time, (ii) the Adviser's fiduciary duty to its clients and (iii) the Adviser's desire to maintain its high ethical standards, the Adviser has adopted this Code of Ethics (the "Code") containing provisions designed to prevent improper personal trading, identify conflicts of interest and provide a means to resolve any actual or potential conflicts in favor of the Adviser's clients. The Code is intended to comply with Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act").

Adherence to the Code and the reporting requirements related to personal investing is considered a basic condition of employment by the Adviser. If you have any doubt as to the propriety of any activity, you should consult with the CCO, who is charged with the administration of this Code.

I. <u>DEFINITIONS</u>

**<u>Access Person</u>** of the Adviser means any Advisory Person of the Adviser.

**<u>Advisory Person</u>** of the Adviser means (i) any officer, manager, member, consultant or employee (full- time, part-time or temporary) of the Adviser (or of any company with a control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Reportable Securities by a client or has access to Fund portfolio information, or whose functions relate to the making of any recommendations with respect to such purchase or sale of Reportable Securities, and (ii) any natural person in a control relationship to the Adviser who obtains information concerning recommendations made to clients with regard to the purchase or sale of Reportable Securities.

**<u>Automatic Investment Plan</u>** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan.

**APPENDIX E**

**<u>Beneficial Ownership</u>** includes ownership by any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect "pecuniary" or financial interest in a security. For example, an individual has an indirect pecuniary interest in any security owned by the individual's spouse. Beneficial ownership also includes, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, having or sharing "voting power" or "investment power" as those terms are used in Section 13(d) of the Exchange Act and Rule 13d-3 thereunder.

**<u>Compliance Officer</u>** means the Chief Compliance Officer of the Adviser.

**<u>Covered Person</u>** means any Advisory Person of the Adviser and any other member, manager, officer, consultant or employee (including, full-time, part-time and temporary employees) of the Adviser and any person who serves as a dual employee of, or is affiliated with, the Adviser and a company with a control relationship to the Adviser. A Covered Person also includes any solicitor/consultant, representative or agent retained by the Adviser who (i) makes or participates in the making of investments and/or potential investments for clients; (ii) has access to non-public information on investments and/or potential investments for clients; or (iii) has access to non-public information regarding securities recommendations to clients.

**<u>Personal Account</u>** means any account in which a Covered Person has any direct or indirect beneficial ownership. For purposes of this Code, beneficial ownership is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

<u>Reportable Funds</u> means any open-end registered investment company advised or sub-advised by the Adviser.

**<u>Reportable Security</u>** means any stock, bond, future, investment contract, exchange-traded fund, or any other instrument that is considered a "security" under section 202(a)(1) of the Advisers Act and includes any derivative thereof, commodities, options or forward contracts, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bankers'
 acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
 instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares
 of open-end mutual funds other than those advised or sub-advised by the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares
 issued by unit investment trusts that are invested exclusively in one or more open-end funds.

**<u>Restricted Security</u>** means any Security (i) that is to be Acquired or Sold for a client; (ii) that the Adviser is researching, analyzing or considering buying or selling for a client; (iii) for which a Covered Person may have material non-public information.

**<u>Security to be Acquired or Sold for a Client</u> means**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 Reportable Security which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is in the period of a rebalancing or included in an index change (defined as the day an index change list has been provided until the rebalance date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is or is being considered by the Adviser for purchase or sale for the client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 option to purchase or sell and any security convertible into or exchangeable for, a Reportable
 Security described in (i)(A) or (i)(B) above;

**<u>Short Sale</u>** means the sale of securities that the seller does not own. A Short Sale is "against the box" to the extent that the seller contemporaneously owns or has the right to obtain securities identical to those sold short, at no added cost.

**APPENDIX E**

III. <u>STANDARDS OF CONDUCT</u>

It is unlawful for a Covered Person in connection with the purchase or sale, directly or indirectly, by the Covered Person of a Reportable Security Held or to be acquired by a client to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ
 any device, scheme or artifice to defraud the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make
 any untrue statement of a material fact to the client or omit to state a material fact necessary
 in order to make the statements made to the client, in light of the circumstances under which
 they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage
 in any act, practice or course of business that operates or would operate as a fraud or deceit
 on the client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage
 in any manipulative practice with respect to the client.

In addition, it is expected that all Covered Persons will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use
 reasonable care and exercise professional judgment in all actions affecting a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain
 general knowledge of and comply with all applicable federal and state laws, rules and regulations
 governing the Adviser's activities, and not knowingly participate or assist in any
 violation of such laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation or commit
 any act that reflects adversely on their honesty, trustworthiness, or professional competence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Respect
 and maintain the confidentiality of clients' information, their securities transactions
 and potential transactions, their portfolio strategy, or any other matters within the bounds
 of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be
 aware of the scope of material nonpublic information related to the value of a security.
 Avoid any trading or causing any other party to trade in a security if such trading would
 breach a fiduciary duty or if the information was misappropriated or relates to a material
 corporate event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise
 diligence and thoroughness in securities research and in the making of investment recommendations
 and decisions; and maintain appropriate records to support the reasonableness of such recommendations
 and decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deal
 fairly and objectively with clients when disseminating investment recommendations, disseminating
 material changes in recommendations, and taking investment action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refrain
 from any misrepresentations or factual omissions that could affect clients' investment
 decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply
 on a timely basis with the reporting requirements of this Code.

**APPENDIX E**

IV. <u>APPLICABILITY OF CODE OF ETHICS</u>

**<u>Personal Accounts of Covered Persons</u>.** This Code of Ethics applies to all Personal Accounts of all Covered Persons. A Personal Account includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 Covered Person's spouse (other than a legally separated or divorced spouse of the Covered
 Person) and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 immediate family members who live in the Covered Person's household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 persons to whom the Covered Person provides primary financial support, and either (i)
whose financial affairs the Covered Person controls, or (ii) for whom the Covered Person provides discretionary Advisory services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 partnership, corporation or other entity in which the Covered Person has a 25% or greater
 beneficial interest, or in which the Covered Person exercises effective control.

A comprehensive list of all Covered Persons and Personal Accounts will be maintained by the Adviser's Compliance Officer.

V. PRE-CLEARANCE REQUIREMENTS AND <u>RESTRICTIONS ON PERSONAL INVESTING ACTIVITIES</u>

**1. <u>General</u>**. It is the responsibility of each Covered Person to ensure that a particular securities transaction being considered for his or her Personal Account is not subject to a restriction contained in this Code of Ethics or otherwise prohibited by any applicable laws. Personal securities transactions for Covered Persons may be effected **<u>only</u>** in accordance with the provisions of this Section. Covered Persons may not trade in Restricted Securities as defined in Section I. This list of Restricted Securities includes, but it not limited to, securities managed by the Adviser for a client, those that may give rise to a conflict of interest or a security in which trading would involve the misuse of confidential or inside information. Covered Persons are also required to submit pre-clearance requests for trading in all reportable securities and reportable funds to the compliance department. The CCO must submit a preclearance request and receive approval from a member of senior management. Duplicate Statements and confirmations must be received directly from the Covered Person's broker-dealer in which the Compliance Department will review each personal transaction, and record of the transaction and review are maintained in compliance with the firm's record retention policy.

**APPENDIX E**

**2. <u>Short Sales</u>.** A Covered Person may not engage in any short sale of a Restricted Security. Short sales of securities that are not Restricted Securities are permitted. Permitted short sales may not be made without the prior approval of the CCO.

**3. <u>Initial Public Offerings</u>.** A Covered Person may not acquire any direct or indirect beneficial ownership in ANY securities in any initial public offering.

**4. <u>Private Placements and Investment Opportunities of Limited Availability</u>.** A Covered Person may not acquire any beneficial ownership in ANY securities in any private placement of securities or investment opportunity of limited availability unless the CCO has given express prior written approval. "Private Placements" are offerings that are exempt from registration under the Securities Act of 1933, as amended, including exempted offerings of securities issued outside the United States. Investments in hedge funds or private pooled vehicles are typically sold in private placements. The CCO, in determining whether approval should be given, will take into account, among other factors, whether the opportunity is being offered to the Covered Person by virtue of his or her position with the Adviser.

**5. <u>Service on Boards of Directors; Outside Business Activities</u>.** A Covered Person may not serve as a director (or similar position) on the board of any company, including a public company, unless Covered Person has received written approval from the CCO. Authorization will be based upon a determination that the board service would not be inconsistent with the interests of any client account. At the time a Covered Person submits the initial holdings report in accordance with Section VII.2. of the Code, the Covered Person will submit to the CCO a description of any outside business activities in which the Covered Person has a significant role.

**6. <u>Excessive Trading</u>.** The Adviser believes that excessive personal trading by its Covered Persons can raise compliance issues and conflicts of interest. Compliance will review personal trading to determine the appropriate levels of personal trading.

**APPENDIX E**

&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Gifts.</u>** (a) No Covered Person may receive any gift, service, or other thing of more than *de minimis* value
 ($100 in aggregate annually from any one person or entity that does business with or potentially could
 conduct business with or on behalf of the Adviser). No Covered Person may give or offer any gift of
 more than *de minimis* value ($100 per year in aggregate to any entity that does business with
 or potentially could conduct business with or on behalf of the Adviser) without the prior written approval
 of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Solicited Gifts.* No Covered Person may use his or her position with the Adviser to obtain anything of value from a client, supplier, person to whom the Covered Person refers business, or any other entity with which the Adviser does business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Cash.* No Covered Person may give or accept cash gifts or cash equivalents to or from an investor, prospective investor, or any entity that does business with or potentially could conduct business with or on behalf of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Entertainment.* No Covered Person may provide or accept extravagant or excessive entertainment to or from an investor, prospective investor, or any person or entity that does or potentially could do business with or on behalf of the Adviser. Covered Persons may provide or accept a business entertainment event, such as dinner or a sporting event, of reasonable value, if the person or entity providing the entertainment is present. Any event likely to exceed a *de minimis* value ($100), must be approved in advance by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) Seminars and Conferences*. The Adviser requires all Covered Persons to submit travel and expense reports for all expenses associated with seminars and conferences. Covered Persons must submit all travel and lodging expenses to be paid by the Adviser, and must receive the prior written approval of the Compliance Officer in order to permit a broker or third party to pay expenses associated with a Covered Person's travel and lodging regarding a specific seminar or conference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) Government Officials.* No gift or entertainment event of any value involving U.S. government officials or their families, which may be perceived to induce the recipient to act for the benefit of the Adviser, may be given or sponsored by the Adviser or any Covered Person without the prior written approval of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g)* R*eporting.* Each Covered Person must report all gifts received in connection with the Covered Person's employment to the CCO. The CCO may require that any such gift be returned to the provider or that an expense be repaid by the Covered Person. The CCO also will keep records of any gifts so reported.

**8. <u>Management of Non-Adviser Accounts</u>.** Covered Persons are prohibited from managing accounts for third parties who are not clients of the Adviser or serving as a trustee for third parties unless the CCO pre-clears the arrangement and finds that the arrangement would not harm any client. The CCO may require the Covered Person to report transactions for such account and may impose such conditions or restrictions as are warranted under the circumstances.

**APPENDIX E**

VI. <u>REPORTING</u>

**1. <u>Duplicate Copies of Broker's Confirmations and Account Statements to Adviser</u>.** All Covered Persons must direct their brokers or custodians or any persons managing the Covered Person's account in which any Reportable Securities and Reportable Funds are held to supply to the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Covered Person's monthly and quarterly brokerage or account statements within 30 days
 after the relevant time period.

&nbsp;&nbsp;&nbsp;&nbsp;• All
 covered persons are required to request pre-approval for any securities trading in their
 personal accounts. These requests will be checked against the received statements.

**2. <u>Initial Holdings Reports</u>.** All Covered Persons are required within ten (10) days of becoming a Covered Person through the adoption of this Code or of commencement of employment with the Adviser, to submit an Initial Holdings Statement (**<u>Attachment A</u>**) to the CCO listing:

&nbsp;&nbsp;&nbsp;&nbsp;• All
 Reportable Securities and Reportable Funds in which the Covered Person has any beneficial
 ownership, including title and exchange ticker symbol or CUSIP number, type of security,
 number of shares and principal amount (if applicable) of each security;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of any brokerage firm, bank or other financial institution with which the Covered Person,
 maintains a Personal Account in which **ANY** securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;• A
 description of outside business activities in which the Covered Person has a significant
 role, including any service on the board of directors of a company.

The report must be dated the day the Covered Person submits it, and must contain information that is current as of a date no more than 45 days prior to the date the person becomes a Covered Person of the Adviser.

**3. <u>Annual Holdings Reports</u>.** On an annual basis, by a date specified by the CCO, each Covered Person must provide to the Compliance Officer, a signed and dated Annual Holdings Report (**<u>Attachment C</u>**) containing information current as of a date not more than 45 days prior to the date of the report. The Annual Holdings Report must disclose:

&nbsp;&nbsp;&nbsp;&nbsp;• All
 Reportable Securities and Reportable Funds held in a Personal Account of the Covered Person,
 including the title and type of security, and as applicable the exchange ticker symbol or
 CUSIP number, number of shares and/or principal amount of each security beneficially owned;
 and

The name of any broker-dealer or financial institution with which the Covered Person maintains a Personal Account in which <u>any</u> securities are held for the Covered Person.

**4. <u>Quarterly Transaction Reports</u>**. On a quarterly basis, each Covered Person must provide to the Chief Compliance Officer a signed and dated Quarterly Transaction Report (**<u>Attachment B</u>**) within 30 days of calendar quarter end containing following information for all Reportable Securities and Reportable Funds:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 date of the transaction, the title, the exchange ticker symbol ticker or CUSIP number (as
 applicable), the interest rate and maturity date (if applicable), the number of shares and
 the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 nature of the transaction, (i.e., purchase, sale, or other type of acquisition or disposition);

**APPENDIX E**

&nbsp;&nbsp;&nbsp;&nbsp;• The
 price of the Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of the broker, dealer or bank with or through which transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;• The
 date that the report is submitted.

**5. <u>Exceptions to Reporting Requirements.</u>** A Covered Person need not submit any report with respect to securities held in accounts over which the Covered Person has no direct or indirect influence or control or transaction reports with respect to transactions in securities that are not Reportable Securities or Reportable Funds and transactions effected pursuant to an Automatic Investment Plan.

**6. <u>Conflicts of Interest</u>.** Covered Persons must report immediately to the CCO any situation which may involve a conflict of interest or suspected violation of the Code. Covered Persons are also restricted from owning the fund in which the firm advises.

**7. <u>Transactions Subject to Review</u>.** The transactions reported on the quarterly transaction reports will be reviewed and compared against the Covered Persons' account statements, and when deemed advisable by the CCO, against client transactions.

The Compliance Officer is responsible for reviewing each Code report submitted by a Covered Person. The Compliance Officer will maintain a list of any other employees which may share that responsibility in the future.

VII. <u>RECORDKEEPING</u>

The CCO shall maintain records in the manner and extent set forth below, and these records shall be available for examination by representatives of the Securities and Exchange Commission. Records may be maintained in electronic format should the Adviser elect to automate the oversight of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;1. a
 copy of this Code which is, or at any time within the past five years has been, in effect
 shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;2. a
 record of any violation of this Code and of any action taken as a result of such violation
 shall be preserved in an easily accessible place for a period of not less than five years
 following the end of the fiscal year in which the violation occurs, the first two years in
 an appropriate office of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;3. a
 copy of all written acknowledgements of the receipt of the Code and any amendments thereto
 for each Covered Person who is currently, or within the past five years was a Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;4. a
 copy of each report made pursuant to this Code and brokerage statements submitted on behalf
 of Covered Persons shall be preserved for a period of not less than five years from the end
 of the fiscal year in which the last entry was made on such record, the first two years in
 an appropriate office of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;5. a
 list of all Covered Persons (which includes all Access Persons) who are required, or within
 the past five years have been required, to make reports under the Code or who are responsible
 for reviewing such reports pursuant to this Code shall be maintained in an easily accessible
 place;

**APPENDIX E**

&nbsp;&nbsp;&nbsp;&nbsp;6. a
 record of persons responsible for reviewing reports and a copy of reports provided pursuant
 to Section VII; and

&nbsp;&nbsp;&nbsp;&nbsp;7. a
 record of any report furnished to the board of the Board of Directors or Trustees of any
 registered investment company (the "Board") to which it provides advisory services
 pursuant to Section VIII below shall be preserved for a period of not less than five years
 from the end of the fiscal year in which the last entry was made on such record, the first
 two years in an appropriate office of the Adviser.

VIII. <u>REPORTS TO THE BOARD(S) OF REGISTERED INVESTMENT COMPANIES</u>

No less frequently than annually, the Adviser will furnish the Board of Directors or Trustees of any registered investment company (the "Board") to which it provides advisery services with a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) describes
 any issues arising under the Code or procedures since the last report to the Board, including,
 but not limited to, information about material violations of the Code or procedures and sanctions
 imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) certifies
 that the Adviser has adopted procedures reasonably necessary to prevent Covered Persons from
 violating the Code.

IX. <u>OVERSIGHT OF CODE OF ETHICS</u>

1. <u>General Principle</u>. The Adviser will use reasonable diligence and institute procedures reasonably necessary to prevent violations of the Code.

2. <u>Acknowledgment</u>. The CCO shall identify all Covered Persons who are under a duty to make reports under this Code and shall inform such persons of such duty and annually deliver a copy of the Code of Ethics and any amendments to all Covered Persons. The Compliance Officer will also distribute promptly all amendments to the Code of Ethics. All Covered Persons are required initially and annually to sign and acknowledge their receipt of this Code of Ethics by signing the form of Initial and Annual Certification for employees (**<u>Attachment D</u>**<u>)</u> or such other form as may be approved by the CCO.

3. <u>Review of Transactions</u>. Each Covered Person's transactions in his/her Personal Account will be reviewed on a regular basis. Any Covered Person transactions that are believed to be a violation of this Code will be reported promptly to the management of the Adviser. A member of the Adviser's senior management will review the CCO's transaction reports and holdings reports.

4. <u>Sanctions</u>. Upon determining that a violation of this Code has occurred, the Adviser may impose such sanctions or remedial action as deemed appropriate or to the extent required by law. These sanctions may include, among other things, disgorgement of profits, suspension or termination of employment and/or criminal or civil penalties.

5. <u>Reports to the Board</u>. The Adviser shall report to the Board any violation of the Code by a Covered Person, and such Covered Person may be called upon to explain the circumstances surrounding his or her non-clerical violation for evaluation by the Board.

6. <u>Authority to Exempt Transactions</u>. The Compliance Officer has the authority to exempt any Covered Person or any personal securities transaction of a Covered Person from any or all of the provisions of this Code if the CCO determines that such exemption would not be against any interests of a client. The CCO will prepare and file a written memorandum of any exemption granted, describing the circumstances and reasons for the exemption.

7. <u>ADV Disclosure.</u> The Compliance Officer will ensure that the Adviser's Form ADV (1) accurately describes the pertinent provisions of the Code; and (2) includes disclosure offering to provide a copy of the Code to any client or prospective client upon request.

X. <u>CONFIDENTIALITY</u>

All reports of personal securities transactions and any other information filed pursuant to this Code shall be treated as confidential to the extent permitted by law.

**APPENDIX E**

**ATTACHMENT A**

**Initial Holdings Statement**

---

| | |
|:---|:---|
| **By:** | |
|  | (Printed Name) |
| **Date:** |  |

---

The following are each and every **Reportable Security** and **Brokerage Account** containing **ANY** Securities in which I have a direct or indirect Beneficial Ownership and a description of all my Outside Business Activities. See Section II of the Code for information for the definitions of "Beneficial Ownership" and "Reportable Security." The information provided below should be current as of a date no more than 45 days prior to the date you became a Covered Person.

**List of Brokerage Accounts Containing ANY Securities:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Name & Number** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Institution** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date Account Opened** |

---

**List of Reportable Securities\*:**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account and<br> Institution** | &nbsp;&nbsp;**Description &<br> Type of Security** | &nbsp;&nbsp;**Exchange Ticker<br> or CUSIP No.** | &nbsp;&nbsp;**No. of Shares** | &nbsp;&nbsp;**Principal Amount<br> (for Bonds)** |

---

\*Include additional information on a separate page if necessary. You also may attach a copy of your account statement to this form in lieu of listing the securities above.

**APPENDIX E**

**Initial Holdings Statement (Cont'd)**

**Description of Outside Business Activities (including any service on the board of directors of a company):**

☐ ***Check this box if you have nothing to report (no Brokerage Accounts containing ANY Securities, no Reportable Securities and no Outside Business Activities)***

 ****

Check one of the following:

______ I **<u>do not</u>** have direct or indirect beneficial ownership in any blind trusts or other accounts managed by a third party who has been granted discretionary investment authority (with the exception of 529 Plans, if applicable).

______ I **<u>do</u>** have direct or indirect beneficial ownership in any blind trusts or other accounts managed by a third party who has been granted discretionary investment authority (with the exception of 529 Plans, if applicable), but did not direct the third party discretionary manager to make any particular purchases or sales of the securities for the account(s).

**Signature :**

Reviewed By:  

Title:   Date:  

**APPENDIX E**

**ATTACHMENT B**

**Quarterly Transaction Report**

---

| | | |
|:---|:---|:---|
| **By:** | | **Date:** |
|  | (Printed Name)  |  |

---

**Period of Report:** Quarter__________ Year <u>_____________</u>

The following are each and every transaction in **Reportable Securities** in which I have a direct or indirect Beneficial Ownership. See Section II of the Code for the definitions of "Beneficial Ownership" and "Reportable Security." This report must be completed and submitted within 30 days following the end of the previous calendar quarter.

**Reportable Securities Transactions:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account Name,<br> Number and<br> Institution** | &nbsp;&nbsp;**Date of<br> Transaction** | &nbsp;&nbsp;**Type of<br> Transaction**<br> **(Purchase or<br> Sale)** | &nbsp;&nbsp;**Description<br> of Security** | &nbsp;&nbsp;**Exchange<br> Ticker or<br> CUSIP No.** | &nbsp;&nbsp;**Number<br> of Shares** | &nbsp;&nbsp;**Principal<br> Amount (for<br> Bonds)** |

---

\* You also may attach a copy of your account statement to this form in lieu of listing the securities above.

The following are each and every account (including brokerage accounts and bank accounts used substantially as brokerage accounts) that have been opened or closed during the previous quarter for which I have a direct or indirect Beneficial Ownership.

**Opened / Closed Brokerage Accounts:**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Name and<br> Number** | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Institution** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Opened / Closed** |

---

☐ ***Check this box if you have nothing to report (no Brokerage Accounts and no Reportable Transactions)***

 ****

Check one of the following:

______ I **<u>do not</u>** have direct or indirect beneficial ownership in a blind trust or other accounts managed by a third party who has been granted discretionary investment authority (with the exception of 529 Plans, if applicable).

______ I **<u>do</u>** have direct or indirect beneficial ownership in any blind trusts or other accounts managed by a third party who has been granted discretionary investment authority (with the exception of 529 Plans, if applicable), but did not direct the third party discretionary manager to make any particular purchases or sales of the securities for the account(s).

**Signature: <u>____________________________________________</u>**

Reviewed By:   Title:   <br>Date:  

**APPENDIX E**

**ATTACHMENT C**

**Annual Holdings Report**

---

| | | |
|:---|:---|:---|
| **By:** | | **Date:** |
|  | (Printed Name)  |  |

---

**For Period Ended:** December 31, 20 <u>__</u>

The following is an annual report of the **Reportable Securities** in which I have a direct or indirect Beneficial Ownership. See Section II of the Code for the definitions of "Beneficial Ownership" and "Reportable Security." The information provided below should be current as of a date no more than 45 days prior to the date of this report.

**Annual Holdings\***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account Name,<br> Number and<br> Institution** | &nbsp;&nbsp;**Description &<br> Type of Security** | &nbsp;&nbsp;**Exchange Ticker<br> or CUSIP No.** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Principal Amount<br> (for Bonds)** |

---

\* Include additional information on a separate page if necessary. You also may attach a copy of your most recent account statement to this form in lieu of listing the securities above.

**List of Brokerage Accounts Containing ANY Securities\***

The following is an annual report of each and every account (including brokerage accounts and bank accounts used substantially as brokerage accounts) containing ANY securities for which I have a direct or indirect Beneficial Ownership.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Name and Number** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Institution** |

---

\*Include additional information on a separate page if necessary.

☐ ***Check this box if you have nothing to report (no Brokerage Accounts and no Reportable Holdings)***

 ****

Check one of the following:

______ I **<u>do not</u>** have direct or indirect beneficial ownership in any blind trusts or other accounts managed by a third party who has been granted discretionary investment authority (with the exception of 529 Plans, if applicable).

______ I **<u>do</u>** have direct or indirect beneficial ownership in any blind trusts or other accounts managed by a third party who has been granted discretionary investment authority (with the exception of 529 Plans, if applicable), but did not direct the third party discretionary manager to make any particular purchases or sales of the securities for the account(s).

**Signature: <u>___________________________________</u>**

Reviewed By:   Title:   <br>Date:  

**APPENDIX E**

**ATTACHMENT D**

**Initial and Annual Certification**

I certify that I:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have
 received, read and reviewed the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) understand
 the policies and procedures in the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) recognize
 that I am subject to such policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) understand
 the penalties for non-compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) have
 complied with the Code of Ethics and any applicable reporting requirements during this past
 year (applies to Annual Certifications only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) have
 fully disclosed any exceptions to my compliance with the Code below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) will
 fully comply with the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) have
 fully and accurately completed this Certificate.

EXCEPTION(S):

---

| | |
|:---|:---|
| **Signature**: | |
| **Name**: | |
|  | (Please print) |

---

**Date Submitted**:

Reviewed By:   Title:   <br>Date:  

**APPENDIX F**

**Penserra Capital Management LLC**

**<u>T</u>** **<u>RADE ERROR POLICIES AND PROCEDURES</u>**

I. GENERAL

Penserra Capital Management LLC ("Adviser") exercises due care in making and implementing investment decisions on behalf of its clients and recognizes its obligation to identify and resolve trade errors in a timely manner, consistent with disclosures made to clients as well as adopted policies and procedures. The Adviser should seek to avoid errors. The Adviser will monitor for errors and if an error does occur, the Adviser will endeavor to correct and reduce similar errors in the future.

II. STATEMENT OF POLICY

If an error occurs, the Adviser seeks to ensure that the best interests of its clients are served when correcting such errors, subject to the terms of these Trade Error Policies and Procedures ("Policy"). Violations of an investment policy contained in one or more of the documents governing a client relationship as well as errors in placement, execution or settlement resulting in an incorrect settled trade will be considered "Trade Errors" under this Policy. Trade Errors do not include good faith errors in judgment in making investment decisions for clients.

The Adviser will use reasonable efforts to cause any broker or other service provider which is responsible for a Trade Error to reimburse affected clients for any monetary losses resulting from the Trade Error. To the extent that a Trade Error is attributable to the Adviser, and if the Adviser agrees that an error is actually a Trade Error and that the Trade Error fault is fully attributable to the Adviser, then the Adviser will promptly restore the client to a position that is no worse than if the Trade Error had not occurred. Under no circumstances may soft dollars be used to correct errors. In the event that Fund accounting, a custodian or other 3<sup>rd</sup> party caused the trade error because of bad information then Advisor is not responsible for and will not pay for any resulting trade error.

If a Trade Error results in a monetary gain, the gain will accrue to the benefit of the affected client account(s). Should a Trade Error occur in which multiple securities and/or transactions are involved in the same error, the monetary impact of the Trade Error will be viewed from a net basis where losses will be offset by gains. In general, the net result of a direct loss will be reimbursed to the client account in which the error was made and a direct gain will accrue to the benefit of the client account in which the error was made.

The Adviser's Chief Compliance Office ("CCO") must approve and document the resolution of all Trade Errors.

III. PROCEDURES

To facilitate this policy, the procedures outlined below should be followed upon a determination that a Trade Error has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;1. Any
 trade error, along with the resolution, involving a Fund will be reported to the client promptly.

**APPENDIX E**

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 CCO and the employee's direct supervisor as per the Adviser's Escalation Policy
 shall be notified immediately upon the discovery of a possible Trade Error. Should it be
 determined a Trade Error has taken place it will be defined and documented. The totality
 of a Trade Error is determined on a case by case basis and is generally considered a singular
 event if the reasoning for the error is from a single issue, even if across multiple securities.
 If the Trade Error is material in nature or cannot be easily resolved by the CCO and the
 portfolio manager, the Advisor will notify management of the relevant client promptly. If
 deemed necessary, the CCO may consult with outside counsel regarding the resolution of the
 situation.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 CCO will work with investment personnel and traders to resolve any trade errors which will
 take all factors into account multiple factors including best interest of the client, date
 of identification relative to the error date and market conditions. Trade tickets reflecting
 errors should be preserved, and new trade tickets will be prepared if additional trading
 is necessary to resolve the error.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 CCO will create a written Trade Error Report (the "Report") of the Trade Error
 promptly upon the discovery and resolution of the Trade Error. The Report will contain the
 name of the client; the name of the person responsible for the error; the amount involved;
 the name of the security involved; the action taken to correct the error; and such other
 information as may be appropriate under the circumstances.

If the Trade Error is attributable to the Adviser, the Report shall also discuss the factors considered by the Adviser in determining whether the Trade Error was due to its willful misconduct, negligence or fraud. The Report shall be maintained in accordance with the Adviser's Record Retention Policy.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 CCO shall review the reason(s) for the trade error and determine whether any adjustments
 to procedures are necessary to prevent similar types of errors in the future.

&nbsp;&nbsp;&nbsp;&nbsp;6. If
 an excessive amount of trade errors occur in a given time period, the CCO will convene a
 meeting of all trading and investment personnel to discuss the matter and document any actions
 that have been, and actions that will be, taken to reduce the number of trade errors and
 limit particular types of trade errors from recurring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. POLICY
 REVIEW

This policy shall be reviewed on at least an annual basis.

**APPENDIX E**

**Trade Error Reporting Form**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Transaction date | &nbsp;&nbsp;Transaction date |
| &nbsp;&nbsp;Investments involved | &nbsp;&nbsp;Investments involved |
| &nbsp;&nbsp;Names, account numbers and custodians of all affected accounts | &nbsp;&nbsp;Names, account numbers and custodians of all affected accounts |
| &nbsp;&nbsp;Adviser Supervised Persons involved | &nbsp;&nbsp;Adviser Supervised Persons involved |
| &nbsp;&nbsp;Description of error | &nbsp;&nbsp;Description of error |
| &nbsp;&nbsp;Cause of error | &nbsp;&nbsp;Cause of error |
| &nbsp;&nbsp;Resolution thus far | &nbsp;&nbsp;Resolution thus far |
| &nbsp;&nbsp;Gain or loss (if known) | &nbsp;&nbsp;Gain or loss (if known) |
| &nbsp;&nbsp;Submitted by | &nbsp;&nbsp;Submitted by |
| &nbsp;&nbsp;Signature | &nbsp;&nbsp;Signature |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Date |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The remainder of this form is to be completed by the CCO** |
| &nbsp;&nbsp;Additional resolution steps (including training and/or changes to policies and procedures) | &nbsp;&nbsp;Additional resolution steps (including training and/or changes to policies and procedures) |
| &nbsp;&nbsp;Amount reimbursed by Adviser | &nbsp;&nbsp;Amount reimbursed by Adviser |
| &nbsp;&nbsp;Amount reimbursed by third parties | &nbsp;&nbsp;Amount reimbursed by third parties |
| &nbsp;&nbsp;Documentation maintained regarding the error | &nbsp;&nbsp;Documentation maintained regarding the error |
| &nbsp;&nbsp;Other comments | &nbsp;&nbsp;Other comments |
| &nbsp;&nbsp;Completed by | &nbsp;&nbsp;Completed by |
| &nbsp;&nbsp;Signature | &nbsp;&nbsp;Signature |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Date |

---

## Ex-99.(P)(4)

**Exhibit (p)(4)**

**RULE 17j-1 CODE OF ETHICS**

RULE 17J-1 CODE OF ETHICS

Contents

---

| | | |
|:---|:---|:---|
| INTRODUCTION | INTRODUCTION | 1 |
| 1. | STANDARDS OF PROFESSIONAL CONDUCT | 2 |
| a. | Fiduciary Duties | 2 |
| b. | Compliance with Laws | 2 |
| c. | Corporate Culture. | 2 |
| d. | Professional Misconduct | 3 |
| e. | Disclosure of Conflicts | 3 |
| f. | Undue Influence. | 3 |
| g. | Confidentiality and Protection of Material Nonpublic Information. | 3 |
| h. | Personal Securities Transactions | 4 |
| i. | Gifts | 4 |
| j. | Service on Boards | 4 |
| k. | Prohibition Against Market Timing. | 4 |
| 2. | WHO IS COVERED BY THIS CODE | 5 |
| 3. | PROHIBITED TRANSACTIONS | 5 |
| a. | Blackout Period. | 5 |
| b. | Requirement for Pre-clearance. | 5 |
| c. | Fund Officer Prohibition. | 6 |
| 4. | REPORTING REQUIREMENTS OF ACCESS PERSONS | 6 |
| a. | Reporting. | 6 |
| b. | Exceptions from Reporting Requirement of Section 4. | 6 |
| c. | Initial Holdings Reports | 6 |
| d. | Quarterly Transaction Reports | 7 |
| e. | New Account Opening; Quarterly New Account Report | 7 |
| f. | Annual Holdings Reports | 7 |
| g. | Alternative Reporting. | 8 |
| h. | Report Qualification. | 8 |
| i. | Providing Access to Account Information. | 8 |
| j. | Confidentiality of Reports | 8 |
| 5. | ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE | 8 |
| 6. | REPORTING VIOLATIONS | 9 |
| 7. | TRAINING | 9 |
| 8. | REVIEW OFFICER | 10 |
| a. | Duties of Review Officer | 10 |
| b. | Potential Trade Conflict | 10 |
| c. | Required Records | 10 |
| d. | Post-Trade Review Process | 11 |
| e. | Submission to Fund Board. | 11 |
| f. | Report to the Risk Committee. | 12 |
| APPENDIX A-Foreside Companies | APPENDIX A-Foreside Companies | 13 |
| APPENDIX B-Definitions | APPENDIX B-Definitions | 14 |
| ATTACHMENT A-Access Person Acknowledgment | ATTACHMENT A-Access Person Acknowledgment | 16 |
| ATTACHMENT B-Pre-Clearance Form | ATTACHMENT B-Pre-Clearance Form | 17 |

---

i

**INTRODUCTION**

This Rule 17j-1 Code of Ethics (the "Code") has been adopted by Foreside Financial Group, LLC ("Foreside") and each of its affiliated entities and direct or indirect wholly owned subsidiaries as listed in <u>Appendix A</u> (each, a "Company" and collectively, the "Companies"), collectively doing business as ACA or ACA Foreside. This Code pertains to the Companies' distribution services to registered management investment companies or series thereof, as well as those funds for which certain employees of the Companies (or an affiliate thereof) serve as an officer or director of a registered investment company ("Fund Officer") or have been designated an Access Person by the Review Officer<sup>1</sup> (each a "Fund" and as set forth in the List of Access Persons & Reportable Funds). This Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. establishes
 standards of professional conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. establishes
 standards and procedures for the detection and prevention of activities by which persons
 having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary
 duties to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. addresses
 other types of conflict-of-interest situations.

Definitions of <u>underlined</u> terms are included in <u>Appendix B.</u>

Each Company, through its President, may impose internal sanctions should <u>Access Persons</u> of any Company (as identified on the List of Access Persons & Reportable Funds maintained by the Review Officer) violate these policies or procedures. A registered broker-dealer and its personnel may be subject to various regulatory sanctions, including censure, suspension, fines, expulsion or revocation of registration for violations of securities rules, industry regulations and the Company's internal policies and procedures. In addition, negative publicity associated with regulatory investigations and private lawsuits can negatively impact and severely damage business reputation.

Furthermore, failure to comply with this Code is a very serious matter and may result in internal disciplinary action being taken. Such action may include, among other things, warnings, reprimands, restrictions on activities and/or suspension or termination of employment. Violations also may result in referral to regulatory, civil or criminal authorities where appropriate.

Should Access Persons require additional information about this Code or have ethics-related questions, please contact the Review Officer, as defined under Section 8 below, directly.

<sup>1</sup> Each Company is adopting this Code pursuant to Rule 17j-1 with respect to certain funds that it distributes or for which an employee of the Company serves as a Fund Officer or has been designated as an Access Person. Pursuant to the exception noted under Rule 17j-1(c)(3), adopting and approving a Rule 17j-1 code of ethics with respect to a Fund, as well as the Code's administration, by a principal underwriter is not required unless:

Ø the principal underwriter is an affiliated person of the Fund or of the Fund's adviser, or

Ø an officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund's investment adviser.

A <u>Fund Officer</u> is permitted to report as an <u>Access Person</u> under this Code with respect to the Funds listed on the List of Access Persons & Reportable Funds maintained by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;1. STANDARDS
 OF PROFESSIONAL CONDUCT

Each Company forbids any Access Person from engaging in any conduct that is contrary to this Code. Furthermore, certain persons subject to the Code are also subject to other restrictions or requirements that affect their ability to open securities accounts, effect securities transactions, report securities transactions, maintain information and documents in a confidential manner and other matters relating to the proper discharge of their obligations to the Company or to a Fund.

Each Company has always held itself and its employees to the highest ethical standards. Although this Code is only one manifestation of those standards, compliance with its provisions is essential. Each Company adheres to the following standards of professional conduct, as well as those specific policies and procedures discussed throughout this Code:

&nbsp;&nbsp;&nbsp;&nbsp;a. Fiduciary
 Duties.

Each Company and its Access Persons are fiduciaries and at all times shall:

¾ act solely for the benefit of the Funds; and

¾ place each Fund's interests above their own.

&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance
 with Laws.

Access Persons shall maintain knowledge of and comply with all applicable federal and state securities laws, rules and regulations, and shall not knowingly participate or assist in any violation of such laws, rules or regulations.

It is unlawful for Access Persons to use any information concerning a <u>security held or to be acquired</u> by a Fund, or their ability to influence any investment decisions, for personal gain or in a manner detrimental to the interests of a Fund.

Access Persons shall not, directly or indirectly, in connection with the trading of a Fund's shares or the purchase or sale of a security held or to be acquired by a Fund for which they are an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ
 any device, scheme or artifice to defraud a Fund or engage in any manipulative practice with
 respect to a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make
 to a Fund any untrue statement of a material fact or omit to state to a Fund a material fact
 necessary in order to make the statements made, in light of the circumstances under which
 they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage
 in any act, practice, or course of business that operates or would operate as a fraud or
 deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage
 in any manipulative practice with respect to securities, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate
 Culture.

Access Persons, through their words and actions, shall act with integrity, encourage honest and ethical conduct and adhere to a high standard of business ethics.

&nbsp;&nbsp;&nbsp;&nbsp;d. Professional
 Misconduct.

Access Persons shall not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation, or commit any act that reflects adversely on their honesty, trustworthiness or professional competence. Access Persons shall not knowingly misrepresent, or cause others to misrepresent, facts about a Company to a Fund, a Fund's shareholders, regulators or any member of the public. Disclosure in reports and documents should be fair and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;e. Disclosure
 of Conflicts.

As a fiduciary, each Company and Access Person has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of a Fund. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any Fund. Access Persons must try to avoid situations that have even the appearance of conflict or impropriety.

This Code prohibits inappropriate favoritism of one Fund over another that would constitute a breach of fiduciary duty. Access Persons shall support an environment that fosters the ethical resolution of, and appropriate disclosure of, conflicts of interest, and shall comply with any prohibition on activities imposed by a Company if a conflict of interest exists. If any Access Person is (or becomes) aware of a personal interest that is, or might be, in conflict with the interest of a Fund, that Access Person must promptly disclose the situation or transaction and the nature of the conflict to the Review Officer for appropriate consideration.

&nbsp;&nbsp;&nbsp;&nbsp;f. Undue
 Influence.

Access Persons shall not cause or attempt to cause any Fund to purchase, sell or hold any security in a manner calculated to create any personal benefit to them or others whose accounts they hold a beneficial ownership interest (i.e., their spouse or domestic partner, minor children or relatives who reside in the Access Person's household) or over which they have direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;g. Confidentiality
 and Protection of Material Nonpublic Information.

The term "Material Nonpublic Information" refers to information that is both material information and nonpublic information, and also may be referred to as "Inside Information." Information is considered to be "Nonpublic Information" unless it has been publicly disclosed, for example, through public filing with a securities regulator, issuance of a press release or the issuance of a prospectus. The term "Material Information" has no specific definition, but, for the purposes of this Code, it shall refer to any information that might have an effect on the market for a security generally or any information that a reasonable person would consider important in a decision to buy, hold or sell a security. Examples of material nonpublic information may include, but are not limited to: sales results; earnings (or loss) estimates (including significant changes to previously released information); dividend actions; strategic plans; new products, discoveries or services; significant personnel changes; acquisition, merger and divestiture plans; liquidity issues; proposed securities offerings; major pending or threatened litigation or potential claims; restructurings and recapitalizations; and the negotiation or termination of major contracts or relationships.

Information concerning the identity of portfolio holdings and financial circumstances of a Fund is confidential. Access Persons are responsible for safeguarding such material nonpublic information about a Fund, including portfolio recommendations and fund holdings. Except as required in the normal course of carrying out their business responsibilities **<u>and</u>** as permitted by a Fund's policies and procedures, Access Persons shall not reveal information relating to the investment intentions or activities of any Fund, or securities that are being considered for purchase or sale on behalf of any Fund.

Access Persons in possession of material nonpublic information must maintain the confidentiality of such information, and each Company shall be bound by a Fund's policies and procedures with regard to disclosure of an investment company's identity, affairs and portfolio holdings. The obligation to safeguard such Fund information would not preclude Access Persons from providing necessary information to, for example, persons providing services to a Company or a Fund's account such as brokers, accountants, custodians and fund transfer agents, or in other circumstances when the Fund consents, as long as such disclosure conforms to the Fund's portfolio holdings disclosure policies and procedures.

In any case, Access Persons shall not:

¾ trade based upon inside information, especially where Fund trades are likely to be pending or imminent; or

¾ use or share knowledge of any material nonpublic information of a Fund for personal gain or benefit or for the personal gain or benefit of others.

&nbsp;&nbsp;&nbsp;&nbsp;h. Personal
 Securities Transactions.

All personal securities transactions shall be conducted in such a manner as to be consistent with this Code and to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;i. Gifts.

Access Persons shall not accept or provide anything in excess of $100.00 (per individual per year) or any other preferential treatment, in each case as a gift, to or from any broker-dealer or other entity with which a Company or a Fund does business.

&nbsp;&nbsp;&nbsp;&nbsp;j. Service
 on Boards.

Access Persons shall not serve on the boards of trustees (or directors) of publicly traded companies, absent **<u>prior</u>** authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Company, a Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;k. Prohibition
 Against Market Timing.

Access Persons shall not engage in market timing of shares of <u>Reportable Funds</u> (a list of which are provided in the List of Access Persons & Reportable Funds maintained by the Review Officer). For purposes of this section, an Access Person's trades shall be considered 'market timing' if made in violation of any stated policy in the Fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;2. WHO IS COVERED BY
 THIS CODE

All Access Persons, in each case only with respect to the Reportable Funds as listed on the List of Access Persons & Reportable Funds maintained by the Review Officer, shall abide by this Code. Access Persons are required to immediately notify the Review Officer of their appointment as an officer of a Reportable Fund. Access Persons are required to comply with specific reporting requirements as set forth in Sections 3 and 4 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3. PROHIBITED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Blackout Period.** 

Access Persons shall not purchase or sell a <u>Reportable Security</u> in an account in their name, or in the name of others in which they hold a beneficial ownership interest or over which they have direct or indirect influence or control, if they had actual knowledge at the time of the transaction that, during the 24 hour period immediately preceding or following the transaction, the security was purchased or sold or was considered for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;b. Requirement
 for Pre-clearance.

Access Persons must obtain **<u>prior</u>** written approval from the Review Officer before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) directly
 or indirectly acquiring beneficial ownership in securities in an initial public offering
 for which no public market in the same or similar securities of the issue has previously
 existed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) directly
 or indirectly acquiring beneficial ownership in securities in a private placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directly
 or indirectly purchasing, selling or acquiring shares of a Reportable Fund for which they
 are an Access Person.

All requests for pre-clearance of securities transactions must be submitted to the Review Officer for review using the Pre-Clearance Request Form, in the form of <u>Attachment B</u>.

In determining whether to pre-clear the transaction, the Review Officer shall consider, among other factors, whether such opportunity is being offered to the Access Person by virtue of his or her position with the Fund or would result in a conflict of interest. Other factors to be considered may include: discussion with the Access Person concerning the reason for the requested transaction and how he or she became aware of the investment; the Access Person's work role; the size and holding period of the proposed investment; the market capitalization of the issuer; the liquidity of the security; and other relevant factors. The Review Officer granting or denying the request must document the basis for the decision and notify the requesting person whether the trading request is approved or denied.

A pre-clearance request should not be submitted for a transaction that the requesting person does not intend to execute. Pre-clearance trading authorization *is valid* only from the time when approval is granted through the next business day. If the transaction is not executed within this period, an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days. With respect to any effected transaction, the Access Person must provide the Review Officer with a transaction report evidencing the transaction consistent with the reporting requirements of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;c. Fund
 Officer Prohibition.

No Fund Officer shall directly or indirectly seek to obtain information (other than that necessary to accomplish the functions of the office) from any Fund portfolio manager regarding (i) the status of any pending securities transaction for a Fund or (ii) the merits of any securities transaction contemplated by the Fund Officer.

&nbsp;&nbsp;&nbsp;&nbsp;4. REPORTING REQUIREMENTS
 OF ACCESS PERSONS

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Reporting.** 

Access Persons must report the information described in this Section with respect to transactions in any <u>Reportable Security</u> in which they have, or by reason of such transaction acquire, any direct or indirect <u>beneficial ownership</u>. Access Persons must submit the appropriate reports to the Review Officer, unless they are otherwise required by a Fund, pursuant to a Code of Ethics adopted by the Fund, to report to the Fund or another entity.

&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions
 from Reporting Requirement of Section 4.

Access Persons need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 report with respect to securities held in accounts over which the Access Person had no direct
 or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 quarterly transaction report with respect to transactions effected pursuant to an automatic
 investment plan. However, any transaction that overrides the pre-set schedule or allocations
 of the automatic investment plan must be included in a quarterly transaction report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 quarterly transaction report with respect to transactions effected which were non-volitional
 on the part of the Access Person, including acquisitions of Reportable Securities by gift
 or inheritance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 quarterly transaction report if the report would duplicate information contained in broker
 trade confirmations or account statements that the Company holds in its records so long as
 the Company receives the confirmations or statements no later than thirty (30) days after
 the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;c. Initial
 Holdings Reports.

No later than ten (10) days after a person becomes an Access Person, the person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 title, type of security, and as applicable the exchange ticker symbol or CUSIP number, number
 of shares and principal amount of each Reportable Security (whether or not publicly traded)
 in which the person has any direct or indirect beneficial ownership as of the date the person
 became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 name of any broker, dealer or bank with whom the person maintains an account in which any
 securities were held for the Access Person's direct or indirect benefit as of the date
 the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 date that the report is submitted by the Access Person.

The information contained in the initial holdings report must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;d. Quarterly
 Transaction Reports.

No later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a quarterly transaction report which includes, at a minimum, the following information with respect to any transaction during the quarter in a Reportable Security (whether or not publicly traded) in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, the interest rate and maturity date (if applicable), the number of shares and the
 principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;e. New
 Account Opening; Quarterly New Account Report.

Each Access Person shall provide written notice to the Review Officer **<u>prior</u>** to opening any new account with any entity through which a Reportable Securities (whether or not publicly traded) transaction may be effected for which the Access Person has direct or indirect beneficial ownership.

In addition, no later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a Quarterly New Account Report with respect to any account established by such a person in which any Reportable Securities (whether or not publicly traded) were held during the quarter for the direct or indirect benefit of the Access Person. The Quarterly New Account Report shall cover, at a minimum, all accounts at a broker- dealer, bank or other institution opened during the quarter and provide the following information:

&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) the
 name of the broker, dealer or bank with whom the Access Person has established the account;

&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) the
 date the account was established; and

&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) the
 date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;f. Annual
 Holdings Reports.

Annually, each Access Person must report the following information (which information must be current as of a date no more than forty-five (45) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 title, type of security, and as applicable the exchange ticker symbol or CUSIP number, number
 of shares and principal amount of each Reportable Security (whether or not publicly traded)
 in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 name of any broker, dealer or bank with whom the Access Person maintained an account in which
 any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;g. Alternative
 Reporting.

The submission to the Review Officer of duplicate broker trade confirmations and account statements on all securities transactions required to be reported under this Section shall satisfy the reporting requirements of Section 4. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the information delivered by, or on behalf of, the Access Person to the Review Officer and recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;h. Report
 Qualification.

Any report may contain a statement that the report shall not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;i. Providing
 Access to Account Information.

Access Persons will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide
 full access to a Fund, its agents and attorneys to any and all records and documents which
 a Fund considers relevant to any securities transactions or other matters subject to the
 Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cooperate
 with a Fund, or its agents and attorneys, in investigating any securities transactions or
 other matter subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide
 a Fund, its agents and attorneys with an explanation (in writing if requested) of the facts
 and circumstances surrounding any securities transaction or other matter subject to the Code;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly
 notify the Review Officer or such other individual as a Fund may direct, in writing, from
 time to time, of any incident of noncompliance with the Code by anyone subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;j. Confidentiality
 of Reports.

Transaction and holdings reports will be maintained in confidence, except to the extent necessary to implement and enforce the provisions of this Code or to comply with requests for information from regulatory or government agencies or law enforcement where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;5. ACKNOWLEDGEMENT
 AND CERTIFICATION OF COMPLIANCE

Each Access Person is required to acknowledge in writing, initially and annually (in the form of <u>Attachment A</u>), that the person has received, read and understands the Code (and in the case of any amendments thereto, shall similarly acknowledge such amendment) and recognizes that he or she is subject to the Code. Further, each such person is required to certify annually that he or she has:

¾ read, understood and complied with all the requirements of the Code;

¾ disclosed or reported all personal securities transactions pursuant to the requirements of the Code; and

¾ not engaged in any prohibited conduct.

If an Access Person is unable to make the above representations, he or she shall report any violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;6. REPORTING VIOLATIONS

Access Persons shall report any violations of this Code promptly to the Review Officer, unless the violations implicate the Review Officer, in which case the individual shall report the violations to the Senior Director of Corporate GRC or Chief Executive Officer of Foreside, as appropriate. Such reports will be confidential, to the extent permitted by law, and investigated promptly and appropriately. Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

Reported violations of the Code will be investigated and appropriate actions will be taken. Types of reporting that are required include, but are not limited to:

¾ Noncompliance with applicable laws, rules and regulations;

¾ Fraud or illegal acts involving any aspect of the Company's business;

¾ Material misstatements in regulatory filings, internal books and records, Fund records or reports;

¾ Activity that is harmful to a Fund, including Fund shareholders; and

¾ Deviations from required controls and procedures that safeguard a Fund or a Company.

Access Persons should seek advice from the Review Officer with respect to any action or transaction that may violate this Code, and refrain from any action or transaction that might lead to the appearance of a violation. Access Persons should promptly report any apparent or suspected violations in addition to actual or known violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;7. TRAINING

Training with respect to the Code will occur initially upon an employee becoming or being designated an Access Person and at least annually thereafter. In addition, all Access Persons are required to attend any training sessions or read any applicable materials. Training may include, among other things, (1) periodic orientation or training sessions with new and existing personnel to remind them of their obligations under the Code and/or (2) certifications that Access Persons have read and understood the Code, and require re-certification that they have re-read, understand and have complied with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;8. REVIEW OFFICER

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Duties of Review Officer.** 

The Deputy General Counsel of Foreside has been appointed by the President of each Company as the Review Officer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review
 all securities transaction and holdings reports and maintain the names of persons responsible
 for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify
 all persons of each Company who are Access Persons subject to this Code, promptly inform
 each Access Person of the requirements of this Code and provide them with a copy of the Code
 and any amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compare,
 on a quarterly basis, all Reportable Securities transactions with each Fund's completed
 portfolio transactions to determine whether a Code violation may have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain
 signed acknowledgments and certifications by each Access Person who is then subject to this
 Code, in the form of <u>Attachment A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) inform
 all Access Persons of their requirements to obtain prior written approval from the Review
 Officer prior to directly or indirectly acquiring beneficial ownership of a security in any
 private placement, initial public offering or Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure
 that Access Persons receive adequate training on the principles and procedures of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) review,
 at least annually, the adequacy of this Code and the effectiveness of its implementation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) submit
 a written report to a Fund's Board and Foreside's Risk Committee as described
 in Section 8(e) and (f), respectively.

The Senior Director of Corporate GRC of Foreside shall review any reportable securities transactions of the Review Officer and shall assume the responsibilities of the Review Officer in his or her absence. The Review Officer may delegate responsibilities described herein to an appropriate Foreside representative.

&nbsp;&nbsp;&nbsp;&nbsp;b. Potential
 Trade Conflict.

When there appears to be a Reportable Securities transaction that conflicts with the Code, the Review Officer shall request a written explanation from the Access Person with regard to the transaction. If, after post-trade review, it is determined that there has been a material violation of the Code, a report will be made by the Review Officer with a recommendation of appropriate action to be taken to the Risk Committee of Foreside, the President of each Company, where applicable, the Chief Compliance Officer of each Company's Broker-Dealer, where applicable, and a Fund's Board of Trustees (or Directors), where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;c. Required
 Records.

The Review Officer shall maintain and cause to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 copy of any code of ethics adopted by each Company that is in effect, or at any time within
 the past five (5) years was in effect, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 record of any violation of any code of ethics, and of any action taken as a result of such
 violation, in an easily accessible place for at least five (5) years after the end of the
 fiscal year in which the last entry was made on any such report, the first two (2) years
 in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 copy of each holdings and transaction report (including duplicate confirmations and statements)
 made by anyone subject to this Code as required by Section 4 for at least five (5) years
 after the end of the fiscal year in which the report is made, the first two (2) years in
 an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 record of all written acknowledgements and certifications by each Access Person who is currently,
 or within the past five (5) years was, an Access Person (records must be kept for 5 years
 after individual ceases to be an Access Person under the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 list of all persons who are currently, or within the past five years were, required to make
 reports or who were responsible for reviewing these reports pursuant to any code of ethics
 adopted by each Company, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a
 copy of each written report and certification required pursuant to Section 8(e) of this Code
 for at least five (5) years after the end of the fiscal year in which it is made, the first
 two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a
 record of any decision, and the reasons supporting the decision, approving the acquisition
 of securities by Access Persons under Section 3(b) of this Code, for at least five (5) years
 after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a
 record of any decision, and the reasons supporting the decision, granting an Access Person
 a waiver from, or exception to, the Code for at least five (5) years after the end of the
 fiscal year in which the waiver is granted.

&nbsp;&nbsp;&nbsp;&nbsp;d. Post-Trade
 Review Process.

Following receipt of trade confirms and statements, transactions will be screened by the Review Officer (or his or her designee) for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *same day trades*: transactions by Access Persons occurring on the same day as the purchase
 or sale of the same security by a Fund for which they are an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *blackout period trades*: transactions by Access Persons occurring within 24 hours before or after
 the time as the purchase or sale of the same security by a Fund for which they are an Access
 Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *fraudulent conduct*: transaction by Access Persons which, within the most recent fifteen (15) days,
 is or has been held by a Fund or is being or has been considered by a Fund for purchase by
 a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *market timing of Reportable Funds*: transactions by Access Persons that appear to be market timing
 of Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *other activities*: transactions which may give the appearance that an Access Person has executed
 transactions not in accordance with this Code or otherwise reflect patterns of abuse.

&nbsp;&nbsp;&nbsp;&nbsp;e. Submission
 to Fund Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Review Officer shall, at a minimum, annually prepare a written report to the Board of Trustees
 (or Directors) of a Fund listed in the List of Access Persons & Reportable Funds maintained
 by the Review Officer that:

&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. describes
 any issues under this Code or its procedures since the last report to the Trustees (or Directors),
 including, but not limited to, information about material violations of the code or procedures
 and sanctions imposed in response to the material violations; and

&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. certifies
 that each Company has adopted procedures reasonably necessary to prevent Access Persons from
 violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Review Officer shall ensure that this Code and any material amendments are submitted to the
 Board of Trustees (or Directors) for approval for those funds listed in the List of Access
 Persons & Reportable Funds maintained by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;f. Report
 to the Risk Committee.

The Review Officer shall prepare a written report to the Risk Committee of Foreside (and the President of each Company, where applicable, and the Chief Compliance Officer of each Company's Broker-Dealer, where applicable) regarding any material issues that arose during the year under the Code, including, but not limited to, material violations of and sanctions under the Code.

---

| | |
|:---|:---|
| Adopted: | May 1, 2009 |
| Amended: | October 14, 2009 (updated <u>Appendix A</u>) |
| Amended: | September 29, 2011 (updated <u>Appendix A</u>) |
| Amended: | March 15, 2012 (updated <u>Appendix A</u>) |
| Amended: | April 4, 2012 (updated <u>Appendix A</u>) |
| Amended: | July 5, 2012 (updated <u>Appendix A</u>) |
| Amended: | November 30, 2012 (updated <u>Appendix A</u>) |
| Amended: | December 24, 2013 (updated <u>Appendix A</u>) |
| Amended: | March 26, 2014 |
| Amended: | July 11, 2014 (updated <u>Appendix A</u>) |
| Amended: | June 10, 2015 (updated <u>Appendix A</u>) |
| Amended: | October 16, 2015 (updated <u>Appendix A</u>) |
| Amended: | December 30, 2015 |
| Amended: | April 26, 2016 (updated <u>Appendix A</u>) |
| Amended: | August 1, 2016 (updated <u>Appendix A</u>) |
| Amended: | August 31, 2017 (updated <u>Appendix A</u>) |
| Amended: | December 31, 2017 (updated <u>Appendix A</u>) |
| Amended: | February 28, 2018 (updated <u>Appendices A and B</u>) |
| Amended: | May 1, 2019 (updated <u>Appendix A</u>) |
| Amended: | August 6, 2019 (updated <u>Appendix A</u>) |
| Amended: | January 10, 2020 (updated <u>Appendix A</u>) |
| Amended: | March 31, 2020 (updated <u>Appendix A</u>) |
| Amended: | August 14, 2020 (updated <u>Appendix A</u>) |
| Amended: | June 4, 2021 (updated <u>Appendix A</u>) |
| Amended: | December 31, 2021 |
| Amended: | May 25, 2022 (updated <u>Appendix A</u>) |
| Amended: | June 24, 2022 |
| Amended: | December 31, 2022 |

---

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX A<br> FORESIDE COMPANIES**

The following affiliated entities and direct or indirect wholly owned subsidiaries of Foreside Financial Group, LLC are subject to the Rule 17j-1 Code of Ethics for Distribution Services, Fund Officers Services, and Designated Access Persons:

Compass Distributors, LLC\*

Foreside Distribution Services, L.P.\*

Foreside Distributors, LLC

Foreside Financial Services, LLC\*

Foreside Fund Officer Services, LLC Foreside Fund Services, LLC\*

Foreside Funds Distributors LLC\* Foreside Global Services, LLC\*

Foreside Management Services, LLC Funds Distributor, LLC\*

IMST Distributors, LLC\*

JOHCM Funds Distributors, LLC\*

MGI Funds Distributors, LLC\*

Northern Funds Distributors, LLC\*

Orbis Investments (U.S.), LLC\* Parnassus Funds Distributor, LLC\*

Quasar Distributors, LLC\*

Sterling Capital Distributors, LLC\* VT Distributors LLC\*

*\** *FINRA-registered broker-dealer*

 

*The companies listed on this <u>Appendix A</u> may be amended from time to time, as required.*

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX B <br> DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Access Person</u>:

---

| | |
|:---|:---|
| (i)(1) | of a Company means each director or officer of the Companies who in the ordinary course of business makes, participates in or obtains information regarding the purchase or sale of Reportable Securities for a Fund or whose functions or duties as part of the ordinary course of business relate to the making of any recommendation to a Fund regarding the purchase or sale of Reportable Securities. |

---

---

| | |
|:---|:---|
| (ii)(2) | of a Fund, whereby an employee or agent of a Company serves as an officer of a Fund ("<u>Fund Officer</u>"). Such Fund Officer is an Access Person of a Fund and is permitted to report under this Code unless otherwise required by a Fund's Code of Ethics. |

---

(iii)(3) of a Company includes anyone else specifically designated by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Beneficial Owner</u> shall have the meaning as that set forth in Rule 16a-1(a)(2) under the Securities Exchange
 Act of 1934, as amended, except that the determination of direct or indirect beneficial ownership shall
 apply to all Reportable Securities that an Access Person owns or acquires. A beneficial owner of a
 security is any person who, directly or indirectly, through any contract, arrangement, understanding,
 relationship or otherwise, has or shares a <u>direct or indirect pecuniary interest</u> (the opportunity,
 directly or indirectly, to profit or share in any profit derived from a transaction in the subject
 securities) in a security. An Access Person is presumed to be a beneficial owner of securities that
 are held by his or her immediate family members sharing the Access Person's household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indirect pecuniary interest</u> in a security includes securities held by a person's immediate family
 sharing the same household. <u>Immediate family</u> means any child, stepchild, grandchild, parent,
 stepparent, grandparent, spouse, sibling, mother-in- law, father-in-law, son-in-law, daughter-in-law,
 brother-in-law, or sister-in-law (including adoptive relationships).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Control</u> means the power to exercise a controlling influence over the management or policies of an entity, unless
 this power is solely the result of an official position with the company. Ownership of 25% or more of
 a company's outstanding voting securities is presumed to give the holder thereof control over the
 company. This presumption may be rebutted by the Review Officer based upon the facts and circumstances
 of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Purchase or sale</u> includes, among other things, the writing of an option to purchase or sell a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Reportable Fund</u> (see List of Access Persons & Reportable Funds maintained by the Review Officer) means any
 fund that triggers the Company's compliance with a Rule 17j-1 Code of Ethics or any fund for which
 an employee or agent of the Company serves as a Fund Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reportable Security</u> means any security such as a stock, bond, future, investment contract or any other instrument
 that is considered a 'security' under Section 2(a)(36) of the Investment Company Act of 1940,
 as amended, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers'
 acceptances and bank certificates of deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial
 paper and debt instruments with a maturity at issuance of less than 366 days and that are
 rated in one of the two highest rating categories by a nationally recognized statistical
 rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) repurchase
 agreements covering any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares
 issued by money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares
 of SEC registered open-end investment companies ( ***other than exchange-traded funds or <u>Reportable Funds</u>***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares
 of unit investment trusts that are invested exclusively in one or more open-end funds, none
 of which are exchange-traded funds or Reportable Funds.

*Included* in the definition of Reportable Security are:

Ø Shares of a Reportable Fund;

Ø Options on securities, on indexes, and on currencies;

Ø All kinds of limited partnerships;

Ø Foreign unit trusts, UCITs, SICAVs and foreign mutual funds; and

Ø Private investment funds, hedge funds and investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Security held or to be acquired by</u> the Fund means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Reportable Security which, within the most recent fifteen (15) days (x) is or has been held
 by the applicable Fund or (y) is being or has been considered by the applicable Fund or its
 investment adviser for purchase by the applicable Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) and
 any option to purchase or sell, and any security convertible into or exchangeable for, a
 Reportable Security.

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT A**

**ACCESS PERSON ACKNOWLEDGMENT**

I understand that I am an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and each Foreside company as listed in <u>Appendix A</u>. I hereby certify that I have read and understand the current Code, and will comply with it in all respects. In addition, I certify that I have complied with the requirements of the Code, and that I have disclosed or reported all personal securities accounts and transactions required to be disclosed or reported pursuant to the requirements of the Code.

    <br> Signature Date

  <br> Printed Name

**This form must be completed and returned to the Risk Management:**

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| |
|:---|
| **Foreside Financial Group, LLC** |
| **ATTN: Review Officer (or his or her designee)** |
| **Three Canal Plaza, Third Floor** |
| **Portland, ME 04101** |

---

Received By:   <br> Date:  

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT B**

**PRE-CLEARANCE REQUEST FORM**

As an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and each Foreside company as listed in <u>Appendix A</u>, I hereby request approval to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person. Pursuant to my request, I provide the following information concerning the security where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;1. Name of security/investment:______________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;2. Type of security/interest:_________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;3. Name
 of brokerage firm/other entity:_________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;4. Account number:_______________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;5. Type
 of transaction (buy/sell/other-specify):___________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;6. Number of shares/interest:________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;7. Price
 of each security/interest:______________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;8. Name
 of firm offering the investment opportunity:_______________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;9. Please
 describe how you became aware of this investment opportunity:_______________________________________

I understand that it is a violation of the Code to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person <u>without</u> receiving ***prior*** written approval from Foreside's Review Officer. I further understand that (i) any pre-clearance trading authorization is valid only from the time when approval is granted through the next business day and (ii) an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days if the transaction is not executed within the period. I also agree to provide the Review Officer with a transaction report evidencing the pre-cleared transaction consistent with the reporting requirements of Section 4. of the Code.

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| | |
|:---|:---|
| Signature | Date |
| Print Name | Job Title |

---

**~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~**

**To be completed by Foreside's Review Officer and returned to the Access Person.**

Approval request granted: Yes:_________ No:_______

The following criteria were considered in assessing the Access Person's pre-clearance request (*use back of page if*

*necessary*):_______________________________________________________________________________________

    <br> Authorized Signature Date

## Ex-99.(Q)(1)

**Exhibit (q)(1)**

**POWER OF ATTORNEY**

I, Caitlin Sheehan, the undersigned Trustee of DriveWealth ETF Trust (the "Trust") hereby revoke all previous powers of attorney I have signed, if any, and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint Christopher Quinn and Christopher Yamaguchi, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

[Signature Page Follows]

EXECUTED at, Boston, Massachusetts this 11th day of January 2023. <br> (city) (state)

---

| |
|:---|
| /s/ Caitlin Sheehan |
| Caitlin Sheehan |
| Trustee |

---

## Ex-99.(Q)(2)

**Exhibit (q)(2)**

**POWER OF ATTORNEY**

I, Christopher Quinn, the undersigned Trustee of DriveWealth ETF Trust (the "Trust") hereby revoke all previous powers of attorney I have signed, if any, and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint Christopher Quinn and Christopher Yamaguchi, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

[Signature Page Follows]

EXECUTED at, Boston, Massachusetts this 11th day of January 2023. <br> (city) (state)

---

| |
|:---|
| /s/ Christopher Quinn |
| Christopher Quinn |
| Trustee |

---

## Ex-99.(Q)(3)

**Exhibit (q)(3)**

**POWER OF ATTORNEY**

I, James Bryant, the undersigned Trustee of DriveWealth ETF Trust (the "Trust") hereby revoke all previous powers of attorney I have signed, if any, and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint Christopher Quinn and Christopher Yamaguchi, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

[Signature Page Follows]

EXECUTED at, Boston, Massachusetts this 11th day of January 2023. <br> (city) (state)

---

| |
|:---|
| /s/ James Bryant |
| James Bryant |
| Trustee |

---

## Ex-99.(Q)(4)

**Exhibit (q)(4)**

**POWER OF ATTORNEY**

I, Kirt Bjork, the undersigned Trustee of DriveWealth ETF Trust (the "Trust") hereby revoke all previous powers of attorney I have signed, if any, and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint Christopher Quinn and Christopher Yamaguchi, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

[Signature Page Follows]

EXECUTED at, Boston, Massachusetts this 11th day of January 2023. <br> (city) (state)

---

| |
|:---|
| /s/ Kirt Bjork |
| Kirt Bjork |
| Trustee |

---

## Ex-99.(Q)(5)

**Exhibit (q)(5)**

**POWER OF ATTORNEY**

I, Robert Cortright, the undersigned Trustee of DriveWealth ETF Trust (the "Trust") hereby revoke all previous powers of attorney I have signed, if any, and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint Christopher Quinn and Christopher Yamaguchi, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

[Signature Page Follows]

EXECUTED at, Naples, Florida this 8th day of February 2023. <br> (city) (state)

---

| |
|:---|
| /s/ Robert S. Cortright |
| Robert S. Cortright |
| Trustee |

---

## Ex-99.(Q)(6)

**Exhibit (q)(6)**

**POWER OF ATTORNEY**

I, Robert Smith, the undersigned Trustee of DriveWealth ETF Trust (the "Trust") hereby revoke all previous powers of attorney I have signed, if any, and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint Christopher Quinn and Christopher Yamaguchi, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

[Signature Page Follows]

EXECUTED at, Boston, Massachusetts this 11th day of January 2023. <br> (city) (state)

---

| |
|:---|
| /s/ Robert Smith |
| Robert Smith |
| Trustee |

---

## Cover

K&L Gates LLP

One Lincoln Street

Boston, Massachusetts 02111

March 23, 2023

**<u>VIA EDGAR</u>**

U.S. Securities and Exchange Commission<br> 100 F Street, NE<br> Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **DriveWealth ETF Trust (the "Trust") (SEC File Nos. 333-268359; 811-23837)** |
|  | **<u>Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A</u>** |

---

Ladies and Gentlemen:

Electronically transmitted herewith, pursuant to the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended is Pre-Effective Amendment No. 1 to the Trust's Registration Statement on Form N-1A relating to DriveWealth ICE 100 Index ETF (the "Fund"), a series of the Trust.

This filing has been redlined to indicate changes that have been made to the Registration Statement since the initial filing on November 15, 2022.

If you have any questions concerning this filing, please contact the undersigned at (617) 951-9168, or Keri Riemer, Esq. of K&L Gates LLP at (212) 536-4809 or Richard Kerr, Esq. of K&L Gates LLP at (617) 261-3166.

---

| |
|:---|
| Sincerely, |
| /s/ Julia M. Williams |
| Julia M. Williams |

---