# EDGAR Filing Document

**Accession Number:** 0002077057
**File Stem:** 0001171520-25-000326
**Filing Date:** 2025-11
**Character Count:** 980680
**Document Hash:** c8a8460f607c7c54c2a34f934a71d40c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171520-25-000326.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001171520-25-000326

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

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Founder Funds Trust
- **CENTRAL INDEX KEY:** 0002077057

**ORGANIZATION NAME:**
- **EIN:** 396957680
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24107
- **FILM NUMBER:** 251443751

**BUSINESS ADDRESS:**
- **STREET 1:** 5 W MENDENHALL STREET
- **STREET 2:** SUITE 202
- **CITY:** BOZEMAN
- **STATE:** MT
- **ZIP:** 59715
- **BUSINESS PHONE:** 917-385-0195

**MAIL ADDRESS:**
- **STREET 1:** 5 W MENDENHALL STREET
- **STREET 2:** SUITE 202
- **CITY:** BOZEMAN
- **STATE:** MT
- **ZIP:** 59715
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Founder Funds Trust
- **CENTRAL INDEX KEY:** 0002077057

**ORGANIZATION NAME:**
- **EIN:** 396957680
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288898
- **FILM NUMBER:** 251443750

**BUSINESS ADDRESS:**
- **STREET 1:** 5 W MENDENHALL STREET
- **STREET 2:** SUITE 202
- **CITY:** BOZEMAN
- **STATE:** MT
- **ZIP:** 59715
- **BUSINESS PHONE:** 917-385-0195

**MAIL ADDRESS:**
- **STREET 1:** 5 W MENDENHALL STREET
- **STREET 2:** SUITE 202
- **CITY:** BOZEMAN
- **STATE:** MT
- **ZIP:** 59715

## Series and Classes Contracts Data

### Founders 100 ETF (Series ID: S000095795)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000264573 | Founders 100 ETF |  |

**As filed with the Securities and Exchange Commission on October 31, 2025.**

**1933 Act File No. 333-288898**

**1940 Act File No. 811-24107**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**_________________________**

**FORM N-1A REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933** **☑**

**Pre-Effective Amendment No. 3**

**Post-Effective Amendment No.**

**and/or**

**REGISTRATION STATEMENT**

**UNDER**

**THE INVESTMENT COMPANY ACT OF 1940** **☑**

**Amendment No.** 3

(Check appropriate box or boxes)

**_________________________**

**Founder Funds Trust**

(Exact Name of Registrant as Specified in Charter)

**_________________________**

**25 Highland Park Village, Suite 100-587**

**Dallas, TX 75205**

**(866) 315-5322**

**Michael C. Monaghan Founder Funds Trust**

**25 Highland Park Village, Suite 100-587**

**Dallas, TX 75205**

(Name and Address of Agent for Service)

**_________________________**

With Copies to:

Michael Monaghan

Founder ETFs

*25 Highland Park Village*

*Suite 100-587*

*Dallas, TX 75205*

Michael@FounderFunds.com

**Approximate date of proposed public offering:** As soon as practicable after the effective date of this Registration Statement. Title of Securities being Registered: Shares of Beneficial Interest.

This registration statement shall hereafter become effective in accordance with the provisions of Section 8(a) of the Securities Act of 1933.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the 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 this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.

**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.**

**Preliminary Prospectus Subject to Change Dated October 31, 2025**

---

| | | |
|:---|:---|:---|
| `![](fffetf-logo.jpg) | **Prospectus** | **October 31,** **2025** |
| `![](fffetf-logo.jpg) |  |  |
|  | **Founder Funds Trust** |  |
|  | Founders 100 ETF | NYSE Arca: **FFF** |
|  |  | CUSIP: 350933107 |

---

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

Not FDIC Insured – May Lose Value – No Bank Guarantee

**Table of Contents**

---

| | |
|:---|:---|
| **[Summary Information](#summaryinfo)** | 1 |
| **[Additional Information About the Fund's Strategies and Risks](#additionalinfo)** | 7 |
| **[Portfolio Holdings](#portfolioholdings)** | 13 |
| **[Continuous Offering](#continuousoffering)** | 13 |
| **[Creation and Redemption of Creation Units](#creationandredemption)** | 14 |
| **[Buying and Selling Shares in the Secondary Market](#buyingandselling)** | 14 |
| **[Management of the Fund](#managementofthefund)** | 15 |
| **[Other Fund Service Providers](#otherfundserviceproviders)** | 15 |
| **[Frequent Trading](#frequenttrading)** | 16 |
| **[Distribution and Service Plan](#distributionandservice)** | 16 |
| **[Net Asset Value (NAV)](#netassetvalue)** | 16 |
| **[Indicative Intra-Day Value](#intradayvalue)** | 17 |
| **[Dividends, Other Distributions, and Taxes](#dividendsdistributionstaxes)** | 17 |
| [**Shareholder Information**](#shareholderinfopros) | 18 |
| **[Code of Ethics](#codeofethicspros)** | 18 |
| **[Premium/Discount Information](#premiumdiscount)** | 19 |
| **[Other Information](#otherinfo)** | 19 |
| **[Financial Highlights](#financialhighlights)** | 19 |
| **[Privacy Policy](#privacypolicy)** | 20 |

---

**Summary Information**

**Investment Objective**

The Founders 100 ETF (the "Fund") is designed for investors with a long-term time horizon (generally 5+ years) seeking capital appreciation.

**Fund Fees and Expenses**

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

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.75% |
| Other Expenses<sup>1</sup> |  |
| Total Annual Fund Operating Expenses | 0.75% |

---

<sup>1</sup>"Other Expenses" are based on estimated amounts for the current fiscal year. Founder ETFs, LLC ("Founder ETFs" or "Adviser") pays all other expenses of the Fund (other than acquired fund fees and expenses, taxes and governmental fees, brokerage fees, commissions and other transaction expenses, certain foreign custodial fees and expenses, costs of borrowing money, including interest and extraordinary expenses (e.g. litigation and indemnification expenses).

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $77 | $242 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the example, may affect the Fund's performance. As of the date of this prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.

**Principal Investment Strategies**

The Fund is an actively managed broad-market exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing at least 90% of its assets in Founder-Led Companies, specifically, common equities or real estate investment trust ("REIT") securities listed on a U.S. exchange. No more than 10% of assets may be invested in non-founder-led companies. At least 80% of assets will be invested in 100 of the largest 200 Founder-Led Companies, based on market cap, and up to 20% of assets will be invested in additional Founder-Led securities including Founder-Led IPOs and Founder-Led Companies outside of the 100. The Fund will not invest in any private security. The first year of trading, the Fund may transitorily hold preferred equities, bonds, ADRs, GDRs, and ETFs and may hold more than 10% of assets in non-founder-led companies. Founder Factor investing is the signature element of the Adviser's investment strategy to select securities capable of generating superior expected risk-adjusted returns.

The Adviser defines a "Founder" as a person who has profound influence on a company's identity and trajectory from its nascent stages; this includes one or more individuals who conceptualize a new business and bring it into commercial operation as well as those who take over an existing idea or early-stage company and propel it to significant success and scale. The Adviser defines a "Founder-Led Company" as a business managed by a "Founder Chief," defined as a Founder serving as a Chief officer, most often as Chief Executive Officer (CEO), Chief Technology Officer (CTO), Chief Scientific Officer (CSO), or Chief Medical Officer (CMO). The Adviser defines a "Founder-Led IPO" as a Founder-Led or Founder-Run Company making an initial public offering ("IPO") of its securities to the public on a stock exchange for the first time and has been trading one year or less. The Adviser defines the "Founder Factor" as investing in companies based on their Founder-Led status.

Under normal market conditions, the Fund will not concentrate (invest >25% of its total assets) in any single GICS Industry Group, with the exception of Software, Semiconductors and Semiconductor Equipment, Technology Hardware Storage and Peripherals, IT Services, Electronic Equipment Instruments and Components, Communications Equipment, Diversified Financials, or Interactive Media & Services, which are not subject to this concentration restriction. At inception, the Fund expects to be concentrated in Software.

To capture the growth of the general economy and also to reduce sector risk, Fund securities will be selected from across five or more GICS Sectors, most commonly but not limited to the Technology, Financials, Consumer Discretionary, Communication Services, Health Care, Industrials, and Real Estate sectors, and Fund securities will be selected from across 20 or more GICS Industries, most commonly but not limited to the Software, Capital Markets, Interactive Media and Services, Financial Services, Semiconductor, Oil & Gas, Communications Equipment, and Hotels Restaurants and Leisure industries.

The Fund intends to invest in a portfolio of securities such as, but not limited to, NVDA, META, TSLA, ORCL, PLTR, CRM, BLK, ANET, APP, COF, PANW, BX, CRWD, PLD, ICE, HOOD, DASH, RBLX, COIN, and REGN. Actual holdings and weights may differ at launch and will vary after launch due to ongoing portfolio management, rebalancing, and market conditions, in accordance with the investment objectives, policies, and restrictions described herein. The Fund may invest in small-, medium-, and large-capitalization companies. The Fund may invest in foreign companies, which the Adviser defines as company with a headquarters outside the U.S., but only if the securities are listed on a U.S. exchange.

***Portfolio Construction***

The Adviser employs two complementary approaches to portfolio construction.

&nbsp;&nbsp;&nbsp;&nbsp;· **Primary Selection (Rules-Based) for 80% or More of Assets:** The Adviser applies a proprietary,
 rules-based fundamental methodology to select 100 of the largest 200 founder-led companies
 for inclusion in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Secondary Selection (Discretionary) for 20% or Less of Assets:** The Adviser uses a similar proprietary
 fundamental methodology—though not strictly rules-based—to identify and include
 founder-led IPOs and other founder-led companies beyond the top 100.

The systematic, rules-based framework is designed to help the Adviser make wise investment decisions, better navigate market cycles, and remove emotional decision making in the investment process at:

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Highs**, when pride, greed, and irrational exuberance tend to override good judgment, leading
 to overconfidence in the Adviser's stock picking ability, a loss of focus on identifying
 the Founders most likely to execute on their vision and create long-term value for shareholders,
 a long-lasting extrapolation of positive trends, and excessive risk taking in the pursuit
 of higher returns, despite soaring valuations and other potential warning signs;

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Lows**, when widespread fear, doubt, and the pain of losses can lead to short-term or myopic
 thinking, panic, and poor decision making including the temptation to drift from the consistent
 execution of the investment philosophy and fundamental research process of collecting and
 analyzing data objectively on a timely basis including the decision to sell at or near the
 bottom.

The Adviser applies its two complementary approaches using the following multi-step process:

&nbsp;&nbsp;&nbsp;&nbsp;· First, the Adviser defines the investable universe. The
Adviser creates a list of Founder-Led equities and REIT securities trading on a US exchange with free-float market caps above $1 billion
and adds Founder-Led IPOs with market caps estimated above $100 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Second, the Adviser applies a screen to identify all Founder-Led
Companies that meet Founder ETF's proprietary fundamental criteria including income statement, balance sheet, statement of cash
flow, valuation, and other quantitative and qualitative metrics. Next, the Adviser applies a second screen to identify other securities,
including Founder-Led IPOs, which meet proprietary fundamental but not rules-based criteria.

&nbsp;&nbsp;&nbsp;&nbsp;· Third, if greater or fewer than 100 companies meet the Founder-Led
Company proprietary fundamental criteria, respectively, the Adviser will apply a progression of more or less stringent screens until 100
securities are identified for investment. At the Adviser's discretion, other securities including Founder-Led IPOs will be identified
for investment based on fundamental, but not rules-based, criteria.

&nbsp;&nbsp;&nbsp;&nbsp;· Fourth,
for rebalances, the Adviser applies a modified market cap weighting with a maximum initial position size of 7.5% to all companies identified
for purchase. If the initial weighting results in less than an 80% allocation to Founder-Led Companies meeting the fundamental rules-based
criteria, at the Adviser's discretion, other securities including Founder-Led IPOs will be sized down to 20% of assets or less.
No single security will represent more than 7.5% of the Fund's total assets, except for Founder-Led IPO shares, which the Adviser
may, at its discretion, retain without reducing to the 7.5% limit on a rebalance day. Any single position may float higher or lower intra-quarter.
While at least 80% of the Fund's assets will be selected using the rules-based methodology, the allocation may float higher or
lower intra-quarter. While Founder-Led Companies will be re-evaluated quarterly for ongoing inclusion in the Fund, Founder-Led IPOs will
typically be held for one year or more in order to give these businesses time to mature and reveal their long-term potential. To actively
manage downside risk, any holding may be sold, trimmed, bought, or added to at any time at the Adviser's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;· Finally, to make timely, well-informed investment decisions,
the Adviser will rebalance and reconstitute the Fund quarterly, in late February, May, August, and November, aligning with the release
of the majority of new quarterly material information into the public domain including earnings press releases, filings, presentations,
and conference call transcripts. Additionally, the Adviser will rebalance and reconstitute the Fund at the Adviser's discretion,
most often due to corporate actions including, but not limited to, changes in management, mergers and acquisitions ("M&A"),
and divestitures or if the number of securities in the Fund falls to 95 intra-quarter.

At the Adviser's discretion, a security held by the Fund of a company being acquired may be sold after the acquisition announcement or held until the acquisition closes. If sold, the security may be replaced by a new security or not replaced until the next quarterly rebalancing and reconstitution with the cash proceeds reinvested on a pro rata basis. If a Founder announces plans to step down or step away from their Chief role and no co-Founder serves in a Chief role or plans to assume a Chief role, at the Adviser's discretion, the security may be sold. After a period of time away, if a Founder returns to a Chief role, the security of that company may be repurchased at the discretion of the Adviser.

The Fund is "non-diversified" under the Investment Company Act of 1940 ("1940 Act") because the fund sets a maximum weight of 7.5% per security so will not commonly meet the requirements of the diversification rule, which requires at least 75% of assets to be composed of securities with a maximum weight of 5% per security.

The Fund is designed for investors who share our long-term fundamental investment philosophy. The philosophy is not about timing the market but about maintaining consistent exposure to the market's most compelling secular growth stories based on the consistent and timely analysis of objective data across market cycles. The Adviser recognizes that stocks with high earnings growth and premium valuations relative to peers may be volatile in the short run but benefit from the power of time and innovation longer term. Based on this philosophy, the Fund may not be appropriate for investors with a short-term investment time horizon (less than 5 years), who have a low tolerance for volatility, or who prefer to invest in stocks trading at discount valuations versus peers.

By investing in a Founder Factor strategy, the Fund tends to follow a growth investment style, investing in companies expected to grow sales and earnings at a faster rate than peers, often driven by innovation, market share increases, disruptive ideas, and expanding addressable markets. The Founder Factor tends to identify Founders, Founder-Led Companies, and Founder-Led Stocks with common enduring characteristics:

Founders tend to be irreverent visionaries, inspiring leaders, independent thinkers, charismatic communicators, relentless operators, and courageous problem solvers who persevere through challenges with passion and unwavering commitment. Founders often attract and unite top talent around a compelling purpose, the moral authority to take bold risks and quickly pivot towards success, and the expert intuition to leverage the unique capabilities of their businesses and teams to create sustained competitive advantages (i.e. economic moats), which have the potential to generate superior risk-adjusted returns over time.

Founder-Led Companies tend to challenge the status quo and disrupt industries with groundbreaking ideas and strategies.

Founder-Led Companies tend to "grow up" with venture cultures that emphasize speed, scale, innovation, analytics, continuous learning, resilience, and an unrelenting desire to create something new and useful for customers. Founder-Led Companies generally hold more patents, invest more in research and development (R&D), invest in more capital expenditures (capex), participate in more mergers & acquisitions (M&A), grow sales and earnings at a faster pace, pay fewer dividends, repurchase fewer shares, and run balance sheets with more cash than debt.

The Adviser concludes that Founder-Led Stocks are capable of generating superior risk-adjusted returns. Based on our signature Founder Factor investment strategy and growth investment style, respectively, the Fund may be unsuitable for investors who have a risk tolerance inconsistent with this strategy or style. Prospective investors should carefully consider their financial situation and consult a financial advisor before investing.

**Principal Risks of Investing in the Fund**

**The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective. Your investment may not perform as well as similar investments. Therefore, you should carefully consider the following risks before investing in the Fund. The principal risks of investing in the Fund are listed below in alphabetical order so that you may more easily compare our risks to those of other Funds. Each risk summarized below is considered an important "principal risk" of investing in the Fund, regardless of the order it appears.**

***Authorized Participant Concentration Risk.*** The Fund relies on a limited number of authorized participants (APs) to engage in creation or redemption transactions, with no obligation for APs to submit orders or maintain an active trading market for Shares. This may result in a diminished trading market, causing Shares to trade at a premium or discount to the Fund's NAV, or face trading halts or delisting. The risk is heightened for securities traded outside collateralized settlement systems, where APs may need to post collateral, a capability not all APs possess. If APs exit the business or cannot process creation or redemption orders, and no other AP steps forward, trading liquidity may be significantly impacted. This risk is further elevated for Funds holding non-U.S. securities, which may have lower trading volumes or face extended market closures or trading halts, potentially hindering the APs' ability to create or redeem Creation Units effectively.

***Cash Transaction Risk***. The Fund may use cash for certain creation and redemption transactions instead of in-kind securities, requiring it to sell portfolio investments to meet redemption proceeds. This may trigger capital gains, leading to higher annual capital gain distributions than if in-kind redemptions were used. Cash transactions may also widen bid-ask spreads or increase premiums/discounts to the Fund's NAV, and incur additional costs, such as portfolio transaction costs, which could reduce the Fund's NAV if not offset by authorized participant transaction fees.

***Cyber Security Risk.*** The Fund faces operational risks from cyber security breaches, which may involve unauthorized access, hacking, malicious software, ransomware, or denial-of-service attacks. Such breaches, whether targeting the Fund or its third-party service providers (e.g., adviser, administrator, custodian), trading counterparties, or issuers in which the Fund invests, could lead to loss of proprietary information, data corruption, operational disruptions, or unauthorized access to confidential data. These incidents may prevent normal business operations, result in regulatory penalties, reputational damage, additional compliance costs, or financial losses. Cyber security breaches affecting issuers in the Fund's portfolio may also negatively impact the value of those investments.

***Equity Risk***. Equity risk is the risk that the value of equity securities, such as common stocks and REIT investments, will decline due to general economic conditions, market dynamics, or company-specific factors. These conditions include changes in interest rates, periods of market turbulence, prolonged economic decline, or cyclical changes that may depress the price of most or all equities held by the Fund. Additionally, negative investor sentiment toward specific industries or sectors may lead to reduced valuations as investors exit those areas. Equity risk also encompasses challenges faced by large-capitalization companies, which may adapt more slowly to competitive pressures or have limited growth potential, potentially underperforming other market segments. Issuer-specific risks, such as increased production costs, poor management decisions, lower demand for products or services, or adverse events like unfavorable earnings reports or failure to make anticipated dividend payments, may cause significant price declines in a company's stock. While large-capitalization companies are generally less volatile than smaller-capitalization companies, their value may not rise as much, reflecting a trade-off between lower risk and potentially lower returns.

***Foreign Investment Risk.*** Investments in the securities of companies headquartered outside of the U.S. or with foreign operations carry additional risks compared to the securities of companies that primarily operate in the U.S., including lower market liquidity, higher volatility, less reliable financial information, and less stringent accounting and auditing standards. Risks also include expropriation, nationalization, political instability, adverse economic developments, dividend withholding, currency restrictions, and higher transaction costs. Companies dealing with countries subject to U.S. or U.N. sanctions, or identified as state sponsors of terrorism, may face legal constraints or reputational damage, potentially harming their performance and the Fund's investments.

***Industry Concentration Risk.*** In following its methodology, the Fund may concentrate (invest >25% of its total assets) in securities of issuers operating in a single GICS Industry Group. By concentrating its investments in a GICS Industry Group, the Fund faces more risks than if it were diversified broadly over numerous industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry group; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry group. In addition, at times, such industry groups may be out of favor and underperform other industry groups or the market as a whole. The Fund's investments may be concentrated in the following GICS Industry Groups, each of which carries distinct risks that may adversely affect the Fund's performance:

***Software Industry Group Risk.*** Software companies face intense competition, rapid technological innovation, and short product lifecycles, which can lead to product obsolescence and pricing pressure. Significant R&D spending is required to remain competitive, and failure to develop or acquire successful new products may impair growth. Intellectual property protection is critical; patent disputes, infringement claims, or loss of exclusivity can materially reduce profitability. Many software firms have limited operating histories and are subject to volatile earnings. Cybersecurity threats, data breaches, and regulatory scrutiny over privacy or antitrust issues may result in substantial costs, fines, or reputational damage.

***Semiconductors & Semiconductor Equipment Industry Group Risk.*** Semiconductor companies are highly cyclical, with demand fluctuating based on global economic conditions, consumer electronics trends, and enterprise spending. Capital-intensive manufacturing requires ongoing investment in advanced fabrication facilities, and supply chain disruptions—particularly for rare materials or equipment—can halt production. Rapid technological advancement (e.g., smaller process nodes, AI accelerators) shortens product lifecycles and increases obsolescence risk. Geopolitical tensions, export controls, and trade restrictions may limit access to key markets or customers. High customer concentration (e.g., reliance on a few major foundry clients or device makers) amplifies earnings volatility.

***Technology Hardware, Storage & Peripherals Industry Group Risk.*** Companies in this industry face rapid product obsolescence due to evolving standards in computing, storage, and connectivity. Inventory risk is elevated—excess stock becomes obsolete quickly, while component shortages (especially semiconductors) can delay launches and erode margins. Intense price competition from low-cost manufacturers and original equipment manufacturers (OEMs) pressures profitability. Shifts toward cloud-based infrastructure and software-defined solutions may reduce demand for traditional hardware. Product defects, quality issues, or security vulnerabilities can trigger costly recalls, warranty claims, and loss of customer confidence.

***IT Services Industry Group Risk.*** IT services providers are exposed to project execution risks, including cost overruns, scope changes, and client budget cuts during economic slowdowns. Competitive bidding and fixed-price contracts can compress margins. Rapid adoption of cloud, AI, and automation technologies may disrupt traditional service models, requiring continuous workforce reskilling and technology investment. Dependence on skilled labor makes firms vulnerable to talent shortages, wage inflation, and immigration policy changes. Cybersecurity incidents at client sites or within vendor networks can lead to liability and reputational harm. Consolidation among clients reduces bargaining power and increases revenue concentration risk.

***Electronic Equipment, Instruments & Components Industry Group Risk.*** Manufacturers in this industry face supply chain complexity and component shortages, particularly for specialized materials and semiconductors. Short product cycles driven by innovation in automation, IoT, and testing equipment increase R&D and inventory risk. Global trade policies, tariffs, and export controls can disrupt sourcing and raise costs. High customer concentration, especially in industrial, automotive, or medical sectors, exposes firms to demand volatility. Quality control failures or regulatory non-compliance (e.g., safety or environmental standards) may result in recalls, fines, or loss of certifications.

***Communications Equipment Industry Group Risk.*** Companies developing networking and telecommunications hardware face rapid obsolescence as new standards (e.g., 5G, Wi-Fi 7, optical networking) emerge. Large-scale R&D and capital expenditures are required to support next-generation infrastructure, with execution risk in product rollout and carrier adoption. Supply chain constraints, particularly for advanced chips and components, can delay shipments. National security concerns and government restrictions on equipment vendors (especially in strategic markets) may limit revenue opportunities. Patent disputes are frequent, and margin pressure arises from competition with low-cost providers and integrated network operators.

***Diversified Financials Industry Group Risk.*** Diversified Financials face elevated risks from macroeconomic cycles that swing interest rates, credit spreads, and consumer spending—compressing lending margins while volatility hits trading and advisory fees; stringent regulatory oversight (Basel III, CFPB, SEC) drives compliance costs and caps on fees or leverage; credit and counterparty exposures spike in recessions, with consumer-finance delinquencies and capital-markets inventory losses; market liquidity dries up during stress, amplifying mark-to-market hits; cybersecurity threats target digital-lending and payment networks; fintech disruptors erode traditional margins in brokerage and lending; and geopolitical tensions or concentrated equity stakes in conglomerates add tail risks—mitigated through revenue diversification, robust capital buffers, advanced analytics, hedging, and selective fintech partnerships.

***Interactive Media & Services Industry Group Risk***. Interactive Media & Services is highly exposed to regulatory and antitrust scrutiny over data dominance, privacy, and content moderation, risking multibillion-dollar fines or forced breakups; advertising revenue (~80–90 % of total) cycles with macro conditions and faces headwinds from cookie deprecation and retail-media shifts; user engagement can evaporate from algorithm missteps or rival innovations; evolving privacy laws (GDPR, CCPA, DMA) curb targeting efficiency; content-liability erosion threatens safe-harbor protections and triggers advertiser boycotts; infrastructure outages or AI failures disrupt service; and geopolitical bans or local-data mandates fragment scale—offset by diversified ad formats, non-ad revenue streams, heavy trust & safety investment, contextual-targeting pivots, and substantial cash reserves for legal and strategic flexibility.

***Initial Public Offering (IPO) Risk.*** The Fund's participation in IPOs involves risks due to limited operating histories and less public information, complicating valuation and increasing volatility. IPOs may face speculative trading, oversubscription, or liquidity issues, and post-IPO price declines can occur if fundamentals weaken or lock-up periods end, leading to insider selling that impacts share prices.

***Issuer Risk.*** The Fund's investment in at least 95 issuers exposes it to the risk that a decline in a single issuer's equity value, due to factors like poor management or reduced demand for its goods or services, could negatively impact the Fund's portfolio value.

***Large Shareholder Risk.*** Large shareholders, including Authorized Participants, may hold substantial Fund Shares and are not required to maintain their investment. Large redemptions could affect the Fund's NAV, liquidity, and brokerage costs, leading to tax consequences or hindering the Fund's ability to achieve its investment strategy.

***Management Risk.*** As an actively managed ETF, the Fund's performance depends on the Adviser's ability to implement its investment strategies effectively. The loss of key personnel or ineffective management could adversely affect the Fund's performance. The Adviser, being newly formed, lacks experience managing an ETF, which may limit its effectiveness and impact the Fund's performance.

***Market Disruption Risk.*** Geopolitical tensions, conflicts, terrorism, policy changes, sanctions, tariffs, or trade disputes may impact the Fund's NAV, global markets, volatility, liquidity, and investor confidence, with unpredictable effects on the Fund's performance.

***Market Risk*.** The Fund's securities are subject to market fluctuations driven by economic downturns, natural disasters, public health crises, wars, or terrorism, which may increase premiums or discounts to the Fund's NAV. Strained U.S.-foreign relations, sanctions, or tariffs may also adversely affect issuers, impacting the Fund's performance.

***Market Trading Risk.*** The Fund faces risks from a potential lack of an active market for Shares, secondary market trading losses, or disruptions in the creation/redemption process. Stressed market conditions may reduce liquidity, cause trading halts, or lead to Shares trading at a premium or discount to NAV, potentially resulting in significant losses or portfolio rebalancing challenges.

***New Fund Risk.*** As a recently organized investment company, the Fund lacks an extensive operating history, limiting the track record available for prospective investors to evaluate.

***Non-Diversified Fund Risk****.* As a non-diversified fund, the Fund may invest a greater portion of its assets in individual issuers, leading to greater price volatility and performance impacts from a small number of issuers compared to a diversified fund.

***Operational Risk.*** The Fund faces operational risks from human errors, processing issues, technology failures, or errors by service providers or counterparties. While controls and procedures aim to mitigate these risks, they may not address all potential issues, potentially leading to disruptions or losses.

***Shares May Trade at Prices Different than NAV.*** Shares trade on a stock exchange at prices at, above or below the Fund's most recent NAV. The Fund's NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund's holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund's portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund's NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.

***Small- and Medium-Capitalization Companies Risk.*** Small- and medium-capitalization companies may be more volatile and more likely than large- capitalization companies to have narrower product lines, fewer financial resources, less management depth and experience and less competitive strength. Returns on investments in securities of small- and medium-capitalization companies could trail the returns on investments in securities of large-capitalization companies.

**Performance**

As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.FounderETFs.com and will provide some indication of the risks of investing in the Fund.

**Management of the Fund**

*Investment Adviser*. Founder ETFs, LLC (the "Adviser").

**Portfolio Managers**

The following individuals are primarily responsible for the day-to-day management of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Title</u>** | **<u>Date Began Managing the Fund</u>** |
| Michael Monaghan | Portfolio Manager & Partner of the Adviser | Since inception in 2025 |

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**Purchase and Sale of Shares**

Individual Shares of the Fund may only be purchased and sold in Secondary Market transactions through brokers and may not be purchased or redeemed directly with the Fund. Shares of the Fund are listed for trading on NYSE Arca. Because Shares trade at market prices rather than NAV, Shares of the Fund may trade at a price greater than (premium) or less than (discount) NAV.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). Recent information about the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at www.FounderETFs.com.

The Fund will issue and redeem Shares at NAV, only with Authorized Participants, and only in a large, specified number of Shares called a "Creation Unit" or multiples thereof with certain large institutional investors. A Creation Unit consists of 10,000 Shares. Creation Unit transactions are principally conducted in exchange for the deposit or delivery of specific securities specified by the Fund and distributed to the Authorized Participants via the NSCC Portfolio Composition File ("PCF"). *Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.*

**Tax Information**

The Fund's distributions will generally be taxed as ordinary income or capital gains. Investors should consult their tax advisors about specific situations.

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

No Rule 12b-1 fees are currently paid, and the Fund does not currently intend to pay such fees. Any Rule 12b-1 fees, if implemented, would be covered by the Fund's unitary management fee of 0.75% per annum, as described in the "Fees and Expenses" section, and would not result in additional costs to shareholders. Before any Rule 12b-1 fees are paid, the Board of Trustees of the Founder Funds Trust would approve the amount and payment of the fee, and the Fund will provide 60 days' notice to shareholders.

If you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund's Adviser, distributor or their affiliates may pay the intermediary for certain Fund-related activities, including servicing or marketing, educational, promotional or other initiatives related to the sale or promotion of Shares. These payments, sometimes called "revenue sharing," are made from the Adviser's own resources, including profits from fees received from the Fund, and may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson or financial adviser to recommend the Fund over another investment. Ask your salesperson or financial adviser for more details about any such payments it receives or visit your financial intermediary's website for more information.

**Additional Information About the Fund's Strategies and Risks**

**Principal Risks of Investing in the Fund**

The following provides additional information regarding certain of the principal risks identified under "Principal Risks of Investing in the Fund" in the Fund's "Summary Information" section. The principal risks of investing in the Fund are listed below in alphabetical order so that you may more easily compare our risks to those of other Funds. Each risk summarized below is considered an important "principal risk" of investing in the Fund, regardless of the order it appears. Any of these risks may impact the Fund's NAV which could result in the Fund trading at a premium, par, or discount to NAV:

***Authorized Participant Concentration Risk.*** Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. The risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to NAV and to face trading halts or delisting.

***Cash Transaction Risk.*** ETFs generally are able to make in-kind redemptions and avoid being taxed on gains of the distributed portfolio securities at the Fund level. To the degree that the Fund effects redemptions partially for cash, rather than principally for in-kind securities, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain or incur brokerage costs on these sales that might not have been incurred if the Fund had made a redemption in-kind. To the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease the Fund's NAV. These costs may also decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process, and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

***Cyber Security Risk.*** With the increased use of technologies such as the Internet to conduct business, the Fund, like all companies, may be susceptible to operational, information security and related risks. Cybersecurity incidents involving the Fund and its service providers (including, without limitation, the Adviser, fund accountant, custodian, transfer agent and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, 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. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engages, governmental and other regulatory authorities, exchanges and other financial market operators, banks, brokers, dealers, insurance companies, other financial institutions, and other parties. The Fund and its shareholders could be negatively impacted as a result.

***Equity Risk.*** Equity risk is the risk that the value of equity securities, including common stock or REIT investments in the Fund, will fall. The value of an equity security may fall due to changes in general economic conditions that impact the market as a whole and that are not industry- or company- specific. These conditions include changes in interest rates, specific periods of overall market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. An issuer's common stock in particular may be especially sensitive to, and more adversely affected by, these general movements in the stock market; it is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward, and perceptions regarding, one or more particular industries or economic sectors will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries or sectors more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential and, consequently, may underperform other segments of the equity market or the market as a whole. Price changes of equity securities may occur in a particular region, industry, or sector of the market, and as a result, the value of an issuer's common stock may fall solely because of factors, such as increases in production costs, that negatively impact other companies in the same industry or in a number of different industries. Equity risk also includes the financial risks of a specific company, including that the value of the company's securities may fall as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company's products or services. In particular, the common stock of a company may decline significantly in price over short periods of time. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock; similarly, the common stock of an issuer may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer experiences a decline in its financial condition. Large-capitalization companies tend to go in and out of favor based on market and economic conditions. Large-capitalization companies generally are less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the value of large capitalization companies may not rise as much as that of smaller-capitalization companies.

***Foreign Investment Risk.*** Investments in foreign securities involve risks that are beyond those associated with investments in U.S. securities. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities, and foreign securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Each country has different laws specific to that country that impact investment, which may increase the risks to which investors are subject. Country-specific rules or legislation addressing investment-related transactions may inhibit or prevent certain transactions from transpiring in a particular country. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations or in countries the U.S. government has identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance.

***Industry Concentration Risk.*** In following its methodology, the Fund may concentrate (invest >25% of its total assets) in securities of issuers operating in a single GICS Industry Group. By concentrating its investments in a GICS Industry Group, the Fund faces more risks than if it were diversified broadly over numerous industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry group; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry group. In addition, at times, such industry groups may be out of favor and underperform other industry groups or the market as a whole. Information about the Fund's exposure to a particular industry group (as applicable) will be available in the Fund's Annual and Semi-Annual Reports to Shareholders, on the Fund's website, and on required forms filed with the SEC.

***Capital Markets Industry Risk.*** Firms in capital markets face cyclical volatility tied to macroeconomic factors, interest rates, and investor sentiment. Reduced market activity during economic downturns can lower trading volumes and fees. Higher interest rates may increase borrowing costs and reduce deal flow. Regulatory changes or new standards (e.g., Basel III/IV) can affect capital requirements and profitability. Market dislocation or abrupt volatility in asset prices can lead to credit losses or risk exposure. Finally, competition – especially from fintech firms – and reputational risk from misconduct or system outages pose critical threats.

***Financial Services Industry Risk.*** Financial services companies are exposed to credit, market, liquidity, and operational risks. Economic downturns can increase loan defaults, reduce deal volumes, and diminish customer demand. Interest rate volatility affects net interest margins and investment income. Regulatory and compliance costs continue to rise from capital rules to consumer protection laws potentially limiting profitability. Cybersecurity threats, fraud, and system failures can result in material losses and reputational harm. Competition from fintech disruptors adds further pressure.

***Interactive Media & Services Industry Risk.*** This fast-evolving sector faces technology disruption and shifting consumer trends. Companies must heavily invest in platform development, user growth, and content acquisition. Advertising-based revenue models are susceptible to ad market contraction. User privacy and data regulations may constrain targeting abilities. There is intense competition from global platforms and new entrants. Additionally, moderation and community-management challenges risk regulatory or reputational backlash. Rapid changes in algorithms or content distribution can materially impact engagement and monetization.

***Semiconductors & Semiconductor Equipment Industry Risk.*** Semiconductor firms are subject to cyclical demand, capital-intensive capacity expansion, and rapid technological change. R&D and manufacturing costs are extremely high. Supply chain disruptions such as raw material or equipment shortages can reduce output. Intense global competition may lead to pricing pressures and margin erosion. Geopolitical risks, export restrictions, and trade policy can limit market access. Client concentration or reliance on a few major customers exposes firms to significant earnings volatility.

***Software Industry Risk.*** The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings or falling profit margins. Software companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products, which significantly increases pricing pressures and can materially reduce profitability with respect to such products. In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

***Initial Public Offering Risk.*** The Fund may participate in IPOs, which are investments in securities trading for the first time on an exchange. Businesses that offer IPO allocations often have limited operating histories and lack an established track record. Less public information may be available for recently public companies compared to established ones. This lack of transparency can make it harder to assess prospectus and valuation, increasing risk. IPO securities are considered "unseasoned" and may be subject to price volatility and speculative trading. Share prices can fluctuate significantly, especially after the IPO, driven by factors like market sentiment, market hype, or limited supply. IPOs meeting the Adviser's proprietary investment criteria can be oversubscribed, and the Adviser's bid price may fall below the cut-off price, resulting in no allotment. An allocation is not guaranteed. Liquidity can also be a concern, making it difficult to sell shares at a desired price. Not all IPOs perform well. If fundamentals do not support the initial price, the stock price may decline. Some IPOs may face challenges or not meet expectations, leading to underperformance. As lock- up periods expire, insider or private investor selling activity can potentially lower the share price.

***Issuer Risk.*** As the Fund may invest in a minimum of 95 issuers, it is subject to the risk that the value of the Fund's portfolio may decline due to a decline in value of the equity securities of particular issuers. The value of an issuer's equity securities may decline for reasons directly related to the issuer, such as management performance and reduced demand for the issuer's goods or services.

***Issuer-Specific Changes Risk.*** The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform worse than the market as a whole, causing the value of its securities to decline. Poor performance may be caused by a Founder stepping down, stepping away, or retiring from the business, poor management decisions, competitive pressures, changes in technology, expiration of patent protection, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

***Large Shareholder Risk.*** Certain shareholders, including a third party investor, the Adviser or an affiliate of the Adviser, an AP, a lead market maker, or another entity, may from time to time own a substantial amount of Shares or may invest in the Fund and hold its investment for a limited period of time solely to facilitate the commencement of the Fund or to facilitate the Fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment. Dispositions of a large number of Shares by these shareholders may adversely affect the Fund's liquidity and net assets to the extent such transactions are executed directly with the Fund in the form of redemptions through an AP, rather than executed in the secondary market. These redemptions may also force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund's NAV and increase the Fund's brokerage costs. Further, such sales may accelerate the realization of taxable income or gains to shareholders, or the Fund may be required to sell its more liquid Fund investments to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. To the extent the Fund permits cash purchases, large purchases of Shares may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. To the extent these large shareholders transact in shares on the secondary market, such transactions may account for a large percentage of the trading volume on the Fund's exchange and may, therefore, have a material upward or downward effect on the market price of the Shares. To the extent the Fund permits redemptions in cash, the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns*.*

***Management Risk.*** The Fund is subject to management risk because a portion of its portfolio is actively managed. In particular, in managing the Fund's proprietary fundamental methodology, the Adviser applies investment techniques and risk analyses in making investment and asset allocation decisions for the Fund, but there can be no guarantee that these actions will produce the desired results. The Adviser is a newly formed entity and has no experience with managing an exchange-traded fund, which may limit the Adviser's effectiveness.

***Market Disruption Risks***. Headlines, conflict, geopolitical tension, political tension, threats, acts of war or terrorism, or changes to policies, laws, sanctions, tariffs, trade agreements, or regulations between countries or in a geographic region may adversely impact the Fund's NAV or the global economy, financial markets, volatility, liquidity, and confidence, and cannot be predicted.

***Market Risk.*** The Fund's holdings are subject to market fluctuations, and the Fund could lose money due to short-term market movements and over longer periods during market downturns. You should anticipate that the value of Shares will decline, more or less, in correlation with any decline in value of the holdings in the Fund's portfolio. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security or due to factors that affect a particular industry or group of industries. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Additionally, economies and financial markets throughout the world have become increasingly interconnected, increasing the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries. Natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, changes in trade regulation, including tariffs or economic sanctions, economic crises or other events could result in increased premiums or discounts to the Fund's NAV. Strained relations between the U.S. and foreign countries may adversely affect U.S. and foreign issuers. A decrease in U.S. imports or exports, changes in trade regulations, including the imposition of tariffs or other economic sanctions on traditional allies or adversaries and their responses thereto, inflation, or an economic recession in the U.S. may have a material adverse affect on the U.S. economy, global financial markets as a whole and the securities to which the Fund has exposure. Proposed and adopted policy and legislative actions in the U.S. may impact many aspects of financial and other regulations and may have a significant effect, including potentially adversely, on U.S. markets generally and the value of certain securities. The continued maintenance of elevated debt levels by the U.S. government as projected by governmental agencies and non-governmental organizations, or the imposition of U.S. austerity measures, could potentially constrain future economic growth and the ability to effectively respond to economic downturns. If these trends were to continue, they could adversely impact the U.S. economy, global financial markets as a whole and the securities in which the Fund invests.

***Market Trading Risk.*** The Fund faces numerous market trading risks, including losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. Although Shares are listed for trading on a securities exchange, there can be no assurance that an active trading market for Shares will develop or be maintained by market makers or APs, that Shares will continue to trade on any such exchange or that Shares will continue to meet the requirements for listing on an exchange. Any of these factors, among others, may lead to the Shares trading at a premium or discount to the Fund's NAV. As a result, an investor could lose money over short or long periods. Further, the Fund may experience low trading volume and wide bid/ask spreads. Bid/ask spreads vary over time based on trading volume and market liquidity (including for the underlying securities held by the Fund) and are generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund's creation/redemption process, potentially affect the price at which Shares trade in the secondary market, or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments or may incur substantial trading losses.

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

***Non-Diversified Fund Risk.*** Because the Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

***Operational Risk.*** The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

***Shares May Trade at Prices Different than NAV*.** Shares trade on a stock exchange at prices at, above or below the Fund's most recent NAV. The Fund's NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund's holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund's portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund's NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.

The Adviser cannot predict whether the Shares will trade below, at, or above the Fund's NAV. Exchange prices are not expected to correlate exactly with the Fund's NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to creations and redemptions, including disruptions at market makers, APs, or other market participants, or periods of significant market volatility or stress, may result in trading prices for the Shares that differ significantly from the value of the Fund's underlying holdings, with the result that investors may pay significantly more or receive significantly less than the underlying value of the Shares bought or sold. This can be reflected as a spread between the bid and ask prices for the Fund quoted during the day or a premium or discount in the closing price from the Fund's NAV. Additionally, APs may be less willing to create or redeem the Shares if there is a lack of an active market for such Shares or the Fund's underlying investments, which may contribute to the Shares trading at a premium or discount.

Unlike conventional passive ETFs, the Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index across its entire portfolio. Index-based ETFs generally have traded at prices that closely correspond to NAV per share. Given the high level of transparency of the Fund's holdings, the Adviser believes that the trading experience of the Fund should be similar to that of index-based ETFs. However, there can be no assurance as to whether or the extent to which the Shares will trade at premiums or discounts to NAV.

***Small- and Medium-Capitalization Companies Risk.*** A Fund may invest in small- and medium-capitalization companies and, therefore, will be subject to certain risks associated with small- and medium-capitalization companies. These companies are often subject to less analyst coverage and may be in early and less predictable periods of their corporate existences, with little or no record of profitability. In addition, these companies often have greater price volatility, lower trading volume, and less liquidity than larger more established companies. Small- and medium-capitalization companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than large-capitalization companies. Returns on investments in securities of small- and medium- capitalization companies could trail the returns on investments in securities of larger capitalization companies.

**Non-Principal Investment Strategies**

The Fund may hold securities of unaffiliated money market funds. The Fund's investment objective is a non-fundamental policy that the Board of the Trust may change without shareholder approval upon 60 days' prior written notice to shareholders. The fundamental and non-fundamental policies of the Fund are included in the Fund's Statement of Additional Information ("SAI"), a document that includes more detailed information about the Fund and its operations, under the section "Investment Restrictions."

**Borrowing Money**

The Fund may borrow money up to the limits included in the Fund's SAI under the section "Investment Restrictions."

**Securities Lending**

The Fund may lend its portfolio securities to brokers, dealers, and other financial institutions. In connection with such loans, the Fund receives liquid collateral equal to at least 102% of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

**Additional Risks of Investing in the Fund**

The Fund may also be subject to certain other non-principal risks associated with its investments and investment strategies. The following provides additional non-principal risk information regarding investing in the Fund. The risks are listed in alphabetical order so that you may more easily compare our risks to those of other Funds. Each risk summarized below is considered an important risk of investing in the Fund, regardless of the order it appears:

***Leverage Risk.*** To the extent that the Fund borrows money, it may be leveraged. Leveraging generally exaggerates the effect on NAV of any increase or decrease in the market value of the Fund's portfolio securities. Borrowing creates interest expenses and other expenses (e.g., commitment fees) for the Fund that affect the Fund's performance. Interest expenses are excluded from the Fund expenses borne by the Adviser under the unitary management fee.

***Money Market Funds Risk.*** Money market funds are subject to management fees and other expenses, and the Fund's investments in money market funds will cause it to bear proportionately the costs incurred by the money market funds' operations while simultaneously paying its own management fees and expenses. An investment in a money market fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; it is possible to lose money by investing in a money market fund. To the extent that the Fund invests in money market funds, the Fund will be subject to the same risks that investors experience when investing in money market funds. These risks may include the impact of significant fluctuations in assets as a result of the cash sweep program or purchase and redemption activity in those funds. Money market funds are open-end registered investment companies that historically have traded at a stable $1.00 per share price. However, money market funds that do not meet the definition of a "retail money market fund" or "government money market fund" under the 1940 Act are required to transact at a floating NAV per share (i.e., in a manner similar to how all other non-money market mutual funds transact), instead of at a $1.00 stable share price.

Money market funds may also impose liquidity fees in certain circumstances, including times of market stress or heavy redemptions. If the Fund invested in a money market fund with a floating NAV, the impact on the trading and value of the money market instrument may negatively affect the Fund's return potential.

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***Natural Disaster/Epidemic Risk*.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other weather- related phenomena, along with widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the Fund's NAV. Additionally, if a sector with a high weighting relative to the weighting of other sectors is negatively impacted to a greater extent by such events, the Fund may experience heightened volatility. Given the interdependence among global economies and markets, conditions in one country, market, or region may adversely affect markets, issuers, or foreign exchange rates in other countries, including the U.S. Any such events could have a significant adverse impact on the value of the Fund's investments.

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***Securities Lending Risk.*** Securities lending involves a risk of loss because the borrower may fail to return the securities in a timely manner or at all. If the Fund lends its securities and is unable to recover the securities loaned, it may sell the collateral and purchase a replacement security in the market. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the loaned securities increases and the collateral is not increased accordingly. Any cash received as collateral for loaned securities will be invested in an affiliated money market fund. This investment is subject to market appreciation or depreciation and the Fund will bear any loss on the investment of its cash collateral.

***Temporary Defensive Strategies Risk.*** The Fund may take a temporary defensive position and hold up to 100% of assets in cash or cash equivalents, including money market funds, if there are inadequate investment opportunities available due to adverse market, economic, political or other conditions, or atypical circumstances such as unusually large cash inflows or redemptions. Doing so could help the Fund avoid losses in the event of falling market prices and provide liquidity to make additional investments but may mean lost investment opportunities in a period of rising market prices. During these periods, the Fund may not achieve its investment objective.

***Trading Issues Risk.*** Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Moreover, trading in Shares on U.S. Exchanges (the "Exchanges") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. Foreign exchanges may be open on days when Shares are not priced, and therefore, if the Fund holds securities that are primarily listed on such exchanges, the value of such securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell Shares.

**Portfolio Holdings**

The Fund's holdings are disclosed daily on its website at www.FounderETFs.com. Prior to the opening of trading on the Fund's primary listing exchange, which is normally at 9:30 a.m. Eastern Standard Time, the Fund will publish a list of the securities (by name, CUSIP, and quantity), that constitute a creation basket, as well as any estimated "balancing amount." This disclosure is also disseminated through the National Securities Clearing Corporation (NSCC), a subscription-based service. Changes in the Fund's portfolio are generally announced at or after market close. The Fund also discloses complete portfolio holdings in quarterly regulatory filings.

The Fund's website includes the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complete portfolio holdings, and for each security, the ticker symbol,
CUSIP, and the quantity and weight of such security in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The current NAV per share, market price, and premium/discount, each as
of the end of the prior business day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A table showing the number of days that the Fund shares traded at a premium
or discount during the most recently completed fiscal year and quarter (or for the life of the fund for new Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A line graph showing the Fund's premiums or discounts for the most
recently completed calendar year and calendar quarter (or for the life of the fund for new funds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The median bid/ask spread for the Fund on a rolling 30-day basis.

A complete description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's SAI, which is available at www.FounderETFs.com.

**Continuous Offering**

The method by which Creation Units are purchased and traded may raise certain issues under applicable securities laws. Because new Creation Units 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 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 individual 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 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, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available with respect to 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 ordinary Secondary Market transactions) and thus dealing with Shares that are part of an over-allotment within the meaning of Section 4(a)(3)(a) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares of the Fund are reminded that under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that such Fund's prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

**Creation and Redemption of Creation Units**

The Fund issues and redeems Shares only in bundles of a specified number of Shares. These bundles are known as "Creation Units." For the Fund, a Creation Unit is comprised of 10,000 Shares. The number of Shares in a Creation Unit will not change, except in the event of a share split, reverse split, or similar revaluation. The Fund cannot issue fractional Creation Units. To purchase or redeem a Creation Unit, you must be an Authorized Participant, or you must do so through a broker, dealer, bank, or other entity that is an Authorized Participant. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units. It is expected that only large institutional investors will purchase and redeem Shares directly from the Fund in the form of Creation Units. In turn, it is expected that institutional investors who purchase Creation Units will break up their Creation Units and offer and sell individual Shares in the Secondary Market.

Retail investors may acquire Shares in the Secondary Market (not from the Fund) through a broker or dealer. Shares are listed on the Exchange and are publicly traded. For information about acquiring Shares in the Secondary Market, please contact your broker or dealer. If you want to sell Shares in the Secondary Market, you must do so through your broker or dealer.

When you buy or sell Shares in the Secondary Market, your broker or dealer may charge you a commission, market premium or discount or other transaction charge, and you may pay some or all of the spread between the bid and the offered price for each purchase or sale transaction. Unless imposed by your broker or dealer, there is no minimum dollar amount you must invest and no minimum number of Shares you must buy in the Secondary Market. In addition, because transactions in the Secondary Market occur at market prices, you may pay more than NAV when you buy Shares and receive less than NAV when you sell those Shares.

The creation and redemption processes discussed above are summarized, and such summary only applies to shareholders who purchase or redeem Creation Units (they do not relate to shareholders who purchase or sell Shares in the Secondary Market). Authorized Participants should refer to their Participant Agreements for the precise instructions that must be followed in order to create or redeem Creation Units.

**Buying and Selling Shares in the Secondary Market**

Most investors will buy and sell Shares of the Fund in Secondary Market transactions through brokers. Shares of the Fund will be listed for trading on the Secondary Market on the Exchange. Shares can be bought and sold throughout the trading day like other publicly traded shares. There is no minimum investment. Although Shares are generally purchased and sold in "round lots" of 100 Shares, brokerage firms typically permit investors to purchase or sell Shares in smaller "odd lots" at no per-Share price differential. When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the Secondary Market on each leg of a round trip (purchase and sale) transaction.

Share prices are reported in dollars and cents per Share. For information about buying and selling Shares in the Secondary Market, please contact your broker or dealer.

**Book Entry**

Shares of the Fund are held in book-entry form and no stock certificates are issued. Depository Trust Company ("DTC"), through its nominee Cede & Co., is the record owner of all outstanding Shares.

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

These procedures are the same as those that apply to any securities that you hold in book-entry or "street name" form for any publicly-traded company. Specifically, in the case of a shareholder meeting of the Fund, DTC assigns applicable Cede & Co. voting rights to its participants that have Shares credited to their accounts on the record date, issues an omnibus proxy and forwards the omnibus proxy to the Fund. The omnibus proxy transfers the voting authority from Cede & Co. to the DTC participant. This gives the DTC participant, through whom you own Shares (namely, your broker, dealer, bank, trust company, or other nominee) authority to vote the shares, and, in turn, the DTC participant is obligated to follow the voting instructions you provide.

**Management of the Fund**

**Investment Adviser**

Founder ETFs, LLC (the "Adviser") is a registered investment adviser founded in 2025 with its offices at 25 Highland Park Village, Suite 100-587 Dallas, TX 75205. Subject to the supervision of the Board, the Adviser serves as the investment adviser to the Founder Funds Trust, a family of ETFs. As of the date of this prospectus, the Adviser had no prior assets under management. Pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the "Investment Advisory Agreement"), the Adviser has overall responsibility for selecting and continuously monitoring the Fund's investments, managing the Fund's business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust.

**Portfolio Managers**

The Adviser's portfolio manager manages the Fund. In this regard, Michael Monaghan, the Adviser's Partner, is primarily responsible for the day-to-day management of the Fund.

Investment decisions for the Fund are made by the investment manager at the Adviser. Portfolio Manager is responsible for various functions related to the management of the fund, including investing cash flows, implementing the investment strategy, and researching and reviewing the investment strategy. The Portfolio Manager has limited authority for risk management and compliance purposes that the Adviser believes to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· Michael Monaghan, Portfolio Manager and Partner of the Adviser, has been
responsible for the management of the Fund since its inception in 2025.

The Fund's SAI provides additional information about the Portfolio Manager's compensation structure and ownership of Shares.

**Advisory Fees**

Pursuant to an investment advisory agreement between the Adviser and the Trust (the "Investment Advisory Agreement"), the Fund pays the Adviser an annual management fee equal to 0.75% of its average daily net assets (the "Advisory Fee").

The Advisory Fee paid by the Fund to the Adviser is an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, acquired fund fees and expenses, taxes and governmental fees, brokerage fees, commissions and other transaction expenses, interest, certain foreign custodial fees and expenses, costs of borrowing money, including interest and extraordinary expenses (including but not limited to litigation and indemnification expenses).

A discussion regarding the Board's basis for approving the Investment Advisory Agreement with respect to the Fund will be available on the Fund's website and filed on the Fund's semi-annual report on Form N-CSR for the fiscal period ended December 31, 2025.

**Other Fund Service Providers**

**Fund Administrator and Transfer Agent**

US Bank, N.A., ("US Bank"), located at 3777 Park Center Blvd, Minneapolis, MN 55416, serves as the Fund's Administrator and Transfer Agent.

**Fund Custodian**

US Bank, N.A., ("US Bank"), located at 3777 Park Center Blvd, Minneapolis, MN 55416, serves as the custodian to the Fund (the "Custodian").

**Distributor**

Vigilant LLC ("Vigilant" or "Distributor"), located at 223 Wilmington West Chester Pike, Suite 216, Chadds Ford, PA 19317, serves as the Distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a Secondary Market in Shares. Founder ETFs has entered into a Services Agreement with the Distributor to distribute the Fund.

**Compliance Services**

Vigilant LLC ("Vigilant"), located at 223 Wilmington West Chester Pike, Suite 216, Chadds Ford, PA 19317, manages the compliance program of the Trust. Mr. Will Clark, Director of Vigilant serves as the Trust's Chief Compliance Officer (the "CCO") and performs the functions of the CCO as described in Rule 38a-1 under the 1940 Act. The Trust CCO has primary responsibility for administering the Trust's compliance policies and procedures adopted pursuant to Rule 38a-1 (the "Compliance Program") and reviewing the Compliance Program, in the manner specified in Rule 38a-1, at least annually or as may be required by Rule 38a-1, as may be amended from time to time. The Trust CCO reports directly to the Board regarding the Compliance Program. Michael Monaghan serves as CCO of the Fund and manages the compliance program of the Fund.

**Independent Registered Public Accounting Firm**

Cohen & Company, LTD. located at 1350 Euclid Avenue, Suite 800 Cleveland, OH 44115, serves as the independent registered public accounting firm for the Trust and will perform the annual audit of the Fund's financial statements, serve as tax adviser to the Trust and will review the Fund's federal, state and excise tax returns, and advise the Trust on matters of accounting and federal and state income taxation.

**Legal Counsel**

Practus, located at 12751 W Millennium NB 308 Playa Vista, CA 90094, serves as counsel to the Trust and the Fund.

**Frequent Trading**

The Trust's Board has not adopted policies and procedures with respect to frequent purchases and redemptions of Fund Shares by Fund shareholders ("market timing"). In determining not to adopt market timing policies and procedures, the Board noted that the Fund is expected to be attractive to active institutional and retail investors interested in buying and selling Fund Shares on a short-term basis. In addition, the Board considered that, unlike traditional mutual funds, the Fund's Shares can only be purchased and redeemed directly from the Fund in Creation Units by Authorized Participants, and that the vast majority of trading in the Fund's Shares occurs on the Secondary Market. Because Secondary Market trades do not involve the Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. With respect to trades directly with the Fund, to the extent effected in-kind (namely, for securities), those trades do not cause any of the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, the Board noted that those trades could result in dilution to the Fund and increased transaction costs (the Fund may impose higher transaction fees to offset these increased costs), which could negatively impact the Fund's ability to achieve its investment objective. However, the Board noted that direct trading on a short-term basis by Authorized Participants is critical to ensuring that the Fund's Shares trade at or close to NAV. Given this structure, the Board determined that it is not necessary to adopt market timing policies and procedures. The Fund reserves the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive or excessive trading in Creation Units.

The Board has instructed the officers of the Trust to review reports of purchases and redemptions of Creation Units on a regular basis to determine if there is any unusual trading in the Fund. The officers of the Trust will report to the Board any such unusual trading in Creation Units that is disruptive to the Fund. In such event, the Board may reconsider its decision not to adopt market timing policies and procedures.

**Distribution and Service Plan**

The Board of Trustees of the Trust has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. No Rule 12b-1 fees are currently paid, and the Fund does not currently intend to pay such fees. Any Rule 12b-1 fees, if implemented, would be covered by the Fund's unitary management fee of 0.75% per annum, as described in the "Fees and Expenses" section, and would not result in additional costs to shareholders. Before any Rule 12b-1 fees are paid, the Board of Trustees of the Founder Funds Trust would approve the amount and payment of the fee, and the Fund will provide 60 days' notice to shareholders.

The Advisor, distributor or their affiliates may, out of their own resources, pay amounts ("Payments") to third parties for distribution or marketing services on behalf of the Fund. The making of these payments could create a conflict of interest for a financial intermediary receiving such payments. The Advisor may make Payments for such third parties to organize or participate in activities that are designed to make registered representatives, other professionals and individual investors more knowledgeable about ETFs, including ETFs advised by the Advisor, or for other activities, such as participation in marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems ("Education Costs"). The Advisor also may make Payments to third parties to help defray costs typically covered by a trading commission, such as certain printing, publishing and mailing costs or materials relating to the marketing of services related to exchange-traded products (such as commission-free trading platforms) or exchange-traded products in general ("Administrative Costs"). As of the date of this Prospectus, the Advisor has not entered into arrangements whereby it would make Payments.

**Net Asset Value (NAV)**

The Fund's NAV per Share is calculated daily by dividing total assets minus total liabilities by the number of outstanding Shares. Assets include daily accrued interest and investment income, while liabilities include daily accrued expenses and fees (e.g., advisory, management, administration, and distribution fees). The NAV is rounded to the nearest cent for publication but calculated to five decimal places for Creation Unit pricing. The Administrator and Custodian determine the NAV each Business Day at the close of regular trading on the NYSE (typically 4:00 p.m. ET).

Investments are valued using market quotations, typically the closing price on the security's primary exchange. If market quotations are unavailable, unreliable, or stale due to events like issuer insolvency, trading halts, or significant market movements, the Adviser, as the Board-designated Valuation Designee, uses fair value pricing in good faith under established procedures. Securities requiring fair value pricing include restricted securities, those of bankrupt issuers, or securities with halted trading. Investments in other 1940 Act-registered open-end funds may use those funds' NAVs, which may also involve fair value pricing.

Fair value pricing involves subjective judgments, which may lead to daily value fluctuations and differences between the NAV and the Fund's Indicative Intra-Day Value (IIV), potentially causing Shares to trade at a premium or discount to NAV. There is no assurance that securities can be sold at their fair value, and sales at a discount could result in losses.

**Indicative Intra-Day Value**

The approximate value of the Fund's investments on a per-Share basis, the IIV, is disseminated by ICE IOPV every 15 seconds during hours of trading of the Fund. The IIV should not be viewed as a "real-time" update of NAV because the IIV may not be calculated in the same manner as NAV, which is computed once per day.

An independent third-party calculator calculates the IIV for the Fund during hours of trading of the Fund by dividing the "Estimated Fund Value" as of the time of the calculation by the total number of outstanding Shares of that Fund. "Estimated Fund Value" is the sum of the estimated amount of cash held in the Fund's portfolio, the estimated amount of accrued interest owed to the Fund and the estimated value of the securities held in the Fund's portfolio, minus the estimated amount of the Fund's liabilities. The IIV will be calculated based on the same portfolio holdings disclosed on the Trust's website.

The Fund may provide the independent third-party calculator with information to assist in the calculation of the IIV, but the Fund is not involved in the actual calculation of the IIV and is not responsible for the calculation or dissemination of the IIV. The Fund makes no warranty as to the accuracy of the IIV.

**Dividends, Distributions, and Taxes**

**Net Investment Income and Capital Gains**

As a Fund shareholder, you are entitled to distributions of the Fund's net investment income (from dividends and interest, net of expenses) and net realized capital gains, typically paid at least annually. The Fund may distribute dividends more frequently to meet U.S. Internal Revenue Code requirements. Distributions may include a return of capital, which shareholders will be notified about. Cash distributions may be reinvested in additional Shares if your broker offers this option but remain taxable as if received in cash.

**U.S. Federal Income Taxation**

This summary outlines key U.S. federal income tax considerations for Fund shareholders holding Shares as capital assets, based on current law, which may change retroactively. It does not cover state, local, estate, gift, or non-U.S. tax laws, nor special tax rules for partnerships, tax-exempt entities, or non-U.S. shareholders (except as noted). Consult your tax advisor for personalized advice.

**Tax Treatment of the Fund**

The Fund intends to qualify as a Regulated Investment Company (RIC) under the Code, meeting annual income, asset diversification, and distribution requirements (at least 90% of investment company taxable income and net tax-exempt income). As a RIC, the Fund generally avoids corporate-level federal income taxes on distributed income and gains. Failure to qualify would subject the Fund to corporate taxes, with distributions taxed as ordinary dividends. To avoid a 4% excise tax, the Fund must distribute at least 98% of its ordinary income and 98.2% of its capital gain net income annually, plus prior undistributed amounts. The Fund may recognize taxable income before receiving cash (e.g., from original issue discount obligations), requiring distributions from cash assets or security sales, which may generate additional gains or losses.

**Taxation of U.S. Shareholders**

U.S. shareholders (U.S. citizens, residents, corporations, or certain trusts/estates) are taxed on Fund distributions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· **Ordinary income dividends** (net investment income and short-term
capital gains) are taxed as ordinary income, unless designated as "qualified dividend income," which is taxed at long-term
capital gain rates for non-corporate shareholders meeting holding period requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· **Capital gain dividends** (net long-term capital gains) are taxed
at long-term capital gain rates.

&nbsp;&nbsp;&nbsp;&nbsp;· Distributions exceeding the Fund's earnings and profits are treated
as a tax-free return of capital (reducing basis) and then as capital gain.

&nbsp;&nbsp;&nbsp;&nbsp;· The Fund may retain net capital gains, pay taxes on them, and designate
them as "deemed distributions," allowing shareholders to claim a tax credit/refund and increase their Share basis.

Sales or exchanges of Shares typically result in capital gains or losses (long-term if held over one year, short-term otherwise). Short-term capital losses on Shares held six months or less may be treated as long-term to the extent of capital gain dividends. A 3.8% Medicare tax may apply to net investment income (dividends and gains) for individuals above certain income thresholds.

**Creation Unit Issues and Redemptions**

For in-kind Creation Unit transactions, Authorized Participants recognize capital gains or losses based on the difference between the fair market value of Shares/securities received and their basis in exchanged securities. The same applies to redemptions. Gains or losses are long-term if the securities or Shares are held over one year, but short-term losses on Shares held six months or less may be treated as long-term to the extent of capital gain dividends.

**Backup Withholding**

The Fund or intermediary may withhold 24% federal income tax from distributions and redemption proceeds if a shareholder fails to provide a correct taxpayer ID, certify exemption, or is subject to IRS backup withholding. Non-U.S. shareholders may avoid this by submitting IRS Form W-8BEN or W-8BEN-E.

**Taxation of Non-U.S. Shareholders**

Non-U.S. shareholders are generally subject to 30% U.S. withholding tax (or lower treaty rate) on ordinary income dividends, unless designated as "interest-related" or "short-term capital gain" dividends, which are exempt if proper documentation (e.g., IRS Form W-8BEN) is provided. Capital gain dividends and gains from Share sales are typically not subject to U.S. tax. Non-U.S. shareholders may need a U.S. taxpayer ID to claim credits/refunds for Fund-level taxes or backup withholding.

**<br> Foreign Account Tax Compliance Act (FATCA)**

FATCA imposes a 30% withholding tax on certain U.S.-source payments (e.g., dividends) to foreign financial institutions or non-financial foreign entities unless they comply with IRS reporting or certification requirements. Intergovernmental agreements may simplify compliance. The Fund or broker may withhold if shareholders fail to provide required FATCA documentation. No additional amounts are paid for withheld taxes.

For a detailed tax discussion, see the SAI section "U.S. Federal Income Taxation." Consult your tax advisor regarding federal, state, local, and non-U.S. tax consequences of investing in the Fund.

**The foregoing discussion summarizes some of the more important possible consequences under current federal, state, and local tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to state, local or foreign tax on the Fund's distributions and sales and/or redemptions of Shares. Consult your personal tax advisor(s) about the potential tax consequences of an investment in the Shares under all applicable tax laws.**

**Shareholder Information**

As an investor in the Fund, your rights are limited. You may not call meetings, nominate Trustees, propose charter amendments, inspect Trust records (except as required by law), or direct investment decisions. The Board of Trustees, which must remain independent of the Sponsor and Advisor, acts on behalf of all shareholders. You generally vote only on matters required by the Investment Company Act of 1940 (such as electing Trustees in limited cases). See the Statement of Additional Information for details.

**Code of Ethics**

The Trust and the Advisor each have adopted a code of ethics under Rule 17j-1 of the 1940 Act that is designed to prevent affiliated persons of the Trust and the Advisor from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to a code). The Distributor relies on the principal underwriter's exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust or the Advisor, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust or the Advisor.

There can be no assurance that the codes will be effective in preventing such activities. The codes permit personnel subject to them to invest in securities, including securities that may be held or purchased by the Fund, subject to certain conditions. The codes are on file with the SEC and are available to the public.

**Premium/Discount Information**

Information showing the number of days the market price of the Shares was greater (at a premium) and less (at a discount) than the Fund's NAV for the most recently completed calendar year and the most recently completed calendar quarters since that year (or the life of the Fund, if shorter) is available on the Fund's website at www.FounderETFs.com.

**Other Information**

**Delivery of Shareholder Documents–Householding**

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

***Investment Thesis***

The Adviser's investment thesis is that Founders tend to have the inspiring vision to attract and unite top talent, the moral authority to take bold risks and pivot quickly towards success, and the expert intuition to leverage the capabilities of their businesses and teams to create sustained competitive advantages, which have the potential to generate superior expected risk-adjusted returns over time.

***Investment Horizon***

The Adviser observes that over the past 100 years a buy and hold US equity investment strategy has been an effective way to compound wealth. Timing market entry and exit points is often very difficult, even for professional investors. Despite unexpected market crashes and corrections, the US equity market has generally recovered and resumed growth with the US economy, generally rewarding investors who have stayed fully invested over a long-term time horizon of 5+ years.

***Founding Principles***

In the words of Steve Jobs: "One of the ways that I believe people express their appreciation to the rest of humanity is to make something wonderful… In the act of making something with a great deal of care and love, something's transmitted there."

The Fund is a product of Founder ETFs, a firm with Founding Principles that act as the Adviser's unattainable North Star. Recognizing that investments involve risk and uncertainties and outcomes are not guaranteed, we share these principles for the sole purpose of giving investors an understanding of our firm's ideals, identity, and culture. We believe a positive firm culture fosters motivation, loyalty, and a sense of shared purpose and that sharing our ideals builds trust with our partners, attracts vendors who share our values, improves decision making and execution, and creates strategic alignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vision –
To fill the world with the peace, joy, and freedom of prosperity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mission –
To create simple Founder ETFs with "a great deal of care and love" and provide high-quality service to our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Goals – To
elevate lives worldwide our Goals are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To educate investors
so they can work towards achieving their life goals with greater clarity, discipline, and confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To build vibrant
communities of Founders with the vision, courage, grit, and fire to lead innovative teams, tackle complex challenges, and accelerate
the progress of humanity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Values –
We value Freedom, Integrity, Vision, Courage, Grit, Care, Pure Innovation, and the Relentless Pursuit of Excellence.

**Financial Highlights**

The Fund is new and has no performance history yet.

**Privacy Policy**

Founder Funds Trust respects your privacy.

The Trust may collect non-public personal information from various sources. The Trust uses such information provided by you or your representative to process transactions, to respond to inquiries from you, to deliver reports, products, and services, and to fulfill legal and regulatory requirements.

We do not disclose any non-public personal information about our customers to anyone unless permitted by law or approved by the customer. We may share this information within the Trust's family of companies in the course of providing services and products to best meet your investing needs. We may share information with certain third parties who are not affiliated with the Trust to perform marketing services, to process or service a transaction at your request or as permitted by law. For example, sharing information with companies that maintain or service customer accounts for the Trust is essential. We may also share information with companies that perform administrative or marketing services for the Trust, including research firms. When we enter into such a relationship, we restrict the companies' use of our customers' information and prohibit them from sharing it or using it for any purposes other than those for which they were hired.

We maintain physical, electronic, and procedural safeguards to protect your personal information. Within the Trust, we restrict access to personal information to those employees who require access to that information in order to provide products or services to our customers, such as handling inquiries. Our employment policies restrict the use of customer information and require that it be held in strict confidence.

We will adhere to the policies and practices described in this notice for both current and former customers of the Trust.

Prospectus – October 31, 2025

**Founder Funds Trust**

**25 Highland Park Village Suite 100-587**

**Dallas, TX 75205 www.FounderETFs.com**

**1-866-315-5322**

**For More Information**

This prospectus does not contain all of the information included in the registration statement filed with the SEC with respect to the Fund. If you would like more information about the Trust, the Fund and the Shares, the following documents are available free upon request, when they become available:

***Annual/Semi-annual Report***

Additional information about the Fund's investments will also appear in the Fund's annual and semi-annual reports to Shareholders and on Form N-CSR filed with the SEC, when available. In the Fund's Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its most recent fiscal year, when available. In Form N-CSR you will find the Fund's annual and semi-annual financial statements.

***Statement of Additional Information (SAI)***

For more detailed information on the Trust, the Fund, and the Shares, you may request a copy of the Fund's SAI, which has been filed with the SEC. The SAI provides detailed information about the Fund and its policies and is incorporated by reference into this prospectus. This means that the SAI legally is a part of this prospectus.

If you have questions about the Fund or Shares or you wish to obtain the SAI, annual report, or semi-annual report, or the Fund's financial statements, when available, free of charge, or to make shareholder inquiries, please:

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| | |
|:---|:---|
| Call: | Toll Free: (917) 385-0195 |
|  | International: 001 (917) 385-0195 |
|  | Monday-Friday 9:00 AM to 5:00 PM EST |
| Write: | Founder Funds Trust |
|  | c/o Founder ETFs, LLC |
|  | 25 Highland Park Village |
|  | Suite 100-587 |
|  | Dallas, TX 75205 |
| Visit: | <u>www.FounderETFs.com</u> |

---

Reports and other information about the Fund are available on the EDGAR Database on the SEC's website at www.sec.gov, 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.

No person is authorized to give any information or to make any representations about the Fund and its Shares not contained in this prospectus, and you should not rely on any other information. Read and keep this prospectus for future reference.

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

The Trust's registration number under the 1940 Act is 811-24107.

**The information in this Statement of Additional Information 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 Statement of Additional Information 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.**

**Preliminary Statement of Additional Information Subject to Change Dated October 31, 2025**

**___________________________________________________________________________**

**Statement of Additional Information (SAI) October 31, 2025**

**Founder Funds Trust**

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| | |
|:---|:---|
| Fund Name | Founders 100 ETF |
| Ticker Symbol | FFF |
| Exchange | NYSE |
| Adviser | Founder ETFs, LLC |

---

---

| | |
|:---|:---|
| To get a free copy of the Fund Prospectus, annual reports, or semi-annual reports: | To get a free copy of the Fund Prospectus, annual reports, or semi-annual reports: |
| Write: | Founder Funds Trust <br> c/o Founder ETFs, LLC, <br> 25 Highland Park Village<br> Suite 100-587<br> Dallas, TX 75205 |
| Call: | 1-866-315-5322 |
| Visit: | <u>www.FounderETFs.com</u> |

---

No person is authorized to give any information or to make any representations about the Fund and its Shares not contained in the Prospectus, a document that describes a new ETF, or this Statement of Additional Information ("SAI"), a document that includes more detailed information about the Fund and its operations, and you should not rely on any other information. This Statement of Additional Information is not a prospectus but supplements and should be read in conjunction with the Fund's current Prospectus, dated October 31, 2025.

The SAI does not constitute an offer to sell securities.

The Fund is new and has no performance history as of the date of this SAI.

Unless otherwise noted, capitalized terms used but not defined in this SAI have the same meaning as in the Prospectus.

**Table of Contents**

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| | |
|:---|:---|
| **[General Description of the Trust and Fund](#generaldescriptionoftrustandfund)** | 1 |
| **[Exchange Listing and Trading](#exchangelisting)** | 1 |
| **[Investment Objectives and Policy](#investmentobjectives)** | 1 |
| **[Investment Strategies and Risks](#investmentstrategiesrisks)** | 2 |
| **[Management](#management2)** | 6 |
| **[Proxy Voting Policies](#proxyvoting)** | 9 |
| **[Control Persons and Principal Holders of Securities](#controlpersons)** | 9 |
| **[Investment Advisory, Administrative, and Distribution Services](#investmentadvisory)** | 9 |
| **[Other Service Providers](#otherserviceproviders)** | 10 |
| **[Portfolio Transactions and Brokerage](#portfoliotransactionsbrokerage)** | 12 |
| **[Disclosure of Portfolio Holdings](#disclosureportfolioholdings)** | 13 |
| **[Description of Shares and Voting Rights](#descriptionshares)** | 13 |
| **[Indicative Intra-Day Value](#indicativeintraday)** | 14 |
| **[Additional Information Concerning Shares](#additionalinfoshares)** | 15 |
| **[Purchase and Redemption of Creation Units](#purchaseredemptioncreationunits)** | 17 |
| **[Continuous Offering](#continuousoffering2)** | 23 |
| **[Dividends and Distributions](#dividendsdistributions)** | 23 |
| **[U.S. Federal Income Taxation](#usfederalincometax)** | 24 |
| **[Other Information](#otherinformation)** | 29 |
| **[Purchase of Shares](#purchaseshares)** | 30 |
| **[Important Fund Policies](#importantfundpolicies)** | 30 |
| **[Appendix A](#appendixa)** | A-1 |
| **[Appendix B](#appendixb)** | A-2 |

---

**General Description of the Trust and the Fund**

The Founder Funds Trust (the "Trust") was organized as a Delaware statutory trust on October 31, 2025 and is authorized to have multiple segregated series or portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act").

The SAI addresses the following investment portfolio (the "Fund") of the Trust, which currently consists of one investment portfolio. Additional portfolios ("Funds") may be added to the Trust in the future. The shares of the Fund are referred to herein as "Shares." The offering of Shares is registered under the Securities Act of 1933 (the "Securities Act").

Founder ETFs, LLC (the "Adviser") is the investment adviser for the Fund and is registered as an investment adviser with the Securities and Exchange Commission (the "SEC").

The Shares trade on ("NYSE" or "Exchange"). Shares will trade on the Exchange at market prices that may be below, at, or above the Net Asset Value ("NAV") of the Shares.

The Fund is "non-diversified" under the 1940 Act.

The Fund offers and issues Shares at NAV only in aggregations of a specified number of Shares (a "Creation Unit" or "Creation Unit Aggregation"), generally in exchange for a basket of equity securities (the "Deposit Securities") plus the deposit of a specified cash payment (the "Cash Component"). Fund Shares will trade on at market prices that may be below, at, or above NAV. Shares are redeemable only in Creation Unit Aggregations and, generally, in exchange for Deposit Securities and a Cash Component. Creation Units are aggregations of 10,000 Shares of the Fund. In the event of the liquidation of the Fund, the Trust may lower the number of Shares in a Creation Unit.

As the Fund creates and redeems Shares in kind, the Trust reserves the right to offer a "cash" option for creations and redemptions of Fund Shares. Fund Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain cash at least equal to 105% of the market value of the missing Deposit Securities on deposit with the Trust. Please see the "Creation and Redemption of Creation Units" section for more details. In each instance of such cash creations or redemptions, transaction fees may be imposed that will be higher than the transaction fees associated with in kind creations or redemptions. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities.

**Exchange Listing and Trading**

There can be no assurance that the requirements of the Exchange necessary for the Fund to maintain the listing of its Shares will continue to be met. The Exchange will consider the suspension of trading in, and will initiate delisting proceedings of, the Shares if any of the requirements set forth in the Exchange rules, including compliance with Rule 6c-11(c) under the 1940 Act, are not continuously maintained or such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares of the Fund from listing and trading upon termination of the Fund.

As in the case of other stocks traded on the Exchange, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

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.

**Investment Objectives and Policies**

**Investment Objectives**

The Fund has a distinct investment objective and policies. The Founders 100 ETF (the "Fund") is designed for investors with a long-term time horizon (generally 5+ years) seeking capital appreciation. There can be no assurance that the Fund's objective will be achieved.

All investment objectives and investment policies not specifically designated as fundamental may be changed without shareholder approval. Additional information about the Fund, its policies, and the investment instruments it holds, is provided below.

The Fund's share prices will fluctuate with market and economic conditions. The Fund should not be relied upon as a complete investment program.

**Investment Restrictions**

The investment restrictions set forth below have been adopted by the Board of Trustees of the Trust (the "Board") as fundamental policies that cannot be changed with respect to the Fund without the affirmative vote of the holders of a majority (as defined in the 1940 Act) of the outstanding voting securities of the Fund. The investment objective of the Fund and all other investment policies or practices of the Fund are considered by the Trust not to be fundamental and accordingly may be changed without shareholder approval. For purposes of the 1940 Act, a "majority of the outstanding voting securities" means the lesser of the vote of (i) 67% or more of the Shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding Shares of the Fund are present or represented by proxy, or (ii) more than 50% of the outstanding Shares of the Fund.

All of the percentage limitations below and in the investment restrictions recited in the Prospectus apply to the Fund on an individual basis, and apply only at the time a transaction is entered into, except that any borrowing by the Fund that exceeds applicable limitations must be reduced to meet such limitations within the period required by the 1940 Act. Therefore, a change in the percentage that results from a relative change in values or from a change in the Fund's assets will not be considered a violation of the Fund's policies or restrictions. "Value" for the purposes of all investment restrictions shall mean the value used in determining the Fund's NAV. With respect to the Fund's fundamental investment restriction 3, asset coverage of at least 300% (as defined in the 1940 Act), inclusive of any amounts borrowed, must be maintained at all times.

As a matter of fundamental policy, the Fund may not:

1. purchase or sell commodities or commodities contracts, unless acquired as a result of ownership of securities or other instruments
and provided that this restriction does not prevent the Fund from engaging in transactions involving currencies and futures contracts
and options thereon or investing in securities or other instruments that are secured by commodities, or investing in precious metals in
accordance with the Fund's investment objective and policies as set forth in the Fund's Prospectus;

2. borrow money, except to the extent permitted by the 1940 Act, or any rules, regulations, interpretations thereunder or exemptions
thereto that may be adopted, granted, or issued by the SEC;

3. make loans, except (i) to the extent permitted by the 1940 Act, or any rules, regulations, interpretations thereunder or exemptions
thereto that may be adopted, granted or issued by the SEC; and (i) in connection with the lending of the Fund's portfolio securities
and purchases of debt securities consistent with the investment policies of the Fund as set forth in the Fund's Prospectus;

4. underwrite the securities of other issuers, except that the Fund may engage in transactions (i) involving the acquisition, disposition
or resale of its portfolio securities, (ii) involving acquisitions or securities directly from an issuer, (iii) involving the acquisition
of securities issued by other investment companies, and (iv) under other circumstances where the Fund may be considered to be an underwriter
under the Securities Act;

5. purchase or sell real estate or interests in real estate, except that the Fund may purchase, acquire or lease real estate for use
as an office and may transaction in real estate acquired as a result of ownership of securities; and this restriction shall not prevent
the Fund from purchasing or selling securities which are secured by real estate and securities of companies that invest or deal in real
estate; or

6. issue senior securities, except to the extent permitted by the 1940 Act or any rules, regulations, interpretations thereunder or exemptions
thereto that may be adopted, granted, or issued by the SEC.

**Investment Strategies and Risks**

A discussion of the risks associated with investing in the Fund is contained in the Fund's Prospectus under the headings "Principal Risks of Investing in the Fund" and "Additional Information About the Fund's Strategies and Risks." As with the Prospectus, the risks are listed in alphabetical order so that you may more easily compare our risks to those of other Funds. Each risk summarized below is considered an important "principal risk" of investing in the Fund, regardless of the order it appears.

The discussion below supplements, and should be read together with, these sections of the Fund's Prospectus.

Investments in the Fund should be made with an understanding that the Fund NAV may fluctuate with changes in the financial condition of the issuers of the portfolio securities, the value of common stocks in general, and other factors.

**Active Management Risk**

The Fund is actively managed and therefore financial results that result in a violation of the rules of the proprietary fundamental methodology may, at the Adviser's discretion, result in the elimination of securities from the Fund, additions of new securities to the Fund, or an adjustment to the weighting of securities in the Fund at a rebalance or reconstitution, either quarterly or intra-quarterly. Since the Fund is actively managed, the Adviser may 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 funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline.

**Cash Risk**

To the extent the Fund holds cash or cash equivalents rather than securities in which it primarily invests, the Fund risks losing opportunities to participate in market appreciation and may experience potentially lower returns.

**Equity Risk**<br> Equity risk is the risk that the value of equity securities, including common stock or REIT investments in the Fund, will fall. The value of an equity security may fall due to changes in general economic conditions that impact the market as a whole and that are relatively unrelated to an issuer or its industry. These conditions include changes in interest rates, specific periods of overall market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. An issuer's common stock in particular may be especially sensitive to, and more adversely affected by, these general movements in the stock market; it is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward, and perceptions regarding, one or more particular industries or economic sectors will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries or sectors more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential and, consequently, may underperform other segments of the equity market or the market as a whole. Price changes of equity securities may occur in a particular region, industry, or sector of the market, and as a result, the value of an issuer's common stock may fall solely because of factors, such as increases in production costs, that negatively impact other companies in the same industry or in a number of different industries. Equity risk also includes the financial risks of a specific company, including that the value of the company's securities may fall as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company's products or services. In particular, the common stock of a company may decline significantly in price over short periods of time. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock; similarly, the common stock of an issuer may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer experiences a decline in its financial condition. Large-capitalization companies tend to go in and out of favor based on market and economic conditions. Large-capitalization companies generally are less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the value of large capitalization companies may not rise as much as that of smaller-capitalization companies.

**Liquidation of the Fund Risk**

The Board may determine to close and liquidate the Fund at any time, which may have adverse consequences for shareholders. In the event of the liquidation of the Fund, shareholders will receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund. A liquidating distribution may be a taxable event to shareholders, resulting in a gain or loss for tax purposes, depending upon a shareholder's basis in his or her shares of the Fund. A shareholder of a liquidating Fund will not be entitled to any refund or reimbursement of expenses borne, directly or indirectly, by the shareholder (such as sales loads, account fees, or fund expenses), and a shareholder may receive an amount in liquidation less than the shareholder's original investment.

**Money Market Instruments Risk**

The Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis rather than in equities , when it would be more efficient or less expensive for the Fund to do so, or as collateral for financial instruments, for liquidity purposes, or to earn interest. The instruments in which the Fund may invest include: (1) short-term obligations issued by the U.S. government; (2) negotiable certificates of deposit ("CDs"), fixed time deposits and bankers' acceptances of U.S. and foreign banks and similar institutions; (3) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service, Inc. or "A-1+" or "A-1" by Standard & Poor's Ratings Group, Inc., a division of The McGraw-Hill Companies, Inc., or, if unrated, of comparable quality as determined by the Adviser; (4) repurchase agreements; and (5) money market mutual funds. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Banker's acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Natural Disaster/Epidemic Risk**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and foreign exchange rates in other countries, including the U.S. Any such events could have a significant adverse impact on the value of the Fund's investments. Any public health emergency, including any emerging or reemergent epidemics (including, without limitation, outbreaks of coronavirus, influenza virus and Ebola virus), or the threat thereof, could have a significant adverse impact on the Fund and the securities it holds, and could adversely affect the Fund's ability to fulfill its investment objectives. In addition, the operations of the Fund, the Adviser and the Fund's other service providers may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any such entity's personnel.

**Securities Lending Risk**

The Fund may lend portfolio securities to brokers, dealers, and other financial institutions. In a portfolio securities lending transaction, the Fund receives from the borrower an amount equal to the interest paid or the dividends declared on the loaned securities during the term of the loan, as well as the interest on the collateral securities, less any fees (such as finders or administrative fees) the Fund pays in arranging the loan. The Fund may share the interest it receives on the collateral securities with the borrower. Loans are subject to termination at the option of the Fund or the borrower at any time, and the borrowed securities must be returned when the loan is terminated. The Fund may pay fees to arrange for securities loans. The SEC currently requires that the following conditions must be met whenever a Fund's portfolio securities are loaned: (1) the Fund must receive at least 100% cash collateral from the borrower; (2) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (3) the Fund must be able to terminate the loan at any time; (4) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities, and any increase in market value; (5) the Fund may pay only reasonable custodian fees approved by the Board in connection with the loan; (6) while voting rights on the loaned securities may pass to the borrower, the Board must terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs; and (7) the Fund may not loan its portfolio securities so that the value of the loaned securities is more than one-third of its total asset value, including collateral received from such loans. These conditions may be subject to future modification. The Fund might experience the risk of loss if the institution with which it has engaged in a portfolio loan transaction breaches its agreement with the Fund. In addition, the Fund will not enter into any portfolio security lending arrangement having a duration of longer than one year. The principal risk of portfolio lending is potential default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral, or could lose all or part of the value of the loaned securities. As part of participating in a lending program, the Fund may be required to invest in collateralized debt or other securities that bear the risk of loss of principal. In addition, all investments made with the collateral received are subject to the risks associated with such investments. If such investments lose value, the Fund will have to cover the loss when repaying the collateral.

**Tax Risks**

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

**Temporary Defensive Strategies Risk**

**Th**e Fund may take a temporary defensive position and hold up to 100% of assets in cash or cash equivalents, including money market funds, if there are inadequate investment opportunities available due to adverse market, economic, political or other conditions, or atypical circumstances such as unusually large cash inflows or redemptions. Doing so could help the Fund avoid losses in the event of falling market prices and provide liquidity to make additional investments but may mean lost investment opportunities in a period of rising market prices. During these periods, the Fund may not achieve its investment objective.

**Industry Concentration Risks**

In following its methodology, the Fund may concentrate (invest >25% of its total assets) in securities of issuers operating in a single GICS Industry Group. By concentrating its investments in a GICS Industry Group, the Fund faces more risks than if it were diversified broadly over numerous industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry group; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry group. In addition, at times, such industry groups may be out of favor and underperform other industry groups or the market as a whole. Information about the Fund's exposure to a particular industry group (as applicable) will be available in the Fund's Annual and Semi-Annual Reports to Shareholders, on the Fund's website, and on required forms filed with the SEC. The Fund's investments may be concentrated in the following GICS Industry Groups, each of which carries distinct risks that may adversely affect the Fund's performance:

***Software Industry Group Risk.*** Software companies face intense competition, rapid technological innovation, and short product lifecycles, which can lead to product obsolescence and pricing pressure. Significant R&D spending is required to remain competitive, and failure to develop or acquire successful new products may impair growth. Intellectual property protection is critical; patent disputes, infringement claims, or loss of exclusivity can materially reduce profitability. Many software firms have limited operating histories and are subject to volatile earnings. Cybersecurity threats, data breaches, and regulatory scrutiny over privacy or antitrust issues may result in substantial costs, fines, or reputational damage.

***Semiconductors & Semiconductor Equipment Industry Group Risk.*** Semiconductor companies are highly cyclical, with demand fluctuating based on global economic conditions, consumer electronics trends, and enterprise spending. Capital-intensive manufacturing requires ongoing investment in advanced fabrication facilities, and supply chain disruptions—particularly for rare materials or equipment—can halt production. Rapid technological advancement (e.g., smaller process nodes, AI accelerators) shortens product lifecycles and increases obsolescence risk. Geopolitical tensions, export controls, and trade restrictions may limit access to key markets or customers. High customer concentration (e.g., reliance on a few major foundry clients or device makers) amplifies earnings volatility.

***Technology Hardware, Storage & Peripherals Industry Group Risk.*** Companies in this industry face rapid product obsolescence due to evolving standards in computing, storage, and connectivity. Inventory risk is elevated—excess stock becomes obsolete quickly, while component shortages (especially semiconductors) can delay launches and erode margins. Intense price competition from low-cost manufacturers and original equipment manufacturers (OEMs) pressures profitability. Shifts toward cloud-based infrastructure and software-defined solutions may reduce demand for traditional hardware. Product defects, quality issues, or security vulnerabilities can trigger costly recalls, warranty claims, and loss of customer confidence.

***IT Services Industry Group Risk.*** IT services providers are exposed to project execution risks, including cost overruns, scope changes, and client budget cuts during economic slowdowns. Competitive bidding and fixed-price contracts can compress margins. Rapid adoption of cloud, AI, and automation technologies may disrupt traditional service models, requiring continuous workforce reskilling and technology investment. Dependence on skilled labor makes firms vulnerable to talent shortages, wage inflation, and immigration policy changes. Cybersecurity incidents at client sites or within vendor networks can lead to liability and reputational harm. Consolidation among clients reduces bargaining power and increases revenue concentration risk.

***Electronic Equipment, Instruments & Components Industry Group Risk.*** Manufacturers in this industry face supply chain complexity and component shortages, particularly for specialized materials and semiconductors. Short product cycles driven by innovation in automation, IoT, and testing equipment increase R&D and inventory risk. Global trade policies, tariffs, and export controls can disrupt sourcing and raise costs. High customer concentration, especially in industrial, automotive, or medical sectors, exposes firms to demand volatility. Quality control failures or regulatory non-compliance (e.g., safety or environmental standards) may result in recalls, fines, or loss of certifications.

***Communications Equipment Industry Group Risk.*** Companies developing networking and telecommunications hardware face rapid obsolescence as new standards (e.g., 5G, Wi-Fi 7, optical networking) emerge. Large-scale R&D and capital expenditures are required to support next-generation infrastructure, with execution risk in product rollout and carrier adoption. Supply chain constraints, particularly for advanced chips and components, can delay shipments. National security concerns and government restrictions on equipment vendors (especially in strategic markets) may limit revenue opportunities. Patent disputes are frequent, and margin pressure arises from competition with low-cost providers and integrated network operators.

***Diversified Financials Industry Group Risk.*** Diversified Financials face elevated risks from macroeconomic cycles that swing interest rates, credit spreads, and consumer spending—compressing lending margins while volatility hits trading and advisory fees; stringent regulatory oversight (Basel III, CFPB, SEC) drives compliance costs and caps on fees or leverage; credit and counterparty exposures spike in recessions, with consumer-finance delinquencies and capital-markets inventory losses; market liquidity dries up during stress, amplifying mark-to-market hits; cybersecurity threats target digital-lending and payment networks; fintech disruptors erode traditional margins in brokerage and lending; and geopolitical tensions or concentrated equity stakes in conglomerates add tail risks—mitigated through revenue diversification, robust capital buffers, advanced analytics, hedging, and selective fintech partnerships.

***Interactive Media & Services Industry Group Risk***. Interactive Media & Services is highly exposed to regulatory and antitrust scrutiny over data dominance, privacy, and content moderation, risking multibillion-dollar fines or forced breakups; advertising revenue (~80–90 % of total) cycles with macro conditions and faces headwinds from cookie deprecation and retail-media shifts; user engagement can evaporate from algorithm missteps or rival innovations; evolving privacy laws (GDPR, CCPA, DMA) curb targeting efficiency; content-liability erosion threatens safe-harbor protections and triggers advertiser boycotts; infrastructure outages or AI failures disrupt service; and geopolitical bans or local-data mandates fragment scale—offset by diversified ad formats, non-ad revenue streams, heavy trust & safety investment, contextual-targeting pivots, and substantial cash reserves for legal and strategic flexibility.

***Interactive Media & Services Industry Group Risk***. Interactive Media & Services is highly exposed to regulatory and antitrust scrutiny over data dominance, privacy, and content moderation, risking multibillion-dollar fines or forced breakups; advertising revenue (~80–90 % of total) cycles with macro conditions and faces headwinds from cookie deprecation and retail-media shifts; user engagement can evaporate from algorithm missteps or rival innovations; evolving privacy laws (GDPR, CCPA, DMA) curb targeting efficiency; content-liability erosion threatens safe-harbor protections and triggers advertiser boycotts; infrastructure outages or AI failures disrupt service; and geopolitical bans or local-data mandates fragment scale—offset by diversified ad formats, non-ad revenue streams, heavy trust & safety investment, contextual-targeting pivots, and substantial cash reserves for legal and strategic flexibility.

**Management**

**Board Responsibilities.** The business of the Trust is managed under the direction of the Board. The Board has considered and approved contracts, as described herein, under which certain companies provide essential management and administrative services to the Trust. The day-to-day business of the Trust, including the day-to-day management of risk, is performed by the service providers of the Trust, such as the Adviser, Distributor, and Administrator. The Board is responsible for overseeing the Trust's service providers and, thus, has oversight responsibility with respect to the risk management performed by those service providers. Risk management seeks to identify and eliminate or mitigate the potential effects of risks such as events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Trust or the Fund. The Board's role in risk management oversight begins before the inception of an investment portfolio, at which time the Adviser presents the Board with information concerning the investment objectives, strategies, and risks of the investment portfolio. Additionally, the Adviser provides the Board with an overview of, among other things, the firm's investment philosophy, brokerage practices, and compliance infrastructure.

Thereafter, the Board oversees the risk management of the investment portfolio's operations, in part, by requesting periodic reports from and otherwise communicating with various personnel of the service providers, including the Trust's Chief Compliance Officer and the independent registered public accounting firm of the Trust. The Board and, with respect to identified risks that relate to its scope of expertise, the Audit Committee of the Board, oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

Under the overall supervision of the Board and the Audit Committee (discussed in more detail below), the service providers to the Trust employ a variety of processes, procedures and controls to identify risks relevant to the operations of the Trust and the Fund to lessen the probability of their occurrence and to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business and, consequently, for managing the risks associated with that activity.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Adviser and receives information about those services at its regular meetings. Meetings occur only as required by the 1940 Act,. In addition, on at least an annual basis, in connection with its consideration of whether to renew the Advisory Agreement with the Adviser, the Board receives detailed information from the Adviser. Among other things, the Board regularly considers the Adviser's adherence to the Fund's investment restrictions and compliance with various policies and procedures of the Trust and with applicable securities regulations. The Board also reviews information about the Fund's performance and investments.

The Trust's Chief Compliance Officer meets regularly with the Board to review and discuss compliance and other issues. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report, material changes to the policies and procedures since the date of the last report, any recommendations for material changes to the policies and procedures, and material compliance matters since the date of the last report.

The Board receives reports from the Trust's service providers regarding operational risks, portfolio valuation, and other matters. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the financial statements of the Fund, focusing on major areas of risk encountered by the Trust and noting any significant deficiencies or material weaknesses in the Trust's internal controls.

The Board recognizes that not all risks that may affect the Fund can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.

Moreover, despite the periodic reports the Board receives and the Board's discussions with the service providers to the Trust, it may not be made aware of all of the relevant information of a particular risk. Most of the Trust's investment management and business affairs are carried out by or through the Adviser and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Trust's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's risk management oversight is subject to substantial limitations.

**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, portfolios supervised and the principal occupations and other directorships for a minimum of the last five years of each of the persons currently serving as members of the Board and as Executive Officers of the Trust. Also included below is the term of office for each of the Executive Officers of the Trust. 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, Michael Monaghan, is an interested person of the Trust as that term is defined under Section 2(a)(19) of the 1940 Act (the "Interested Trustee") because of his affiliation with the Adviser. Two of the Trustees, Brock Vandervliet and David Perlin, and their immediate family members have no affiliation or business connection with the Adviser or the Fund's principal underwriter or any of their affiliated persons and do not own any stock or other securities issued by the Adviser or the Fund's principal underwriter. These Trustees are not Interested Persons of the Trust and are referred to herein as "Independent Trustees."

There is an Audit Committee and a Nominating and Governance Committee of the Board, each of which is chaired by an Independent Trustee and comprised solely of Independent Trustees. The Chair for each committee is responsible for running the Committee meeting, formulating agendas for those meetings, and coordinating with management to serve as a liaison between the Independent Trustees and management on matters within the scope of the responsibilities of such Committee as set forth in its Board-approved charter.

**Trustees**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Number of Portfolios in Fund Complex: 1*** | ***Number of Portfolios in Fund Complex: 1*** | ***Number of Portfolios in Fund Complex: 1*** | | | | | |
| <br>**Interested Trustees** | **Term**<br>**of**<br>**Office** | **Year**<br>**of**<br>**Birth** | **Position**<br>**Held with**<br>**Trust** | **Length of**<br>**Time**<br>**Served** | **Principal**<br>**Occupation**<br>**Past 5 Years** | **Portfolios**<br>**Overseen**<br>**by Trustee** | **Other Directorships**<br>**Held by Trustee** <br>**Past 5 Years** |
| Michael C. Monaghan | Indefinite | 1975 | Chairman, Interested Trustee | Since 2025 | Founder & CEO at Beartooth | 1 | n/a |
| **Independent Trustees** |  |  |  |  |  |  |  |
| Brock Vandervliet | Indefinite | 1968 | Audit Committee Chair, Trustee | Since 2025 | Partner at NE Business Services/Reprise Homes | 1 | n/a |
| David Perlin | Indefinite | 1962 | Nominating & Governance Chair, Trustee | Since 2025 | SVP at Shepherd Kaplan & Krochuk | 1 | n/a |

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The address of each Trustee is Founder ETFs, LLC, 25 Highland Park Village, Suite 100-587, Dallas, Texas 75205.

Trustees serve until their successors are duly elected and qualified.

**Description of Standing Board Committees**

*Audit Committee*. The principal responsibilities of the Audit Committee are the appointment, compensation, and oversight of the Trust's independent auditors, including the resolution of disagreements regarding financial reporting between Trust management and such independent auditors. The Audit Committee's responsibilities include, without limitation, to (i) oversee the accounting and financial reporting processes of the Trust and its internal control over financial reporting and, as the Committee deems appropriate, to inquire into the internal control over financial reporting of certain third-party service providers; (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, to 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 has adopted a written charter for the Audit Committee. Brock Vandervliet Serves as the Chairman of the Audit Committee and all of the Independent Trustees serve on the Trust's Audit Committee. The Board has determined that will serve as the Fund's Audit Committee Financial Expert. The Audit Committee has met once.

*Nominating and Governance Committee*. The Nominating and Governance Committee has been established to: (i) assist the Board in matters involving mutual fund governance and industry practices; (ii) select and nominate candidates for appointment or election to serve as Trustees who are not "interested persons" of the Trust or its Adviser or distributor (as defined by the 1940 Act); and (iii) advise the Board on ways to improve its effectiveness. Mr. Perlin serves as the Chairman of the Nominating and Governance Committee and all of the Independent Trustees serve on the Nominating and Governance Committee. As stated above, each Trustee holds office for an indefinite term until the occurrence of certain events. In filling Board vacancies, the Nominating Committee considers nominees recommended by shareholders. Nominee recommendations should be submitted to the Trust at its mailing address stated in the Fund's Prospectus and should be directed to the attention of the Nominating Committee. The Nominating and Governance Committee has met once.

**Individual Trustee Qualifications**

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

The Trust has concluded that Michael Monaghan, Chairman of the Board, should serve as Trustee of the Fund because of his extensive financial services experience in institutional equities at Goldman Sachs, Sanford Bernstein, and UBS along with private equity investing at Riverstone Holdings and as the Founder at Beartooth Radio Inc., a defense tech company selling specialized communications equipment. Mr. Monaghan brings the Trust a unique perspective on capital markets, entrepreneurship, and the unique attributes of Founders.

The Trust has concluded that Brock Vandervliet, Chairman of the Audit Committee, should serve as Trustee of the Fund because of his extensive financial services experience in institutional equity at KBW, Lehman Brothers, as Portfolio Manager at Lion's Path Capital, as Executive Director at Nomura Securities and UBS, writing equity research on the sell-side, and as Founder of StratFin Consulting. Mr. Vandervliet also has decades of experience in real estate as Founding Partner of MP Holdings, designed to monetize the bottom of the US housing market, as well as at Minaret Capital, Reprise Homes, and Northeast Business Services. He also served for four years in the US Army. He brings expertise in financial matters and accounting principles.

The Trust has concluded that David Perlin, Chairman of the Nominating and Governance Committee, should serve as Trustee of the Fund because of his 33 years of equity trading experience. Mr. Perlin was the Founder & CEO of Pearl Investment Partners, a multi-family office investment firm and RIA from 2017 until 2020. Previously, he was Managing Director at Goldman Sachs from 1994 to 2004, co-manager of the International Equity Division. He served as Head Trader and Partner at Keel Capital, a long-short equity fund from 2004 until 2006. In 2013, David rejoined Goldman Sachs's Private Wealth Management division. Since 2021, Mr. Perlin has served as SVP at Shepherd Kaplan & Krochuk (SKK), a leading $9 billion RIA. David serves on the Board as Audit Committee Chair for Sizzle Acquisition Corporation II (SZZL) following a successful de-SPAC of SZZL I in 2024. David is an Adjunct Professor of Finance at Montana State University and a proud father of six.

**Principal Officers of the Trust**

The Officers of the Trust manage their day-to-day operations subject to Board oversight. Unless otherwise noted, the address of each officer is Founder ETFs, LLC, 25 Highland Park Village, Suite 100-587, Dallas, Texas 75205.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name** | **Term**<br>**of**<br>**Office** | **Year**<br>**of**<br>**Birth** | **Position**<br>**Held with**<br>**Trust** | **Length of**<br>**Time**<br>**Served** | **Principal**<br>**Occupation**<br>**Past 5 Years** | **Portfolios**<br>**Overseen**<br>**by Trustee** | **Other Directorships**<br>**Held by Trustee** <br>**Past 5 Years** |
| Michael C. Monaghan | Indefinite | 1975 | Chairman, President | Since 2025 | Founder & CEO at Beartooth | 1 | n/a |
| Caitlin Johannes | Indefinite | 1984 | Secretary, Treasurer | Since 2025 | Medical Device Solutions & AI at Natera | 1 | n/a |
| Will Clark, MBA, CIPM | Indefinite | 1983 | Chief Compliance Officer | Since 2025 | Compliance Director at Vigilant | 1 | n/a |

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**Trustee Ownership of Shares**

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

As of October 31, 2025, no Trustee owned shares of the Fund.

**Board Compensation**

No officer, director or employee of the Adviser, its parent or subsidiaries receives any compensation from the Trust for serving as an officer or Trustee of the Trust. The Trust does not pay any of the Independent Trustees. The following table contains information about the compensation earned by each Trustee for the fiscal year ended December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name** | **Position**<br>**Held with**<br>**Trust** | **Aggregate**<br>**Compensation**<br>**from Trust** | **Pension or Retirement** <br>**Benefits Accrued as Part**<br>**of Trust Expense** | **Estimated**<br>**Annua Benefit**<br>**Upon Retirement** | **Total Compensation**<br>**From Trust and Fund**<br>**Paid to Trustee** |
| Michael C. Monaghan | Chairman | $0 | $0 | $0 | $0 |
| Brock Vandervliet | Audit Committee Chair | $0 | $0 | $0 | $0 |
| David Perlin | Nominating & Governance Chair | $0 | $0 | $0 | $0 |

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**Code of Ethics**

The Trust and its Adviser have adopted a code of ethics under Rule 17j-1 of the 1940 Act that permit personnel, subject to the codes of ethics, to invest in securities, including securities that may be purchased or held by the Fund, subject to certain conditions.

**Proxy Voting Policies**

The Board believes that the voting of proxies on securities held by the Fund is an important element of the overall investment process. As such, the Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote on such proxies in accordance with its proxy policies and procedures, a summary of which is included in Appendix A to this Statement of Additional Information. The Board will periodically review the Fund's proxy voting record.

The Trust is required to disclose annually the Fund's complete proxy voting record on Form N-PX covering the period July 1 through June 30 and file it with the SEC no later than August 31 of each year. The Fund's Form N-PX will be available at no charge on the website www.FounderETFs.com and on the SEC's EDGAR website at www.sec.gov.

**Control Persons and Principal Holders of Securities**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders with a controlling interest could affect the outcome of voting or the direction of management of the Fund. As of October 31, 2025, no shares of the Fund were issued so there were no principal shareholders or control persons.

**Investment Advisory, Administrative, and Distribution Services**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Management."

**Investment Adviser**

Founder ETFs, LLC, the Adviser, serves as investment adviser to the Fund and, along with the Board, has overall responsibility for the general management and administration of the Trust, pursuant to the Investment Advisory Agreement between the Trust and the Adviser (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser, subject to the supervision of the Board, provides an investment program for the Fund and is responsible for the investment of the Fund's assets in conformity with the stated investment policies of the Fund. The Adviser is responsible for placing purchase and sale orders and providing continuous supervision of the investment portfolio of the Fund. The Adviser also arranges for the provision of distribution, transfer agency, custody, administration, and all other services necessary for the Fund to operate.

The Advisory Agreement will continue in effect for an initial two year term for the Fund and will continue thereafter from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the Fund's outstanding voting securities or a majority of the Trustees of the Trust, and (ii) the vote of a majority of the Independent Trustees of the Trust, cast in person at a meeting called for the purpose of voting on such approval.

The Advisory Agreement will terminate automatically if assigned (as defined in the 1940 Act). The Advisory Agreement is also terminable at any time without penalty by the Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Adviser or by the Adviser on 60 days' written notice to the Trust.

Pursuant to the Advisory Agreement, the Adviser is entitled to receive a unitary management fee, payable monthly, at the annual rate for the Fund based on a percentage of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Fund Name** | **Management Fee** |
| Founders 100 ETF | 0.75% |

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Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Trust (except brokerage and other transaction expenses including taxes; extraordinary legal fees or expenses, such as those for litigation or arbitration; compensation and expenses of the Independent Trustees, counsel to the Independent Trustees, and the Trust's Chief Compliance Officer; extraordinary expenses; distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act and the advisory fee payable to the Adviser under the Advisory Agreement). Until the Fund is profitable, the Adviser has agreed to waive its fees and reimburse Fund expenses to the extent necessary to ensure that Total Annual Fund Operating Expenses do not exceed 0.75%. Once the Fund is profitable, the Adviser will no longer waive its fees. As of October 31, 2025, the Fund has not paid the Adviser any fees, and the Adviser has not waived any fees.

In addition to providing advisory services under the Advisory Agreement, the Adviser also: (i) supervises all non-advisory operations of the Fund; (ii) provides personnel to perform such executive, administrative and clerical services as are reasonably necessary to provide effective administration of the Fund; (iii) arranges for (a) the preparation of all required tax returns, (b) the preparation and submission of reports to existing shareholders, (c) the periodic updating of prospectuses and statements of additional information, and (d) the preparation of reports to be filed with the SEC and other regulatory authorities; (iv) maintains the Fund's records; and (v) provides office space and all necessary office equipment and services.

**Portfolio Manager**

The Adviser supervises and manages the investment portfolio of the Fund and will direct the purchase and sale of the Fund's investment securities.

The Adviser's portfolio manager manages the Fund. In this regard, Michael Monaghan, the Adviser's Partner, is primarily responsible for the day-to-day management of the Fund. The portfolio manager is responsible for various functions related to portfolio management, including, but not limited to, investing cash inflows, implementing investment strategy, researching, and reviewing investment strategy.

**Other Accounts Managed**

As of October 31, 2025, the portfolio manager did not manage any other accounts including those with performance-based fees.

**Compensation for the Portfolio Manager**

The portfolio manager receives a base pay and an annual bonus incentive based on performance against individual and organizational unit objectives, as well as overall 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.

**Ownership of Securities**

As of October 31, 2025, the portfolio manager did not own Shares of the Fund.

**Other Service Providers**

**Fund Administrator and Transfer Agent**

US Bank N.A. ("US Bank"), located at 3777 Park Center Blvd Minneapolis, MN 55416, serves as the Fund's administrator and transfer agent. Under the Fund Administration and Accounting Agreement with the Trust, US Bank N.A. provides necessary administrative, legal, tax, accounting services, and financial reporting for the maintenance and operations of the Trust and the Fund. US Bank N.A. is responsible for maintaining the books and records and calculating the daily net asset value of the Fund. In addition, US Bank N.A. makes available the office space, equipment, personnel, and facilities required to provide such services. Pursuant to a Transfer Agency Services Agreement with the Trust, US Bank N.A. acts as transfer agent to the Fund, dividend disbursing agent and shareholder servicing agent to the Fund and its affiliates. The Fund is new so the Adviser has not paid any fees.

**Fund Custodian**

US Bank N.A. ("US Bank" or "Custodian"), located at 3777 Park Center Blvd. Minneapolis, MN 55416, serves as the custodian to the Fund. Under the Custody Agreement with the Trust, maintains cash in separate accounts, securities and other assets of the Trust and the Fund, keeps all necessary accounts, and records, and provides other services. Under the Custody Agreement, is also authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the United States.

**Securities Lending Activities**

US Bank N.A. (the "Securities Lending Agent") serves as securities lending agent to the Fund. The Securities Lending Agent is responsible for the implementation and administration of the Fund's securities lending program pursuant to an agreement between the Trust, on behalf of the Fund, and the Securities Lending Agent (the "Securities Lending Agreement"). The Securities Lending Agent acts as agent to the Fund to lend available securities with any person on its list of approved borrowers and (i) determines whether a loan shall be made and negotiates and establishes the terms and conditions of the loan with the borrower; (ii) ensures that all substitute interest, dividends, and other distributions paid with respect to loan securities is credited to the Fund's relevant account on the date such amounts are delivered by the borrower to the Securities Lending Agent; (iii) receives and holds, on the Fund's behalf, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities; (iv) marks loaned securities and collateral to their market value each business day based upon the market value of the loaned securities and collateral at the close of business employing the most recently available pricing information and receives and delivers collateral to maintain the value of the collateral at no less than 100% of the market value of the loaned securities; (v) at the termination of a loan, returns the collateral to the borrower upon the return of the loaned securities to the Securities Lending Agent; (vi) invests cash collateral in accordance with the Securities Lending Agreement; and (vii) maintains such records as are reasonably necessary to account for loans that are made and the income derived therefrom and makes available to the Fund a monthly statement describing the loans outstanding, including an accounting of all securities lending transactions. The fund is new so has not received any gross or net income from securities lending activities received, the related fees, and compensation paid by the Fund during the most recent fiscal year are set forth in the following table.

**Distributor**

Vigilant LLC ("Vigilant" or "Distributor"), located at 223 Wilmington West Chester Pike, Suite 216 Chadds Ford, PA 19317, serves as the Distributor of Creation Units for the Fund on an agency basis. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and a member of the Financial Industry Regulatory Authority ("FINRA"). Founder ETFs, LLC has entered into a Services Agreement with the Distributor to distribute the Fund.

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

The Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. No Rule 12b-1 fees are currently paid, and the Fund does not currently intend to pay such fees. Any Rule 12b-1 fees, if implemented, would be covered by the Fund's unitary management fee of 0.75% per annum, as described in the "Fees and Expenses" section, and would not result in additional costs to shareholders. Before any Rule 12b-1 fees are paid, the Board of Trustees of the Founder Funds Trust would approve the amount and payment of the fee, and the Fund will provide 60 days' notice to shareholders.

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

**Compliance Services**

Vigilant LLC ("Vigilant"), located at 223 Wilmington West Chester Pike, Suite 216 Chadds Ford, PA 19317, manages the compliance program of the Trust. Will Clark, Director at Vigilant, serves as the Trust's Chief Compliance Officer (the "CCO") and performs the functions of the CCO as described in Rule 38a-1 under the 1940 Act. The CCO shall have primary responsibility for administering the Trust's compliance policies and procedures adopted pursuant to Rule 38a-1 (the "Compliance Program") and reviewing the Compliance Program, in the manner specified in Rule 38a-1, at least annually or as may be required by Rule 38a-1, as may be amended from time to time. The CCO reports directly to the Board of Trustees regarding the Compliance Program.

**Independent Registered Public Accounting Firm**

Cohen & Company ("Cohen"), LTD. located at 1350 Euclid Avenue, Suite 800 Cleveland, OH 44115, serves as independent registered public accounting firm and will perform the annual audit of the Fund's financial statements, serve as tax adviser to the Trust and will review the Fund's federal, state and excise tax returns, and advise the Trust on matters of accounting and federal and state income taxation.

**Legal Counsel**

Practus, located at12751 W Millennium NB 308 Playa Vista, CA 90094, serves as counsel to the Trust and the Fund.

**Portfolio Transactions and Brokerage**

Subject to the general supervision by the Board, the Adviser is responsible for decisions to buy and sell securities for the Fund, the selection of brokers and dealers to effect the transactions, which may be affiliates of the Adviser, and the negotiation of brokerage commissions. The Fund may execute brokerage or other agency transactions through registered broker-dealers who receive compensation for their services in conformity with the 1940 Act, the Exchange Act of 1934, and the rules and regulations thereunder. Compensation may also be paid in connection with riskless principal transactions (on exchange-traded or over-the-counter securities) and agency or over-the-counter transactions executed with an electronic communications network or an alternative trading system.

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

As permitted by Section 28(e) of the 1934 Act, the Adviser may cause the Fund to pay a broker-dealer a commission for effecting a securities transaction for the Fund that is in excess of the commission that another broker-dealer would have charged for effecting the transaction, if the Adviser makes a good faith determination that the broker's commission paid by the Fund is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer, viewed in terms of either the particular transaction or the Adviser's overall responsibilities to the Fund and its other investment advisory clients. The practice of using a portion of the Fund's commission dollars to pay for brokerage and research services provided to the Adviser is sometimes referred to as "soft dollars." Section 28(e) is sometimes referred to as a "safe harbor," because it permits this practice, subject to a number of restrictions, including the Adviser's compliance with certain procedural requirements and limitations on the type of brokerage and research services that qualify for the safe harbor.

Research products and services may include, but are not limited to, general economic, political, business and market information and reviews, industry and company information and reviews, evaluations of securities and recommendations as to the purchase and sale of securities, financial data on a company or companies, performance and risk measuring services and analysis, stock price quotation services, computerized historical financial databases and related software, credit rating services, analysis of corporate responsibility issues, brokerage analysts' earnings estimates, computerized links to current market data, software dedicated to research, and portfolio modeling. Research services may be provided in the form of reports, computer-generated data feeds and other services, telephone contacts, and personal meetings with securities analysts, as well as in the form of meetings arranged with corporate officers and industry spokespersons, economists, academics, and governmental representatives. Brokerage products and services assist in the execution, clearance, and settlement of securities transactions, as well as functions incidental thereto, including, but not limited to, related communication and connectivity services and equipment, software related to order routing, market access, algorithmic trading, and other trading activities. On occasion, a broker-dealer may furnish the Adviser with a service that has a mixed use (that is, the service is used both for brokerage and research activities that are within the safe harbor and for other activities). In this case, the Adviser is required to reasonably allocate the cost of the service, so that any portion of the service that does not qualify for the safe harbor is paid for by the Adviser from its own funds, and not by portfolio commissions paid by the Fund.

**Brokerage Commissions**

As of the date of this SAI, the Fund has not commenced operations and therefore has not paid any brokerage commissions.

**Portfolio Turnover Rate**

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. The overall reasonableness of brokerage commissions is evaluated by the Adviser based upon its knowledge of available information as to the general level of commissions paid by other institutional investors for comparable services. As of the date of this SAI, the Fund has not traded and therefore has no portfolio turnover rate to report.

**Disclosure of Portfolio Holdings**

**Portfolio Disclosure Policy**

The Trust has adopted a Portfolio Holdings Policy (the "Policy") designed to govern the disclosure of Fund portfolio holdings and the use of material non-public information about Fund holdings. The Policy applies to all officers, employees, and agents of the Fund, including the Adviser. The Policy is designed to ensure that the disclosure of information about the Fund's portfolio holdings is consistent with applicable legal requirements and otherwise in the best interest of the Fund.

As an ETF, information about the Fund's portfolio holdings is made available on a daily basis in accordance with SEC Rule 6c-11 promulgated under the 1940 Act, regulations of the Fund's listing Exchange and other applicable SEC regulations, orders, and no-action relief. Such information typically reflects all or a portion of the Fund's anticipated portfolio holdings as of the next Business Day (as defined below). This information is used in connection with the creation and redemption process and is disseminated on a daily basis through the facilities of the Exchange, the National Securities Clearing Corporation (the "NSCC") and third-party service providers.

The Fund will disclose on the Fund's website (*www.FounderETFs.com*) 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 portfolio holdings so disclosed will be based on information as of the close of business on the prior Business Day and trades that have been completed prior to the opening of business on that Business Day and that are expected to settle on the Business Day. Online disclosure of such holdings is publicly available at no charge.

Daily access to the Fund's portfolio holdings is permitted to personnel of the Adviser, the Distributor, and the Fund's administrator, custodian, accountant, and other service providers or agents of the Trust who have need of such information in connection with the ordinary course of their respective duties to the Fund. The Fund's Chief Compliance Officer may authorize disclosure of portfolio holdings.

The Fund will disclose its complete portfolio holdings schedule in public filings with the SEC on a quarterly basis, based on the Fund's fiscal year, within 60 days of the end of the quarter, and will provide that information to shareholders, as required by federal securities laws and regulations thereunder.

No person is authorized to disclose the Fund's portfolio holdings or other investment positions except in accordance with the Policy. The Trust's Board reviews the implementation of the Policy on a periodic basis.

**Description of Shares and Voting Rights**

**Additional Information Concerning Shares:** The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of Shares of beneficial interest, par value $0.001 per Share, in one or more series. All Shares of the Fund are fully paid, non-assessable, and freely transferable. Shares do not have preemptive, subscription, or conversion rights. Each Share represents an equal proportionate interest in the assets of the Fund, subject to liabilities allocated thereto. Upon liquidation of the Fund, Shareholders are entitled to share pro rata in the net assets available for distribution after satisfaction of outstanding liabilities. The Trust does not issue share certificates; ownership is recorded on the books of the transfer agent in book-entry form.

The instruments defining the rights of security holders, including provisions relating to voting, dividends, and liquidation, are set forth in the Registrant's Amended and Restated Declaration of Trust dated October 1, 2025 (Exhibit (a) hereto) and Bylaws, as amended through September 15, 2025 (Exhibit (b) hereto), which are incorporated herein by reference.

**Voting Rights** Each whole Share is entitled to one vote, and each fractional Share is entitled to a proportionate fractional vote, on any matter submitted to Shareholders. There is no cumulative voting in the election of Trustees or on any other matter. The Trust does not hold annual Shareholder meetings. Shareholder meetings are convened only when required by the Investment Company Act of 1940, as amended (the "1940 Act"), or when deemed necessary by the Board of Trustees. Shareholders have no right to call or compel a Shareholder meeting, nominate or remove Trustees, propose or approve amendments to the Declaration of Trust or By-Laws, inspect Trust books and records beyond minimum statutory requirements, initiate derivative or class actions except in strictly limited circumstances permitted by the 1940 Act, direct or influence portfolio management decisions, vote on investment advisory or service contracts, compel in-kind redemptions or select redemption basket securities, or exercise appraisal or dissenters' rights in connection with any reorganization, merger, or termination of the Fund. The Board of Trustees, which is required to maintain independence from the Sponsor, Advisor, and all other service providers, acts exclusively on behalf of Shareholders in all matters of Trust governance and oversight. See Section 6 of the By-Laws for additional details on voting procedures, quorum, proxies, record dates, and action by written consent.

**Dividends** Dividends from net investment income, if any, are declared and paid at least annually by the Fund. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis for the Fund to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"), in all events in a manner consistent with the provisions of the 1940 Act. In addition, the Trust may distribute at least annually amounts representing the full dividend yield on the underlying investment securities of the Fund, net of expenses of the Fund, as if the Fund owned such underlying investment securities for the entire dividend period, in which case some portion of each distribution may result in a return of capital for tax purposes for certain Shareholders.

Dividends and other distributions on Shares are distributed on a pro rata basis to Shareholders of record as of the close of business on the record date fixed by the Board of Trustees. Dividend payments are made through the Depository Trust Company ("DTC") Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust. The Trust may make additional distributions to the extent necessary (i) to distribute the entire annual "investment company taxable income" of the Trust, plus any net capital gains, and (ii) to avoid imposition of the excise tax imposed by Section 4982 of the Code. The Board of Trustees reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a regulated investment company (a "RIC") or to avoid imposition of income or excise taxes on undistributed income. See Article VII of the Declaration of Trust and Section 4.3 of the By-Laws for additional provisions governing distributions.

**Dividend Reinvestment Service** No dividend reinvestment service is provided by the Trust. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. If this service is used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares of the Fund. Beneficial Owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require Beneficial Owners to adhere to specific procedures and timetables.

**Liquidation** Upon termination or liquidation of the Fund or the Trust, whether voluntary or involuntary, the Board of Trustees shall wind up the affairs of the Fund in accordance with the 1940 Act and the Delaware Statutory Trust Act. After payment or provision for payment of all liabilities of the Fund, the remaining assets of the Fund shall be distributed pro rata to Shareholders of record as of the close of business on the liquidation record date fixed by the Board, subject to any participating or preferential rights of any separate class or series of Shares then outstanding. Distributions in liquidation may be made in cash, in kind, or partly in each, as determined by the Board in its sole discretion. Shareholders shall have no right to demand in-kind distributions, to select specific securities for distribution, or to exercise appraisal or dissenters' rights in connection with any liquidation, merger, reorganization, or termination of the Fund or the Trust. See Article IX of the Declaration of Trust for complete liquidation procedures.

**Indicative Intra-Day Value**

The approximate value of the Fund's investments on a per-Share basis, the Indicative Intra-Day Value ("IIV"), is disseminated by every 15 seconds during hours of trading on the Exchange. The IIV should not be viewed as a "real-time" update of NAV because the IIV will be calculated by an independent third-party calculator and may not be calculated in the exact same manner as NAV, which is computed daily.

An independent third-party calculator calculates the IIV during hours of trading on the Exchange by dividing the "Estimated Fund Value" as of the time of the calculation by the total number of outstanding Shares. "Estimated Fund Value" is the sum of the estimated amount of cash held in the Fund's portfolio, the estimated amount of accrued interest owing to the Fund and the estimated value of the securities held in the Fund's portfolio, minus the estimated amount of liabilities. The IIV will be calculated based on the same portfolio holdings disclosed on the Fund's website. In determining the estimated value for each of the component securities, the IIV will use last sale, market prices or other methods that would be considered appropriate for pricing equity securities held by registered investment companies.

Although the Fund provides the independent third-party calculator with information to calculate the IIV, the Fund is not involved in the actual calculation of the IIV and is not responsible for the calculation or dissemination of the IIV. The Fund makes no warranty as to the accuracy of the IIV.

**Additional Information Concerning Shares**

**Determination of NAV**

NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV is calculated by the Administrator and Custodian and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern time) on each day that the NYSE is open.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has appointed the Adviser as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Adviser has established procedures for its fair valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation. The Adviser's fair value determinations will be carried out in compliance with Rule 2a-5 and based on fair value methodologies established and applied by the Adviser and periodically tested to ensure such methodologies are appropriate and accurate with respect to the Fund's portfolio investments. The Adviser's fair value methodologies may involve obtaining inputs and prices from third-party pricing services.

In calculating the Fund's NAV per Share, the Fund's investments are generally valued using market quotations to the extent such market quotations are readily available. If market quotations are not readily available or are deemed to be unreliable by the Adviser, the Adviser will fair value such investments and use the fair value to calculate the Fund's NAV. When fair value pricing is employed, the prices of securities used by the Adviser to calculate the Fund's NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) from the price of the security quoted or published by others, or the value when trading resumes or is realized upon its sale. There may be multiple methods that can be used to value a portfolio investment when market quotations are not readily available. The value established for any portfolio investment at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations.

**Organization and Description of Shares of Beneficial Interest**

The Trust is a Delaware statutory trust and registered investment company. The Trust was organized on October 31, 2025 and has authorized capital of an unlimited number of shares of beneficial interest of no par value that may be issued in more than one class or series.

Under Delaware law, the Trust is not required to hold an annual shareholders meeting if the 1940 Act does not require such a meeting. Generally, there will not be annual meetings of Trust shareholders. If requested by shareholders of at least 10% of the outstanding Shares of the Trust, the Trust will call a meeting of the Trust's shareholders for the purpose of voting upon the question of removal of a Trustee and will assist in communications with other Trust shareholders. Shareholders holding two-thirds of Shares outstanding may remove Trustees from office by votes cast at a meeting of Trust shareholders or by written consent.

All Shares will be freely transferable; provided, however, that Shares may not be redeemed individually, but only in Creation Units. The Shares will not have preemptive rights or cumulative voting rights, and none of the Shares will have any preference to conversion, exchange, dividends, retirements, liquidation, redemption, or any other feature. Shares have equal voting rights, except that, if the Trust creates additional funds, only Shares of that fund may be entitled to vote on a matter affecting that particular fund. Trust shareholders are entitled to require the Trust to redeem Creation Units if such shareholders are Authorized Participants. The Declaration of Trust confers upon the Board the power, by resolution, to alter the number of Shares constituting a Creation Unit or to specify that Shares of the Trust may be individually redeemable. The Trust reserves the right to adjust the stock prices of Shares to maintain convenient trading ranges for investors. Any such adjustments would be accomplished through stock splits or reverse stock splits which would have no effect on the net assets of the Fund.

The Trust's Declaration of Trust disclaims liability of the shareholders or the officers of the Trust for acts or obligations of the Trust which are binding only on the assets and property of the Trust. The Declaration of Trust provides for indemnification by the Trust for all loss and expense of the Fund's shareholders held personally liable for the obligations of the Trust. The risk of a Trust's shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund itself would not be able to meet the Trust's obligations and this risk should be considered remote. If the Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, shareholders may be required to liquidate or transfer their Shares at an inopportune time and shareholders may lose money on their investment.

**Limitation of Liability of Trustees**

The Declaration of Trust provides that a Trustee is liable only for losses resulting from the Trustee's own willful misfeasance, gross negligence, bad faith, or reckless disregard of the duties involved in the conduct of the office of Trustee. A Trustee is not liable for errors in judgment or mistakes of fact or law made in good faith. The Declaration of Trust provides for indemnification of Trustees and officers (and, upon due approval of the Trustees, other covered persons) for claims and expenses arising in connection with their service, except to the extent resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of duties.<br> Nothing in this section protects or indemnifies any person against liability to which they would otherwise be subject under the federal securities laws.

**Book Entry Only System**

Depository Trust Company ("DTC") will act as securities depositary for the Shares. The Shares of the Fund are represented by global securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC. Except as provided below, certificates will not be issued for Shares.

DTC has advised the Trust as follows: DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries). DTC was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic computerized book-entry transfers and pledges in accounts of DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, the NSCC and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.

Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("Indirect Participants"). DTC agrees with and represents to DTC Participants that it will administer its book-entry system in accordance with its rules and bylaws and requirements of law. Beneficial ownership of Shares will be 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") will be shown on, and the transfer of ownership will be effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through 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.

Beneficial Owners of Shares will not be entitled to have Shares registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and are not considered the registered holders of the Shares. Accordingly, each Beneficial Owner must rely on the procedures of DTC, DTC Participants, and any Indirect Participants through which such Beneficial Owner holds its interests in order to exercise any rights of a holder of Shares. The Trust understands that under existing industry practice, in the event the Trust requests any action of holders of Shares, or a Beneficial Owner desires to take any action that DTC, as the record owner of all outstanding Shares, is entitled to take, DTC would authorize the DTC Participants to take such action and that the DTC Participants would authorize the Indirect Participants and Beneficial Owners acting through such DTC Participants to take such action and would otherwise act upon the instructions of Beneficial Owners owning through them. DTC, through its nominee Cede & Co., is the record owner of all outstanding Shares.

Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows. DTC will make available to the Trust upon request and for a fee to be charged to the Trust a listing of Shares holdings of 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 will 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 represented by such transmittal, all subject to applicable statutory and regulatory requirements. Beneficial Owners may wish to take certain steps to augment the transmission to them of notices of significant events with respect to Shares by providing their names and addresses to the DTC registrar and request that copies of notices be provided directly to them.

Distributions of Shares shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall immediately credit DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in Shares as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants. The Trust has no responsibility or liability for any aspects 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 DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to 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 either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

DTC rules applicable to DTC Participants are on file with the SEC. More information about DTC can be found at www.dtcc.com and www.dtc.org.

**Purchase and Redemption of Creation Units**

**Creation**

The Trust issues and sells Shares of the Fund only in Creation Units on a continuous basis on any Business Day (as defined below) through the Distributor at the Shares' NAV next determined after receipt of an order in proper form. The Distributor processes purchase orders only on a day that the Exchange is open for trading (a "Business Day"). The Exchange is open for trading Monday through Friday except for the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

**Deposit of Securities and Deposit or Delivery of Cash**

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

The Custodian through the NSCC (see the section of this SAI entitled "Purchase and Redemption of Creation Units – Creation – Procedures for Creation of Creation Units"), makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m. New York time), the list of the name and the required number of shares of each Deposit Security to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. This Fund Deposit is applicable, subject to any adjustments as described below, to orders to effect creations of Creation Units of the Fund until such time as the next- announced composition of the Deposit Securities is made available.

The identity and number of shares of the Deposit Securities required for the Fund Deposit for the Fund changes as rebalancing adjustments and corporate action events are reflected within the Fund from time to time by the Adviser, with a view to the investment objective of the Fund. In addition, the Trust reserves the right to permit or require the substitution of an amount of cash (that is a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security that may not be available in sufficient quantity for delivery or that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed below) or for other similar reasons. The Trust also reserves the right to permit or require a "cash in lieu" amount where the delivery of Deposit Securities by the Authorized Participant (as described below) would be restricted under the securities laws or where delivery of Deposit Securities to the Authorized Participant would result in the disposition of Deposit Securities by the Authorized Participant becoming restricted under the securities laws, and in certain other situations.

In addition to the list of names and number of securities constituting the current Deposit Securities of the Fund Deposit, the Custodian, through the NSCC, also makes available on each Business Day the estimated Cash Component, effective through and including the previous Business Day, per outstanding Creation Unit of the Fund.

**Procedures for Creation of Creation Units**

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

The Distributor will process orders to purchase Creation Units received by U.S. mail, telephone, facsimile and other electronic means of communication by the closing time of the regular trading session on the Exchange (the "Closing Time") (normally 4:00 p.m. New York time), as long as they are in proper form. Mail is received periodically throughout the day. An order sent by U.S. mail will be opened and time stamped when it is received. If an order to purchase Creation Units is received in proper form by Closing Time, then it will be processed that day. Purchase orders received in proper form after Closing Time will be processed on the following Business Day and will be priced at the NAV determined on that day. Custom orders must be received by the Distributor no later than 3:00 p.m. New York time on the trade date. A custom order may be placed by an Authorized Participant in the event that the Trust permits the substitution of an amount of cash to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for trading by such Authorized Participant or the investor for which it is acting or other relevant reason. The date on which an order to create Creation Units (or an order to redeem Creation Units, as discussed below) is placed is referred to as the "Transmittal Date." Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement, as described below in the sections of this SAI entitled "Purchase and Redemption of Creation Units – Placement of Creation Orders Using the Clearing Process" and "Purchase and Redemption of Creation Units – Placement of Creation Orders Outside the Clearing Process."

All orders to create Creation Units from investors who are not Authorized Participants shall be placed with an Authorized Participant in the form required by such Authorized Participant. In addition, the Authorized Participant may request the investor to make certain representations or enter into agreements with respect to the order, *e.g.*, to provide for payments of cash, when required. Investors should be aware that their particular broker may not have executed a Participant Agreement and, therefore, orders to create Creation Units of the Fund have to be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement.

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

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

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

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

Fund Deposits made outside the Clearing Process must be delivered through a DTC Participant that has executed a Participant Agreement. A DTC Participant who wishes to place an order creating Creation Units to be effected outside the Clearing Process does not need to be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will instead be effected through a transfer of securities and cash directly through DTC. The Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund by no later than 11:00 a.m. New York time on the next Business Day following the Transmittal Date (the "DTC Cut-Off-Time").

All questions as to the number of Deposit Securities to be delivered, and the validity, form, and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than 4:00 p.m. New York time on the next Business Day following the Transmittal Date. An order to create Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (1) such order is received by the Distributor not later than the Closing Time on such Transmittal Date and (2) all other procedures set forth in the Participant Agreement are properly followed. However, if the Custodian does not receive both the required Deposit Securities and the Cash Component by 11:00 a.m. and 4:00 p.m., respectively, on the next Business Day following the Transmittal Date, such order will be canceled. Upon written notice to the Distributor, such cancelled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then-current Deposit Securities and Cash Component. The delivery of Creation Units so created will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor.

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

Creation Units may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities. In these circumstances, the initial deposit will have a value greater than the NAV of the Fund Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (1) the Cash Component plus (2) 125% of the then-current market value of the undelivered Deposit Securities (the "Additional Cash Deposit"). The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to Closing Time and funds in the appropriate amount are deposited with the Custodian by 11:00 a.m. New York time the following Business Day. If the order is not placed in proper form by Closing Time or funds in the appropriate amount are not received by 11:00 a.m. the next Business Day, then the order may be deemed to be canceled and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending receipt of the undelivered Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to 105% of the daily marked-to-market value of the undelivered Deposit Securities. To the extent that undelivered Deposit Securities are not received by 1:00 p.m. New York time on the third Business Day following the day on which the purchase order is deemed received by the Distributor, or in the event a marked-to-market payment is not made within one Business Day following notification by the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the undelivered Deposit Securities. Authorized Participants will be liable to the Trust and the Fund for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the undelivered Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee will be charged in all cases. See the section of this SAI entitled "Purchase and Redemption of Creation Units – Creation – Creation Transaction Fee." The delivery of Creation Units so created will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor.

**Acceptance of Orders for Creation Units**

The Trust reserves the right to reject a creation order transmitted to it by the Distributor if: (1) the order is not in proper form; (2) the investor(s), upon obtaining the Fund Shares ordered, would own 80% or more of the currently outstanding Shares of any Fund; (3) the Deposit Securities delivered are not as disseminated for that date by the Custodian, as described above; (4) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (5) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel be unlawful; or (6) there exist circumstances outside the control of the Trust, the Custodian, the Distributor and the Adviser that make it for all practical purposes impossible to process creation orders. Examples of such circumstances include acts of God; public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Adviser, the Distributor, DTC, NSCC, the Custodian or sub-custodian or any other participant in the creation process and similar extraordinary events. The Distributor shall notify a prospective creator of a Creation Unit or the AP acting on behalf of such prospective creator of its rejection of the order. The Trust, the Custodian, any sub-custodian, and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for the failure to give any such notification. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust and the Trust's determination shall be final and binding.

Creation Units typically are issued on a "T+1 basis" (that is one Business Day after trade date), unless the Fund and Authorized Participant agree to a different settlement date. However, the Fund reserves the right to settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. The Fund reserves the right to settle Creation Unit transactions on a basis other than T+1, 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.

To the extent contemplated by an Authorized Participant's agreement with the Distributor, the Trust will issue Creation Units to such Authorized Participant notwithstanding the fact that the corresponding Portfolio Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral having a value equal to 110%, which the Adviser from time to time, of the value of the missing Deposit Securities in accordance with the Trust's then-effective procedures. Such collateral must be delivered no later than 2:00 p.m., Eastern Time, on the contractual settlement date. The only collateral that is acceptable to the Trust is cash in U.S. Dollars or an irrevocable letter of credit in form, and drawn on a bank, that is satisfactory to the Trust. The cash collateral posted by the Authorized Participant may be invested at the risk of the Authorized Participant, and income, if any, on invested cash collateral will be paid to that Authorized Participant. Information concerning the Trust's current procedures for collateralization of missing Deposit Securities is available from the Distributor. The Authorized Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Trust of purchasing such securities and the cash collateral or the amount that may be drawn under any letter of credit.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

**Creation Transaction Fee**

Investors will be required to pay to the Custodian a fixed transaction fee (the "Creation Transaction Fee") to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard creation transaction fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for each creation order is set forth below:

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| | |
|:---|:---|
| **Fund Name** | **Creation Transaction Fee** |
| Founders 100 ETF | $500 |

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

An additional variable fee of up to four times the fixed transaction fee (expressed as a percentage of the value of the Deposit Securities) may be imposed for (1) creations effected outside the Clearing Process and (2) cash creations (to offset the Trust's brokerage and other transaction costs associated with using cash to purchase the requisite Deposit Securities). Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. In order to seek to replicate the in-kind creation order process for creation orders executed in whole or in part with cash, the Trust expects to purchase, in the secondary market or otherwise gain exposure to, the portfolio securities that could have been delivered as a result of an in-kind creation order pursuant to local law or market convention, or for other reasons ("Creation Market Purchases"). In such cases where the Trust makes Creation Market Purchases, the Authorized Participant will reimburse the Trust for, among other things, any difference between the market value at which the securities and financial instruments were purchased by the Trust and the cash-in- lieu amount, applicable registration fees, brokerage commissions and certain taxes.

**Redemption**

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

Authorized Participants must accumulate enough Shares in the secondary market to constitute a Creation Unit in order to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m. New York time) on each Business Day, the identity of the Fund Securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as described below) on that day. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units. Unless cash redemptions are available or specified for the Fund, the redemption proceeds for a Creation Unit generally consist of Fund Securities – as announced on the Business Day the request for redemption is received in proper form – plus or minus cash in an amount equal to the difference between the NAV of the Fund Shares being redeemed, as next determined after a receipt of a redemption request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a redemption transaction fee (see the section of this SAI entitled "Purchase and Redemption of Creation Units – Redemption – Redemption Transaction Fee").

The right of redemption may be suspended or the date of payment postponed (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares of the Fund or determination of the Fund's NAV is not reasonably practicable; or (4) in such other circumstances as is permitted by the SEC. Deliveries of redemption proceeds by the Fund generally will be made within one Business Day (that is "T+1"), unless the Fund and Authorized Participant agree to a different settlement date. However, the Fund reserves the right to settle redemption transactions and deliver redemption proceeds on a basis other than T+1 to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances. In the event that cash redemptions are permitted or required by the Trust, proceeds will be paid to the Authorized Participant redeeming shares on behalf of the redeeming investor as soon as practicable after the date of redemption.

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

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

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

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

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

If it is not possible to effect deliveries of the Fund Securities, the Trust may in its discretion exercise its option to redeem Fund Shares in cash, and the redeeming Authorized Participant will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Trust may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Fund Shares based on the NAV of Shares of the Fund next determined after the redemption request is received in proper form (minus a transaction fee which will include an additional charge for cash redemptions to offset the Fund's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities, or cash in lieu of some securities added to the Cash Redemption Amount, but in no event will the total value of the securities delivered and the cash transmitted differ from the NAV. Redemptions of Fund Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting that is subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of a Creation Unit may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming Beneficial Owner of the Fund Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment, beneficial ownership of shares or delivery instructions.

**Redemption Transaction Fee**

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

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| | |
|:---|:---|
| **Fund Name** | **Redemption Transaction Fee** |
| Founders 100 ETF | $500 |

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

An additional variable fee of up to four times the fixed transaction fee (expressed as a percentage value of the Fund Securities) may be imposed for (1) redemptions effected outside the Clearing Process and (2) cash redemptions (to offset the Trust's brokerage and other transaction costs associate with the sale of Fund Securities). Investors will also bear the costs of transferring the Fund Securities from the Trust to their account or on their order.

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

With respect to an Authorized Participant's redemption of Fund shares, the combination of the standard Redemption Transaction Fee and the variable Redemption Transaction Fee will not exceed 2% of the value of the shares redeemed.

**Cash Creations and Redemptions**

The Trust reserves the right to offer a "cash" option for creations and redemptions of Shares, although it has no current intention of doing so for the Fund. In each instance of such cash creations and redemptions, transaction fees may be imposed that will be higher than the transaction fees associated with in-kind creations and redemptions. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities.

**Continuous Offering**

The method by which Creation Units are created and traded may raise certain issues under applicable securities laws. Because new Creation Units 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 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-dealers who are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(3)(C) of the Securities Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the Securities Act. 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 ordinary secondary market transactions) and thus dealing with the Shares that are part of an over-allotment within the meaning of Section 4(3)(A) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares are reminded that, under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

**Dividends and Distributions**

**General Policies**

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

Dividends from net investment income are declared and paid at least annually by the Fund. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis for the Fund to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act. In addition, the Trust may distribute at least annually amounts representing the full dividend yield on the underlying investment securities of the Fund, net of expenses of the Fund, as if the Fund owned such underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital for tax purposes for certain shareholders.

Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust. The Trust may make additional distributions to the extent necessary (i) to distribute the entire annual "investment company taxable income" of the Trust, plus any net capital gains and (ii) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a "regulated investment company" (a "RIC") or to avoid imposition of income or excise taxes on undistributed income.

**Dividend Reinvestment Service**

No reinvestment service is provided by the Trust. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. If this service is used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares of the Fund. Beneficial Owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require Beneficial Owners to adhere to specific procedures and timetables.

**U.S. Federal Income Taxation**

Set forth below is a discussion of certain U.S. federal income tax considerations affecting the Fund and the purchase, ownership, and disposition of Shares. The discussion is based upon the Code, U.S. Treasury Department regulations promulgated thereunder, judicial authorities, and administrative rulings and practices, all as in effect as of the date of this SAI and all of which are subject to change, possibly with retroactive effect. The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions and Taxes."

Except to the extent discussed below, this summary assumes that the Fund's shareholder holds Shares as capital assets within the meaning of the Code and does not hold Shares in connection with a trade or business. This summary does not address all potential U.S. federal income tax considerations possibly applicable to an investment in Shares, and does not address the tax consequences to Fund shareholders subject to special tax rules, including, but not limited to, partnerships and the partners therein, tax-exempt shareholders, RICs, real estate investment trusts ("REITs"), real estate mortgage investment conduits ("REMICs"), those who hold Shares through an IRA, 401(k) plan or other tax-advantaged account, and, except to the extent discussed below, "non-U.S. shareholders" (as defined below). This discussion does not discuss any aspect of U.S. state, local, estate and gift, or non-U.S., tax law. Furthermore, this discussion is not intended or written to be legal or tax advice to any shareholder in the Fund or other person and is not intended or written to be used or relied on, and cannot be used or relied on, by any such person for the purpose of avoiding any U.S. federal tax penalties that may be imposed on such person. Prospective Fund shareholders are urged to consult their own tax advisers with respect to the specific U.S. federal, state and local, and non-U.S., tax consequences of investing in Shares based on their particular circumstances.

The Fund has not requested and will not request an advance ruling from the U.S. Internal Revenue Service ("IRS") as to the U.S. federal income tax matters described below. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. Prospective investors should consult their own tax Advisers regarding the U.S. federal tax consequences of the purchase, ownership, or disposition of Shares, as well as the tax consequences arising under the laws of any state, locality, non-U.S. country, or other taxing jurisdiction.

**Tax Treatment of the Fund**

*In General*. The Fund intends to qualify and elect to be treated as a RIC under the Code. As a RIC, a Fund generally will not be required to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes to its shareholders.

To qualify and remain eligible for the special tax treatment accorded to RICs, the Fund must meet certain income, asset and distribution requirements, described in more detail below. Specifically, the Fund must (i) derive at least 90% of its gross income in each taxable year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, 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 net income derived from interests in qualified publicly traded partnerships ("QPTPs") (*i.e.*, partnerships that are traded on an established securities market or readily tradable on a secondary market, other than partnerships that derive at least 90% of their income from certain qualifying income) and (ii) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (a) at least 50% of the value of the Fund's assets is represented by cash, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater in value than 5% of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, any two or more issuers of which 20% or more of the voting stock of each such issuer is held by the Fund and that are determined to be engaged in the same or similar trades or businesses or related trades or businesses or in the securities of one or more QPTPs. Furthermore, the Fund must distribute annually at least the sum of (i) 90% of its "investment company taxable income" (which includes dividends, interest, and net short-term capital gains) and (ii) 90% of certain net tax-exempt income, if any.

*Failure to Maintain RIC Status*. If the Fund fails to qualify as a RIC for any year (subject to certain curative measures allowed by the Code), the Fund will be subject to regular corporate-level U.S. federal income tax in that year on all of its taxable income, regardless of whether the Fund makes any distributions to its shareholders. In addition, in such case, distributions will be taxable to the Fund's shareholders generally as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits, possibly eligible for (i) in the case of an individual Fund shareholder, treatment as a qualified dividend (as discussed below) subject to tax at preferential long-term capital gains rates or (ii) in the case of a corporate Fund shareholder, a dividends-received deduction. The remainder of this discussion assumes that the Fund will qualify for the special tax treatment accorded to RICs.

*Excise Tax*. The Fund will be subject to a 4% excise tax on certain undistributed income generally if the Fund does not distribute to its shareholders in each calendar year an amount at least equal to the sum of 98% of its ordinary income for the calendar year (taking into account certain deferrals and elections), 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the twelve months ended October 31 of such year (or later if the Fund is permitted to elect and so elects), plus 100% of any undistributed amounts from prior years. For these purposes, the Fund will be treated as having distributed any amount on which it has been subject to U.S. corporate income tax for the taxable year ending within such calendar year. The Fund intends to make distributions necessary to avoid this 4% excise tax, although there can be no assurance that it will be able to do so.

*Phantom Income*. With respect to some or all of its investments, the Fund may be required to recognize taxable income in advance of receiving the related cash payment. For example, under the "wash sale" rules, the Fund may not be able to deduct currently a loss on a disposition of a portfolio security. As a result, the Fund may be required to make an annual income distribution greater than the total cash actually received during the year. Such distribution may be made from the existing cash assets of the Fund or cash generated from selling portfolio securities. The Fund may realize gains or losses from such sales, in which event the Fund's shareholders may receive a larger capital gain distribution than they would in the absence of such transactions.

*PFIC Investments*. The Fund may purchase shares in a non-U.S. corporation treated as a "passive foreign investment company" ("PFIC") for U.S. federal income tax purposes. As a result, the Fund may be subject to increased U.S. federal income tax (plus charges in the nature of interest on previously-deferred income taxes on the PFIC's income) on any "excess distributions" made on, or gain from a sale (or other disposition) of, the PFIC shares even if the Fund distributes such income to its shareholders.

In lieu of the increased income tax and deferred tax interest charges on excess distributions on, and dispositions of, a PFIC's shares, the Fund can elect to treat the underlying PFIC as a "qualified electing fund," provided that the PFIC agrees to provide the Fund with certain information on an annual basis. With a "qualified electing fund" election in place, the Fund must include in its income each year its share (whether distributed or not) of the ordinary earnings and net capital gain of the PFIC.

Alternatively, the Fund can elect, under certain conditions, to mark-to-market at the end of each taxable year its PFIC shares. The Fund would then recognize as ordinary income any increase in the value of the PFIC shares and as an ordinary loss (up to any prior net income resulting from the mark-to-market election) any decrease in the value of the PFIC shares.

With a "mark-to-market" or "qualified election fund" election in place on a PFIC, the Fund might be required to recognize in a year income in excess of the sum of the actual distributions received by it on the PFIC shares and the proceeds from its dispositions of the PFIC's shares. Any such income generally would be subject to the RIC distribution requirements and would be taken into account for purposes of the 4% excise tax (described above).

*Non-U.S. Investments*. Dividends, interest and proceeds from the direct or indirect sale of non-U.S. securities may be subject to non-U.S. withholding tax and other taxes, including financial transaction taxes. Even if the Fund is entitled to seek a refund in respect of such taxes, it may not have sufficient information to do so or may choose not to do so. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes in some cases. Non-U.S. taxes paid by the Fund will reduce the return from the Fund's investments.

*Special or Uncertain Tax Consequences*. The Fund's investment or other activities could be subject to special and complex tax rules that may produce differing tax consequences, such as disallowing or limiting the use of losses or deductions, causing the recognition of income or gain without a corresponding receipt of cash, affecting the time as to when a purchase or sale of stock or securities is deemed to occur or altering the characterization of certain complex financial transactions.

The Fund may engage in investment or other activities the treatment of which may not be clear or may be subject to recharacterization by the IRS. If a final determination on the tax treatment of a Fund's investment or other activities differs from the Fund's original expectations, the final determination could adversely affect the Fund's status as a RIC or the timing or character of income recognized by the Fund, requiring the Fund to purchase or sell assets, alter its portfolio or take other action in order to comply with the final determination.

**Tax Treatment of Fund Shareholders**

*<u>Taxation of U.S. Shareholders</u>*

The following is a summary of certain U.S. federal income tax consequences of the purchase, ownership, and disposition of Shares applicable to "U.S. shareholders." For purposes of this discussion, a "U.S. shareholder" is a beneficial owner of Shares who, for U.S. federal income tax purposes, is (i) an individual who is a citizen or resident of the U.S.; (ii) a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) created or organized in the U.S. or under the laws of the U.S., or of any state thereof, or the District of Columbia; (iii) an estate, the income of which is includable in gross income for U.S. federal income tax purposes regardless of its source; or (iv) a trust, if (a) a U.S. court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (b) the trust has a valid election in place to be treated as a U.S. person.

*Fund Distributions*. In general, Fund distributions are subject to U.S. federal income tax when paid, regardless of whether they consist of cash or property and regardless of whether they are re-invested in Shares. However, any Fund distribution declared in October, November or December of any calendar year and payable to shareholders of record on a specified date during such month will be deemed to have been received by each Fund shareholder on December 31 of such calendar year, provided such dividend is actually paid during January of the following calendar year.

Distributions of the Fund's net investment income and the Fund's net short-term capital gains in excess of net long-term capital losses (collectively referred to as "ordinary income dividends") are taxable as ordinary income to the extent of the Fund's current and accumulated earnings and profits (subject to an exception for distributions of "qualified dividend income," as discussed below). Corporate shareholders of the Fund may be eligible to take a dividends-received deduction with respect to some of such distributions, provided the distributions are attributable to dividends received by the Fund on stock of U.S. corporations with respect to which the Fund meets certain holding period and other requirements. To the extent designated as "capital gain dividends" by the Fund, distributions of the Fund's net long-term capital gains in excess of net short-term capital losses ("net capital gain") are taxable at long-term capital gain tax rates to the extent of the Fund's current and accumulated earnings and profits, regardless of a Fund shareholder's holding period in the Fund's Shares. Such dividends will not be eligible for a dividends-received deduction by corporate shareholders.

The Fund's net capital gain is computed by taking into account the Fund's capital loss carryforwards, if any. Capital losses can be carried forward indefinitely and retain the character of the original loss. To the extent that these carryforwards are available to offset future capital gains, it is probable that the amount offset will not be distributed to shareholders. In the event that the Fund were to experience an ownership change as defined under the Code, the Fund's loss carryforwards, if any, may be subject to limitation.

For the fiscal and calendar year ended December 31, 2025, as of October 31, 2025, the Fund has not accumulated any short-term or long-term carryforwards. Once accumulated, these amounts do not expire.

Distributions of "qualified dividend income" (defined below) are taxed to certain non-corporate shareholders at the reduced rates applicable to long-term capital gain to the extent of the Fund's current and accumulated earnings and profits, provided that the Fund shareholder meets certain holding period and other requirements with respect to the distributing Fund's Shares and the distributing Fund meets certain holding period and other requirements with respect to the dividend-paying stocks. Dividends subject to these special rules, however, are not actually treated as capital gains and, thus, are not included in the computation of a non-corporate shareholder's net capital gain and generally cannot be used to offset capital losses. The portion of distributions that the Fund may report as qualified dividend income generally is limited to the amount of qualified dividend income received by the Fund, but if for any Fund taxable year 95% or more of the Fund's gross income (exclusive of net capital gain from sales of stock and securities) consists of qualified dividend income, all distributions of such income for that taxable year may be reported as qualified dividend income. For this purpose, "qualified dividend income" generally means income from dividends received by the Fund from U.S. corporations and qualified non-U.S. corporations, provided the Fund satisfies certain holding period requirements with respect to the share on which such dividends are paid. Income from dividends received by a Fund from a REIT or another RIC generally is qualified dividend income only to the extent that the dividend distributions are made out of qualified dividend income received by such REIT or other RIC.

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

Distributions in excess of the Fund's current and accumulated earnings and profits will, as to each shareholder, be treated as a tax-free return of capital to the extent of the shareholder's tax basis in its Shares of the Fund, and as a capital gain thereafter (assuming the shareholder holds its Shares of the Fund as capital assets). Any such distributions will reduce the shareholder's tax basis in the Shares, and thus will increase the shareholder's capital gain, or decrease the capital loss, recognized upon a sale or exchange of Shares.

The Fund intends to distribute its net capital gain at least annually. However, by providing written notice to its shareholders no later than 60 days after its year-end, the Fund may elect to retain some or all of its net capital gain and designate the retained amount as a "deemed distribution." In that event, the Fund pays U.S. federal income tax on the retained net capital gain, and each Fund shareholder recognizes a proportionate share of the Fund's undistributed net capital gain. In addition, each Fund shareholder can claim a tax credit or refund for the shareholder's proportionate share of the Fund's U.S. federal income taxes paid on the undistributed net capital gain and increase the shareholder's tax basis in the Shares by an amount equal to the shareholder's proportionate share of the Fund's undistributed net capital gain, reduced by the amount of the shareholder's tax credit or refund. Organizations or persons not subject to U.S. federal income tax on such net capital gain will be entitled to a refund, if any, of their pro rata share of such taxes paid by the Fund only upon filing appropriate returns or claims for refund with the IRS.

With respect to non-corporate Fund shareholders (*i.e.*, individuals, trusts, and estates), ordinary income and short-term capital gain are taxed at a maximum rate of 37% and long-term capital gains are taxed at a current maximum rate of 20%. Corporate shareholders are taxed at a current maximum federal rate of 21% on their income and gain.

In addition, individuals with adjusted gross incomes above certain threshold amounts (and certain trusts and estates) generally will be subject to a 3.8% Medicare tax on "net investment income," in addition to otherwise applicable U.S. federal income tax. "Net investment income" generally will include dividends (including capital gain dividends) received from a Fund and net gains from the redemption or other disposition of Shares. Please consult your tax Adviser regarding this tax.

*Sales or Exchanges of Shares*. Any capital gain or loss realized upon a sale or exchange of Shares generally is treated as a long- term gain or loss if the Shares have been held for more than one year. Any capital gain or loss realized upon a sale or exchange of Shares held for one year or less generally is treated as a short-term gain or loss, except that any capital loss on the sale or exchange of Shares held for six months or less is treated as long-term capital loss to the extent that capital gain dividends were paid (or deemed to be paid) with respect to such Shares. All or a portion of any loss realized upon a sale or exchange of Shares will be disallowed if substantially identical stock or securities are purchased (through reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date of disposition of the Shares. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

Legislation passed by Congress requires reporting to the IRS and to taxpayers of adjusted cost basis information for "covered securities," which generally include shares of a RIC acquired on or after January 1, 2012. Shareholders should contact their brokers to obtain information with respect to the available cost basis reporting methods and available elections for their accounts.

Creation Unit Issues and Redemptions. On an issue of Shares as part of a Creation Unit, made by means of an in-kind deposit, an Authorized Participant generally recognizes capital gain or loss equal to the difference between (i) the fair market value (at issue) of the issued Shares (plus any cash received by the Authorized Participant as part of the issue) and (ii) the Authorized Participant's aggregate basis in the exchanged securities (plus any cash paid by the Authorized Participant as part of the issue). On a redemption of Shares as part of a Creation Unit where the redemption is conducted in-kind by a payment of Fund Securities, an Authorized Participant generally recognizes capital gain or loss equal to the difference between (i) the fair market value (at redemption) of the securities received (plus any cash received by the Authorized Participant as part of the redemption) and (ii) the Authorized Participant's basis in the redeemed Shares (plus any cash paid by the Authorized Participant as part of the redemption). However, the IRS may assert, under the "wash sale" rules or on the basis that there has been no significant change in the Authorized Participant's economic position, that any loss on an issue or redemption of Creation Units cannot be deducted currently.

In general, any capital gain or loss recognized upon the issue or redemption of Shares (as components of a Creation Unit) is treated either as long-term capital gain or loss, if the deposited securities (in the case of an issue) or the Shares (in the case of a redemption) have been held for more than one year, or otherwise as short-term capital gain or loss. However, any capital loss on a redemption of Shares held for six months or less is treated as long-term capital loss to the extent that capital gain dividends were paid (or deemed to be paid) with respect to such Fund Shares.

*Reportable Transactions*. If a Fund shareholder recognizes a loss with respect to Shares of $2 million or more (for an individual Fund shareholder) or $10 million or more (for a corporate shareholder) in any single taxable year (or a greater loss over a combination of years), the Fund shareholder may be required file a disclosure statement with the IRS. Significant penalties may be imposed upon the failure to comply with these reporting rules. Shareholders should consult their tax Advisers to determine the applicability of these rules in light of their individual circumstances.

*<u>Backup Withholding</u>*

The Fund (or a financial intermediary such as a broker through which a shareholder holds Shares in the Fund) may be required to report certain information on a Fund shareholder to the IRS and withhold U.S. federal income tax ("backup withholding") at a 24% rate from taxable distributions and redemption or sale proceeds payable to the Fund shareholder if (i) the Fund shareholder fails to provide the Fund or intermediary with a correct taxpayer identification number or make required certifications, or if the IRS notifies the Fund or intermediary that the Fund shareholder is otherwise subject to backup withholding, and (ii) the Fund shareholder is not otherwise exempt from backup withholding. Non-U.S. shareholders can qualify for exemption from backup withholding by submitting a properly completed IRS Form W-8BEN or W-8BEN-E. Backup withholding is not an additional tax and any amount withheld may be credited against a Fund shareholder's U.S. federal income tax liability.

**Taxation of Non-U.S. Shareholders**

The following is a summary of certain U.S. federal income tax consequences of the purchase, ownership, and disposition of Shares applicable to "non-U.S. shareholders." For purposes of this discussion, a "non-U.S. shareholder" is a beneficial owner of Fund Shares that is not a U.S. shareholder (as defined above) and is not an entity or arrangement treated as a partnership for U.S. federal income tax purposes. The following discussion is based on current law and is for general information only. It addresses only selected, and not all, aspects of U.S. federal income taxation.

*Dividends*. With respect to non-U.S. shareholders of the Fund, the Fund's ordinary income dividends generally will be subject to U.S. federal withholding tax at a rate of 30% (or at a lower rate established under an applicable tax treaty). However, ordinary income dividends that are "interest-related dividends" or "short-term capital gain dividends" (each as defined below) and capital gain dividends generally will not be subject to U.S. federal withholding (or income) tax, provided that, among other requirements, the non-U.S. shareholder furnished the Fund with a completed IRS Form W-8BEN or W-8BEN-E, as applicable, (or acceptable substitute documentation) establishing the non-U.S. shareholder's non-U.S. status and the Fund does not have actual knowledge or reason to know that the non-U.S. shareholder would be subject to such withholding tax if the non-U.S. shareholder were to receive the related amounts directly rather than as dividends from the Fund. "Interest-related dividends" generally means dividends designated by the Fund as attributable to such Fund's U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which such Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income. "Short-term capital gain dividends" generally means dividends designated by the Fund as attributable to the excess of such Fund's net short-term capital gain over its net long-term capital loss. Depending on its circumstances, the Fund may treat such dividends, in whole or in part, as ineligible for these exemptions from withholding.

Notwithstanding the foregoing, special rules apply in certain cases, including as described below. For example, in cases where dividend income from a non-U.S. shareholder's investment in the Fund is effectively connected with a trade or business of the non-U.S. shareholder conducted in the U.S., the non-U.S. shareholder generally will be exempt from the withholding tax discussed above but will be subject to U.S. federal income tax at the graduated rates applicable to U.S. shareholders. Such income generally must be reported on a U.S. federal income tax return. Furthermore, such income also may be subject to the 30% branch profits tax in the case of a non-U.S. shareholder that is a corporation. In addition, if a non-U.S. shareholder is an individual who is present in the U.S. for 183 days or more during the taxable year any gain incurred by such shareholder with respect to his or her capital gain dividends and short-term capital gain dividends would be subject to a 30% U.S. federal income tax (which, in the case of short-term capital gain dividends, may, in certain instances, be withheld at source by the Fund). Lastly, special rules apply with respect to dividends that are subject to the Foreign Investment in Real Property Act ("FIRPTA"), discussed below (see "Investments in U.S. Real Property").

*Sales or Exchanges of Fund Shares*. Under current law, gain on a sale or exchange of Shares generally will be exempt from U.S. federal income tax (including withholding at the source) unless (i) the non-U.S. shareholder is an individual who was physically present in the U.S. for 183 days or more during the taxable year, in which case the non-U.S. shareholder would incur a 30% U.S. federal income tax on his capital gain, (ii) the gain is effectively connected with a U.S. trade or business conducted by the non-U.S. shareholder (in which case the non-U.S. shareholder generally would be taxable on such gain at the same graduated rates applicable to U.S. shareholders, would be required to file a U.S. federal income tax return and, in the case of a corporate non-U.S. shareholder, may also be subject to the 30% branch profits tax), or (iii) the gain is subject to FIRPTA, as discussed below (see "Investments in U.S. Real Property").

*Credits or Refunds*. To claim a credit or refund for any Fund-level taxes on any undistributed long-term capital gains (as discussed above) or any taxes collected through withholding, a non-U.S. Fund shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the non-U.S. Fund shareholder would not otherwise be required to do so.

*Investments in U.S. Real Property*. Special rules apply under FIRPTA in respect of distributions attributable to gains from "U.S. real property interests" ("USRPIs") (which includes shares of U.S. real property holding corporations and certain participating debt securities). In general, if the Fund is a U.S. real property holding corporation (taking certain special rules into account), distributions by such Fund attributable to gains from USRPIs will be treated as income effectively connected with a trade or business within the U.S., subject generally to tax at the same graduated rates applicable to U.S. shareholders and, in the case of a corporation that is a non-U.S. shareholder, a "branch profits" tax at a rate of 30% (or other applicable lower treaty rate). Such distributions will be subject to U.S. federal withholding tax and generally will give rise to an obligation on the part of the non-U.S. shareholder to file a U.S. federal income tax return. The Fund does not anticipate being treated as a U.S. real property holding corporation.

Even if the Fund is treated as a U.S. real property holding corporation, distributions on the Fund's Shares will not be treated as income effectively connected with a U.S. trade or business in the case of a non-U.S. shareholder that owns (for the applicable period) 5% or less (by class) of Shares and such class is regularly traded on an established securities market for U.S. federal income tax purposes (but such distribution will be treated as ordinary dividends, which may be subject to a U.S. federal withholding tax) and withholding. Non-U.S. shareholders that engage in certain "wash sale" and substitute dividend payment transactions the effect of which is to avoid the receipt of distributions from the Fund that would be treated as gain effectively connected with a U.S. trade or business will be treated as having received such distributions.

All shareholders of the Fund should consult their tax advisers regarding the application of the rules described above.

 

*<u>Fore</u>ig<u>n Account Tax Compliance Act</u>*

The U.S. Foreign Account Tax Compliance Act ("FATCA") generally imposes a 30% withholding tax on "withholdable payments" (defined below) made to (i) a "foreign financial institution" ("FFI"), unless the FFI enters into an agreement with the IRS to provide information regarding certain of its direct and indirect U.S. account holders and satisfy certain due diligence and other specified requirements, and (ii) a "non-financial foreign entity" ("NFFE") unless such NFFE provides certain information to the withholding agent about certain of its direct and indirect "substantial U.S. owners" or certifies that it has no such U.S. owners. The beneficial owner of a "withholdable payment" may be eligible for a refund or credit of the withheld tax. The U.S. government also has entered into several intergovernmental agreements with other jurisdictions to provide an alternative, and generally easier, approach for FFIs to comply with FATCA. If the shareholder is a tax resident in a jurisdiction that has entered into an intergovernmental agreement with the U.S. government, the shareholder will be required to provide information about the shareholder's classification and compliance with the intergovernmental agreement.

"Withholdable payments" generally include, among other items, U.S.-source interest, and dividends. Proposed regulations (effective while pending) eliminate the application of the withholding tax to the gross proceeds from the sale or disposition of property of a type that can produce U.S.-source interest or dividends that was scheduled to take effect in 2019.

The Fund or a shareholder's broker may be required to impose a 30% withholding tax on withholdable payments to a shareholder if the shareholder fails to provide the Fund or broker with the information, certifications or documentation required under FATCA, including information, certification or documentation necessary for the Fund or broker to determine if the shareholder is a non-U.S. shareholder or a U.S. shareholder and, if it is a non-U.S. shareholder, if the non-U.S. shareholder has "substantial U.S. owners" or is in compliance with (or meets an exception from) FATCA requirements. The Fund will not pay any additional amounts to shareholders in respect of any amounts withheld. The Fund or broker may disclose any shareholder information, certifications or documentation to the IRS or other parties as necessary to comply with FATCA.

The requirements of, and exceptions from, FATCA are complex. All prospective shareholders are urged to consult their own tax Advisers regarding the potential application of FATCA with respect to their own situation.

**Other Information**

The Trust was organized as a Delaware statutory trust on October 31, 2025. Its Declaration of Trust currently permits the Trust to issue an unlimited number of Shares of beneficial interest. If shareholders are required to vote on any matters, each Share outstanding would be entitled to one vote. Annual meetings of shareholders will not be held except as required by the 1940 Act and other applicable laws. See the Funds' SAI for more information concerning the Trust's form of organization.

For purposes of the 1940 Act, the Fund is a registered investment company, and the acquisition of Shares by other registered investment companies and companies relying on exemption from registration as investment companies under Section 3(c)(1) or 3(c)(7) of the 1940 Act is subject to the restrictions of Section 12(d)(1) of the 1940 Act, except as permitted by an exemptive order that permits registered investment companies to invest in the Fund beyond those limitations.

An AP that is not a "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act will not be able to receive, as part of a redemption, restricted securities eligible for resale under Rule 144A.

Practus LLP serves as counsel to the Trust.

Cohen & Company, LTD. serves as the Trust's independent registered public accounting firm and audits the Funds' financial statements and performs other related audit services.

Shareholder inquiries may be made by writing to the Founder Funds Trust, in the care of Founder ETFs, LLC, at 25 Highland Park Village, Suite 100-587, Dallas, Texas 75205.

**Purchase of Shares**

Shares of the Fund are issued and sold on a continuous basis exclusively in Creation Units through Authorized Participants ("APs") in transactions that do not involve any public offering. The Fund does not sell Shares directly to individual investors. Retail investors may acquire Shares only on the secondary market through a broker-dealer at prevailing market prices.

To purchase a Creation Unit, an AP must deliver to the Fund a designated basket of securities (the "Deposit Securities") and/or a cash amount (the "Cash Component"), as determined daily by the Advisor and published on the Fund's website prior to the opening of trading on the Exchange. The value of the Creation Unit is based on the net asset value ("NAV") of the Fund next determined after receipt of a valid creation order. The Trust reserves the right to permit or require the substitution of securities or cash in lieu of Deposit Securities in certain circumstances, including when delivery of a Deposit Security is restricted or impractical.

Creation orders must be placed with the Distributor by the cut-off time specified in the Participant Agreement (typically 4:00 p.m. Eastern Time, or earlier on days when the Exchange closes early). Orders received after the cut-off time or on a non-Business Day will be processed on the next Business Day. The Fund reserves the right to reject any creation order that does not comply with applicable requirements or that would, in the judgment of the Advisor or the Board, be detrimental to the Fund or its Shareholders.

No AP has any right to receive Shares except in exchange for the required deposit in accordance with the procedures described above and in the Participant Agreement. The Fund may suspend the sale of Creation Units when required by applicable law or when the Board determines it is in the best interest of the Fund. See "Purchase and Redemption of Creation Units" (Item 11) for additional information.

**Important Fund Policies**

While this Prospectus and the SAI describe pertinent information about the Founder Funds Trust (the "Trust") and the Fund, neither the Prospectus nor the SAI represents a contract between the Trust or the Fund and any shareholder or any other party.

**Derivative Actions Brought by Shareholders**

Subject to applicable law, shareholders of the Fund or any class may not bring a derivative action to enforce the right of the Fund or an affected class, as applicable, unless certain conditions provided in the Trust Instrument are met, including that prior to the commencement of such derivative action, the complaining shareholders have made a written demand to the Board of Trustees requesting that they cause the Fund or affected class, as applicable (provided, that this written demand requirement shall not apply to derivative claims brought under federal securities law), to file the action itself and no less than three complaining shareholders of the Fund or the affected series or class, each of which shall be unaffiliated and unrelated (by blood or by marriage) to any other complaining shareholder, and at least 10% of the shareholders of the Fund or the affected class, as applicable, must join in bringing the derivative action (provided, that this 10% requirement shall not apply to derivative claims brought under federal securities law). Demands for derivative action submitted in accordance with the Trust Instrument will be considered by those trustees who are not deemed to be Interested Persons of the Fund. Within 90 calendar days of the receipt of such demand by the Board of Trustees, those Trustees who are not deemed to be Interested Persons of the Fund will consider the merits of the claim and determine whether maintaining a suit would be in the best interests of the Fund or the affected class, as applicable. The Fund's SAI includes more information about derivative actions brought by the Fund's shareholders.

**Jurisdiction and Waiver of Jury Trial**

The Trust Instrument provides that any suit, action or proceeding brought by or in the right of any shareholder or any person or entity claiming any interest in any shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with the Trust Instrument, the Trust, the Fund (or any Class of shares) 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 or, if not, then in the Superior Court of the State of Delaware. Unless the Trust consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under any federal securities law. All shareholders hereby irrevocably consent to the jurisdiction of such courts in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought has been brought in an inconvenient and less favorable forum. In connection with any such suit, action, or proceeding brought in the Superior Court of the State of Delaware, all shareholders hereby irrevocably waive the right to a trial by jury to the fullest extent permitted by law. The Fund's SAI includes more information about jurisdiction and the waiver of a jury trial.

These exclusive jurisdiction provisions may make it more expensive for a shareholder to bring a suit and may limit a shareholder's ability to litigate a claim in the jurisdiction and in a manner that may be more favorable to the shareholder. A court may choose not to enforce this provision of the Trust Instrument. There is a question regarding the enforceability of the exclusive forum provision in the Trust Instrument because the Securities Act of 1933 and the Investment Company Act of 1940 permit shareholders to bring claims arising under such statutes in both state and federal courts.

**Appendix A**

**Summary of Proxy Voting Policies and Procedures**

The Board of Trustees of the Trust (the "Board") has adopted proxy voting policies and procedures (the "Proxy Policies") on behalf of the Fund, which delegate the responsibility for voting proxies relating to the Fund's portfolio securities to the Adviser, subject to the Board's continuing oversight. The Proxy Policies require that the Adviser vote proxies received in a manner consistent with the best interests of the Fund and its shareholders, with the primary goal of maximizing long-term shareholder value. The Adviser maintains written guidelines that outline its general approach to voting on key issues, including board elections, executive compensation, shareholder rights, and environmental and social proposals, while evaluating each proposal on a case-by-case basis considering the specific circumstances of the issuer and the potential impact on shareholder value.

In determining how to vote, the Adviser considers factors such as the issuer's governance practices, financial performance, and alignment with long-term sustainability. The Adviser may utilize research and recommendations from independent third-party proxy advisory firms, such as Institutional Shareholder Services (ISS) or Glass, Lewis & Co., to inform its decisions, but retains ultimate discretion and responsibility for all votes. The Adviser will generally vote in accordance with its guidelines unless it determines that deviating would better serve the Fund's interests.

To address potential conflicts of interest between the interests of Fund shareholders and those of the Adviser, its affiliates, or any other related parties, the Proxy Policies include procedures for identifying and disclosing such conflicts. In cases where a material conflict is identified—such as when the issuer is a significant client of the Adviser or an affiliate—the Adviser will either: (i) recuse itself and engage an independent third-party fiduciary to vote the proxies; (ii) vote in accordance with pre-determined guidelines that mitigate the conflict; or (iii) abstain from voting if no other resolution is feasible. All identified conflicts and their resolutions are documented and reported to the Board.

The Board reviews the Proxy Policies at least annually, including any updates to the Adviser's voting guidelines. The Adviser presents to the Board, at least annually, a report on its proxy voting activities for the Fund, including a summary of votes cast, any deviations from the guidelines, and the handling of conflicts of interest. This oversight ensures that the proxy voting process remains aligned with the Fund's objectives and fiduciary duties.

The Fund's complete proxy voting record (Form N-PX), for the most recent 12-month period ending June 30, will be made available without charge on the Fund's website at www.FounderETFs.com and on the SEC's website at www.sec.gov no later than August 31 of each year. A complete copy of the Adviser's proxy voting guidelines is available upon request from the Adviser.

**Appendix B**

**Financial Statements**

**Founder Funds Trust**

**Founders 100 ETF** 

**Statement of Assets and Liabilities**

**September 12, 2025**

---

| | |
|:---|:---|
| **ASSETS** | |
| Cash | $100000 |
| Total Assets | 100000 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;**NET ASSETS** | $100000 |
| &nbsp;&nbsp;**Composition of Net Assets:** |  |
| &nbsp;&nbsp;Paid in Capital | $100000 |
| **Net Assets** | $100000 |
| Fund shares issued and outstanding (par value $0.00 per share; unlimited number of shares authorized) | 4000 |
| Net asset value, offering price and redemption price per share | $25.00 |

---

 

 

*See accompanying Notes to Financial Statement.*

Founder Funds Trust

Founders 100 ETF

NOTES TO FINANCIAL STATEMENT

September 12, 2025

&nbsp;&nbsp;&nbsp;&nbsp;1. Organization

The Founders 100 ETF (the "Fund") is a non-diversified series of the Founder Funds Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on June 27, 2025, and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

Costs incurred by the Fund in connection with the organization, registration and the initial public offering of shares were paid by Founder ETFs, LLC ("Founder ETFs" or the "Adviser"), the Fund's Investment Adviser. The Trust and the Fund do not have an obligation to reimburse Founders ETFs for the costs paid on their behalf.

The Fund seeks long-term growth of capital.

The Trust has no operations as of September 12, 2025, other than matters relating to its registration and initial sale of 4,000 shares of the Fund to Founder ETFs, which represented the initial capital of $100,000 at $25.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;2. Summary of Significant Accounting Policies

The Fund prepares its financial statement in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and follows the significant accounting policies described below. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Use of Estimates

The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cash

Cash at September 12, 2025 is on deposit at U.S. Bank, N.A. in a non-interest bearing account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Information

The Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, the Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Fund will not be subject to Federal income tax.

The Fund intends to declare and make distributions of investment company taxable income after payment of the Fund's operating expenses and net capital gains annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Therefore, no provision for federal income tax should be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indemnification

In the normal course of business, the Fund expects to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Segment Reporting

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Fund has evaluated its business activities and determined that it operates as a single reportable segment.

The Fund's investment activities are managed by the President, who serves as the Chief Operating Decision Maker ("CODM"). The President is responsible for assessing the Fund's financial performance and allocating resources. In making these assessments, the President evaluates the Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

Once the Fund commences operations, it will primarily generate income through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory and Other Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Advisory Agreement

Founder ETFs, LLC, the Adviser, serves as investment adviser to the Fund and, along with the Board of Trustees (the "Board"), has overall responsibility for the general management and administration of the Trust, pursuant to the Investment Advisory Agreement between the Trust and the Adviser (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser, subject to the supervision of the Board, provides an investment program for the Fund and is responsible for the investment of the Fund's assets in conformity with the stated investment policies of the Fund. The Adviser is responsible for placing purchase and sale orders and providing continuous supervision of the investment portfolio of the Fund.

The Trust shall pay the Adviser, as full compensation for all investment management, administrative, and operational services provided under this Agreement, a unitary management fee equal to 0.75% per annum of the Fund's average daily net assets, calculated and accrued daily and payable daily in arrears.

This unitary fee shall cover all operating expenses of the Fund, including but not limited to custody, administration, audit, legal, and transfer agency fees, except for the following excluded expenses: (i) taxes, (ii) interest, (iii) extraordinary or non-recurring expenses (such as litigation or indemnification costs), and (iv) brokerage commissions and other transaction-related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution Agreement

Vigilant Distributors, LLC (the "Distributor"), serves as the Distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a Secondary Market in Shares. Founder ETFs has entered into a Services Agreement with the Distributor to distribute the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrator, Custodian and Transfer Agent

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") serves as administrator, transfer agent and fund accounting agent of the Fund pursuant to a Fund Servicing Agreement. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Fund's custodian pursuant to a Custody Agreement. Under the terms of the Advisory Agreement, the Adviser pays the Fund's administrative, custody and transfer agency fees.

At September 12, 2025, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;4. Creation and Redemption Transactions

Shares of the Fund will be listed and traded on the NYSE Arca, Inc. (the "Exchange"). The Fund issues and redeems Shares only in bundles of a specified number of Shares. These bundles are known as "Creation Units." For the Fund, a Creation Unit is comprised of 10,000 Shares. The number of Shares in a Creation Unit will not change, except in the event of a share split, reverse split or similar revaluation. The Fund cannot issue fractional Creation Units. To purchase or redeem a Creation Unit, you must be an Authorized Participant, or you must do so through a broker, dealer, bank or other entity that is an Authorized Participant. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units. It is expected that only large institutional investors will purchase and redeem Shares directly from the Fund in the form of Creation Units. In turn, it is expected that institutional investors who purchase Creation Units will break up their Creation Units and offer and sell individual Shares in the Secondary Market.

The Fund charges Authorized Participants a transaction fee to cover the costs associated with the purchase and redemption of Creation Units, which may vary based on the size of the transaction and other factors as disclosed in the Fund's prospectus.

Retail investors may acquire Shares in the Secondary Market (not from the Fund) through a broker or dealer. Shares are listed on the Exchange and are publicly traded. For information about acquiring Shares in the Secondary Market, please contact your broker or dealer. If you want to sell Shares in the Secondary Market, you must do so through your broker or dealer.

When you buy or sell Shares in the Secondary Market, your broker or dealer may charge you a commission, market premium or discount or other transaction charge, and you may pay some or all of the spread between the bid and the offered price for each purchase or sale transaction. Unless imposed by your broker or dealer, there is no minimum dollar amount you must invest and no minimum number of Shares you must buy in the Secondary Market. In addition, because transactions in the Secondary Market occur at market prices, you may pay more than NAV when you buy Shares and receive less than NAV when you sell those Shares.

The creation and redemption processes discussed above are summarized, and such summary only applies to shareholders who purchase or redeem Creation Units (they do not relate to shareholders who purchase or sell Shares in the Secondary Market). Authorized Participants should refer to their Participant Agreements for the precise instructions that must be followed in order to create or redeem Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;5. Principal Risks

As with all ETFs, shareholders of the Fund are subject to the risk that their investment could lose money. The Fund is subject to the principal risks, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

A complete description of the principal risks is included in the Fund's prospectus under the heading "Principal Risks of Investing in the Fund."

&nbsp;&nbsp;&nbsp;&nbsp;6. Beneficial Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of the date of this financial statement, the sole shareholder of the Fund owned 100% of the outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;7. Subsequent Events

Management has evaluated subsequent events through the date the financial statement was issued. Based on this evaluation, no adjustments or disclosures to the financial statement were required.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Founders 100 ETF and

Board of Trustees of Founder Funds Trust

<u>Opinion on the Financial Statement</u>

We have audited the accompanying statement of assets and liabilities of Founder Funds Trust comprising Founders 100 ETF (the "Fund") as of September 12, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of September 12, 2025, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 procedures included confirmation of cash owned as of September 12, 2025, by correspondence with the custodian. 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.

We have served as the Fund's auditor since 2025.

COHEN & COMPANY, LTD.

Cleveland, Ohio

September 26, 2025

**PART C<br> OTHER INFORMATION**

---

| | | |
|:---|:---|:---|
| **Item 28.** | **Item 28.** | **Exhibits** |
| (a) | (1) | Certificate of Trust of the Registrant^ |
|  | (2) | Declaration of Trust of the Registrant^ |
| (b) |  | By-Laws of the Registrant^ |
| (c) |  | Instruments Defining the Rights of Security Holders |
| (d) |  | Investment Advisory Agreement between the Registrant and Founder ETFs LLC (the "Adviser")\* |
| (e) | (1) | Distribution Agreement between the Registrant and Vigilant Distributors, LLC (the "Dealer")\* |
|  | (2) | Form of Authorized Participant Agreement\* |
| (f) |  | N/A |
| (g) |  | Custody Agreement\* |
| (h) | (1) | Fund Servicing Agreement\* |
|  | (2) | Fund Officer Services Agreement\* |
|  | (3) | Power of Attorney for Trustees\* |
| (i) |  | Opinion of Legal Counsel\* |
| (j) |  | Consent of Independent Registered Public Accounting Firm\* |
| (k) |  | N/A |
| (l) |  | Letter of Investment Intent\* |
| (m) |  | N/A |
| (n) |  | N/A |
| (o) |  | Reserved. |
| (p) | (1) | Code of Ethics of the Registrant\* |
|  | (2) | Code of Ethics of the Adviser\* |
| ^Filed herewith. | ^Filed herewith. | ^Filed herewith. |
| \*To be filed by amendment. | \*To be filed by amendment. | \*To be filed by amendment. |

---

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

None.

Item 30. Indemnification

The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, and, subject to the provisions of the By-Laws, the Trust out of its assets may indemnify and hold harmless each and every Trustee and officer of the Trust from and against any and all claims, demands, costs, losses, expenses, and damages whatsoever arising out of or related to such Trustee's or officer's performance of his or her duties as a Trustee or officer of the Trust; provided that nothing herein contained shall indemnify, hold harmless or protect any Trustee or officer from or against any liability to the Trust or any shareholder 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.

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

Item 31. Business and Other Connections of Investment Adviser

See "Management of the Fund" in the Prospectus and "Management" and "Investment Advisory, Administrative, and Distribution Services" in the Statement of Additional Information for information regarding the business of the Adviser.

For information as to the business, profession, vocation and employment of a substantial nature of each of the partners and officers of the Adviser, reference is made to the Adviser's current Form ADV (File No. 801-134202) filed under the Investment Advisers Act of 1940, as amended, incorporated herein by reference.

Item 32. Principal Underwriters

The principal underwriter for the Registrant is Vigilant LLC, which acts as distributor for the Registrant.

Item 33. Location of Accounts and Records

All accounts, books and other documents required by Section 31(a) of the 1940 Act and the rules thereunder are maintained at:

---

| | |
|:---|:---|
| Adviser: | Founder ETFs, LLC |
|  | 25 Highland Park Village |
|  | Suite 100-587 |
|  | Dallas, TX 75205 |
| Administrator: | US Bank, N.A. |
|  | 3777 Park Center Blvd |
|  | Minneapolis, MN 55416 |
| Compliance: | Vigilant, LLC |
|  | 223 Wilmington West Chester Pike |
|  | Suite 216 |
|  | Chadds Ford, PA 19317 |
| Custodian: | US Bank, N.A. |
|  | 3777 Park Center Blvd |
|  | Minneapolis, MN 55416 |

---

---

| | |
|:---|:---|
| Distributor: | Vigilant, LLC |
|  | 223 Wilmington West Chester Pike |
|  | Suite 216 |
|  | Chadds Ford, PA 19317 |

---

Item 34. Management Services

Not applicable.

Item 35. Undertakings

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"), the Registrant has duly caused this registration statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Dallas, State of Texas on this 31st day of October 2025.

Founder Funds Trust

By: <u>/s/ Michael C. Monaghan</u>

Michael C. Monaghan

President

Pursuant to the requirements of the Securities Act this registration statement has been signed below by the following persons in the capacities and on the dates indicated on October 31, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Signature | &nbsp;&nbsp;Title | &nbsp;&nbsp;Date |
| &nbsp;&nbsp;/s/ Michael C. Monaghan | &nbsp;&nbsp;Chairman and President of the Trust | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Chairman and President |  |  |
| &nbsp;&nbsp;/s/ Caitlin Johannes | &nbsp;&nbsp;Treasurer and Secretary of the Trust | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Treasurer and Secretary |  |  |
| &nbsp;&nbsp;/s/ Will Clark | &nbsp;&nbsp;CCO of the Trust | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Chief Compliance Officer |  |  |
| &nbsp;&nbsp;/s/ Brock Vandervliet | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Independent Trustee |  |  |
| &nbsp;&nbsp;/s/ David Perlin | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Independent Trustee |  |  |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit <br> No.** |  |
| (a)(1) | [Certificate of Trust of the Registrant](ex28a-1.htm) |
| (a)(2) | [Declaration of Trust of the Registrant](ex28a-2.htm) |
| (b) | [By-Laws of the Registrant](ex28b.htm) |
| (c) | [Instruments Defining the Rights of Security Holders](ex28c.htm) |
| (d) | [Investment Advisory Agreement between the Registrant and Founder ETFs LLC (the "Adviser")](ex28d.htm) |
| (e)(1) | [Distribution Agreement between the Registrant and Vigilant Distributors, LLC (the "Dealer")\*](ex28e-1.htm) |
| (e)(2) | [Form of Authorized Participant Agreement](ex28e-2.htm) |
| (g) | [Custody Agreement](ex28g.htm) |
| (h)(1) | [Fund Servicing Agreement](ex28h-1.htm) |
| (h)(2) | [Fund Officer Services Agreement](ex28h-2.htm) |
| (h)(3) | [Power of Attorney for Trustees](ex28h-3.htm) |
| (i) | [Opinion of Legal Counsel](ex28i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm](ex28j.htm) |
| (l) | [Letter of Investment Intent](ex28l.htm) |
| (p)(1) | [Code of Ethics of the Registrant](ex28p-1.htm) |
| (p)(2) | [Code of Ethics of the Adviser](ex28p-2.htm) |

---

## Ex-99.A

**Exhibit 28(a)(1)**

**CERTIFICATE OF TRUST OF<br> FOUNDER FUNDS TRUST**

This Certificate of Trust is being duly executed and filed on behalf of the statutory trust formed hereby by the undersigned, the sole trustee of the Trust, to form a statutory trust pursuant to the Delaware Statutory Trust Act (12 <u>Del. C.</u> § 3801 <u>et seq.</u>).

The undersigned hereby certifies as follows:

**ARTICLE I**

The name of the statutory trust formed hereby is:

"**FOUNDER FUNDS TRUST**" (the "Trust").

**ARTICLE II**

The name and business address of a trustee of the Trust is:

Michael C. Monaghan

5 W Mendenhall, Ste 202

Bozeman, MT 59715

**ARTICLE III**

The Trust is, or will become prior to or within 180 days following the first issuance of beneficial interests, a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. §§ 80a-1 <u>et seq.</u>).

**ARTICLE IV**

The name and address of the registered agent for the Trust in the State of Delaware is:

Cogency Global, Inc.

850 New Burton Road, Suite 201

Dover, Delaware 19904

Kent County

**<u>ARTICLE V</u>**

The Declaration of Trust relating to the Trust provides for the issuance of one or more series of shares of beneficial interest in the Trust which series are divisible into any number of classes representing interests in the assets belonging to that series. Separate and distinct records shall be maintained by the Trust for each series and the assets associated solely with any such series shall be held and accounted for separately in such separate and distinct records (directly or indirectly, including through a nominee or otherwise) from the assets of the Trust generally or of any other series. As provided in the Declaration of Trust, (i) the debts, liabilities, obligations, expenses, costs, charges and reserves incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets of such series only, and not against the assets of the Trust generally or assets belonging to any other series, and (ii) none of the debts, liabilities, obligations, expenses, costs, charges and reserves incurred, contracted for or otherwise existing with respect to the Trust generally that have not been allocated to a specified series shall be enforceable against the assets of any other series.

**ARTICLE VI**

This Certificate of Trust shall become effective upon filing in the Office of the Secretary of State of the State of Delaware.

IN WITNESS WHEREOF, the undersigned, as the sole initial trustee of the Trust, has executed this Certificate of Trust as of this 31st day of October 2025.

<u>/s/ Michael C. Monaghan</u>

Name: Michael C. Monaghan

Title: Trustee

## Ex-99.A

**Exhibit 28(a)(2)**

**DECLARATION OF TRUST**

**of**

**FOUNDER FUNDS TRUST**

**(a Delaware Statutory Trust)** 

**Dated as of October 31, 2025**

****TABLE OF CONTENTS** <br> DECLARATION OF TRUST**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I Name and Definitions | ARTICLE I Name and Definitions | 3 |
| Section 1. | Name. | 3 |
| Section 2. | Definitions. | 4 |
| ARTICLE II Purpose of Trust | ARTICLE II Purpose of Trust | 4 |
| ARTICLE III Shares | ARTICLE III Shares | 4 |
| Section 1. | Division of Beneficial Interest. | 4 |
| Section 2. | Ownership of Shares. | 5 |
| Section 3. | Transfer of Shares. | 5 |
| Section 4. | Investments in the Trust. | 6 |
| Section 5. | Status of Shares and Limitation of Personal Liability. | 6 |
| Section 6. | Establishment and Designation of Series or Class. | 6 |
| Section 7. | Indemnification of Shareholders. | 8 |
| ARTICLE IV Trustees | ARTICLE IV Trustees | 8 |
| Section 1. | Numbers, Election and Tenure. | 8 |
| Section 2. | Effect of Death, Resignation, Etc. of a Trustee. | 8 |
| Section 3. | Powers. | 9 |
| Section 4. | Expenses of the Trust and Series. | 12 |
| Section 5. | Ownership of Assets of the Trust. | 12 |
| Section 6. | Service Contracts. | 12 |
| Section 7. | Trustees and Officers as Shareholders. | 13 |
| ARTICLE V Shareholders' Voting Powers and Meetings | ARTICLE V Shareholders' Voting Powers and Meetings | 13 |
| Section 1. | Voting Powers; Meetings; Notice; Record Dates. | 13 |
| Section 2. | Quorum and Required Vote. | 14 |
| Section 3. | Record Dates. | 14 |
| Section 4. | Additional Provisions. | 14 |
| ARTICLE VI Net Asset Value, Distributions and Redemptions | ARTICLE VI Net Asset Value, Distributions and Redemptions | 14 |
| Section 1. | Determination of Net Asset Value, Net Income and Distributions. | 14 |
| Section 2. | Redemptions and Repurchases. | 15 |
| ARTICLE VII Compensation and Limitation of Liability of Trustees | ARTICLE VII Compensation and Limitation of Liability of Trustees | 16 |
| Section 1. | Compensation. | 16 |
| Section 2. | Limitation of Liability. | 16 |
| Section 3. | Indemnification. | 16 |
| Section 4. | Trustee's Good Faith Action; Expert Advice; No Bond or Surety. | 17 |
| Section 5. | Insurance. | 17 |
| ARTICLE VIII Miscellaneous | ARTICLE VIII Miscellaneous | 17 |
| Section 1. | Liability of Third Persons Dealing with Trustees. | 17 |
| Section 2. | Derivative Actions. | 17 |
| Section 3. | Termination of the Trust or Any Series or Class. | 18 |
| Section 4. | Reorganization. | 18 |
| Section 5. | Amendments. | 19 |
| Section 6. | Maintaining Copies of Declaration of Trust; References; Headings; Counterparts. | 20 |
| Section 7. | Applicable Law. | 20 |
| Section 8. | Provisions in Conflict with Law or Regulations. | 20 |
| Section 9. | Statutory Trust Only. | 21 |
| Section 10. | Writings. | 21 |

---

**DECLARATION OF TRUST**

**of**

**FOUNDER FUNDS TRUST**

THIS DECLARATION OF TRUST is made as of the date set forth below by the Trustees named hereunder for the purpose of forming a Delaware statutory trust.

WHEREAS, the Trustees desire to form a statutory trust pursuant to the Delaware Statutory Trust Act;

NOW, THEREFORE, the Trustees hereby direct that the Certificate of Trust be filed with the Office of the Secretary of State of the State of Delaware and do hereby declare that the Trustees will hold IN TRUST 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 for the benefit of the Shareholders of this Trust.

**ARTICLE I**

**NAME AND DEFINITIONS**

Section 1. <u>Name</u>.

This Trust shall be known as the "Founder Funds Trust," and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

Section 2. <u>Definitions</u>.

Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Administrator" means a party furnishing services to the Trust pursuant to any administration contract described in Article
IV, Section 6(c) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "By-Laws" shall mean the By-Laws of the Trust as amended from time to time, which By-Laws are expressly herein incorporated
by reference as part of the "governing instrument" within the meaning of the Delaware Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Certificate of Trust" means the certificate of trust of the Trust, as filed in the Office of the Secretary of State of
the State of Delaware in accordance with the Delaware Act and as it may be amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Class" means a class of Shares of a Series of the Trust established in accordance with the provisions of Article III
hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Code" means the Internal Revenue Code of 1986 (or any successor statute), as amended from time to time, and the rules
and regulations thereunder, as adopted or amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Commission" means the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Declaration of Trust" means this Declaration of Trust, as amended, supplemented or amended and restated from time to
time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Delaware Act" means the Delaware Statutory Trust Act, 12 Del. C. §§ 3801 et seq., as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Interested Person" shall have the meaning given it in Section 2(a)(19) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Investment Adviser" means a party furnishing services to the Trust pursuant to any investment advisory contract described
in Article IV, Section 6(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Net Asset Value" means the net asset value of each Series or Class of the Trust, determined as provided in Article VI,
Section 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "1940 Act" means the Investment Company Act of 1940, as amended from time to time, and the rules and regulations thereunder,
as adopted or amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Outstanding Shares" means Shares shown in the books of the Trust or its transfer agent as then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Person" means and includes natural persons, corporations, partnerships, limited partnerships, business trusts, limited
liability partnerships, statutory trusts and foreign statutory trusts, trusts, limited liability companies, associations, joint ventures,
estates, custodians, nominees and any other individual or entity in its own or any representative capacity, and governments and agencies
and political subdivisions thereof, in each case whether domestic or foreign;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Principal Underwriter" shall have the meaning given such term in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Series" means each Series of Shares established and designated under or in accordance with the provisions of Article
III hereof;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Shareholder" means a record owner of Outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Shares" means the transferable units of beneficial interest (par value $0.001 per Share) into which the beneficial interest
in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Sub-Adviser" means a party furnishing services to the Trust pursuant to any investment sub-advisory contract described
in Article IV, Section 6(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Trust" means the Delaware statutory trust established under the Delaware Act by this Declaration of Trust and the filing
of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "Trust Property" means any and all property, real
or personal, tangible or intangible, which is from time to time owned or held by or for the account of the Trust or any Series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Trustees" means the Person or Persons who have signed this Declaration of Trust and all other Persons who may from time
to time be duly elected or appointed and have qualified to serve as Trustees in accordance with the provisions hereof, in each case so
long as such Person shall continue in office in accordance with the terms of this Declaration of Trust, and reference herein to a Trustee
or the Trustees shall refer to such Person or Persons in his or her or their capacity as Trustees hereunder.

**ARTICLE II PURPOSE OF TRUST**

The purpose of the Trust is to conduct, operate and carry on the businesses of an open-end management investment company registered under the 1940 Act through one or more Series. 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 open-end management 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 Trust is not intended to be, shall not be deemed to be, and shall not be treated as, a general or limited partnership, joint venture, corporation or joint stock company, nor shall the Trustees or Shareholders or any of them for any purpose be deemed to be, or treated in any way whatsoever as though they were liable or responsible hereunder as partners or joint venturers.

**ARTICLE III SHARES**

Section 1. <u>Division of Beneficial Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The beneficial interest in the Trust may be divided into one or more Series. The Trustees may divide each Series into one or more
Classes. Subject to the further provisions of this Article III and any applicable requirements of the 1940 Act, the Trustees shall have
full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any Series
or Class thereof, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) divide the beneficial interest in each Series or Class thereof into Shares, with or without par value as the Trustees shall determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue Shares without limitation as to number (including fractional Shares) to such Persons and for such amount and type of consideration,
subject to any restriction set forth in the By-Laws, including cash or securities, at such time or times and on such terms as the Trustees
may deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) establish, designate, re-designate, classify, reclassify and change in any manner any Series or Class thereof and fix such preferences,
voting powers, rights, duties and privileges and business purpose of each Series or Class thereof as the Trustees may from time to time
determine, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to (or in the case of business
purpose, different from) any existing Series or Class thereof and may be limited to specified property or obligations of the Trust or
profits and losses associated with specified property or obligations of the Trust; provided, however, that the Trustees may not reclassify
or change Outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote
of the Series or Class of Shareholders that would be materially adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) divide or combine the Shares of any Series or Class thereof into a greater or lesser number without thereby materially changing the
proportionate beneficial interest of the Shares of such Series or Class thereof in the assets held with respect to that Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) issue Shares to acquire other assets (including assets subject to, and in connection with, the assumption of liabilities) and businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) change the name of any Series or Class thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) dissolve and terminate any one or more Series or Classes thereof;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) take such other action with respect to the Shares as the Trustees
may deem desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the distinctions permitted among Classes of the same Series as established by the Trustees, consistent with the requirements
of the 1940 Act and the Code, each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such
Series, and each Shareholder of a Series shall be entitled to receive such Shareholder's pro rata share of distributions of income
and capital gain, if any, made with respect to such Series. Upon redemption of the Shares of any Series, the applicable Shareholder shall
be paid solely out of the funds and property of such Series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All references to Shares in this Declaration of Trust shall be deemed to be references to Shares of any or all Series or Classes thereof,
as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each Class
thereof, except as otherwise provided or as the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Shares issued, including, without limitation, Shares issued in connection with a dividend in Shares or a split or reverse split
of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive
or other right to subscribe to any additional Shares or other securities issued by the Trust.

Section 2. <u>Ownership of Shares</u>.

The ownership of Shares shall be recorded on the books of the Trust or those of a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series or 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, the transfer of Shares of each Series or Class of the Trust and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders of each Series or Class of the Trust and as to the number of Shares of each Series or Class of the Trust held from time to time by each Shareholder. No Shareholder shall be entitled to receive any payment of a dividend or distribution, nor to have notice given to him as provided herein or in the By-Laws, until he or she has given his or her address to the Trust or to the Trust's transfer or similar agent.

Section 3. <u>Transfer of Shares</u>.

Except as otherwise provided by the Trustees, Shares shall be transferable on the books of the Trust only by the record holder thereof or by his or her duly authorized agent upon delivery to the Trustees or the Trust's transfer or similar agent of a duly executed instrument of transfer (together with a Share certificate if one is outstanding), and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Trustees. Upon such delivery, and subject to any further requirements specified by the Trustees or contained in the By-Laws, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the holder of such Shares for all purposes hereunder, and neither the Trustees nor the Trust, nor any transfer agent or registrar or any officer, employee, or agent of the Trust, shall be affected by any notice of a proposed transfer.

Section 4. <u>Investments in the Trust</u>.

Investments may be accepted by the Trust from Persons, at such times, on such terms, and for such consideration as the Trustees from time to time may authorize. At the Trustees' discretion, such investments, subject to applicable law, may be in the form of cash or securities, valued as provided in Article VI, Section 1. Investments in a Series shall be credited to each Shareholder's account in the form of full and fractional 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. The Trustees shall have the right to refuse to accept investments in any Series or Class at any time without any cause or reason therefor whatsoever.

Section 5. <u>Status of Shares and Limitation of Personal Liabili</u>ty.

Shares shall be deemed to be personal property giving only the rights provided in this Declaration of Trust. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to be bound by the terms hereof. 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 Declaration of Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a participation 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 debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or any Series or Class. Neither the Trust nor the Trustees, nor any officer, employee, or agent of the Trust shall have any power to bind personally any Shareholders, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. 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.

Section 6. <u>Establishment and Des</u>ig<u>nation of Series or Class</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The establishment and designation of any 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 resolution shall be incorporated herein by reference
upon adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares of each Series or Class of the Trust established pursuant to this Article III, unless otherwise provided in the resolution
establishing such Series or Class, shall have the following relative rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Assets Held with Respect to a Particular Series</u>.

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, all income, earnings, profits, and proceeds thereof from whatever source derived (including, without limitation, 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), shall irrevocably be held separately with respect to that Series for all purposes, subject only to the rights of creditors of such Series, from the assets of the Trust and every other Series and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived (including, without limitation, 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, are herein referred to as "assets held with respect to" that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as assets held with respect to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series shall be assets held with respect to that Series. If there are Classes of Shares within a Series, the assets with respect to the Series shall be further allocated to each Class in the proportion that the "assets with respect to" the Class (calculated in the same manner as with determination of "assets with respect to" the Series) bears to the assets of all Classes within the Series. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series.

&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) <u>Liabilities Held with Respect to a Particular Series</u>.

The assets of the Trust held with respect to each particular Series shall be charged against the liabilities of the Trust held with respect to that Series and all expenses, costs, charges, and reserves attributable to that Series, except that liabilities and expenses allocated solely to a particular Class shall be borne by that Class. Any general liabilities of the Trust which are not readily identifiable as being held with respect to any particular Series or Class shall be allocated and charged by the Trustees to and among any one or more of the Series or Classes in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series or Class are herein referred to as "liabilities held with respect to" that Series or Class. Each allocation of liabilities, expenses, costs, charges, and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series or Classes for all purposes. Without limiting the foregoing, but subject to the right of the Trustees to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series, and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series shall be enforceable against the assets held with respect to such Series. Notice of this contractual limitation on liabilities among Series shall be set forth in the 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 statutory provisions of Section 3804 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) and Section 3806 of the Delaware Act 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 of that Series to satisfy or enforce any debt with respect to that Series. No Shareholder or former Shareholder of any Series, in such capacity, shall have a claim on or any right to any assets allocated or belonging to any other Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Dividends, Distributions, Redemptions and Repurchases</u>.

Notwithstanding any other provisions of this Declaration of Trust, including, without limitation, Article VI, no dividend or distribution, including, without limitation, any distribution paid upon termination of the Trust or of any Series or Class with respect to, nor any redemption or repurchase of, the Shares of any Series or Class, shall be effected by the Trust other than from the assets held with respect to such Series, nor shall any Shareholder or any particular Series or Class otherwise have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Trustees shall have full discretion, to the extent consistent with the 1940 Act, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Equality</u>.

All the Shares of each particular Series shall represent an equal proportionate interest in the assets held with respect to that Series (subject to the liabilities held with respect to that Series or Class thereof and such rights and preferences as may have been established and designated with respect to any Class within such Series), and each Share of any particular Series shall be equal to each other Share of that Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Votin</u>g.

With respect to any Class of a Series, each such Class shall represent interests in the assets of that Series and have the same voting, dividend, liquidation and other rights and terms and conditions as each other Class of that Series, except that expenses allocated to a Class may be borne solely by such Class as determined by the Trustees and a Class may have exclusive voting rights with respect to matters affecting only that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Fractions</u>.

Any fractional Share of a Series or Class thereof shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Exchange Privilege</u>.

The Trustees shall have the authority to provide that the Shareholders of any Series or Class shall have the right to exchange said Shares for Shares of one or more other Series of Shares or Class of Shares of the Trust or of other investment companies registered under the 1940 Act in accordance with such requirements and procedures as may be established by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Combination of Series</u>.

The Trustees shall have the authority, without the approval of the Shareholders of any Series or Class, unless otherwise required by applicable law, 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; provided, however, that the Trustees may not combine Outstanding Shares in a manner materially adverse to Shareholders of such Series or Class without obtaining the authorization or vote of the Series or Class of Shareholders that would be materially adversely affected.

Section 7. <u>Indemnification of Shareholders</u>.

The Trust shall indemnify and hold each Shareholder harmless from and against any claim or liability to which such Shareholder may become subject solely by reason of his or her being or having been a Shareholder and not because of such Shareholder's acts or omissions or for some other reason, and shall reimburse such Shareholder for all legal and other expenses reasonably incurred by him or her in connection with any such claim or liability (upon proper and timely request by the Shareholder); provided, however, that no Shareholder shall be entitled to indemnification by any Series unless such Shareholder is a Shareholder of Shares of such Series. The rights accruing to a Shareholder under this Section 7 shall not exclude any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein.

**ARTICLE IV TRUSTEES**

Section 1. <u>Numbers, Election and Tenure</u>.

The number of Trustees shall initially be one, and thereafter shall be such number as shall be fixed from time to time by a written instrument signed by a majority of Trustees, or by resolution approved by a majority of Trustees; provided, however, that the number of Trustees shall in no event be less than three. Each Trustee shall serve during the lifetime of the Trust until he or she (a) dies, (b) resigns, (c) is declared incompetent by a court of appropriate jurisdiction, or (d) is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. In the event that less than the majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall call a Shareholders' meeting for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. 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 his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed (a) with or without cause at any meeting of Shareholders by a vote of two-thirds of the Outstanding Shares of the Trust, or (b) with or without cause at any time by written instrument signed by at least two-thirds of the remaining Trustees, specifying the date when such removal shall become effective.

Section 2. <u>Effect of Death, Resignation, Etc. of a Trustee</u>.

The death, declination to serve, resignation, retirement, removal, or incapacity of one or more Trustees, or all 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. Whenever there shall be fewer than the designated number of Trustees, until additional Trustees are elected or appointed as provided herein to bring the total number of Trustees equal to the designated number, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust. As conclusive evidence of such vacancy, a written instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a majority of the Trustees. In the event of the death, declination, resignation, retirement, removal, or incapacity of all the then Trustees within a short period of time and without the opportunity for at least one Trustee being able to appoint additional Trustees to replace those no longer serving, the Trust's officers are empowered to appoint new Trustees subject to the provisions of Section 16(a) of the 1940 Act.

Section 3. <u>Powers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and the Trustees
shall have all powers necessary or convenient to carry out that responsibility, including the power to engage in securities transactions
of all kinds on behalf of the Trust. Without limiting the foregoing, the Trustees may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adopt By-Laws consistent with this Declaration of Trust providing for the management of the affairs of the Trust and may amend and
repeal such By-Laws to the extent that such By-Laws do not reserve that right to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consistent with the provisions of the 1940 Act, enlarge or reduce the number of Trustees or remove any Trustee with or without cause
at any time by written instrument signed by at least two-thirds of the remaining Trustees, specifying the date when such removal shall
become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fill vacancies caused by enlargement of their number or by the death, resignation, retirement, or removal of a Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) elect and remove, with or without cause, such officers and appoint and terminate such agents as they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) appoint from their own number and establish and terminate one or more committees, consisting of two or more Trustees, which may exercise
the powers and authority of the Trustees to the extent that the Trustees so determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) employ one or more custodians of the assets of the Trust and authorize such custodians to employ sub- custodians and to deposit all
or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) employ auditors, counsel, or other agents of the Trust, subject to the conditions set forth in this Declaration of Trust or in the
By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) employ an Administrator for the Trust and authorize such Administrator to employ sub-administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) employ an Investment Adviser to the Trust and authorize such Investment Adviser to employ Sub- Advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) retain a transfer agent or a shareholder servicing agent, or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) provide for the issuance and distribution of Shares by the Trust directly or through one or more Principal Underwriters or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) redeem, repurchase, and transfer Shares pursuant to applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) set record dates for the determination of Shareholders with respect to various matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) declare and pay dividends and distributions, if any, to Shareholders of each Series from the assets of such Series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent
or employee of the Trust or to any such Investment Adviser, Administrator, sub-adviser, sub- administrator, custodian, transfer or shareholder
servicing agent, or Principal Underwriter. Any determination as to what is in the interests of the Trust made by the Trustees in good
faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of
power to the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified herein or in the By-Laws or required by applicable law, any action by the Trustees shall be deemed effective
if approved or taken by a majority of the Trustees present at a meeting of Trustees at which a quorum of Trustees is present, including
any meeting held by means of a conference telephone or similar communications equipment by means of which all persons participating in
the meeting can hear each other within or without the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the foregoing, the Trustees shall have the power and authority to cause the Trust (or to act on behalf of the Trust):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To invest and reinvest cash and other property, to hold cash or other property uninvested, and to subscribe for, invest in, reinvest
in, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, write options on, lend or otherwise
deal in or dispose of or enter into contracts for the future acquisition or delivery of securities and other instruments and property
of every nature and kind, including, without limitation, shares or interests in open-end or closed-end investment companies or other pooled
investment vehicles, common and preferred stocks, warrants and rights to purchase securities, all types of bonds, debentures, stocks,
negotiable or non-negotiable instruments, loans, obligations, participations, other evidences of indebtedness, certificates of deposit
or indebtedness, commercial papers, repurchase agreements, bankers' acceptances, derivative instruments, and other securities or
properties of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including without limitation, states, territories,
and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality thereof, and
foreign government or any political subdivision of the United States Government or any foreign government, or any international instrumentality,
or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state,
territory, or possession thereof, or by any corporation or organization organized under any foreign law, or engage in "when issued"
or delayed delivery transactions and in all types of financial instruments and hedging and risk management transactions; change the investments
of the assets of the Trust; and 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, including, without limitation, the right to consent and otherwise act with respect
thereto, with power to designate one or more Persons to exercise any of said rights, powers, and privileges in respect of any of said
instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consistent with the provisions of the 1940 Act, to sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write options (including,
options on futures contracts) with respect to, or otherwise deal in, any property rights relating to any or all of the assets of the Trust
or any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property and to execute
and deliver proxies or powers of attorney to such Person or Persons as the Trustees shall deem proper, granting to such Person or Persons
such power and discretion with relation to securities or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To exercise powers and right of subscription or otherwise which in any manner arise out of ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To hold any security or property in any form, whether in book entry, bearer, unregistered or other negotiable form, or in its own
name or in the name of a custodian or sub-custodian or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer of any security
which is held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) 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;&nbsp;&nbsp;&nbsp;&nbsp;(ix) To join with other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection
to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power
and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree
to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem
proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 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;&nbsp;&nbsp;&nbsp;&nbsp;(xi) 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;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Consistent with the provisions of the 1940 Act, to borrow funds or other property in the name of the Trust exclusively for Trust purposes
and in connection therewith issue notes or other evidence of indebtedness and to mortgage and pledge the Trust Property or any part thereof
to secure any or all of such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) To endorse or guarantee the payment of any notes or other obligations of any Person, to make contracts of guaranty or suretyship,
or otherwise assume liability for payment thereof, and to mortgage and pledge the Trust Property or any part thereof to secure any or
all of such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) To purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or appropriate for the conduct
of the business, including, without limitation, insurance policies insuring the assets of the Trust or payment of distributions and principal
on its portfolio investments, and insurance polices insuring the Shareholders, Trustees, officers, employees, agents, Investment Advisers,
Principal Underwriters, or independent contractors of the Trust, individually against all claims and liabilities of every nature arising
by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted
by any such Person as Trustee, officer, employee, agent, Investment Adviser, Principal Underwriter, or independent contractor, including
any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify
such Person against liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) 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;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) To operate as and carry out the business of an investment company, and exercise all the powers necessary or appropriate to the conduct
of such operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) To enter into contracts of any kind and description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) To employ as custodian of any assets of the Trust one or more banks, trust companies or companies that are members of a national securities
exchange or such other entities as the Commission may permit as custodians of the Trust, subject to any conditions set forth in this Declaration
of Trust or in the By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) To employ auditors, counsel, or other agents of the Trust, subject to any conditions set forth in this Declaration of Trust or in
the By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) To establish and interpret the investment policies, practices, or limitations of any Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) To establish separate and distinct Series with separately defined investment objectives and policies and distinct investment purposes,
and with separate Shares representing beneficial interests in such Series, and to establish separate Classes, all in accordance with the
provisions of Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) To the fullest extent permitted by Section 3804 of the Delaware Act, to allocate assets, liabilities and expenses of the Trust to
a particular Series and liabilities and expenses to a particular Class or to apportion the same between or among two or more Series or
Classes, provided that any liabilities or expenses incurred by a particular Series or Class shall be payable solely out of the assets
belonging to that Series or Class as provided for in Article III; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) To engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage subject to the
requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall not be limited to investing in obligations maturing before the possible termination of the Trust or one or more of
its Series. The Trust shall not in any way be bound or limited by any present or future law or custom in regard to investment by fiduciaries.
The Trust shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder. The
Trust may pursue its investment program and any other powers as set forth in this Section 3 of Article IV either directly or indirectly
through one or more subsidiary vehicles at the discretion of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities and other instruments and property
from or sell any securities and other instruments and property to, or lend any assets of the Trust to, any Trustee or officer of the Trust
or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Investment Adviser,
Sub-Adviser, Administrator, Principal Underwriter, distributor or transfer agent for the Trust or with any Interested Person of such person.
Except as prohibited by applicable law, the Trust may employ any such person, or entity in which such person is an Interested Person,
as broker, legal counsel, registrar, Investment Adviser, Sub-Adviser, Administrator, Principal Underwriter, distributor, transfer agent,
dividend disbursing agent, shareholder servicing agent, custodian or in any other capacity upon customary terms.

Section 4. <u>Expenses of the Trust and Series</u>.

Subject to Section 6 of Article III, the Trust or a particular Series shall pay, directly or indirectly through contractual arrangements, or shall reimburse the Trustees from the Trust Property or the assets belonging to the particular Series, for expenses, including, but not limited to, interest charges, taxes, brokerage fees and commissions; expenses of pricing Trust portfolio securities; expenses of sale, addition and reduction of Shares; insurance premiums; applicable fees, interest charges and expenses of third parties, including the Trust's investment advisers, sub-advisers, managers, administrators, distributors, custodians, transfer agents, shareholder servicing agents and fund accountants; fees of pricing, interest, dividend, credit and other reporting services; costs of membership in trade associations; telecommunications expenses; funds transmission expenses; auditing, legal and compliance expenses; costs of forming the Trust and its Series and maintaining its existence; costs of preparing and printing the prospectuses, statements of additional information and Shareholder reports of the Trust and each Series and delivering them to Shareholders; expenses of meetings of Shareholders and proxy solicitations therefor; costs of maintaining books and accounts; costs of reproduction, stationery and supplies; fees and expenses of the Trustees; compensation of the Trust's officers and employees and costs of other personnel performing services for the Trust or any Series; costs of Trustee meetings; Commission registration fees and related expenses; registration fees and related expenses under state or foreign securities or other laws; and for such non-recurring items as may arise, including litigation to which the Trust or a Series (or a Trustee or officer of the Trust acting as such) is a party, and for all losses and liabilities by them incurred in administering the Trust. The Trustees shall have a lien on the assets belonging to the appropriate Series, or in the case of an expense allocable to more than one Series, on the assets of each such Series, prior to any rights or interests of the Shareholders thereto, for the reimbursement to them of such expenses, disbursements, losses and liabilities. This Article shall not preclude the Trust from directly paying any of the aforementioned fees and expenses.

Section 5. <u>Ownership of Assets of the Trust</u>.

The assets of the Trust shall be held separately and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Title to all of the assets of the Trust shall at all times be considered as vested in the Trust as a separate legal entity, 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. 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. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate undivided beneficial ownership in the Trust or Series.

Section 6. <u>Service Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to such requirements and restrictions as may be set forth under federal and/or state law and in the By- Laws, including, without
limitation, the requirements of Section 15 of the 1940 Act, the Trustees may, at any time and from time to time, contract for exclusive
or non-exclusive advisory, sub-advisory and/or management services for the Trust or for any Series (or Class thereof) with any corporation,
trust, association, or other organization; and any such contract may contain such other terms as the Trustees may determine, including,
without limitation, authority for the Investment Adviser to supervise and direct the investment of all assets held, and to determine from
time to time without prior consultation with the Trustees what investments shall be purchased, held, sold, or exchanged and what portion,
if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments; authority for the Investment
Adviser to delegate certain or all of its duties under such contracts to qualified Sub-Advisers, or such other activities as may specifically
be delegated to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees may also, at any time and from time to time, contract with any corporation, trust, association, or other organization,
appointing it exclusive or non-exclusive distributor or Principal Underwriter for the Shares of one or more of the Series (or Classes)
or other securities to be issued by the Trust. Every such contract shall comply with such requirements and restrictions as may be set
forth under federal and/or state law and in the By-Laws, including, without limitation, the requirements of Section 15 of the 1940 Act,
and any such contract may contain such other terms as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees are also empowered, at any time and from time to time, to contract with any corporations, trusts, associations or other
organizations, appointing it or them the administrator, fund accountant, custodian, transfer agent and/or shareholder servicing agent
for the Trust or one or more of its Series. Every such contract shall comply with such requirements and restrictions as may be set forth
under federal and/or state law and in the By-Laws or stipulated by resolution of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 the requirements of Section 12 of the 1940 Act, Rule 12b-1 thereunder, and other applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to applicable law, the Trustees are further empowered, at any time and from time to time, to contract with any entity to provide
such other services to the Trust or one or more of the Series, as the Trustees determine to be in the best interests of the Trust and
the applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The fact 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) any of the Shareholders, Trustees, or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, Investment
Adviser, Sub-Adviser, Administrator, sub-adviser, sub-administrator, Principal Underwriter, distributor, or affiliate or agent of or for
any corporation, trust, association, or other organization, or for any parent or affiliate of any organization with which an advisory,
management, or administration contract, or Principal Underwriter's or distributor's contract, or fund accounting, custody,
transfer agent, shareholder servicing agent or other type of service contract may have been or may hereafter be made, or that any such
organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust; or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association or other organization with which an advisory, management, or administration contract or Principal
Underwriter's or distributor's contract, or fund accounting, custody, transfer agent or shareholder servicing agent contract
may have been or may hereafter be made also has an advisory, management, or administration contract, or Principal Underwriter's
or distributor's or other service contract with one or more other corporations, trusts, associations, or other organizations, or
has other business or interests, shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer
of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders, provided
approval of each such contract is made pursuant to the requirements of the 1940 Act.

Section 7. <u>Trustees and Officers as Shareholders</u>.

Any Trustee, officer or agent of the Trust may acquire, own, and dispose of Shares to the same extent as if he were not a Trustee, officer, or agent. The Trustees may issue and sell and cause to be issued and sold Shares to, and redeem such Shares from, any such Person or any firm or company in which such Person is interested, subject to the general limitations contained herein, the terms of the Trust's then-current registration statement for the Shares or the limitations contained in the By-Laws relating to the sale and redemption of such Shares.

**ARTICLE V**

**SHAREHOLDERS' VOTING POWERS AND MEETINGS**

Section 1. <u>Voting Powers; Meetings; Notice; Record Dates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholders shall have power to vote only with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the election or removal of Trustees as provided in Article IV hereof; 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;(ii) such additional matters relating to the Trust as may be required by applicable law, this Declaration of Trust, the By-Laws, or any
registration of the Trust with the Commission (or any successor agency), or as the Trustees may consider necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to each matter on which a Shareholder is entitled to vote, such Shareholder shall be entitled to one vote for each whole Share
(as of the Record Date applicable to the meeting or written consent pursuant to which the vote of Shareholders is being sought or obtained)
and a proportionate fractional vote with respect to the fractional Shares, if any. All references in this Declaration of Trust or the
By-Laws to a vote of, or the holders of, a majority, percentage or other proportion of Outstanding Shares shall mean a vote of, or the
holders of, such majority, percentage or other proportion of the votes to which such Shares entitle their holder(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Declaration of Trust, on any matters submitted to a vote of the Shareholders, all Outstanding
Shares of the Trust then-entitled to vote shall be voted in aggregate, except:

&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) when required by the 1940 Act, Shares shall be voted by individual Series;

&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) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Series, then only
the Shareholders of such Series shall be entitled to vote thereon; 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;(iii) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall be no cumulative voting in the election of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares may be voted in person or by proxy. A proxy may be given in writing. The By-Laws may provide that proxies may also, or may
instead, be given by an electronic or telecommunications device or in any other manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything else contained herein or in the By-Laws, in the event a proposal by anyone other than the officers or Trustees
of the Trust is submitted to a vote of the Shareholders of one or more Series or Classes thereof or of the Trust, or in the event of any
proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or Trustees of the Trust, Shares may be
voted only by written proxy or in person at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Until Shares of a Class or Series are issued, the Trustees may exercise all rights of Shareholders of that Class or Series and may
take any action required by law, this Declaration of Trust or the By-Laws to be taken by the Shareholders with respect to that Class or
Series. Shares held in the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Meetings of the Shareholders shall be called and notice thereof, and record dates therefor shall be given and set as provided in the
By-Laws.

Section 2. <u>Quorum and Required Vote</u>.

Except when a larger quorum is required by applicable law, by the By-Laws or by this Declaration of Trust, one-third (33-1/3%) of the Outstanding Shares entitled to vote shall constitute a quorum at a Shareholders' meeting. When any one or more Series (or Classes) is to vote separate from any other Series (or Classes) of Shares, one-third (33-1/3%) of the Outstanding Shares of each such Series (or Class) entitled to vote shall constitute a quorum at a Shareholders' meeting of that Series (or Class). Except when a larger vote is required by any provision of this Declaration of Trust or the By-Laws or by applicable law, when a quorum is present at any meeting, a majority of the Outstanding Shares voted shall decide any questions, including the election of Trustees, provided that where any provision of law or of this Declaration of Trust requires that the holders of any Series shall vote as a Series (or that holders of a Class shall vote as a Class), then a majority of the Outstanding Shares of that Series (or Class) voted on the matter shall decide that matter insofar as that Series (or Class) is concerned.

Section 3. <u>Record Dates</u>.

For the purpose of determining the Shareholders of any Series (or Class) who are entitled to vote on a matter or receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a date, which shall be before the date for taking action on the matter or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series (or Class) having the right to vote or receive such dividend or distribution. Without fixing a record date, the Trustees may for distribution purposes close the register or transfer books for one or more Series (or Classes) at any time prior to the payment of a distribution. Nothing in this Section shall be construed as precluding the Trustees from setting different record dates for different Series (or Classes).

Section 4. <u>Additional Provisions</u>.

The By-Laws may include further provisions for Shareholders, votes and meetings and related matters.

**ARTICLE VI**

**NET ASSET VALUE, DISTRIBUTIONS AND REDEMPTIONS**

Section 1. <u>Determination of Net Asset Value, Net Income and Distributions</u>.

Subject to applicable law and Article III, Section 6 hereof, the Trustees, in their absolute discretion, may prescribe and shall set forth in the By-Laws or in a duly adopted resolution of the Trustees such bases and time for determining the Net Asset Value per Share of any Series or Class or net income attributable to the Shares of any Series or Class, or the declaration and payment of dividends and distributions on the Shares of any Series or Class, as they may deem necessary or desirable. The Trustees shall cause the Net Asset Value of Shares of each Series or Class to be determined from time to time in a manner consistent with applicable laws and regulations. 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 custodian, depository or other agent appointed for such purpose. The Net Asset Value of Shares shall be determined separately for each Series or Class at such times as may be prescribed by the Trustees or, in the absence of action by the Trustees, as of the close of trading on the New York Stock Exchange on each day for all or part of which such Exchange is open for unrestricted trading.

Section 2. <u>Redemptions and Repurchases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem
all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall
have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined
after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described
in the Trust's Registration Statement for that Series under the Securities Act of 1933. The Trustees may specify conditions, prices,
and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption. Payment of the
redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination
of Net Asset Value or may be in cash. Upon redemption, Shares may be reissued from time to time. To the extent permitted by law, the Trustees
may retain the proceeds of any redemption of Shares required by them for payment of amounts due and owing by a Shareholder to the Trust
or any Series or Class. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right
of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under
the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of paragraph (a) above, payment for any Shares which are presented for redemption shall be made in cash
or property from the assets of the relevant Series and payment for such Shares shall be made within seven (7) days after the date upon
which the redemption request is effective, or such longer period as may be required. The redemption price may in any case or cases be
paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of
the Series or Class thereof for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity
of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of
the Trustees. In no case shall the Trust be liable for any delay of any Investment Adviser, Sub-adviser, Administrator or Custodian or
other Person in transferring securities selected for delivery as all or part of any payment-in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, as referred to in paragraph (a) above, the Trustees postpone payment of the redemption price and 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. If the right of redemption is suspended, a Shareholder may either withdraw his request
for redemption or receive payment based on the Net Asset Value per Share next determined after the suspension terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall, to the extent permitted by applicable law, have the right at any time to redeem the Shares owned by any holder thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with the termination of any Series or Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the value of such Shares in the account or accounts maintained by the Trust or its transfer agent for such Series or Class of Shares
is less than the value determined from time to time by the Trustees as the minimum required for an account or accounts of such Series
or Class, provided that the Trust shall provide a Shareholder with written notice at least fifteen (15) days prior to effecting a redemption
of that Shareholder's Shares as a result of not satisfying such requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Shareholder fails to pay when due the full purchase price of Shares issued to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Shareholder fails to comply with paragraph (e) of this Section 2; 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;(v) if the Trustees determine that redemption is appropriate or necessary to prevent harm to the Trust or its shareholders and such redemption
is permitted under applicable law.

Any such redemption shall be effected at the redemption price and in the manner provided in this Article VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Shareholders shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership
of Shares and the beneficial owner(s) thereof as the Trustees deem necessary to comply with the provisions of the Code, or to comply with
the requirements of any governmental authority or applicable law or regulation.

**ARTICLE VII**

**COMPENSATION AND LIMITATION OF LIABILITY OF TRUSTEES**

Section 1. <u>Compensation</u>.

The Trustees in such capacity shall be entitled to reasonable compensation from the Trust, and they may fix the amount of such compensation. However, the Trust will not compensate those Trustees who are otherwise compensated by the Investment Adviser or the Principal Underwriter under the terms of any contract between the Trust and the Investment Adviser or the Principal Underwriter, as applicable. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for such services by the Trust.

Section 2. <u>Limitation of Liabili</u>ty.

A Trustee, when acting in such capacity, shall not be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust or any Trustee. A Trustee shall not be liable for any act or omission or any conduct whatsoever in his capacity as Trustee, provided that nothing contained herein or in the Delaware Act shall protect any Trustee against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder. No Trustee who has been determined to be an "audit committee financial expert" (for purposes of Section 407 of the Sarbanes-Oxley Act of 2002 or any successor provision thereto) by the Trustees shall be subject to any greater liability or duty of care in discharging such Trustee's duties and responsibilities by virtue of such determination than is any Trustee who has not been so designated.

Section 3. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the exceptions and limitations contained in the By-Laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust will protect (indemnify) current and former trustees and officers from lawsuits and costs related to their roles, as long
as they acted in good faith and without willful misconduct, bad faith, gross negligence, or reckless disregard of duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) expenses in connection with the defense of any proceeding of the character described in clause (i) above shall be advanced by the
Trust to the Covered Person from time to time prior to final disposition of such proceeding to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Section 3 and Section 5 of this Article VII below, "proceeding" means any threatened, pending or
completed claim, action, suit or proceeding (including appeals), whether civil, criminal, administrative or investigative, including subpoenas
issued by the Commission; and "liabilities" and "expenses" includes, without limitation, attorneys' fees,
costs, judgments, amounts paid in settlement, fines, penalties and all other liabilities whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnification shall be provided hereunder to a Covered Person who shall have been adjudicated by a court or body before which
the proceeding was brought:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard
of the duties involved in the conduct of his office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust's financial obligations arising from the indemnification provided herein may be insured 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, shall continue as to a person who has ceased to be a Covered Person as to acts or omissions as a Covered Person and shall inure
to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect any rights to indemnification
to which Trust personnel, other than Covered Persons, and other persons may be entitled by contract or otherwise under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses in connection with the defense of any proceeding of the character described in paragraph (b) above may be advanced by the
Trust or 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 to the Trust or Series if it is ultimately determined that he is not entitled to indemnification
under this Section 3; provided, however, that either (i) such Covered Person shall have provided appropriate security for such undertaking,
(ii) the Trust is insured against losses arising out of any such advance payments, or (iii) either a majority of the Trustees who are
neither Interested Persons of the Trust nor parties to the matter, or independent legal counsel in a written opinion, shall have determined,
based upon a review of readily available facts (as opposed to a trial type inquiry or full investigation), that there is reason to believe
that such Covered Person will be found entitled to indemnification under Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In no event will any revision, amendment or change to this Section 3 or the By-Laws affect in any manner the rights of any Covered
Person to receive indemnification by the Trust against all liabilities and expenses reasonably incurred or paid by the Covered Person
in connection with any proceeding in which the Covered Person becomes involved as a party or otherwise by virtue of being or having been
a Trustee or officer of the Trust (including any amount paid or incurred by the Covered Person in the settlement of such proceeding) with
respect to any act or omission of such Covered Person that occurred or is alleged to have occurred prior to the time such revision, amendment
or change to this Section 3 or the By-Laws is made.

Section 4. <u>Trustee's Good Faith Action; Expert Advice; No Bond or Sure</u>ty.

The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable to the Trust and to any Shareholder solely for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and the By-Laws, and shall be under no liability for any act or omission in accordance with such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

Section 5. <u>Insurance</u>.

The Trustees shall be entitled and empowered to the fullest extent permitted by law to purchase, with Trust assets, insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee, officer or agent of the Trust in connection with any proceeding in which he or she may become involved by virtue of his or her capacity or former capacity as a Trustee, officer or agent of the Trust. For purposes of this Section 5, "agent" means any Person who is, was or becomes an employee or other agent of the Trust who is not a Covered Person.

**ARTICLE VIII MISCELLANEOUS**

Section 1. <u>Liabili</u>ty <u>of Third Persons Dealing with Trustees</u>.

No Person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

Section 2. <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shareholders of the Trust or any Series may not bring a derivative action to enforce the right of the Trust or an affected Series,
as applicable, unless each of the following conditions is met:

&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) Each complaining Shareholder was a Shareholder of the Trust or the affected Series, as applicable, at the time of the action or failure
to act complained of, or acquired the Shares afterwards by operation of law from a Person who was a Shareholder at that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each complaining Shareholder was a Shareholder of the Trust or the affected Series, as applicable, as of the time the demand required
by subparagraph (iii) below was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prior to the commencement of such derivative action, the complaining Shareholders have made a written demand to the Trustees requesting
that the Trustees cause the Trust or affected Series, as applicable, to file the action itself. In order to warrant consideration, any
such written demand must include at least 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;(1) a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made;

&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) a statement to the effect that the complaining Shareholders believe that they will fairly and adequately represent the interests of
similarly situated Shareholders in enforcing the right of the Trust or the affected Series, as applicable, and an explanation of why the
complaining Shareholders believe that to be the case;

&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) a certification that the requirements of sub-paragraphs (i) and (ii) have been met, as well as information reasonably designed to
allow the Trustees to verify that certification; 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;(4) a certification that each complaining Shareholder will be a Shareholder of the Trust or the affected Series, as applicable, as of
the commencement of the derivative action;

&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) Shareholders owning Shares representing at least 10% of the voting power of the Trust or the affected Series, as applicable, must
join in bringing the derivative action unless the claims arise under the federal securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A copy of the derivative complaint must be served on the Trust, assuming the requirements of sub- paragraphs (i)-(iv) above have already
been met and the derivative action has not been barred in accordance with paragraph (b)(ii) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Demands for derivative action submitted in accordance with the requirements above will be considered by those Trustees who are not
deemed to be Interested Persons of the Trust. Within 30 calendar days of the receipt of such demand by the Trustees, those Trustees who
are not deemed to be Interested Persons of the Trust will consider the merits of the claim and determine whether maintaining a suit would
be in the best interests of the Trust or the affected Series, as applicable. Trustees that are not deemed to be Interested Persons of
the Trust are deemed independent for all purposes, including for the purpose of approving or dismissing a derivative action.

&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) If the demand for derivative action has not been considered within 30 calendar days of the receipt of such demand by the Trustees,
a decision communicated to the complaining Shareholder within the time permitted by sub- paragraph (ii) below, and sub-paragraphs (i)-(iv)
of paragraph (a) above have been met, the complaining Shareholders shall not be barred by this Declaration of Trust from commencing a
derivative action.

&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) If the demand for derivative action has been made to the Trustees, and a majority of those Trustees who are not deemed to be Interested
Persons of the Trust have considered the merits of the claim and have determined that maintaining a suit would not be in the best interests
of the Trust or the affected Series, as applicable, the complaining Shareholders shall be barred from commencing the derivative action.
If upon such consideration a majority of those Trustees who are not deemed to be Interested Persons of the Trust determine that such a
suit should be maintained, then the appropriate officers of the Trust shall commence initiation of that suit and such suit shall proceed
directly rather than derivatively. The Trustees, or the appropriate officers of the Trust, shall inform the complaining Shareholders of
any decision reached under this sub-paragraph (ii) in writing within five business days of such decision having been reached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Shareholder of a particular Series of the Trust shall not be entitled to participate in a derivative action on behalf of any other
Series of the Trust.

Section 3. <u>Termination of the Trust or An</u>y <u>Series or Class</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be dissolved at any time
by vote of a majority of the Outstanding Shares of each Series entitled to vote or by the Trustees by written notice to the Shareholders.
Any Series of Shares or Class thereof may be dissolved at any time by the Trustees by written notice to the Shareholders of such Series
or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the requisite action by the Trustees to dissolve the Trust or to dissolve any one or more Series of Shares or any Class thereof,
after paying or otherwise providing for all charges, taxes, expenses, and liabilities, whether due or accrued or anticipated, of the Trust
or of the particular Series or any Class thereof as may be determined by the Trustees and as required by the Delaware Act, the Trust shall
in accordance with such procedures as the Trustees may consider appropriate reduce the remaining assets of the Trust or of the affected
Series or Class to distributable form in cash or other securities, or any combination thereof, and distribute the proceeds to the Shareholders
of the Series or Classes involved, ratably according to the number of Shares of such Series or Class held by the Shareholders of such
Series or Class on the date of distribution. Thereupon, the Trust or any affected Series or Class shall terminate, and the Trustees and
the Trust shall be discharged of any and all further liabilities and duties relating thereto or arising therefrom, other than as set forth
in paragraph (c) below, and the right, title, and interest of all parties with respect to the Trust or such Series or Class shall be canceled
and discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon termination of the Trust, following completion of winding up of its business, the Trustees shall cause a certificate of cancellation
of the Certificate of Trust to be filed in accordance with the Delaware Act, which Certificate of Cancellation may be signed by any one
Trustee. Upon termination of the Trust, the Trustees, subject to Section 3808 of the Delaware Act, shall be discharged of any and all
further liabilities and duties relating thereto or arising therefrom, and the right, title, and interest of all parties with respect to
the Trust shall be cancelled and discharged.

Section 4. <u>Reorganization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything else herein, the Trustees may, without Shareholder approval, unless such approval is required by applicable
law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause the Trust to merge or consolidate with or into one or more trusts (or series thereof to the extent permitted by law), partnerships,
associations, corporations or other business entities (including trusts, partnerships, associations, corporations or other business entities

as defined in the 1940 Act, or is a series thereof, that will succeed to or assume the Trust's registration under the 1940 Act and
that is formed, organized, or existing under the laws of the United States or of a state, commonwealth, possession or territory of the
United States, unless otherwise permitted 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;(ii) cause any one or more Series (or Classes) of the Trust to merge or consolidate with or into any one or more other Series (or Classes)
of the Trust, one or more trusts (or series or classes thereof to the extent permitted by law), partnerships, associations, corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cause the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law; 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;(iv) cause the Trust to reorganize as a corporation, limited liability company, or limited liability partnership under the laws of Delaware
or any other state or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any agreement of merger or consolidation or exchange or certificate of merger may be signed by a majority of the Trustees and facsimile
signatures conveyed by electronic or telecommunication means shall be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to and in accordance with the provisions of Section 3815(f) of the Delaware Act, and notwithstanding anything to the contrary
contained in this Declaration of Trust, an agreement of merger or consolidation approved by the Trustees in accordance with this Section
4 may effect any amendment to the governing instrument of the Trust or effect the adoption of a new governing instrument of the Trust
if the Trust is the surviving or resulting trust in the merger or consolidation. The Trustees may create one or more statutory trusts
to which all or any part of the assets, liabilities, profits, or losses of the Trust or any Series or Class thereof may be transferred
and may provide for the conversion of Shares in the Trust or any Series or Class thereof into beneficial interests in any such newly-created
trust or trusts or any series of classes thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The approval of the Trustees shall be sufficient to cause the Trust, or any Series thereof, to sell and convey all or substantially
all of the assets of the Trust or any affected Series to another Series of the Trust or to another entity to the extent permitted under
the 1940 Act, for adequate consideration, which may include the assumption of all outstanding obligations, taxes, and other liabilities,
accrued or contingent, of the Trust or any affected Series, and which may include shares or interests in such other Series of the Trust
or other entity or series thereof.

Section 5. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All rights granted to the Shareholders under this Declaration of Trust are granted subject to the reservation of the right of the
Trustees to amend this Declaration of Trust as herein provided, except as set forth herein to the contrary. Subject to the foregoing,
the provisions of this Declaration of Trust (whether or not related to the rights of Shareholders) may be amended at any time, so long
as such amendment is not in contravention of applicable law, including the 1940 Act, by an instrument in writing signed by a majority
of the Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees). Any such amendment shall be effective
as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness,
upon the execution of such instrument and of a certificate (which may be a part of such instrument) executed by a Trustee or officer of
the Trust to the effect that such amendment has been duly adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment may be made, under Section 5(a) above, which would change any rights with respect to any Share in the Trust by reducing
the amount payable thereon upon liquidation of the Trust, by repealing the limitations on personal liability of any Shareholders or Trustee,
or by diminishing or eliminating any voting rights pertaining thereto, except with a vote, at a meeting of the Shareholders, of the lesser
of (i) 67% or more of the Shares present or represented at such meeting, provided the holders of more than 50% of the Shares are present
or represented by proxy or (ii) more than 50% of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amendment of this Declaration of Trust or repeal of any of its provisions shall limit or eliminate
the limitation of liability provided to Trustees and Officers hereunder with respect to any act or omission occurring prior to such amendment
or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certification signed by a majority of the Trustees setting forth an amendment and reciting that it was
duly adopted by the Shareholders or by the Trustees as aforesaid or a copy of the Declaration of Trust, as amended, and executed by a
majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision hereof, until such time as Shares are first sold, this Declaration
of Trust may be terminated or amended in any respect by the affirmative vote of a majority of the Trustees or by an instrument signed
by a majority of the Trustees.

Section 6. <u>Maintaining Copies of Declaration of Trust; References; Headings; Counterparts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The original or a copy of this Declaration of Trust and of each restatement and/or amendment hereto shall
be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate
by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to any matters in connection
with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust
to be a copy of this Declaration of Trust or of any such restatements and/or amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Declaration of Trust and in any such restatements and/or amendments, references to this Declaration of Trust, and all expressions
such as "herein," "hereof," and "hereunder," shall be deemed to refer to this Declaration of Trust
as amended or affected by any such restatements and/or amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning,
construction, or effect of this Declaration of Trust. Whenever the singular number is used herein, the same shall include the plural;
and the neuter, masculine and feminine genders shall include each other, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Declaration of Trust may be executed in any number of counterparts, each of which shall be deemed an original.

Section 7. <u>Applicable Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration of Trust and the Trust created hereunder are to be governed by and construed and enforced in accordance with the
laws of the State of Delaware. The Trust shall be of the type commonly called a statutory trust, and without limiting the provisions hereof,
the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may
be engaged in by statutory 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the first sentence of Section 7(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees,
or this Declaration of Trust either the provisions of Sections 3540 and 3561 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; (ii) affirmative
requirements to post bonds for trustees, officers, agents, or employees of a trust; (iii) the necessity for obtaining a court or other
governmental approval concerning the acquisition, holding, or disposition of real or personal property; (iv) fees or other sums applicable
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 or responsibilities or limitations
on the acts or powers or liabilities or authorities and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act (DSTA), each Trustee,
 officer, Shareholder, and beneficial owner of Trust Shares (directly or through intermediaries) irrevocably agrees that: (i) all
 claims or proceedings related to the Trust, DSTA, Declaration, Bylaws, or internal affairs doctrine (including those involving Trust
 duties, liabilities, rights, or Delaware trust laws) must be exclusively brought in the Delaware Court of Chancery, except for
 derivative and direct claims under federal securities law; (ii) they submit to the exclusive jurisdiction of such courts;
 (iii) they waive objections to jurisdiction, venue, or forum convenience; (iv) no bond is required for such claims; (v) service of
 process by certified mail, return receipt requested, to the address on record is sufficient, without limiting other lawful service
 methods; and (vi) they waive any right to a jury trial in such proceedings.

Section 8. <u>Provisions in Conflict with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration of Trust are severable, and if the Trustees shall determine, with the advice of counsel, that any
such provision is in conflict with the 1940 Act, the regulated investment company provisions of the Code, and the regulations thereunder,
the Delaware Act or with 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or
any other provision of this Declaration of Trust in any jurisdiction.

Section 9. <u>Statutor</u>y <u>Trust Only</u>.

It is the intention of the Trustees to create a statutory trust pursuant to the Delaware Act and that this Declaration of Trust, together with the By-Laws, be the governing instrument of such statutory trust. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the Delaware Act. 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 10. <u>Writings</u>.

To the fullest extent permitted by applicable laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all requirements in this Declaration of Trust or in the By-Laws that any action be taken by means of any writing, including, without
limitation, any written instrument, any written consent or any written agreement, shall be deemed to be satisfied by means of any electronic
record in such form that is acceptable to the Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all requirements in this Declaration of Trust or in the By-Laws that any writing be signed shall be deemed to be satisfied by any
electronic signature in such form that is acceptable to the Trustees.

IN WITNESS WHEREOF, the Trustee named below, being the sole Trustee of Founder Funds Trust, has executed this Declaration of Trust as of this 31st day of October 2025.

<u>/s/ Michael C. Monaghan</u> 

Michael C. Monaghan, Chair and Trustee, not individually

## Ex-99.B

Exhibit 28(b)

BY-LAWS OF

FOUNDER FUNDS TRUST

Effective at October 31, 2025

ARTICLE I

<u>Offices</u>

The registered office of Founder Funds Trust (the "Trust") will be in the State of Delaware. The Trust also may have offices at other places, within or without the State of Delaware, as the Board of Directors (the "Board") determines from time to time or the business of the Trust requires.

ARTICLE II

<u>Meetings of Shareholders</u>

Section 1. <u>Place of Meetings</u>. Unless otherwise stated in these By-Laws, all Board meetings will be held at dates, times, and places – either inside or outside the State of Delaware – as determined by the Board. The meeting notice or any waiver of notice will specify the location.

Section 2. <u>Quarterly Meetings of the Board</u>. The Board will meet quarterly, as required by the SEC, to review the operations and compliance of the Trust, its service providers, and sub-advisors. These meetings will be led by the Chairman of the Board or a person the Chairman designates.

Section 3. <u>Special Meetings</u>. The Chairman may call special meetings of the Board when needed, including in response to issues raised by legal counsel or other Board members. Special meetings may be held by phone, virtually, or in person, as determined by the Chairman and Trust counsel.

Section 4. N<u>otice of Meetings</u>. When the Board is required or permitted to take action at a meeting, notice must be provided in advance. The notice must include the meeting's time, date, and location, and state where the meeting agenda can be accessed—either at the meeting site or another designated location. For special meetings, the notice must also include the purpose of the meeting. A copy of the meeting notice must be delivered to each Board member in a timely manner. Board books will be completed and made available to Board members at least three business days before the meeting.

Section 5. <u>Quorum</u>. Unless otherwise required by law or these By-Laws, a majority of Board members must be present to conduct business. All decisions must be approved by a majority vote of all Board members in person or by proxy. Members may add items to the agenda under "Other Board Business," which will appear on every meeting agenda. Remote votes shall be counted and recorded.

Section 6. <u>Voting</u>. Each Share gets one vote (fractional Shares get proportional votes). Shareholders may vote in person or by proxy. Unless the 1940 Act, Declaration of Trust, or these By-Laws require otherwise, a majority of votes cast at a meeting with a quorum decides any matter. Directors are elected in accordance with these By-Laws and will remain in office until they resign. Trustees may set a record date (10–90 days before the meeting or action, or longer if the 1940 Act requires) to determine who can vote, consent, or receive distributions.

Section 7. <u>Proxies</u>. Shareholders may vote by proxy, which must be in writing and signed by the shareholder or their authorized agent, broker, or representative, in accordance with SEC regulations and Delaware Trust law. Proxies expire after 11 months unless stated otherwise and must be filed with the Secretary before the meeting. Proxies may be executed in writing or electronically.

Section 8. <u>Shareholders</u>. Shareholders have limited rights as outlined in the prospectus. Shareholders cannot bring issues directly to the Board. The Board represents the interests of all shareholders and must remain independent of the Sponsor, Advisor, or any other service provider to the Trust.

Section 9. <u>Conduct of Meetings.</u> The Chairman will preside over all meetings. If the Chairman is unavailable, a director selected by the majority of independent directors will lead the meeting. The Secretary will record meeting minutes. If the Secretary is absent, the Chairman may appoint someone to serve in that role. Only business properly listed on the agenda may be conducted at any quarterly or special meeting, unless otherwise permitted by law.

Section 10. <u>Action of the Board.</u> The Board may take actions as authorized under applicable law, including the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, exchange regulations, or the SEC prospectus. Any action needing a meeting can instead be approved by written consent of a majority of voting Shares (or higher if required by the 1940 Act, Declaration, or By-Laws). It has the same effect as a meeting vote.

ARTICLE III

<u>Board</u>

Section 1. <u>Number of Board Members.</u> The business and affairs of the Trust are managed by the Board of Directors. The Board must include at least **one interested director** and **two independent directors**, with a **majority being independent**, as defined by SEC regulations. All directors must act in the best interest of the Trust's shareholders and its funds. The total number of directors can be increased by a majority vote of the entire Board. "Entire Board" refers to the total number of directors assuming there are no vacancies.

Section 2. <u>Nomination.</u> The Nominating Committee, based on suggestions from the Chairman or other directors, will meet at least once a year to consider whether the Board needs additional members. The Chairman of the Nominating Committee will formally nominate individuals for election to the Board.

Section 3. <u>Election and Term.</u> Directors will remain in office until they resign, are removed for cause, or become unfit to serve under applicable laws or SEC and exchange regulations.

Section 4. <u>Removal.</u> A director may only be removed **for cause**. Removal requires a **majority vote of all Board members**.

Section 5. <u>Resignations.</u> A director may resign at any time by providing written notice. The resignation becomes effective at the time stated in the notice or, if no time is specified, upon receipt. Acceptance of the resignation is not required. If a director is considered an "interested person" due to an affiliation with an investment adviser or related entity, they are automatically considered resigned upon the end of that affiliation—unless two-thirds of the other directors vote to retain them.

Section 6. <u>Vacancies.</u> Any vacancy on the Board, including due to an increase in the number of directors, must be filled by a **majority vote of the remaining directors**. The newly elected director will serve until a successor is elected and seated, unless they resign, are removed, or pass away.

Section 7. <u>Place of Meetings.</u> Board meetings may be held at any location, inside or outside the State of Delaware, as determined by the Board.

Section 8. <u>Quarter</u>ly <u>Meetings.</u> The Board will hold quarterly meetings at times and locations agreed upon by the Board. The Chairman will provide proposed meeting dates as soon as is practical.

Section 9. <u>Regular Meetings.</u> Regular Board meetings will occur on dates and at locations set by the Board. Notice is not required unless otherwise required by law.

Section 10. <u>Special Meetings.</u> Special Board meetings may be called by the Chairman or the Secretary. The request must include the meeting's date, time, location, and purpose.

Section 11. <u>Notice of Meetin</u>gs. Notice of special and annual meetings must be given at least **24 hours in advance**, stating the time, date, and location. Notice can be delivered by phone or by email. Notices are considered delivered when spoken or e-mailed. If a meeting is adjourned, the new time and location must be shared with all directors not present, unless already announced at the meeting.

Section 12. <u>Quorum.</u> A **majority of the entire Board** is required for a quorum. Decisions are made by **a majority vote of those present**, as long as a quorum is met. Any meeting may be adjourned by a majority of directors present, with or without a quorum.

Section 13. <u>Conduct of Meetings.</u> The Board Secretary will serve as the meeting secretary. If absent, a director chosen by the majority will act in this role and keep meeting minutes. The meeting's agenda and order of business will be determined by the Chairman.

Section 14. <u>Board Committees.</u> The Board may form committees such as an Audit Committee or Nominating and Governance Committee, by majority vote. Committees must include one or more directors, serve at the Board's discretion, and report to the Board. Alternate members may be appointed to serve if a regular committee member is absent or disqualified. Committees may exercise the powers granted to them by the Board, unless limited by law.

Section 15. <u>Committee Operations.</u> A **majority of committee members** is needed for a quorum. Committee decisions require a **majority vote** of those present at a meeting where a quorum is met. Each committee may set its own rules for how it operates.

Section 16. <u>Written Consent Instead of a Meetin</u>g. The Board or any committee may take action without holding a meeting, as long as **all members agree in writing**. These written consents must be filed with the official minutes.

Section 17. <u>Remote Participation.</u> Directors or committee members may attend meetings by phone, video call, or other communication tools, as long as everyone can hear and speak to one another. Participation by these means counts as being "present in person."

Section 18. <u>ETF Operations Oversight</u>. The Board, including most Independent Directors (as defined by the 1940 Act), oversees the Trust's ETFs, ensuring they run smoothly and comply with regulations. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Approving basket construction and redemption policies under Rule 6c-11,
ensuring fairness and alignment with Fund goals and shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;· Monitoring liquidity risk management under Rule 22e-4, reviewing liquidity
classifications and stress tests.

&nbsp;&nbsp;&nbsp;&nbsp;· Working with the Chief Compliance Officer (under Rule 38a-1) to ensure
ETF compliance policies are effective and reported to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;· Checking for conflicts of interest with the investment adviser or service
providers, discussing in private sessions if needed.

The Board may assign tasks to an Audit Committee or other group, as long as it follows the 1940 Act and reports back to the full Board.

ARTICLE IV

<u>Officers</u>

Section 1. <u>Executive Officers.</u> The executive officers of the Trust shall be the Chairman of the Board, the Secretary, and the Directors. The board may assign additional responsibilities and roles to these officers as needed.

Section 2. <u>Duties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;· The Chairman of the Board. The Chairman must be a member of the Board. The Chairman presides
over all Trust meetings including those of the Board and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· The Secretary. Unless otherwise stated in these By-Laws or directed by the Board, the
Secretary shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Attend all meetings of the shareholders and the Board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Record meeting minutes in official record books,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Give proper notice of all shareholder meetings and special Board meetings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Safely keep the Trust's official seal and apply it to documents when authorized
by the Board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Carry out any other duties assigned by the Board or the Chairman.

Section 3. <u>Election and Removal.</u> Executive officers are elected in accordance with these By-Laws. Once elected, a director or officer **may not be removed without cause**, unless otherwise permitted under these By-Laws or applicable regulations.

Section 4. <u>Resignations.</u> An officer may resign at any time by submitting written notice to the Trust. The resignation will take effect at the time specified in the notice. If no effective time is stated, the resignation becomes effective immediately upon receipt. Acceptance of the resignation is **not required** unless the notice specifically states otherwise.

Section 5. <u>Vacancies</u>. If an officer position becomes vacant for any reason, the **Board** or the **shareholders** may appoint a replacement. The newly appointed officer will serve for the **remainder of the original term** and will remain in office until a successor is elected or appointed and formally takes over.

ARTICLE V

<u>Indemnification</u>

Section 1. <u>Indemnification</u>. The Trust will indemnify any person it has the power to indemnify, to the fullest extent allowed under its prospectus and applicable regulatory approvals.

Section 2. <u>Statutory Indemnification</u>. In addition to the general indemnification in Section 1 and subject to applicable laws and conditions as determined by the Board:

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will indemnify any person who is or was a **director, officer, employee, or agent** of the Trust—or serving in any such capacity for another entity at the Trust's request—if that
person becomes involved in any legal action (civil, criminal, administrative, or investigative, excluding actions brought by or on behalf
of the Trust). This includes **legal fees, judgments, fines, and settlements** reasonably incurred, as long as the person acted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In **good faith**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In a manner they reasonably believed was in (or not opposed to) the best
interests of the Trust and its shareholders, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For criminal cases, had **no reason to believe their conduct was unlawful**.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will also indemnify any such person involved in a legal action **brought by or on behalf of the Trust** (i.e., derivative actions), for **reasonable legal expenses** incurred in defending or
settling the case, provided the person acted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In **good faith**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In a manner they reasonably believed was in (or not opposed to) the best
interests of the Trust.

This indemnification is subject to **Article VII of the Declaration of Trust**.

Section 3. <u>Intent and Scope.</u> It is the intent of this Article to **fully indemnify Board members** and advance their legal expenses (including attorneys' fees) in **any circumstance permitted by law**. This indemnification and advancement of expenses:

&nbsp;&nbsp;&nbsp;&nbsp;· Is **not limited** by the absence of specific wording or scenarios in the By-Laws,

&nbsp;&nbsp;&nbsp;&nbsp;· Must **not conflict** with SEC or FINRA regulations, except to the extent permitted
or required by applicable law,

&nbsp;&nbsp;&nbsp;&nbsp;· **Does not exclude** or limit any other rights to or sources of indemnification, advancement
of expenses, or insurance that a person may have (e.g., under law, agreements, Board votes, or otherwise), and

&nbsp;&nbsp;&nbsp;&nbsp;· Applies to actions taken both in an official capacity and in any other capacity related
to the person's service to the Trust, provided, however, that the Trust shall not indemnify or advance expenses to any person for conduct
finally adjudicated to constitute willful misfeasance, bad faith, gross negligence, or reckless disregard of duties (i.e., disqualifying
conduct under Section 17(h) of the Investment Company Act of 1940, as amended).

Section 4. <u>Indemnification Benefits.</u> The right to indemnification also extends to the **heirs, executors, administrators, and personal representatives** of any person entitled to such indemnification under these By-Laws.

ARTICLE VI

<u>General Provisions</u>

Section 1. <u>Dividends, Etc</u>. To the extent permitted by law, the Board has full authority to decide whether dividends or distributions will be declared and paid, and the amount and timing of any such payments.

Section 2. <u>Seal</u>. The Trust's seal shall be in a form required by law and be approved by the Board.

Section 3. <u>Fiscal Year.</u> The fiscal year of the Trust shall be set by the Board.

Section 4. <u>Voting Shares or Units in Other Trusts.</u> Unless the Board decides otherwise, any shares or units the Trust holds in other trusts will be voted or represented by the Trust's Advisor.

ARTICLE VII

<u>Amendment</u>

By-Laws may be created, amended, or repealed by a majority vote of the Board.

## Ex-99.C

**Instruments Defining the Rights of Security Holders**

The instruments defining the rights of security holders, including provisions relating to voting, dividends, and liquidation, are set forth in the Registrant's Amended and Restated Declaration of Trust dated October 1, 2025 (Exhibit (a) hereto) and Bylaws, as amended through September 15, 2025 (Exhibit (b) hereto), which are incorporated herein by reference.

**Voting Rights**

Each whole Share is entitled to one vote, and each fractional Share is entitled to a proportionate fractional vote, on any matter submitted to Shareholders. There is no cumulative voting in the election of Trustees or on any other matter. The Trust does not hold annual Shareholder meetings. Shareholder meetings are convened only when required by the Investment Company Act of 1940, as amended (the "1940 Act"), or when deemed necessary by the Board of Trustees. Shareholders have no right to call or compel a Shareholder meeting, nominate or remove Trustees, propose or approve amendments to the Declaration of Trust or By-Laws, inspect Trust books and records beyond minimum statutory requirements, initiate derivative or class actions except in strictly limited circumstances permitted by the 1940 Act, direct or influence portfolio management decisions, vote on investment advisory or service contracts, compel in-kind redemptions or select redemption basket securities, or exercise appraisal or dissenters' rights in connection with any reorganization, merger, or termination of the Fund. The Board of Trustees, which is required to maintain independence from the Sponsor, Advisor, and all other service providers, acts exclusively on behalf of Shareholders in all matters of Trust governance and oversight. See Section 6 of the By-Laws for additional details on voting procedures, quorum, proxies, record dates, and action by written consent.

**Dividends** 

Dividends from net investment income, if any, are declared and paid at least annually by the Fund. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis for the Fund to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"), in all events in a manner consistent with the provisions of the 1940 Act. In addition, the Trust may distribute at least annually amounts representing the full dividend yield on the underlying investment securities of the Fund, net of expenses of the Fund, as if the Fund owned such underlying investment securities for the entire dividend period, in which case some portion of each distribution may result in a return of capital for tax purposes for certain Shareholders.

Dividends and other distributions on Shares are distributed on a pro rata basis to Shareholders of record as of the close of business on the record date fixed by the Board of Trustees. Dividend payments are made through the Depository Trust Company ("DTC") Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust. The Trust may make additional distributions to the extent necessary (i) to distribute the entire annual "investment company taxable income" of the Trust, plus any net capital gains, and (ii) to avoid imposition of the excise tax imposed by Section 4982 of the Code. The Board of Trustees reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a regulated investment company (a "RIC") or to avoid imposition of income or excise taxes on undistributed income. See Article VII of the Declaration of Trust and Section 4.3 of the By-Laws for additional provisions governing distributions.

**Dividend Reinvestment Service**

No dividend reinvestment service is provided by the Trust. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. If this service is used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares of the Fund. Beneficial Owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require Beneficial Owners to adhere to specific procedures and timetables.

**Liquidation**

Upon termination or liquidation of the Fund or the Trust, whether voluntary or involuntary, the Board of Trustees shall wind up the affairs of the Fund in accordance with the 1940 Act and the Delaware Statutory Trust Act. After payment or provision for payment of all liabilities of the Fund, the remaining assets of the Fund shall be distributed pro rata to Shareholders of record as of the close of business on the liquidation record date fixed by the Board, subject to any participating or preferential rights of any separate class or series of Shares then outstanding. Distributions in liquidation may be made in cash, in kind, or partly in each, as determined by the Board in its sole discretion. Shareholders shall have no right to demand in-kind distributions, to select specific securities for distribution, or to exercise appraisal or dissenters' rights in connection with any liquidation, merger, reorganization, or termination of the Fund or the Trust. See Article IX of the Declaration of Trust for complete liquidation procedures.

**FOUNDER FUNDS TRUST**, on behalf of Founder 100 ETF

By: <u>/s/ Michael C Monaghan</u><br> Name: Michael C Monaghan<br> Title: President

**FOUNDER ETFS LLC**

By: <u>/s/ Michael C Monaghan</u><br> Name: Michael C Monaghan<br> Title: Partner

## Ex-99.D

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "Agreement") is made as of September 26, 2025, by and between Founder Funds Trust (the "Trust"), a Delaware statutory trust registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), on behalf of its series, the Founder 100 ETF (the "Fund"), and Founder ETFs, a Montana limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Adviser").

WHEREAS, the Trust is authorized to issue shares in one or more series, including the Fund, which seeks to provide investment results that correspond generally to the performance of the broader large-cap equity market; and

WHEREAS, the Trust desires to retain the Adviser to provide investment advisory and related services to the Fund, and the Adviser is willing to provide such services under the terms set forth herein; and

WHEREAS, this Agreement has been approved by the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees"), pursuant to Section 15(c) of the 1940 Act;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows:

**1. Appointment of Adviser**

The Trust hereby appoints the Adviser to act as investment adviser to the Fund, and the Adviser accepts such appointment. The Adviser shall manage the Fund's investment portfolio and provide related administrative services as set forth herein, subject to the supervision of the Trust's Board of Trustees.

**2. Duties of the Adviser**

**2.1 Investment Management**

The Adviser shall, subject to the Fund's investment objectives, policies, and restrictions as set forth in the Fund's Prospectus and Statement of Additional Information (collectively, the "Registration Statement"), as amended from time to time:

(a) Manage the Fund's portfolio, including the purchase, retention, and sale of securities, in accordance with the Fund's investment strategy to achieve results corresponding generally to the broader large-cap equity market;

(b) Implement an investment strategy, which may include active management or a passive approach using replication or sampling, as appropriate, to meet the Fund's objectives;

(c) Oversee the Fund's compliance with applicable investment restrictions under the 1940 Act and Rule 6c-11;

(d) Provide recommendations on portfolio composition and rebalancing to align with the Fund's investment objectives.

**2.2 Administrative Services**

The Adviser shall:<br> (a) Coordinate with the Fund's custodian, administrator, and authorized participants to facilitate the creation and redemption of Fund shares in accordance with Rule 6c-11;<br> (b) Assist in preparing and maintaining the Fund's Registration Statement and other regulatory filings;<br> (c) Provide reports to the Board of Trustees as requested to facilitate oversight under Section 15(c) of the 1940 Act;<br> (d) Oversee the Fund's compliance with daily portfolio transparency and basket policies under Rule 6c-11.

**2.3 Delegation**

The Adviser may delegate certain duties to sub-advisers or third-party service providers, subject to Board approval and compliance with the 1940 Act, provided the Adviser remains responsible for such delegated duties.

**3. Compensation**

**3.1 Unitary Fee**

The Trust shall pay the Adviser, as full compensation for all investment management, administrative, and operational services provided under this Agreement, a unitary management fee equal to 0.75% per annum of the Fund's average daily net assets, calculated and accrued daily and payable daily in arrears. This unitary fee shall cover all operating expenses of the Fund, including but not limited to custody, administration, audit, legal, and transfer agency fees, except for the following excluded expenses: (i) taxes, (ii) interest, (iii) extraordinary or non-recurring expenses (such as litigation or indemnification costs), and (iv) brokerage commissions and other transaction-related costs.

**3.2 Fee Calculation**

The average daily net assets shall be determined by taking the average of the net assets computed daily in accordance with the Fund's policies.

**3.3 Fee Waiver**

The Adviser may, at its discretion, waive all or a portion of the unitary fee or reimburse Fund expenses to maintain a competitive expense ratio, as approved by the Board.

**4. Expenses**

The Adviser shall bear all operating expenses of the Fund as part of the unitary fee described in Section 3.1, including but not limited to the costs of providing investment management and administrative services, personnel, office space, equipment, custody, administration, audit, legal, and transfer agency services. The Fund shall be responsible only for the following excluded expenses: (i) taxes, (ii) interest, (iii) extraordinary or non-recurring expenses (such as litigation or indemnification costs), and (iv) brokerage commissions and other transaction-related costs, as set forth in the Registration Statement.

**5. Standard of Care**

The Adviser shall perform its duties with the care, skill, prudence, and diligence that a fiduciary under the 1940 Act would reasonably be expected to exercise. The Adviser shall not be liable for any loss or error in judgment, except for losses resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations (collectively, "Disabling Conduct").

**6. Term and Termination**

**6.1 Term**

This Agreement shall become effective upon approval by the Board of Trustees and, if required, by a vote of the Fund's shareholders pursuant to Section 15(a) of the 1940 Act, and shall continue in effect for an initial term of two years, renewable annually thereafter by approval of the Board, including a majority of Independent Trustees.

**6.2 Termination**

This Agreement may be terminated:<br> (a) By the Trust, upon approval by the Board or a majority vote of the Fund's shareholders, with 60 days' written notice to the Adviser;<br> (b) By the Adviser, with 60 days' written notice to the Trust;<br> (c) Automatically upon assignment, as defined in Section 2(a)(4) of the 1940 Act, unless approved by the Board and shareholders;<br> (d) Immediately upon written notice in the event of Disabling Conduct by either party.

**7. Brokerage and Trading**

The Adviser shall select brokers and dealers for portfolio transactions in the best interests of the Fund, considering factors such as execution quality, commission rates, and research services, consistent with Section 28(e) of the Securities Exchange Act of 1934. The Adviser shall provide the Board with periodic reports on brokerage allocation.

**8. Compliance with Laws**

The Adviser shall comply with all applicable federal and state securities laws, including the 1940 Act, the Investment Advisers Act of 1940, and Rule 6c-11, and shall maintain policies to ensure the Fund's compliance with its Registration Statement and regulatory requirements.

**9. Records and Reports**

The Adviser shall maintain records relating to the Fund's portfolio transactions and advisory services as required by Rule 31a-1 under the 1940 Act and make such records available to the Trust, its auditors, or the Securities and Exchange Commission (SEC) upon request.

**10. Indemnification**

**10.1** The Trust shall indemnify the Adviser against losses arising from the Adviser's performance of its duties, except for losses resulting from Disabling Conduct.

**10.2** The Adviser shall indemnify the Trust and the Fund against losses resulting from the Adviser's Disabling Conduct.

**11. Governing Law**

This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware and the 1940 Act, to the extent applicable. In case of conflict, the 1940 Act shall control.

**12. Miscellaneous**

**12.1 Entire Agreement**

This Agreement constitutes the entire agreement between the parties and supersedes any prior agreements.

**12.2 Amendments**

Amendments to this Agreement require approval by the Board, including a majority of Independent Trustees, and, if required, shareholder approval under the 1940 Act.

**12.3 Severability**

If any provision is found invalid, the remaining provisions shall remain in effect.

**12.4 Assignment**

This Agreement may not be assigned without Board and shareholder approval, as required by Section 15(a) of the 1940 Act.

**12.5 Notices**

Notices shall be sent to the addresses below or as otherwise designated:

&nbsp;&nbsp;&nbsp;&nbsp;· Trust: Founder Funds Trust, 25 Highland Park Village, Suite 100-587 Dallas, TX 75205

&nbsp;&nbsp;&nbsp;&nbsp;· Adviser: Founder ETFs LLC, 25 Highland Park Village, Suite 100-587 Dallas, TX 75205

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**FOUNDER FUNDS TRUST**, on behalf of Founder 100 ETF<br>

By: <u>/s/ Michael C Monaghan</u><br> Name: Michael C Monaghan<br> Title: President

**FOUNDER ETFS LLC**

By: <u>/s/ Michael C Monaghan</u><br> Name: Michael C Monaghan<br> Title: Partner

## Ex-99.E

**ETF DISTRIBUTION AGREEMENT**

This Distribution Agreement (the "Agreement") is made as of this 24th day of September, 2025, by and between Founder Funds Trust, a Delaware statutory trust (the "Trust") having its principal place of business at 25 Highland Park Village, Suite 100-587, Dallas, TX 75205, and Vigilant Distributors, LLC, a Pennsylvania limited liability company (the "Distributor") having its principal place of business at Gateway Corporate Center, Suite 216, 223 Wilmington West Chester Pike, Chadds Ford, Pennsylvania 19317.

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "1940 Act") with separate and distinct series (each series a "Fund" and collectively the "Funds") 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 create and redeem shares of beneficial interest (the "Shares") of each Fund on a continuous basis at their net asset value only in aggregations constituting a Creation Unit, as such term is defined in the Registration Statement, and list the Shares on one or more national securities exchanges (together, the "Listing Exchanges");

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

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, (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Trust's Prospectus, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to enter into arrangements with eligible broker-dealers who may solicit purchases of Creation Units (each, an "Authorized Participant"); and

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Definitions.

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Prospectus" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Registration Statement" 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Duties of the Distributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 by Authorized Participants that have executed an Authorized Participant Agreement with the Distributor and Transfer Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent to accept 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;&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 Authorized Participant Agreements between and among Authorized Participants, the Distributor and the Transfer 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, upon request, the Statement of Additional Information; 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;&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, and publicly available periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributor shall review and approve, prior to use, all Trust marketing materials ("Marketing Materials") for compliance with FINRA advertising rules, and will file all Marketing Materials required to filed with FINRA. The Distributor agrees to furnish to the Trust's investment adviser any comments provided by FINRA with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 creation or redemption 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 or repurchase 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-l(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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program") 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Distributor is not authorized by the Trust to give any information or to make any representations other than those contained in the Registration Statement or Prospectus or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Duties of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will make available to the Distributor access to, or such number of copies as Distributor may reasonably request of, (i) its then currently effective Prospectus and Statement of Additional Information, (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 information required to be made available in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and any other Fund document required to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent required by applicable law, the Trust will make it known, including through marketing and advertising materials prepared by it and on its website, that Prospectuses and Statements of Additional Information are available or accessible to prospective and existing investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Compensation

Distributor shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time). The Distributor shall also be reimbursed for such miscellaneous expenses (e.g., telecommunication charges,

postage and delivery charges, and reproduction charges) as are reasonably incurred by the Distributor in performing its duties hereunder. The Advisor shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Advisor shall notify the Distributor in writing within 30 calendar days following receipt of each invoice if the Advisor is disputing any amounts in good faith. The Advisor shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Advisor is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed to the Distributor pursuant to the attached fee schedule shall only be paid out of the assets and property of the particular Fund involved, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Fees and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor is not entitled to compensation or reimbursement of expenses from the Trust for the services it provides pursuant to this Agreement. Consistent with applicable law, the Distributor may receive compensation from a Fund's investment adviser related to its services hereunder or for additional services as may be agreed to between the investment adviser and Distributor. Any such arrangement between the investment adviser and the Distributor will be memorialized in a separate agreement and may not modify the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust or a Fund will 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust or a Fund will bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 "Distributor 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) ("Losses") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement; 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; any claim that the Registration Statement, Prospectus, Statement of Additional Information, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and a Fund's 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 to make the statements therein (and in the case of the Prospectus and Statement of Additional Information, 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 (iv) 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;&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 "Trust Indemnitees") 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; or (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations.

In no case shall (i) the indemnification provided by an indemnifying party protect against any liability the indemnified party would otherwise be subject to by reason of willful misconduct, 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; (ii) the indemnifying party be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party of the claim in writing within a reasonable time after the summons or other first written notification giving information of the nature of the claim has been served upon the indemnified party (or after the indemnified party has received notice of service on any designated agent); or (iii) the total indemnification owed by the Distributor exceed the aggregate amount of actual fees received over a two-year period under this Agreement. 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into agreements with certain authorized participants (each an "AP" and collectively the "APs") for the purchase and redemption of Creation Units (each such agreement an "AP Agreement"). In the negotiation of AP Agreements, an Authorized Participant may insert and require that Distributor agree to certain provisions in a AP Agreement that contain certain representations, undertakings and indemnification that are not included in the form of AP Agreement (each such modified AP Agreement a "Non-Standard AP Agreement).

To the extent that Distributor is requested or required to make any such representations mentioned above, a copy of each Non-Standard AP Agreement will be provided to the Trust for its approval prior to execution by Distributor. Where the Trust has approved the terms of the Non-Standard AP Agreement (such approval shall be in writing or shall be evidenced by a fully executed copy of the Non-Standard AP Agreement) 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 to the extent such losses are due to non-standard language included in such 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** Representations.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly
organized as a Pennsylvania 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor
and the Trust each individually represent that its anti-money laundering program ("AML Program"), at a minimum, (i) designates
a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, includes an independent audit
function to test the effectiveness of the AML Program, 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 Trust acknowledges that the Authorized Participants are not "customers" for
the purposes of 31 CFR 103.

&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 Distributor and the Trust each individually
represent and warrant 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;1. 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

&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. it will comply with all applicable terms
and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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; the execution, delivery and performance of this Agreement are
within its power and have been duly authorized by all necessary action; 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 "Rules
and Regulations"); 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;&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 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 each 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;&nbsp;&nbsp;&nbsp;&nbsp;3. upon delivery
of Deposit 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** Duration, Termination and Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective as of the Closing Date, 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 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** Notice.

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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| | |
|:---|:---|
| (i) **To the Distributor:** | (ii) **To the Trust:** |
| Vigilant Distributors, LLC | Founders Fund Trust |
| Attn: President | Attn: Michael Monaghan, Chairman |
| 223 Wilmington West Chester Pike | 25 Highland Park Village, Suite 100-587 |
| Suite 216 | Dallas, TX 75205 |
| Chadds Ford, Pennsylvania 19317 |  |
| Phone: 484-840-3701 | Phone: 917-385-0195 |
| <u>Email</u>: <u>patrick@vigilantdistributors.com</u> | <u>Email</u>: <u>Michael@founderfunds.com</u> |
| <u>Email</u>: <u>legal@vigilantdistributors.com</u> |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** Choice of Law.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** Counterparts.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** Severability.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** Insurance.

The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** Confidentiality.

During the term of this Agreement, the Distributor and the Trust may have access to 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, "Confidential Information" means

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, 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 as required in the course of this Agreement and as provided by the other party or as required by law. 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 with jurisdiction over the parties hereto or (ii) requested to do so by the other party; provided that in the event of (i), the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and shall reasonably cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** Limitation of Liability.

This Agreement is executed by or on behalf of the Trust with respect to each of the Trust 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** Use of Names; Publicity.

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 of the Trust, a Fund, or any investment adviser to a Fund in any materials relating to the Distributor, whether produced for marketing, regulatory compliance or other purposes, in a manner not approved by the referenced party in writing prior to such use, such approval not

to be unreasonably withheld. The Trust, on behalf of itself and each Fund, hereby approves of and consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority with jurisdiction over the Trust; provided, however, that the Distributor notifies the Trust prior to such use to the extent permitted by applicable law.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** Exclusivity

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.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

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| | | | |
|:---|:---|:---|:---|
| Vigilant Distributors, LLC | Vigilant Distributors, LLC | Founder Funds Trust | Founder Funds Trust |
| By: | <u>/s/ Patrick Chism</u> | By: | <u>/s/ Michael C. Monaghan</u> |
| Name: | Patrick Chism | Name: | Michael C. Monaghan |
| Title: | Chief Executive Officer | Title: | Chairman |

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**EXHIBIT A**

As of September 1, 2025

**<u>Name of Fund</u>**

Founders 100 ETF (Ticker: FFF)

**Exhibit B to the Distribution Agreement**

Fee Schedule

Distribution Services Fees

Initial Service & Implementation Fee

One-time Initial service and implementation fees includes consulting related to industry practices,

products and dealers

NSCC connectivity and other Fund

Launch $5,000 (Waived for Distributor Services Implementation)

Advertising Compliance Review

Per Communication Rate

Review of Fund advertising and marketing material

$125 per communication piece for the first 10 pages (minutes if audio or video);

$10 per page thereafter;

$600 per communication piece requiring 24 hour expedited review for the first 10 pages

(minutes if audio or video)

$25 per page thereafter.

Principal Underwriter Fee Annual Rate 1 Fund: $7,500\*

<u>OUT-OF-POCKET EXPENSES</u>

Reasonable out-of-pocket expenses incurred by the Distributor in connection with the services provided pursuant to the Distribution Agreement. Such expenses may include, without limitation, regulatory filing fees; marketing materials regulatory review fees; communications; postage and delivery service fees; bank fees; reproduction and record retention fees; travel, lodging and meals.

Notes:

Fees will be calculated and payable monthly.

The above rates will increase by 3.7% annually.

\*The basis point Fee is waived for assets up to $1 Billion. Thereafter, for assets over $1 Billion it is a 0.50 basis point Fee.

## Ex-99.E

**THE FOUNDERS FUND FAMILY**

**AUTHORIZED PARTICIPANT AGREEMENT**

**VIGILANT DISTRIBUTORS, LLC**

This Authorized Participant Agreement (the "Agreement") is entered into by and between Vigilant Distributors, LLC (the "Distributor") and Goldman Sachs & Co. LLC (the "Participant") and is subject to acceptance by U.S. Bancorp Fund Services, LLC (the "Transfer Agent/Index Receipt Agent") as index receipt agent for Advisor Managed Portfolios (the "Trust"), a series trust offering a number of portfolios of securities as set forth in Annex I (each a "Fund" and collectively the "Funds"), with respect to the provisions hereof applicable to the Trust. 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 Index Receipt Agent serves as the index receipt agent for the Trust and all of its Funds as set forth in Annex I, and is an Index Receipt Agent as that term is defined in the rules of the National Securities Clearing Corporation.

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/Index Receipt 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 shall apply to current Funds and future Funds.

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 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, and during the term of this Agreement will continue to have, 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, and during the term of this Agreement will continue to be, a member of NSCC and a participant in the CNS System of NSCC, and/or (ii) outside the CNS Clearing Process, because it is, and during the term of this Agreement will continue to be, 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/Index Receipt 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: (i) it is a broker-dealer registered with the SEC, and it is a member of the Financial Industry Regulatory Authority ("FINRA"), or it is exempt from registration, or it is otherwise not required to be registered as, a broker-dealer or a member of FINRA; (ii) it is 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) it is a Qualified Institutional Buyer, as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "1933 Act"). 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/Index Receipt Agent.

The Participant agrees that it will: (i) maintain such registrations, licenses, qualifications, and memberships in good standing and in full force and effect throughout the term of this Agreement; (ii) comply with applicable FINRA rules and regulations and the securities laws of any jurisdiction in which it sells Shares, directly or indirectly, to the extent such laws, rules and regulations relate to the Participant's transactions in, and activities with respect to, the Shares; and (iii) not offer or sell Shares of any Fund in any state or jurisdiction where such Shares may not lawfully be offered and/or sold.

(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 and is not otherwise required to be registered or qualified as a broker or dealer, or to be a member of FINRA as set forth above, the Participant nevertheless agrees to comply with all the applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale of Shares is made, to the extent the foregoing relates to the Participant's transactions in, and activities with respect to, the Shares.

(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. Upon written request by Authorized Participant, Distributor and Trust will make available to appropriate representatives of Authorized Participant access to such information and personnel as is reasonable and customary to enable parties to establish a due diligence defense under the 1933 Act; provided, that Distributor need not disclose any non-public information to any such representative unless such representative has entered into a confidentiality agreement with Distributor.

(e) The Participant agrees that: (i) subject to any contractual obligations or obligations arising under the federal or state securities laws that the Participant may have to its customers, the Participant will assist the Distributor in ascertaining certain information regarding sales of Fund Shares made by or through the Participant upon the request of the Trust or the Distributor necessary for a Fund to comply with its obligations to distribute information to its shareholders, as may be required from time to time under applicable state or federal securities laws, rules and regulations, or (ii) in lieu thereof, and at the option of the Participant, the Participant may undertake to deliver to its customers proxy materials and annual and other reports of the Funds, or other similar information that the Funds are obligated to deliver to their shareholders, upon receiving from the Funds or the Distributor sufficient quantities of the same to allow mailing thereof to such customers.

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 the attachments. The Participant, the Distributor, and the Transfer Agent/Index Receipt 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. With respect to procedures for Orders, if there is a conflict between the terms of the Prospectus and the terms of this Agreement, the terms of the Prospectus control. To the extent that any update to the Prospectus would impact the Transfer Agent/Index Receipt Agent's obligations with respect to Orders, the Trust agrees to provide written notice to the Transfer Agent/Index Receipt Agent prior to such changes becoming effective. If such changes to Transfer Agent/Index Receipt Agent's obligations are not acceptable to Transfer Agent/Index Receipt Agent, Transfer Agent/Index Receipt Agent shall immediately inform the Trust. In the event that the Trust is unable to make a change that is acceptable to the Transfer Agent/Index Receipt Agent, the Transfer Agent/Index Receipt Agent may terminate this Agreement immediately, with written notice to the Distributor and the Participant notwithstanding anything to the contrary in Section 19 of this Agreement.

(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 Participant with reasonable advance

written notice identifying the recordings to be disclosed, together with copies of such recordings, so that the Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained, or the Participant waives its right to seek such protective order or remedy, the recording party shall furnish only that portion of the recorded conversation that, according to legal counsel, is legally required to be furnished. The recording party shall not otherwise disclose to any third party any recording involving communications with the Participant without the Participant's express written consent, except the recording party may disclose to a regulatory or self-regulatory organization, to the extent required by applicable rule, law, or as part of a routine examination, recordings involving communications with the Participant.

(c) The Participant acknowledges that use of the Order Entry System (as defined below) is subject to the terms and conditions as required by the Distributor, the Transfer Agent/Index Receipt Agent and/or the Funds' transfer agent in connection with all Purchase and Redemption Orders through a third-party electronic order entry system made available to the Participant (the "Order Entry System") in connection with the purchase and redemption of Creation Units.

(d) The Participant acknowledges and agrees that delivery of any Order shall be irrevocable, provided that the Trust, Transfer Agent/Index Receipt Agent and the Distributor on behalf of the Funds each reserve the right to reject any Order for any reason in accordance with the Prospectus and this Agreement.

(e) The Participant understands that a Creation Unit generally will not be issued until the requisite cash (the "Cash Component") and/or the designated basket of securities and instruments (the "Deposit Securities"), as well as applicable transaction fee (the "Transaction Fee") and taxes, are transferred to the Trust on the settlement date in accordance with the Prospectus.

(f) With respect to any Redemption Order, the Participant agrees to return to a Fund any dividend, distribution, or other corporate action paid to it, or to a party for which it is acting, in respect of any security that is transferred to the Participant in connection with such Redemption Order ("Fund Security") that, based on the valuation of such Fund Security at the time of transfer, should have been paid to the Fund. The Participant also agrees that a Fund is entitled to reduce the amount of money or other proceeds due to the Participant, or any party for which it is acting, by an amount equal to any dividend, distribution, or other corporate action to be paid in respect of any Fund Security that is transferred to the Participant that, based on the valuation of such Fund Security at the time of transfer, should be paid to the Fund. If, however, the Fund so reduces the amount of proceeds due to the Participant or any party for which it is acting, the Participant shall not be required to return to the Fund any dividend, distribution, or other corporate action paid to it or to any party for which it is acting as is contemplated in the first sentence of this paragraph equal to the amount so reduced by the Fund. With respect to any Purchase Order, any dividend, distribution, or other corporate action paid to the Fund in respect of any Deposit Security that is transferred to the Fund that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Participant, or any party for which it is acting, will be returned to the Participant.

3. AUTHORIZATION OF TRANSFER AGENT/INDEX RECEIPT AGENT

With respect to Orders submitted through the CNS Clearing Process the Participant hereby authorizes the Transfer Agent/Index Receipt 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/Index Receipt Agent. The Participant agrees to be bound by the terms of such instructions and Orders as reported by the Transfer Agent/Index Receipt Agent or its designee on the Participant's behalf to the NSCC as though such instructions were issued by the Participant directly to the NSCC; provided, however, that the Participant shall not be bound by or held liable for any communication errors occurring between the Transfer Agent/Index Receipt Agent and NSCC to the extent that such instructions between the Transfer Agent/Index Receipt Agent (or its designee) and NSCC do not accurately reflect in all material respects the information communicated by the Participant to the Transfer Agent/Index Receipt Agent.

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 not inconsistent with the Prospectus or any Marketing Materials (as defined below) furnished to the Participant by the Distributor and pursuant to or in accordance with applicable laws and regulations (including FINRA Rules).

(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 Trust, or (b) if prepared by the Participant, reference only the Fund and make no reference to any third parties (including the Transfer Agent/Index Receipt Agent or their products or services, are consistent in all material respects with the Prospectus, and clearly indicate that such Marketing Materials are prepared and distributed by the Participant, and (ii) Participant and any 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 or any other federal, state, or foreign regulatory authority or self-regulatory authority with respect thereto 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 and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (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 securities exchange; (vi) it will not lend Fund securities pursuant to any securities lending arrangement that would prevent the Trust from settling a Redemption Order when due; (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.

(d) Notwithstanding anything to the contrary in this Agreement, the Participant and its affiliates may, without the approval of any other party hereto, prepare and circulate, in the regular course of their businesses, any of the following items (none of which shall be deemed to be Marketing Materials): (i) written materials of any kind 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 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 or an affiliate in the normal course of their businesses, and (iv) research reports; provided, however, that any such materials prepared by Participant comply with applicable FINRA rules and other applicable laws, rules and regulations.

5. TITLE TO SECURITIES; RESTRICTED SHARES

The Participant represents and warrants on behalf of itself and any party for which it acts 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, whether for itself or any party for which it acts, it will make available on the contractual settlement date (the "Contractual Settlement Date"), by means satisfactory to the Trust, and in accordance with the provisions of the Prospectuses, immediately available or same day funds estimated by the Trust to be sufficient to pay the 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 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 agrees in connection with a Purchase Order to pay the amount of

the Cash Component, plus interest, computed at such reasonable rate as may be specified by the Fund from time to time. 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 in its sole discretion to the Participant for payment of the amounts due and owing 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. PAYMENT OF CERTAIN FEES AND TAXES.

(a) In connection with Orders of Creation Units, the Participant agrees to pay the Transaction Fee applicable to the transaction as set forth in the Prospectus. The Trust reserves the right to adjust the Transaction Fee subject to any limitations in the Prospectus and upon reasonable advance notice to the Participant.

(b) In connection with Orders of Creation Units, the Participant acknowledges and agrees that the computation of any cash amount to be paid by or to the Participant shall exclude any taxes or other fees and expenses payable upon the transfer of beneficial ownership of Shares or Fund Securities. The Participant shall be responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or any other similar tax, fee or government charge (collectively, "Taxes") applicable to and imposed upon the purchase or redemption of any Creation Units made pursuant to this Agreement. To the extent the Trust or its agents pay any such Taxes or they are otherwise imposed in connection with transactions effected by the Participant, the Participant agrees to promptly reimburse and pay such party for any such payment. This paragraph (b) shall survive the termination of this Agreement.

8. 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 the 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 or the Distributor or their designees concerning the performance of the Participant's responsibilities under this Agreement, provided that the Participant shall be under no obligation to divulge or otherwise discuss any information that the Participant reasonably believes (i) is proprietary in nature, or (ii) the disclosure of which to third parties is in violation of (a) applicable law or regulation, or is otherwise prohibited by law, or (b) the Participant's contractual confidentiality obligations.

(b) The Participant agrees as a DTC Participant and in connection with any purchase or redemption transactions in which it acts on behalf of a third party that it 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 (as that term is defined in Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended) ("Beneficial Owner") and/or legal owner of Shares. To the extent that it is a Beneficial Owner and/or legal owner of Shares, 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 or legally owned Shares of the Trust which the Participant is or may be entitled to vote at any meeting of shareholders of the Trust held after the date this Agreement is executed whether annual or special and whether or not an adjourned meeting, or, if applicable, to give written consent with respect thereto. For purposes of this paragraph (c), beneficially owned Shares shall not include those Shares for which the Participant is the record owner but not the Beneficial Owner. The Distributor will mirror vote (or abstain from voting) the Participant's beneficially owned Shares in the same proportion as the votes (or abstentions) of all other beneficial owners of Shares of the applicable Fund or the Trust on any matter, question or resolution submitted to the vote of shareholders of the Fund or Trust. The Distributor, as attorney and proxy for the Participant under this paragraph (c), (i) is hereby given full power of substitution and revocation; (ii) may act through such agents, nominees, or substitute attorneys as it may appoint from time to time; and (iii) may provide voting instructions to such agents, nominees, or substitute attorneys in any lawful manner deemed appropriate by it, including in writing, by telephone, telex, facsimile, electronically (including through the Internet) or otherwise. This irrevocable proxy terminates upon termination of the Agreement. The powers of attorney and proxy as set forth in this paragraph (c) shall include (without limiting the general powers hereunder) the power to receive and waive any notice of any meeting on behalf of the undersigned.

(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.

9. 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 Trust, the Transfer Agent/Index Receipt Agent, or the Distributor, the Participant shall deliver to the Trust and the Transfer Agent/Index Receipt Agent, with copies to the Distributor, a certificate in the format of Attachment A to this Agreement, duly certified by the Participant's Secretary or other duly authorized person of 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/Index Receipt Agent and the Trust as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Trust, the Distributor, and the Transfer Agent/Index Receipt 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 or revoke the authority of an Authorized Person, the Participant shall give, as promptly as practicable under the circumstances, written notice of such fact to the Trust and the Transfer Agent/Index Receipt Agent, with a copy to the Distributor, and such notice shall be effective upon receipt by the Trust, the Transfer Agent/Index Receipt Agent, and the Distributor.

(b) Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Participant may be processed through the <u>Order Entry System</u> selected by the Transfer Agent/Index Receipt Agent. The Participant and its Authorized Persons must establish their own login credentials with the Order Entry System for placing Orders electronically, and the Participant is solely responsible for restricting access to such credentials to prevent persons other than Authorized Persons from using the Order Entry System to place or modify Orders. Authorized Persons must provide relevant login credentials and be listed as a duly authorized person of Participant on the most recent certificate in the form of Attachment A to be properly authenticated and to place or modify Orders electronically or telephonically. If the Participant has set up a unique personal identification number ("<u>PIN Number</u>") with the Order Entry System, any changes made to the Participant's trade desk settings shall require Participant's PIN Number for authentication. The Participant and each Authorized Person shall keep Participant's PIN Number and all Authorized Person login credentials confidential and only those Authorized Persons shall submit instructions on behalf of the Participant to the Funds, Transfer Agent/Index Receipt Agent, and Distributor.

(c) The Transfer Agent/Index Receipt Agent and Distributor shall not have any obligation to verify instructions and Orders given by a properly authenticated Authorized Person per paragraph (b) of this Section and shall assume that all instructions and Orders issued to it by a properly authenticated Authorized Person have been properly placed, unless the Transfer Agent/Index Receipt Agent and Distributor 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/Index Receipt Agent, the Trust or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for any Loss (as defined below) incurred by the Participant as a result of the unauthorized use of an Authorized Person's Order Entry System login credentials. The Participant further agrees that none of the Distributor, the Transfer Agent/Index Receipt Agent, the Trust or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for any Loss incurred by the Participant as a result of the unauthorized use of Participant's PIN Number, unless the Transfer Agent/Index Receipt Agent, Distributor, and the Trust previously received from Participant written notice to revoke such Authorized Person's authority as set forth in paragraph (a) or paragraph (b) of this section. This paragraph (c) shall survive the termination of this Agreement.

10. REDEMPTIONS

(a) The Participant understands and agrees that Shares of the Funds may only be redeemed in the form of complete Creation Units and Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the Investment Company Act of 1940, as amended.

(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 as of the time of the Contractual Settlement Date, it or its customer, as the case may be, will own (within the meaning of Rule 200 of Regulation SHO) or have arranged to borrow for delivery to the Trust on or prior to the Contractual Settlement Date of the Redemption Order the number of Shares of the Fund to be redeemed as a Creation Unit. In either case, the Participant acknowledges that: (i) it has or if, applicable, its customer has full legal authority and legal right to tender for redemption the requisite number of Shares of the Fund and to receive the entire proceeds of the redemption on the Contractual Settlement Date and (ii) if such Shares submitted for redemption have been loaned or pledged to another party or are the subject of a repurchase agreement, securities lending agreement or any other arrangement affecting legal or beneficial ownership of such Shares being tendered there are no restrictions precluding the tender and delivery of such Shares (including borrowed Shares, if any) for redemption, free and clear of liens, on the Contractual Settlement Date.

(c) In the event that the Distributor, Transfer Agent/Index Receipt Agent and/or the Trust reasonably believes in good faith that the Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Trust and/or the Distributor or Transfer Agent/Index Receipt Agent, may, without liability, reject the Participant's Redemption Order.

(d) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Fund Shares 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.

11. 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 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/Index Receipt 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 Fund 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 Fund Shares by a Beneficial Owner.

12. OBLIGATIONS OF PARTICIPANT

(a) Pursuant to its obligations under the federal securities laws, the Participant agrees to maintain all books and records of all Orders made by or through it as required by law and to furnish copies of such records to the Trust, Transfer Agent/Index Receipt Agent and/or the Distributor upon their written reasonable request for regulatory or compliance purposes, subject to any obligations under the federal or state securities laws that the Participant owes to its clients, as applicable to each client, or the applicable rules of any self-regulatory organization.

(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 the Participant 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 through its grant of an irrevocable proxy relating to the Shares to the Distributor.

13. INDEMNIFICATION

This Section 13 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/Index Receipt Agent, their respective subsidiaries, affiliates, directors, trustees, partners, 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 loss, liability, cost, or expense (including reasonable attorneys' fees) ("Loss") incurred by such Participant Indemnified Party as a result of (i) any material breach by the Participant of any provision of this Agreement that relates to the Participant; (ii) any material failure on the part of the Participant to perform any of its obligations set forth in this Agreement; (iii) any material failure by the Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations ("SROs"), in relation to its role as an authorized participant under this Agreement, except that the Participant shall not be required to indemnify a Participant Indemnified Party to the extent that such failure was caused by the Participant's reasonable adherence to instructions given or representations made by such Participant Indemnified Party who knew that such instructions given or representations made would cause the Participant to violate applicable law and the Participant did not know, and could not have reasonably known, that such instructions would cause the Participant to violate applicable law; (iv) actions of a Participant Indemnified Party taken in reasonable reliance upon any instructions or representations reasonably believed by the Trust, the Distributor and/or the Transfer Agent/Index Receipt Agent to be genuine and to have been given by the Participant , except to the extent that such instructions were given, or such representations were made, by an Authorized Person whose authority had been previously revoked by the Participant in accordance with Section 9 and such written revocation was given by the Participant and received by the Transfer Agent/Index Receipt Agent, the Trust and the Distributor reasonably prior to the receipt of such instructions or representations; or (v) the Participant's failure to complete an Order that has been accepted.

(b) The Distributor hereby agrees to indemnify and hold harmless the Participant and the Transfer Agent/Index Receipt Agent, their 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 "Distributor Indemnified Party") from and against any Loss incurred by such Distributor Indemnified Party as a result of: (i) any material breach by the Distributor of any provision of this Agreement that relates to the Distributor; (ii) any material failure on the part of the Distributor to perform any of its obligations set forth in this Agreement; (iii) any material failure by the Distributor to comply with applicable laws, including rules and regulations of any self-regulatory organization with jurisdiction over the Distributor and applicable to Distributor's role as set forth in this Agreement; or (iv) actions of a Distributor Indemnified Party taken in reasonable reliance upon any representations made in accordance with the Prospectus (as may be amended from time to time) and this Agreement reasonably believed by such Distributor Indemnified Party to be genuine and to have been given by the Distributor.

(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 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 their underlying series, the assets and liabilities of which are separate and distinct. Any indemnification provided by the Trust in connection with the Shares of a Fund shall be limited to the corresponding assets of such Fund.

(d) An indemnifying party shall not be liable under its indemnity agreement contained in this Section 13 with respect to any claim made against any indemnified party unless the indemnified party has notified 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 which it may have to any indemnified party against whom such action is brought otherwise than on account of its indemnity agreement contained in this Section 13 and shall only release the indemnifying party from such liability under this Section 13 to the extent it has been materially prejudiced by such failure to receive notice. 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 any claims. If the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and reasonably satisfactory to the indemnified parties in the suit, and who shall not, except with the consent of the indemnified parties, be internal counsel to the indemnifying party. 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 it.

14. LIMITATION OF LIABILITY

This Section 14 shall survive the termination of this Agreement.

(a) In no event shall any party or the Transfer Agent/Index Receipt Agent 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 or the Transfer Agent/Index Receipt Agent have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any party or the Transfer Agent/Index Receipt Agent be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation.

(b) Neither the Distributor, the Trust, the Transfer Agent/Index Receipt Agent, nor the Participant 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 any of the following: (a) acts of God; earthquakes; fires; floods; wind; explosions; wars; civil or military disturbances; terrorism; sabotage; pandemics; epidemics; public health emergencies or outbreaks (including by not limited to COVID-19), or any corporate or governmental order or requirement relating thereto; any provision of any present or future law, regulation or order of a U.S., federal, state, municipal, local, territorial, provincial or other governmental department, regulatory authority, self-regulatory organization or legislative, judicial or administrative body, including any political subdivision thereof, or of any securities depositary or clearing agency; any provision of any order or judgement of any court of competent jurisdiction; riots; interruptions; loss or malfunction of utilities, computers (hardware or software) or communications service, including but not limited to as a result of computer viruses; accidents, strikes or other labor disputes, whether partial or total; acts of civil or military authority or governmental actions or (b) any other causes or events beyond its reasonable control, regardless of whether such causes or events are foreseeable or are of a nature or type described above.

(c) The Distributor, the Trust, and the Transfer Agent/Index Receipt Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine and to have been given by the Participant, provided that (i) such action or inaction is materially consistent with such communication, written or oral instruction, notice, request, direction, or consent, and (ii) such authorization was not previously revoked in writing by the Participant in accordance with Section 9 herein, with such revocation having been received by the Transfer Agent/Index Receipt Agent and the Distributor reasonably prior to the receipt of such communication, written or oral instruction, notice, request, direction or consent.

(d) In the absence of bad faith, gross negligence or willful misconduct on its part, the Transfer Agent/Index Receipt 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. The Transfer Agent/Index Receipt Agent shall not be liable for any error of judgment made in good faith unless in exercising such it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment.

(e) Neither the Participant, the Trust, the Distributor nor the Transfer Agent/Index Receipt Agent shall be liable to another party or to any other person for any damages arising out of mistakes or errors in data provided to the Partcipant, the Trust, the Distributor or the Transfer Agent/Index Receipt Agent by a third party, or out of interruptions or delays of electronic means of communications with the Participant, the Trust, the Distributor or the Transfer Agent/Index Receipt Agent. 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 8(c), unless caused by the Distributor's gross negligence.

(f) The Transfer Agent/Index Receipt Agent shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

15. 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.

16. RECEIPT OF PROSPECTUSES BY PARTICIPANT

The Participant acknowledges receipt of the Prospectuses and represents that it has reviewed and understands the terms thereof.

17. CONSENT TO ELECTRONIC DELIVERY OF PROSPECTUSES

The Participant consents to the delivery of the Prospectus, annual or semi-annual report, or other shareholder information (each, a "<u>Shareholder Document</u>") electronically at <u>Prospectus-ny@ny.email.gs.com</u>. 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 will notify the Participant when a revised, supplemented or amended Prospectus for any Fund is available and deliver or otherwise make available to the Participant copies of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Participant to comply with any obligation it may have to deliver such Prospectus to its customers. As a general matter, the Distributor will make such revised, supplemented or amended Prospectuses available to the Participant no later than its effective date.

The Participant agrees to maintain the e-mail address set forth above and further agrees to promptly notify the Distributor if its e-mail address changes. 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. The Participant may revoke the consent to electronic delivery of the Prospectuses at any time by providing written notice to the Distributor. Until such notice is provided, the Participant can only obtain access to the Shareholder Documents electronically.

 ****

18. 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 facsimile, electronic mail or similar means of same day delivery. Unless otherwise notified in writing, all notices to the Fund or the Trust shall be at the address, telephone number, facsimile numbers or electronic mail address

indicated below the signature of the Distributor, with a copy provided to the Trust via electronic mail sent to _______. All notices to the Participant, the Distributor, and the Transfer Agent/Index Receipt Agent shall be directed to the address or telephone number or electronic mail address indicated below the signature line of such party, except that for any attempt by the Transfer Agent/Index Receipt Agent to contact an Authorized Person of the Participant with respect to, among other things, ambiguous instructions or the suspension or cancellation of an order, the Transfer Agent/Index Receipt Agent agrees to contact the applicable Authorized Person that placed the Purchase Order or Redemption Order or, if such person is unavailable, an available Authorized Person on the same trading desk. A copy of all notices sent to the Participant also shall be sent to:

Goldman Sachs & Co. LLC

Attn: Legal Department – Equities Legal

200 West Street, 15th Floor

New York, NY 10282-2198

Prior to the effectiveness of any change to a Fund's procedures, the Transfer Agent/Index Receipt Agent shall provide notice to Shafiq Perry (Shafiq. Perry@gs.com) and Annette Kelton (Annette.Kelton@gs.com) of Goldman Sachs & Co. LLC or such other contacts as the Participant shall designate from time to time.

19. 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 Trust, 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 parties, 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.

20. GOVERNING LAW

This Section 20 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. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT.

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.

25. NO PROMOTION

Except as required by law, rule, or regulation, each of the Trust (and any Fund), the Distributor, and the Transfer Agent/Index Receipt Agent, solely in its capacity as Transfer Agent/Index Receipt Agent and in relation to this Agreement, agrees that it will not, without the prior written consent of the Participant in each instance, (i) use in advertising or publicity the name of the Participant or any affiliate of the Participant, or any partner or employee of the Participant, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the Participant or its affiliates, or (ii) represent, directly or indirectly, that any product or any service provided by the Trust (and any Fund), the Distributor, or the Transfer Agent/Index Receipt Agent, solely in its capacity as Transfer Agent/Index Receipt Agent and in relation to this Agreement, has been approved or endorsed by the Participant. This provision shall survive termination or expiration of this Agreement.

[*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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| |
|:---|
| &nbsp;&nbsp; <br> **Distributor** |
| &nbsp;&nbsp;By: <u>/s/ Patrick Chism</u> |
| &nbsp;&nbsp; Name: Patrick Chism<br> Title: CEO<br> Address: 223 Wilmington West Chester Pike, Suite 216, Chadds Ford, PA 19317<br> Telephone: 484-840-3711<br> E-mail: patrick@vigilantdistributors.com<br> Date: <br>|
| &nbsp;&nbsp; **GOLDMAN SACHS & CO. LLC** <br> **DTC/NSCC Clearing Participant Code:** |
| &nbsp;&nbsp; <br> By: _________________________________________ |
| &nbsp;&nbsp; Name: _______________________________________<br> Title: ________________________________________<br> Address: _____________________________________<br> Telephone: ___________________________________<br> Facsimile: ____________________________________<br> E-mail: ______________________________________<br> Date: ________________________________________ |

---

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| |
|:---|
| &nbsp;&nbsp;ACCEPTED BY: |
| &nbsp;&nbsp; <br> **U.S. BANCORP FUND SERVICES, LLC** as Transfer Agent/Index Receipt Agent |
| &nbsp;&nbsp; <br> By: __________________________________________  |
| &nbsp;&nbsp; Name: ________________________________________<br> Title: _________________________________________<br> Telephone: ____________________________________<br> E-mail: _______________________________________<br>Date: ________________________________________ |

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| |
|:---|
| &nbsp;&nbsp;ACKNOWLEDGED AND AGREED, WITH RESPECT TO THE PROVISIONS HEREOF APPLICABLE TO THE TRUST: |
| &nbsp;&nbsp;**Trust** |
| &nbsp;&nbsp; <br> By: __________________________________________  |
| &nbsp;&nbsp; Name:<br> Title:<br> Address:<br>Telephone:<br> E-mail:<br> Date: ________________________________________<br>|

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**ATTACHMENT A**

**AUTHORIZED PERSONS**

The following are the names, titles and signatures of all persons (each an "Authorized Person") authorized to give instructions relating to any activity contemplated by this Advisor Managed Portfolios Authorized Participant Agreement, or any other notices, request or instruction on behalf of Participant pursuant to this Authorized Participant Agreement.

For Each Authorized Person:

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| | |
|:---|:---|
| &nbsp;&nbsp;Name: ______________________________ | &nbsp;&nbsp;Name: ______________________________ |
| &nbsp;&nbsp;Title: _______________________________ | &nbsp;&nbsp;Title: _______________________________ |
| &nbsp;&nbsp;Signature: ___________________________ | &nbsp;&nbsp;Signature: ___________________________ |
| &nbsp;&nbsp;Phone: ______________________________ | &nbsp;&nbsp;Phone: ______________________________ |
| &nbsp;&nbsp;Email: ______________________________ | &nbsp;&nbsp;Email: ______________________________ |
| &nbsp;&nbsp;Name: ______________________________ | &nbsp;&nbsp;Name: ______________________________ |
| &nbsp;&nbsp;Title: _______________________________ | &nbsp;&nbsp;Title: _______________________________ |
| &nbsp;&nbsp;Signature: ___________________________ | &nbsp;&nbsp;Signature: ___________________________ |
| &nbsp;&nbsp;Phone: ______________________________ | &nbsp;&nbsp;Phone: ______________________________ |
| &nbsp;&nbsp;Email: ______________________________ | &nbsp;&nbsp;Email: ______________________________ |
| &nbsp;&nbsp;Name: ______________________________ | &nbsp;&nbsp;Name: ______________________________ |
| &nbsp;&nbsp;Title: _______________________________ | &nbsp;&nbsp;Title: _______________________________ |
| &nbsp;&nbsp;Signature: ___________________________ | &nbsp;&nbsp;Signature: ___________________________ |
| &nbsp;&nbsp;Phone: ______________________________ | &nbsp;&nbsp;Phone: ______________________________ |
| &nbsp;&nbsp;Email: ______________________________ | &nbsp;&nbsp;Email: ______________________________ |
| &nbsp;&nbsp;Name: ______________________________ | &nbsp;&nbsp;Name: ______________________________ |
| &nbsp;&nbsp;Title: _______________________________ | &nbsp;&nbsp;Title: _______________________________ |
| &nbsp;&nbsp;Signature: ___________________________ | &nbsp;&nbsp;Signature: ___________________________ |
| &nbsp;&nbsp;Phone: ______________________________ | &nbsp;&nbsp;Phone: ______________________________ |
| &nbsp;&nbsp;Email: ______________________________ | &nbsp;&nbsp;Email: ______________________________ |
| &nbsp;&nbsp;Name: ______________________________ | &nbsp;&nbsp;Name: ______________________________ |
| &nbsp;&nbsp;Title: _______________________________ | &nbsp;&nbsp;Title: _______________________________ |
| &nbsp;&nbsp;Signature: ___________________________ | &nbsp;&nbsp;Signature: ___________________________ |
| &nbsp;&nbsp;Phone: ______________________________ | &nbsp;&nbsp;Phone: ______________________________ |
| &nbsp;&nbsp;Email: ______________________________ | &nbsp;&nbsp;Email: ______________________________ |

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**ANNEX I**

**CREATION UNIT SIZE FOR FUND SHARES**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ticker** | &nbsp;&nbsp;**CUSIP** | &nbsp;&nbsp;**Creation Unit Size** |
| &nbsp;&nbsp;Founders ETF |  |  |  |

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## Ex-99.G

**ETF CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **FOUNDER FUNDS TRUST,** a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and is authorized to issue shares of beneficial interest in separate series advised by one or more investment advisers (each, an "Adviser"), with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Trust desires to retain the Custodian to act as custodian of the cash and securities of each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (each a "Fund" and collectively, the "Funds"); and

WHEREAS, the Board of Trustees (as defined below has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Trust.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

<u>"Authorized Person"</u> means any Officer or person (including an authorized person of one of the Advisers or other agent) who has been designated by written notice as such from the Trust or one of the Advisers or other agent. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust or the Trust's investment advisor or other agent that any such person is no longer an Authorized Person.

<u>"Board of Trustees"</u> shall mean the trustees from time to time serving under the Trust's declaration of trust, as amended from time to time.

<u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

<u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Trust computes the net asset value of Shares of the Fund.

<u>"Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority- owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a 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 Act; the term does not include any Eligible Securities Depository.

<u>"Eligible Securities Depository"</u> shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

<u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

<u>"Foreign Securities"</u> means any investments of the Fund (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect such Fund's transactions in such investments.

<u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.02 below.

<u>"IRS"</u> shall mean the Internal Revenue Service.

<u>"Officer"</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Trust.

<u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

<u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

<u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

<u>"Shares"</u> shall mean, with respect to the Fund, the shares of common stock issued by the Trust on account of the Fund.

"<u>Straight Through Processing</u>" shall have the meaning assigned to it in Section 4.07 of this Agreement.

<u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

<u>"Written Instructions"</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE I. APPOINTMENT OF CUSTODIAN**

<u>Appointment</u>. The Trust hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Trust hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

<u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Trust's declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the Trust's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the resolution of the Board of Trustees of the Trust appointing
the Custodian, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of the current prospectus of the Fund (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A certification of the Chairman or the President and the Secretary of
the Trust setting forth the names and signatures of the current Officers of the Trust and other Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An executed authorization required by the Shareholder Communications Act
of 1985, attached hereto as <u>Exhibit C</u>.

<u>Notice of Appointment of Transfer Agent</u>. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Trust, except if the Trust appoints an affiliate of the Custodian to serve as transfer agent of the Trust, the Custodian hereby waives the Trust's obligation to provide such written notice.

**ARTICLE II.**

**CUSTODY OF CASH AND SECURITIES**

<u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Trust, if applicable) and shall be identified as subject to this Agreement.

<u>Fund Custody Accounts</u>. As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of such Fund which are delivered to it.

<u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, the Custodian may appoint one or more Sub-Custodians to
establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians that are members of
the Sub-Custodian's network to hold Securities and cash of the Fund and to carry out such other provisions of this Agreement as
it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the Fund shall
be at the Custodian's expense and shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian
shall be liable for the actions of any Sub-Custodians (regardless of whether assets are maintained in the custody of a Sub-Custodian,
a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after the initial appointment of Sub-Custodians by the Board of Trustees
in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify
the Trust and make the necessary determinations as to any such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its delegated responsibilities as foreign custody manager
to place or maintain the Fund's assets with a Sub-Custodian, the Custodian will determine that the Fund's assets will be subject
to reasonable care, based on the standards applicable to custodians in the country in which the Fund's assets will be held by that
Sub-Custodian, after considering all factors relevant to safekeeping of such assets, including, without limitation the factors specified
in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The agreement between the Custodian and each Sub-Custodian acting hereunder
shall contain the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the end of each calendar quarter after the date of this Agreement,
the Custodian shall provide written reports notifying the Board of Trustees of the withdrawal or placement of the Securities and cash
of the Fund with a Sub-Custodian and of any material changes in the Fund's arrangements. Such reports shall include an analysis
of the custody risks associated with maintaining assets with any Eligible Securities Depositories. The Custodian shall promptly take such
steps as may be required to withdraw assets of the Fund from any Sub-Custodian arrangement that has ceased to meet the requirements of
Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.03, the Custodian
hereby warrants to the Trust that it agrees to exercise reasonable care, prudence and diligence such as a person having responsibility
for the safekeeping of property of the Fund. The Custodian further warrants that the Fund's assets will be subject to reasonable care
if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation:
(i) the Sub-Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping
custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength
to provide reasonable care for Fund assets; (iii) the Sub-Custodian's general reputation and standing and, in the case of a Securities
Depository, the Securities Depository's operating history and number of participants; and (iv) whether the Fund will have jurisdiction
over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian
in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custodian shall establish a system or ensure that its Sub-Custodian has
established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's assets with a Sub-Custodian
or Eligible Foreign Custodians who are members of a Sub-Custodian's network; (ii) the performance of the contract governing the
Fund's arrangements with such Sub-Custodian or Eligible Foreign Custodian's members of a Sub-Custodian's network; and
(iii) the custody risks of maintaining assets with an Eligible Securities Depository. The Custodian must promptly notify
the Fund or its investment adviser of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian shall use commercially reasonable efforts to collect all
income and other payments with respect to Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected,
to the Trust. In the event that extraordinary measures are required to collect such income, the Trust and Custodian shall consult as to
the measurers and as to the compensation and expenses of the Custodian relating to such measures.

<u>Delivery of Assets to Custodian</u>. The Trust shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

<u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Custodian, on an on-going basis, shall deposit in a Securities Depository
or Book- Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System
to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements
of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Securities of the Fund kept in a Book-Entry System or Securities Depository
shall be kept in an account ("Depository Account") of the Custodian in such Book-Entry System or Securities Depository which
includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The records of the Custodian with respect to Securities of the Fund maintained
in a Book-Entry System or Securities Depository shall, by book-entry, identify such Securities as belonging to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If Securities purchased by the Fund are to be held in a Book-Entry System
or Securities Depository, the Custodian shall pay for such Securities upon (i) receipt of advice from the Book-Entry System or Securities
Depository that such Securities have been transferred to the Depository Account, and (ii) the making of an entry on the records of the
Custodian to reflect such payment and transfer for the account of the Fund. If Securities sold by the Fund are held in a Book-Entry System
or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book- Entry System or Securities
Depository that payment for such Securities has been transferred to the Depository Account, and (ii) the making of an entry on the records
of the Custodian to reflect such transfer and payment for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Custodian shall provide the Trust with copies of any report (obtained
by the Custodian from a Book-Entry System or Securities Depository in which Securities of the Fund are kept) on the internal accounting
controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Notwithstanding anything to the contrary in this Agreement, the Custodian
shall be liable to the Trust for any loss or damage to the Fund resulting from (i) the use of a Book-Entry System or Securities Depository
by reason of any gross negligence or willful misconduct on the part of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian
or any Sub-Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities Depository. At its election,
the Trust shall be subrogated to the rights of the Custodian with respect to any claim against a Book- Entry System or Securities Depository
or any other person from any loss or damage to the Fund arising from the use of such Book-Entry System or Securities Depository, if and
to the extent that the Fund has not been made whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) With respect to its responsibilities under this Section 3.05 and pursuant
to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the Trust that it agrees to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) provide, promptly upon request by the Trust, such reports as are available concerning the Custodian's internal accounting controls and financial strength, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

<u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) For the purchase of Securities for the Fund but only in accordance with
Section 4.01 of this Agreement and only (i) in the case of Securities (other than options on Securities, futures contracts and options
on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities registered as provided in Section
3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities
Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery
to the Custodian (or any Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii)
in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence
of title thereto in favor of the Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase
agreements entered into between the Trust and a bank that is a member of the Federal Reserve System or between the Trust and a primary
dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting
the Custodian's account at a Book-Entry System or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) In connection with the conversion, exchange or surrender, as set forth
in Section 3.07(f) below, of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) For the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) In payment of the repurchase price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) For the payment of any expense or liability incurred by the Fund, including,
but not limited to, the following payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting,
auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Fund; in all cases, whether or not such
expenses are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) For transfer in accordance with the provisions of any agreement among
the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of
the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations)
regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) For transfer in accordance with the provisions of any agreement among the
Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules
of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account
deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) For the funding of any uncertificated time deposit or other interest-bearing
account with any banking institution (including the Custodian), which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) For any other proper purpose, but only upon receipt, in addition to Written
Instructions, declaring such purpose to be a proper trust purpose, and naming the person or persons to whom such payment is to be made.

<u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Upon the sale of Securities for the account of the Fund but only against
receipt of payment therefor in cash, by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) In the case of a sale effected through a Book-Entry System or Securities
Depository, in accordance with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To an offeror's depository agent in connection with tender or other similar offers for Securities
of the Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian,
or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing
the same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To the broker selling the Securities, for examination in accordance with the "street delivery"
custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
or readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to
any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository
receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered
into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in
any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) For delivery in connection with any loans of Securities of the Fund, but only against receipt of such
collateral as the Trust shall have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets
by the Trust, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization
of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a
broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation
and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements
in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading
Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) For any other proper corporate purpose, but only upon receipt , in addition to Written Instructions,
specifying the Securities to be delivered, declaring such purpose to be a

proper trust purpose, and naming the person or persons to whom delivery of such Securities shall be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian's own gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Trust, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 9.04 below, collect on a timely basis all income and
other payments to which the Fund is entitled either by law or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 9.04 below, collect on a
timely basis the amount payable upon all Securities that may mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of the Fund, checks, drafts and other
negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form for Securities
in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as custodian, any necessary declarations or certificates of ownership
under the federal income tax laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and
submit reports to the IRS and the Trust at such time, in such manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for the Fund, either directly or, with respect to Securities held
therein, through a Book-Entry System or Securities Depository, all rights and similar Securities issued with respect to Securities of
the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Written Instructions,
attend to all non- discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with
Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to any ADRs the Fund may purchase and own and which the Custodian custodies on the Funds behalf, the Fund understands
that the holding of American Depository Receipts (" <u>ADRs</u> ") may require the disclosure of the beneficial ownership information
(Name, Address, TIN/SSN, Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in foreign jurisdictions
to avoid tax penalties and to obtain the most preferential tax treatment for the Fund. The Fund acknowledges and consents to any and all
disclosures or releases of beneficial information, described above, by the Custodian to any third parties relating to ADRs and release,
hold harmless, and indemnify the Custodian from any liability for doing so.

<u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof.

The records of the Custodian with respect to the Trust's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

<u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Custodian shall maintain complete and accurate records with respect
to Securities, cash or other property held for the Fund, including (i) journals or other records of original entry containing an itemized
daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other
records) reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and monies and
Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest
received, and (E) dividends receivable and interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records
relating to its activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund as
the Trust shall reasonably request, or as may be required by the 1940 Act, including, but not limited to, Section 31 of the 1940 Act and
Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All such books and records maintained by the Custodian shall (i) be maintained
in a form acceptable to the Trust and in compliance with the rules and regulations of the SEC, (ii) be the property of the Trust and at
all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers,
employees or agents of the Trust and employees or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940
Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2 under the 1940 Act.

<u>Fund Reports by Custodian</u>. The Custodian shall furnish the Trust with a daily activity statement a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

<u>Other Reports by Custodian</u>. As the Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

<u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities which are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

<u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE III.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

<u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

<u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

<u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

<u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

<u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

<u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Trust to facilitate the settlement of the Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

<u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security
instructions received by Custodian via online portal, SWIFT, secure file transfer protocol, or equivalent method in an automated, electronic
process without manual review by Custodian ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (1) acknowledges and agrees that it is solely responsible for
and assumes all risks and liabilities associated with instructions given to Custodian regarding any transactions eligible for Straight
Through Processing and (2) understands that any non- repetitive wire instructions concerning cash or securities to be transferred out
of Custodian or to a different entity will be deemed not eligible for Straight Through Processing. Such non-repetitive wire instructions
may be subject to a call back process in order to obtain further verification and/or additional authorized
direction or other documentation as reasonably requested for verification purposes by Custodian.

**ARTICLE IV. REDEMPTION OF FUND SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Written Instructions specifying that the funds are required to repurchase Shares of the Fund, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Trust may designate.

<u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or brokerdealer pursuant to- Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or brokerdealer-.

**ARTICLE V. SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement among the Trust, the
Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission merchant registered under
the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national
securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or
organizations, regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection with securities
options purchased or written by the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the
Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for purposes of compliance by the Fund with requirements under the 1940
Act for the maintenance of segregated accounts by registered investment companies in connection with reverse repurchase agreements and
when-issued, delayed delivery and firm commitment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for other proper trust purposes, but only upon receipt of Written Instructions,
setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper trust purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VI. COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 <u>Overdrafts</u>. The Trust is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time)

**ARTICLE VII. REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Representations and Warranties of the Trust</u>. The Trust hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of
its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the
Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance
with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights
and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with
all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business
as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It, on behalf of itself and any of its agents and/or intermediaries who
may initiate and deliver Straight Through Processing instruction(s) to Custodian and its operations group, has been granted the authority
to provide the direction as required hereunder, and that such instruction meets all applicable requirements hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of
its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a U.S. Bank as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered by the
Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance in all material respects with
all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business
as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

**ARTICLE VIII. CONCERNING THE CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud, or for any loss suffered by the Trust in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub- Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Trust of any action taken or omitted by the Custodian pursuant to advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's reports on Form N-SAR, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Trust of any other requirements of the SEC.

**ARTICLE IX. INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Indemnification by Trust</u>. The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the request or direction of or in reliance on the advice of the Trust, (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Trust or Fund as a result of Straight Through Processing, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub- Custodian shall be indemnified and held harmless from and against any such claim, demand, loss,

expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Trust from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Trust's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other party for
consequential, special or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article shall indefinitely survive the
termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the indemnification provisions contained in this Article
X shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor
shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the
indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to
present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim
that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon
the indemnitor shall

take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

**ARTICLE X. FORCE MAJEURE**

Neither the Custodian nor the Trust shall be 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 God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XI.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust, all non-public records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Trust if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Trust. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 Further, the Custodian will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 The Trust agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Trust, provided that the Trust will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05 This Article shall survive the termination of this Agreement.

**ARTICLE XII. EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 <u>Effective Period</u>. This Agreement shall become effective as of the last date on the signature page and will continue in effect for a period of three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the initial term, this Agreement shall automatically renew for successive one

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 13.03, this Agreement may be terminated by either party
(in whole or with respect to one or more Funds) upon giving 90 days' prior written notice to the other party or such shorter notice
period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian may terminate this Agreement immediately (in whole or with
respect to one or more Funds) if the continued service of such Funds or the Trust would cause the Custodian or any of its affiliates to
be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction,
provided that in such event the Custodian shall, to the extent it is legally permitted and able to do so, provide reasonable assistance
to transition such Funds or the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be terminated by any party upon the breach of the other
party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust may, at any time, immediately terminate this Agreement in the
event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event
at the direction of an appropriate regulatory agency or court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 <u>Early Termination</u>. In the absence of any material breach of this agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the life of the Agreement, including the repayment
of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All miscellaneous fees associated with converting services to a successor
service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All fees associated with any record retention and/or tax reporting obligations
that may not be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All miscellaneous costs associated with a) through c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Trustees, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Trust shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by

the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which the Custodian has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Trust on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company (i) is a "bank" as defined in the 1940 Act, and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the Trust.

**ARTICLE XIV. CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund(s) involving any class action litigation that impacts any security the Fund(s) may have held during the class period. The Trust agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Trust acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Trust may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund(s) or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund(s).

**ARTICLE XV. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 <u>Compliance with Laws</u>. The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Board of Trustee's oversight responsibility with respect thereto. The Trust shall immediately notify the Custodian if the investment strategy of any Fund materially changes or deviates from the investment strategy disclosed in the current prospectus, or if it (or any Fund) becomes subject to

any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Trust or any Fund or the services provided under this Agreement. Further, the Trust agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Trust of their primary day-to-day responsibility for assuring such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Trust, and authorized or approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of the Custodian, or by the Custodian without the written consent of the Trust accompanied by the authorization or approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.04 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services Fax: 844.206.1025

Email: <u>Trust.-.Fund.Custody.Conversion.Team@usbank.com</u>

Notice to the Trust shall be sent to:

Founder Funds Trust

25 Highland Park Village, Suite 100-587

Dallas, TX 75205

Attn: Michael Monaghan

Email: <u>michael@founderfunds.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 <u>References to Custodian</u>. The Trust shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Trust shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FOUNDER FUNDS TRUST** | &nbsp;&nbsp;**U.S. BANK NATIONAL ASSOCIATION** |
| &nbsp;&nbsp;By: <u>/s/ Michael C. Monaghan</u> | &nbsp;&nbsp;By: <u>/s/ Greg Farley</u> |
| &nbsp;&nbsp;Name: Michael C. Monaghan | &nbsp;&nbsp;Name: Greg Farley |
| &nbsp;&nbsp;Title: Director | &nbsp;&nbsp;Title: Senior Vice President |
| &nbsp;&nbsp;Date: September 22, 2025 | &nbsp;&nbsp;Date: September 25, 2025 |

---

<u>**EXHIBIT A**</u>

**Custody Agreement**

Separate Series of Founder Funds Trust

<u>Name of Series</u>

Founders 100 ETF

<u>**EXHIBIT B**</u>

**Custody Agreement Fee Schedule**

**Base Fee for Custody Services**

The following reflects the greater of the basis point fee or annual minimum where Adviser acts as investment adviser to the fund(s) in the same registered investment company.

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| | |
|:---|:---|
| Annual Minimum per Fund<sup>1</sup> | Basis Points on Trust AUM<sup>1</sup> |
| $5000 | First $1b 0.75 bp |
|  | Balance 0.50 bp |

---

See **Appendix C** for Services and Associated Fees in addition to Base Fee

See **Appendix D** for Global Sub-Custodial Services & Safekeeping Services in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two- year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (*e.g*., compliance with new derivatives risk management and reporting requirements).

1 Subject to annual CPI increase: All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**APPENDIX C**

**Custody Services in addition to the Base Fee** 

**Portfolio Transaction Fees<sup>1</sup>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $4.00 – Book entry DTC transaction, Federal Reserve transaction, principal paydown

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $7.00 – Repurchase agreement, reverse repurchase agreement, time
deposit/CD or other non- depository transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $8.00 – Option/SWAPS/future contract written, exercised or expired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $15.00 – Mutual fund trade, Margin Variation Wire and outbound Fed wire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $50.00 – Physical security transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $5.00 – Check disbursement (waived if U.S. Bancorp is Administrator)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $20 Manual instructions fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $20 Cancellation/Repair fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $15 Per Non-USD wire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $30 Per 3<sup>rd</sup> party FX settled at U.S. Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $25 Monthly charge on zero valued securities (Per ISIN)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $20 Per Proxy Vote cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $25 Dormant account fee (one year no activity)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

<sup>1</sup> "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades.

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

Additional Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Additional fees apply for global servicing. Fund of Fund expenses quoted separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $600 per custody sub – account per year (e.g., per sub –adviser, segregated account, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Class Action Services – $25 filing fee per class action per account,
plus 3% of gross proceeds, up to a maximum per recovery not to exceed $3,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ No charge for the initial conversion free receipt if fund is converting
from another service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $50 per SMA converting into the fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Overdrafts – charged to the account at prime interest rate plus
2%, unless a line of credit is in place

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Third Party lending - Additional fees will apply

**APPENDIX D**

**Additional Global Sub-Custodial Services Annual Fee Schedule** 

**Global Custody Base Fee**

A monthly base fee of $500 per fund will apply when foreign securities are held. If no global assets are held within a given month, the monthly base charge will not apply for that month. In addition, the follow may apply. Safekeeping and transaction fees are assessed on security and currency transactions.

**Plus: Global Custody Transaction Fees<sup>1</sup>**

Global Custody transaction fees associate with Sponsor Trades<sup>2</sup>. (See schedule below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A transaction is defined as any purchase/sale, free receipt / free delivery,
maturity, tender or exchange of a security.

**Global Safekeeping and Transaction Fees**

(See schedule below)

**Global Custody Tax Reclamation Services:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Global Filing: $500 per annum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ U.S. Domestic Filing: $250 per annum (Only ADRs)

&nbsp;&nbsp;&nbsp;&nbsp;■ 3<sup>rd</sup> Party Tax Service Provider: $15,000 per annum (does not
include out of pocket expenses incurred in the fulfillment of requests from the 3<sup>rd</sup> party)

&nbsp;&nbsp;&nbsp;&nbsp;■ Any client who does not elect for U.S. Bank Global Custody/3<sup>rd</sup>
Party Tax Services, but elects to pursue relief themselves, would be charged for out of pocket expenses incurred in the fulfillment of
the requests.

**Miscellaneous Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Charges incurred by U.S. Bank, N.A. directly or through sub-custodians
for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions,
postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications,
recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the
client or its clients is investing will be passed along as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A surcharge may be added to certain miscellaneous expenses listed herein
to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain
expenses are charged at a predetermined flat rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ SWIFT reporting and message fees.

<sup>1</sup>"Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades."

**Additional Global Sub-Custodial Services Annual Fee Schedule**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Country** | &nbsp;&nbsp;&nbsp;**Safekeeping (BPS)** | &nbsp;&nbsp;&nbsp;**Transactio n fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Country** | &nbsp;&nbsp;&nbsp;**Safekeepin g (BPS)** | &nbsp;&nbsp;&nbsp;**Transactio n fee** | &nbsp;&nbsp;&nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Safekeeping (BPS)** | &nbsp;&nbsp;&nbsp;**Transactio n fee** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;Hong Kong | 1.75 | $18 | &nbsp;&nbsp;Poland | 8.00 | &nbsp;&nbsp;$25 |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$15 | &nbsp;&nbsp;Hungary | 18.00 | $55 | &nbsp;&nbsp;Portugal | 3.00 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;Iceland | 15.00 | $48 | &nbsp;&nbsp;Qatar | 38.00 | &nbsp;&nbsp;$115 |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;42.00 | &nbsp;&nbsp;$115 | &nbsp;&nbsp;India | 7.00 | $40 | &nbsp;&nbsp;Romania | 30.00 | &nbsp;&nbsp;$85 |
| &nbsp;&nbsp;Bangladesh | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;Indonesia | 6.00 | $52 | &nbsp;&nbsp;Russia | 12.00 | &nbsp;&nbsp;$175 |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Ireland | 1.00 | $3 | &nbsp;&nbsp;Saudi Arabia | 30.00 | &nbsp;&nbsp;$75 |
| &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Israel | 10.00 | $26 | &nbsp;&nbsp;Serbia | 60.00 | &nbsp;&nbsp;$165 |
| &nbsp;&nbsp;Botswana | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Italy | 1.00 | $10 | &nbsp;&nbsp;Singapore | 1.35 | &nbsp;&nbsp;$22 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;$15 | &nbsp;&nbsp;Japan | 1.00 | $6 | &nbsp;&nbsp;Slovakia | 20.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Bulgaria | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;$68 | &nbsp;&nbsp;Jordan | 40.00 | $125 | &nbsp;&nbsp;Slovenia | 20.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;$6 | &nbsp;&nbsp;Kenya | 28.00 | $42 | &nbsp;&nbsp;South Africa | 1.75 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Chile | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Kuwait | 38.00 | $110 | &nbsp;&nbsp;South Korea | 3.00 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;China<br> Connect | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Latvia | 15.00 | $65 | &nbsp;&nbsp;Spain | 1.00 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;China (B<br> Shares) | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;$42 | &nbsp;&nbsp;Lithuania | 15.00 | $45 | &nbsp;&nbsp;Sri Lanka | 11.00 | &nbsp;&nbsp;$70 |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;Luxembourg | 1.25 | $20 | &nbsp;&nbsp;Sweden | 1.25 | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;Costa Rica | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Malaysia | 3.00 | $35 | &nbsp;&nbsp;Switzerland | 1.25 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Croatia | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;Malta | 20.00 | 65 | &nbsp;&nbsp;Taiwan | 8.00 | &nbsp;&nbsp;$43 |
| &nbsp;&nbsp;Cyprus | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Mauritius | 28.00 | $90 | &nbsp;&nbsp;Tanzania | 45.00 | &nbsp;&nbsp;$150 |
| &nbsp;&nbsp;Czech<br> Republic | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;Mexico | 2.50 | $12 | &nbsp;&nbsp;Thailand | 3.00 | &nbsp;&nbsp;$25 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Morocco | 28.00 | $68 | &nbsp;&nbsp;Tunisia | 38.00 | &nbsp;&nbsp;$42 |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;Namibia | 30.00 | $45 | &nbsp;&nbsp;Turkey | 9.00 | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Estonia | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;Netherlands | 1.25 | $8 | &nbsp;&nbsp;UAE | 35.00 | &nbsp;&nbsp;$105 |
| &nbsp;&nbsp;Euroclear<br> (Eurobonds) | <br> 1.00 | <br> $10 | &nbsp;&nbsp;New Zealand | 1.50 | $22 | &nbsp;&nbsp;Uganda | 40.00 | &nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Euroclear (Non- Eurobonds) | &nbsp;&nbsp;Rates are available upon request | Rates are available upon<br> request | &nbsp;&nbsp;Nigeria | 28.00 | $38 | &nbsp;&nbsp;Ukraine | 30.00 | &nbsp;&nbsp;$50 |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;$10 | &nbsp;&nbsp;Norway | 1.25 | $10 | &nbsp;&nbsp;United<br> Kingdom | 1.00 | &nbsp;&nbsp;$3 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Oman | 42.00 | $100 | &nbsp;&nbsp;Uruguay | 45.00 | &nbsp;&nbsp;$55 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;$8 | &nbsp;&nbsp;Pakistan | 24.00 | $75 | &nbsp;&nbsp;Vietnam | 20.00 | &nbsp;&nbsp;$80 |
| &nbsp;&nbsp;Ghana | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;Panama | 65.00 | $98 | &nbsp;&nbsp;West African Economic Monetary Union<br> (WAEMU)\* | 38.00 | &nbsp;&nbsp;$130 |
| &nbsp;&nbsp;Greece | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;Peru | 30.00 | $60 | &nbsp;&nbsp;Zambia | 28.00 | &nbsp;&nbsp;$45 |
|  |  |  | &nbsp;&nbsp;Philippines | 3.50 | $38 | &nbsp;&nbsp;Zimbabwe | 28.00 | &nbsp;&nbsp;$45 |

---

\*Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network

Non Eurobonds rate sheet – below rate is applied on ISINs held at Euroclear plus (in addition to standard 1 basis point charge.) Non Eurobond rate is calculated on any ISIN code listed below held at Euroclear at month end.

---

| | | |
|:---|:---|:---|
| <br> **Market** | &nbsp;&nbsp; <br> **Non Eurobond ISIN code** | &nbsp;&nbsp;&nbsp; <br> **Non Eurobond Rate ISINs held at EOC\*** |
| ARGENTINA | AR | 15 |
| AUSTRALIA | AU | 2 |
| BELGIUM | BE | 2 |
| CANADA | CA | 2 |
| CHILE | CL | 9 |
| CZECH REPUBLIC | CZ | 10 |
| DENMARK | DK | 3 |
| FINLAND | FI | 3.5 |
| FRANCE | FR | 1.5 |
| GERMANY | DE | 2 |
| GREECE | GG | 35 |
| HOLLAND | NL | 1.5 |
| HONG KONG | HK | 1.5 |
| HUNGARY | HU | 10 |
| ISRAEL | IL | 17 |
| ITALY | IT | 2.5 |
| JAPAN | JP | 3 |
| LUXEMBOURG | LU | 1.5 |
| MEXICO | MX | 6 |
| NEWZEALAND | NZ | 2 |
| NORWAY | NO | 5 |
| PERU | PE | 9 |
| POLAND | PL | 10 |
| PORTUGAL | PT | 5 |
| ROMANIA | RO | 11 |
| RUSSIA | RU | 10 |
| SINGAPORE | SG | 2 |
| SLOVAK REPUBLIC | SK | 10 |
| SLOVENIA | SI | 10 |
| SPAIN | ES | 3 |
| SOUTH-AFRICA | ZA | 2 |
| SWEDEN | SE | 3 |
| SWITZERLAND | CH | 3 |
| THAILAND | TH | 8 |
| UNITED KINGDOM | GB | 2 |
| UNITED STATES | US | 3 |

---

<u>**EXHIBIT C**</u>

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION FOUNDER FUNDS TRUST**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities in the U.S. and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.*

 

---

| | | |
|:---|:---|:---|
| x | YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | |
|:---|:---|
| NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

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**FOUNDER FUNDS TRUST**

By: <u>/s/ Michael C. Monaghan</u>

Name: Michael C. Monaghan

Title: Director

Date: September 22, 2025

## Ex-99.H

**FUND SERVICING AGREEMENT**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into effective as of the last day written on the signature page by and between **FOUNDER FUNDS TRUST**, a Delaware statutory trust (the "<u>Trust</u>") and **U.S. BANCORP FUND SERVICES, LLC (d/b/a U.S. Bank Global Fund Services)**, a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, 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, and 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; and

WHEREAS, USBGFS is, among other things, in the business of providing administration, accounting, and transfer agency functions for the benefit of its customers; and

WHEREAS, the Trust desires to retain USBGFS to provide certain services, as expressly delineated and limited herein, to each mutual fund series ("Fund Series") and each exchange traded fund series ("ETF Series") of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (collectively, the "<u>Funds</u>"); and

WHEREAS, each ETF Series issues shares of beneficial interest ("Shares") for each ETF Series. The Shares shall be created and redeemed in bundles called "Creation Units." The Trust, on behalf of the ETF Series, shall create and redeem Shares of each ETF Series only in Creation Units principally in kind or in cash for portfolio securities of the particular ETF Series ("Deposit Securities"), as more fully described in the current prospectus and statement of additional information of a ETF Series, included in the Trust's registration statement on Form N-1A; and as authorized under the Order of Exemption granted by the Securities and Exchange Commission. Only brokers or dealers that are "Authorized Participants" and that have entered into an Authorized Participant Agreement with the ETF Series' Distributor (the "Distributor"), acting on behalf of the Trust, shall be authorized to create and redeem Shares in Creation Units from the Trust. The Trust wishes to engage USBGFS to perform certain services on behalf of the Trust with respect to the creation and redemption of Shares, as the Trust's agent, namely to provide transfer agent services for Shares of each ETF Series; and to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation ("NSCC")) with respect to the settlement of trade orders with Authorized Participants. The Trust has engaged

U.S. Bank, National Association (the "Custodian") to provide custody services under the terms of a Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for Shares and the redemption of Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each ETF Series. The Trust will ordinarily issue for purchase and redeem Shares only in aggregations of Shares known as Creation Units (at least 25,000 Shares) principally in kind or in cash. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee Cede & Company, will be the registered owner (the "Shareholder") of all Shares.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment of USBGFS as Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby appoints USBGFS as a service provider to the Trust on
the terms and conditions set forth in this Agreement, and USBGFS hereby accepts such appointment and agrees to perform the services and
duties set forth on <u>Exhibit B</u> (the " <u>Services</u> ") in accordance with the terms and conditions of this Agreement.
The services and duties of USBGFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by
or may be asserted against USBGFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall not be bound by any Trust policies or procedures, or changes
thereto, that purport to impose any additional duties, obligations, or care on USBGFS other than as expressly set forth herein, or that
purport to affect in any way the Services or the manner in which they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Services set forth herein may not be modified or enlarged by implication
or course of dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS may use its affiliates to provide any of the Services. Any such
affiliate shall be held to the same standard of care as USBGFS would be under this Agreement, and USBGFS shall be responsible for the
provision of such Services to the same extent as if provided by USBGFS. The Trust consents to the use of such affiliates and to USBGFS
providing to such affiliates any information regarding the Trust or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS reserves the right to make changes from time
to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust or its agent shall furnish to USBGFS the data necessary to
perform the Services described herein at such times and in such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust may from time-to-time request that USBGFS modify its internal
operating procedures with respect to the provision of the Services, which request shall be provided in writing by a duly authorized officer
of the Trust or by any other person authorized by the Trust to provide such request. USBGFS is under no obligation to agree to such modifications.
If USBGFS agrees to comply with such request, then it shall be entitled to follow such modified operating procedure without further inquiry
or diligence, and its actions or inactions in connection with following such modified operated procedures shall be deemed to be within
its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Compensation.

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit C</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit C</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of one and one-half percent (1½%) per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;3. License of Data; Warranty; Termination of Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS has entered into agreements with various data service providers
(each, a " <u>Data Provider</u> "), including, without limitation, MSCI index data services (" <u>MSCI</u> "), Standard
& Poor Financial Services LLC (" <u>S&P</u> "), Morningstar, Broadridge, FTSE, ICE, and Confluence Technologies to provide
data services that may include, without limitation, index returns and pricing information (collectively, the " <u>Data</u> ")
to facilitate the services provided by USBGFS to each Fund. These Data Providers have required USBGFS to include certain provisions regarding
the use of the Data in this Agreement attached hereto as <u>Exhibit D</u>. The Data is being licensed, not sold, to the Trust. The Trust
has a limited license to use the Data only for purposes necessary for valuing each Fund's assets and making any required reporting
relating thereto (the " <u>License</u> "). The Trust does not have any license or right to use the Data for purposes outside
the scope of this Agreement including, but not limited to, resale to other users or for use in creating any type of historical database.
The Trust acknowledges and agrees that certain Data Providers may also require the Trust or one or more Funds to enter into an agreement
directly with the Data Provider for the use of that Data Provider's Data. The provisions in <u>Exhibit D</u> shall not have any
effect upon the standard of care and liability USBGFS has set forth in <u>Section 10</u> of this Agreement. The Trust acknowledges the
proprietary rights that USBGFS and its Data Providers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES,
EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE FOR ANY OF THE DATA
ACCESSED BY THE TRUST OR ANY OF ITS SERVICE PROVIDERS OR AGENTS AND USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may stop supplying some or all Data to the Fund if USBGFS'
Data Providers terminate any agreement to provide Data to USBGFS. Also, USBGFS may stop supplying some or all Data to the Fund if USBGFS
reasonably believes that the Fund is using the Data in violation of the License, or breaching its duties of confidentiality provided for
hereunder, or if any of USBGFS' Data Providers demand that the Data be withheld from the Fund. USBGFS will provide notice to the
Fund of any termination of provision of Data as soon as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust agrees to indemnify and hold harmless USBGFS, its Data Providers,
and any other third party involved in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective
directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable
attorneys' fees and costs, as incurred, arising in and any manner out of the Trust's or any third party's use of, or
inability to use, the Data or any breach by the Trust of any provision contained in this Agreement regarding the Data. The immediately
preceding sentence shall not have any effect upon the standard of care and liability of USBGFS as set forth in <u>Section 10</u> of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS has entered into agreements with Bloomberg Finance L.P. (" <u>Bloomberg</u> ")
to provide data (the " <u>N-PORT Data</u> ") for use in or in connection with the reporting requirements under Rule 30b1-9,
including preparation and filing of Form N-PORT. In connection with the provision of the N-PORT Data, Bloomberg requires the following
provisions to be included in the Agreement:

The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the N-PORT Data, (b) not extract the N-PORT Data from the view-only portal, (c) not use the N-PORT Data for any purpose independent of complying with the requirements of Rule 30b1-9 (which prohibition shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available enterprise-wide for the Trust's internal use)), (d) permit audits of its use of the N-PORT Data by Bloomberg, its affiliates or, at the Trust's request, a mutually agreed upon third party auditor (provided that the costs of an audit by a third party shall be borne by the Trust), and (e) exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the N-PORT Data (including expressly disclaiming all warranties). The Trust further agrees that Bloomberg shall be a third party beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (e).

&nbsp;&nbsp;&nbsp;&nbsp;4. Lost Shareholder Due Diligence Searches and Servicing.

The Trust hereby acknowledges that USBGFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities

Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). Costs associated with such searches will be passed through to the Trust as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit C</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes USBGFS to conduct a more in-depth search in order to seek to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder. There can be no guarantee that any in-depth search will be successful.

&nbsp;&nbsp;&nbsp;&nbsp;5. Anti-Money Laundering and Red Flag Identity Theft Prevention Programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust acknowledges that it had an opportunity to review, consider
and approve the written procedures provided by USBGFS describing various processes used by USBGFS which are designed to promote the detection
and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well
as written procedures for verifying a customer's identity (collectively, the " <u>Procedures</u> "). Further, the Trust
has determined that the Procedures, as part of the Trust's overall anti-money laundering program and identity theft prevention program
responsibilities, are reasonably designed to help: (i) prevent the Trust from being used for money laundering or the financing of terrorist
activities; (ii) prevent identity theft; 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;(iii) achieve compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act of 2001, the Fair and Accurate Credit Transactions Act of 2003, and the implementing regulations thereunder (together "<u>AML Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust hereby instructs and directs USBGFS to implement the Procedures,
as applicable, on the Trust's behalf, as such may be amended from time to time. It is contemplated that these Procedures will be
amended from time to time by USBGFS and any such amended Procedures will be provided to the Trust. Should the Trust desire that USBGFS
perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in
writing in the attached fee schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that although it is directing USBGFS
to implement the Procedures on its behalf, USBGFS is implementing the Procedures as a service provider to the Trust and the Trust is and
remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer
identification, identity theft prevention, economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such
as, the establishment and adoption by the Trust's board of Trustees (the "Board") of the Trust's own formal anti-money
laundering program and the designation of its own anti-money laundering officer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust further acknowledges and agrees that certain portions of the
Procedures are applicable to certain products, entities, structures, or geographies and, accordingly, certain portions of the Procedures
may not be implemented with respect to the Trust. The Trust has had the opportunity to discuss the Procedures with USBGFS, and the Trust
understands and agrees which portions of the Procedures may not be implemented on behalf of the Trust. Without limitation of the foregoing,
USBGFS shall not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary
or dealer-controlled customer accounts (i.e., level 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing
Corporation) and other fund client relationships where there is a sub-transfer agency or similar arrangement between the Trust and the
intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Trust hereby directs, and USBGFS acknowledges, that USBGFS shall (i)
permit federal regulators access to such information and records maintained by USBGFS and relating to USBGFS' implementation of
the Procedures, on behalf of the Trust, as they may request, and (ii) permit such federal regulators to inspect USBGFS' implementation
of the Procedures on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;6. Pricing of Portfolio Positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each valuation date, obtain prices from a pricing source as instructed
to USBGFS by an individual authorized by the applicable Fund or its appointed Valuation Designee and apply those prices to the portfolio
positions. For those securities where market quotations are not readily available, the Fund's Valuation Designee, or another person
authorized by the Fund or the Valuation Designee, will be responsible to supply USBGFS with valuations. The Fund's appointed Valuation
Designee(s) is (are) responsible for the accuracy of the lists supplied to USBGFS of pricing sources and the list of individuals authorized
to designate pricing sources or valuations on behalf of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If one or more of the primary pricing sources for the portfolio positions
of the Fund is unavailable when needed, USBGFS may use an alternative pricing source identified by USBGFS on a temporary basis. In such
event the alternative price is subject to the review and approval of the Trust, and the Trust shall promptly notify USBGFS of any desired
changes to such alternative price. USBGFS shall not have any liability for the use of such alternative price so long as it has met its
standard of care under <u>Section 10</u> with respect to the selection of such alternative pricing source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Fund desires to provide a price for a portfolio position that
 varies from the price provided by the pricing source, the Fund shall promptly notify and supply USBGFS with the price of any such
 security on each valuation date. All pricing changes made by the Fund will be in writing and must specifically identify the
 securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which
 the new price(s) is/are effective. In such case USBGFS shall apply the price provided
by the Fund without further investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In the event that the Fund at any time receives Data containing price
evaluations, rather than market quotations, for certain securities or certain other data related to such securities, the following provisions
will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. evaluated securities are typically complicated financial instruments.
There are many methodologies (including computer-based analytical modeling and individual security evaluations) available to generate
approximations of the market value of such securities, and there is significant professional disagreement about which method is best.
No evaluation method may consistently generate approximations that correspond to actual traded prices of the securities;

&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. methodologies used to provide the pricing portion of certain Data may
rely on evaluations; however, the Trust acknowledges that there may be errors or defects in the software, databases, or methodologies
generating the evaluations that may cause resultant evaluations to be inappropriate for use in certain applications; 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;iii. the Trust assumes all responsibility for edit checking, external verification
of evaluations, and ultimately the appropriateness of using Data containing evaluations, regardless of any efforts made by USBGFS and
its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Neither USBGFS, nor any of its employees, agents or suppliers is acting
as the valuation designee within the meaning of Rule 2a-5 under the 1940 Act in respect of any Fund, and USBGFS shall not have any obligation
for making fair value determinations or to investigate or verify the accuracy or appropriateness of any prices, evaluations, market quotations,
or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or any pricing service approved by
the Board, or fair values obtained from the Board or its valuation designee. USBGFS may perform certain tests on pricing data received
each day, on a limited basis, which may include day over day tolerance breaks, NAV impact price analysis, and stale price testing, based
on the availability of data from data vendors. However, such tests are limited, are not intended or designed to determine whether any
price is fair or appropriate, and do not replace the valuation designee's responsibility for the appropriateness of prices used
in calculating the NAV of each Fund. Valuations received from a pricing source employed by the Trust, a Fund, or a Fund's investment
adviser, or from calculation models that are based on inputs or data delivered to these sources from individuals associated with a Fund
or the Fund's investment adviser, are not subject to these tests and will be utilized as instructed by the valuation designee. The
Trust acknowledges that the same or similar positions held by a Fund may be valued differently by other customers of USBGFS and that USBGFS
is not under

any obligation to compare such prices or notify the Trust or the Fund of any such discrepancies. Notwithstanding anything else in this Agreement to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;7. Changes in Accounting Procedures.

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Trust, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;8. Representations & Warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby represents and warrants to USBGFS, which representations
and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing under the laws of the jurisdiction of
its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly authorized, executed and delivered by the
Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance
with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights
and remedies of creditors and secured parties;

&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 conducting its business in compliance in all material respects
with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its
business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws
or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&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. A registration statement under the 1940 Act and, if applicable, the Securities
Act of 1933, as amended (the " <u>Securities Act</u> "), will be made effective prior to the effective date of this Agreement
and will remain effective during the term of this Agreement, and appropriate state securities law filings will be made prior to the effective
date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Trust to make a continuous
public offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. All records of the Trust provided to USBGFS by the Trust or by any prior
or present service provider of the Trust are accurate and complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS hereby represents and warrants to the Trust, which representations
and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing under the laws of the jurisdiction of
its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly authorized, executed and delivered by USBGFS
in accordance with all requisite action and constitutes a valid and legally binding obligation of USBGFS, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. It is conducting its business in compliance in all material respects
with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its
business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws
or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9. Notification of Error.

The Trust will notify USBGFS of any discrepancy between USBGFS and the Trust, including, but not limited to, failing to account for a security position in the Fund's portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports rendered by USBGFS to the Trust; (ii) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy.

Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Trust does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;10. Standard of Care; Indemnification; Limitation of Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS shall exercise reasonable care in the performance of its duties
under this Agreement. Neither USBGFS nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law;
fraud or misconduct by the Trust, any Fund, the adviser or any other service provider to the Trust or a Fund, or any employee of the foregoing;
or for any loss suffered by the Trust, a Fund, or any third party in connection with USBGFS' duties under this Agreement, including
losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond USBGFS' reasonable control,
except a loss arising out of or relating to USBGFS' material breach of this agreement or from its bad faith, gross negligence, or
willful misconduct in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding any other provision of this Agreement, if USBGFS has exercised
reasonable care in the performance of its duties under this Agreement, the Trust shall indemnify and hold harmless USBGFS, its affiliates,
and its and their officers, directors, managers, employees, and suppliers (the " <u>USBGFS Indemnified Parties</u> ") from and
against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees)
(collectively " <u>Losses</u> ") that any such USBGFS Indemnified Party may sustain or incur or that may be asserted against
a USBGFS Indemnified Party by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder
(i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to a USBGFS Indemnified
Party by any duly authorized officer of the Trust or by any other person authorized by the Trust to provide such instruction, except for
any and all claims, demands, losses, expenses, and liabilities arising out of or relating to USBGFS' material breach of this Agreement
or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall
be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. If requested by
a USBGFS Indemnified Party, the Trust shall advance (within thirty days of such request) any and all costs and expenses of such USBGFS
Indemnified Party incurred in connection with any Losses or investigating or defending any matter to which such USBGFS Indemnified Party
may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The USBGFS Indemnified Party
shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately
determined by a court of competent jurisdiction in a final non- appealable judgement that the USBGFS Indemnified Party is not entitled
to be indemnified by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall indemnify and hold the Trust and its trustees, officers,
and employees (collectively the " <u>Trust Indemnified Parties</u> ") harmless from and against any and all Losses that the
Trust may sustain or incur or that may be

asserted against the Trust by any person arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS' material breach of this Agreement, or from USBGFS' bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In no case shall either party be liable to the other for (i) any special,
indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); (ii) any delay by reason
of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical
breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply,
or (iii) any claim that arose more than one year prior to the institution of suit therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In the event of a mechanical breakdown or failure of communication or
power supplies beyond its reasonable control, USBGFS shall take all reasonable steps to minimize service interruptions for any period
that such interruption continues. USBGFS will make every reasonable effort to restore any lost or damaged data and correct any errors
resulting from such a breakdown at the expense of USBGFS. USBGFS agrees that it shall, at all times, have reasonable business continuity
and disaster contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment
to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect USBGFS' premises and
operating capabilities at any time during regular business hours of USBGFS, upon reasonable notice to USBGFS. Moreover, USBGFS shall provide
the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls
and procedures of USBGFS relating to the services provided by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding anything herein to the contrary, USBGFS reserves the right
to reprocess and correct administrative errors at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In order that the indemnification provisions contained in this section
shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor
shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the
indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to
present the probability of a claim for indemnification. Unless it reserves any rights to deny indemnification, the indemnitor shall have
the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor
so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim and shall

be totally responsible for any liability of the indemnitee, and the indemnitee shall in such situation incur no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The indemnity and defense provisions set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If USBGFS is acting in another capacity for the
Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In conjunction with the tax services provided to the Fund by USBGFS hereunder,
USBGFS shall not be deemed to act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36)
of the IRC, or any successor thereof. Any information provided by USBGFS to a Fund for income tax reporting purposes with respect to any
item of income, gain, loss, or credit will be performed solely in USBGFS' administrative capacity. USBGFS shall not be required
to determine, and shall not take any position with respect to whether, the reasonable belief standard described in Section 6694 of the
IRC has been satisfied with respect to any income tax item. Each Fund, and any appointees thereof, shall have the right to inspect the
transaction summaries produced and aggregated by USBGFS, and any supporting documents thereto, in connection with the tax reporting services
provided to each Fund by USBGFS. USBGFS shall not be liable for the provision or omission of any tax advice with respect to any information
provided by USBGFS to a Fund. The tax information provided by USBGFS shall be pertinent to the data and information made available to
USBGFS, and is neither derived from nor construed as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;11. Proprietary and Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS agrees on behalf of itself and its directors, officers, and employees
to treat confidentially and as proprietary information of the Trust, all records and other information relative to the Trust and prior,
present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any
purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in
writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where USBGFS may be exposed to civil or
criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities or
pursuant to legal process, (iii) to defend a claim brought against USBGFS arising out of or related to any Services provided hereunder,
or (iv) when so requested by the Trust. Records and other information which have become known to the public through no wrongful act of
USBGFS or any of its employees, agents or representatives, and information that was already in the possession of USBGFS prior to receipt thereof from the
Trust or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall have in place and maintain physical, electronic and procedural
safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use
of, records and information relating to the Trust and its shareholders. USBGFS has implemented and will maintain an effective information
security program reasonably designed to protect information relating to the shareholders of the Trust (such information, " <u>Personal Information</u> "), which program includes sufficient administrative, technical and physical safeguards and written policies and
procedures reasonably designed to (a) ensure the security and confidentiality of such Personal Information; (b) protect against any anticipated
threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized
access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the
" <u>Information Security Program</u> "). The Information Security Program complies and shall comply with reasonable information
security practices within the industry (including the encryption of data where necessary or appropriate). Upon written request from the
Trust, USBGFS shall provide a written description of its Information Security Program. USBGFS shall provide related reports and information
responding to reasonable due diligence requests regarding its compliance with its Information Security Program and shall notify the Trust,
expeditiously and without unreasonable delay, in writing of any breach of security, misuse or misappropriation of, or unauthorized access
to, (in each case, whether actual or alleged) any information of a Fund (any or all of the foregoing referred to individually and collectively
for purposes of this provision as a " <u>Security Breach</u> "). USBGFS shall promptly investigate, remedy and bear the cost
of the measures (including notification to any affected parties), if any, to address any Security Breach. USBGFS shall bear the cost of
the Security Breach only if USBGFS is determined to be directly responsible for such Security Breach. In addition to, and without limiting
the foregoing, USBGFS shall promptly cooperate with the Trust or any of its affiliates' regulators at USBGFS's expense to prevent,
investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving
information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive
termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees on behalf of itself and its trustees, officers, and employees
to treat confidentially and as proprietary information of USBGFS, all non-public information relative to USBGFS (including, without limitation,
information regarding USBGFS' pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade
secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer
software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes

and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except

&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) after prior notification to and approval in writing by USBGFS, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, 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;(iii) when so requested by the USBGFS. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust shall not make or change any written representations regarding
the services provided by or the responsibilities of USBGFS or its affiliates under this Agreement, whether in the Trust's registration
statement, offering documents, marketing or promotional materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS
or its affiliates any duties or responsibilities under this Agreement that are not specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything herein to the contrary, (i) the Trust shall be
permitted to disclose the identity of USBGFS as a service provider, redacted copies of this Agreement, and such other information as may
be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation,
and (ii) USBGFS shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires,
RFP responses, presentations, and other marketing and promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Nothing in this Agreement is intended to limit a party or any other person
from affirmatively reporting to, initiating communications directly with, or providing information and documents (with the exception of
information or documents that are subject to legal or other applicable privilege) to any governmental entity, regulator, or self-regulatory
organization regarding possible violations of law or regulation without prior notice to the disclosing party.

&nbsp;&nbsp;&nbsp;&nbsp;12. Records.

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that the Trust shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any

governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;13. Compliance with Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust has and retains primary responsibility for all compliance matters
relating to the Fund, including but not limited to compliance with the Securities Act; the Exchange Act; the 1940 Act; the Investment
Advisers Act of 1940, as amended; the Internal Revenue Code of 1986, as amended (the " <u>Code</u> "); the Sarbanes-Oxley Act
of 2002 (the " <u>SOX Act</u> "); the USA PATRIOT Act of 2001; and the policies and limitations of the Trust relating to its
portfolio investments as set forth in its Registration Statement. USBGFS' services hereunder shall not relieve the Trust of its
responsibilities for assuring such compliance or the Board's oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust shall immediately notify USBGFS if the investment strategy of
any Fund materially changes or deviates from the investment strategy disclosed in the current Prospectus, or if it (or any Fund) becomes
subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts
the operations of the Trust or any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, and only to the extent that, the General Data Protection Regulation
(EU) 2016/679, as amended (" <u>GDPR</u> ") or the Cayman Islands Data Protection Law, 2017, as amended (" <u>DPL</u> "),
are applicable to USBGFS and the Trust the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The parties agree USBGFS is a " <u>Data Processor</u> " under
GDPR and DPL, as applicable, in the performance of its services under this the Agreement. Notwithstanding the foregoing, the parties agree
USBFS is a " <u>Data Controller</u> " under GDPR and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual
AML/KYC new fund client onboarding obligations. In either case, the Trust shall ensure that all necessary and appropriate consents, disclosures
and notices, including data subject consents, are in place to enable the processing of "Personal Data" (as defined by GDPR
and DPL) by USBGFS, the transfer of Personal Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory
organizations.

&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. The parties further agree the Trust is a " <u>Data Controller</u> "
under GDPR and DPL, as applicable. The Trust, either alone or jointly with others, determines or controls the content, use, purpose and means
of processing the Personal 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;iii. USBGFS shall process the Personal Data: (i) in accordance with instructions
of the Trust pursuant to this Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging USBGFS'
obligations under the Agreement; and (ii) when required by law or regulation, or required or requested by any court or regulator (each
a " <u>Processing Order</u> ") to which USBGFS is subject. In the event USBGFS receives a request to process Personal Data pursuant
to any Processing Order, it shall, to the extent legally permissible and reasonably practicable under the circumstances, notify the Trust
prior to processing.

&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. The Trust is solely responsible for developing and implementing its internal
policies and procedures with respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&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. ensure that persons handling Personal Data on its behalf are subject
to confidentiality obligations similar to those contained in 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;&nbsp;&nbsp;&nbsp;&nbsp;2. implement appropriate technical and organizational measures to protect
Personal Data including against unauthorized or unlawful processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&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. only appoint sub-processors with the prior written consent of the Trust
(standing instructions or general written authorization are sufficient), and only if the sub-processors provide sufficient guarantees
in writing to USBGFS that they have implemented appropriate technical and organizational measures in such a manner that processing will
comply with GDPR and DPL, as applicable<sup>1</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&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. beyond the initial appointment, inform the Trust
of any intended material changes concerning the addition or replacement of sub- processors, thereby giving the Trust the opportunity to
object;

&nbsp;&nbsp;&nbsp;&nbsp;&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. taking into account the nature of the processing, reasonably assist the
Trust by appropriate technical and organizational measures, insofar as possible, to enable the Trust to comply with its obligation to
respond to requests for exercising a data subject's rights under GDPR or DPL;

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

&nbsp;&nbsp;&nbsp;&nbsp;&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. provide reasonable assistance to the Trust in ensuring their compliance
with obligations regarding Personal Data breaches, data protection impact assessments and prior consultation subject to the nature of
the processing and the information reasonably available to USBGFS, and inform the Trust of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&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. at the written direction of the Trust, delete or return all Personal
Data to the Trust after the end of the provision of services under the Agreement relating to processing, and delete existing copies of
Personal Data unless applicable law or internal data retention or backup procedures require the storage of such Personal Data; 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;&nbsp;&nbsp;&nbsp;&nbsp;8. make available to the Trust all information reasonably necessary to demonstrate
compliance with GDPR or DPL, as applicable, and allow for and reasonably cooperate with audits, including inspections, conducted by the
Trust or its auditor; and immediately inform the Trust if, in its opinion, the Trust's instructions regarding this subsection infringes
on GDPR or DPL.

&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. Each party shall comply with any other applicable law or regulation which
implements GDPR and DPL in relation to the Personal Data. Nothing in the Agreement shall be construed as preventing either party from
taking such other steps as are necessary to comply with GDPR, DPL or any other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;14. Term of Agreement; Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective as of the last date written on
the signature page and will continue in effect for a period of three (3) years. Following the initial term, this Agreement shall automatically
renew for successive one (1) year terms unless either party provides written notice at least ninety (90) days prior to the end of the
then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to <u>Section 15</u>, this Agreement may be terminated by either
party (in whole or with respect to one or more Funds) upon giving ninety (90) days' prior written notice to the other party or such
shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may terminate this Agreement immediately (in whole or with respect
to one or more Funds) if the continued service of such Funds or the Trust would cause USBGFS or any of its affiliates to be in violation
of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, or
if the Funds or the Trust (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring
itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Funds or the Trust would reflect
unfavorably upon USBGFS' reputation, provided that in such event USBGFS shall, to the extent it is legally permitted and able to
do so, provide reasonable assistance to transition such Funds or the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Agreement shall automatically terminate with respect to any Funds with
respect to which the Trust fails to maintain an effective registration statement under the 1940 Act and, if applicable, the Securities
Act, or appropriate state securities law filings as necessary to enable the Trust to make a continuous public offering of its shares with
respect to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be terminated by the non-breaching party upon the breach
of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach
to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement may not be amended or modified in any manner except by
written agreement executed by USBGFS and the Trust and authorized or approved by the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;15. Early Termination.

In the absence of a breach of a material term of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with any record retention and/or tax reporting obligations
that may not be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all miscellaneous costs associated with a.-b. above.

&nbsp;&nbsp;&nbsp;&nbsp;16. Duties in the Event of Termination.

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Trust or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;17. Assignment.

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBGFS, or by USBGFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;18. Governing Law.

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;19. No Agency Relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Nothing herein contained shall be deemed to authorize or empower either
party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party
to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust acknowledges that the Board and officers of the Trust are responsible
for management of the Trust and Fund and that USBGFS has no duties or obligations to manage or control the Trust or any Fund. Any duties
and obligations of USBGFS are strictly limited to those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that if any employee of USBGFS or any
of its affiliates serves as a trustee of the trust such person is serving in their own individual capacity at the pleasure of the shareholders
of the Trust and not as a representative or under the direction of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust acknowledges and agrees that if any employee of USBGFS or any
of its affiliates serves as an officer of the trust, or in any other similar capacity, such person is engaged in such position at the
direction of, and subject to the supervision and oversight of, and removal by, the Board of the Trust, and when such person is acting
in such capacity they are doing so on behalf of the Trust and not as a representative or under the direction of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;20. Services Not Exclusive.

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;21. Invalidity.

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;22. Regulatory Services.

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Trust acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Trust and rely on outside counsel retained by the Trust to review all services provided by USBGFS and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between the Trust and USBGFS (or any employee of USBGFS or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;23. Notices.

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services <br> 777 E. Wisconsin Ave. Milwaukee, WI 53202

Attn: GFS Contracts

and notice to the Trust shall be sent to: <br>

Founder Funds Trust

25 Highland Park Village, Suite 100-587

Dallas, TX 75205

Attn: Michael Monaghan

Email: <u>michael@founderfunds.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;24. No Third-Party Rights.

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;25. Multiple Originals; Electronic Signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same
instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be executed by means of electronic signatures, and a
signed copy of this Agreement transmitted by facsimile, email, or other means of electronic transmission shall be deemed to have the same
legal effect as delivery of an original executed copy of this Agreement for all purposes.

**SIGNATURE PAGES FOLLOW**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer effective as of the last date written below.

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|:---|:---|
| **FOUNDER FUNDS TRUST** | **U.S. BANCORP FUND SERVICES, LLC** |
| &nbsp;&nbsp;By: <u>/s/ Michael C. Monaghan</u> | &nbsp;&nbsp;By: <u>/s/ Greg Farley</u> |
| &nbsp;&nbsp;Name: Michael C. Monaghan | &nbsp;&nbsp;Name: Greg Farley |
| &nbsp;&nbsp;Title: Director | &nbsp;&nbsp;Title: Vice President |
| &nbsp;&nbsp;Date: September 22, 2025 | &nbsp;&nbsp;Date: September 25, 2025 |

---

**EXHIBIT A**

<u>**Funds**</u>

Founders 100 ETF

**EXHIBIT B**

<u>**Services**</u>

**<u>CORE SERVICE LINES FOR FUND SERIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Fund Administration & Portfolio Compliance Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Fund Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act as a liaison among Fund Service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supply non-investment-related statistical and research data as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Digital Board Services as described in Exhibit E

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinate the Trust's Board communications, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare meeting agendas and resolutions, with the assistance of Fund
counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare reports for the Board based on financial, tax and administrative
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;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist with the information provision to the Funds' independent
registered public accounting firm (" <u>IRPAF</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;d. Monitor fidelity bond and director and officer liability coverage, and
make the necessary Securities and Exchange Commission (the " <u>SEC</u> ") filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare minutes of meetings of the Board, audit committee, and Fund shareholders
subject to the review and approval of the Board and legal counsel for 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;&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate dividends for review, approval, and ratification by the Board
and prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Attend Board meetings (including audit committee meetings) and present
materials for the Board's review at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If and for so long as the Trust has elected to use the Comprehensive Digital
Services as described in Exhibit E, post materials to the Board's web portal (Diligent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Audits/Examinations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For the annual Fund audit, prepare appropriate schedules and materials.
Provide requested information to the IRPAF and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC or other regulatory examinations, provide requested information
to the Trust to assist the examination process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Pay Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulatory Compliance Support

&nbsp;&nbsp;&nbsp;&nbsp;&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. Test compliance with portfolio holdings limitation under applicable 1940
Act requirements on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Test on a quarterly basis each Fund's compliance, on a post-trade
basis, with the policies and investment limitations as set forth in its prospectus (the " <u>Prospectus</u> ") and statement
of additional information (the " <u>SAI</u> ") included in its registration statement on Form N-1A (or similar documents) filed
with the SEC (" <u>Registration Statement</u> "). Provide the results of such testing to 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;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide any sub-certifications reasonably requested by the Trust in connection
with (i) any certification required of the Trust pursuant to the SOX Act or any rules or regulations promulgated by the SEC thereunder,
and (ii) the operation of USBGFS' compliance program as it relates to the Trust, provided the same shall not be deemed to change
USBGFS' standard of care as set forth herein or to broaden any duties or obligations of USBGFS set forth here.

&nbsp;&nbsp;&nbsp;&nbsp;&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. In order to assist the Trust in satisfying the requirements of Rule 38a-1
under the 1940 Act, USBGFS will provide the Trust's Chief Compliance Officer with reasonable access to USBGFS' fund records
relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications
regarding any Material Compliance Matter (as defined in Rule 38a-1) involving USBGFS that affect or could affect the Trust or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blue Sky Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare and file initial registrations and renewals at the Trust's
expense with state securities authorities in specific states/territories or all fifty states and territories (District of Columbia, Guam,
Puerto Rico, and the U.S. Virgin Islands) as instructed by the Trust. USBGFS is not responsible for preparing or filing with the SEC or
any state authority any registrations on Form D.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Establish sales data feeds (at the Trust's
expense) from applicable financial intermediaries with shareholder accounts for the Fund(s) to monitor daily sales activity.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Monitor daily sales activity from direct shareholder accounts and intermediary
sales data feeds to identify U.S. jurisdictions necessitating new registrations or additional sales permits.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Obtain additional permits at the Trust's expense where appropriate
unless the Trust requires approval prior to obtaining additional permits.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Evaluate sales activity for exemptions based on sales to existing shareholders
in applicable states. The Trust is responsible for instructing USBGFS regarding any additional accounts or transactions that may be eligible
for an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SEC Registration and Reporting Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Assist Fund counsel with respect to filings of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Assistance Fund counsel in the preparation and filing of the annual and
semiannual shareholder reports and other filings (e.g., Form N- CEN, Form N-CSR, Form N-PORT, and Rule 24f-2 notices). As requested by
the Trust or any Fund, prepare and file Form N-PX and Form N-RN.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Coordinate the printing, filing and mailing (including delivery to intermediaries
who print and mail to their own clients) of Prospectuses and shareholder reports, and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&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. File the fidelity bond under Rule 17g-1 of 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;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist Fund counsel in preparation of proxy statements, repurchase offers,
tender offers and information statements, as requested by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare the tailored shareholder reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. While USBGFS shall assist in the preparation and filing of the materials
noted above, the Trust acknowledges and agrees that USBGFS is not ultimately responsible for the content of such materials and shall not
be held to be the maker of statements or opinions in any such materials unless USBGFS expressly agrees in a writing to be filed with such
materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. IRS Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Test on a quarterly basis the Fund's status as a regulated investment
company under Subchapter M of the Code, including review of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Diversification requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Qualifying income requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Calculate required annual excise distribution amounts for the review
and approval of Fund management and/or its IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Financial Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide financial data required by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare financial reports for officers, shareholders,
tax authorities, performance reporting companies, the Board, the SEC, and the IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist the Trust's custodian and fund accountants
in the maintenance of the Funds' general ledger and in the preparation of the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compute the yield, total return, expense ratio and
portfolio turnover rate of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor expense accruals and make adjustments as necessary; notify the
Fund's management of adjustments expected to materially affect the Fund's expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare financial statements subject to review and approval from the
Fund and the Fund's auditors, which include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Schedule of Investments

&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Cash Flows (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Financial data for inclusion in Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare broker security transaction summaries in accordance with Rule 31a-1(b)(9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare for the review of the IRPAF and/or Fund management the federal
and state tax returns including Form 1120 RIC and applicable state returns including any necessary schedules. USBGFS will prepare annual
Fund federal and state income tax return filings as authorized by and based on the instructions received by Fund management and/or its
IRPAF. File on a timely basis appropriate federal and state tax returns including Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Fund's management and IRPAF with tax reporting information
pertaining to the Funds, as available to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare Fund financial statement tax disclosures for the review and approval
of Fund management and/or the Funds' IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare and file on behalf of Fund management Form 1099 NEC for payments
to disinterested trustees and other qualifying service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor wash sale losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Calculate Qualified Dividend Income (" <u>QDI</u> ") for qualifying
Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Assist in the determination of the taxable/non-taxable nature of corporate
actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide reports to assist the Fund with tax loss harvesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Assist with the determination of whether portfolio holdings will yield
bad income.

&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. Provide FATCA/FBAR reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Respond to IRS and other tax regulatory agency notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Assist with Passive Foreign Investment Company (PFIC) monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Trust so elects, USBGFS shall provide additional services that
are further described in the fee schedule on <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Fund Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain the security master file for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain portfolio records on a trade date+1 basis using security trade
information communicated from the Funds' investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Track and properly reflect corporate actions (e.g., stock splits, dividends,
mergers, rights issuances, spin-offs, etc.) impacting the securities positions held by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the close of business on each day the Funds value their portfolio
positions (each, a " <u>Valuation Date</u> "), obtain prices from a pricing source approved by the Board or its valuation designee
and apply those prices to the Funds' portfolio positions (also hereinafter referred to as " <u>securities</u> "). For
those securities where market quotations are not readily available, the Board or its valuation designee shall determine fair value. USBGFS
shall be entitled to rely on such prices and/or fair valuations without investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identify interest and dividend accrual balances as of each Valuation
Date and calculate gross earnings on investments for each accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine gain/loss on security sales and identify them as short-term
or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as
of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On a daily basis, reconcile cash of the Funds with the Funds' custodian
and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Transmit a copy of the Funds' portfolio valuations to the Funds'
investment adviser(s) daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Review the impact of current day's activity on a per share basis,
and review changes in market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense Accrual and Payment Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For each Valuation Date, monitor the expense accrual amounts as directed
by the Funds as to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Process and record payments for Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Account for Fund expenditures and maintain expense accrual balances at
the level of accounting detail, as agreed upon by USBGFS and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NAV Calculation and Financial Reporting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Account for Fund share purchases, sales, exchanges, transfers, dividend
reinvestments, and other Fund share activity as reported by the Funds' transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply equalization accounting as directed by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine net investment income (earnings) for the Funds as of each Valuation
Date. Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income balances as of each
Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Determine the net asset value of the Funds according to the accounting
policies and procedures set forth in each Fund's current Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Calculate per share net asset value, per share net
earnings, and other per share amounts reflective of Fund operations at such time as required by the nature and characteristics of the
Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Communicate to the Funds, at an agreed upon time, the per share net asset
value for each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare monthly reconciliations of sub-ledger reports to month-end ledger
balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare monthly security transactions listings for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain accounting records for the investment portfolio of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain tax lot detail for each Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Calculate taxable gain/loss on security sales using
the tax lot relief method designated by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide the necessary financial information to calculate
the taxable components of income and capital gains distributions to support tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Audit Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support reporting to regulatory bodies and financial
statement preparation by making the Funds' accounting records available to the Funds, the SEC, and the Funds' independent
registered public accounting firm (" <u>IRPAF</u> "), in each case as requested by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Perform its duties hereunder in compliance with all applicable laws and
regulations and provide any sub-certifications reasonably requested by the Funds in connection with any certification required of a Fund
pursuant to the SOX Act or any rules or regulations promulgated by the SEC thereunder, provided the same shall not be deemed to change
USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cooperate with the Funds' IRPAF and take all reasonable action
in the performance of its obligations under this Agreement to ensure that the necessary information is made available to such IRPAF for
the expression of their opinion on the Funds' financial statements, without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If the Trust so elects, USBGFS shall provide the Rule 2a-5 supplemental
services described on, and subject to the terms and conditions of, <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. If the Trust so elects, USBGFS shall provide the Rule 18f-4 supplemental
services described on, and subject to the terms and conditions of, <u>Exhibit G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer Agent, Shareholder & Account Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Maintain records of the accounts for each Fund shareholder including
the following information: (i) name, address and United States Tax Identification

or Social Security number; (ii) number and class of shares held and number and class of shares for which certificates, if any, have been issued, including certificate numbers and denominations; (iii) historical information regarding the account of each shareholder, including dividends and distributions paid and the date and price for all transactions on a shareholder's account; (iv) any stop or restraining order placed against a shareholder's account; (v) any correspondence relating to the current maintenance of a shareholder's account; and (vi) Information with respect to tax withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Receive and process all orders for transactions of shares in accordance
with applicable statutes, rules and regulations under the 1940 Act and other relevant law, and as specified in the Fund's Prospectus
and statement of additional information (or similar disclosure documents) as filed from time to time with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process purchase and redemption orders with prompt delivery, where appropriate,
of payment and supporting documentation to the shareholder based on the shareholder's or the Fund's custodian instructions,
and record the appropriate number of shares being held in the appropriate shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Process redemption requests received in good order and, where relevant,
deliver appropriate documentation to the Fund's custodian. Calculate and impose any redemption or exchange fees as may be applicable under
the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Pay proceeds upon receipt from the Fund's custodian, where relevant, in
accordance with the instructions of redeeming shareholders and the terms of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Process transfers of shares in accordance with the shareholder's instructions,
after receipt of appropriate documentation from the shareholder as specified in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Process exchanges between Funds and/or conversions between shares classes
of Funds in accordance with the procedures described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Prepare and transmit payments, or apply reinvestments for income dividends
and capital gains distributions declared by the Trust with respect to a Fund, after deducting any amount required to be withheld by any
applicable laws, rules and regulations and in accordance with shareholder instructions and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Serve as the Fund's agent in connection with systematic plans including
systematic investment plans, systematic withdrawal plans, and systematic exchange plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Maintain and make changes to shareholder records, including account names,
addresses and investment or withdrawal plans (e.g., systematic investment and withdrawal and dividend reinvestment), upon presentation
of proper documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Handle sales load and multi-class transaction processing, including rights
of accumulation and purchases by letters of intent, in each case in accordance with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Record the issuance of shares of the Funds and maintain, pursuant to Rule
17Ad-10(e) promulgated under the Exchange Act, a record of the total number of shares of each Fund which are authorized, issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Prepare ad-hoc reports as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Assist with mailing shareholder reports, Prospectuses and all other communications
to shareholders required to be sent by the 1940 Act and the rules and regulations thereunder to all current shareholders of record, at
intervals required by applicable law, including the 1940 Act and the rules and regulations thereunder or at the request of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Collect counts from the record shareholders who are themselves financial
intermediaries with clients who are Fund shareholders of beneficial interest (the " <u>Beneficial Shareholders</u> ") and assist
such financial intermediaries to provide an adequate number of Prospectuses, shareholder reports and all other communications to Beneficial
Shareholders required to be sent by applicable law, including the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Prepare and file U.S. Treasury Department Forms 1099, 5498 and other appropriate
information returns required with respect to dividends and distributions for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Provide shareholder account information upon shareholder or Fund requests
and prepare and mail confirmations and statements of account to shareholders for all purchases, redemptions and other confirmable transactions
as agreed upon with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Provide to the Trust, promptly upon request, the Taxpayer Identification
Number or other identifying information of any shareholder that purchased, redeemed, transferred or exchanged shares of the Funds, and
the amount and dates of such shareholder purchases, redemptions, transfers, and exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. Assist in monitoring shareholder transaction activity for the purposes
of identifying transaction activity that may be excessive to the Funds or their shareholders as outlined in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Execute on any directly held investor account with the Transfer Agent
any instructions from the Trust to restrict or prohibit further purchases or exchanges of a Fund's shares by a shareholder of record
who has been identified by the Trust as having engaged in transactions of a Fund's shares that violates applicable law or any policies
established by the Trust for the purposes of eliminating or reducing any dilution of the value of the outstanding securities issued by
the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. Mail and/or obtain shareholders' certifications under penalties
of perjury and pay on a timely basis to the appropriate federal or state authorities any taxes to be withheld on dividends and distributions
paid by a Fund, all as required by applicable federal and state tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Provide a daily report of the total number of shares
of a Fund sold in each state to enable the Trust or its agent to monitor such sales for blue sky law purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Answer telephone calls and correspondence from Fund shareholders, securities
brokers and others relating to USBGFS' duties hereunder within required time periods established by regulation and agreed-upon service
levels (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Reimburse a Fund each month for all material losses resulting from "as
of" processing errors for which USBGFS is responsible in accordance with USBGFS' "as of" processing guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. Calculate average assets held in shareholder accounts for purposes of paying
Rule 12b-1 and/or shareholder servicing fees as directed by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. Provide service and support to financial intermediaries including trade
placements, settlements and corrections.

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| | |
|:---|:---|
| AA. | After receiving specific written authorization from an officer of the Trust, enter into an agreement on behalf of the Funds that appoints one or more designated financial intermediaries as agents of the Funds for the limited purpose of accepting orders for the purchase, exchange, and/or redemption of shares of the Funds in accordance with the Prospectus and Rule 22c-1 under the 1940 Act. |

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| | |
|:---|:---|
| BB. | In the event (i) USBGFS directly receives a Legal Process Item (defined immediately below) that has been properly served, (ii) a Fund receives a Legal Process Item that has been properly served and delivers the Legal Process Item to USBGFS, or (iii) a Fund accepts service of a Legal Process Item that has not been properly served and delivers the Legal Process Item to USBGFS, USBGFS will act in accordance with any applicable written instructions or procedures in effect between the Trust and USBGFS. "<u>Legal Process Item</u>" |

---

means civil and criminal subpoenas, civil or criminal seizure or restraining orders, IRS and state tax authority civil or criminal notices including notices of lien or levy, writs of execution and other functionally equivalent legal process items directed at USBGFS or a Fund requiring that a particular action or actions be taken with respect to a current or former shareholder of a Fund or a Fund account of such a shareholder. USBGFS may in its reasonable discretion seek to limit or reduce by any reasonable means the scope and coverage of a Legal Process Item and seek extensions of the period to respond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC. USBGFS agrees to reasonably cooperate with and assist the Trust with the
filing by the Trust or any Fund and/or its respective officers and auditors of certifications or attestations as required by applicable
law and will furnish such certifications and sub-certifications from relevant officers of USBGFS with respect to the services and recordkeeping
performed by USBGFS under this Agreement as the Trust shall reasonably request. USBGFS shall also make available to the Trust on an annual
basis a copy of its SOC1 report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD. Provide the following administrative services for accounts that are (a)
a Traditional, SEP, Roth, SIMPLE, or other types of individual retirement account within the meaning of Section 408 of the Code, or (b)
a " <u>CESA</u>," hereby defined to mean a Coverdell educational savings account within the meaning of Section 530 of the Code
(each, a " <u>Tax Advantaged Account</u> "), in each case only with respect to accounts for which a qualified affiliate of USBGFS
is separately serving as the custodian (a " <u>Custodied Account</u> ") and to the extent the particular administrative service
is appropriate under the Code (as hereinafter defined), subject to applicable terms and conditions of the Code, this Agreement, appropriate
written procedures, account documentation and a Fund's Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Process instructions received in good order regarding contributions,
including using contribution payments actually received to purchase shares of a Fund and keep appropriate records of contributions for
tax reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Effect instructions for distributions received in good order and establish
and maintain a record of the types and reasons for distributions (e.g., attainment of age 59-1/2, disability, death, return of excess
contributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Send blank designation of beneficiary forms to beneficial owners of Custodied
Accounts (" <u>Participants</u> ") and process designation of beneficiary forms completed and received from Participants in
good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Process instructions received in good order for exchanges of Fund shares,
rollovers, direct rollovers, conversions, reconversions, recharacterizations,

return of excess contributions and transfers of assets (or the proceeds of liquidated assets) to a successor custodian or successor trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon receipt in good order of a notification of the death of a Participant,
process transfers and distributions in accordance with instructions received in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare any annual reports or returns required to be prepared and/or filed
by a custodian of Tax Advantaged Accounts, including an annual fair market value report, Forms 1099R and 5498; and file same with the
Internal Revenue Service and provide same to the Participant or Participant's beneficiary, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Perform applicable federal withholding and send to the Participant or
Participant's beneficiary, as applicable, any required annual notice regarding federal tax withholding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the receipt of a request to open a Custodied Account, provide appropriate
account documentation to open the Custodied Account and thereafter as necessary to maintain the Custodied Account in compliance with the
Code.

The Trust, at the reasonable request of USBGFS and in accordance with all applicable provisions of the Code, shall assist the custodian to the Custodied Accounts to transfer said accounts to a successor custodian meeting all qualifications under the Code.

EE. If the Trust so elects, USBGFS shall provide the Digital Investor, Digital Investor Institutional, Vision Electronic Statement, Chat, and <u>INFORMA</u><sup>TM</sup> services described on, and subject to the terms and conditions of, <u>Exhibit H</u>.

FF. Mutual Fund Profile II Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Duties and Responsibilities of USBGFS for MFP II Services

&nbsp;&nbsp;&nbsp;&nbsp;&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. Input and maintain Fund data information into DTCC's MFP II services
for the Trust as further described 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;&nbsp;&nbsp;&nbsp;&nbsp;b. Gather Fund data from the Trust and any other such applicable sources.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Input pertinent data into MFP II, including CUSIP numbers, account minimums,
allowable social codes, blue sky registered states, 12b-1 information, breakpoint linking rules, and other Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;d. Ongoing maintenance of existing data in MFP II, including adds/deletes,
as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Annual review of information in MFP II and remediation as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Notify the Trust of proposed additions, deletions, or revisions of data
to be included in MFP II and release such data for publication in MFP II after review and authorization by 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;&nbsp;&nbsp;&nbsp;&nbsp;g. Assist the Trust in verifying the accuracy of any of the information entered
into MFP II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Duties and Responsibilities of the Trust for MFP II Services

&nbsp;&nbsp;&nbsp;&nbsp;&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 shall furnish to USBGFS the data necessary to perform the services
described herein at such times and in such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&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 shall review all data that USBGFS enters, deletes, or modifies
in MFP II. The Trust shall provide written confirmation to USBGFS that it has reviewed such entry, deletion, or modification, that such
data is correct, and that it authorizes USBGFS to release such entry, deletion, or modification in MFP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. The parties acknowledge and agree that USBGFS will not enter any data into MFP II, or make any deletions or modifications to data in MFP II, without such written authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&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 acknowledges that USBGFS is not responsible for determining
or confirming the accuracy of the information provided to USBGFS by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH
RESPECT TO THE ACCURACY OF FUND DATA RECEIVED, INCLUDING WITHOUT LIMITATION, ANY REPRESENTATIONS OR WARRANTEIS AS TO THE ACCURACY OF SUCH
INFORMATION OR ITS FITNESS FOR A PARTICULAR PURPOSE.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit C</u> or at USBGFS' then current standard rates for such services if not specified.

**<u>CORE SERVICE LINES FOR ETF SERIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Fund Administration & Portfolio Compliance Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Fund Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act as a liaison among Fund Service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supply non-investment-related statistical and research data as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Digital Board Services as described in Exhibit E

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinate the Trust's Board communications, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare meeting agendas and resolutions, with the assistance of Fund
counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare reports for the Board based on financial, tax and administrative
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;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist with the information provision to the Funds' independent
registered public accounting firm (" <u>IRPAF</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;d. Monitor fidelity bond and director and officer liability coverage, and
make the necessary Securities and Exchange Commission (the " <u>SEC</u> ") filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare minutes of meetings of the Board, audit committee, and Fund shareholders
subject to the review and approval of the Board and legal counsel for 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;&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate dividends for review, approval, and ratification by the Board
and prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Attend Board meetings (including audit committee meetings) and present
materials for the Board's review at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If and for so long as the Trust has elected to use the Comprehensive Digital
Services as described in Exhibit E, post materials to the Board's web portal (Diligent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Audits/Examinations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For the annual Fund audit, prepare appropriate schedules and materials.
Provide requested information to the IRPAF and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC or other regulatory examinations, provide requested information
to the Trust to assist the examination process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Pay Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Keep the Trust's governing documents, including
its charter, bylaws and minutes, but only to the extent such documents are provided to USBGFS by the Trust or its representatives for
safe keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulatory Compliance Support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Monitor compliance with the 1940 Act requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Calculation of asset and diversification tests on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Calculation of total return and SEC yields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Maintenance of books and records under Rule 31a-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Code of ethics requirements under rule 17j-1 for the disinterested Trustees,
if requested to provide such service by 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;&nbsp;&nbsp;&nbsp;&nbsp;b. Test on a quarterly basis each Fund's compliance, on a post-trade
basis, with the policies and investment limitations as set forth in its prospectus (the " <u>Prospectus</u> ") and statement
of additional information (the " <u>SAI</u> ") included in its registration statement on Form N-1A (or similar documents) filed
with the SEC (" <u>Registration Statement</u> "). Provide the results of such testing to 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;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide any sub-certifications reasonably requested by the Trust in connection
with (i) any certification required of the Trust pursuant to the SOX Act or any rules or regulations promulgated by the SEC thereunder,
and (ii) the operation of USBGFS' compliance program as it relates to the Trust, provided the same shall not be deemed to change
USBGFS' standard of care as set forth herein or to broaden any duties or obligations of USBGFS set forth here.

&nbsp;&nbsp;&nbsp;&nbsp;&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. In order to assist the Trust in satisfying the requirements of Rule 38a-1
under the 1940 Act, USBGFS will provide the Trust's Chief Compliance Officer with reasonable access to USBGFS' fund records
relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications
regarding any Material Compliance Matter (as defined in Rule 38a-1) involving USBGFS that affect or could affect the Trust or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blue Sky Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare and file initial registrations and renewals at the Trust's
expense with state securities authorities in specific states/territories or all fifty states and territories (District of Columbia, Guam,
Puerto Rico, and the U.S. Virgin Islands) as instructed by the Trust. USBGFS is not responsible for preparing or filing with the SEC or
any state authority any registrations on Form D.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Establish sales data feeds (at the Trust's
expense) from applicable financial intermediaries with shareholder accounts for the Fund(s) to monitor daily sales activity.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Monitor daily sales activity from direct shareholder accounts and intermediary
sales data feeds to identify U.S. jurisdictions necessitating new registrations or additional sales permits.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Obtain additional permits at the Trust's expense where appropriate
unless the Trust requires approval prior to obtaining additional permits.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Evaluate sales activity for exemptions based on sales to existing shareholders
in applicable states. The Trust is responsible for instructing USBGFS regarding any additional accounts or transactions that may be eligible
for an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SEC Registration and Reporting Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Assist Fund counsel with respect to filings of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Assistance Fund counsel in the preparation and filing
of the annual and semiannual shareholder reports and other filings (e.g., Form N- CEN, Form N-CSR, Form N-PORT, and Rule 24f-2 notices).
As requested by the Trust or any Fund, prepare and file Form N-PX
and Form N-RN.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Coordinate the printing, filing and mailing (including delivery to intermediaries
who print and mail to their own clients) of Prospectuses and shareholder reports, and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&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. File the fidelity bond under Rule 17g-1 of 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;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist Fund counsel in preparation of proxy statements, repurchase offers,
tender offers and information statements, as requested by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare the tailored shareholder reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Monitor sales of Fund shares and ensure that such shares are properly
registered or qualified, as applicable, with the SEC and the appropriate state authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Assist Fund counsel with application for exemptive relief, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&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. While USBGFS shall assist in the preparation and filing of the materials
noted above, the Trust acknowledges and agrees that USBGFS is not ultimately responsible for the content of such materials and shall not
be held to be the maker of statements or opinions in any such materials unless USBGFS expressly agrees in a writing to be filed with such
materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. IRS Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Test on a quarterly basis the Fund's status as a regulated investment
company under Subchapter M of the Code, including review of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Diversification requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Qualifying income requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Calculate required annual excise distribution amounts for the review
and approval of Fund management and/or its IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Financial Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide financial data required by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare financial reports for officers, shareholders,
tax authorities, performance reporting companies, the Board, the SEC, and the IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist the Trust's custodian and fund accountants
in the maintenance of the Funds' general ledger and in the preparation of the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compute the yield, total return, expense ratio and
portfolio turnover rate of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor expense accruals and make adjustments as necessary; notify the
Fund's management of adjustments expected to materially affect the Fund's expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare financial statements subject to review and approval from the
Fund and the Fund's auditors, which include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Schedule of Investments

&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Cash Flows (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Financial data for inclusion in Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare broker security transaction summaries in accordance with Rule 31a-1(b)(9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare for the review of the IRPAF and/or Fund management the federal
and state tax returns including Form 1120 RIC and applicable state returns including any necessary schedules. USBGFS will prepare annual
Fund federal and state income tax return filings as authorized by and based on the instructions received by Fund management and/or its
IRPAF. File on a timely basis appropriate federal and state tax returns including Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Fund's management and IRPAF with tax reporting information
pertaining to the Funds, as available to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare Fund financial statement tax disclosures for the review and approval
of Fund management and/or the Funds' IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare and file on behalf of Fund management Form 1099 NEC for payments
to disinterested trustees and other qualifying service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor wash sale losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Calculate Qualified Dividend Income (" <u>QDI</u> ") for qualifying
Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Assist in the determination of the taxable/non-taxable nature of corporate
actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide reports to assist the Fund with tax loss harvesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Assist with the determination of whether portfolio holdings will yield
bad income.

&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. Provide FATCA/FBAR reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Respond to IRS and other tax regulatory agency notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Assist with Passive Foreign Investment Company (PFIC) monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Trust so elects, USBGFS shall provide additional services that
are further described in the fee schedule on <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Fund Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain the security master file for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain portfolio records on a trade date+1 basis using security trade
information communicated from the Funds' investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Track and properly reflect corporate actions (e.g., stock splits, dividends,
mergers, rights issuances, spin-offs, etc.) impacting the securities positions held by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the close of business on each day the Funds value their portfolio
positions (each, a " <u>Valuation Date</u> "), obtain prices from a pricing source approved by the Board or its valuation designee and apply those
prices to the Funds' portfolio positions (also hereinafter referred to as " <u>securities</u> "). For those securities
where market quotations are not readily available, the Board or its valuation designee shall determine fair value. USBGFS shall be entitled
to rely on such prices and/or fair valuations without investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identify interest and dividend accrual balances as of each Valuation
Date and calculate gross earnings on investments for each accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine gain/loss on security sales and identify them as short-term
or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as
of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On a daily basis, reconcile cash of the Funds with the Funds' custodian
and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Transmit a copy of the Funds' portfolio valuations to the Funds'
investment adviser(s) daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Review the impact of current day's activity on a per share basis,
and review changes in market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense Accrual and Payment Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For each Valuation Date, monitor the expense accrual amounts as directed
by the Funds as to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Process and record payments for Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Account for Fund expenditures and maintain expense accrual balances at
the level of accounting detail, as agreed upon by USBGFS and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NAV Calculation and Financial Reporting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Account for Fund share purchases, sales, exchanges, transfers, dividend
reinvestments, and other Fund share activity as reported by the Funds' transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply equalization accounting as directed by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine net investment income (earnings) for the Funds as of each Valuation
Date. Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income
balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Determine the net asset value of the Funds according
to the accounting policies and procedures set forth in each Fund's current Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Calculate per share net asset value, per share net
earnings, and other per share amounts reflective of Fund operations at such time as required by the nature and characteristics of the
Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Communicate to the Funds, at an agreed upon time,
the per share net asset value for each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare monthly reconciliations of sub-ledger reports
to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare monthly security transactions listings for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain accounting records for the investment portfolio of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain tax lot detail for each Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Calculate taxable gain/loss on security sales using
the tax lot relief method designated by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide the necessary financial information to calculate
the taxable components of income and capital gains distributions to support tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Audit Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support reporting to regulatory bodies and financial
statement preparation by making the Funds' accounting records available to the Funds, the SEC, and the Funds' independent
registered public accounting firm (" <u>IRPAF</u> "), in each case as requested by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Perform its duties hereunder in compliance with all applicable laws and
regulations and provide any sub-certifications reasonably requested by the Funds in connection with any certification required of a Fund
pursuant to the SOX Act or any rules or regulations promulgated by the SEC thereunder, provided the same shall not be deemed to change
USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cooperate with the Funds' IRPAF and take all reasonable action
in the performance of its obligations under this Agreement to ensure that the necessary information is made available to such IRPAF for
the expression of their opinion on the Funds' financial statements, without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If the Trust so elects, USBGFS shall provide the Rule 2a-5 supplemental
services described on, and subject to the terms and conditions of, <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. If the Trust so elects, USBGFS shall provide the Rule 18f-4 supplemental
services described on, and subject to the terms and conditions of, <u>Exhibit G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer Agent, Shareholder & Account Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS shall provide the following transfer agent and dividend disbursing
agent services to the Trust with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Facilitate purchases and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare and transmit by means of DTC's book-entry system payments
for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintain the record of the name and address of the Shareholder and the
number of Shares issued by the Trust and held by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Record the issuance of Shares of the Trust and maintain a record of the
total number of Shares of the Trust which are outstanding, and, based upon data provided to it by the Trust, the total number of authorized
Shares. USBGFS shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare and transmit to the Trust and the Trust's administrator
and/or sub- administrator and to any applicable securities exchange (as specified to USBGFS by the Trust) information with respect to
purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. On days that the Trust may accept orders for purchases or redemptions,
calculate and transmit to USBGFS and the Trust the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On days that the Trust may accept orders for purchases or redemptions
(pursuant to the Authorized Participant Agreement), transmit to USBGFS, the Trust and DTC the amount of Shares purchased on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Confirm to DTC the number of Shares issued to the Shareholder, as DTC
may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Prepare and deliver other reports, information and documents to DTC as
DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Extend the voting rights to the Shareholder for extension by DTC to DTC
participants and the beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Maintain those books and records of the Trust specified by the Trust and
agreed upon by USBGFS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Prepare a monthly report of all purchases and redemptions of Shares during
such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such business
day and with respect to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Receive from the Distributor or from its agent purchase orders from Authorized
Participants (as defined in the Authorized Participant Agreement) for Creation Unit Aggregations of Shares received in good form and accepted
by or on behalf of the Trust by the Distributor, transmit appropriate trade instructions to the NSCC, if applicable, and pursuant to such
orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for each of the respective
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;14. Receive from the Authorized Participants redemption requests, deliver
the appropriate documentation thereof to the Trust's custodian, generate and transmit or cause to be generated and transmitted confirmation
of receipt of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to
the NSCC, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares held in the account of the Shareholder
for each of the respective Funds; 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;15. Confirm the name, U.S. taxpayer identification number and principle place
of business of each Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH
RESPECT TO THE ACCURACY OF FUND DATA RECEIVED, INCLUDING WITHOUT LIMITATION, ANY REPRESENTATIONS OR WARRANTEIS AS TO THE ACCURACY OF SUCH
INFORMATION OR ITS FITNESS FOR A PARTICULAR PURPOSE.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit C</u> or at USBGFS' then current standard rates for such services if not specified.

**EXHIBIT C**

<u>**Fees**</u>

**Base Fee for Accounting and Administration**

The following reflects the greater of the basis point fee or annual minimum where Founder ETFs, LLC (the "Adviser") acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Annual Minimum per Fund<sup>1</sup> | &nbsp;&nbsp;Annual Minimum per Fund<sup>1</sup> | Basis Points on Trust AUM<sup>1</sup> | Basis Points on Trust AUM<sup>1</sup> |
| Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35000 | First $1b | 4 bps |
|  |  | Next $1b | 3 bps |
|  |  | Balance | 2 bps |

---

**Base Fee for ETF Services**

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Annual Fee per fund</u> |  |
| &nbsp;&nbsp;ETF Order Management | &nbsp;&nbsp;$10,000 per fund |
| &nbsp;&nbsp;ETF Transfer Agency | &nbsp;&nbsp;$100 per order (Create or Redeem) |
| &nbsp;&nbsp;<u>Basket Creation</u> |  |
| &nbsp;&nbsp;Equities/Cash | &nbsp;&nbsp;.25bps |
| &nbsp;&nbsp;International Securities/Derivatives | &nbsp;&nbsp;.50bps |
| &nbsp;&nbsp;<u>Fixed AP Fee</u> | &nbsp;&nbsp;TBD/fund <u>Optional Services</u> |
| &nbsp;&nbsp;ETF Stock Splits | &nbsp;&nbsp;$5000 |
| &nbsp;&nbsp;ETF Liquidation | &nbsp;&nbsp;$5000 |
| &nbsp;&nbsp;ETF Slippage Calculations | &nbsp;&nbsp;$1,000/Fund/Year |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

**Appendix A**

**Accounting, Administration Services (in addition to the Base Fee)** **Data Services**

**Pricing and Security Setup Services**

For daily pricing, setup, and maintenance of each security (estimated 252 pricing days annually)

■ $0.08 – Listed Equity Instruments and rates including but not limited
to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

■ $0.50 – Lower Tier Cost Fixed Income Instruments including but
not limited to: Domestic Corporate and Governments Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

■ $0.80 – Higher Tier Cost Fixed Income Instruments including but
not limited to: CMO and Asset Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.00- Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;■ Derivative Instruments are generally charged at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $0.90 – Interest Rate Swaps, Foreign Currency Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $1.50 – Swaptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $3.00 – Credit Default Swaps

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.50 Intraday money market funds pricing, up to 3 times per day

&nbsp;&nbsp;&nbsp;&nbsp;■ $500 per Month Manual Security Pricing (>25per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action, Factor (security paydown & prepayment time series), and ETF Income Projection Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $2.50 per Foreign Equity Security per Month for Corporate Action Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $1.50 per Domestic Equity Security per Month for Corporate Action Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $4.00 per CMO and Asset Backed Security per Month / $2.50 for ETF Funds
per month for Factor Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.50 per Mortgage Backed Security per Month for Factor Services / no
charge for ETF Funds

&nbsp;&nbsp;&nbsp;&nbsp;■ $2.00 per Fixed Income Security per Month for ETF funds only for ETF
income projections

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)**

&nbsp;&nbsp;&nbsp;&nbsp;■ $1.50 per security per month for fund administrative data (based upon
U.S. Bancorp standard data services and are subject to change)

**Index Service Fees**

· $50 per month per fund: Tier 0 for maintenance of data for performance
calculations where the client is supplying the Index data

· $100 per month per fund: Tier 1 including but not limited to: ICE Indexes,
Morningstar, Bloomberg, S&P, Dow Jones, CBOE, and HFRI Indexes

&nbsp;&nbsp;&nbsp;&nbsp;· $250 per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

&nbsp;&nbsp;&nbsp;&nbsp;· $500 per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

· $200 per month per fund additional fee for creation of a blended index,
in addition to Tier index fees.

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fee. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.

**All Data Service charges are subject to change based on cost increases from underlying data providers.**

**SEC Modernization Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Form N-PORT – $12,000 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Form N-CEN – $300 per year, per Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Tailored shareholder reporting - $2,000 per year, per Fund (first class),
$950 per year for each additional class

**Expense Processing and Budgeting Services – Non-Unitary Fee ETFs:**

Fund administration payment of fund expenses and quarterly budgeting on behalf of ETFs not utilizing a unitary fee structure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $3,000 per year, per Fund

**Chief Compliance Officer Support Fee**

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO support annual fee of $3,000 per trust for each U.S. Bank service
selected (administration, accounting, transfer agent, custodian)

This fee includes:

&nbsp;&nbsp;&nbsp;&nbsp;■ Access to the CCO Portal including business line Critical Procedures,
Compliance Controls, Reporting on Testing of Compliance Controls, Annual U.S. Bank Global Fund Services CCO Review, SOC1 audits of business
lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly 38a-1 certifications to the CCO regarding
any changes to critical policies, procedures and controls and compliance events as required under Rule 38a-1 of the Investment Company
Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ CCO forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Annual client conference which includes CCO roundtable discussions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Note: the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ M-1 book-to-tax adjustments at fiscal and excise year-end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare tax footnotes in conjunction with fiscal year-end audit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Form 1120-RIC federal income tax return and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Form 8613 and relevant schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Form 1099-MISC Forms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare state returns (Limited to two) and Capital Gain Dividend Estimates
(Limited to two).

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs, postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, liquidity classification fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ $20,000 per fund group per year - Base fee

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional fee of $2,500 per fund per year (first fund included in base fee)

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | **Price per Fund per Month\*** |
| &nbsp;&nbsp;Limited Derivatives User | $200 |
| &nbsp;&nbsp;Full Derivatives User (no OTC derivatives) | $300 |
| &nbsp;&nbsp;Full Derivative User (with 1-5 OTC derivatives) | $400 |
| &nbsp;&nbsp;Full Derivative User (with 5 or more OTC derivatives) | $500 |
| &nbsp;&nbsp;Closed Fund Data Maintenance Fee | $50 |

---

**\*Additional fees may apply from index providers Section 15(c) Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $2,000 per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

&nbsp;&nbsp;&nbsp;&nbsp;· Expense reporting package: 2 peer comparison reports (adviser fee) and
(net expense ratio w classes on one report) OR Full 15(c) report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Performance reporting package: Peer Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Additional 15c reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;■ Data source – Morningstar; other data sources may incur additional

source and client.

**Fees for Special Situation:**

■ Fee will be accessed.

**Rule 2a-5 Supplemental Services:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Percentage of individual level 2 instruments<br> held by a Fund** | **Monthly Fee for Such Fund<sup>2</sup>** |
| &nbsp;&nbsp;5% or less | $100 |
| &nbsp;&nbsp;More than 5% but less than 25% | $200 |
| &nbsp;&nbsp;25% or more | $300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;■ Note: The availability of the Rule 2a-5 Supplemental Services and the associated
fees are subject to USBGFS' ability to obtain comparison prices from its chosen comparison

<sup>2</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

**Digital Board Materials:**

Comprehensive Digital Services

---

| | |
|:---|:---|
| Comprehensive Digital Services | Comprehensive Digital Services |
| &nbsp;&nbsp;**Description** | **Annual Price<sup>1</sup> (USD)** |
| &nbsp;&nbsp;Base Fee | $4500 |
| &nbsp;&nbsp;Per User Fee<sup>2</sup> | $500 |
| &nbsp;&nbsp;Per Separate Committee<sup>3</sup> Fee | $500 |

---

<sup>1</sup> Subject to an annual increase, provided that the annual increase will not exceed 4.5% through October 2025

<sup>2</sup> Per user fee applies to all users excluding any USBGFS employee who is not an officer in a Multiple Series Trust sponsored by USBGFS.

<sup>3</sup> A committee consists of a separate space on Diligent's board portal that can be used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

Light Digital Offering

---

| | |
|:---|:---|
| Light Digital Offering | Light Digital Offering |
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Annual Price<sup>1</sup> (USD)** |
| &nbsp;&nbsp;Base Fee | &nbsp;&nbsp;$2000 |

---

<sup>1</sup> Subject to annual "CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

**Controlled Foreign Corporation (CFC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ U.S. Bank Fee Schedule plus $15,000

**C- Corp Administrative Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ 1940 Act C-Corp – U.S. Bank Fee Schedule plus $15,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ 1933 Act C-Corp – U.S. Bank Fee Schedule plus $25,000

**Optional Tax Services**

Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign
Corporations (CFCs) – $5,000 per year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Additional Capital Gain Dividend Estimates – (First two included in core services) –

$1,000 per additional estimate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ State tax returns - (First two included in core services) – $1,500 per additional return

**Tax Reporting – C-Corporations Federal Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare corporate Book to tax calculation, average cost analysis and cost basis role

forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis) – $25,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Federal and State extensions (If Applicable) – Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare provision estimates – $2,000 Per estimate

**State Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare state income tax returns for funds and blocker entities – $1,500 per state return

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sign state income tax returns – $2,000 per state return

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assist in filing state income tax returns – Included with preparation of returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· State tax notice consultative support and resolution – $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided.

**EXHIBIT D**

<u>**Required Provisions of Data Service Providers**</u>

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust shall use the Data solely for internal
purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by
the Data Provider.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will not use or permit anyone else to
use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments
or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether
listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust agrees that it shall (a) comply with all
laws, rules and regulations applicable to accessing and using the Data, (b) not use the Data for any purpose independent of those for
which it is provided by the Data Provider, and (c) exculpate the Data Provider, its affiliates and their respective suppliers from any
liability or responsibility of any kind relating to the Trust's receipt or use of the Data (including expressly disclaiming all
warranties).

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will treat the Data as proprietary to
the Data Provider. Further, the Trust shall acknowledge that the Data Provider is the sole and exclusive owners of the Data and all trade
secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will not (i) copy any component of the
Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse
engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including,
without limitation, the Trust's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing
or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust shall reproduce on all permitted copies
of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust shall assume the entire risk of using
the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by
the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust acknowledges that the Data Providers may,
in their sole and absolute discretion and at any time, terminate USBGFS' right to receive and/or use the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust acknowledges and agrees that the Data
Providers are third party beneficiaries of the agreements between the Trust and USBGFS with respect to the provision of the Data, entitled
to enforce all provisions of such agreements relating to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· THE DATA IS PROVIDED TO THE TRUST ON AN "AS
IS" BASIS. USBGFS, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE
DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR

IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON- INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;· THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE
DATA. IN NO EVENT SHALL USBGFS, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE
DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS,
LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA,
REGARDLESS OF THE FORM OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO
THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

**EXHIBIT E**

<u>**Digital Board Materials**</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. USBGFS shall provide one of the following supplemental
digital board services to the Trust (the "Digital Board Services") as the Fund may elect as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Comprehensive Digital Services

&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. Full access to the premium version of Diligent's board portal, including
compilation and distribution of all board materials by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Light Digital Offering

&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. Compilation of all board materials by USBGFS into a PDF stored on a OneDrive
site to be accessed by the Trust's Board participants.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation</u>. The Trust shall pay to USBGFS fees for the Board
Services selected in accordance with the fee schedules as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Comprehensive Digital Services

---

| | |
|:---|:---|
| Comprehensive Digital Services | Comprehensive Digital Services |
| &nbsp;&nbsp;**Description** | **Annual Price<sup>1</sup> (USD)** |
| &nbsp;&nbsp;Base Fee | $4500 |
| &nbsp;&nbsp;Per User Fee<sup>2</sup> | $500 |
| &nbsp;&nbsp;Per Separate Committee<sup>3</sup> Fee | $500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Light Digital Offering

---

| | |
|:---|:---|
| Light Digital Offering | Light Digital Offering |
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Annual Price<sup>1</sup> (USD)** |
| &nbsp;&nbsp;Base Fee | &nbsp;&nbsp;$2000 |

---

<sup>1</sup> Subject to annual "CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

<sup>2</sup> Per user fee applies to all users excluding any USBGFS employee who is not an officer of the Trust

<sup>3</sup> A committee consists of a separate space on Diligent's board portal that can be used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Selection of Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Comprehensive Digital Services</u>. The selection of Comprehensive
Digital Services shall be binding o the Trust for one year. Following any one year period of Comprehensive Digital Services the Trust
may select (i) Comprehensive Digital Services for an additional one year period, (ii) the Light Digital Offering, or (iii) only the basic
board services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Light Digital Offering</u>. The selection of the Light Digital Offering
shall be binding on the Trust for one quarter. Following any quarter for which the Trust has selected the Light Digital Offering the Trust
may select (i) Comprehensive Digital Services, (ii) the Light Digital Offering for an additional quarter, or (iii) only the basic board
services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Third-Party Vendors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Comprehensive Digital Services are reliant upon services provided by
Diligent as a third-party vendor to USBGFS, and if USBGFS shall cease to have access to the Diligent services for any reason the obligations
of the parties hereto with respect to the Comprehensive Digital Services shall immediately terminate further liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust agrees that it shall, and it shall cause its Board participants
and other users to, comply with any terms of use established by Diligent, applicable to the use of the services and the access to any
Diligent portals or electronic sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees that USBGFS shall not be responsible or liable for any
actions or inactions of Diligent or any other third-party vendor, for any lack of access to any Diligent portal or other electronic site,
or for any errors, data loss, or other cyber- security event by Diligent, at or through a Diligent maintained electronic site, or at any
other third-party vendor. The Trust acknowledges that Diligent is not responsible for maintaining records of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS MAKES NO WARRANTY OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH
RESPECT TO THE ACCURACY, COMPLETENESS, OR SUFFICIENCY OF ANY DATA OR OTHER INFORMATION PROVIDED THROUGH THE DILIGENT PORTALS, ANY DILIGENT
ELECTRONIC SITE, OR OTHERWISE THROUGH THE COMPREHENSIVE DIGITAL SERVICES OR THE LIGHT DIGITAL OFFERING.

**EXHIBIT F**

<u>**Rule 2a-5 Supplemental Services**</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. If the Trust elects to receive the Rule 2a-5 Supplemental
Services, USBGFS shall provide the following services to the Funds (the "Rule 2a-5 Supplemental Services"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Price Comparison Report

&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. The Price Comparison Report is a monthly report
showing prices from an alternative source chosen by USBGFS for certain instruments held by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Back-testing and Calibration Report

&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. The Back-testing and Calibration Report shows (a)
the actual buy price for certain instruments held by a Fund compared to the next price used for such instrument in the Fund's NAV
and (b) the actual sale price of certain instruments held by a Fund compared to the prior price used for such instrument in the Fund's
NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Adviser Valuation Oversight Report

&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. The Adviser Valuation Oversight Report is graphic
overview of the Fund's assets, the pricing sources used by the Fund, the types of prices used, and the preliminary fair value leveling
utilized for Form NPORT.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust shall pay USBGFS fees for the Rule 2a-5
Supplemental Services for each Fund receiving such services based upon the number of level 2 instruments (as defined by the Fund's
Topic 820 Report) held by each such Fund as a percentage of that Fund's total positions in accordance with the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Percentage of individual level 2 instruments held by a Fund** | **Monthly Fee for Such Fund<sup>3</sup>** |
| &nbsp;&nbsp;5% or less | $100 |
| &nbsp;&nbsp;More than 5% but less than 25% | $200 |
| &nbsp;&nbsp;25% or more | $300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. The availability of the Rule 2a-5 Supplemental Services
and the associated fees are subject to USBGFS' ability to obtain comparison prices from its chosen comparison third-party pricing
sources at reasonable cost. The reports provided as part of the Rule 2a-5

<sup>3</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

&nbsp;&nbsp;&nbsp;&nbsp;4. The alternative pricing information provided in
the Rule 2a-5 Supplemental Services is intended for comparison purposes only. THE TRUST IS RESPONSIBLE FOR SELECTING THE PRICING SOURCES
USED FOR EACH INSTRUMENT HELD BY EACH FUND FOR CALCULATING THE FUND'S NET ASSET VALUE, FOR DETERMINING THE APPROPRIATE PRICING METHODOLOGIES
USED BY EACH FUND, AND FOR DETERMINING THAT THE PRICES USED FOR EACH

INSTRUMENT ARE APPROPRIATE. USBGFS shall not have any obligation to verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or any third-party source. Notwithstanding anything else in this Addendum or the Agreement to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;5. USBGFS shall only include pricing comparison information
in the Rule 2a-5 Supplemental Services from third-party sources. USBGFS shall not be responsible for (i) providing any discretionary or
subjective valuation of any instrument, (ii) providing any pricing information not available from a third-party source, (iii) providing
any recommendation or opinion on whether a primary price or a comparison price is appropriate, or (iv) determining the appropriate pricing
source for any instrument.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust acknowledges that it is responsible for
determining the suitability and applicability of the information obtained through the Rule 2a-5 Supplemental Services. USBGFS MAKES NO
WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY AND ACCURACY OF INFORMATION PROVIDED IN THE RULE
2a-5 SUPPLEMENTAL SERVICES.

**EXHIBIT G**

<u>**SEC Derivatives Rule 18f-4 Supplemental Services**</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. USBFS has entered into agreements with Confluence
Technologies ("Confluence") to provide data (the "Confluence Data") and access for the Trust to Confluence's
web platform ("Platform") for use in or in connection with the compliance and reporting requirements under the Rule (the "Rule
18f-4 Supplemental Services").

&nbsp;&nbsp;&nbsp;&nbsp;2. If the Trust elects to receive the Rule 18f-4 Supplemental
Services, the Trust shall pay the following additional fees associated with complying with the requirements of the Rule, including the
access to the third-party web platform, commencing on the date the Trust begins accessing the third-party web platform:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Offering** | **Price per Fund per Month\*** |
| &nbsp;&nbsp;Limited Derivatives User | $200 |
| &nbsp;&nbsp;Full Derivatives User (no OTC derivatives) | $300 |
| &nbsp;&nbsp;Full Derivative User (with 1-5 OTC derivatives) | $400 |
| &nbsp;&nbsp;Full Derivative User (with 5 or more OTC derivatives) | $500 |
| &nbsp;&nbsp;Closed Fund Data Maintenance Fee | $50 |

---

\*Additional fees may apply from index providers

&nbsp;&nbsp;&nbsp;&nbsp;3. In connection with the provision of the Confluence
Data and access to the Platform, Confluence requires certain provisions to be included in the Agreement. Accordingly, the Trust agrees
that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the Confluence Data and Platform, (b)
not use the Confluence Data for any purpose independent of complying with the requirements of the Rule, (c) exculpate Confluence, its
affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use
of the Confluence Data (including expressly disclaiming all warranties). The Trust further agrees that Confluence shall be a third-party
beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (c).

&nbsp;&nbsp;&nbsp;&nbsp;4. The Trust acknowledges that it is responsible for
determining the suitability and accuracy of the information obtained through its access to the Platform. USBFS MAKES NO WARRANTIES OR
REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY AND ACCURACY OF FUND DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES
ACCESSED THROUGH THE PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;5. In the event of termination of the Rule 18f-4 Supplemental
Services, the Trust shall immediately end its access to the Platform and return all codes, system access mechanisms, programs, manuals
and other written information to USBFS, and shall, to the extent

reasonably technically practicable and permitted by applicable law, destroy or erase all such information on any storage medium, unless such access continues to be permitted pursuant to a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust assumes exclusive responsibility for the
consequences of any instructions it may give to USBFS, for failure to properly access the Platform in the manner prescribed by USBFS,
and for the Trust's failure to supply accurate and complete information to USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Trust must provide USBFS with such information as is requested by
USBFS or Confluence to assist in developing the Confluence Data needed for the Trust's obligations under the Rule. The Trust must
provide USBFS with such information as is necessary for USBFS to provide the Trust with access to the Platform.

**EXHIBIT H**

<u>**Digital Investor, Digital Investor Institutional, Vision Electronic Statement Service, Chat**</u> **and INFORMA<sup>TM</sup>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Services and Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Internet Access – Internet access by Shareholders to their account
information and investment transaction capabilities (" <u>Internet Service</u> "). Internet Service is connected directly to
the Fund group's web site(s) through a transparent hyperlink. To the extent offered by the Trust, Shareholders can access, among
other information, account information and portfolio holdings within the Funds, view their transaction history, and purchase additional
shares through the Automated Clearing House (" <u>ACH</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Informa</u> <sup>TM</sup>" means the system made available
through DST Output, a wholly owned subsidiary of DST Systems, Inc. (" <u>DST</u> ") known as "Informa<sup>TM</sup>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>INFORMA Services</u> " means the services that enable DST
to make available certain data from DST's TA2000® mutual fund record-keeping systems through the Internet to authorized Users
available to consenting end-users (" <u>User</u> ", as defined below) through the systems known as Digital Investor or Digital
Investor Institutional (as defined below), whereby certain electronic statements (" <u>E- Statements</u> ", as further defined
below) may be searched, viewed, downloaded and printed. INFORMA Services also include notification to the end-user of the availability
of E-Statements and storage of E-Statement documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>E-Statement</u> " means an electronic version of daily
confirms, monthly, quarterly or annual statements, and shareholder tax statements created with investor transaction data housed on DST's
TA2000® mutual fund record keeping system, with images available online via a secure web site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Vision Electronic Statement Services</u> " – Online
account access for broker/dealers, financial planners, and registered investment advisers (" <u>RIAs</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Chat</u> " – A web-based system to permit Shareholders
to engage customer service agents through Internet chat. Services offered through chat are the same as through telephone servicing and
include account information, transaction history, account maintenance, purchase, liquidation, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Digital Investor</u> " – An internet portal for Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Digital Investor Institutional</u> " – An internet
portal for Institutional Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. " <u>Electronic Services</u> " shall consist of those services
set out in paragraph A through H above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>End User(s)</u> " or " <u>User(s)</u> " means the
consenting person(s) to whom Electronic Services are made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Duties and Responsibilities of USBGFS

USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Make the Internet Service available 24 hours a day, 7 days a week, subject
to scheduled maintenance and events outside of USBGFS' reasonable control. Unless an emergency is encountered, no routine maintenance
will occur during the hours of 8:00 a.m. to 3:00 p.m. Central Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide installation services for Electronic Services, which shall include
review and approval of the Trust's network requirements, recommending method of establishing (and, as applicable, cooperate with
the Fund to implement and maintain) a hypertext link between the Electronic Services site and the Fund's web site(s) and testing
the network connectivity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain and support the Electronic Services, which shall include providing
error corrections, minor enhancements and interim upgrades to the Electronic Services that are made generally available to the Electronic
Services customers and providing help desk support to provide assistance to the Trust's officers and agents with their use of the
Electronic Services. Maintenance and support, as used herein, shall not include (i) access to or use of any substantial added functionality,
new interfaces, new architecture, new platforms, new versions or major development efforts, unless made generally available by USBGFS
to the Electronic Services customers, as determined solely by USBGFS or (ii) maintenance of customized features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Establish systems to guide, assist and permit End Users (as defined above)
who access the Electronic Services from the Trust's web site(s) to electronically perform inquiries and create and transmit transaction
requests to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Address and mail, at each applicable Fund's expense, notification
and promotional mailings and other communications provided by the Fund to shareholders regarding the availability of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prepare and process new account applications received through the Internet
Service from Shareholders determined by a Fund to be eligible for such services and in connection with such, the Fund agrees to permit
the establishment of Shareholder bank account information over the Internet in order to facilitate purchase activity through ACH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Provide the End User with a transaction confirmation number for each
completed purchase, redemption, or exchange of the applicable Fund's shares upon completion of the transaction. Transactions are
not considered in good order, and will not be processed, until the entry of the trade and proper authorization has been completed. If
order entry or authorization occur after market close the transaction will be posted and receive the Net Asset Value for the next business
day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Informa, Digital Investor, Digital Investor Institutional, Vision, and E-Statement
are provided by a third party (" <u>Third Party Electronic Services</u> "). Third Party Electronic Services utilize commercially
reasonable encryption and secure transport protocols intended to prevent fraud and ensure confidentiality of End User accounts and transactions.
USBGFS will take commercially standard actions, including periodic scans of Internet interfaces and the Electronic Services, to protect
the Internet web site(s) that provide the Electronic Services and related network(s), against viruses, worms and other data corruption
or disabling devices, and unauthorized, fraudulent or illegal use, by using appropriate anti-virus and intrusion detection software and
by adopting such other security procedures as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Inform the Trust promptly of any malfunctions, problems, errors or service
interruptions with respect to the Electronic Services of which USBGFS becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Exercise reasonable efforts to maintain all on-screen disclaimers and copyright,
trademark and service mark notifications, if any, provided by the Trust to USBGFS in writing from time to time, and all "point and
click" features of the Electronic Services relating to Shareholder acknowledgment and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Establish and provide to the Trust written procedures,
which may be amended from time to time by USBGFS with the written consent of the Trust, regarding End User access to the Electronic Services
and that are reasonably designed to protect the security and confidentiality of information relating to the Funds and End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Provide the Funds with daily reports of transactions listing all purchases
or transfers made by each End User separately. USBGFS shall also furnish the Funds with monthly reports summarizing shareholder inquiry
and transaction activity without listing all transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Annually engage a third party to audit its internal controls for the Electronic
Services and compliance with all guidelines for the Electronic Services included herein and provide the Trust with a copy of the auditor's
report promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Maintain its systems and perform its duties and obligations hereunder
in accordance with all applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Be responsible for timely and adequately notifying User via e-mail that
the User's E-Statement is available at the appropriate Internet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Ensure the E-Statement is available for the User on the Fund's
Internet site for a minimum period of twenty-four (24) months after delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Duties and Responsibilities of the Trust

The Fund or the End User, respectively, assume exclusive responsibility for the consequences of any instructions it may give to USBGFS, its own failure to properly access the Electronic Services in the manner prescribed by USBGFS, and its failure to supply accurate information to USBGFS.

The Trust or a Fund, as applicable, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Revise and update the applicable Prospectus(es) and other pertinent materials
including, without limitation, the fund's website(s), and obtain all necessary consents and agreements with respect to the Electronic
Services (such as user agreements with End Users), to include the appropriate consents, notices and disclosures for Electronic Services,
including disclaimers and information reasonably requested by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Be responsible for designing, developing and maintaining one or more web
sites for the Funds through which End Users may access the Electronic Services, including provision of software necessary for access to
the Internet, which must be acquired from a third party vendor. Such web sites shall have the functionality necessary to facilitate, implement
and maintain the hypertext links to the Electronic Services and the various inquiry and transaction web pages. The Funds shall provide
USBGFS with the name of the host of the Funds' web site server and shall notify USBGFS of any change to the Funds' web site
server host.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide USBGFS with such information and/or access to the Funds'
web site(s) as is necessary for USBGFS to provide the Electronic Services to End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Promptly notify USBGFS of any problems or errors with the applicable
Electronic Services of which the Trust becomes aware or any changes in policies or procedures of the Fund requiring changes to the Electronic
Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Additional Representations and Warranties

The parties hereby warrant that neither party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible through the Electronic Services or Funds' web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other

computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Proprietary Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each party acknowledges and agrees that it obtains no rights in or to
any of the software, hardware, processes, trade secrets, proprietary information or distribution and communication networks of the other
hereunder. Any software, interfaces or other programs a party provides to the other hereunder shall be used by such receiving party only
in accordance with the provisions of this <u>Exhibit C</u>. Any interfaces, other software or other programs developed by one party shall
not be used directly or indirectly by or for the other party or any of its affiliates to connect such receiving party or any affiliate
to any other person, without the first party's prior written approval, which it may give or withhold in its sole discretion. Except
in the normal course of business and in conformity with Federal copyright law or with the other party's consent, neither party nor
any of its affiliates shall disclose, use, copy, decompile or reverse engineer any software or other programs provided to such party by
the other in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Funds' web site(s) and the Electronic Services may contain
certain intellectual property, including, but not limited to, rights in copyrighted works, trademarks and trade dress that is the property
of the other party. Each party retains all rights in such intellectual property that may reside on the other party's web site, not
including any intellectual property provided by or otherwise obtained from such other party. To the extent the intellectual property of
one party is cached to expedite communication, such party grants to the other a limited, non-exclusive, non-transferable license to such
intellectual property for a period of time no longer than that reasonably necessary for the communication. To the extent that the intellectual
property of one party is duplicated within the other party's web site to replicate the "look and feel," "trade
dress" or other aspect of the appearance or functionality of the first site, that party grants to the other a limited, non-exclusive,
non-transferable license to such intellectual property for the period during which this <u>Exhibit C</u> is in effect. This license is
limited to the intellectual property needed to replicate the appearance of the first site and does not extend to any other intellectual
property owned by the owner of the first site. Each party warrants that it has sufficient right, title and interest in and to its web
site and its intellectual property to enter into these obligations, and that to its knowledge, the license hereby granted to the other
party does not and will not infringe on any U.S. patent, copyright or other proprietary right of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each party agrees that the nonbreaching party would not have an adequate
remedy at law in the event of the other party's breach or threatened breach of its obligations under this Section of this <u>Exhibit C</u> and that the nonbreaching party would suffer irreparable injury and damage as a result of any such breach. Accordingly, in the event
either party breaches or threatens to breach the obligations set forth in this Section of this <u>Exhibit C</u>, in addition to and not
in lieu of any legal or other remedies a party may pursue hereunder or under applicable law, each party hereby consents to the aggrieved
party seeking equitable relief (including the issuance of a temporary restraining order, preliminary injunction or permanent injunction)
against it by a court of competent jurisdiction, without the necessity of proving actual damages or posting any bond or other security
therefor, prohibiting any such breach or threatened breach. In any proceeding upon a motion for such equitable relief, a party's
ability to answer in damages shall not be interposed as a defense to the granting of such equitable relief. The provisions of this Section
relating to equitable relief shall survive termination of the provision of services set forth in this <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Compensation

USBGFS shall be compensated for providing the Electronic Services selected by the Trust from time to time in accordance with the fee schedule set forth in <u>Exhibit D</u> (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Additional Indemnification; Limitation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to <u>Section 2</u> of this Exhibit, USBGFS CANNOT AND DOES NOT
GUARANTEE AVAILABILITY OF THE ELECTRONIC SERVICES.

Accordingly, USBGFS' sole liability to the Trust, a Fund, or any third party (including End Users) for any claims, notwithstanding the form of such claims (e.g., contract, negligence, or otherwise), arising out of the delay of or interruption in the Electronic Services to be provided by USBGFS hereunder shall be to use its best efforts to commence or resume the Electronic Services as promptly as is reasonably possible, so long as the delay or interruption was not the proximate result of USBGFS's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS shall, at its sole cost and expense, defend, indemnify, and hold
harmless the Trust, each Fund and their trustees, officers, agents, and employees from and against any and all claims, demands, losses,
expenses and liabilities of any and every nature (including reasonable attorneys' fees) arising out of or relating to any infringement,
or claim of infringement, of any United States patent, trademark, copyright, trade secret, or other proprietary rights based on the use
or potential use of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If an injunction is issued against the Trust or a Fund's use of
the Electronic Services by reason of infringement of a patent, copyright, trademark, or other proprietary rights of a third party, USBGFS
shall, at its own option and expense,

either (i) procure for the Trust or Fund the right to continue to use the Electronic Services on substantially the same terms and conditions as specified hereunder, 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) after notification to the Trust or Fund, replace or modify the Electronic Services so that they become non-infringing, provided that, in the Trust's judgment, such replacement or modification does not materially and adversely affect the performance of the Electronic Services or significantly lessen their utility to the Fund. If in the Trust's judgment, such replacement or modification does materially adversely affect the performance of the Electronic Services or significantly lessen their utility to the Trust or Fund, the Trust may terminate all rights and responsibilities under this <u>Exhibit C</u> immediately on written notice to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Because the ability of USBGFS to deliver Electronic Services is dependent
upon the Internet and equipment, software, systems, data and services provided by various telecommunications carriers, equipment manufacturers,
firewall providers and encryption system developers and other vendors and third parties, USBGFS shall not be liable for delays or failures
to perform its obligations hereunder to the extent that such delays or failures are attributable to circumstances beyond its reasonable
control which interfere with the delivery of the Electronic Services by means of the Internet or any of the equipment, software and services
which support the Internet provided by such third parties. USBGFS shall also not be liable for the actions or omissions of any third party
wrongdoers (i.e., hackers not employed by USBGFS or its affiliates) that cause a disruption of the Electronic Services, unless USBGFS
did not exercise reasonable care in following commercial standards to protect the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. USBGFS shall not be responsible for the accuracy of input material from
End Users nor the resultant output derived from inaccurate input.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Certain Electronic Services may permit the Trust or the Fund to provision
End Users. If the Trust or the Fund undertake to provision End Users, the Trust or the Fund, as applicable, shall be solely responsible
for providing access to End Users, removing access for End Users, and for maintaining appropriate safeguards over access credentials for
End Users. USBGFS shall not be responsible for any unauthorized or improper use of the Electronic Services by such End Users or by any
other person accessing the Electronic Services through the action or inaction of the Trust, the Fund, or such End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Notwithstanding anything to the contrary contained herein, USBGFS shall
not be obligated to ensure or verify the accuracy or actual receipt, or the transmission, of any data or information contained in any
transaction via the Electronic Services or the consummation of any inquiry or transaction request not actually reviewed by USBGFS. USBGFS
is entitled to reasonably presume that all information and transaction requests submitted through the Electronic Services are genuine
in the absence of actual information to the contrary. USBGFS will not be liable for any loss, liability, cost or expense for reasonably
following instructions

communicated through the Electronic Services, including fraudulent or unauthorized instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Warranties

EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC SERVICES ARE PROVIDED BY USBGFS "AS IS" ON AN "AS-AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND, AND USBGFS EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Duties in the Event of Termination

In the event of termination of the services provided pursuant to this <u>Exhibit C</u>, (i) End Users will no longer be able to access the Electronic Services and (ii) the applicable Funds will, to the extent reasonably technically practicable and permitted by applicable law, return all codes, system access mechanisms, programs, manuals and other written information provided to it by USBGFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium, except to the extent a Fund is required to keep copies of such records under applicable law.

## Ex-99.H

<u>**SERVICES AGREEMENT**</u>

This Services Agreement ("Agreement") is dated as of September 24, 2025, by and between **Vigilant Compliance, LLC** ("Vigilant"), with an address at Gateway Corporate Center, Suite 216, 223 Wilmington West Chester Pike, Chadds Ford, Pennsylvania 19317, and **Founder Funds Trust** ("Fund"), with an address at 25 Highland Park Village, Suite 100-587, Dallas, TX 75205.

<u>**Background**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund agrees to contract with Vigilant to provide Services (as such
term is defined in Section 1 below) to Fund, which will include providing a qualified individual to serve as Chief Compliance Officer
("CCO") of the Fund for purposes of the Fund's compliance with Rule 38a-1 under the Investment Company Act of 1940, as amended
(the "1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vigilant, its employees, and agents agrees to provide Services to the
Fund, subject to the terms and conditions hereof.

<u>**Terms**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services.</u> Vigilant agrees to
provide to the Fund the following Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide a Vigilant Professional to serve as CCO to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Oversee the Compliance Program of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare a Written CCO Report for each Quarterly Board Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Attend or participate remotely in each of the Fund's Quarterly Board
Meetings, Audit Committee Meetings and Special Board Meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Present the Annual Review Report of the CCO Annually to the Board of Directors
in person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Interface with Fund Management on Compliance Issues; as necessary© Copyright 2025 Vigilant Compliance, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Interface with the Fund's Board of Directors as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Interface with the Fund's Audit Committee as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Interface with the Fund's Registered Auditors as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Interface with the Fund's Legal Counsel as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Review and Analyze the Compliance Policies and Procedures of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review the Compliance Policies and Procedures of the Fund's Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Revise the Fund's Policies and Procedures as dictated by changes in the Fund's business, SEC Rules
and Regulations, and the Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Review the Fund's Audit Reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Review Certifications and Sub-Certifications from Adviser and Service
Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Conduct an Annual Review of the Fund's Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Conduct Compliance Review of Fund's Service Providers (Administration, Custody, Transfer Agent
and Principal Underwriter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Review of Fund Compliance relating to the Fund's Compliance Policies, Procedures and Issues relating to:

&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. Portfolio Management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Trading Practices (Market Timing, Broker Selection, and Best Execution);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Proprietary and Personal Trading;

1v. Pricing and Calculation ofNAV (e.g. Valuation);

&nbsp;&nbsp;&nbsp;&nbsp;&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. Safe Custody of Assets;

v1. Marketing and Distribution; v11. Books and Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vm. Privacy Protection;

1x. Business Continuity; 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;&nbsp;&nbsp;&nbsp;&nbsp;x. Disclosure Accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. The CCO will prepare an Annual Review Report. The Annual Review Report
will address:

&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 Operation of the Policies and Procedures of the Fund and each Service
Provider since the last Annual Report;

&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. Any material changes to the Policies and Procedures since the last Annual
Report;

&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. Any recommendations for material changes to the Policies and Procedures
as a result of the Annual Review;

&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. Any material Compliance matters since the date of the last Annual Report;
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;e. Any other Compliance Matters about which the Fund's Board reasonably needs
to know in order to oversee Fund Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Staff. Fund shall provide reasonable staff support to perform Fund duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Term.</u> The
term shall commence on the date first set forth above and shall continue in effect one year from the date thereof (the "Initial Term"),
and shall thereafter automatically renew in one-year increments unless earlier terminated by either party upon one hundred twenty (120)
days' prior written notice after the Initial Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Fees and Expenses.</u> Fund
shall pay Vigilant a monthly fee as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund shall pay Vigilant a one-time start up fee of $5,000 per Fund
due upon execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Fund shall pay Vigilant a fee of $3,334 per month per Fund for CCO
Services, which is payable monthly in advance by ACH on the first day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Per new Fund, for any assets above $500 million add $417 per month to the
monthly fee for increments of $150 million in AUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For the purposes of calculating any adjustment to Vigilant's monthly fee, Fund shall report to the Vigilant
contact listed in Section 18 of this Agreement, the current AUM of the Fund on a monthly basis, or as frequently as reported by the Fund
in its ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Regulatory Response Time.</u> Regulatory
Reviews (e.g. SEC Examinations, Subpoenas or Third Party Mock Examination Reviews) will be billed separately at Vigilant' s applicable
hourly rates. Adviser understands that Vigilant cannot guarantee that the SEC or other regulator will not identify deficiencies in its
Compliance Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The above rates will increase by 3.7% annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses.</u> The Fund will
 pay reasonable out of pocket and travel expenses incurred Vigilant in the performance of its duties under this Agreement, which include,
 but are not limited to, Federal Express and overnight mail services, parking, tolls,
train, air and related travel expenses, mileage (at the standard allowable mileage rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Insurance Coverage.</u> The
Vigilant professional named as CCO will be covered by the Fund's Errors and Omissions insurance, which insurance shall be at the same
levels and upon the same terms of coverage as for the other Fund's officers and shall be reasonable and adequate in his capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Liability; Indemnification</u>.
Fund shall indemnify and hold harmless Vigilant, its employees, and agents, (collectively "Vigilant") from all actual claims,
actual liabilities, reasonable attorneys' fees, actual judgments, actual expenses and actual charges (collectively "Losses") in connection with the performances of services herein. In no event shall any party be liable for special, consequential, exemplary or punitive damages. The
liability of Vigilant shall in no event exceed the amount of fees paid by Fund under this this Agreement during the preceding twelve (12)
month period, regardless of the claim or legal theory set forth by any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Taxes.</u> Vigilant
shall be responsible for compliance with all local, state and federal rules, laws and regulations applicable to payment of all taxes, such as income, unemployment, social security
and other similar taxes, applicable to Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Cooperation.</u> Fund will use commercially reasonable efforts to secure the cooperation of its officers,
employees, agents and Service Providers, and will use
best efforts to cause such parties to provide the requested information to Vigilant in a prompt manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Consultations with Counsel.</u> Neither Vigilant nor any of its employees provide legal advice, legal counsel, or other
legal services to the Adviser. As such,
there is no attorney client relationship between the Adviser and Vigilant or its employees. Vigilant shall be permitted to consult counsel
at the cost of the Fund relating to Fund matters should such consultation become necessary. Vigilant will first consult legal counsel
to the Fund in such circumstances, and, if necessary, after prior approval of the Fund, may consult other legal counsel at the cost of
the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Additional Advisers/Portfolios.</u> If the Fund materially
modifies its business or adds Sub-Advisers or additional Portfolios, the parties will in good faith negotiate a new fee relating to additional
services related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Other Service Providers.</u> Vigilant acknowledges that the Fund may engage various entities as Service Providers, and the services required to be performed pursuant
to the Fund's contract therewith shall continue to be performed by such Service Providers as determined by the Fund. The Fund may also
make changes related to the Service Providers, but such changes will not be deemed to impose additional duties upon the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Breach.</u> If
Vigilant fails to deliver the specific services
set forth herein and acts in a negligent manner, Vigilant shall be given thirty (30) days written notice to cure. If Vigilant fails to
cure within thirty (30) days after written notice
to Vigilant, the Fund shall
have the right to terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Documents and Records.</u> The Fund shall be responsible for maintaining all books and records of the Fund as required by the Investment Company Act of 1940 and other applicable
laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Work Product and Intellectual Property Rights.</u> All work performed at the direction of the Fund and its officers,
shall be the property of the Fund and the Fund shall have a right to copy and reproduce such and to provide it to others as required by
the Fund's business under relevant laws and regulations including the Investment Company Act of 1940, and Vigilant shall have a non-exclusive
license to use such ("Work Product"). All ideas,
improvements, concepts, inventions, discoveries, developments, innovations, software,
designs, processes or other works of authorship, made, conceived or developed by Vigilant or otherwise produced by Vigilant in performance
of this Agreement ("Intellectual Property") shall remain the property of the Vigilant, regardless of whether or not such Intellectual Property is protectable by patent, trademark, copyright, trade secret or other applicable
law. Vigilant shall also be entitled to such Work Product and the right to use or reuse such materials in connection with servicing the Fund, or other unaffiliated
Funds or in the business of Vigilant Compliance, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All information of or pertaining to Fund or any of its affiliates shall
be kept confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With the exception of customer information of Fund and its affiliates,
which shall be protected in all circumstances, no information shall be within the protection of this Agreement where such information:
(i) is or becomes publicly available through no fault of the Vigilant; (ii) is made public by Fund without restriction; or (iii) is rightly
obtained from a third party not subject to confidentiality restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Applicable Law.</u> This Agreement shall be governed by , and construed in accordance with, the laws of the State of Pennsylvania, without
respect to principles regarding conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Billing Contact.</u> Each
party shall report all billing issues, questions, or updates to the appropriate billing contact listed below:

Vigilant Representative:

ATTN: Vigilant Billing Department

<u>B</u><u>illing@VigilantLLC.com</u>

484-840-3704

Fund Representative:

INSERT CONTACT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability; Non-Solicitation; No Waiver.</u> Each provision of this Agreement shall be severable from every other provision of this Agreement for the
purpose of determining the legal enforceability of any specific provision. If any provision of this Agreement is deemed invalid or unenforceable
under applicable law, all other provisions of this

Agreement shall remain in full force and effect. No delay or omission on the part of a party to this Agreement in exercising any right hereunder shall operate as a waiver thereof or of any other right. Fund shall not solicit or hire any Vigilant employee or agent to work for Fund or any affiliate during the Term of this Agreement and for 24 months thereafter, following the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Entire Agreement; Assignment.</u> This is the entire Agreement between the parties with regard to the Services. This Agreement may only be
modified or amended, if such modification or amendment is made in writing and signed by authorized representatives of both parties or
if such changes are approved by the Fund Board of Directors. This Agreement may not be assigned without the written consent of the other
party and any such assignment shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Counterparts.</u> This
Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Non-exclusivity.</u> This
Agreement is not exclusive and the Fund recognizes that Vigilant may provide similar services to other persons or entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>No Partnership.</u> This
Agreement is not intended to constitute, create, give effect to or otherwise recognize a partnership, joint venture, or other form of
business organization of any kind and the rights and obligations of the Fund and Vigilant shall be only those expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Force Majeure.</u> Vigilant
shall not be deemed in default or otherwise liable under this Agreement due to its inability to perform its obligations by reason of any
act of God, fire, earthquake, substantial storm, pandemic, terrorism, riot, civil disturbance, embargo, or any failure or delay of any
transportation, power, or communications system or any other similar cause beyond the reasonable control of Vigilant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Compliance Services.</u> Neither
Vigilant nor any of its employees provide legal advice, legal counsel, or other legal services to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Third Party Beneficiary.</u> The
parties understand and agree that there are no third party beneficiaries to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Effective Date.</u> The
effective date of this Agreement shall be upon the approval by the Fund's Directors, including a majority of the Independent Directors.
The Agreement will be deemed effective (or modified) when approved by a majority of the Independent Directors of the Fund, and Vigilant.

**In Witness Whereof,** the parties have executed this Agreement as of the date first set forth above.

Vigilant Compliance, LLC

By: <u>/s/ Salvatore Faia</u>

Salvatore Faia

President & CEO

Dated: September 24, 2025

Founder Funds Trust

By: <u>/s/ Michael C. Monaghan</u>

Michael C Monaghan Chairman

Dated: September 24, 2025

## Ex-99.H

**POWER OF ATTORNEY**

This Power of Attorney (this "POA") is executed by the undersigned trustees (each, a "Trustee," and collectively, the "Trustees") of **Founder Funds Trust** (the "Trust"), a Delaware statutory trust, effective as of **October 26, 2025.**

As of the Effective Date, the Trustees are **Michael Monaghan (Chair)**, **Brock Vandervliet**, and **David Perlin**.

&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Filings and Matters

Each Trustee hereby makes, constitutes, and appoints the Authorized Attorneys-in-Fact identified in Section 2 as the Trustee's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the Trustee and in the Trustee's name, place, and stead, to

execute, verify, and file with the U.S. Securities and Exchange Commission (the "SEC"), and any securities exchange or self-regulatory organization, any and all documents, instruments, and filings for or on behalf of the Trust or any of its series or classes, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· Any registration statement(s) and
post-effective amendments under the Securities Act of 1933 and the Investment Company Act of 1940 (including Form N-1A) and all
exhibits, supplements, and related consents;

&nbsp;&nbsp;&nbsp;&nbsp;· Any other SEC reports and filings,
including Forms N-CSR, N-CEN, N-PORT, N-PX, N-14, 24f-2, applications and notices under the 1940 Act (including
any Rule 6c-11 related materials), and any correspondence with the SEC or its staff;

&nbsp;&nbsp;&nbsp;&nbsp;· Any Form ID
and related documents to obtain, update, or maintain the Trust's or any Trustee's EDGAR access codes, and any EDGAR submissions,
test filings, or technical amendments; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any other certificates, powers, authorizations,
written consents, or instruments necessary, advisable, or incidental to the preparation, execution, and filing of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;2. Authorized Attorneys-in-Fact

**(a) Trust Officers.** Any individual who is, at the time of the relevant act, duly serving as Chair, President, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Treasurer, Assistant Treasurer, Secretary, Assistant Secretary, or any Vice President of the Trust.

**(b) Outside Counsel.** Any partner, member, or attorney of any law firm then serving as outside counsel to the Trust or any of its series or classes.

&nbsp;&nbsp;&nbsp;&nbsp;3. Powers Granted

&nbsp;&nbsp;&nbsp;&nbsp;· Sign, execute,
verify, and file any Covered Filings and related documents described in Section 1, with full power to amend, restate, or supplement the
same;

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare, assemble, and submit exhibits,
schedules, consents, and ancillary certificates;

&nbsp;&nbsp;&nbsp;&nbsp;· Communicate
with and respond to the SEC, its staff, and any securities exchange regarding the foregoing, including submitting correspondence and supplemental
information;

&nbsp;&nbsp;&nbsp;&nbsp;· Make EDGAR submissions (including
test or technical filings), request or reset EDGAR codes, and take all actions necessary for electronic filing and compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;· Generally do and perform all acts
and things necessary or advisable to effect the foregoing as fully as the undersigned could do personally.

&nbsp;&nbsp;&nbsp;&nbsp;4. Ratification; Reliance

The undersigned Trustee ratifies and confirms all lawful actions that any Attorney-in-Fact (or any substitute appointed by an Attorney-in-Fact) takes pursuant to this POA. Third parties, including the SEC and any securities exchange, may rely upon this POA until they receive written notice of its revocation.

&nbsp;&nbsp;&nbsp;&nbsp;5. Duration; Revocation; Non-Exclusivity

This POA shall remain in full force and effect until revoked by the undersigned Trustee by written notice delivered to the Trust's Secretary (which revocation shall not affect any action taken prior thereto). This POA is non-exclusive and shall not preclude the undersigned from executing any document personally or from granting similar authority to other persons. The resignation, removal, or replacement of a Trustee, or any change in a person's status as a Trust officer or outside counsel, does not invalidate any action properly taken under this POA while such status existed.

&nbsp;&nbsp;&nbsp;&nbsp;6. Filings; Counterparts; Electronic Signatures; Governing Law

This POA may be filed with the SEC or included as an exhibit to any Covered Filing. It may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Electronic signatures and .pdf or other electronic copies shall be treated as originals for all purposes. This POA is governed by the laws of the State of Delaware, without regard to conflict-of-laws rules.

**Signature Page**

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney as of the date set forth below.

**Trustee:**

Signature: <u>/s/ Michael C. Monaghan</u>

Name (print): Michael C. Monaghan

Title: Chair and Trustee

Date: 10/26/2025

**Trustee:**

Signature: <u>/s/ Brock Vandervliet</u>

Name (print): Brock Vandervliet

Title: Trustee

Date: 10/26/2025

**Trustee:**

Signature: <u>/s/ David Perlin</u>

Name (print): David Perlin

Title: Trustee

Date: 10/26/2025

## Ex-99.I

![](practus_letterhead.jpg)

October 14, 2025

U.S. Securities and Exchange Commission <br> 100 F Street NE

Washington, D.C. 20549

Re: Founder Funds Trust

Registration Statement on Form N-1A under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended File Nos. 333-288898 and 811-24107

Ladies and Gentlemen:

We serve as counsel to Founder Funds Trust (the 'Trust''}, a Delaware statutory trust organized under the Delaware Statutory Trust Act, Title 12, Chapter 38 of the Delaware Code (the "Delaware Act"), and registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act''), operating pursuant to Rule 6c-11 thereunder. This opinion relates to the Trust's Registration Statement on Form N-1A (together with exhibits, the "Registration Statement") and is provided in connection with the filing with the U.S. Securities and Exchange Commission (the "Commission") of a post-effective amendment under the Securities Act of 1933, as amended (the "Securities Act"), and an amendment under the 1940 Act (collectively, the "Amendment").

The Amendment addresses the registration of an indefinite number of shares of beneficial interest, without par value (the "Shares"), of Founder 100 ETF (the "Fund"}, a series of the Trust. Capitalized terms not defined herein have the meanings assigned in the Registration Statement.

In rendering this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the following documents, and such other records, certificates, and instruments as we deemed necessary or appropriate for purposes of this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Certificate of Trust of the Trust, as filed with the Secretary of State of the State of Delaware, and a certificate of good standing with respect to the Trust, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agreement and Declaration of Trust of the Trust, as amended and restated to date (the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Bylaws of the Trust, as amended to date (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) resolutions adopted by the Board of Trustees of the Trust (the "Board") authorizing, among other things, the establishment of the Fund as a series of the Trust, the issuance and sale of the Shares, the filing of the Registration Statement and the Amendment, and the approval of the forms of any relevant agreements material to the issuance of the Shares, including, without limitation, the investment advisory agreement, the administration agreement, the transfer agency and custody arrangements, the distribution agreement, and any agreements with one or more authorized participants relating to the issuance and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the printer's proof of the Registration Statement and the form of the Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) certifications or representation letters of officers of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such other documents, records, certificates of public officials and other instruments as we have deemed necessary or appropriate for the purpose of rendering this opinion.

In making the foregoing examinations, we have assumed the genuineness of all signatures, the legal capacity of all natural persons that are mentioned in the documents, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as certified, conformed or photostatic copies, and the authenticity of the originals of such latter documents. We have also assumed the due authorization, execution and delivery of all documents by the parties thereto (other than the Trust to the extent expressly addressed herein), the continuing effectiveness of the Declaration of Trust, Bylaws and applicable resolutions of the Board, and that the Declaration of Trust and Bylaws will not be amended, and the resolutions will not be rescinded or amended, in any manner that would affect the opinions expressed herein prior to the issuance of the Shares.

For purposes of this opinion, we have further assumed that (i) the Registration Statement and the Amendment, and any supplements or post-effective amendments thereto, in the form examined by us will become effective under the Securities Act and be filed under the 1940 Act; (ii) the Shares will be issued and sold in compliance with the Securities Act, the 1940 Act and all applicable state securities ("blue sky") laws, and as described in the Registration Statement; (iii) the consideration received by the Trust for each Share will not be less than the net asset value per Share determined in accordance with the Registration Statement and applicable law at the time of issuance; (iv) the Shares will be issued and sold as described in the Registration Statement, including through transactions in Creation Units in accordance with Rule 6c-11 and any applicable listing standards of the national securities exchange on which the Shares are listed; (v) the Trust will remain duly formed, validly existing and in good standing under the Delaware Act; and (vi) no action will be taken by the Trust or the Fund in connection with the issuance or sale of the Shares that is inconsistent with the Declaration of Trust, the Bylaws, the resolutions of the Board or applicable law.

Based upon and subject to the foregoing, and having regard for such legal considerations as we deem relevant, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is duly formed and validly existing as a statutory trust in good standing under the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares, when issued and sold consistent with the manner described in the Registration Statement and the Amendment and in accordance with the Declaration of Trust, the Bylaws and the applicable resolutions of the Board, upon receipt by the Trust of consideration therefor as described in the Registration Statement, will be validly issued, fully paid and nonassessable.

This opinion is limited to the Delaware Act and the laws of the State of Delaware that, in our experience, are normally applicable to opinions of this type. We express no opinion with respect to any other laws (including federal securities laws and regulations,, or any state securities or tax laws) or the laws of any other jurisdiction, nor do we express any opinion with respect to the effect of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting creditors' rights generally, or general principles of equity (including concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief), whether considered in a proceeding in equity or at law. We do not express any opinion with respect to any provisions of the Declaration of Trust or Bylaws that may purport to waive or limit the rights of any person or to confer jurisdiction or venue on any court or other forum.

This opinion speaks only as of the date hereof and is based on our understanding of facts in existence and laws in effect on the date hereof. We undertake no obligation to advise you of any changes in facts or law subsequent to the date hereof that may affect the opinions expressed herein.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to reference our firm's name therein. In giving this consent, we do not 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,

Practus, LLP

By: <u>/s/ Christopher Hayes</u>

Name: Christopher Hayes

Title: Partner

## Ex-99.J

Seed Audit Results

**Prepared for:**

Founder Funds Trust

cohenco.com

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Founders 100 ETF and Board of Trustees of Founder Funds Trust

<u>Opinion on the Financial Statement</u>

We have audited the accompanying statement of assets and liabilities of Founder Funds Trust comprising Founders 100 ETF (the "Fund") as of September 12, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of September 12, 2025, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 procedures included confirmation of cash owned as of September 12, 2025, by correspondence with the custodian. 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.

We have served as the Fund's auditor since 2025.

COHEN & COMPANY, LTD.

Cleveland, Ohio September 26, 2025

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation in this Registration Statement on Form N-1A of our report dated September 26, 2025, relating to the financial statement of Founders 100 ETF, a series of Founder Funds Trust, as of September 12, 2025, and to the references to our firm under the headings "Independent Registered Public Accounting Firm" in the Prospectus and "Independent Registered Public Accounting Firm" and "Other Information" in the Statement of Additional Information.

Cohen & Company, Ltd. Cleveland, Ohio September 26, 2025

September 26, 2025

To the Audit Committee of Founders 100 ETF

In connection with our audit of the financial statements of Founders 100 ETF (the "Fund") as of September 12, 2025, we have issued our report thereon dated September 26, 2025. Professional standards require that we provide you with the following information related to our audit.

<u>Significant and Critical Accounting Policies and Practices</u>

Management is responsible for the selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The Fund's significant accounting policies are disclosed in the notes to the financial statements as required by generally accepted accounting principles in the United States of America (GAAP). The significant accounting policies adopted by the Fund in this initial period are described in Note 2 to the financial statements. We noted no transactions entered into by the Fund during the period for which accounting policies are controversial or for which there is a lack of authoritative guidance or consensus or diversity in practice.

Critical accounting policies and practices are those that are both (1) most important to the portrayal of the Fund's financial condition and results and (2) require management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The critical accounting policies used by the Fund in its financial statements for the period ended September 12, 2025, are described in Note 2 to the financial statements and relate to the policies the Fund uses to account for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regulated Investment Company (RIC) Qualification and Regulatory Compliance—The Fund qualifies
as a RIC under Subchapter M requirements of the Internal Revenue Code. The proper monitoring and presentation of RIC qualification requirements
and assumptions are material to the tax related disclosures and accounts, and could result in the requirement to record federal income
tax expenses and liabilities if not met in subsequent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shareholder Transactions and Share Valuation—The initial sale and issuance of shares was recorded
at a net asset value of $25 per share. The recording of capital related activity is considered critical due to the significance of transactions,
which are determined based on the daily net asset value and materiality to the financial statements as a whole, including the proper presentation
and disclosure of capital activity.

<u>Critical Accounting Estimates</u>

Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. There were no critical accounting estimates used by the Fund.

<u>Related Party Relationships and Transactions</u>

As part of our audit, we evaluated the Fund's identification of, accounting for, and disclosure of the Fund's relationships and transactions with related parties as required by professional standards. We noted no related parties or related party relationships or transactions that were previously undisclosed to us; significant related- party transactions that have not been approved in accordance with the Fund's policies or procedures or for which exceptions to the Fund's policies or procedures were granted; or significant related party transactions that appeared to lack a business purpose.

<u>Significant Unusual Transactions</u>

For purposes of this letter, professional standards define significant unusual transactions as transactions that are outside the normal course of business for the Fund or that otherwise appear to be unusual due to their timing, size or nature. We noted no significant unusual transactions during our audit.

<u>Planned Audit Strategy and Significant Risks</u>

There were no significant changes to our planned audit strategy or our assessment of significant risks originally identified during our risk assessment procedures.

<u>Quality of the Fund's Financial Reporting</u>

Management is responsible not only for the appropriateness of the accounting policies and practices, but also for the quality of such policies and practices. Our responsibility under professional standards is to evaluate the qualitative aspects of the Fund's accounting practices, including potential bias in management's judgments about the amounts and disclosures in the financial statements, and to communicate the results of our evaluation and our conclusions to you. The results of our evaluation of the qualitative aspects of the Fund's financial reporting, as well as certain other communications based on the results of our audit procedures are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Our assessment of the quality of significant accounting policies and practices
is based on the results and conclusions of the audit procedures performed that were in accordance with our audit plan. We have evaluated
the quality, not just the acceptability, of significant accounting policies and practices in considering whether the financial statements
as a whole are free of material misstatement and determined that the accounting policies and practices are appropriate and reasonable
in the circumstances. There were no situations in which management's judgments about amounts and disclosures in the financial statements
or differences in estimates supported by audit evidence and estimates included in the financial statements indicated a potential management
bias.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) We assessed management's disclosures related to critical accounting policies
and practices described above. We concluded that the Fund's critical accounting policies or practices are properly disclosed in
the financial statements, and are in conformity with GAAP and consistent with industry practice. We did not propose any significant modifications
of accounting policies and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) We concluded that the presentation of the financial statements and related disclosures,
including the form, arrangement, and content of the financial statements (including accompanying notes) are in conformity with GAAP, the
Investment Company Act of 1940 (as amended) and Articles 6 and 12 of the Securities and Exchange Commission's (SEC) Regulation S-X.
The level of detail presented within, the classification of items, and the basis of amounts were considered reasonable and appropriate
in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) We have no concerns regarding management's anticipated application of new
accounting pronouncements that have been issued, but are not yet effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) We will discuss with you all alternative accounting treatments permissible under
GAAP for policies and practices related to material items that have been discussed with management, including the ramifications of such
alternative disclosures and treatments and the treatment preferred by us. There were no alternative treatments discussed with management.

<u>Uncorrected and Corrected Misstatements</u>

Professional standards require us to accumulate misstatements identified during the audit, other than those that are clearly trivial, and to communicate accumulated misstatements to management. There were no significant corrected or uncorrected misstatements detected through our auditing procedures for the period ended September 12, 2025.

<u>Auditor's Report</u>

In connection with the audit of the financial statements, we have provided you a draft of our auditor's report, and we have discussed all relevant topics with you.

<u>Disagreements with Management</u>

For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a disagreement on a financial accounting, reporting, or auditing matter that could be significant to the financial statements or the auditor's report. We are pleased to report that no disagreements with management arose during the course of our audit.

<u>Difficulties Encountered in Performing the Audit</u>

We encountered no significant difficulties in dealing with management in performing and completing our audit. <u>Other Material Written Communications</u>

We have requested certain representations from management that are included in the management representation letter dated September 26, 2025. A final copy of the executed management representation letter will be provided to you and included as part of our final communications with the Audit Committee.

<u>Other Information in Documents Containing Audited Financial Statements</u>

The Fund's audited financial statements are included in its SEC filing. Our responsibility for the other information contained in the SEC filing does not extend beyond the financial information identified in our audit report. We do not have an obligation to perform any procedures to corroborate the other information contained in the SEC filing. However, we read the other information and considered whether such information (including the manner of its presentation) contained a material misstatement of fact or was materially inconsistent with information appearing in the financial statements. Nothing came to our attention that caused us to believe that such information (including the manner of its presentation) contained a material misstatement of fact or was materially inconsistent with the information appearing in the financial statements.

This information is intended solely for the use of the Audit Committee, Board of Trustees, and management of the Fund and is not intended to be, and should not be, used by anyone other than these specified parties.

COHEN & COMPANY, LTD.

**Founders 100 ETF**

September 26, 2025 Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

We are providing this letter in connection with your audit of the statement of assets and liabilities of Founders 100 ETF (the "Fund") as of September 12, 2025, and the related notes (collectively referred to as the "financial statements"), for the purpose of expressing an opinion as to whether the financial statements present fairly, in all material respects, the financial position of the Fund in conformity with accounting principles generally accepted in the United States of America (GAAP). We confirm that we are responsible for the fair presentation in the financial statements of financial position in conformity with GAAP. We are also responsible for adopting sound accounting policies, establishing and maintaining internal control over financial reporting, and preventing and detecting fraud.

Certain representations in this letter are described as being limited to matters that are material. Items are considered to be material, regardless of size, if they involve an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would be changed or influenced by the omission or misstatement.

We confirm, to the best of our knowledge and belief as of the date of this letter, the following representations made to you during your audit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The financial statements referred to above are fairly presented in conformity
with GAAP, and include all disclosures necessary for such fair presentation and disclosures required to be included therein by the laws
and regulations to which the Fund is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We have made available to you all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Financial records and related data, including the names of all related parties
and all relationships and transactions, including any side agreements, with related parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Minutes of the meetings of shareholders, trustees, and committees of trustees,
or summaries of actions of recent meetings for which minutes have not yet been prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Information relating to all statutes, laws, or regulations that have a direct effect
on our financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Information relating to contracts with and results of work by specialists, including
those engaged to review investments (including investment valuations), systems, processes, operations, or compliance programs having a
material effect on the financial statements or internal control over financial reporting of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There have been no communications from regulatory agencies, such as the Securities
and Exchange Commission (SEC) or the Internal Revenue Service (IRS), concerning noncompliance with or deficiencies in financial reporting
practices that have not been disclosed to you.

Cohen & Company, Ltd. Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are no material transactions that have not been properly recorded in the
accounting records underlying the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There are no uncorrected financial statement misstatements, both individually and
in the aggregate, considered material to the financial statements taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. We acknowledge our responsibility for the design and implementation of programs
and controls to prevent and detect fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. We have no knowledge of any fraud or suspected fraud affecting the financial statement
amounts or disclosures involving—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Management,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Employees who have significant roles in internal control over financial reporting, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Others where the fraud could have a material effect on the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. We have no knowledge of any allegations of fraud or suspected fraud affecting the
Fund received in communications from employees, former employees, analysts, regulators, short sellers, or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. There are no significant deficiencies, including material weaknesses, in the design
or operation of internal control over financial reporting that are reasonably likely to adversely affect the Fund's ability to record,
process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Fund has no plans or intentions that may materially affect the carrying value
or classification of assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The following have been properly accounted for and adequately disclosed in the financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Related-party relationships or transactions and other transactions with affiliates,
including fees, commissions, purchases, sales, transfers, loans, leasing arrangements, and guarantees, and amounts receivable from or
payable to related parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Guarantees, whether written or oral, under which the Fund is contingently liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Significant estimates and material concentrations known to management that are
required to be disclosed in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 275, *Risks and Uncertainties*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. There are no—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Violations or possible violations of laws or regulations whose effects should
be considered for disclosure in the financial statements or as a basis for recording a loss contingency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Unasserted claims or assessments that our lawyer has advised us are probable of
assertion and must be disclosed in accordance with FASB ASC 450, *Contingencies.* 

Cohen & Company, Ltd. Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by FASB ASC 450,

*Contingencies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Side agreements or other arrangements (either written or oral) that have not been disclosed to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The financial statements include all assets and liabilities of which we are aware
as of September 12, 2025. The Fund has satisfactory title to all owned assets, and there are no liens or encumbrances on such assets nor
have any assets been pledged as collateral, except as disclosed in the financial statements. All portfolio securities are marketable,
except as disclosed in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Fund has complied with all aspects of contractual agreements that would have
a material effect on the financial statements in the event of noncompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. We have identified all accounting estimates that could be material to the financial
statements, and we confirm the appropriateness of the methods and the consistency in their application, the accuracy and completeness
of data, and the reasonableness of significant assumptions used by the Fund in developing the accounting estimates reported in the financial
statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. We also advise you that, to the best of our knowledge and belief—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Fund has complied with the provisions of the Investment Company Act of 1940
(the Act), as amended, and the rules and regulations thereunder, and with the provisions of its prospectus and the requirements of the
various laws under which the Fund operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Fund's shares have been issued and redeemed during the period in accordance
with its registration statement and applicable regulation. The daily net asset values have been properly computed throughout the year
for open-end funds in accordance with Rule 2a-4 of the Act and were correctly applied in the computation of sales and redemption transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Fund did not make any commitments during the year as underwriter, nor did it
engage in any transactions made on margin, in joint trading or in a joint investment account, or in selling short except as reflected
in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Fund has complied with the requirements of Subchapter M of the Internal Revenue
Code of 1986 (the "Code"), as amended, through the date of this letter, and intends to continue to so comply. The Fund intends
to distribute substantially all of its net investment income and capital gains to shareholders; accordingly, no federal income tax liability
has been recorded in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Fund has filed all required federal, state and local tax forms in which it
invests or does business by the applicable deadlines in which noncompliance or failure to file would have a material effect on the Fund's
financial statements, and, for required tax filings not yet completed, we plan to file, and to make timely payment for any unpaid taxes
due and payable, by the applicable deadlines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) We have provided you with all information and our assessment related to uncertain
tax positions that we have taken, or expect to take, of which we are aware. We have made you aware of and have disclosed any significant
tax positions for which it is reasonably possible the amount of unrecognized tax benefit will either increase or decrease within the next
12 months.

Cohen & Company, Ltd. Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) The Fund, except to the extent indicated in its financial statements, does not own any securities of
persons who are directly affiliated as defined in section 2(a)(3) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The Fund has complied with the provisions of its code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Fund does not owe the PCAOB outstanding past-due accounting support fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Initial Shares of 4,000 were issued to Founder ETFs, LLC with an initial Net Asset Value per share of $25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Organizational and offering costs were paid by the Advisor and are not subject to recoupment by the Advisor.

To the best of our knowledge and belief, no events or transactions have occurred subsequent to the balance sheet date and through the date of this letter that would require adjustment to or disclosure in the aforementioned financial statements.

<u>/s/ Michael C. Monaghan</u>

Michael C. Monaghan

President

<u>/s/ Caitlin Johannes</u>

Caitlin Johannes

Treasurer

## Ex-99.L

**Exhibit 28(l) — Initial Capital Agreements<br> Initial Shareholder Investment Intent Letter**

*September 26, 2025*

**Re: Initial Share Purchase — Investment Intent**

Founder ETFs LLC (the "Purchaser") hereby represents to Founder Funds Trust (the "Trust"), on behalf of the [Fund Name] (the "Fund"), as follows:<br>

1. Purchaser acquired $100,000 (4,000 shares at $25 per share) of the Fund on September 12, 2025 for investment purposes.

2. Purchaser has no present intention to redeem or resell such shares.

3. There are no agreements or understandings made in consideration for providing the initial capital between or among the Fund, any principal underwriter, the adviser, any promoter, or any initial shareholder, other than as disclosed in the registration statement.

Sincerely,

FOUNDER ETFS LLC<br>

<u>/s/ Michael C. Monaghan</u>

**Michael C. Monaghan**<br> Authorized Signatory

## Ex-99.P

**CODE OF ETHICS OF**

**FOUNDER FUNDS TRUST**

Adopted on September 26, 2025, pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purpose

This Code of Ethics (the "Code") is designed to ensure that Access Persons of Founder Funds Trust (the "Trust"), on behalf of its series, the Founder 100 ETF (the "Fund"), act in the best interests of the Fund and its shareholders. The Code promotes ethical conduct, prevents conflicts of interest, and prohibits fraudulent, deceptive, or manipulative practices in connection with personal securities transactions, in compliance with Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Access Person:** Any Trustee, Officer, or employee of the Trust or the Fund's investment adviser, Founder ETFs LLC (the "Adviser"), who has access to nonpublic information regarding the Fund's portfolio holdings or securities transactions, or who is involved in making securities recommendations for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Covered Security:** Any security as defined in Section 2(a)(36) of the 1940 Act, except: (i) direct obligations of the U.S. government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements, (iii) shares issued by registered open-end investment companies (mutual funds), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shares of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Beneficial Ownership:** Ownership of a security where an Access Person directly or indirectly has or shares voting power, investment control, or a pecuniary interest (e.g., through family members, trusts, or partnerships), as defined in Rule 16a-l(a)(2) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Material Nonpublic Information:** Information about the Fund or a security
that is not publicly available and, if disclosed, would likely affect the security's price or influence an investor's decision to buy
or sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Fund:** The Founder 100 ETF, a series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Chief Compliance Officer (CCO):** The individual designated by the Trust to administer this Code,
as required by Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prohibited Activities

Access Persons may not: (a) Engage in any act, practice, or course of business that is fraudulent, deceptive, or manipulative in connection with the purchase or sale of a Covered Security held or to be acquired by the Fund. (b) Trade, either personally or on behalf of others, while in possession of Material Nonpublic Information. (c) Engage in personal securities transactions that conflict with the Fund's trades, including front-running (trading ahead of the Fund) or scalping (trading to profit from Fund-induced price movements). (d) Participate in initial public offerings (IPOs) or private placements without prior approval from the CCO. (e) Engage in short-term trading (buying and selling a Covered Security within 60 days) if held or to be acquired by the Fund, unless exempted by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Initial Holdings Report:** Each Access Person must submit to the CCO, within 10 days of becoming an Access Person, a report of all holdings in Covered Securities in which they have Beneficial Ownership, including the title, number of shares, and principal amount of each security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Quarterly Transaction Reports:** Access Persons must submit to the CCO, within 30 days of the end of each calendar quarter, a report of all transactions in Covered Securities in which they have Beneficial Ownership, including the date, title, number of shares, principal amount, and broker/dealer used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Annual Holdings Report:** Access Persons must submit to the CCO, within 45 days of the end of each calendar year, an updated report of all holdings in Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Exemptions:** Reports are not required for transactions in exempt securities (as defined in Section
2.2) or transactions effected through automatic investment plans, provided such plans do not permit the Access Person to alter or control
individual transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Review:** The CCO shall review all reports to identify potential violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Pre-Clearance of Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Requirement:** Access Persons must obtain prior written approval from the CCO before engaging in any transaction in a Covered Security that is held or to be acquired by the Fund or in an IPO or private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Process:** Requests for pre-clearance must be submitted to the CCO in writing, specifying the security, number of shares, and proposed transaction date. The CCO shall respond within two business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Exemptions:** Pre-clearance is not required for transactions in exempt securities (as defined in Section 2.2) or transactions under automatic investment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Confidentiality

Access Persons must maintain the confidentiality of nonpublic information regarding the Fund's portfolio holdings, creation/redemption baskets, or securities transactions, except as required in the performance of their duties or as permitted under Rule 6c-11 for ETF transparency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Gifts and Outside Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Gifts:** Access Persons may not accept gifts or entertainment exceeding $100 in value per year from any person or entity doing business with the Fund, except as approved by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Outside Activities:** Access Persons must obtain CCO approval before serving as a director, officer, or employee of a public company or engaging in outside business activities that may conflict with the Fund's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Enforcement and Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Identification:** The CCO shall monitor compliance with this Code through report reviews, transaction monitoring, and other procedures.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Reporting Violations:** Access Persons must promptly report any suspected violations to the CCO. The CCO shall investigate and report material violations to the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Sanctions:** Violations of this Code may result in sanctions, including warnings, fines, disgorgement of profits, suspension, or termination, as determined by the CCO and approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Inadvertent Violations:** The CCO may grant exceptions for inadvertent or minor violations that do not harm the Fund or its shareholders, subject to Board notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Recordkeeping

The Trust shall maintain records of: (a) This Code and any amendments. (b) All reports submitted by Access Persons. (c) Violations and sanctions imposed. (d) Annual reviews and Board approvals. Records shall be maintained for at least five years, as required by Rule 17j- **1**(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Board Oversight

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Approval:** This Code has been approved by the Board of Trustees, including a majority of Independent Trustees, as required by Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Annual Review:** The Board shall review this Code annually to ensure its adequacy and effectiveness, with a report from the CCO on compliance and any material violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Amendments

Any amendments to this Code require approval by the Board, including a majority of Independent Trustees.

**Approved by the Board of Trustees**<br>

<u>/s/ Michael C. Monaghan</u>

**Michael C. Monaghan**<br> Authorized Signatory

FOUNDER ETFS LLC

## Ex-99.P

**<u>CODE OF ETHICS</u>**

Founder ETFs, LLC

I. Introduction

The purpose of this Code of Ethics ("The Code") is to promote ethical conduct, establish rules of conduct for employees, focus employees of Founder ETFs, LLC ("The Company") on areas of ethical risk, and foster a culture of excellence, freedom, focus, and solidarity.

The Code puts ETF Client's interests first, governs the personal investments of employees, and is designed to prevent violations of the applicable federal securities laws. Article II lays out to whom the Code applies, Article III deals with personal investment activities, Article IV deals with other sensitive business practices, and Article V deals with reporting. Violations may cause the Company embarrassment, loss of business, legal restrictions, fines, and other punishments, and for employees may lead to suspension, termination, ejection from the securities business, and fines.

Annually, each Covered Person will receive a copy of this Code and any amendments thereto and will provide the CEO with a written acknowledgment of their receipt.

**II.** **Applicability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Code applies to each of 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;1. Founder ETFs, LLC

&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. Any employee of Founder ETFs, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Definitions</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;1. <u>Covered Persons</u>. The Companies and the persons described in item A(1) and A(2) above.

&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>Covered Person Account</u>. Includes all advisory, brokerage, trust, or other accounts or direct beneficial
ownership in which a Covered Person or a member of a Covered Person's immediate family including a spouse, domestic partner, minor
children, or any family member living in the same household as the Covered Person, have an economic interest.

&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>ETF Clients</u>. Clients that own shares in the Founders 100 ETF 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;4. <u>Security</u>. Any financial instruments treated as a security for investment purposes and any related
instruments.

**III.** **Restrictions on Personal Investing Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Basic Restriction on Investing Activities</u> 

Covered Persons may purchase and sell Founder ETFs. To foster a culture of excellence, freedom, focus, and solidarity, Covered Persons may not own any other Security without written permission of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Investments Owned Prior to Employment</u> 

If a Security, other than a Founder ETF, is owned by a Covered Person when such person becomes a new employee, such Covered Person will have two weeks from their date of employment to decide whether or not they want to sell their position in the Security. After this two-week window, all held Securities must be held for the duration of employment at the Company. Future transactions in such Security will be subject to written permission of the CEO and may not be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Exempt Transactions</u> 

Participation in any transaction over which no Covered Person had any direct or indirect influence or control, involuntary transactions (such as gifts, mergers, acquisitions, inheritances, etc.) are exempt from the restrictions set forth in paragraphs (A) and (B) above and do not require pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Private Placements</u> 

The purchases or sale of Securities that are not publicly traded will not be approved unless the Covered Person provides full details of the proposed transaction and receives the written permission of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <u>Pre-Clearance Process</u> 

No Security other than a Founder ETF may be purchased or sold for any Covered Person Account unless the particular transaction has been approved in writing by the CEO.

After reviewing the proposed trade, the CEO shall approve or disapprove a pre-clearance request on behalf of a Covered Person as expeditiously as possible.

Once a Covered Person's pre-clearance request is approved, the transaction must be executed within two (2) business days after receiving approval.

The CEO shall review all pre-clearance requests, all initial, quarterly and annual disclosure certifications and the trading activities on behalf of all Founder ETF Strategies with a view to ensuring that all Covered Persons are complying with the spirit and detailed requirements of this Code.

**IV.** **Other Investment-Related Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Conflicts of Interest</u> 

Covered Persons are prohibited from engaging in any activity, practice, or act which conflicts with, or appears to conflict with, the interests of the Company, its ETF Clients, or its Vendors. Covered Persons are required to fully disclose any potential conflict of interest to your supervisor/manager.

A conflict of interest exists when a Covered Person, knowingly or unknowingly, engages in any activity that may compromise him or her, another employee, or the Company in its relationship with an ETF Client, Vendor, or Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Gifts and Entertainment (e.g. dinners, sporting or concert events) accepted and given by a Covered
Person shall be disclosed in writing quarterly to the CEO including the value or estimated value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Covered Person shall commence service on a Board of Directors of a public, private, or non-profit US
or non-US company without written permission of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>SEC Pay-to-Play Rule – Political Contributions</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;1. All Covered Persons are subject to our Pay-to-Play Rules.

&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. A Covered Person will have two weeks from their date of employment to disclose any political contributions
made within the preceding two years of his or her date of hire in writing to the CEO.

&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. No political contribution may be made by any Covered Person without written permission of the CEO.

<br> It is never appropriate to make political contributions or provide gifts or entertainment for the purpose of improperly influencing the actions of public officials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Disclosure of Conflicts & Violations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Potential Conflicts of Interest must be immediately reported to the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Potential Violations of The Code must be immediately reported to the CEO.

**V.** **Additional Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Initial Holdings Report</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Covered Employee will have two weeks from their date of employment to submit an Initial Holdings Report
(Exhibit A) containing 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title, number of shares, and principal amount of each Security in which the Covered Person had any
direct or indirect beneficial ownership as of the date of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of any broker or dealer with whom the Covered Person maintained an account in which any Securities
were held for the direct or indirect benefit of the Covered Person as of the date of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Annual Transaction & Holdings Reports</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;1. Once a year, each Covered Person must submit Annual Holdings and Transactions Reports. The report(s) will
contain 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of
shares and principal amount of each Security in which the Covered 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The name of any broker, dealer or bank with whom the Covered Person maintains an account in which any
Securities are held for the direct or indirect benefit of the Covered Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of the broker, dealer or bank with whom the account was established

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 date the account was established

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 date of the transaction, the ticker symbol if relevant, number of shares, and the principal amount
of each Security involved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 nature of the transaction (i.e., purchase, sale, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The price at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Annual Certification</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;1. Annually, each Covered Person must certify in writing that he or she has read, understood, and recognized
that he or she is subject to the Code.

&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. Annually, each Covered Person must certify on an annual basis that he or she has disclosed or reported
all personal Securities transactions required to be disclosed or reported under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Sanctions** 

Upon discovering that a Covered Person has not complied with the requirements of this Code, the CEO may impose the cancellation of awards not yet distributed, suspension, or immediate termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Exceptions** 

The CEO reserves the right to grant, on a case-by-case basis, exceptions to any provisions under this Code that would not be violations of Rule 204A-1. Any exceptions made hereunder will be maintained in writing by the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Preservation of Documents** 

Annually, a copy of this Code executed by each Covered Person, a record of violations, any action taken as a result of a violation, a list of granted exceptions and the reasons therefore, and any records of approved transactions, shall be preserved for the period required by Rule 204A-1 and Rule 17j-l.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Other Laws, Rules and Statements of Policy** 

Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or regulation or any other statement of policy or procedure adopted by The Company. All activities of the Company must be conducted in full compliance with all applicable laws and regulations. The Company expects all employees to follow the spirit and the letter of the law. All employees are expected to cooperate fully with the Company's internal and outside auditors, attorneys, and regulatory examiners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Future Information** 

Any covered person with a question related to the Code should ask the CEO.

***Adopted October 31, 2025***

<u>Exhibit A</u>

**<u>INITIAL HOLDINGS REPORT</u>**

Report submitted by: ______________________________________________________

Print Full Legal Name

This initial holdings report (the "Report") is submitted pursuant to Section V (D) of the Code of Ethics of the Companies and supplies information with respect to **any** Security in which you may be deemed to have any direct or indirect beneficial ownership interest and any accounts established by you in which any Securities were held for your direct or indirect benefit, as of the date you became subject to the Code of Ethics.

Please select the following statement that accurately reflects your security/account holding status as of ______________________________(date):

☐ I have no reportable securities or accounts.

☐ The attached account statements or tables (including the information listed below) supply the information required by the Code of Ethics for all securities or accounts in which I have a direct or indirect beneficial ownership interest including those of my spouse, domestic partner, minor children, or other members of my immediate household.

Security Name, Ticker, Quantity, Type, Principal Amount, Name of Broker/Dealer Where Securities are Held, Account Number

I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE, THE INFORMATION FURNISHED IN THIS REPORT IS TRUE AND CORRECT.

Signature: ______________________________

Date: __________________________________

<u>Exhibit B</u>

**<u>PRE-CLEARANCE TRADING APPROVAL FORM</u>**

I, _________________________________________________ (full legal name), am a Covered Person and seek pre-clearance to engage in the transaction described below, for the benefit of myself or a member of my immediate household:

<u>Purchase or Sell</u> (circle one)

Name of Broker: __________________________________________

Account Number: _________________________________________

Date of Request: __________________________________________

Security (Name & Ticker): ____________________________________

# of Shares: ______________________________________________

If the transaction involves a Security that is not publicly traded, a description of proposed transaction, source of investment opportunity and any potential conflicts of interest:

I hereby certify that, to the best of my knowledge, the transaction described herein is not prohibited by the Code of Ethics and that the opportunity to engage in the transaction did not arise by virtue of my activities on behalf of any Client.

Signature: _________________________

Print Name: _______________________

Date: _______________________

<u>Approved or Disapproved</u> (circle one)

CEO Signature: ______________________________

Date: ________________________

<u>Exhibit C</u>

**<u>ANNUAL CERTIFICATION OF CODE OF ETHICS</u>**

A. I (a Covered Person) hereby certify that I have read, understand, and am subject to the provisions of
Founder ETFs, LLC's Code of Ethics. I certify that I have reported all personal Securities transactions I have engaged in since
I last signed The Code.

B. Within the last ten years there have been no complaints or disciplinary actions filed against me by any
regulated securities or commodities exchange, any self-regulatory securities or commodities organization, any attorney general, or any
governmental office or agency regulating insurance securities, commodities or financial transactions in the United States, in any state
of the United States, or in any other country;

C. I have not within the last ten years been convicted of or acknowledged commission of any felony or misdemeanor
arising out of my conduct as an employee, salesperson, officer, director, insurance agent, broker, dealer, underwriter, investment manager
or investment advisor; and

D. I have not been denied permission or otherwise enjoined by order, judgment or decree of any court of competent
jurisdiction, regulated securities or commodities exchange, self-regulatory securities or commodities organization or other federal or
state regulatory authority from acting as an investment advisor, securities or commodities broker or dealer, commodity pool operator or
trading advisor, or as an affiliated person or employee of any investment company, bank, insurance company or commodity broker, dealer,
pool operator or trading advisor, or from engaging in or continuing any conduct or practice in connection with any such activity or the
purchase or sale of any security.

E. I have attached Annual Holdings and Trading Reports which are accurate as of a date no more than 30 days
ago.

Signature: ___________________________

Print Name: ___________________________

Date: ___________________________

<u>Exhibit D</u>

**<u>BENEFICIAL OWNERSHIP</u>**

For purposes of the attached Code of Ethics, "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 and the rules and regulations thereunder, except the determination of direct or indirect beneficial ownership shall apply to all securities that a Covered Person has or acquires. The term "beneficial ownership" of securities would include not only ownership of securities held by a Covered Person for his own benefit, whether in bearer form or registered in his name or otherwise, but also ownership of securities held for his benefit by others (regardless of whether or how they are registered) such as custodians, brokers, executors, administrators, or trustees (including trusts in which he has only a remainder interest), and securities held for his account by pledges, securities owned by a partnership in which he is a member if he may exercise a controlling influence over the purchase, sale or voting of such securities, and securities owned by any corporation or similar entity in which he owns securities if the shareholder is a controlling shareholder of the entity and has or shares investment control over the entity's portfolio.

Ordinarily, this term would not include securities held by executors or administrators of estates in which a Covered Person is a legatee or beneficiary unless there is a specified legacy to such person of such securities or such person is the sole legatee or beneficiary and there are other assets in the estate sufficient to pay debts ranking ahead of such legacy, or the securities are held in the estate more than a year after the decedent's death.

Securities held in the name of another should be considered as "beneficially" owned by a Covered Person where such person enjoys "financial benefits substantially equivalent to ownership." The Securities and Exchange Commission has said that although the final determination of beneficial ownership is a question to be determined in the light of the facts of the particular case, generally a person is regarded as the beneficial owner of securities held in the name of his or her spouse or domestic partner and their minor children. Absent special circumstances such relationship ordinarily results in such person obtaining financial benefits substantially equivalent to ownership, e.g., application of the income derived from such securities to maintain a common home, or to meet expenses that such person otherwise would meet from other sources, or the ability to exercise a controlling influence over the purchase, sale or voting of such securities.

A Covered Person also may be regarded as the beneficial owner of securities held in the name of another person, if by reason of any contract, understanding, relationship, or other agreement, he obtains therefrom financial benefits substantially equivalent to those of ownership.

A Covered Person also may be regarded as the beneficial owner of securities held in the name of a spouse, minor children or other person, even though he does not obtain therefrom the aforementioned benefits of ownership, if he can vest or revest title in himself at once or at some future time.