# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-26-005991
**Filing Date:** 2026-3
**Character Count:** 1125301
**Document Hash:** 86b59b99be004ffc0f0a799e49827107
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005991.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001999371-26-005991

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 50

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**EFFECTIVENESS DATE**: 20260316

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26755922

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221764
- **FILM NUMBER:** 26755921

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

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

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

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

## Series and Classes Contracts Data

### Defiance Bitcoin vs Ether ETF (Series ID: S000093727)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000262175 | Defiance Bitcoin vs Ether ETF | BVE             |

### Defiance Bitcoin vs Gold ETF (Series ID: S000093728)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000262176 | Defiance Bitcoin vs Gold ETF | BVG             |

### Defiance Ether vs Bitcoin ETF (Series ID: S000093729)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000262177 | Defiance Ether vs Bitcoin ETF | EVB             |

### Defiance Gold vs Bitcoin ETF (Series ID: S000093730)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000262178 | Defiance Gold vs Bitcoin ETF | GVB             |

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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MARCH 16, 2026

1933 Registration File No. 333-221764

1940 Act File No. 811-23312

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 176 | ☑ |
| and/or |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 179 | ☑ |

---

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

(Exact Name of Registrant as Specified in Charter)

**Tidal ETF Services LLC**

**234 West Florida Street, Suite 700**

**Milwaukee, WI 53204**

(Address of Principal Executive Offices, Zip Code)

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

**The Corporation Trust Company**

**1209 Orange Street**

**Corporation Trust Center**

**Wilmington, DE 19801**

(Name and Address of Agent for Service)

Copies to:

---

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

---

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

---

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

---

**Explanatory Note**: This Post-Effective Amendment No. 176 to the Registration Statement of Tidal Trust III (the "Trust") is being filed to respond to Staff comments with respect to the registration of the Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, and Defiance Gold vs Bitcoin ETF, as four new series of the Trust and to make other permissible changes under Rule 485(b).

![](bve485bpos031626001.jpg)

Defiance Bitcoin vs Ether ETF (BVE)

Defiance Ether vs Bitcoin ETF (EVB)

Defiance Bitcoin vs Gold ETF (BVG)

Defiance Gold vs Bitcoin ETF (GVB)

***Each listed on The Nasdaq Stock Market, LLC***

**PROSPECTUS**

**March 16, 2026**

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**Summary Information**](#bve485bposa001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Defiance Bitcoin vs Ether ETF – Fund Summary](#bve485bposa002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Defiance Ether vs Bitcoin ETF – Fund Summary](#bve485bposa003) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Defiance Bitcoin vs Gold ETF – Fund Summary](#bve485bposa004) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Defiance Gold vs Bitcoin ETF – Fund Summary](#bve485bposa005) | 37 |
| [**Additional Information About the Funds**](#bve485bposa006) | 48 |
| [**Portfolio Holdings**](#bve485bposa007) | 61 |
| [**Management**](#bve485bposa008) | 62 |
| [**How to Buy and Sell Shares**](#bve485bposa009) | 63 |
| [**Dividends, Distributions, and Taxes**](#bve485bposa010) | 65 |
| [**Distribution**](#bve485bposa011) | 67 |
| [**Premium/Discount Information**](#bve485bposa012) | 67 |
| [**Additional Notices**](#bve485bposa013) | 67 |
| [**Financial Highlights**](#bve485bposa014) | 68 |

---

**SUMMARY INFORMATION**

**Defiance Bitcoin vs Ether ETF - FUND SUMMARY**

**Investment Objective**

The Defiance Bitcoin vs Ether ETF (the "Fund") seeks total return.

**Fees and Expenses of the Fund**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | <sup>1</sup> |
| Management Fee | 1.29% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 1.29% |

---

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

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $131 | $409 |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund (ETF) that seeks total return.

The Fund's investment strategy is designed to take targeted positions in two specific crypto assets: bitcoin and ether, each of which is further described below. The Fund establishes *long* exposure to bitcoin and *short* exposure to ether. That is, the Fund is designed to benefit if bitcoin outperforms ether after considering the effects of leverage (e.g., the potential magnified gains or losses arising from the Fund's use of derivatives to increase exposure). In this context, "outperforms" means the Fund's leveraged long position in bitcoin, combined with its leveraged short position in ether, results in net positive performance for the Fund, factoring in the effects of leverage.

**<u>The Fund is designed for investors who anticipate that bitcoin appreciation will exceed ether appreciation over the duration of their investment in the Fund.</u>**

**The Fund does not invest directly in either bitcoin or ether. Investors seeking direct long exposure to the price of bitcoin or direct short exposure to the price of ether should consider an investment other than the Fund. Although bitcoin and ether may each be referred to as a "cryptocurrency," neither is yet widely accepted as a means of payment.**

The Fund's strategy involves a leveraged long position in bitcoin, generally targeting +150% to +220% of the Fund's net assets, and a leveraged short position in ether, generally targeting -150% to -220% of the Fund's net assets. To be "long" means to have exposure to an asset with the expectation that its value will increase over time. Conversely, to be "short" means to have exposure to an asset with the expectation that it will fall in value. Because the Fund uses leverage, an investment in the Fund will typically increase or decrease in value to a greater degree than it would without the use of leverage.

In this long/short structure, the long and short positions may partially offset each other, resulting in a more balanced net exposure to crypto asset market movements. This may occur because general market driven gains in one position (long bitcoin) may be partially offset by losses in the other (short ether), or vice versa. Under normal circumstances, the Fund generally targets a balanced exposure between the long and short positions (e.g., a long position between +150% to +220% will be balanced by a short position between -150% to -220%). The Fund's leveraged structure seeks to magnify the returns of its long and short positions, which also increases the potential for higher risk and volatility. If the value of ether (held short by the Fund) increases while the value of bitcoin (held long by the Fund) decreases, the Fund will incur losses on both positions simultaneously. Such a scenario can result in significant overall Fund losses due to the compounding impact of adverse price movements in both the long and short positions, magnified by the Fund's leveraged exposure.

To implement the Fund's strategy, the Adviser will utilize a mix of U.S.-listed exchange-traded funds ("ETFs") and/or exchange-traded products ("ETPs") (ETFs and ETPs, together the "Underlying Funds") that provide exposure to the value of bitcoin or ether (including Underlying Funds that provide leveraged exposure to bitcoin or ether), short sales of Underlying Funds, futures contracts on bitcoin and ether, swaps, and listed options, which will be used to obtain both long and short exposure, as applicable, to the underlying crypto assets. The Adviser selects these financial instruments based on considerations such as financing costs and liquidity. The Fund's use of derivatives (futures, swaps and listed options), is designed to enable it to achieve its objective of total return by providing flexible and efficient methods to gain both long and short exposure to the underlying crypto assets.

Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Long positions in futures generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may purchase futures contracts related to bitcoin or ether.

Swaps are derivative contracts where two parties agree to exchange cash flows or returns on different assets. These contracts enable the Fund to establish long or short exposure to the underlying assets efficiently. Long positions in swaps generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may enter into swap agreements that provide synthetic exposure to Underlying Funds.

Options provide the right, but not the obligation, to buy or sell an asset at a specified price before a certain date. Call options allow the Fund to seek gains from upward price movements, while exposing it to potential losses if prices decline. Conversely, put options enable the Fund to benefit from downward price movements, while incurring losses if prices rise. By incorporating options, the Fund can create synthetic exposure to the underlying assets. For example, the Fund may purchase and/or sell options contracts to create synthetic exposure to Underlying Funds.

The Adviser's active management approach involves frequent rebalancing to adjust within the anticipated exposure ranges, considering factors such as market volatility, market events, price momentum, and other relevant indicators. As a result, the Fund is expected to have a high annual portfolio turnover rate.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, short positions, futures, swaps, and options that provide financial exposure to bitcoin and/or ether.

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

**<u>Cayman Subsidiary</u>**

The Fund intends to gain exposure to bitcoin and ether either indirectly as described above or by investing through a wholly-owned Cayman Islands subsidiary (the "Subsidiary") that is advised by the Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter.

The Subsidiary will generally invest in investments that do not generate "qualifying income" under the source of income test required to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Unlike the Fund, the Subsidiary may invest without limitation in such investments; however, the Subsidiary will comply with the same Investment Company Act of 1940, as amended (the "1940 Act"), requirements that are applicable to the Fund's transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund's value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to the Fund's investments include the Fund's indirect investments through the Subsidiary.

Reverse Repurchase Agreements

The Fund may invest in reverse repurchase agreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchase them at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investment purposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions.

To qualify for treatment as a regulated investment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investment in the Subsidiary does not exceed 25% of the Fund's total assets at the end of each fiscal quarter (the "Asset Diversification Test"). During other times of the year, the Fund's investments in the Subsidiary may exceed 25% of its total assets.

Collateral

The Fund and Subsidiary will invest in collateral, including U.S. Government securities (such as bills, notes and bonds issued by the U.S. Treasury) and money market funds. The collateral investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund's or Subsidiary's investments in derivative instruments (e.g., futures contracts). The Fund's allocation to collateral will generally range between 50% and 100% under normal circumstances.

**<u>Bitcoin (Long Position)</u>**

Bitcoin, the first and most well-known modern digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making bitcoin a unique investment commodity within the digital asset landscape. Although bitcoin is called a crypto or digital currency, it is not presently accepted widely as a means of payment.

<u>Bitcoin Blockchain Description</u>:

The Bitcoin Blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all bitcoin transactions. As noted above, this technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, which may take an hour or more, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.

<u>The Relationship between Bitcoin and Bitcoin Blockchain</u>:

Bitcoin is a digital asset that operates on the Bitcoin Blockchain, a decentralized and cryptographic ledger system. The Bitcoin Blockchain underpins the entire bitcoin network, providing a secure and transparent mechanism for recording bitcoin transactions. Each bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin Blockchain, ensuring the integrity and traceability of the digital asset. Thus, while bitcoin serves as a medium of exchange or store of value, the Bitcoin Blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of bitcoin. This symbiotic relationship ensures that bitcoin operates in a trustless and decentralized manner, with the Bitcoin Blockchain maintaining bitcoin's history and scarcity.

Please see the prospectus section titled "Additional Information About the Funds" for more information about bitcoin and Bitcoin Blockchain use cases.

**<u>Ether (Short Position)</u>**

Ether is a digital asset which serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. Ether may be used to pay for goods and services, stored for future use, or converted to a government-issued currency. As of the date of this Prospectus, the adoption of ether for these purposes has been limited. The value of ether is not backed by any government, corporation, or other identified body.

The value of ether is determined in part by the supply of and demand for, ether in the markets for exchange that have been organized to facilitate the trading of ether. Ether is the second largest digital asset by market capitalization behind bitcoin.

Ether is maintained on the decentralized, open source, peer-to-peer computer network ("Ethereum Network"). No single entity owns or operates the Ethereum Network. The Ethereum Network is accessed through software and governs the creation and movement of ether. The source code for the Ethereum Network is open-source, and anyone can contribute to its development.

Please see the prospectus section titled "Additional Information About the Funds" for more information about ether and the Ethereum Network.

**Principal Investment Risks**

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

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

**Bitcoin Risk (Long Position).** Through its long position in bitcoin, the Fund is subject to the risk that bitcoin's value **<u>decreases</u>**. **<u>If the value of bitcoin decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Therefore, as a result of the Fund's exposure to the value of bitcoin, the Fund may also be subject to the following risks:

The risks associated with bitcoin include the possibility of fraud, theft, market manipulation, and security breaches in trading platforms. A small group of large bitcoin holders, known as "whales," can significantly influence bitcoin's price and may have the ability to manipulate the price. The largely unregulated nature of bitcoin and its trading venues heightens risks of fraudulent activities and market manipulation, which could affect bitcoin's price. For example, if a group of miners gains control over a majority of the bitcoin network, they could manipulate transactions to their advantage. Historical instances have seen bitcoin trading venues shut down due to fraud or security breaches, often leaving investors without recourse and facing significant losses.

Updates to bitcoin's software, proposed by developers, can lead to the creation of new digital assets, or "forks," if not broadly adopted. This can impact bitcoin's demand and the Fund's performance. The extreme volatility of bitcoin's market price can result in shareholder losses. Furthermore, the operation of bitcoin trading platforms may be disrupted or cease altogether due to various issues, further affecting bitcoin's price and the Fund's investments.

The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis.

Bitcoin's price can be influenced by events unrelated to its security or utility, including instability in other speculative areas of the crypto/blockchain space, potentially leading to substantial declines in its value.

Risks associated with crypto asset trading platforms include fragmentation, regulatory non-compliance, and the possibility of enforcement actions by regulatory authorities, which could impact the valuation of bitcoin-linked derivatives held by the Fund.

The security of the Bitcoin Blockchain may be compromised if a single miner or group controls more than 50% of the network's hashing power, where hashing power refers to the computational capacity used to validate and secure transactions on the blockchain.

Proposed changes to the bitcoin protocol may not be universally adopted, leading to the creation of competing blockchains (forks) with different assets and participants, exemplified by past forks like Bitcoin Cash and Bitcoin SV.

The Bitcoin Blockchain protocol may contain vulnerabilities that attackers could exploit to disrupt its operation, potentially compromising the security and reliability of the network.

Emerging alternative public blockchains, particularly those emphasizing privacy through technologies like zero-knowledge cryptography, pose risks and challenges to the dominance of the Bitcoin Blockchain as a payment system.

Common impediments to adopting the Bitcoin Blockchain as a payment network include slow transaction processing, variability in transaction fees, and the volatility of bitcoin's price, which may deter widespread adoption by businesses and consumers.

The development and use of "Layer II solutions" are critical for the scalability and functionality of the Bitcoin Blockchain, but they also introduce risks such as off-chain transaction execution, which could affect transparency and security. Layer II solutions are off-chain protocols that improve scalability and reduce transaction costs by processing transactions outside the main blockchain network.

Adoption and use of other blockchains supporting advanced applications like smart contracts present challenges to the dominance of the Bitcoin Blockchain, potentially impacting its long-term relevance and utility in the evolving landscape of blockchain technology.

**Ether Appreciation Risk (Short Position).** By virtue of the Fund's inverse exposure to changes in the value of ether, the Fund is subject to the risk that ether's value **<u>increases</u>**. **<u>If the value of ether increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Ether is relatively new and the market for ether is subject to rapid price swings, changes and uncertainty. Rapid increases in the value of ether may result in substantial losses for the Fund. In addition, the further development of the Ethereum Network and the broad acceptance and use of ether would likely result in an increase in the value of ether, which could result in significant losses for the Fund.

In addition, as a result of the Fund's short exposure to the value of ether, the Fund may also be subject to the following risks:

<u>Growing Adoption and Use Cases:</u> Ethereum is a blockchain platform that enables the creation of decentralized applications (DApps) and smart contracts. If the adoption of Ethereum continues to grow, which could be driven by developers building innovative projects and businesses utilizing its platform, the demand for ether (the native crypto asset of Ethereum) would likely increase. Such an increased demand could cause the price of ether to rise, which would negatively impact the Fund's performance.

<u>DeFi (Decentralized Finance) Boom:</u> Ethereum has become the primary platform for the decentralized finance (DeFi) applications, which may continue strong growth. These applications enable financial services such as lending, borrowing, trading, and yield farming without intermediaries. If the DeFi ecosystem expands and more value is locked into DeFi protocols, the demand for ether could increase causing the price of ether to rise, which would negatively impact the Fund's performance.

<u>NFT (Non-Fungible Token) Craze:</u> Non-fungible tokens (NFTs) have gained significant attention, especially in the art and collectibles space. Ethereum is the primary blockchain used for creating and trading NFTs. If NFTs gain popularity, the demand for ether could increase causing the price of ether to rise, which would negatively impact the Fund's performance.

<u>Upgrades and Improvements:</u> Ethereum is undergoing upgrades to improve scalability, security, and efficiency. The transition to Ethereum 2.0, which includes the shift to a proof-of-stake consensus mechanism and the implementation of sharding, is expected to enhance the network's capabilities and reduce transaction fees. Positive developments and progress on these upgrades may instill confidence in the Ethereum ecosystem, attracting more investors. In that case, the price of ether could rise, which would negatively impact the Fund's performance.

<u>Institutional Adoption:</u> Institutional investors and corporations are increasingly showing interest in crypto assets as an asset class. With the emergence of regulated investment vehicles such as Ethereum-based exchange-traded funds (ETFs) and the growing acceptance of crypto assets by traditional financial institutions, institutional adoption of Ethereum could accelerate, leading to increased demand and price appreciation. Such adoption could cause the price of ether to rise, which would negatively impact the Fund's performance.

<u>Macroeconomic Factors:</u> Economic uncertainty, inflation concerns, and currency devaluation in traditional financial markets can drive investors towards alternative assets like crypto assets, including ether, as a hedge against economic instability. Additionally, monetary policies implemented by central banks, such as quantitative easing, can contribute to the devaluation of fiat currencies, making crypto assets more attractive as store of value assets. Such macroeconomic factors could cause the price of ether to rise, which would negatively impact the Fund's performance.

<u>Technological Innovation:</u> Ongoing technological advancements and developments within the Ethereum ecosystem, such as layer 2 scaling solutions, interoperability with other blockchains, and improvements in security and usability, have the potential to enhance the utility and attractiveness of ether, driving increased demand and price appreciation, which would negatively impact the Fund's performance.

**Digital Assets Risk.** Digital assets like bitcoin and ether, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.

The digital asset market has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect the Fund's reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund's share.

Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.

**Leveraging Risk.** The Fund's use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, bitcoin, the Fund's leveraged long position ("Long Position") and, ether, the leveraged short position ("Short Position"), expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well.

If the value of the Long Position declines, the Fund's leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund's Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund's net asset value attributable to that position.

Conversely, if the value of the Short Position increases, the Fund's leveraged short exposure could also lead to magnified losses. If the Short Position is at -200% of net assets, a 10% rise in the value of the Short Position could result in a 20% loss for the Fund's net asset value attributable to that position.

In scenarios where the Long Position underperforms and the Short Position outperforms simultaneously, the Fund could experience compounded losses from both positions. This dual risk could lead to significant declines in the Fund's net asset value, particularly because the losses from one position may not be sufficiently offset by gains in the other, especially when leverage is applied.

Investors should be aware that the use of leverage increases the Fund's sensitivity to market movements and can lead to substantial losses in a relatively short period. The Adviser's active management and rebalancing efforts, while designed to manage exposure levels, cannot eliminate the inherent risks associated with leveraged positions. As such, the Fund may experience periods of extreme volatility, and the potential for loss is significant, particularly if market conditions do not align with the Fund's investment strategy.

**Opposing Performance Risks:** The Fund's strategy of holding a long position in one asset and a short position in another asset involves significant risks. From time to time, both positions may experience losses (i.e., the value of the asset held long declines, while the value of the asset held short increases). Such outcomes could occur due to a range of factors, including adverse market conditions, unexpected developments, or macroeconomic events that create opposing price movements in the paired securities.

**Derivatives Risk.** The Fund's derivative investments carry risks such as an imperfect match between the derivative's performance and its underlying asset, and the potential for loss of principal, which can exceed the initial investment. Additionally, there are risks related to the possible default of the transaction's counterparty and the illiquidity of derivatives, making them hard to sell or trade. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund will give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Futures*. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.

● *Swaps*. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. The Fund's swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments, such as the swaps in which the Fund will invest, and may be greater during volatile market conditions. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund's transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Options*. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., "call" or "put," respectively) a specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.

Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund's performance volatility and lead to greater risks of substantial losses. Refer to "Derivatives Risk – Options Contracts" for additional information on the risks of investing in options.

In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.

**Short Sales Risk.** In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

**Underlying Fund Risk.** The Fund's investment strategy, involving indirect exposure to bitcoin and ether through one or more Underlying Funds, is subject to the risks associated with bitcoin and ether. Shareholders in the Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds.

● *Underlying Bitcoin Funds - Long Exposure Risks:* Investing in an Underlying Fund that focuses on bitcoin, either through direct holdings or indirectly via derivatives like futures contracts and swaps, carries significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying Fund. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Additionally, each Underlying Fund, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for an Underlying Fund. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to bitcoin, which could lead to amplified losses for the Fund.** 

● *Underlying Ether Funds - Short Exposure Risks:* The Fund seeks short exposure to Underlying Funds that focuses on ether (Underlying Ether Funds) directly or through derivatives such as futures contracts and swaps. If the value of an Underlying Ether Fund increases, the Fund will incur a loss, which could be substantial. Factors such as high market volatility, technological advancements, regulatory developments, and market concentration in the digital asset sector may cause the value of Underlying Ether Funds to rise, negatively impacting the Fund's performance. Underlying Ether Funds' use of derivatives subjects them to liquidity, counterparty, leverage, and futures risks, which can amplify price movements to the detriment of the Fund's short position. Additionally, reliance on blockchain technology introduces technological, cybersecurity, and custodial risks that can cause further price increases. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to ether, which could lead to amplified losses for the Fund.** 

● *Potentially No 1940 Act Protections.* It is expected that one or more Underlying Funds will not be registered as an investment company subject to the 1940 Act. In addition, Underlying Funds that invest directly in bitcoin or ether are not subject to the 1940 Act. Accordingly, investors in such an Underlying Fund would not have the protections expressly provided by that statute, including: provisions preventing Underlying Fund insiders from managing an Underlying Fund to their benefit and to the detriment of shareholders; provisions preventing an Underlying Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying Fund's character without the consent of shareholders. The Fund's investments are subject to loss as a result of these risks.

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks.

**Commodity-Linked Derivatives Tax Risk.** The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the "IRS"), the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments.

**Commodity Pool Regulatory Risk.** The Fund's strategy will cause it to be deemed a commodity pool, thereby subjecting the Fund to regulation under the Commodities Exchange Act of 1936, as amended (the "CEA") and CFTC rules. The Adviser is registered as a commodity pool operator ("CPO") and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund's status as a commodity pool and the Adviser's registration as a CPO is not expected to materially adversely affect the Fund's ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus.

**Tax Risk.** The Fund intends to treat any income received by the Subsidiary as "qualifying income" under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund's value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund's Board of Trustees may determine to reorganize or close the Fund or materially change the Fund's investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

**Concentration Risk.** The Fund's investments will be concentrated in bitcoin and ether, which are crypto assets. The value of the Fund's shares may rise and fall more than the value of shares that invest in securities of companies in a broad range of industries.

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

**ETF Risks**

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

● *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

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

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

● *Trading.* Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for the Fund as it seeks to have exposure to just two underlying stocks as opposed to a more diverse portfolio like a traditional pooled investment. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled market close for derivatives that reference a single stock, such as either of the underlying company's securities being halted or a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the relevant derivatives. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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

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

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

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

**High Portfolio Turnover Risk**. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund's trading. As such, if the Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds and depositary accounts. The Fund will incur expenses when investment in money market instruments, which will reduce performance. Money market instruments may lose money.

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

**Reverse Repurchase Agreement Risk.** Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

**U.S. Government and U.S. Agency Obligations Risk**. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**Performance**

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

**Management**

*Investment Adviser*: Tidal Investments LLC serves as investment adviser to the Fund and the Subsidiary.

*Portfolio Managers*:

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

Christopher P. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

Scott Snyder, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**Defiance Ether vs Bitcoin ETF - FUND SUMMARY**

**Investment Objective**

The Defiance Ether vs Bitcoin ETF (the "Fund") seeks total return.

**Fees and Expenses of the Fund**

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

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| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | <sup>1</sup> |
| Management Fee | 1.29% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 1.29% |

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

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

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

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $131 | $409 |

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**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund (ETF) that seeks total return.

The Fund's investment strategy is designed to take targeted positions in two specific crypto assets: ether and bitcoin, each of which is further described below. The Fund establishes *long* exposure to ether and *short* exposure to bitcoin. That is, the Fund is designed to benefit if ether outperforms bitcoin after considering the effects of leverage (e.g., the potential magnified gains or losses arising from the Fund's use of derivatives to increase exposure). In this context, "outperforms" means the Fund's leveraged long position in ether, combined with its leveraged short position in bitcoin, results in net positive performance for the Fund, factoring in the effects of leverage. **<u>The Fund is designed for investors who anticipate that ether appreciation will exceed bitcoin appreciation over the duration of their investment in the Fund.</u>**

**The Fund does not invest directly in either ether or bitcoin. Investors seeking direct long exposure to the price of ether or direct short exposure to the price of bitcoin should consider an investment other than the Fund. Although ether and bitcoin may each be referred to as a "cryptocurrency," neither is yet widely accepted as a means of payment.**

The Fund's strategy involves a leveraged long position in ether, generally targeting +150% to +220% of the Fund's net assets, and a leveraged short position in bitcoin, generally targeting -150% to -220% of the Fund's net assets. To be "long" means to have exposure to an asset with the expectation that its value will increase over time. Conversely, to be "short" means to have exposure to an asset with the expectation that it will fall in value. Because the Fund uses leverage, an investment in the Fund will typically increase or decrease in value to a greater degree than it would without the use of leverage.

In this long/short structure, the long and short positions may partially offset each other, resulting in a more balanced net exposure to crypto asset market movements. This may occur because general market driven gains in one position (long ether) may be partially offset by losses in the other (short bitcoin), or vice versa. Under normal circumstances, the Fund generally targets a balanced exposure between the long and short positions (e.g., a long position between +150% to +220% will be balanced by a short position between -150% to -220%). The Fund's leveraged structure seeks to magnify the returns of its long and short positions, which also increases the potential for higher risk and volatility. If the value of bitcoin (held short by the Fund) increases while the value of ether (held long by the Fund) decreases, the Fund will incur losses on both positions simultaneously. Such a scenario can result in significant overall Fund losses due to the compounding impact of adverse price movements in both the long and short positions, magnified by the Fund's leveraged exposure.

To implement the Fund's strategy, the Adviser will utilize a mix of U.S.-listed exchange-traded funds ("ETFs") and/or exchange-traded products ("ETPs") (ETFs and ETPs, together the "Underlying Funds") that provide exposure to the value of ether or bitcoin (including Underlying Funds that provide leveraged exposure to ether or bitcoin), short sales of Underlying Funds, futures contracts on ether and bitcoin, swaps, and listed options, which will be used to obtain both long and short exposure, as applicable, to the underlying crypto assets. The Adviser selects these financial instruments based on considerations such as financing costs and liquidity. The Fund's use of derivatives (futures, swaps and listed options), is designed to enable it to achieve its objective of total return by providing flexible and efficient methods to gain both long and short exposure to the underlying crypto assets.

Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Long positions in futures generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may purchase futures contracts related to ether or bitcoin.

Swaps are derivative contracts where two parties agree to exchange cash flows or returns on different assets. These contracts enable the Fund to establish long or short exposure to the underlying assets efficiently. Long positions in swaps generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may enter into swap agreements that provide synthetic exposure to Underlying Funds.

Options provide the right, but not the obligation, to buy or sell an asset at a specified price before a certain date. Call options allow the Fund to seek gains from upward price movements, while exposing it to potential losses if prices decline. Conversely, put options enable the Fund to benefit from downward price movements, while incurring losses if prices rise. By incorporating options, the Fund can create synthetic exposure to the underlying assets. For example, the Fund may purchase and/or sell options contracts to create synthetic exposure to Underlying Funds.

The Adviser's active management approach involves frequent rebalancing to adjust within the anticipated exposure ranges, considering factors such as market volatility, market events, price momentum, and other relevant indicators. As a result, the Fund is expected to have a high annual portfolio turnover rate.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, short positions, futures, swaps, and options that provide financial exposure to ether and/or bitcoin.

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

**<u>Cayman Subsidiary</u>**

The Fund intends to gain exposure to ether and bitcoin either indirectly as described above or by investing through a wholly-owned Cayman Islands subsidiary (the "Subsidiary") that is advised by the Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter.

The Subsidiary will generally invest in investments that do not generate "qualifying income" under the source of income test required to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Unlike the Fund, the Subsidiary may invest without limitation in such investments; however, the Subsidiary will comply with the same Investment Company Act of 1940, as amended (the "1940 Act"), requirements that are applicable to the Fund's transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund's value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to the Fund's investments include the Fund's indirect investments through the Subsidiary.

Reverse Repurchase Agreements

The Fund may invest in reverse repurchase agreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchase them at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investment purposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions.

To qualify for treatment as a regulated investment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investment in the Subsidiary does not exceed 25% of the Fund's total assets at the end of each fiscal quarter (the "Asset Diversification Test"). During other times of the year, the Fund's investments in the Subsidiary may exceed 25% of its total assets.

Collateral

The Fund and Subsidiary will invest in collateral, including U.S. Government securities (such as bills, notes and bonds issued by the U.S. Treasury) and money market funds. The collateral investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund's or Subsidiary's investments in derivative instruments (e.g., futures contracts). The Fund's allocation to collateral will generally range between 50% and 100% under normal circumstances.

**<u>Ether (Long Position)</u>**

Ether is a digital asset which serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. Ether may be used to pay for goods and services, stored for future use, or converted to a government-issued currency. As of the date of this Prospectus, the adoption of ether for these purposes has been limited. The value of ether is not backed by any government, corporation, or other identified body.

The value of ether is determined in part by the supply of and demand for, ether in the markets for exchange that have been organized to facilitate the trading of ether. Ether is the second largest digital asset by market capitalization behind bitcoin.

Ether is maintained on the decentralized, open source, peer-to-peer computer network ("Ethereum Network"). No single entity owns or operates the Ethereum Network. The Ethereum Network is accessed through software and governs the creation and movement of ether. The source code for the Ethereum Network is open-source, and anyone can contribute to its development.

Please see the prospectus section titled "Additional Information About the Funds" for more information about ether and the Ethereum Network.

**<u>Bitcoin (Short Position)</u>**

Bitcoin, the first and most well-known modern digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making bitcoin a unique investment commodity within the digital asset landscape. Although bitcoin is called a crypto or digital currency, it is not presently accepted widely as a means of payment.

<u>Bitcoin Blockchain Description</u>:

The Bitcoin Blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all bitcoin transactions. As noted above, this technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, which may take an hour or more, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.

<u>The Relationship between Bitcoin and Bitcoin Blockchain</u>:

Bitcoin is a digital asset that operates on the Bitcoin Blockchain, a decentralized and cryptographic ledger system. The Bitcoin Blockchain underpins the entire bitcoin network, providing a secure and transparent mechanism for recording bitcoin transactions. Each bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin Blockchain, ensuring the integrity and traceability of the digital asset. Thus, while bitcoin serves as a medium of exchange or store of value, the Bitcoin Blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of bitcoin. This symbiotic relationship ensures that bitcoin operates in a trustless and decentralized manner, with the Bitcoin Blockchain maintaining bitcoin's history and scarcity.

Please see the prospectus section titled "Additional Information About the Funds" for more information about bitcoin and Bitcoin Blockchain use cases.

**Principal Investment Risks**

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

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

**Ether Risk (Long Position).** Through its long position in ether, the Fund is subject to the risk that ether's value **<u>decreases</u>**. **<u>If the value of ether decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Therefore, as a result of the Fund's exposure to the value of ether, the Fund may also be subject to the following risks:

Ether is a relatively new and is subject to unique and substantial risks. The market for ether is subject to rapid price swings, changes and uncertainty. The further development of the Ethereum Network and the acceptance and use of ether are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Ethereum Network or the acceptance of ether may adversely affect the price and liquidity of ether. Ether is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact ether trading venues. Additionally, if one or a coordinated group of validators were to gain control of 33% or more of staked ether (i.e., ether that is deposited to support the Ethereum Network), they would have the ability to execute extensive attacks, manipulate transactions and fraudulently obtain ether. If such a validator or group of validators were to gain control of one-third of staked ether, they could halt payments. A significant portion of ether is held by a small number of holders sometimes referred to as "whales". Transactions by these holders may influence the price of ether.

The value of ether may be substantially dependent on speculation, such that trading and investing in ether generally may not be based on fundamental analysis. The exposure of ether to instability and other speculative parts of the blockchain crypto industry, such as an event that is not necessarily related to the security or utility of the Etherum Network, can nonetheless precipitate a significant decline in the price of ether. There are risks related to fragmentation and lack of regulatory compliance with regard to crypto asset trading platforms. The crypto asset trading platforms upon which ether is traded and which may serve as a pricing source of the valuation of ether linked derivatives held by an Underlying Fund are or may become subject to enforcement actions by regulatory authorities.

Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, ether and ether trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote ether in a way that artificially increases the price of ether). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of ether trading venues have been closed due to fraud, failure or security breaches. Investors in ether may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses.

The realization of any of these risks could result in a decline in the acceptance of ether and consequently a reduction in the value of ether, ether futures, Underlying Funds and the Fund. Additionally, legal or regulatory changes may negatively impact the operation of the Ethereum Network or restrict the use of ether. For example, if ether were determined to be or were expected to be determined to be a security under the federal securities laws, it is possible certain trading venues would no longer facilitate trading in ether, trading in ether futures may become significantly more volatile and/or completely halted, and the value of an investment in the Underlying Funds and/or the Fund could decline significantly and without warning, including to zero.

The creation of a "fork" or a substantial giveaway of ether (sometimes referred to as an "air drop") may result in significant and unexpected declines in the value of ether, ether futures, Underlying Funds and the Fund. A fork may be intentional, such as the 'Merge.' The 'Merge' refers to protocol changes altering the method by which transactions are validated.

The market for ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the ether futures market has grown substantially since ether futures commenced trading, there can be no assurance that this growth will continue. The price for ether futures contracts is based on a number of factors, including the supply of and the demand for ether futures contracts. Market conditions and expectations, regulatory limitations or limitations imposed by the listing exchanges or futures commission merchants ("FCMs") (e.g., margin requirements, position limits, and accountability levels), collateral requirements, availability of counterparties, and other factors each can impact the supply of and demand for ether futures contracts, which can impact the Underlying Funds.

Market conditions and expectations, margin requirements, position limits, accountability levels, collateral requirements, availability of counterparties, and other factors may also limit the Underlying Funds' ability to achieve their desired exposure to ether futures contracts, thereby impacting the Fund. If the Underlying Funds are unable to achieve their targeted exposure, the Fund may not be able to meet its investment objective and the Fund's returns may be different or lower than expected. Additionally, collateral requirements may require Underlying Funds to liquidate their positions, potentially incurring losses and expenses, when it otherwise would not do so. Investing in derivatives like ether futures may be considered aggressive and may expose the Underlying Funds, and thereby the Fund, to significant risks. These risks include counterparty risk and liquidity risk.

The performance of ether futures contracts, in general, has historically been highly correlated to the performance of ether. However, there can be no guarantee this will continue. Transaction costs (including the costs associated with futures investing), position limits, the availability of counterparties and other factors may impact the cost of ether futures contracts and decrease the correlation between the performance of ether futures contracts and ether, over short or even long-term periods. In addition, the performance of back-month futures contracts (i.e., futures contracts whose delivery dates are relatively far in the future) is likely to differ more significantly from the performance of the spot prices of ether. To the extent the Underlying Funds are invested in back-month ether future contracts, their performance, and thereby the performance of the Fund, should be expected to deviate more significantly from the performance of ether.

**Bitcoin Appreciation Risk (Short Position).** By virtue of the Fund's inverse exposure to changes in the value of bitcoin, the Fund is subject to the risk that bitcoin's value **<u>increases</u>**. **<u>If the value of bitcoin increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Bitcoin is relatively new and the market for bitcoin is subject to rapid price swings, changes and uncertainty. Rapid increases in the value of bitcoin may result in substantial losses for the Fund. In addition, the broad acceptance and use of bitcoin would likely result in an increase in the value of bitcoin, which could result in significant losses for the Fund.

In addition, as a result of the Fund's short exposure to the value of bitcoin, the Fund may also be subject to the following risks:

<u>Growing Adoption and Use Cases:</u> If the adoption of bitcoin continues to grow, the demand for bitcoin would likely increase. Such an increased demand could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Maintenance of Current Status:</u> Bitcoin is the first and most well-known crypto asset, which is a significant advantage over other crypto assets. To the extent other crypto assets, and other blockchains supporting advanced applications like smart contracts, are not able to gain traction within the crypto asset market, the price of bitcoin could benefit which would negatively impact the Fund's performance.

<u>Institutional Adoption:</u> Institutional investors and corporations are increasingly showing interest in crypto assets as an asset class. With the emergence of regulated investment vehicles such as bitcoin-based exchange-traded funds (ETFs) and the growing acceptance of crypto assets by traditional financial institutions, institutional adoption of bitcoin could accelerate, leading to increased demand and price appreciation. Such adoption could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Macroeconomic Factors:</u> Economic uncertainty, inflation concerns, and currency devaluation in traditional financial markets can drive investors towards alternative assets like crypto assets, including bitcoin, as a hedge against economic instability. Additionally, monetary policies implemented by central banks, such as quantitative easing, can contribute to the devaluation of fiat currencies, making crypto assets more attractive as store of value assets. Such macroeconomic factors could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Technological Innovation:</u> Ongoing technological advancements and developments within the bitcoin ecosystem, such as layer 2 scaling solutions, have the potential to enhance the utility and attractiveness of bitcoin, driving increased demand and price appreciation, which would negatively impact the Fund's performance.

**Digital Assets Risk.** Digital assets like ether and bitcoin, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.

The digital asset market has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect the Fund's reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund's share.

Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.

**Leveraging Risk.** The Fund's use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, ether, the Fund's leveraged long position ("Long Position") and, bitcoin, the leveraged short position ("Short Position"), expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well.

If the value of the Long Position declines, the Fund's leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund's Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund's net asset value attributable to that position.

Conversely, if the value of the Short Position increases, the Fund's leveraged short exposure could also lead to magnified losses. If the Short Position is at -200% of net assets, a 10% rise in the value of the Short Position could result in a 20% loss for the Fund's net asset value attributable to that position.

In scenarios where the Long Position underperforms and the Short Position outperforms simultaneously, the Fund could experience compounded losses from both positions. This dual risk could lead to significant declines in the Fund's net asset value, particularly because the losses from one position may not be sufficiently offset by gains in the other, especially when leverage is applied.

Investors should be aware that the use of leverage increases the Fund's sensitivity to market movements and can lead to substantial losses in a relatively short period. The Adviser's active management and rebalancing efforts, while designed to manage exposure levels, cannot eliminate the inherent risks associated with leveraged positions. As such, the Fund may experience periods of extreme volatility, and the potential for loss is significant, particularly if market conditions do not align with the Fund's investment strategy.

**Opposing Performance Risks:** The Fund's strategy of holding a long position in one asset and a short position in another asset involves significant risks. From time to time, both positions may experience losses (i.e., the value of the asset held long declines, while the value of the asset held short increases). Such outcomes could occur due to a range of factors, including adverse market conditions, unexpected developments, or macroeconomic events that create opposing price movements in the paired securities.

**Derivatives Risk.** The Fund's derivative investments carry risks such as an imperfect match between the derivative's performance and its underlying asset, and the potential for loss of principal, which can exceed the initial investment. Additionally, there are risks related to the possible default of the transaction's counterparty and the illiquidity of derivatives, making them hard to sell or trade. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund will give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Futures*. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.

● *Swaps*. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. The Fund's swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments, such as the swaps in which the Fund will invest, and may be greater during volatile market conditions. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund's transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Options*. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., "call" or "put," respectively) a specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.

Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund's performance volatility and lead to greater risks of substantial losses. Refer to "Derivatives Risk – Options Contracts" for additional information on the risks of investing in options.

In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.

**Short Sales Risk.** In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

**Underlying Fund Risk.** The Fund's investment strategy, involving indirect exposure to ether and bitcoin through one or more Underlying Funds, is subject to the risks associated with ether and bitcoin. Shareholders in the Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds.

● *Underlying Ether Funds – Long Exposure Risks*: Investing in an Underlying Fund that focuses on ether, either through direct holdings or indirectly via derivatives like futures contracts and swaps, carries significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying Fund. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Additionally, each Underlying Fund, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for an Underlying Fund *.* **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to ether, which could lead to amplified losses for the Fund.** 

● *Underlying Bitcoin Funds – Short Exposure Risks:* The Fund seeks short exposure to Underlying Funds that focus on bitcoin (Underlying Bitcoin Funds) directly or through derivatives such as futures contracts and swaps. If the value of an Underlying Bitcoin Fund increases, the Fund will incur a loss, which could be substantial. Factors such as high market volatility, technological advancements, regulatory developments, and market concentration in the digital asset sector may cause the value of Underlying Bitcoin Funds to rise, negatively impacting the Fund's performance. Underlying Bitcoin Funds' use of derivatives subjects them to liquidity, counterparty, leverage, and futures risks, which can amplify price movements to the detriment of the Fund's short position. Additionally, reliance on blockchain technology introduces technological, cybersecurity, and custodial risks that can cause further price increases. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to bitcoin, which could lead to amplified losses for the Fund.** 

● *Potentially No 1940 Act Protections.* It is expected that one or more Underlying Funds will not be registered as an investment company subject to the 1940 Act. In addition, Underlying Funds that invest directly in ether or bitcoin are not subject to the 1940 Act. Accordingly, investors in such an Underlying Fund would not have the protections expressly provided by that statute, including: provisions preventing Underlying Fund insiders from managing an Underlying Fund to their benefit and to the detriment of shareholders; provisions preventing an Underlying Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying Fund's character without the consent of shareholders. The Fund's investments are subject to loss as a result of these risks.

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks.

**Commodity-Linked Derivatives Tax Risk.** The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the "IRS"), the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments.

**Commodity Pool Regulatory Risk.** The Fund's strategy will cause it to be deemed a commodity pool, thereby subjecting the Fund to regulation under the Commodities Exchange Act of 1936, as amended (the "CEA") and CFTC rules. The Adviser is registered as a commodity pool operator ("CPO") and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund's status as a commodity pool and the Adviser's registration as a CPO is not expected to materially adversely affect the Fund's ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus.

**Tax Risk.** The Fund intends to treat any income received by the Subsidiary as "qualifying income" under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund's value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund's Board of Trustees may determine to reorganize or close the Fund or materially change the Fund's investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

**Concentration Risk.** The Fund's investments will be concentrated in ether and bitcoin, which are crypto assets. The value of the Fund's shares may rise and fall more than the value of shares that invest in securities of companies in a broad range of industries.

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

**ETF Risks**

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

● *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

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

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

● *Trading.* Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for the Fund as it seeks to have exposure to just two underlying stocks as opposed to a more diverse portfolio like a traditional pooled investment. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled market close for derivatives that reference a single stock, such as either of the underlying company's securities being halted or a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the relevant derivatives. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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

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

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

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

**High Portfolio Turnover Risk**. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund's trading. As such, if the Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds and depositary accounts. The Fund will incur expenses when investment in money market instruments, which will reduce performance. Money market instruments may lose money.

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

**Reverse Repurchase Agreement Risk.** Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

**U.S. Government and U.S. Agency Obligations Risk**. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**Performance**

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

**Management**

*Investment Adviser*: Tidal Investments LLC serves as investment adviser to the Fund and the Subsidiary.

*Portfolio Managers*:

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

Christopher P. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

Scott Snyder, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**Defiance Bitcoin vs Gold ETF - FUND SUMMARY**

**Investment Objective**

The Defiance Bitcoin vs Gold ETF (the "Fund") seeks total return.

**Fees and Expenses of the Fund**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | <sup>1</sup> |
| Management Fee | 1.29% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 1.29% |

---

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

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $131 | $409 |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund (ETF) that seeks total return.

The Fund's investment strategy is designed to take targeted positions in two distinct assets: bitcoin, a crypto asset, and gold, a precious metal, each of which is described further below. The Fund establishes *long* exposure to bitcoin and *short* exposure to gold. That is, the Fund is designed to benefit if bitcoin outperforms gold after considering the effects of leverage (e.g., the potential magnified gains or losses arising from the Fund's use of derivatives to increase exposure). In this context, "outperforms" means the Fund's leveraged long position in bitcoin, combined with its leveraged short position in gold, results in net positive performance for the Fund, factoring in the effects of leverage. **<u>The Fund is designed for investors who anticipate that bitcoin appreciation will exceed gold appreciation over the duration of their investment in the Fund.</u>**

**The Fund does not invest directly in bitcoin or gold. Investors seeking direct long exposure to the price of bitcoin or direct short exposure to the price of gold should consider an investment other than the Fund. Although bitcoin may be referred to as a "cryptocurrency," it is not yet widely accepted as a means of payment.**

The Fund's strategy involves a leveraged long position in bitcoin, generally targeting +150% to +220% of the Fund's net assets, and a leveraged short position in gold, generally targeting -150% to -220% of the Fund's net assets. To be "long" means to have exposure to an asset with the expectation that its value will increase over time. Conversely, to be "short" means to have exposure to an asset with the expectation that it will fall in value. Because the Fund uses leverage, an investment in the Fund will typically increase or decrease in value to a greater degree than it would without the use of leverage.

In this long/short structure, the long and short positions may partially offset each other, resulting in a more balanced net exposure to asset market movements. This may occur because general market driven gains in one position (long bitcoin) may be partially offset by losses in the other (short gold), or vice versa. Under normal circumstances, the Fund generally targets a balanced exposure between the long and short positions (e.g., a long position between +150% to +220% will be balanced by a short position between -150% to -220%). The Fund's leveraged structure seeks to magnify the returns of its long and short positions, which also increases the potential for higher risk and volatility. If the value of gold (held short by the Fund) increases while the value of bitcoin (held long by the Fund) decreases, the Fund will incur losses on both positions simultaneously. Such a scenario can result in significant overall Fund losses due to the compounding impact of adverse price movements in both the long and short positions, magnified by the Fund's leveraged exposure.

To implement the Fund's strategy, the Adviser will utilize a mix of U.S.-listed exchange-traded funds ("ETFs") and/or exchange-traded products ("ETPs") (ETFs and ETPs, together the "Underlying Funds") that provide exposure to the value of bitcoin or gold (including Underlying Funds that provide leveraged exposure to bitcoin or gold), short sales of Underlying Funds, futures contracts on bitcoin and gold, swaps, and listed options, which will be used to obtain both long and short exposure, as applicable, to the underlying assets. The Adviser selects these financial instruments based on considerations such as financing costs and liquidity. The Fund's use of derivatives (futures, swaps and listed options), is designed to enable it to achieve its objective of total return by providing flexible and efficient methods to gain both long and short exposure to the underlying assets.

Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Long positions in futures generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may purchase futures contracts related to bitcoin or gold.

Swaps are derivative contracts where two parties agree to exchange cash flows or returns on different assets. These contracts enable the Fund to establish long or short exposure to the underlying assets efficiently. Long positions in swaps generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may enter into swap agreements that provide synthetic exposure to Underlying Funds.

Options provide the right, but not the obligation, to buy or sell an asset at a specified price before a certain date. Call options allow the Fund to seek gains from upward price movements, while exposing it to potential losses if prices decline. Conversely, put options enable the Fund to benefit from downward price movements, while incurring losses if prices rise. By incorporating options, the Fund can create synthetic exposure to the underlying assets. For example, the Fund may purchase and/or sell options contracts to create synthetic exposure to Underlying Funds.

The Adviser's active management approach involves frequent rebalancing to adjust within the anticipated exposure ranges, considering factors such as market volatility, market events, price momentum, and other relevant indicators. As a result, the Fund is expected to have a high annual portfolio turnover rate.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, short positions, futures, swaps, and options that provide financial exposure to bitcoin and/or gold.

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

**<u>Cayman Subsidiary</u>**

The Fund intends to gain exposure to bitcoin and gold either indirectly as described above or by investing through a wholly-owned Cayman Islands subsidiary (the "Subsidiary") that is advised by the Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter.

The Subsidiary will generally invest in investments that do not generate "qualifying income" under the source of income test required to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Unlike the Fund, the Subsidiary may invest without limitation in such investments; however, the Subsidiary will comply with the same Investment Company Act of 1940, as amended (the "1940 Act"), requirements that are applicable to the Fund's transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund's value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to the Fund's investments include the Fund's indirect investments through the Subsidiary.

Reverse Repurchase Agreements

The Fund may invest in reverse repurchase agreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchase them at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investment purposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions.

To qualify for treatment as a regulated investment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investment in the Subsidiary does not exceed 25% of the Fund's total assets at the end of each fiscal quarter (the "Asset Diversification Test"). During other times of the year, the Fund's investments in the Subsidiary may exceed 25% of its total assets.

Collateral

The Fund and Subsidiary will invest in collateral, including U.S. Government securities (such as bills, notes and bonds issued by the U.S. Treasury) and money market funds. The collateral investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund's or Subsidiary's investments in derivative instruments (e.g., futures contracts). The Fund's allocation to collateral will generally range between 50% and 100% under normal circumstances.

**<u>Bitcoin (Long Position)</u>**

Bitcoin, the first and most well-known modern digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making bitcoin a unique investment commodity within the digital asset landscape. Although bitcoin is called a crypto or digital currency, it is not presently accepted widely as a means of payment.

<u>Bitcoin Blockchain Description</u>:

The Bitcoin Blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all bitcoin transactions. As noted above, this technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, which may take an hour or more, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.

<u>The Relationship between Bitcoin and Bitcoin Blockchain</u>:

Bitcoin is a digital asset that operates on the Bitcoin Blockchain, a decentralized and cryptographic ledger system. The Bitcoin Blockchain underpins the entire bitcoin network, providing a secure and transparent mechanism for recording bitcoin transactions. Each bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin Blockchain, ensuring the integrity and traceability of the digital asset. Thus, while bitcoin serves as a medium of exchange or store of value, the Bitcoin Blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of bitcoin. This symbiotic relationship ensures that bitcoin operates in a trustless and decentralized manner, with the Bitcoin Blockchain maintaining bitcoin's history and scarcity.

Please see the prospectus section titled "Additional Information About the Funds" for more information about bitcoin and Bitcoin Blockchain use cases.

**<u>Gold (Short Position)</u>**

Gold is a precious metal and traditional store of value, recognized for its stability and use as a hedge against inflation and economic uncertainty.

**Principal Investment Risks**

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

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

**Bitcoin Risk (Long Position).** Through its long position in bitcoin, the Fund is subject to the risk that bitcoin's value **<u>decreases</u>**. **<u>If the value of bitcoin decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Therefore, as a result of the Fund's exposure to the value of bitcoin, the Fund may also be subject to the following risks:

The risks associated with bitcoin include the possibility of fraud, theft, market manipulation, and security breaches in trading platforms. A small group of large bitcoin holders, known as "whales," can significantly influence bitcoin's price and may have the ability to manipulate the price. The largely unregulated nature of bitcoin and its trading venues heightens risks of fraudulent activities and market manipulation, which could affect bitcoin's price. For example, if a group of miners gains control over a majority of the bitcoin network, they could manipulate transactions to their advantage. Historical instances have seen bitcoin trading venues shut down due to fraud or security breaches, often leaving investors without recourse and facing significant losses.

Updates to bitcoin's software, proposed by developers, can lead to the creation of new digital assets, or "forks," if not broadly adopted. This can impact bitcoin's demand and the Fund's performance. The extreme volatility of bitcoin's market price can result in shareholder losses. Furthermore, the operation of bitcoin trading platforms may be disrupted or cease altogether due to various issues, further affecting bitcoin's price and the Fund's investments.

The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis.

Bitcoin's price can be influenced by events unrelated to its security or utility, including instability in other speculative areas of the crypto/blockchain space, potentially leading to substantial declines in its value.

Risks associated with crypto asset trading platforms include fragmentation, regulatory non-compliance, and the possibility of enforcement actions by regulatory authorities, which could impact the valuation of bitcoin-linked derivatives held by the Fund.

The security of the Bitcoin Blockchain may be compromised if a single miner or group controls more than 50% of the network's hashing power, where hashing power refers to the computational capacity used to validate and secure transactions on the blockchain.

Proposed changes to the bitcoin protocol may not be universally adopted, leading to the creation of competing blockchains (forks) with different assets and participants, exemplified by past forks like Bitcoin Cash and Bitcoin SV.

The Bitcoin Blockchain protocol may contain vulnerabilities that attackers could exploit to disrupt its operation, potentially compromising the security and reliability of the network.

Emerging alternative public blockchains, particularly those emphasizing privacy through technologies like zero-knowledge cryptography, pose risks and challenges to the dominance of the Bitcoin Blockchain as a payment system.

Common impediments to adopting the Bitcoin Blockchain as a payment network include slow transaction processing, variability in transaction fees, and the volatility of bitcoin's price, which may deter widespread adoption by businesses and consumers.

The development and use of "Layer II solutions" are critical for the scalability and functionality of the Bitcoin Blockchain, but they also introduce risks such as off-chain transaction execution, which could affect transparency and security. Layer II solutions are off-chain protocols that improve scalability and reduce transaction costs by processing transactions outside the main blockchain network.

Adoption and use of other blockchains supporting advanced applications like smart contracts present challenges to the dominance of the Bitcoin Blockchain, potentially impacting its long-term relevance and utility in the evolving landscape of blockchain technology.

**Gold Appreciation Risk (Short Position).** By virtue of the Fund's inverse exposure to changes in the value of gold, the Fund is subject to the risk that gold's value **<u>increases</u>**. **<u>If the value of gold increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** As a result of the Fund's short exposure to the value of gold, the Fund may also be subject to the following risks:

The Fund's short gold exposure is subject to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of the Fund's investments is typically derived from the price movements of physical gold or related economic variables. Price fluctuations in gold linked investments can be swift and substantial, often showing a low correlation with the returns of traditional equity and bond markets and may not align with trends in other asset classes.

Numerous factors can influence the price of gold, including overall market movements, interest rate changes, and variations in global supply and demand. Additionally, the volume of gold imports and exports, production factors such as weather conditions, and technological advances in gold processing and mining can significantly impact gold prices.

Increased hedging activities, economic conditions, regulatory developments, and political stability also play crucial roles in the price of gold. Furthermore, global supply and demand dynamics, political and economic events, inflation expectations, currency exchange rates, and investment activities of hedge funds and commodity funds can all affect gold prices. Sharp fluctuations in gold markets may result in significant losses for the Fund.

**Digital Assets Risk.** Digital assets like bitcoin, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.

The digital asset market has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect the Fund's reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund's share.

Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.

**Leveraging Risk.** The Fund's use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, bitcoin, the Fund's leveraged long position ("Long Position") and, gold, the leveraged short position ("Short Position"), expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well.

If the value of the Long Position declines, the Fund's leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund's Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund's net asset value attributable to that position.

Conversely, if the value of the Short Position increases, the Fund's leveraged short exposure could also lead to magnified losses. If the Short Position is at -200% of net assets, a 10% rise in the value of the Short Position could result in a 20% loss for the Fund's net asset value attributable to that position.

In scenarios where the Long Position underperforms and the Short Position outperforms simultaneously, the Fund could experience compounded losses from both positions. This dual risk could lead to significant declines in the Fund's net asset value, particularly because the losses from one position may not be sufficiently offset by gains in the other, especially when leverage is applied.

Investors should be aware that the use of leverage increases the Fund's sensitivity to market movements and can lead to substantial losses in a relatively short period. The Adviser's active management and rebalancing efforts, while designed to manage exposure levels, cannot eliminate the inherent risks associated with leveraged positions. As such, the Fund may experience periods of extreme volatility, and the potential for loss is significant, particularly if market conditions do not align with the Fund's investment strategy.

**Opposing Performance Risks:** The Fund's strategy of holding a long position in one asset and a short position in another asset involves significant risks. From time to time, both positions may experience losses (i.e., the value of the asset held long declines, while the value of the asset held short increases). Such outcomes could occur due to a range of factors, including adverse market conditions, unexpected developments, or macroeconomic events that create opposing price movements in the paired securities.

**Derivatives Risk.** The Fund's derivative investments carry risks such as an imperfect match between the derivative's performance and its underlying asset, and the potential for loss of principal, which can exceed the initial investment. Additionally, there are risks related to the possible default of the transaction's counterparty and the illiquidity of derivatives, making them hard to sell or trade. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund will give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Futures*. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.

● *Swaps*. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. The Fund's swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments, such as the swaps in which the Fund will invest, and may be greater during volatile market conditions. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund's transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Options*. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., "call" or "put," respectively) a specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.

Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund's performance volatility and lead to greater risks of substantial losses. Refer to "Derivatives Risk – Options Contracts" for additional information on the risks of investing in options.

In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.

**Short Sales Risk.** In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

**Underlying Fund Risk.** The Fund's investment strategy, involving indirect exposure to bitcoin and gold through one or more Underlying Funds, is subject to the risks associated with bitcoin and gold. Shareholders in the Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds.

● *Underlying Bitcoin Funds – Long Exposure Risks:* Investing in an Underlying Fund that focuses on bitcoin, either through direct holdings or indirectly via derivatives like futures contracts and swaps, carries significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying Fund. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Additionally, each Underlying Fund, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for an Underlying Fund. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to bitcoin, which could lead to amplified losses for the Fund.** 

● *Underlying Gold Funds – Short Exposure Risks:* The Fund seeks short exposure to Underlying Funds that invest in gold (Underlying Gold Funds), either through direct holdings of physical gold or indirectly through derivatives such as futures contracts and swaps. Short exposure carries unique risks that differ from traditional long investments. If the value of an Underlying Gold Fund increases, whether due to rising gold prices, favorable market conditions, or effective management of the Underlying Gold Fund's assets, the Fund will incur a loss, which could be substantial. Gold prices may increase as a result of factors such as inflation expectations, currency depreciation, geopolitical tensions, economic uncertainty, or changes in interest rates, any of which could cause Underlying Gold Funds to appreciate and negatively impact the Fund's performance. Underlying Gold Funds that utilize derivatives are subject to liquidity risk, counterparty risk, leverage risk, and futures contracts risk, which can amplify price movements to the detriment of the Fund's short position. In addition, Underlying Gold Funds that hold physical gold face custodial and safekeeping risks; successful navigation of these risks, or increases in the perceived value or demand for physical gold, could result in gains for Underlying Gold Funds and losses for the Fund. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to gold, which could lead to amplified losses for the Fund, which could lead to amplified losses for the Fund.** 

● *Potentially No 1940 Act Protections.* It is expected that one or more Underlying Funds will not be registered as an investment company subject to the 1940 Act. In addition, Underlying Funds that invest directly in bitcoin or gold are not subject to the 1940 Act. Accordingly, investors in such an Underlying Fund would not have the protections expressly provided by that statute, including: provisions preventing Underlying Fund insiders from managing an Underlying Fund to their benefit and to the detriment of shareholders; provisions preventing an Underlying Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying Fund's character without the consent of shareholders. The Fund's investments are subject to loss as a result of these risks.

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks.

**Commodity-Linked Derivatives Tax Risk.** The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the "IRS"), the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments.

**Commodity Pool Regulatory Risk.** The Fund's strategy will cause it to be deemed a commodity pool, thereby subjecting the Fund to regulation under the Commodities Exchange Act of 1936, as amended (the "CEA") and CFTC rules. The Adviser is registered as a commodity pool operator ("CPO") and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund's status as a commodity pool and the Adviser's registration as a CPO is not expected to materially adversely affect the Fund's ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus.

**Tax Risk.** The Fund intends to treat any income received by the Subsidiary as "qualifying income" under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund's value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund's Board of Trustees may determine to reorganize or close the Fund or materially change the Fund's investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

**Concentration Risk.** The Fund's investments will be concentrated in bitcoin and gold. The value of the Fund's shares may rise and fall more than the value of shares that invest in securities of companies in a broad range of industries.

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

**ETF Risks**

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

● *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

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

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

● *Trading.* Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for the Fund as it seeks to have exposure to just two underlying stocks as opposed to a more diverse portfolio like a traditional pooled investment. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled market close for derivatives that reference a single stock, such as either of the underlying company's securities being halted or a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the relevant derivatives. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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

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

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

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

**High Portfolio Turnover Risk**. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund's trading. As such, if the Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds and depositary accounts. The Fund will incur expenses when investment in money market instruments, which will reduce performance. Money market instruments may lose money.

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

**Reverse Repurchase Agreement Risk.** Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

**U.S. Government and U.S. Agency Obligations Risk**. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**Performance**

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

**Management**

*Investment Adviser*: Tidal Investments LLC serves as investment adviser to the Fund and the Subsidiary.

*Portfolio Managers*:

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

Christopher P. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

Scott Snyder, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**Defiance Gold vs Bitcoin ETF - FUND SUMMARY**

**Investment Objective**

The Defiance Gold vs Bitcoin ETF (the "Fund") seeks total return.

**Fees and Expenses of the Fund**

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

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| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | <sup>1</sup> |
| Management Fee | 1.29% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 1.29% |

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

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

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

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $131 | $409 |

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**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund (ETF) that seeks total return.

The Fund's investment strategy is designed to take targeted positions in two distinct assets: gold, a precious metal, and bitcoin, a crypto asset, each of which is described further below. The Fund establishes *long* exposure to gold and *short* exposure to bitcoin. That is, the Fund is designed to benefit if gold outperforms bitcoin after considering the effects of leverage (e.g., the potential magnified gains or losses arising from the Fund's use of derivatives to increase exposure). In this context, "outperforms" means the Fund's leveraged long position in gold, combined with its leveraged short position in bitcoin, results in net positive performance for the Fund, factoring in the effects of leverage. **<u>The Fund is designed for investors who anticipate that gold appreciation will exceed bitcoin appreciation over the duration of their investment in the Fund.</u>**

**The Fund does not invest directly in gold or bitcoin. Investors seeking direct long exposure to the price of gold or direct short exposure to the price of bitcoin should consider an investment other than the Fund. Although bitcoin may be referred to as a "cryptocurrency," it is not yet widely accepted as a means of payment.**

The Fund's strategy involves a leveraged long position in gold, generally targeting +150% to +220% of the Fund's net assets, and a leveraged short position in bitcoin, generally targeting -150% to -220% of the Fund's net assets. To be "long" means to have exposure to an asset with the expectation that its value will increase over time. Conversely, to be "short" means to have exposure to an asset with the expectation that it will fall in value. Because the Fund uses leverage, an investment in the Fund will typically increase or decrease in value to a greater degree than it would without the use of leverage.

In this long/short structure, the long and short positions may partially offset each other, resulting in a more balanced net exposure to asset market movements. This may occur because general market driven gains in one position (long gold) may be partially offset by losses in the other (short bitcoin), or vice versa. Under normal circumstances, the Fund generally targets a balanced exposure between the long and short positions (e.g., a long position between +150% to +220% will be balanced by a short position between -150% to -220%). The Fund's leveraged structure seeks to magnify the returns of its long and short positions, which also increases the potential for higher risk and volatility. If the value of bitcoin (held short by the Fund) increases while the value of gold (held long by the Fund) decreases, the Fund will incur losses on both positions simultaneously. Such a scenario can result in significant overall Fund losses due to the compounding impact of adverse price movements in both the long and short positions, magnified by the Fund's leveraged exposure.

To implement the Fund's strategy, the Adviser will utilize a mix of U.S.-listed exchange-traded funds ("ETFs") and/or exchange-traded products ("ETPs") (ETFs and ETPs, together the "Underlying Funds") that provide exposure to the value of gold or bitcoin (including Underlying Funds that provide leveraged exposure to gold or bitcoin), short sales of Underlying Funds, futures contracts on gold and bitcoin, swaps, and listed options, which will be used to obtain both long and short exposure, as applicable, to the underlying assets. The Adviser selects these financial instruments based on considerations such as financing costs and liquidity. The Fund's use of derivatives (futures, swaps and listed options), is designed to enable it to achieve its objective of total return by providing flexible and efficient methods to gain both long and short exposure to the underlying assets.

Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Long positions in futures generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may purchase futures contracts related to gold or bitcoin.

Swaps are derivative contracts where two parties agree to exchange cash flows or returns on different assets. These contracts enable the Fund to establish long or short exposure to the underlying assets efficiently. Long positions in swaps generally benefit from increases in the asset's price but incur losses when prices decline, while short positions generally benefit from price decreases but experience losses when prices rise. For example, the Fund may enter into swap agreements that provide synthetic exposure to Underlying Funds.

Options provide the right, but not the obligation, to buy or sell an asset at a specified price before a certain date. Call options allow the Fund to seek gains from upward price movements, while exposing it to potential losses if prices decline. Conversely, put options enable the Fund to benefit from downward price movements, while incurring losses if prices rise. By incorporating options, the Fund can create synthetic exposure to the underlying assets. For example, the Fund may purchase and/or sell options contracts to create synthetic exposure to Underlying Funds.

The Adviser's active management approach involves frequent rebalancing to adjust within the anticipated exposure ranges, considering factors such as market volatility, market events, price momentum, and other relevant indicators. As a result, the Fund is expected to have a high annual portfolio turnover rate.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, short positions, futures, swaps, and options that provide financial exposure to gold and/or bitcoin.

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

**<u>Cayman Subsidiary</u>**

The Fund intends to gain exposure to gold and bitcoin either indirectly as described above or by investing through a wholly-owned Cayman Islands subsidiary (the "Subsidiary") that is advised by the Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter.

The Subsidiary will generally invest in investments that do not generate "qualifying income" under the source of income test required to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Unlike the Fund, the Subsidiary may invest without limitation in such investments; however, the Subsidiary will comply with the same Investment Company Act of 1940, as amended (the "1940 Act"), requirements that are applicable to the Fund's transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund's value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to the Fund's investments include the Fund's indirect investments through the Subsidiary.

Reverse Repurchase Agreements

The Fund may invest in reverse repurchase agreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchase them at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investment purposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions.

To qualify for treatment as a regulated investment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investment in the Subsidiary does not exceed 25% of the Fund's total assets at the end of each fiscal quarter (the "Asset Diversification Test"). During other times of the year, the Fund's investments in the Subsidiary may exceed 25% of its total assets.

Collateral

The Fund and Subsidiary will invest in collateral, including U.S. Government securities (such as bills, notes and bonds issued by the U.S. Treasury) and money market funds. The collateral investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund's or Subsidiary's investments in derivative instruments (e.g., futures contracts). The Fund's allocation to collateral will generally range between 50% and 100% under normal circumstances.

**<u>Gold (Long Position)</u>**

Gold is a precious metal and traditional store of value, recognized for its stability and use as a hedge against inflation and economic uncertainty.

**<u>Bitcoin (Short Position)</u>**

Bitcoin, the first and most well-known modern digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making bitcoin a unique investment commodity within the digital asset landscape. Although bitcoin is called a crypto or digital currency, it is not presently accepted widely as a means of payment.

<u>Bitcoin Blockchain Description</u>:

The Bitcoin Blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all bitcoin transactions. As noted above, this technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, which may take an hour or more, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.

<u>The Relationship between Bitcoin and Bitcoin Blockchain</u>:

Bitcoin is a digital asset that operates on the Bitcoin Blockchain, a decentralized and cryptographic ledger system. The Bitcoin Blockchain underpins the entire bitcoin network, providing a secure and transparent mechanism for recording bitcoin transactions. Each bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin Blockchain, ensuring the integrity and traceability of the digital asset. Thus, while bitcoin serves as a medium of exchange or store of value, the Bitcoin Blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of bitcoin. This symbiotic relationship ensures that bitcoin operates in a trustless and decentralized manner, with the Bitcoin Blockchain maintaining bitcoin's history and scarcity.

Please see the prospectus section titled "Additional Information About the Funds" for more information about bitcoin and Bitcoin Blockchain use cases.

**Principal Investment Risks**

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

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

**Gold Risk (Long Position).** Through its long position in gold, the Fund is subject to the risk that gold's value **<u>decreases</u>**. **<u>If the value of gold decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Therefore, as a result of the Fund's exposure to the value of gold, the Fund may also be subject to the following risks:

The Fund will not invest directly in gold but will gain exposure through derivative instruments (e.g., gold futures contracts) and Underlying Funds. These investments are subject to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of these investments is typically derived from the price movements of physical gold or related economic variables. Price fluctuations in gold linked instruments can be swift and substantial, often showing a low correlation with the returns of traditional equity and bond markets and may not align with trends in other asset classes.

Numerous factors can influence the price of gold, including overall market movements, interest rate changes, and variations in global supply and demand. Additionally, the volume of gold imports and exports, production factors such as weather conditions, and technological advances in gold processing and mining can significantly impact gold prices. Increased hedging activities, economic conditions, regulatory developments, and political stability also play crucial roles. Furthermore, global supply and demand dynamics, political and economic events, inflation expectations, currency exchange rates, and investment activities of hedge funds and commodity funds can all affect gold prices. Sharp fluctuations in gold markets may result in potential losses. In addition, gold markets have experienced extended periods of flat or declining prices. Investors should also be aware that while gold is often used to preserve wealth, there is no assurance that it will maintain its long-term value in terms of purchasing power.

**Bitcoin Appreciation Risk (Short Position).** By virtue of the Fund's inverse exposure to changes in the value of bitcoin, the Fund is subject to the risk that bitcoin's value **<u>increases</u>**. **<u>If the value of bitcoin increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Bitcoin is relatively new and the market for bitcoin is subject to rapid price swings, changes and uncertainty. Rapid increases in the value of bitcoin may result in substantial losses for the Fund. In addition, the broad acceptance and use of bitcoin would likely result in an increase in the value of bitcoin, which could result in significant losses for the Fund.

In addition, as a result of the Fund's short exposure to the value of bitcoin, the Fund may also be subject to the following risks:

<u>Growing Adoption and Use Cases:</u> If the adoption of bitcoin continues to grow, the demand for bitcoin would likely increase. Such an increased demand could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Maintenance of Current Status:</u> Bitcoin is the first and most well-known crypto asset, which is a significant advantage over other crypto assets. To the extent other crypto assets, and other blockchains supporting advanced applications like smart contracts, are not able to gain traction within the crypto asset market, the price of bitcoin could benefit which would negatively impact the Fund's performance.

<u>Institutional Adoption:</u> Institutional investors and corporations are increasingly showing interest in crypto assets as an asset class. With the emergence of regulated investment vehicles such as bitcoin-based exchange-traded funds (ETFs) and the growing acceptance of crypto assets by traditional financial institutions, institutional adoption of bitcoin could accelerate, leading to increased demand and price appreciation. Such adoption could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Macroeconomic Factors:</u> Economic uncertainty, inflation concerns, and currency devaluation in traditional financial markets can drive investors towards alternative assets like crypto assets, including bitcoin, as a hedge against economic instability. Additionally, monetary policies implemented by central banks, such as quantitative easing, can contribute to the devaluation of fiat currencies, making crypto assets more attractive as store of value assets. Such macroeconomic factors could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Technological Innovation:</u> Ongoing technological advancements and developments within the bitcoin ecosystem, such as layer 2 scaling solutions, have the potential to enhance the utility and attractiveness of bitcoin, driving increased demand and price appreciation, which would negatively impact the Fund's performance.

**Digital Assets Risk.** Digital assets like bitcoin, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.

The digital asset market has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect the Fund's reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund's share.

Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.

**Leveraging Risk.** The Fund's use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, gold, the Fund's leveraged long position ("Long Position") and, bitcoin, the leveraged short position ("Short Position"), expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well.

If the value of the Long Position declines, the Fund's leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund's Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund's net asset value attributable to that position.

Conversely, if the value of the Short Position increases, the Fund's leveraged short exposure could also lead to magnified losses. If the Short Position is at -200% of net assets, a 10% rise in the value of the Short Position could result in a 20% loss for the Fund's net asset value attributable to that position.

In scenarios where the Long Position underperforms and the Short Position outperforms simultaneously, the Fund could experience compounded losses from both positions. This dual risk could lead to significant declines in the Fund's net asset value, particularly because the losses from one position may not be sufficiently offset by gains in the other, especially when leverage is applied.

Investors should be aware that the use of leverage increases the Fund's sensitivity to market movements and can lead to substantial losses in a relatively short period. The Adviser's active management and rebalancing efforts, while designed to manage exposure levels, cannot eliminate the inherent risks associated with leveraged positions. As such, the Fund may experience periods of extreme volatility, and the potential for loss is significant, particularly if market conditions do not align with the Fund's investment strategy.

**Opposing Performance Risks:** The Fund's strategy of holding a long position in one asset and a short position in another asset involves significant risks. From time to time, both positions may experience losses (i.e., the value of the asset held long declines, while the value of the asset held short increases). Such outcomes could occur due to a range of factors, including adverse market conditions, unexpected developments, or macroeconomic events that create opposing price movements in the paired securities.

**Derivatives Risk.** The Fund's derivative investments carry risks such as an imperfect match between the derivative's performance and its underlying asset, and the potential for loss of principal, which can exceed the initial investment. Additionally, there are risks related to the possible default of the transaction's counterparty and the illiquidity of derivatives, making them hard to sell or trade. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund will give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Futures*. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.

● *Swaps*. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. The Fund's swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments, such as the swaps in which the Fund will invest, and may be greater during volatile market conditions. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund's transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Options*. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., "call" or "put," respectively) a specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.

Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund's performance volatility and lead to greater risks of substantial losses. Refer to "Derivatives Risk – Options Contracts" for additional information on the risks of investing in options.

In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.

**Short Sales Risk.** In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

**Underlying Fund Risk.** The Fund's investment strategy, involving indirect exposure to gold and bitcoin through one or more Underlying Funds, is subject to the risks associated with gold and bitcoin. Shareholders in the Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds.

● *Underlying Gold Funds – Long Exposure Risks:* Investing in an Underlying Fund that focuses on gold (Underlying Gold Funds), either through direct holdings or indirectly via derivatives like futures contracts, carries significant risk due to the inherent volatility and unpredictability of the commodities markets. Underlying Golds Funds that trade futures contracts are subject to derivatives risk, leverage risk, counterparty risk and futures contracts risk, among other risks. In addition, Underlying Gold Funds holding gold directly face significant custodial and safeguarding risks regarding their gold holdings. There is an inherent danger of these gold bars being lost, damaged, stolen, or becoming inaccessible due to factors such as natural disasters or terrorism. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to gold, which could lead to amplified losses for the Fund.** 

● *Underlying Bitcoin Funds – Short Exposure Risks:* The Fund seeks short exposure to Underlying Funds that focus on bitcoin (Underlying Bitcoin Funds) directly or through derivatives such as futures contracts and swaps. If the value of an Underlying Bitcoin Fund increases, the Fund will incur a loss, which could be substantial. Factors such as high market volatility, technological advancements, regulatory developments, and market concentration in the digital asset sector may cause the value of Underlying Bitcoin Funds to rise, negatively impacting the Fund's performance. Underlying Bitcoin Funds' use of derivatives subjects them to liquidity, counterparty, leverage, and futures risks, which can amplify price movements to the detriment of the Fund's short position. Additionally, reliance on blockchain technology introduces technological, cybersecurity, and custodial risks that can cause further price increases. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to bitcoin, which could lead to amplified losses for the Fund.** 

● *Potentially No 1940 Act Protections.* It is expected that one or more Underlying Funds will not be registered as an investment company subject to the 1940 Act. In addition, Underlying Funds that invest directly in gold or bitcoin are not subject to the 1940 Act. Accordingly, investors in such an Underlying Fund would not have the protections expressly provided by that statute, including: provisions preventing Underlying Fund insiders from managing an Underlying Fund to their benefit and to the detriment of shareholders; provisions preventing an Underlying Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying Fund's character without the consent of shareholders. The Fund's investments are subject to loss as a result of these risks.

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks.

**Commodity-Linked Derivatives Tax Risk.** The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the "IRS"), the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments.

**Commodity Pool Regulatory Risk.** The Fund's strategy will cause it to be deemed a commodity pool, thereby subjecting the Fund to regulation under the Commodities Exchange Act of 1936, as amended (the "CEA") and CFTC rules. The Adviser is registered as a commodity pool operator ("CPO") and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund's status as a commodity pool and the Adviser's registration as a CPO is not expected to materially adversely affect the Fund's ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus.

**Tax Risk.** The Fund intends to treat any income received by the Subsidiary as "qualifying income" under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund's value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund's Board of Trustees may determine to reorganize or close the Fund or materially change the Fund's investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

**Concentration Risk.** The Fund's investments will be concentrated in gold and bitcoin, which is a crypto asset. The value of the Fund's shares may rise and fall more than the value of shares that invest in securities of companies in a broad range of industries.

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

**ETF Risks**

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

● *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

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

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

● *Trading.* Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for the Fund as it seeks to have exposure to just two underlying stocks as opposed to a more diverse portfolio like a traditional pooled investment. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled market close for derivatives that reference a single stock, such as either of the underlying company's securities being halted or a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the relevant derivatives. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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

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

**New Fund Risk.** The Fund is a recently organized management investment company with no operating history. As a result, prospective

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

**High Portfolio Turnover Risk**. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund's trading. As such, if the Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds and depositary accounts. The Fund will incur expenses when investment in money market instruments, which will reduce performance. Money market instruments may lose money.

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

**Reverse Repurchase Agreement Risk.** Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

**U.S. Government and U.S. Agency Obligations Risk**. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**Performance**

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

**Management**

*Investment Adviser*:

Tidal Investments LLC serves as investment adviser to the Fund and the Subsidiary.

*Portfolio Managers*:

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

Christopher P. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

Scott Snyder, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2025.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Investment Objective**

The investment objective of each Fund is to seek total return.

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. No Fund's investment objective has been adopted as a fundamental investment policy and therefore each Fund's investment objective may be changed without the consent of that Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust III (the "Trust") and at least 60 days' written notice to shareholders.

**Investment Strategy**

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

Under normal circumstances, the Defiance Bitcoin vs Ether ETF will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, futures, swaps, and options that provide financial exposure to bitcoin and/or ether.

Under normal circumstances, the Defiance Ether vs Bitcoin ETF will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, futures, swaps, and options that provide financial exposure to ether and/or bitcoin.

Under normal circumstances, the Defiance Bitcoin vs Gold ETF will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, futures, swaps, and options that provide financial exposure to bitcoin and/or gold.

Under normal circumstances, the Defiance Gold vs Bitcoin ETF will invest at least 80% of its net assets, plus borrowings for investment purposes, in a combination of ETFs, ETPs, futures, swaps, and options that provide financial exposure to gold and/or bitcoin.

<u>Bitcoin Description</u>:

Bitcoin, the first and most well-known crypto asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning Bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making Bitcoin a unique investment commodity within the digital asset landscape.

<u>Bitcoin Blockchain Description</u>:

The Bitcoin blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all Bitcoin transactions. This technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the Bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.

<u>The Relationship between Bitcoin and Bitcoin Blockchain</u>:

Bitcoin is a digital asset that operates on the Bitcoin blockchain, a decentralized and cryptographic ledger system. The Bitcoin blockchain underpins the entire Bitcoin network, providing a secure and transparent mechanism for recording Bitcoin transactions. Each Bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin blockchain, ensuring the integrity and traceability of the digital asset. Thus, while Bitcoin serves as a medium of exchange or store of value, the Bitcoin blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of Bitcoin. This symbiotic relationship ensures that Bitcoin operates in a trustless and decentralized manner, with the Bitcoin blockchain maintaining the asset's history and scarcity.

<u>Bitcoin and Bitcoin Blockchain Use Cases</u>:

Bitcoin and the Bitcoin blockchain serve as innovative financial instruments within the digital economy, offering multiple use cases. However, their adoption has been limited. Key applications include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Decentralized Transactions**: Bitcoin facilitates peer-to-peer financial transactions globally without the need for intermediaries, reducing
 transaction costs and times. This feature makes it an attractive option for cross-border transfers and remittances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Store of Value**:
 Due to its limited supply and decentralized nature, Bitcoin is perceived as a digital alternative to traditional stores of
 value like gold, potentially serving as a hedge against inflation and currency devaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Smart Contracts**:
 While primarily associated with other blockchain platforms, the Bitcoin blockchain can execute smart contracts—self-executing
 contractual agreements with the terms directly written into code—thereby enabling automated and conditional transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Asset Tokenization**:
 The Bitcoin blockchain provides a platform for tokenizing assets, converting rights to an asset into a digital token on the
 blockchain. This can include real estate, stocks, or other forms of assets, enhancing liquidity and market efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Digital Identity Verification**: Leveraging the security and immutability of the Bitcoin blockchain, companies can develop digital identity
 verification systems, enhancing privacy and reducing identity theft.

Ether Description:

Ether is a digital asset which serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. Ether may be used to pay for goods and services, stored for future use, or converted to a government-issued currency. As of the date of this Prospectus, the adoption of ether for these purposes has been limited. The value of ether is not backed by any government, corporation, or other identified body.

The value of ether is determined in part by the supply of and demand for, ether in the markets for exchange that have been organized to facilitate the trading of ether. Ether is the second largest digital asset by market capitalization behind bitcoin.

Ether is maintained on the decentralized, open source, peer-to-peer computer network ("Ethereum Network"). No single entity owns or operates the Ethereum Network. The Ethereum Network is accessed through software and governs the creation and movement of ether. The source code for the Ethereum Network is open-source, and anyone can contribute to its development.

Ethereum Network

The infrastructure of the Ethereum Network is collectively maintained by participants in the Ethereum Network, which include validators, developers, and users. Validators validate transactions and are currently compensated for that service in ether, as determined by the Ethereum Protocol. Developers maintain and contribute updates to the Ethereum Network's source code. Users access the Ethereum Network using open-source software. Anyone can be a user, developer, or validator.

Ether is maintained on a digital transaction ledger commonly known as a "blockchain." A blockchain is a type of shared and continually reconciled database, stored in a decentralized manner on the computers of certain users of the digital asset and is protected by cryptography. The Ethereum blockchain contains a record and history for each ether transaction.

The Ethereum blockchain allows for the creation of decentralized applications that are supported by a transaction protocol referred to as "smart contracts," which includes the cryptographic operations that verify and secure ether transactions. A smart contract operates by a pre-defined set of rules (i.e., "if/then statements") that allows it to automatically execute code on the Ethereum Network. Such actions taken by the pre-defined set of rules are not necessarily contractual in nature but are intended to eliminate the need for a third party to carry out code execution on behalf of users, making the system decentralized, allowing decentralized application developers to create a wide range of applications. Requiring payment in Ether on the Ethereum Network incentivizes developers to write quality applications and increases the efficiency of the Ethereum Network because wasteful code costs more. It also ensures that the Ethereum Network remains economically viable by compensating people for their contributed computational resources.

Ethereum Protocol

The Ethereum Protocol is an open source project with no official company or group in control. Anyone can review the underlying code and suggest changes. Because there is no central authority, the release of updates to the Ethereum Protocol source code by developers does not guarantee that the updates will be automatically adopted by the other participants. Users and validators must accept any changes made to the source code by downloading the proposed modification and that modification is effective only with respect to those ether users and validators who choose to download it. As a practical matter, a modification to the source code becomes part of the Ethereum Network only if it is accepted by validators that collectively represent a supermajority (two-thirds) of the cumulative validations on the Ethereum blockchain.

If a modification is accepted by only a portion of users and validators, a division will occur such that one network will run the pre-modification source code and the other network will run the modified source code. Such a division is known as a "fork."

New ether is created through "staking" of ether by validators. Validators are required to stake ether in order to perform validation activities and then, as a reward, earn newly created ether. Validation activities include verifying transactions, storing data, and adding to the Ethereum blockchain. Further, with its collective computing power on the distributed network, the Ethereum network provides the ability to execute peer-to-peer transactions to realize, via smart contracts, automatic, conditional transfer of value and information, including money, voting rights, and property.

An Ethereum private key controls the transfer or "spending" of ether from its associated public Ethereum address. An Ethereum "wallet" is a collection of public Ethereum addresses and their associated private key(s). It is designed such that only the owner of ether can send ether, only the intended recipient of ether can unlock what the sender sent and both transactions and ownership can be verified by any third party anywhere in the world.

Fees need to be paid in ether in order to facilitate transactions and execute smart contracts. The fee that is charged is called "gas." Gas price is often a small fraction of ether, which is denoted in the unit of Gwei (10^9 Gwei = 1 ether). Gas is essential in sustaining the Ethereum network. It incentivizes validators to process and verify transactions and incentivizes new validators to stake ether. Gas fees are a product of Ethereum network demand relative to the Ethereum network's capacity.

The Ethereum Foundation ("EF") is a non-profit organization that is dedicated to supporting Ethereum and related technologies. The EF, alongside other organizations, supports Ethereum Protocol development through funding and advocacy. The EF finances its activities through its initial allocation of ether at the launch of the Ether Network in 2015. Although the EF does not control Ethereum, and is one of many organizations within the Ethereum ecosystem, it is the most significant driving force for Ethereum Protocol development and support of Ethereum generally.

**Cayman Subsidiary**

Each Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. However, each Fund wholly owns and controls its Subsidiary, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of each Fund, including its investment in its Subsidiary, and the Fund's role as sole shareholder of its Subsidiary. A Fund's Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund by which it is wholly owned. Each Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with its Subsidiary. Each Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated transactions and custody. Each Subsidiary's custodian is U.S. Bank. The Adviser complies with provisions of the 1940 Act relating to Board approval of investment advisory contracts (Section 15) as if it were an investment adviser to each Subsidiary under Section 2(a)(20) of the 1940 Act; provided, however, that for purposes of complying with Section 15(c), the reviews of a Fund's and its Subsidiary's investment advisory agreements may be combined.

**Additional Fund Attributes**

Each Fund will employ its investment strategy regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods.

**Manager of Managers Structure**

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

**Investments by Registered Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1) in recently adopted rules under the 1940 Act, subject to certain conditions. Each Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest beyond the limits set forth in Section 12(d)(1) if the Fund satisfies certain conditions specified in Rule 12d1-4, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

**Principal Risks of Investing in the Funds**

The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds. Each risk summarized below is considered a "principal risk" of investing in the Funds, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in a Fund. Some or all of these risks may adversely affect a Fund's NAV per share, trading price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your performance in the Funds: The risks below apply to each Fund as indicated in the following table. Additional information about each such risk and its potential impact on a Fund is set forth below the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Bitcoin vs Ether | Ether vs Bitcoin | Bitcoin vs Gold | Gold vs Bitcoin |
| **Bitcoin Appreciation Risk (Short Position)** | -- | X | -- | X |
| **Bitcoin Risk (Long Position)** | X | -- | X | -- |
| **Cayman Subsidiary Risk** | X | X | X | X |
| **Commodity-Linked Derivatives Tax Risk** | X | X | X | X |
| **Commodity Pool Regulatory Risk** | X | X | X | X |
| **Concentration Risk** | X | X | X | X |
| **Counterparty Risk** | X | X | X | X |
| **Derivatives Risk** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;***—* Futures** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;***—* Swaps** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;***—* Options** | X | X | X | X |
| **Digital Assets Risk** | X | X | X | X |
| **Economic and Market Risk** | X | X | X | X |
| **ETF Risks** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;***—* Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;**— Cash Redemption Risk** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;**— Costs of Buying or Selling Shares** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;**— Shares May Trade at Prices Other Than NAV** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;**— Trading** | X | X | X | X |
| **Ether Appreciation Risk (Short Position)** | X | -- | -- | -- |
| **Ether Risk (Long Position)** | -- | X | -- | -- |
| **Gold Appreciation Risk (Short Position)** | -- | -- | X | -- |
| **Gold Risk (Long Position)** | -- | -- | -- | X |
| **High Portfolio Turnover Risk** | X | X | X | X |
| **Inflation Risk** | X | X | X | X |
| **Leveraging Risk** | X | X | X | X |
| **Management Risk** | X | X | X | X |
| **Money Market Instrument Risk** | X | X | X | X |
| **New Fund Risk** | X | X | X | X |
| **Non-Diversification Risk** | X | X | X | X |
| **Operational Risk** | X | X | X | X |
| **Opposing Performance Risk** | X | X | X | X |
| **Reverse Repurchase Agreement Risk** | X | X | X | X |
| **Short Sales Risk** | X | X | X | X |
| **Tax Risk** | X | X | X | X |
| **Underlying Funds Risk** | X | X | X | X |
| ***—* Underlying Bitcoin Funds – Long Exposure Risks** | X | -- | X | -- |
| **— Underlying Bitcoin Funds – Short Exposure Risks** | -- | X | -- | X |
| ***—* Underlying Ether Funds – Long Exposure Risks** | -- | X | -- | -- |
| **— Underlying Ether Funds – Short Exposure Risks** | X | -- | -- | -- |
| **— Underlying Gold Funds – Long Exposure Risks** | -- | -- | -- | X |
| **— Underlying Gold Funds – Short Exposure Risks** | -- | -- | X | -- |
| **— Potentially No 1940 Act Protections** | X | X | X | X |
| **U.S. Government and U.S. Agency Obligations Risk** | X | X | X | X |

---

**Bitcoin Appreciation Risk (Short Position).** By virtue of the Fund's inverse exposure to changes in the value of bitcoin, the Fund is subject to the risk that bitcoin's value **<u>increases</u>**. **<u>If the value of bitcoin increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Bitcoin is relatively new and the market for bitcoin is subject to rapid price swings, changes and uncertainty. Rapid increases in the value of bitcoin may result in substantial losses for the Fund. In addition, the broad acceptance and use of bitcoin would likely result in an increase in the value of bitcoin, which could result in significant losses for the Fund.

In addition, as a result of the Fund's short exposure to the value of bitcoin, the Fund may also be subject to the following risks:

<u>Growing Adoption and Use Cases:</u> If the adoption of bitcoin continues to grow, the demand for bitcoin would likely increase. Such an increased demand could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Maintenance of Current Status:</u> Bitcoin is the first and most well-known crypto asset, which is a significant advantage over other crypto assets. To the extent other crypto assets, and other blockchains supporting advanced applications like smart contracts, are not able to gain traction within the crypto asset market, the price of bitcoin could benefit which would negatively impact the Fund's performance.

<u>Institutional Adoption:</u> Institutional investors and corporations are increasingly showing interest in crypto assets as an asset class. With the emergence of regulated investment vehicles such as bitcoin-based exchange-traded funds (ETFs) and the growing acceptance of crypto assets by traditional financial institutions, institutional adoption of bitcoin could accelerate, leading to increased demand and price appreciation. Such adoption could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Macroeconomic Factors:</u> Economic uncertainty, inflation concerns, and currency devaluation in traditional financial markets can drive investors towards alternative assets like crypto assets, including bitcoin, as a hedge against economic instability. Additionally, monetary policies implemented by central banks, such as quantitative easing, can contribute to the devaluation of fiat currencies, making crypto assets more attractive as store of value assets. Such macroeconomic factors could cause the price of bitcoin to rise, which would negatively impact the Fund's performance.

<u>Technological Innovation:</u> Ongoing technological advancements and developments within the bitcoin ecosystem, such as layer 2 scaling solutions, have the potential to enhance the utility and attractiveness of bitcoin, driving increased demand and price appreciation, which would negatively impact the Fund's performance.

**Bitcoin Risk (Long Position).** Through its long position in bitcoin, the Fund is subject to the risk that bitcoin's value **<u>decreases</u>**. **<u>If the value of bitcoin decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Therefore, as a result of the Fund's exposure to the value of bitcoin, the Fund may also be subject to the following risks:

The risks associated with bitcoin include the possibility of fraud, theft, market manipulation, and security breaches in trading platforms. A small group of large bitcoin holders, known as "whales," can significantly influence bitcoin's price and may have the ability to manipulate the price. The largely unregulated nature of bitcoin and its trading venues heightens risks of fraudulent activities and market manipulation, which could affect bitcoin's price. For example, if a group of miners gains control over a majority of the bitcoin network, they could manipulate transactions to their advantage. Historical instances have seen bitcoin trading venues shut down due to fraud or security breaches, often leaving investors without recourse and facing significant losses.

Updates to bitcoin's software, proposed by developers, can lead to the creation of new digital assets, or "forks," if not broadly adopted. This can impact bitcoin's demand and the Fund's performance. The extreme volatility of bitcoin's market price can result in shareholder losses. Furthermore, the operation of bitcoin trading platforms may be disrupted or cease altogether due to various issues, further affecting bitcoin's price and the Fund's investments.

The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis.

Bitcoin's price can be influenced by events unrelated to its security or utility, including instability in other speculative areas of the crypto/blockchain space, potentially leading to substantial declines in its value.

Risks associated with crypto asset trading platforms include fragmentation, regulatory non-compliance, and the possibility of enforcement actions by regulatory authorities, which could impact the valuation of bitcoin-linked derivatives held by the Fund.

The security of the Bitcoin Blockchain may be compromised if a single miner or group controls more than 50% of the network's hashing power, where hashing power refers to the computational capacity used to validate and secure transactions on the blockchain.

Proposed changes to the bitcoin protocol may not be universally adopted, leading to the creation of competing blockchains (forks) with different assets and participants, exemplified by past forks like Bitcoin Cash and Bitcoin SV.

The Bitcoin Blockchain protocol may contain vulnerabilities that attackers could exploit to disrupt its operation, potentially compromising the security and reliability of the network.

Emerging alternative public blockchains, particularly those emphasizing privacy through technologies like zero-knowledge cryptography, pose risks and challenges to the dominance of the Bitcoin Blockchain as a payment system.

Common impediments to adopting the Bitcoin Blockchain as a payment network include slow transaction processing, variability in transaction fees, and the volatility of bitcoin's price, which may deter widespread adoption by businesses and consumers.

The development and use of "Layer II solutions" are critical for the scalability and functionality of the Bitcoin Blockchain, but they also introduce risks such as off-chain transaction execution, which could affect transparency and security. Layer II solutions are off-chain protocols that improve scalability and reduce transaction costs by processing transactions outside the main blockchain network.

Adoption and use of other blockchains supporting advanced applications like smart contracts present challenges to the dominance of the Bitcoin Blockchain, potentially impacting its long-term relevance and utility in the evolving landscape of blockchain technology.

**Cayman Subsidiary Risk.** By investing in its Subsidiary, a Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks.

**Commodity-Linked Derivatives Tax Risk.** The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, a Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the "IRS"), the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments.

**Commodity Pool Regulatory Risk.** Each Fund's strategy will cause it to be deemed a commodity pool, thereby subjecting the Fund to regulation under the Commodities Exchange Act of 1936, as amended (the "CEA") and CFTC rules. The Adviser is registered as a commodity pool operator ("CPO") and each Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser and the Funds related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Funds. However, each Fund's status as a commodity pool and the Adviser's registration as a CPO is not expected to materially adversely affect the Fund's ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus.

**Concentration Risk.** Each Fund's investments will be concentrated in bitcoin, ether, and/or gold, as applicable. The value of a Fund's shares may rise and fall more than the value of shares that invest in securities of companies in a broad range of industries.

**Counterparty Risk.** Each Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.

Counterparties may seek to hedge their exposure to individual clients (such as a Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with a Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, a Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify a Fund's performance volatility and lead to greater risks of substantial losses. Refer to "Derivatives Risk – Options Contracts" for additional information on the risks of investing in options.

In addition, a Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with a Fund and, as a result, the Fund may not be able to achieve its investment objective.

**Derivatives Risk.** A Fund's derivative investments carry risks such as an imperfect match between the derivative's performance and its underlying asset, and the potential for loss of principal, which can exceed the initial investment. Additionally, there are risks related to the possible default of the transaction's counterparty and the illiquidity of derivatives, making them hard to sell or trade. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, a Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Funds will give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of a Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Futures*. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for a Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.

● *Swaps*. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which a Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. A Fund's swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments, such as the swaps in which the Fund will invest, and may be greater during volatile market conditions. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund's transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

● *Options*. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For a Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., "call" or "put," respectively) a specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

**Digital Assets Risk.** Digital assets like bitcoin and ether, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility

The digital asset market has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect a Fund's reputation and trading prices. Ongoing market turbulence could significantly impact the value of a Fund's share.

Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.

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

**ETF Risks**

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

● *Cash Redemption Risk.* Each Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, a Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, a Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

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

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

● *Trading.* Although Shares are listed on a national securities exchange, such as the Exchange, and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for a Fund as it seeks to have exposure to just two underlying stocks as opposed to a more diverse portfolio like a traditional pooled investment. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above a Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of a Fund will continue to be met or will remain unchanged. In the event of an unscheduled market close for derivatives that reference a single stock, such as either of the underlying company's securities being halted or a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the relevant derivatives. As a result, a Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**Ether Appreciation Risk (Short Position).** By virtue of the Fund's inverse exposure to changes in the value of ether, the Fund is subject to the risk that ether's value **<u>increases</u>**. **<u>If the value of ether increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Ether is relatively new and the market for ether is subject to rapid price swings, changes and uncertainty. Rapid increases in the value of ether may result in substantial losses for the Fund. In addition, the further development of the Ethereum Network and the broad acceptance and use of ether would likely result in an increase in the value of ether, which could result in significant losses for the Fund.

In addition, as a result of the Fund's short exposure to the value of ether, the Fund may also be subject to the following risks:

<u>Growing Adoption and Use Cases:</u> Ethereum is a blockchain platform that enables the creation of decentralized applications (DApps) and smart contracts. If the adoption of Ethereum continues to grow, which could be driven by developers building innovative projects and businesses utilizing its platform, the demand for ether (the native crypto asset of Ethereum) would likely increase. Such an increased demand could cause the price of ether to rise, which would negatively impact the Fund's performance.

<u>DeFi (Decentralized Finance) Boom:</u> Ethereum has become the primary platform for the decentralized finance (DeFi) applications, which may continue strong growth. These applications enable financial services such as lending, borrowing, trading, and yield farming without intermediaries. If the DeFi ecosystem expands and more value is locked into DeFi protocols, the demand for ether could increase causing the price of ether to rise, which would negatively impact the Fund's performance.

<u>NFT (Non-Fungible Token) Craze:</u> Non-fungible tokens (NFTs) have gained significant attention, especially in the art and collectibles space. Ethereum is the primary blockchain used for creating and trading NFTs. If NFTs gain popularity, the demand for ether could increase causing the price of ether to rise, which would negatively impact the Fund's performance.

<u>Upgrades and Improvements:</u> Ethereum is undergoing upgrades to improve scalability, security, and efficiency. The transition to Ethereum 2.0, which includes the shift to a proof-of-stake consensus mechanism and the implementation of sharding, is expected to enhance the network's capabilities and reduce transaction fees. Positive developments and progress on these upgrades may instill confidence in the Ethereum ecosystem, attracting more investors. In that case, the price of ether could rise, which would negatively impact the Fund's performance.

<u>Institutional Adoption:</u> Institutional investors and corporations are increasingly showing interest in crypto assets as an asset class. With the emergence of regulated investment vehicles such as Ethereum-based exchange-traded funds (ETFs) and the growing acceptance of crypto assets by traditional financial institutions, institutional adoption of Ethereum could accelerate, leading to increased demand and price appreciation. Such adoption could cause the price of ether to rise, which would negatively impact the Fund's performance.

<u>Macroeconomic Factors:</u> Economic uncertainty, inflation concerns, and currency devaluation in traditional financial markets can drive investors towards alternative assets like crypto assets, including ether, as a hedge against economic instability. Additionally, monetary policies implemented by central banks, such as quantitative easing, can contribute to the devaluation of fiat currencies, making crypto assets more attractive as store of value assets. Such macroeconomic factors could cause the price of ether to rise, which would negatively impact the Fund's performance.

<u>Technological Innovation:</u> Ongoing technological advancements and developments within the Ethereum ecosystem, such as layer 2 scaling solutions, interoperability with other blockchains, and improvements in security and usability, have the potential to enhance the utility and attractiveness of ether, driving increased demand and price appreciation, which would negatively impact the Fund's performance.

**Ether Risk (Long Position).** Through its long position in ether, the Fund is subject to the risk that ether's value **<u>decreases</u>**. **<u>If the value of ether decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Therefore, as a result of the Fund's exposure to the value of ether, the Fund may also be subject to the following risks:

Ether is a relatively new and is subject to unique and substantial risks. The market for ether is subject to rapid price swings, changes and uncertainty. The further development of the Ethereum Network and the acceptance and use of ether are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Ethereum Network or the acceptance of ether may adversely affect the price and liquidity of ether. Ether is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact ether trading venues. Additionally, if one or a coordinated group of validators were to gain control of 33% or more of staked ether (i.e., ether that is deposited to support the Ethereum Network), they would have the ability to execute extensive attacks, manipulate transactions and fraudulently obtain ether. If such a validator or group of validators were to gain control of one-third of staked ether, they could halt payments. A significant portion of ether is held by a small number of holders sometimes referred to as "whales". Transactions by these holders may influence the price of ether.

The value of ether may be substantially dependent on speculation, such that trading and investing in ether generally may not be based on fundamental analysis. The exposure of ether to instability and other speculative parts of the blockchain crypto industry, such as an event that is not necessarily related to the security or utility of the Etherum Network, can nonetheless precipitate a significant decline in the price of ether. There are risks related to fragmentation and lack of regulatory compliance with regard to crypto asset trading platforms. The crypto asset trading platforms upon which ether is traded and which may serve as a pricing source of the valuation of ether linked derivatives held by an Underlying Fund are or may become subject to enforcement actions by regulatory authorities.

Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, ether and ether trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote ether in a way that artificially increases the price of ether). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of ether trading venues have been closed due to fraud, failure or security breaches. Investors in ether may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses.

The realization of any of these risks could result in a decline in the acceptance of ether and consequently a reduction in the value of ether, ether futures, Underlying Funds and the Fund. Additionally, legal or regulatory changes may negatively impact the operation of the Ethereum Network or restrict the use of ether. For example, if ether were determined to be or were expected to be determined to be a security under the federal securities laws, it is possible certain trading venues would no longer facilitate trading in ether, trading in ether futures may become significantly more volatile and/or completely halted, and the value of an investment in the Underlying Funds and/or the Fund could decline significantly and without warning, including to zero.

The creation of a "fork" or a substantial giveaway of ether (sometimes referred to as an "air drop") may result in significant and unexpected declines in the value of ether, ether futures, Underlying Funds and the Fund. A fork may be intentional, such as the 'Merge.' The 'Merge' refers to protocol changes altering the method by which transactions are validated.

The market for ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the ether futures market has grown substantially since ether futures commenced trading, there can be no assurance that this growth will continue. The price for ether futures contracts is based on a number of factors, including the supply of and the demand for ether futures contracts. Market conditions and expectations, regulatory limitations or limitations imposed by the listing exchanges or futures commission merchants ("FCMs") (e.g., margin requirements, position limits, and accountability levels), collateral requirements, availability of counterparties, and other factors each can impact the supply of and demand for ether futures contracts, which can impact the Underlying Funds.

Market conditions and expectations, margin requirements, position limits, accountability levels, collateral requirements, availability of counterparties, and other factors may also limit the Underlying Funds' ability to achieve their desired exposure to ether futures contracts, thereby impacting the Fund. If the Underlying Funds are unable to achieve their targeted exposure, the Fund may not be able to meet its investment objective and the Fund's returns may be different or lower than expected. Additionally, collateral requirements may require Underlying Funds to liquidate their positions, potentially incurring losses and expenses, when it otherwise would not do so. Investing in derivatives like ether futures may be considered aggressive and may expose the Underlying Funds, and thereby the Fund, to significant risks. These risks include counterparty risk and liquidity risk.

The performance of ether futures contracts, in general, has historically been highly correlated to the performance of ether. However, there can be no guarantee this will continue. Transaction costs (including the costs associated with futures investing), position limits, the availability of counterparties and other factors may impact the cost of ether futures contracts and decrease the correlation between the performance of ether futures contracts and ether, over short or even long-term periods. In addition, the performance of back-month futures contracts (i.e., futures contracts whose delivery dates are relatively far in the future) is likely to differ more significantly from the performance of the spot prices of ether. To the extent the Underlying Funds are invested in back-month ether future contracts, their performance, and thereby the performance of the Fund, should be expected to deviate more significantly from the performance of ether.

**Gold Appreciation Risk (Short Position).** By virtue of the Fund's inverse exposure to changes in the value of gold, the Fund is subject to the risk that gold's value **<u>increases</u>**. **<u>If the value of gold increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** As a result of the Fund's short exposure to the value of gold, the Fund may also be subject to the following risks:

The Fund's short gold exposure is subject to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of the Fund's investments is typically derived from the price movements of physical gold or related economic variables. Price fluctuations in gold linked investments can be swift and substantial, often showing a low correlation with the returns of traditional equity and bond markets and may not align with trends in other asset classes.

Numerous factors can influence the price of gold, including overall market movements, interest rate changes, and variations in global supply and demand. Additionally, the volume of gold imports and exports, production factors such as weather conditions, and technological advances in gold processing and mining can significantly impact gold prices.

Increased hedging activities, economic conditions, regulatory developments, and political stability also play crucial roles in the price of gold. Furthermore, global supply and demand dynamics, political and economic events, inflation expectations, currency exchange rates, and investment activities of hedge funds and commodity funds can all affect gold prices. Sharp fluctuations in gold markets may result in significant losses for the Fund.

**Gold Risk (Long Position).** Through its long position in gold, the Fund is subject to the risk that gold's value **<u>decreases</u>**. **<u>If the value of gold decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</u>.** Therefore, as a result of the Fund's exposure to the value of gold, the Fund may also be subject to the following risks:

The Fund will not invest directly in gold but will gain exposure through derivative instruments (e.g., gold futures contracts) and Underlying Funds. These investments are subject to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of these investments is typically derived from the price movements of physical gold or related economic variables. Price fluctuations in gold linked instruments can be swift and substantial, often showing a low correlation with the returns of traditional equity and bond markets and may not align with trends in other asset classes.

Numerous factors can influence the price of gold, including overall market movements, interest rate changes, and variations in global supply and demand. Additionally, the volume of gold imports and exports, production factors such as weather conditions, and technological advances in gold processing and mining can significantly impact gold prices. Increased hedging activities, economic conditions, regulatory developments, and political stability also play crucial roles. Furthermore, global supply and demand dynamics, political and economic events, inflation expectations, currency exchange rates, and investment activities of hedge funds and commodity funds can all affect gold prices. Sharp fluctuations in gold markets may result in potential losses. In addition, gold markets have experienced extended periods of flat or declining prices. Investors should also be aware that while gold is often used to preserve wealth, there is no assurance that it will maintain its long-term value in terms of purchasing power.

**High Portfolio Turnover Risk.** Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). Each Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund's trading. As such, if a Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

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

**Leveraging Risk.** A Fund's use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, a Fund's leveraged long position ("Long Position") and its leveraged short position ("Short Position") expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well.

If the value of the Long Position declines, a Fund's leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund's Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund's net asset value attributable to that position.

Conversely, if the value of the Short Position increases, the Fund's leveraged short exposure could also lead to magnified losses. If the Short Position is at -200% of net assets, a 10% rise in the value of the Short Position could result in a 20% loss for the Fund's net asset value attributable to that position.

In scenarios where the Long Position underperforms and the Short Position outperforms simultaneously, a Fund could experience compounded losses from both positions. This dual risk could lead to significant declines in the Fund's net asset value, particularly because the losses from one position may not be sufficiently offset by gains in the other, especially when leverage is applied.

Investors should be aware that the use of leverage increases a Fund's sensitivity to market movements and can lead to substantial losses in a relatively short period. The Adviser's active management and rebalancing efforts, while designed to manage exposure levels, cannot eliminate the inherent risks associated with leveraged positions. As such, the Fund may experience periods of extreme volatility, and the potential for loss is significant, particularly if market conditions do not align with the Fund's investment strategy.

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

**Money Market Instrument Risk.** A Fund may use a variety of money market instruments for cash management purposes, including money market funds and depositary accounts. A Fund will incur expenses when investment in money market instruments, which will reduce performance. Money market instruments may lose money.

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

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

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

**Opposing Performance Risks:** A Fund's strategy of holding a long position in one asset and a short position in another asset involves significant risks. From time to time, both positions may experience losses (i.e., the value of the asset held long declines, while the value of the asset held short increases). Such outcomes could occur due to a range of factors, including adverse market conditions, unexpected developments, or macroeconomic events that create opposing price movements in the paired securities.

**Reverse Repurchase Agreement Risk.** Similar to borrowing, reverse repurchase agreements provide a Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. A Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

**Short Sales Risk.** In connection with a short sale of a security or other instrument, a Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

**Tax Risk.** Each Fund intends to treat any income received by the Subsidiary as "qualifying income" under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings ("PLRs") provided to third parties not associated with a Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, each Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund's value at the close of a quarter. Each Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax.

**Underlying Fund Risk.** Each Fund's investment strategy, involving indirect exposure to bitcoin, ether and/or gold, as applicable, through one or more Underlying Funds, is subject to the risks associated with bitcoin, ether, and/or gold. Shareholders in a Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds.

● *Underlying Bitcoin Funds – Long Exposure Risks:* Investing in an Underlying Fund that focuses on bitcoin, either through direct holdings or indirectly via derivatives like futures contracts and swaps, carries significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying Fund. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Additionally, each Underlying Fund, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for an Underlying Fund. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to bitcoin, which could lead to amplified losses for the Fund.** 

● *Underlying Bitcoin Funds – Short Exposure Risks:* The Fund seeks short exposure to Underlying Funds that focus on bitcoin (Underlying Bitcoin Funds) directly or through derivatives such as futures contracts and swaps. If the value of an Underlying Bitcoin Fund increases, the Fund will incur a loss, which could be substantial. Factors such as high market volatility, technological advancements, regulatory developments, and market concentration in the digital asset sector may cause the value of Underlying Bitcoin Funds to rise, negatively impacting the Fund's performance. Underlying Bitcoin Funds' use of derivatives subjects them to liquidity, counterparty, leverage, and futures risks, which can amplify price movements to the detriment of the Fund's short position. Additionally, reliance on blockchain technology introduces technological, cybersecurity, and custodial risks that can cause further price increases. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to bitcoin, which could lead to amplified losses for the Fund.** 

● *Underlying Ether Funds – Long Exposure Risks*: Investing in an Underlying Fund that focuses on ether, either through direct holdings or indirectly via derivatives like futures contracts and swaps, carries significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying Fund. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Additionally, each Underlying Fund, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for an Underlying Fund *.* **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to ether, which could lead to amplified losses for the Fund.** 

● *Underlying Ether Funds – Short Exposure Risks:* The Fund seeks short exposure to Underlying Funds that focuses on ether (Underlying Ether Funds) directly or through derivatives such as futures contracts and swaps. If the value of an Underlying Ether Fund increases, the Fund will incur a loss, which could be substantial. Factors such as high market volatility, technological advancements, regulatory developments, and market concentration in the digital asset sector may cause the value of Underlying Ether Funds to rise, negatively impacting the Fund's performance. Underlying Ether Funds' use of derivatives subjects them to liquidity, counterparty, leverage, and futures risks, which can amplify price movements to the detriment of the Fund's short position. Additionally, reliance on blockchain technology introduces technological, cybersecurity, and custodial risks that can cause further price increases. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to ether, which could lead to amplified losses for the Fund.** 

● *Underlying Gold Funds – Long Exposure Risks:* Investing in an Underlying Fund that focuses on gold (Underlying Gold Funds), either through direct holdings or indirectly via derivatives like futures contracts, carries significant risk due to the inherent volatility and unpredictability of the commodities markets. Underlying Golds Funds that trade futures contracts are subject to derivatives risk, leverage risk, counterparty risk and futures contracts risk, among other risks. In addition, Underlying Gold Funds holding gold directly face significant custodial and safeguarding risks regarding their gold holdings. There is an inherent danger of these gold bars being lost, damaged, stolen, or becoming inaccessible due to factors such as natural disasters or terrorism. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to gold, which could lead to amplified losses for the Fund.** 

● *Underlying Gold Funds – Short Exposure Risks:* The Fund seeks short exposure to Underlying Funds that invest in gold (Underlying Gold Funds), either through direct holdings of physical gold or indirectly through derivatives such as futures contracts and swaps. Short exposure carries unique risks that differ from traditional long investments. If the value of an Underlying Gold Fund increases, whether due to rising gold prices, favorable market conditions, or effective management of the Underlying Gold Fund's assets, the Fund will incur a loss, which could be substantial. Gold prices may increase as a result of factors such as inflation expectations, currency depreciation, geopolitical tensions, economic uncertainty, or changes in interest rates, any of which could cause Underlying Gold Funds to appreciate and negatively impact the Fund's performance. Underlying Gold Funds that utilize derivatives are subject to liquidity risk, counterparty risk, leverage risk, and futures contracts risk, which can amplify price movements to the detriment of the Fund's short position. In addition, Underlying Gold Funds that hold physical gold face custodial and safekeeping risks; successful navigation of these risks, or increases in the perceived value or demand for physical gold, could result in gains for Underlying Gold Funds and losses for the Fund. **These risks are magnified with respect to Underlying Funds that provide leveraged exposure to gold, which could lead to amplified losses for the Fund.** 

● *Potentially No 1940 Act Protections.* It is expected that one or more Underlying Funds will not be registered as an investment company subject to the 1940 Act. In addition, Underlying Funds that invest directly in bitcoin or ether are not subject to the 1940 Act. Accordingly, investors in such an Underlying Fund would not have the protections expressly provided by that statute, including: provisions preventing Underlying Fund insiders from managing an Underlying Fund to their benefit and to the detriment of shareholders; provisions preventing an Underlying Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying Fund's character without the consent of shareholders. The Fund's investments are subject to loss as a result of these risks.

**U.S. Government and U.S. Agency Obligations Risk.** Each Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**PORTFOLIO HOLDINGS**

Information about each Fund's daily portfolio holdings will be available on the Funds' website at www.defianceetfs.com.

A complete description of each Fund's policies and procedures with respect to the disclosure of a Fund's portfolio holdings is available in the Fund's SAI.

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC ("Tidal" or the "Adviser"), located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, is an SEC registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of December 31, 2025, Tidal had assets under management of approximately $46.33 billion and served as the investment adviser or sub-adviser for 322 registered funds.

Tidal serves as investment adviser to the Funds and has overall responsibility for the general management and administration of the Funds pursuant to an investment advisory agreement with the Trust, on behalf of each Fund (the "Advisory Agreement"). The Adviser is responsible for the day-to-day management of the Funds' portfolios, including determining the securities purchased and sold by each Fund and trading portfolio securities for each Fund, subject to the supervision of the Board. The Adviser also arranges for transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. For the services provided to the Funds, each Fund pays the Adviser a unitary management fee of 1.29%, which is calculated daily and paid monthly, at an annual rate based on such Fund's average daily net assets.

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

The Adviser also serves as the investment adviser to each Subsidiary pursuant to an investment advisory agreement with the Subsidiary (the "Subsidiary Advisory Agreement"). Each Subsidiary is a wholly-owned and controlled subsidiary of the applicable Fund, and is organized under the laws of the Cayman Islands as an exempted company. The Adviser is also responsible for trading portfolio securities and financial instruments for each Subsidiary, including selecting broker-dealers to execute purchase and sale transactions. The Adviser does not receive additional compensation for its services to the Subsidiaries. The Subsidiary Advisory Agreement was approved by the Board. However, because each Subsidiary is not registered under the 1940 Act, it is not subject to the regulatory protections of the 1940 Act and each Fund, as an investor in its Subsidiary, will not have all of the protections offered to investors in registered investment companies. Because each Fund wholly owns and controls its Subsidiary, and the Adviser is subject to the oversight of the Board, it is unlikely that the Subsidiary will take action contrary to the interests of the Fund or its shareholders. Additionally, as part of the Board's consideration of the Advisory Agreement between the Trust and the Adviser, the Board will also consider the Adviser's performance with regard to the Subsidiaries. The Adviser does not receive additional compensation for services to the Subsidiaries.

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and the Sub-Advisory Agreement is available in the Fund's semi-annual report to shareholders for the period ending June 30, 2026.

**Portfolio Managers**

The following individuals (each, a "Portfolio Manager") have served as portfolio managers of each Fund and each Subsidiary since inception in 2025. Messrs. Mullen and Snyder are jointly and primarily responsible for the day-to-day management of each Fund and each Subsidiary.

*Christopher P. Mullen, Portfolio Manager for the Adviser*

Christopher P. Mullen serves as Portfolio Manager at the Adviser, having joined the firm in January 2024. From September 2019 to December 2023, he was a Portfolio Manager at Vest Financial LLC, where he managed exchange-traded funds, mutual funds and retirement fund portfolios. Mr. Mullen previously served as a Senior Portfolio Analyst at ProShares Advisors LLC from September 2016 until September 2019. Prior to that, Mr. Mullen served as associate portfolio manager at USCF Investments LLC from February 2013 to September 2016. Mr. Mullen received a Master of Business Administration from the University of Maryland. He also holds a dual bachelor's degree in global politics and history from Marquette University.

*Scott Snyder, Portfolio Manager for the Adviser*

Scott Snyder joined the firm in 2025 as SVP of Trading. Mr. Snyder has over 40 years of experience in the financial markets and more specifically in the options market. Mr. Snyder led the trading team at ZEGA before joining Tidal. He started his career in 1983 and for 20 years was an independent market maker on the floor of the CBOE. In 2003, Mr Snyder joined thinkorswim as Chief Options Strategist for a subsidiary of thinkorswim advisors. Mr. Snyder then helped lead the RIA trading, execution platform support and option education business for TD Ameritrade and then Schwab from 2009-2024.

The Funds' SAI provides additional information about each portfolio manager's compensation structure, other accounts that each portfolio manager manages, and each portfolio manager's ownership of Shares.

**CFTC Regulation**

Because of the nature of its investments, each Fund is subject to regulation under the CEA as a commodity pool and the Adviser is subject to regulation under the CEA as a CPO with respect to the Funds, as those terms are defined under the CEA. The Adviser is regulated by the CFTC and the National Futures Association and is subject to those regulator's disclosure requirements. Further, the Adviser is regulated by the SEC and is subject to its disclosure requirements. The CFTC has adopted rules that are intended to harmonize certain CEA disclosure requirements with SEC disclosure requirements, including Rule 4.12(c)(3)(i) under the CEA, which requires the CPO of a registered investment company with less than three years of operating history to disclose the performance of all accounts and pools that are managed by the CPO and that have investment objectives, policies and strategies substantially similar to those of the newly-formed registered investment company. The CPO has not managed accounts and/or pools that have investment objectives, policies, and strategies substantially similar to those of the Funds.

**Fund Sponsor**

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

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

**HOW TO BUY AND SELL SHARES**

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

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

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

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Shares**

None of the Funds imposes any restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by a Fund's shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with a Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Funds accommodate frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, each Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by such Fund in effecting trades. In addition, the Funds and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

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

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

**Fair Value Pricing**

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

**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Funds. 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 Funds is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

Each Fund intends to pay out dividends and interest income, as well as net realized capital gains, if any, at least annually.

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

**Taxes**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Derivatives and Complex Securities**

Each Fund may invest, directly or indirectly, in derivatives and/or other complex securities. These investments may be subject to special and complex tax rules, which could affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Fund are treated as ordinary income or loss or capital gain or loss, accelerate the recognition of income to the Fund, cause income or gain to be recognized even though corresponding cash is not received by the Fund, and/or defer the Fund's ability to recognize losses. These rules may also affect the amount, timing, or character of income distributed by a Fund.

**Taxation of the Subsidiary**

There is, at present, no direct taxation in the Cayman Islands and interest, dividends and gains payable to a Subsidiary will be received free of all Cayman Islands taxes. Each Subsidiary is registered as an "exempted company" pursuant to the Companies Law (as amended). Each Subsidiary has received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no law that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under a Subsidiary, or to the shareholders thereof, in respect of any such property or income.

**Important Tax Considerations When Purchasing Fund Shares**

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

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

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

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

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

**DISTRIBUTION**

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

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

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

**PREMIUM/DISCOUNT INFORMATION**

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

**ADDITIONAL NOTICES**

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

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

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

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

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

**FINANCIAL HIGHLIGHTS**

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

**Defiance**

Defiance Bitcoin vs Ether ETF (BVE)

Defiance Ether vs Bitcoin ETF (EVB)

Defiance Bitcoin vs Gold ETF (BVG)

Defiance Gold vs Bitcoin ETF (GVB)

---

| | | | |
|:---|:---|:---|:---|
| **Adviser** | **Tidal Investments LLC** <br> 234 West Florida Street, Suite 700 <br> Milwaukee, Wisconsin 53204 | **Administrator** | **Tidal ETF Services LLC** <br> 234 West Florida Street, Suite 700 <br> Milwaukee, Wisconsin 53204 |
| **Distributor** | **Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301,<br> Portland, Maine 04101 | **Sub-Administrator,**<br> **Fund Accountant,**<br> **and Transfer Agent** | **U.S. Bancorp Fund Services, LLC,** <br> **doing business as U.S. Bank Global Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 |
| **Legal Counsel** | **Sullivan & Worcester LLP** <br> 1251 Avenue of the Americas, 19<sup>th</sup> Floor <br> New York, New York 10019 | **Custodian** | **U.S. Bank National Association** <br> 1555 North Rivercenter Drive <br> Milwaukee, Wisconsin 53212 |
| **Independent**<br> **Registered Public**<br> **Accounting Firm** | **Tait, Weller & Baker LLP**<br> Two Liberty Place<br> 50 South 16th Street<br> Philadelphia, Pennsylvania 19102 |  |  |

---

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

**Statement of Additional Information:** The Funds' SAI provides additional details about the investments of each Fund and certain other additional information. A current SAI dated March 16, 2026, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Funds' investments will be available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. 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 last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

You can obtain free copies of these documents, when available, request other information or make general inquiries about the Fund by contacting the Fund at the Defiance ETFs c/o U.S. Bank Global Fund Services PO Box 219252 Kansas City, Missouri 64121-9252 or calling 833-333-9383.

Shareholder reports and other information about the Fund are also available:

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

● Free of charge from the Fund's Internet website at www.defianceetfs.com; or

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

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

![](bve485bpos031626001.jpg)

Defiance Bitcoin vs Ether ETF (BVE)

Defiance Ether vs Bitcoin ETF (EVB)

Defiance Bitcoin vs Gold ETF (BVG)

Defiance Gold vs Bitcoin ETF (GVB)

***Each listed on The Nasdaq Stock Market, LLC***

**STATEMENT OF ADDITIONAL INFORMATION**

**March 16, 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Defiance Bitcoin vs Ether ET, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF (each a "Fund" and collectively the "Funds"), each a series of Tidal Trust III (the "Trust"), dated March 16, 2026, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Funds at 833-333-9383, visiting www.defianceetfs.com, or writing to the Defiance ETFs, c/o U.S. Bank Global Fund Services PO Box 219252 Kansas City, Missouri 64121-9252.

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information about the Trust](#bve485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#bve485bposb002) | 1 |
| [Description of Permitted Investments](#bve485bposb003) | 2 |
| [Investment Restrictions](#bve485bposb004) | 21 |
| [Exchange Listing and Trading](#bve485bposb005) | 22 |
| [Management of the Trust](#bve485bposb006) | 22 |
| [Principal Shareholders, Control Persons and Management Ownership](#bve485bposb007) | 28 |
| [Codes of Ethics](#bve485bposb008) | 28 |
| [Proxy Voting Policies](#bve485bposb009) | 28 |
| [Investment Adviser](#bve485bposb010) | 28 |
| [Portfolio Managers](#bve485bposb011) | 29 |
| [The Distributor](#bve485bposb012) | 30 |
| [Administrator](#bve485bposb013) | 32 |
| [Transfer Agent and Fund Accountant](#bve485bposb014) | 32 |
| [Custodian](#bve485bposb015) | 32 |
| [Legal Counsel](#bve485bposb016) | 32 |
| [Independent Registered Public Accounting Firm](#bve485bposb017) | 32 |
| [Portfolio Holdings Disclosure Policies and Procedures](#bve485bposb018) | 32 |
| [Description of Shares](#bve485bposb019) | 32 |
| [Limitation of Trustees' Liability](#bve485bposb020) | 33 |
| [Brokerage Transactions](#bve485bposb021) | 33 |
| [Portfolio Turnover Rate](#bve485bposb022) | 35 |
| [Book Entry Only System](#bve485bposb023) | 35 |
| [Purchase and Redemption of Shares in Creation Units](#bve485bposb024) | 36 |
| [Determination of Net Asset Value](#bve485bposb025) | 41 |
| [Dividends and Distributions](#bve485bposb026) | 41 |
| [Federal Income Taxes](#bve485bposb027) | 42 |
| [Financial Statements](#bve485bposb028) | 47 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Funds. This SAI relates to the Defiance Bitcoin vs Ether ET, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF. The Trust was organized as a Delaware statutory trust on May 19, 2016. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC (the "Adviser") serves as investment adviser to the Funds and each Subsidiary (defined below).

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

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

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

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

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

**Non-Diversification**

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

Although each Fund is non-diversified for purposes of the 1940 Act, each Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a regulated investment company ("RIC") for purposes of the Code, and to relieve each Fund of any liability for federal income tax to the extent that their earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may limit the investment flexibility of each Fund and may make it less likely that a Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

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

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

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

**DESCRIPTION OF PERMITTED INVESTMENTS**

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

**Borrowing**

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

**Equity Securities**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Convertible Securities**

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

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

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

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

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

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

**U.S. Government Securities**

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

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

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

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

**Illiquid Investments and Restricted Securities**

Pursuant to Rule 22e-4 under the 1940 Act, a Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Each Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit shall be observed continuously.

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

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

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

**Investment Company Securities**

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

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

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

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

**Money Market Funds**

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

**Other Short-Term Instruments**

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

**Short Sales**

The Fund may take short positions in securities and financial instruments expected to decline in price. However, the Fund's investments in short sales will be limited to 5% of the Fund's net assets at the time the Fund enters into the shorting transaction. To effect a short sale, the Fund arranges through a broker to borrow the security it does not own to be delivered to a buyer of such security. In borrowing the security to be delivered to the buyer, the Fund will become obligated to replace the security borrowed at the time of replacement, regardless of the market price at that time. A short sale results in a gain when the price of the securities sold short declines between the date of the short sale and the date on which a security is purchased to replace the borrowed security. Conversely, a short sale will result in a loss if the price of the security sold short increases. When the Fund makes a short sale, the broker effecting the short sale typically holds the proceeds as part of the collateral securing the Fund's obligation to cover the short position. Short sales may involve substantial risk and leverage.

The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing, which may negatively impact performance. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

**Derivative Instruments**

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

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

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

SEC Rule 18f-4 ("Rule 18f-4" or the "Derivatives Rule") regulates the ability of the Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, such as TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be "similar to" reverse repurchase transactions, such as certain securities lending transactions in connection with which the Fund obtains leverage. Among other things, under Rule 18f-4, the Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives transactions that the Fund may enter into based on the value-at-risk ("VaR") of the Fund inclusive of derivatives. The Fund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its "designated reference portfolio." The "designated reference portfolio" is a representative unleveraged index or the Fund's own portfolio absent derivatives holdings, as determined by the Fund's derivatives risk manager. This limits test is referred to as the "Relative VaR Test." If a Fund determines that the Relative VaR Test is not appropriate in light of its strategy, subject to specified conditions, the Fund may instead comply with the "Absolute VaR Test." A Fund will satisfy the Absolute VaR Test if the VaR of its portfolio does not exceed 20% of the value of the Fund's net assets. In addition, among other requirements, Rule 18f-4 requires the Fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out enhanced reporting to the Board, the SEC and the public regarding the Fund's derivatives activities. These new requirements will apply unless the Fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. It is possible that the limits and compliance costs imposed by the Derivatives Rule may adversely affect the Fund's performance, efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives and may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

*Futures contracts*. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such as a specific security, currency or commodity, at a specified price at a specified later date. A "sale" of a futures contract means the acquisition of a contractual obligation to deliver the underlying reference instrument called for by the contract at a specified price on a specified date. A "purchase" of a futures contract means the acquisition of a contractual obligation to acquire the underlying reference instrument called for by the contract at a specified price on a specified date. The purchase or sale of a futures contract will allow the Fund to increase or decrease its exposure to the underlying reference instrument without having to buy the actual instrument.

The underlying reference instruments to which futures contracts may relate include non-U.S. currencies, interest rates, stock and bond indices, and debt securities, including U.S. government debt obligations. In certain types of futures contracts, the underlying reference instrument may be a swap agreement. In most cases the contractual obligation under a futures contract may be offset, or "closed out," before the settlement date so that the parties do not have to make or take delivery. The closing out of a contractual obligation is usually accomplished by buying or selling, as the case may be, an identical, offsetting futures contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.

Futures contracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated "contract markets" by the CFTC and must be executed through a futures commission merchant ("FCM"), which is a brokerage firm that is a member of the relevant contract market. Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, the Fund will incur brokerage fees when they buy or sell futures contracts.

To the extent the Fund invests in futures contracts, the Fund will generally buy and sell futures contracts only on contract markets (including exchanges or boards of trade) where there appears to be an active market for the futures contracts, but there is no assurance that an active market will exist for any particular contract or at any particular time. An active market makes it more likely that futures contracts will be liquid and bought and sold at competitive market prices. In addition, many of the futures contracts available may be relatively new instruments without a significant trading history. As a result, there can be no assurance that an active market will develop or continue to exist.

When the Fund enters into a futures contract, it must deliver to an account controlled by the FCM (that has been selected by the Fund), an amount referred to as "initial margin" that is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a "variation margin" amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the futures contract. The account is marked-to-market daily and the variation margin is monitored by the Adviser and Custodian (defined below) on a daily basis. When the futures contract is closed out, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

Some futures contracts provide for the delivery of securities that are different than those that are specified in the contract. For a futures contract for delivery of debt securities, on the settlement date of the contract, adjustments to the contract can be made to recognize differences in value arising from the delivery of debt securities with a different interest rate from that of the particular debt securities that were specified in the contract. In some cases, securities called for by a futures contract may not have been issued when the contract was written.

*Risks of futures contracts*. The Fund's use of futures contracts is subject to the risks associated with derivative instruments generally. In addition, a purchase or sale of a futures contract may result in losses to the Fund in excess of the amount that the Fund delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to the Fund. In addition, if the Fund has insufficient cash to meet daily variation margin requirements or close out a futures position, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. Adverse market movements could cause the Fund to experience substantial losses on an investment in a futures contract.

There is a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

The Fund may not be able to properly hedge or effect its strategy when a liquid market is unavailable for the futures contract the Fund wishes to close, which may at times occur. In addition, when futures contracts are used for hedging, there may be an imperfect correlation between movements in the prices of the underlying reference instrument on which the futures contract is based and movements in the prices of the assets sought to be hedged.

If the Adviser's investment judgment about the general direction of market prices or interest or currency exchange rates is incorrect, the Fund's overall performance will be poorer than if it had not entered into a futures contract. For example, if the Fund has purchased futures to hedge against the possibility of an increase in interest rates that would adversely affect the price of bonds held in its portfolio and interest rates instead decrease, the Fund will lose part or all of the benefit of the increased value of the bonds which it has hedged. This is because its losses in its futures positions will offset some or all of its gains from the increased value of the bonds.

The difference (called the "spread") between prices in the cash market for the purchase and sale of the underlying reference instrument and the prices in the futures market is subject to fluctuations and distortions due to differences in the nature of those two markets. First, all participants in the futures market are subject to initial deposit and variation margin requirements. Rather than meeting additional variation margin requirements, investors may close futures contracts through offsetting transactions that could distort the normal pricing spread between the cash and futures markets. Second, the liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery of the underlying instrument. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, resulting in pricing distortion. Third, from the point of view of speculators, the margin deposit requirements that apply in the futures market are less onerous than similar margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions.

Futures contracts that are traded on non-U.S. exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-U.S. futures contracts may be subject to varied regulatory oversight. The price of any non-U.S. futures contract and, therefore, the potential profit and loss thereon, may be affected by any change in the non-U.S. exchange rate between the time a particular order is placed and the time it is liquidated, offset or exercised.

The CFTC and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short position that any person, such as the Fund, may hold or control in a particular futures contract. Trading limits are also imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found to be in violation of these limits and it may impose other sanctions or restrictions. The regulation of futures, as well as other derivatives, is a rapidly changing area of law. For more information, see "Developing government regulation of derivatives" below.

Futures exchanges may also limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. This daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.

*Options on futures contracts*. Options on futures contracts trade on the same contract markets as the underlying futures contract. When the Fund buys an option, it pays a premium for the right, but does not have the obligation, to purchase (call) or sell (put) a futures contract at a set price (the exercise price). The purchase of a call or put option on a futures contract, whereby the Fund has the right to purchase or sell, respectively, a particular futures contract, is similar in some respects to the purchase of a call or put option on an individual security or currency. Depending on the premium paid for the option compared to either the price of the futures contract upon which it is based or the price of the underlying reference instrument, the option may be less risky than direct ownership of the futures contract or the underlying reference instrument. For example, the Fund could purchase a call option on a long futures contract when seeking to hedge against an increase in the market value of the underlying reference instrument, such as appreciation in the value of a non-U.S. currency against the U.S. dollar.

The seller (writer) of an option becomes contractually obligated to take the opposite futures position if the buyer of the option exercises its rights to the futures position specified in the option. In return for the premium paid by the buyer, the seller assumes the risk of taking a possibly adverse futures position. In addition, the seller will be required to post and maintain initial and variation margin with the FCM. One goal of selling (writing) options on futures may be to receive the premium paid by the option buyer. For more general information about the mechanics of purchasing and writing options, see "Options" below.

*Risks of options on futures contracts*. The Fund's use of options on futures contracts is subject to the risks related to derivative instruments generally. In addition, the amount of risk the Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. The seller (writer) of an option on a futures contract is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If the seller were required to take such a position, it could bear substantial losses. An option writer has potentially unlimited economic risk because its potential loss, except to the extent offset by the premium received, is equal to the amount the option is "in-the-money" at the expiration date. A call option is in-the-money if the value of the underlying futures contract exceeds the exercise price of the option. A put option is in-the-money if the exercise price of the option exceeds the value of the underlying futures contract.

*Options*. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of the Fund's orders to close out open options positions.

*Purchasing call and put options*. As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

*Writing call and put options*. Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

As the writer of a covered call option, the Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring the Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and the Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

*Closing out options (exchange-traded options)*. If the writer of an option wants to terminate its obligation, the writer may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel the option writer's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by the Fund. Closing transactions allow the Fund to terminate its positions in written and purchased options. The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by the Fund will generally reflect increases in the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

*Over-the-counter options*. Like exchange-traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying reference instrument at a stated exercise price. OTC options, however, differ from exchange-traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including because of the dealer's bankruptcy or insolvency. While the Fund uses only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options. There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Fund may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When the Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which the Fund originally wrote the option. The Fund may suffer a loss if it is not able to exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

The staff of the SEC has taken the position that purchased OTC options on securities are considered illiquid securities. Pending a change in the staff's position, the Fund will treat such OTC options on securities as illiquid and subject to the Fund's limitation on illiquid securities.

*Interest rate caps*. An interest rate cap is a type of OTC option. The buyer of an interest rate cap pays a premium to the seller in exchange for payments at set intervals for which a floating interest rate exceeds an agreed upon interest rate. The floating interest rate may be tied to a reference rate, a long-term swap rate or other benchmark. The amount of each payment is determined by reference to a specified "notional" amount of money. Interest rate caps do not involve the delivery of securities, other underlying instruments, or principal amounts. Accordingly, barring counterparty risk, the risk of loss to the purchaser of an interest rate cap is limited to the amount of the premium paid.

An interest rate cap can be used to increase or decrease exposure to various interest rates, including to hedge interest rate risk. By purchasing an interest rate cap, the buyer of the cap can benefit from rising interest rates while limiting its downside risk to the amount of the premium paid. If the Fund buys an interest rate cap and the Adviser is correct at predicting the direction of interest rates, the interest rate cap will increase in value. But if the Adviser is incorrect at predicting the direction, the interest rate cap will expire worthless. By writing (selling) an interest rate cap, the seller of the cap can benefit by receiving a premium in exchange for assuming an obligation to make payments at set intervals for which a floating interest rate exceeds an agreed upon interest rate. If interest rates rise above the agreed upon cap, the seller's obligation to make payments may result in losses in excess of the premium received.

Correctly predicting the value of an interest rate cap requires an understanding of the referenced interest rate, and the Fund bears the risk that the Adviser will not correctly forecast future market events, such as interest rate movements. Interest rate caps also involve the risks associated with derivative instruments generally, as described herein, including the risks associated with OTC options.

*Risks of options*. The Fund's options investments involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Fund may have difficulty effecting closing transactions in particular options. Therefore, the Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. The Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when the Fund cannot affect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If the Fund, as a covered call option writer, is unable to affect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund's portfolio that is being hedged. In addition, the Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Adviser is not successful in using options in managing the Fund's investments, the Fund's performance will be worse than if the Adviser did not employ such strategies.

*Swaps*. Generally, swap agreements are contracts between the Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-U.S. currency, or a "basket" of securities representing a particular index. Swaps can also be based on credit and other events.

The Fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. The Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If the swap agreement does not provide for that type of netting, the full amount of the Fund's obligations will be accrued on a daily basis.

*Comprehensive swaps regulation*. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared swaps*. In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. The Fund customarily enter into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts. In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or non-defaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination.

During the term of an uncleared swap, the Fund is required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments ("variation margin"). Periodically, changes in the amount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund and the Fund may sustain a loss.

Currently, the Fund does not intend to typically provide initial margin in connection with uncleared swaps. However, rules requiring initial margin for uncleared swaps have been adopted and are being phased in over time. When these rules take effect, if the Fund is deemed to have material swaps exposure under applicable swap regulations, the Fund will be required to post initial margin in addition to variation margin.

*Cleared swaps*. Certain standardized swaps are subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. See "Risks of cleared swaps" below.

In a cleared swap, the Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility ("SEF") may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past. When the Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty and are typically calculated as an amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount may also be required to be paid by the Fund or may be received by the Fund in accordance with margin controls set for such accounts. If the value of the Fund's cleared swap declines, the Fund will be required to make additional "variation margin" payments to the FCM to settle the change in value. Conversely, if the market value of the Fund's position increases, the FCM will post additional "variation margin" to the Fund's account. At the conclusion of the term of the swap agreement, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

*Credit default swaps*. The "buyer" of protection in a credit default swap agreement is obligated to pay the "seller" a periodic stream of payments over the term of the agreement in return for a payment by the "seller" that is contingent upon the occurrence of a credit event with respect to a specific underlying reference debt obligation (whether as a single debt instrument or as part of an index of debt instruments). The contingent payment by the seller generally is the face amount of the debt obligation, in return for the buyer's obligation to make periodic cash payments and deliver in physical form the reference debt obligation or a cash payment equal to the then-current market value of that debt obligation at the time of the credit event. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation, if and when due.

Purchasing protection through a credit default swap may be used to attempt to hedge against a decline in the value of debt security or securities due to a credit event. The seller of protection under a credit default swap receives periodic payments from the buyer but is exposed to the risk that the value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. Selling protection under a credit default swap may also permit the seller to gain exposure that is similar to owning the reference debt obligation directly. As the seller of protection, the Fund would effectively add leverage to its portfolio because, in addition to its total assets, the Fund would be subject to the risk that there would be a credit event and the Fund would have to make a substantial payment in the future.

Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration or default, or repudiation or restructuring of the reference debt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market as a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some instances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make an official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit default swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying the credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined according to the index methodology, which may in turn refer to determinations made by ISDA's Determinations Committees with respect to particular components of the index.

ISDA's Determinations Committees are comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination regarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement may not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able to restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations may not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring of the sovereign debt may be deemed non-mandatory on all holders. As a result, the determination committee might then not be able to determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred. For these and other reasons, the buyer of protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring events affecting the value of the underlying reference debt obligation, or the restructuring of sovereign debt, may not be deemed credit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take advantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide any hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap agreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement, even if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.

*Interest rate swaps*. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one party's obligation is based on an interest rate fixed to maturity while the other party's obligation is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, SOFR, prime rate, commercial paper rate, or other benchmarks). Alternatively, both payment obligations may be based on an interest rate that changes in accordance with changes in a designated benchmark (also known as a "basis swap"). In a basis swap, the rates may be based on different benchmarks (for example, SOFR versus commercial paper) or on different terms of the same benchmark (for example, one-month SOFR versus three-month SOFR). Each party's payment obligation under an interest rate swap is determined by reference to a specified "notional" amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. Accordingly, barring swap counterparty or FCM default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that the Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.

By swapping fixed interest rate payments for floating payments, an interest rate swap can be used to increase or decrease the Fund's exposure to various interest rates, including to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. Similarly, a basis swap can be used to increase or decrease the Fund's exposure to various interest rates, including to hedge against or speculate on the spread between the two indexes, or to manage duration. An interest rate swap transaction is affected by change in interest rates, which, in turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.

*Inflation index swaps*. An inflation index swap is a contract between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. Each party's payment obligation under the swap is determined by reference to a specified "notional" amount of money. Typically, an inflation index swap has payment obligations netted and exchanged upon maturity. The value of an inflation index swap is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the time the swap is entered into, the swap will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap is entered into, the swap will decrease in value.

*Equity total return swaps*. A total return swap (also sometimes referred to as a synthetic equity swap or "contract for difference" when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount.

*Options on swap agreements*. An option on a swap agreement generally is an OTC option (see the discussion above on OTC options) that gives the buyer of the option the right, but not the obligation, in return for payment of a premium to the seller, to enter into a previously negotiated swap agreement, or to extend, terminate or otherwise modify the terms of an existing swap agreement. The writer (seller) of an option on a swap agreement receives premium payments from the buyer and, in exchange, becomes obligated to enter into or modify an underlying swap agreement upon the exercise of the option by the buyer. When the Fund purchases an option on a swap agreement, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised, plus any related transaction costs.

There can be no assurance that a liquid secondary market will exist for any particular option on a swap agreement, or at any particular time, and the Fund may have difficulty affecting closing transactions in particular options on swap agreements. Therefore, the Fund may have to exercise the options that it purchases in order to realize any profit and take delivery of the underlying swap agreement. The Fund could then incur transaction costs upon the sale or closing out of the underlying swap agreement. In the event that the option on a swap is exercised, the counterparty for such option would be the same counterparty with whom the Fund entered into the underlying swap. However, if the Fund writes (sells) an option on a swap agreement, the Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer, which may result in losses to the Fund in excess of the premium it received. Options on swap agreements involve the risks associated with derivative instruments generally, as described above, as well as the additional risks associated with both options and swaps generally.

Options on swap agreements are considered to be swaps for purposes of CFTC regulation. Although they are traded OTC, the CFTC may in the future designate certain options on swaps as subject to mandatory clearing. For more information, see "Cleared swaps" and "Risks of cleared swaps."

An option on an interest rate swap (also sometimes referred to as a "swaption") is a contract that gives the purchaser the right, but not the obligation, in return for payment of a premium, to enter into a new interest rate swap. A pay fixed option on an interest rate swap gives the buyer the right to establish a position in an interest rate swap where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest rate swaps are "European" exercise, which means that they can only be exercised at the end of the option term. Depending on the movement of interest rates between the time of purchase and expiration, the value of the underlying interest rate swap and therefore also the value of the option on the interest rate swap will change.

An option on a credit default swap is a contract that gives the buyer the right (but not the obligation), in return for payment of a premium to the option seller, to enter into a new credit default swap on a reference entity at a predetermined spread on a future date. This spread is the price at which the contract is executed (the option strike price). Similar to a put option, in a payer option on a credit default swap, the option buyer pays a premium to the option seller for the right, but not the obligation, to buy credit protection on a reference entity (e.g., a particular portfolio security) at a predetermined spread on a future date. Similar to a call option, in a receiver option on a credit default swap the option buyer pays a premium for the right, but not the obligation to sell credit default swap protection on a reference entity or index. Depending on the movement of market spreads with respect to the particular referenced debt securities between the time of purchase and expiration of the option, the value of the underlying credit default swap and therefore the value of the option will change. Options on credit default swaps currently are traded OTC and the specific terms of each option on a credit default swap are negotiated directly with the counterparty.

*Commodity-linked total return swaps*. A commodity-linked total return swap is an agreement between two parties under which the parties agree to exchange a fixed return or interest rate on the notional amount of the swap for the return of a particular commodities index, commodity contract or basket of commodity contracts as if such notional amount had been invested in such index, commodity contract or basket of commodity contracts. For example, one party agrees to pay the other party the return on a particular index multiplied by the notional amount of the swap. In return, the other party makes periodic payments, such as at a floating interest rate, calculated based on such notional amount. If the commodity swap is for one period, the Fund may pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, the Fund may pay an adjustable or floating fee. With a "floating" rate, the fee may be pegged to a base rate, such as the SOFR, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, the Fund may be required to pay a higher fee at each swap reset date.

*Risks of swaps generally*. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to correctly to predict which types of investments are likely to produce greater returns. If the Adviser, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation, currency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to the Fund for swap transactions that are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund's risk of loss is generally limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual delivery obligations. In addition, the Fund's risk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

Because bilateral swap agreements are structured as two-party contracts and may have terms of greater than seven days, these swaps may be considered to be illiquid and, therefore, subject to the Fund's limitation on investments in illiquid securities. If a swap transaction is particularly large or if the relevant market is illiquid, the Fund may not be able to establish or liquidate a position at an advantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually widespread between the price at which they are prepared to buy and the price at which they are prepared to sell. Some swap agreements entail complex terms and may require a greater degree of subjectivity in their valuation. However, the swap markets have grown substantially in recent years, with a large number of financial institutions acting both as principals and agents, utilizing standardized swap documentation. As a result, the swap markets have become increasingly liquid. In addition, central clearing and the trading of cleared swaps on public facilities are intended to increase liquidity. The Adviser, under the supervision of the Board, is responsible for determining and monitoring the liquidity of the Fund's swap transactions.

Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and, also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of the funds' identities as intended.

Certain U.S. Internal Revenue Service ("IRS") positions may limit the Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences. For more information about potentially changing regulation, see "Developing government regulation of derivatives" below.

*Risks of uncleared swaps*. Uncleared swaps are typically executed bilaterally with a swap dealer rather than traded on exchanges. As a result, swap participants may not be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange or clearinghouse. As a result, the Fund is subject to the risk that a counterparty will be unable or will refuse to perform under such agreement, including because of the counterparty's bankruptcy or insolvency. The Fund risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default, insolvency or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Fund's rights as a creditor. If the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses. In unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.

*Risks of cleared swaps*. As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the Fund. Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. There is also a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position, or the central counterparty in a swap contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, the Fund may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund's investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and can also require increases in margin above the margin that is required at the initiation of the swap agreement.

Finally, the Fund is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Fund may be required to break the trade and make an early termination payment to the executing broker.

*Combined transactions*. The Fund may enter into multiple derivative instruments, and any combination of derivative instruments as part of a single or combined strategy (a "Combined Transaction") when the Adviser believes it is in the best interests of the Fund to do so. A Combined Transaction will usually contain elements of risk that are present in each of its component transactions.

Although Combined Transactions are normally entered into based on the Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal(s), it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

**Securities Lending**

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

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

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

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

**Repurchase Agreements**

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

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

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

**Subsidiary Risk**

Each Fund may invest up to 25% of its assets in a subsidiary that is wholly-owned by such Fund and organized under the laws of the Cayman Islands (the "Subsidiary"). A Subsidiary may invest without limitation in futures contracts. Further, the Subsidiary may invest in any type of investment in which the corresponding Fund is permitted to invest, as described in the Prospectus and this SAI. A Fund's investment in its Subsidiary will not exceed 25% of the value of the Fund's total assets, as measured at the end of the Fund's fiscal quarters. Asset limitations are imposed by Subchapter M of the Code, and are measured at each taxable year and quarter end. The Adviser also serves as the investment adviser to the Subsidiary but will not receive separate compensation.

The Subsidiary is not registered under the 1940 Act but will be subject to certain protections of the 1940 Act with respect to the corresponding Fund, as described in this SAI. A Fund's investments in its Subsidiary will be subject to the investment policies and restrictions of the Fund, including those related to leverage, collateral and segregation requirements and liquidity. In addition, the valuation and brokerage policies of the Fund will be applied to the Subsidiary. A Fund's investments in its Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because each Fund is the sole investor in its Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of the corresponding Fund and its shareholders.

Each Subsidiary is subject to regulation as a commodity pool under the CEA and the Commodity Futures Trading Commission ("CFTC") rules and regulations. The Adviser serves as the "commodity pool operator" ("CPO") of each Subsidiary. The Adviser is registered as a CPO with the CFTC and is a member of the National Futures Association ("NFA"). There is no assurance that the Adviser will remain a registered CPO with respect to a Subsidiary, or that the Subsidiary will remain a commodity pool to the extent that one or more exclusions or exemptions are available under applicable CFTC regulations. The Adviser currently does not rely on an exclusion from the definition of CPO in CFTC Rule 4.5 with respect to the Funds. The Adviser is subject to dual regulation by the CFTC and the SEC. The CFTC adopted regulations that seek to "harmonize" CFTC regulations with overlapping SEC rules and regulations. The Adviser has availed itself of the CFTC's substituted compliance option under the harmonization regulations with respect to the Funds by filing a notice with the National Futures Association. The Adviser will remain subject to certain CFTC-mandated disclosure, reporting and recordkeeping regulations.

The financial information of each Subsidiary will be consolidated into the corresponding Fund's financial statements, as contained within the Funds' annual and semi-annual reports provided to shareholders.

Regulatory changes, including changes in the laws of the U.S. or the Cayman Islands, could result in the inability of a Fund and/or its Subsidiary to operate as described in the Prospectus and this SAI. Such changes could potentially impact a Fund's ability to implement its investment strategy and could result in decreased investment returns. In addition, in the event changes to the laws of the Cayman Islands require a Subsidiary to pay taxes to a governmental authority, the corresponding Fund would be likely to suffer decreased returns. In order to qualify as a RIC under Subchapter M of the Code and be eligible to receive "pass-through" tax treatment, a Fund must, among other things, meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the source of income test, at least 90% of a RIC's gross income each year must be "qualifying income," which generally consists of dividends, interest, gains on investment assets and certain other categories of investment income (also referred to as "good income"). Qualifying income generally does not include income derived from futures contracts. When a RIC is a "U.S. Shareholder" of certain foreign subsidiaries ("controlled foreign corporations" or "CFCs"), the RIC will generally be required to include in gross income certain income whether or not such income is distributed by the CFC. Under final Treasury Regulations issued in 2019, both imputed and actual distributions from a CFC are generally treated as qualifying income under the RIC source of income test. A Fund's investment in its Subsidiary is intended to provide the Fund with exposure to futures contracts, and other investments, within the limitations of the Code such that the Fund continues to qualify as a RIC, but there is a risk that the IRS could assert that the income that the Fund derives from the Subsidiary will not be considered qualifying income for purposes of the source of income test.

The Internal Revenue Service ("IRS") issued many private letter rulings (which a Fund may not use or cite as precedent because only the recipient of a private letter ruling may rely upon it) between 2006 and 2011 concluding that income a RIC derives from a CFC, such as a Subsidiary, which earns income derived from commodities is qualifying income. Like futures contracts, income derived from commodities does not qualify as good income for purposes of the source of income test applicable to RICs. A Fund's investment in its Subsidiary is intended to provide the Fund with exposure to the commodities markets within the limitations of the Code such that the Fund continues to qualify as a RIC, but there is a risk that the IRS could assert that the income that the Fund derives from its Subsidiary will not be considered qualifying income for purposes of the source of income test.

In the past, there have been some indications that the aforementioned 2006 to 2011 private letter rulings may no longer represent the IRS' views. The policies underlying those private letter rulings would have been officially overturned if Treasury Regulations proposed on September 28, 2016 (the "Proposed Regulations") were finalized as proposed. Under the Proposed Regulations, the Subpart F inclusions derived from the CFC (*i.e.,* deemed annual distributions from the CFC to the RIC, which the 2006 through 2011 private letter rulings concluded was qualifying income for a RIC, would no longer be considered qualifying income. Instead, only actual distributions that the CFC makes to the RIC out of the CFC's earnings and profits for the applicable taxable year that are attributable to the Subpart F inclusion ("Earnings and Profits") would qualify. As discussed above, in the Final Regulations, the Proposed Regulations were reversed with respect to this particular issue. Under the Final Regulations, both actual and imputed distributions that the CFC makes to the RIC and Subpart F inclusions are generally treated as qualifying income under the source of income test, provided that such income is derived with respect to the RIC's business of investing in stock, securities or currencies. However, the Final Regulations do not specifically address distributions or Subpart F imputations from CFCs that derive income from futures contracts. The Final Regulations do not clarify whether there are any limitations on whether such income is qualifying income under the source of income test. The Final Regulations also do not expressly adopt or apply the aforementioned 2006-2011 private letter rulings to other taxpayers, although those private letter rulings are consistent with the Final Regulations and may continue to be valid (as opposed to invalid as they would have been under the Proposed Regulations).

The federal income tax treatment of a Fund's income from its Subsidiary also may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other IRS guidance or authorities that could affect the character, timing of recognition, and/or amount of the Fund's investment company taxable income and/or net capital gains and, therefore, the distributions it makes. If a Fund failed the source of income test for any taxable year but was eligible to and did cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, the Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income.

**Tax Risks**

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

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

**INVESTMENT RESTRICTIONS**

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

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

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| | |
|:---|:---|
| 1. | Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act. |
| 2. | Make loans, except to the extent permitted under the 1940 Act. |
| 3. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts ("REITs") or securities of companies engaged in the real estate business. |
| 4. | Purchase or sell commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities. |
| 5. | Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act. |
| With respect to the Defiance Bitcoin vs Ether ETF: | With respect to the Defiance Bitcoin vs Ether ETF: |
| 6. | Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries, except that the Fund will concentrate in investments that have economic exposure to bitcoin and/or bitcoin futures and ether and/or ether futures. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, investment companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Additionally, for purposes of this restriction, digital assets are considered a type of investment and not an industry. |
| With respect to the Defiance Ether vs Bitcoin ETF: | With respect to the Defiance Ether vs Bitcoin ETF: |
| 6. | Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries, except that the Fund will concentrate in investments that have economic exposure to ether and/or ether futures and bitcoin and/or bitcoin futures. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, investment companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Additionally, for purposes of this restriction, digital assets are considered a type of investment and not an industry.<br>|
| With respect to the Defiance Bitcoin vs Gold ETF: | With respect to the Defiance Bitcoin vs Gold ETF: |
| 6. | Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries, except that the Fund will concentrate in investments that have economic exposure to bitcoin and/or bitcoin futures and gold and/or gold futures. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, investment companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Additionally, for purposes of this restriction, digital assets are considered a type of investment and not an industry. |

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| | |
|:---|:---|
| With respect to the Defiance Gold vs Bitcoin ETF: | With respect to the Defiance Gold vs Bitcoin ETF: |
| 6. | Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries, except that the Fund will concentrate in investments that have economic exposure to gold and/or gold futures and bitcoin and/or bitcoin futures. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, investment companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Additionally, for purposes of this restriction, digital assets are considered a type of investment and not an industry. |

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

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

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

**EXCHANGE LISTING AND TRADING**

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

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

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

**MANAGEMENT OF THE TRUST**

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

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

The full Board also receives reports from the Adviser as to investment risks of the Funds. In addition to these reports, from time to time the full Board receives reports from the Administrator and the Adviser as to enterprise risk management.

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

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

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

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

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and** <br> **Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held** <br> **with** <br> **the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and Length** <br> **of Time** <br> **Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp;**Number of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>(2)</sup> <br> **Overseen** <br> **by Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held by Trustee** <br> **During Past 5 Years** |
| &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** |
| &nbsp;&nbsp;Monica H. Byrd<br> Born: 1979 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite<br> term; since 2023 | &nbsp;&nbsp;Chief Financial Officer of LFO Management, LLC (since 2019); Chief Financial Officer of Glencoe Capital/Stockwell Capital (2018 to 2019); Vice President Finance of Glencoe Capital/Stockwell Capital (2016 to 2018). | &nbsp;&nbsp;90 |  |
| &nbsp;&nbsp;Pamela Cytron<br> Born: 1966 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2023 | &nbsp;&nbsp;President, The Founder's Arena (since 2023); CEO & Founder, Pendo Systems, Inc. (2020 to 2023); Non-executive Board advisor, RegAlytics (2021 to 2022). | &nbsp;&nbsp;90 | &nbsp;&nbsp;Serves on the Boards of First Rate Inc. (since 2015); First Rate Ventures (since 2022); Privacy Lock (since 2022) (nonexecutive Board role); and World Technology Partners (since 2022) (Vice President). Served on the Board of Global Recovery Initiatives Foundation (2011 to 2022) (Chairman). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and** <br> **Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held** <br> **with** <br> **the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and Length** <br> **of Time** <br> **Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp;**Number of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>(2)</sup> <br> **Overseen** <br> **by Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held by Trustee** <br> **During Past 5 Years** |
| &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** |
| &nbsp;&nbsp;Lawrence Jules<br> Born: 1968 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2023 | &nbsp;&nbsp;Vice President and Head Trader at 3Edge Asset Management LLC (since 2022); and Director and Head Trader at Charles Schwab Investment Management (2008 to 2022). | &nbsp;&nbsp;90 | &nbsp;&nbsp;Serves as a director of the 600 Atlantic/Federal Reserve Bank of Boston Federal Credit Union. |
| &nbsp;&nbsp;Ethan Powell<br> Born: 1975 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; Trustee since 2016 | &nbsp;&nbsp;Principal and CIO of Brookmont Capital; President and Founder of Impact Shares LLC ("Impact Shares") (2015 to 2025) | &nbsp;&nbsp;90 | &nbsp;&nbsp;Serves as Independent Chairman of the Board of the Highland Fund Complex and the NexPoint Credit Strategies Fund Complex (collectively, 25 funds) and is a member of the Board of Kelly Strategic Management Fund. |
| &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** |
| &nbsp;&nbsp;Eric W. Falkeis<sup>(4)</sup> <br> Born: 1973 | &nbsp;&nbsp;President, Principal Executive Officer, Trustee, and Chairman | &nbsp;&nbsp;Indefinite term; Trustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024 | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). | &nbsp;&nbsp;546 | &nbsp;&nbsp;Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Trustee and Chairman of Tidal Trust I (since 2018); Trustee and Chairman of Tidal Trust II (since 2022); Trustee and Chairman of Tidal Trust IV (since 2025); Trustee and Chairman of Tidal Trust V (since 2025). |

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

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

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

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

**Individual Trustee Qualifications**

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

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

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

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

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

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

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

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

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

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

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

**Principal Officers of the Trust**

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s) Held** <br> **with the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and** <br> **Length of Time** <br> **Served<sup>1</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** |
| &nbsp;&nbsp;Eric W. Falkeis <br> Born: 1973 | &nbsp;&nbsp;President, Principal Executive Officer, Trustee and Chairman | &nbsp;&nbsp;Indefinite term; Trustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024 | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). |
| &nbsp;&nbsp;William H. Woolverton, Esq. <br> Born: 1951 | &nbsp;&nbsp;Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp;Indefinite term; since 2023 | &nbsp;&nbsp;Chief Compliance Officer (since 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Director, Hadron Specialty Insurance Company (since 2023); Compliance Advisor (2022 to 2023), Tidal Investments LLC; Senior Compliance Advisor, ACA Global (2020 to 2022). |
| &nbsp;&nbsp;Aaron J. Perkovich <br> Born: 1973 | &nbsp;&nbsp;Treasurer, Principal Financial Officer and Principal Accounting Officer | &nbsp;&nbsp;Treasurer since 2023, Indefinite term; Principal Financial Officer and Principal Accounting Officer since 2024; Indefinite term | &nbsp;&nbsp;SVP of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024), Fund Administration Manager, (2022 to 2023), Tidal ETF Services LLC; Assistant Director Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |
| &nbsp;&nbsp;Lissa M. Richter <br> Born: 1979 | &nbsp;&nbsp;Vice President and Secretary | &nbsp;&nbsp;Vice President since 2025; Indefinite term; Secretary since 2023; Indefinite term | &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024); ETF Regulatory Manager, (2021 to 2024) Tidal ETF Services LLC. |
| &nbsp;&nbsp;Jennifer Smith<br>Born: 1985 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term; since 2024 | &nbsp;&nbsp;Assistant Vice President of Fund Administration, Tidal ETF Services LLC (Since 2024); Analyst, Tidal ETF Services, LLC (2023 to 2024); Fund Administrator, U.S. Bancorp Fund Services, LLC (2006 to 2023). |

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

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

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

**Board Compensation**

The Independent Trustees each receive an annual retainer of $25,000 and $5,000 per each meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Audit Committee Chair receives an annual retainer of $10,000 and the Nominating and Governance Committee Chair receives an annual retainer of $5,000. The Trust has no pension or retirement plan.

The following table shows the compensation estimated to be earned by each Trustee for the Funds' fiscal year ending December 31, 2026. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Name** | **Estimated Aggregate Compensation**<br> **From Funds** | **Estimated Total Compensation From** <br> **Fund Complex Paid to Trustees<sup>(1)</sup>** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Eric Falkeis | Eric Falkeis | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Monica H. Byrd | Monica H. Byrd | $0 | $55000 |
| Pamela Cytron | Pamela Cytron | $0 | $50000 |
| Lawrence Jules | Lawrence Jules | $0 | $45000 |
| Ethan Powell | Ethan Powell | $0 | $45000 |
| <sup>(1)</sup> | Compensation is based on estimated amounts for the fiscal year ending December 31, 2026. | Compensation is based on estimated amounts for the fiscal year ending December 31, 2026. | Compensation is based on estimated amounts for the fiscal year ending December 31, 2026. |

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

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

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

**CODES OF ETHICS**

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

**PROXY VOTING POLICIES**

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

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

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

When available, information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling 833-333-9383, (2) on the Fund's website at www.defianceetfs.com, or (2) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

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

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to each Fund and oversees the day-to-day operations of each Fund subject to the direction and oversight of the Board. The Adviser is responsible for the day-to-day management of the Funds' portfolios, including determining the securities purchased and sold by each Fund and trading portfolio securities for each Fund, subject to the supervision of the Board. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Funds to operate. The Adviser provides oversight of any sub-adviser and reviews such sub-adviser's performance. The Adviser administers each Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by such Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Funds, each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 1.29% based on the Fund's average daily net assets.

The Adviser also serves as the investment adviser to each Subsidiary, each a wholly-owned and controlled subsidiary of its corresponding Fund, organized under the laws of the Cayman Islands as an exempted company, pursuant to an investment advisory agreement with each Subsidiary (the "Subsidiary Advisory Agreements"). Under the Subsidiary Advisory Agreements, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other related services necessary for each Subsidiary to operate. The Adviser is also responsible for trading investments for each Subsidiary, including selecting broker-dealers to execute purchase and sale transactions. The Adviser administers each Subsidiary's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. The Adviser does not receive additional compensation for its services to each Subsidiary.

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

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

The Funds are new and have not paid fees to the Adviser pursuant to the Advisory Agreement as of the date of this SAI.

**PORTFOLIO MANAGERS**

The Funds and each Subsidiary are managed by Christopher P. Mullen and Scott Snyder, each a Portfolio Manager of the Adviser.

**Other Accounts.** In addition to the Funds, the portfolio managers managed the following other accounts as of January 21, 2026.

*Christopher P. Mullen, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number**<br> **of Accounts** | &nbsp;&nbsp;**Total Assets** <br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to a**<br> **Performance-**<br> **Based Fee**<br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;87 | &nbsp;&nbsp;$8240 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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*Scott Snyder, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number**<br> **of Accounts** | &nbsp;&nbsp;**Total Assets** <br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to a**<br> **Performance-**<br> **Based Fee**<br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;26 | &nbsp;&nbsp; $1794 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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

**Portfolio Manager Compensation.** Each portfolio manager is compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund. To the extent a portfolio manager is an equity owner of the Adviser, such portfolio manager may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser. As of the date of this SAI, Mr. Snyder has been issued membership units in the Adviser that have not yet vested. Once the membership units vest, Mr. Snyder may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

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

**THE DISTRIBUTOR**

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

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

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

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

The Funds are new and have not incurred any underwriting commissions and the Distributor has not retained any amounts as of the date of this SAI.

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

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

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

If you have any additional questions, please call 833-333-9383.

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

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

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

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

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

**ADMINISTRATOR**

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

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

**TRANSFER AGENT AND FUND ACCOUNTANT**

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

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

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

**CUSTODIAN**

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

**LEGAL COUNSEL**

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

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

**DESCRIPTION OF SHARES**

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

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

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

**LIMITATION OF TRUSTEES' LIABILITY**

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

**BROKERAGE TRANSACTIONS**

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

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

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

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

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

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

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

The Funds may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation. The Funds are new and have not paid any brokerage commissions as of the date of this SAI.

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

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

**Directed Brokerage**

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

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

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

**PORTFOLIO TURNOVER RATE**

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

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

**BOOK ENTRY ONLY SYSTEM**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In addition, a variable fee, payable to the Funds, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units.

The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation**<br> **Transaction Fee** | **Maximum Variable**<br> **Transaction Fee** |
| Defiance Bitcoin vs Ether ETF | $300 | 2% |
| Defiance Ether vs Bitcoin ETF | $300 | 2% |
| Defiance Bitcoin vs Gold ETF | $300 | 2% |
| Defiance Gold vs Bitcoin ETF | $300 | 2% |

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation**<br>**Transaction Fee** <br>| **Maximum Variable**<br>**Transaction Fee** |
| Defiance Bitcoin vs Ether ETF | $300 | 2% |
| Defiance Ether vs Bitcoin ETF | $300 | 2% |
| Defiance Bitcoin vs Gold ETF | $300 | 2% |
| Defiance Gold vs Bitcoin ETF | $300 | 2% |

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

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

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

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

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

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

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

**DETERMINATION OF NET ASSET VALUE**

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

In calculating each Fund's NAV per Share, such Fund's investments are generally valued using pricing services. The Funds may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources. For assets traded on an exchange, the Funds may value investments using market valuations. A market valuation generally means a valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer), (2) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (3) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share.

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

**DIVIDENDS AND DISTRIBUTIONS**

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

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

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

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

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

**FEDERAL INCOME TAXES**

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

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

The tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Many of the changes applicable to individuals are temporary and would apply only to taxable years before January 1, 2026. There were only minor changes with respect to the specific rules applicable to RICs, such as the Funds. The Tax Act, however, also made numerous other changes to the tax rules that may affect shareholders and the Funds. Subsequent legislation has modified certain changes to the U.S. federal income tax rules made by the Tax Act which may, in addition, affect shareholders and the Funds. You are urged to consult with your own tax advisor regarding how this legislation affects your investment in a Fund.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If more than 50 percent of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund will be eligible and may elect to "pass-through" to the Fund's shareholders the amount of foreign income and similar taxes paid by the Fund. Pursuant to this election, if made, a shareholder will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign income and similar taxes paid by the Fund, and will be entitled either to deduct his or her pro rata share of foreign income and similar taxes in computing taxable income or to apply the amount of foreign taxes as a foreign tax credit against his or her U.S. Federal income taxes attributable to such foreign income, subject to limitations. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Foreign taxes generally may not be deducted by a shareholder who is an individual in computing the alternative minimum tax.

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

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account. An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service ("IRS,"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for an exchanger who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

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

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

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

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

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

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

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

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

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

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

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Funds have completed a fiscal year of operations. When available, you may request a copy of each Fund's annual report at no charge by calling 833-333-9383 or through the Funds' website at www.defianceetfs.com.

**PART C**

**OTHER INFORMATION**

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| | | |
|:---|:---|:---|
| **Item 28** | **Exhibits** | **Exhibits** |
| (a) (i) | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (i) | [First Amendment to the Certificate of Trust of Impact Shares Trust I (the "Trust" or the "Registrant") dated February 2, 2018](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aia.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (ii) | [Second Amendment to the Certificate of Trust of Tidal Trust III (the "Trust" or the "Registrant") dated March 19, 2024](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aib.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (ii) | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii1.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii2.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/0001722388/000199937125000421/ex99-aiii3.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii4.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii5.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii6.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (iv) | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99dxx.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv2.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  |  | (i) [First Amendment to the Futures Trading Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011720/ex99-aiv2a.htm) – previously filed with Post-Effective Amendment No. 131 on Form N-1A on August 20, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv3.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv4.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv6.htm) previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (v) | Organizational Documents for Cayman Subsidiary (for the Stoneport Advisors Commodity Long Short ETF). | Organizational Documents for Cayman Subsidiary (for the Stoneport Advisors Commodity Long Short ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av1.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (2) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av2.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (3) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av3.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (4) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av4.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (5) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017417/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 147 on Form N-1A on November 12, 2025, and is incorporated herein by reference. |
| (vi) | Organizational Documents for Cayman Subsidiary (for the Defiance Bitcoin vs Gold ETF). | Organizational Documents for Cayman Subsidiary (for the Defiance Bitcoin vs Gold ETF). |
|  | (1) | [Investment Advisory Agreement](ex99-avi1.htm), **- filed herewith.** |
|  | (2) | [Memorandum and Articles of Association](ex99-avi2.htm), **- filed herewith.** |
|  | (3) | [Certificate of Incorporation](ex99-avi3.htm), **- filed herewith.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Tax Undertaking](ex99-avi4.htm) , **- filed herewith.** 

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

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

(1) [Investment Advisory Agreement](ex99-avii1.htm) , **- filed herewith.** 

(2) [Memorandum and Articles of Association](ex99-avii2.htm) , **- filed herewith.** 

(3) [Certificate of Incorporation](ex99-avii3.htm) , **- filed herewith.** 

(4) [Tax Undertaking](ex99-avii4.htm) , **- filed herewith.** 

(5) [Form of Private Investment Company Custodian Agreement](ex99-avii5.htm) , **- filed herewith.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(i) [First Amendment to Investment Advisory Agreement (for the Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF)](ex99-dxivi.htm) – **filed herewith.** 

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

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

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

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

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

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

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

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

(xxiii) Investment Advisory Agreement between the Trust (for RCN Pareto Strategic Allocation ETF) and Tidal Investments LLC – **to be filed by amendment.**

(xxiv) Investment Advisory Agreement between the Trust (for U.S. Defense ETF) and Tidal Investments LLC – **to be filed by amendment.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xliii) Investment Sub-Advisory Agreement between Tidal Investments LLC and RCN Wealth Advisors, Inc. (for RCN Pareto Strategic Allocation ETF) – **to be filed by amendment.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Sixteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding RCN Pareto Strategic Allocation ETF) – **to be filed by amendment.** 

(xiv) Seventeenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding U.S. Defense ETF) – **to be filed by amendment.** 

(xv) Eighteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding Worth Charting Options Income ETF) – **to be filed by amendment.** 

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

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

(f) Not applicable.

(g) (i) [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm) , previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

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

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

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

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

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

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

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

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

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

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

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

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

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

(xiv) Sixteenth Amendment to the Custodian Agreement (adding RCN Pareto Strategic Allocation ETF) - **to be filed by amendment**.

(xv) Seventeenth Amendment to the Custodian Agreement (adding U.S. Defense ETF) - **to be filed by amendment**.

(xvi) Eighteenth Amendment to the Custodian Agreement (adding Worth Charting Options Income) - **to be filed by amendment**.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding RCN Pareto Strategic Allocation ETF) – **to be filed by amendment.** 

(v) Fifth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding U.S. Defense ETF) – **to be filed by amendment.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xiv) Sixteenth Amendment to the Transfer Agency Agreement (adding RCN Pareto Strategic Allocation ETF) - **to be filed by amendment**.

(xv) Seventeenth Amendment to the Transfer Agency Agreement (adding U.S. Defense ETF) - **to be filed by amendment**.

(xvi) Eighteenth Amendment to the Transfer Agency Agreement (adding Worth Charting Options Income) - **to be filed by amendment**.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xiv) Sixteenth Amendment to the Fund Accounting Agreement (adding RCN Pareto Strategic Allocation ETF) - **to be filed by amendment**.

(xv) Seventeenth Amendment to the Fund Accounting Agreement (adding U.S. Defense ETF) - **to be filed by amendment**.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xxii) [Opinion and Consent of Counsel (for Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF)](ex99-ixxii.htm) – **filed herewith**.

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

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

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

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

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

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

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

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

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

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

(xxxiv) Opinion and Consent of Counsel (for RCN Pareto Strategic Allocation ETF) – **to be filed by amendment.** 

(xxxv) Opinion and Consent of Counsel (for U.S. Defense ETF) – **to be filed by amendment.** 

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

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

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

(k) Not applicable.

(l) Not applicable.

(m) [Amended and Restated Rule 12b-1 Distribution Plan](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-m.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026 and is incorporated herein by reference.

(n) Not applicable.

(o) Reserved.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Code of Ethics for VistaShares Advisors LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-pviii.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

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

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

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

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

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

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

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

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

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

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

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

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

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

(xxi) Code of Ethics for RCN Wealth Advisors, Inc. – **to be filed by amendment**.

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

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

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

Not Applicable.

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

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

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

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

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

---

| | |
|:---|:---|
| **<u>Investment Adviser</u>** | **<u>SEC File No.</u>** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |

---

---

| | |
|:---|:---|
| **<u>Investment Sub-Advisers</u>** |  |
| Impact Shares Corp. | 801-112391 |
| Unity Wealth Partners LLC | 801-130370 |
| Rockefeller Asset Management, a division of Rockefeller & Co. LLC | 801-113009 |
| Traders A.I., Inc. | 801-130642 |
| Route 20 Private Wealth Inc. | 801-130981 |
| VistaShares Advisors LLC | 801-130962 |
| Fundstrat Capital, LLC | 801-131012 |
| Ned Davis Research Inc. | 801-60241 |
| Ninepoint Partners LP | 801-111715 |
| Cannell & Spears LLC | 801-67401 |
| Harmonic Capital, LLC | 801-132705 |
| Nest Egg ETFs, LLC | 801-131316 |
| USCF Advisers LLC | 801-79985 |
| TH GARP ETFS LTD | 801-131592 |
| PEO Partners, LLC | 801-131277 |
| AlphaQuest LLC | 801-108500 |
| Intech Investment Management LLC | 801-60987 |
| Measured Risk Portfolios, Inc. | 801-80124 |
| Accuvest Global Advisors Inc. | 801-68887 |
| RCN Wealth Advisors, Inc. | 801-135338 |
| Worth Charting Group LLC | [ ] |
| Hohimer Wealth Management, LLC | 801-114746 |

---

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

---

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

---

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

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

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

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

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

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

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

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. AMG ETF Trust

15. Amplify ETF Trust

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

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

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

19. Ardian Access LLC

20. ARK ETF Trust

21. ARK Venture Fund

22. Bitwise Funds Trust

23. BondBloxx ETF Trust

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

25. Bridgeway Funds, Inc.

26. Brinker Capital Destinations Trust

27. Brookfield Real Assets Income Fund Inc.

28. Build Funds Trust

29. Calamos Convertible and High Income Fund

30. Calamos Convertible Opportunities and Income Fund

31. Calamos Dynamic Convertible and Income Fund

32. Calamos Global Dynamic Income Fund

33. Calamos Global Total Return Fund

34. Calamos Strategic Total Return Fund

35. Carlyle Tactical Private Credit Fund

36. Cascade Private Capital Fund

37. Catalyst/Perini Strategic Income Fund

38. CBRE Global Real Estate Income Fund

39. Center Coast Brookfield MLP & Energy Infrastructure Fund

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

41. Cliffwater Corporate Lending Fund

42. Cliffwater Enhanced Lending Fund

43. Coatue Innovative Strategies Fund

44. Cohen & Steers ETF Trust

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

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

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

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

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

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

51. Davis Fundamental ETF Trust

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

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

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

55. Defiance Quantum ETF, Series of ETF Series Solutions

56. Denali Structured Return Strategy Fund

57. Dodge & Cox Funds

58. DoubleLine ETF Trust

59. DoubleLine Income Solutions Fund

60. DoubleLine Opportunistic Credit Fund

61. DoubleLine Yield Opportunities Fund

62. DriveWealth ETF Trust

63. EIP Investment Trust

64. Ellington Income Opportunities Fund

65. ETF Opportunities Trust

66. Exchange Listed Funds Trust

67. Exchange Place Advisors Trust

68. FIS Trust

69. FlexShares Trust

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

71. Forum Funds

72. Forum Funds II

73. Forum Real Estate Income Fund

74. Fundrise Growth Tech Fund, LLC

75. GMO ETF Trust

76. GoldenTree Opportunistic Credit Fund

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

78. Grayscale Funds Trust

79. Guinness Atkinson Funds

80. Harbor ETF Trust

81. Harris Oakmark ETF Trust

82. Hawaiian Tax-Free Trust

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

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

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

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

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

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

89. Innovator ETFs Trust

90. Ironwood Institutional Multi-Strategy Fund LLC

91. Ironwood Multi-Strategy Fund LLC

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

93. John Hancock Exchange-Traded Fund Trust

94. Kurv ETF Trust

95. Lazard Active ETF Trust

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

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

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

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

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

101. Manor Investment Funds

102. MoA Funds Corporation

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

104. Morgan Stanley ETF Trust

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

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

107. Morningstar Funds Trust

108. NEOS ETF Trust

109. Niagara Income Opportunities Fund

110. North Square Evanston Multi-Alpha Fund

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

112. NXG NextGen Infrastructure Income Fund

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

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

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

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

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

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

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

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

121. Palmer Square Funds Trust

122. Palmer Square Opportunistic Income Fund

123. Partners Group Private Income Opportunities, LLC

124. Perkins Discovery Fund, Series of World Funds Trust

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

126. Plan Investment Fund, Inc.

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

128. Precidian ETFs Trust

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

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

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

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

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

134. Renaissance Capital Greenwich Funds

135. REX ETF Trust

136. Reynolds Funds, Inc.

137. RMB Investors Trust

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

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

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

141. Roundhill Cannabis ETF, Series of Listed Funds Trust

142. Roundhill ETF Trust

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

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

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

146. Rule One Fund, Series of World Funds Trust

147. Russell Investments Exchange Traded Funds

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

149. Six Circles Trust

150. Sound Shore Fund, Inc.

151. SP Funds Trust

152. Sparrow Funds

153. Spear Alpha ETF, Series of Listed Funds Trust

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

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

156. Strategic Trust

157. Strategy Shares

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

159. Tekla World Healthcare Fund

160. Tema ETF Trust

161. The 2023 ETF Series Trust

162. The Community Development Fund

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

164. The Private Shares Fund

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

166. Third Avenue Trust

167. Third Avenue Variable Series Trust

168. Tidal Trust I

169. Tidal Trust II

170. Tidal Trust III

171. Tidal Trust IV

172. TIFF Investment Program

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

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

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

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

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

178. Total Fund Solution

179. Touchstone ETF Trust

180. Trailmark Series Trust

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

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

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

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

185. U.S. Global Investors Funds

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

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

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

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

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

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

192. Virtus Stone Harbor Emerging Markets Income Fund

193. Volatility Shares Trust

194. WEBs ETF Trust

195. Wedbush Series Trust

196. Wellington Global Multi-Strategy Fund

197. Wilshire Mutual Funds, Inc.

198. Wilshire Variable Insurance Trust

199. WisdomTree Trust

200. XAI Octagon Floating Rate & Alternative Income Term Trust

---

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

---

---

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

---

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 176 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 176 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on March 16, 2026.

---

| |
|:---|
| **Tidal Trust III** |
| /s/ Eric W. Falkeis |
| Eric W. Falkeis<br> President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on March 16, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Eric W. Falkeis | President, Principal Executive Officer and Trustee |
| Eric W. Falkeis |  |
| /s/ Monica H. Byrd\* | Trustee |
| Monica H. Byrd |  |
| /s/ Pamela Cytron\* | Trustee |
| Pamela Cytron |  |
| /s/ Lawrence Jules\* | Trustee |
| Lawrence Jules |  |
| /s/ Ethan Powell\* | Trustee |
| Ethan Powell |  |
| /s/ Aaron Perkovich | Treasurer, Principal Financial Officer and Principal Accounting Officer |
| Aaron Perkovich |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, Attorney in Fact |
|  | By Power of Attorney |

---

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(vi)(1)](ex99-avi1.htm) | [Investment Advisory Agreement](ex99-avi1.htm) |
| [(a)(vi)(2)](ex99-avi2.htm) | [Memorandum and Articles of Association](ex99-avi2.htm) |
| [(a)(vi)(3)](ex99-avi3.htm) | [Certificate of Incorporation](ex99-avi3.htm) |
| [(a)(vi)(4)](ex99-avi4.htm) | [Tax Undertaking](ex99-avi4.htm) |
| [(a)(vi)(5)](ex99-avi5.htm) | [Form of Private Investment Company Custodian Agreement](ex99-avi5.htm) |
| [(a)(vii)(1)](ex99-avii1.htm) | [Investment Advisory Agreement](ex99-avii1.htm) |
| [(a)(vii)(2)](ex99-avii2.htm) | [Memorandum and Articles of Association](ex99-avii2.htm) |
| [(a)(vii)(3)](ex99-avii3.htm) | [Certificate of Incorporation](ex99-avii3.htm) |
| [(a)(vii)(4)](ex99-avii4.htm) | [Tax Undertaking](ex99-avii4.htm) |
| [(a)(vii)(5)](ex99-avii5.htm) | [Form of Private Investment Company Custodian Agreement](ex99-avii5.htm) |
| [(d)(xiv)(i)](ex99-dxivi.htm) | [First Amendment to Investment Advisory Agreement](ex99-dxivi.htm) |
| [(i)(xxii)](ex99-ixxii.htm) | [Opinion and Consent of Counsel](ex99-ixxii.htm) |
| [(j)](ex99-j.htm) | [Consent of Independent Registered Public Accounting Firm](ex99-j.htm) |

---

## Ex-99.(A)(Vi)(1)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vi)(1)**

INVESTMENT ADVISORY AGREEMENT

Between

DEFIANCE BITCOIN VS GOLD ETF CAYMAN SUBSIDIARY

AND

TIDAL INVESTMENTS LLC

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of February 6, 2026, by and between **Defiance Bitcoin vs Gold ETF Cayman Subsidiary**, an Exempted Company incorporated in the Cayman Islands with limited liability (the "<u>Fund</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>") located at 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204, USA.

BACKGROUND:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Fund is an Exempted Company incorporated in the Cayman Islands with limited liability,
 and will be wholly-owned by its sole investor, **Defiance Bitcoin vs Gold** (the
 " <u>U.S. Fund</u> ") which is a series of Tidal
 Trust III (the
 " <u>Trust</u> "), a Delaware statutory trust, registered with the U.S. Securities
 and Exchange Commission (the " <u>SEC</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Fund is authorized to issue shares of beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Adviser is registered as an investment adviser under the U.S. Investment Advisers Act
 of 1940, as amended (the " <u>Advisers Act</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Fund desires to retain the Adviser to render investment advisory services to the Fund
 in the manner and on the terms and conditions hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This
 Background section is incorporated by reference into and made a part of this Agreement.

**TERMS:**

**NOW, THEREFORE**, in consideration of the mutual promises and consideration contained herein, the receipt and sufficiency of which is acknowledged by each party, intending to be legally bound, agree as follows:

**1. Services of the Adviser.**

1.1 <u>Investment Advisory Services</u>. The Adviser will: (a) provide a program of continuous investment management for the Fund; (b) make investment decisions for the Fund; and (c) place orders to purchase and sell securities and investments for the Fund in accordance with the Fund's investment objectives, policies and limitations as stated in the U.S. Fund's current Prospectus and Statement of Additional Information (the "<u>Registration Statement</u>") as provided to the Adviser, as they may be amended from time to time.

The Adviser further agrees that, in performing its duties hereunder, it will:

(a) with regard to its activities under this Agreement, use reasonable efforts to comply in all material respects with the applicable provisions of the U.S. Investment Company Act of 1940, as amended (the "1940 Act"), the Advisers Act, and all applicable rules and regulations thereunder, the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and all other applicable U.S. federal and state laws and regulations, and with the U.S. Fund's Registration Statement, the provisions of Cayman Island law and any applicable procedures adopted by the Fund's Directors or the Board of Trustees of the Trust, on behalf of the U.S. Fund, as they may be amended from time to time, provided that written copies of such procedures and amendments thereto are provided to the Adviser;

(b) use
 reasonable efforts to manage the Fund's assets in a manner that will not impair
 the U.S. Fund's qualification as a regulated investment company under Subchapter
 M of the Code and regulations issued thereunder; place orders pursuant to its investment
 determinations for the Fund, in accordance with applicable policies expressed in the
 U.S. Fund's Registration Statement or otherwise established through written guidelines
 established by the Fund and provided to the Adviser, including without limitation, Section 1.1.2
 hereof;

(c) furnish
 to the Fund whatever statistical information the Fund may reasonably request with respect
 to the Fund's assets or investments. In addition, the Adviser will keep the Fund
 and the Directors informed of developments that the Adviser reasonably believes will
 materially affect the Fund's portfolio, and shall, on the Adviser's own initiative,
 furnish to the Fund from time to time whatever information the Adviser believes appropriate
 for this purpose;

(d) make
 available to the Fund, promptly upon request, such copies of its investment records and
 ledgers with respect to the Fund as may reasonably be required to assist the Fund in
 its compliance with applicable laws and regulations. The Adviser will furnish the Directors
 and the Fund with such periodic and special reports regarding the Fund as they may reasonably
 request;

(e) provide
 assistance to the Fund or custodian or recordkeeping agent for the Fund in determining
 or confirming, consistent with the procedures and policies stated in the U.S. Fund's
 valuation procedures and/or Registration Statement, the value of any portfolio securities
 or other assets of the Fund for which the Fund, custodian or recordkeeping agent seeks
 assistance from the Adviser or identifies for review by the Adviser;

(f) assist
 the Fund, and any of its Directors, officers, and/or employees in complying with the
 provisions of the Sarbanes-Oxley Act of 2002 to the extent such provisions relate to
 the services to be provided by, and obligations of, the Adviser hereunder;

(g) assist
 the Fund, and accordingly, the U.S. Fund's Chief Compliance Officer (" <u>CCO</u> ")
 in complying with Rule 38a-1 under the 1940 Act. Specifically, the Adviser represents
 and warrants that it shall maintain a compliance program in accordance with the requirements
 of Rule 206(4)-7 under the Advisers Act, and shall provide the CCO with reasonable
 access to information regarding the Adviser's compliance program, which access
 shall include on-site visits with the Adviser as may be reasonably requested from time
 to time. In connection with the periodic review and annual report required to be prepared
 by the CCO pursuant to Rule 38a-1, the Adviser agrees to provide certifications
 as may be reasonably requested by the CCO related to the design and implementation of
 the Adviser's compliance program;

(h) provide
 assistance as may be reasonably requested by the Fund in connection with compliance by
 the Fund with any current or future legal and regulatory requirements related to the
 services provided by the Adviser hereunder;

(i) promptly
 notify the Fund to the extent required by applicable law in the event that the Adviser
 or any of its affiliates: (1) becomes aware that it is subject to a statutory disqualification
 that prevents the Adviser from serving as an investment adviser pursuant to this Agreement;
 or (2) becomes aware that it is the subject of an administrative proceeding or enforcement
 action by the SEC or other regulatory authority. The Adviser further agrees to notify
 the Fund immediately of any material fact known to the Adviser respecting or relating
 to the Adviser that would make any written representation in this Agreement materially
 inaccurate or incomplete or if any such written representation becomes untrue in any
 material respect;

(j) promptly
 notify the Fund if the Adviser suffers a material adverse change in its business that
 would materially impair its ability to perform its relevant duties for the Fund. For
 the purposes of this paragraph, a "material adverse change" shall include,
 but is not limited to, a material loss of assets or accounts under management or the
 departure of senior investment professionals to the extent such professionals are not
 replaced promptly with professionals of comparable experience and quality;

(k) use
 no material non-public information that may be in its possession in making investment
 decisions for the Fund, nor seek to obtain any such information; and

(l) use
 its best judgment and efforts in rendering the advice and services contemplated by this
 Agreement.

1.1.1 <u>Investment Authority</u>. The Adviser's investment authority shall include the authority to purchase and sell securities, options, swaps (including but not limited to interest rate swaps, inflation swaps, swaptions and credit default swaps), financial futures contracts and options thereon, currency transactions, and other derivatives and investment instruments and techniques as may be permitted for use by the Fund and consistent with the Registration Statement.

The Adviser may: (i) open and maintain brokerage accounts for financial futures and options and securities (such accounts hereinafter referred to as "<u>Brokerage Accounts</u>") on behalf of and in the name of the Fund; and (ii) execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Brokerage Accounts as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Fund, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Fund hereby authorizes any entity or person associated with the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 11a2-2(T) thereunder, and the Fund hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

1.1.2 <u>Investment Guidelines</u>. The Fund shall supply the Adviser with such other information as the Adviser shall reasonably request concerning the Fund's investment policies, restrictions, limitations, tax position, liquidity requirements and other information useful in managing the Fund's investments.

1.2 <u>Administrative Services</u>. The Fund has engaged the services of an administrator. The Adviser shall provide such additional administrative services as reasonably requested by the Fund's Directors or officers of the Fund; provided, that the Adviser shall not have any obligation to provide under this Agreement any direct or indirect services to Fund shareholders, any services related to the distribution of Fund shares, or any other services which are the subject of a separate agreement or arrangement between the Fund and the Adviser. Subject to the foregoing, in providing administrative services hereunder, the Adviser shall:

(a) <u>Office Space, Equipment and Facilities</u>. Provide such office space, office equipment and
 office facilities as are adequate to fulfill the Adviser's obligations hereunder;

(b) <u>Personnel</u>.
 Provide, without remuneration from or other cost to the Fund, the services of individuals
 competent to perform the administrative functions which are not performed by employees
 or other agents engaged by the Fund or by the Adviser acting in some other capacity pursuant
 to a separate agreement or arrangement with the Fund;

(c) <u>Agents</u>.
 Assist the Fund in selecting and coordinating the activities of the other agents engaged
 by the Fund, including the Fund's shareholder servicing agent, custodian, administrator,
 independent auditors and legal counsel;

(d) <u>Directors and Officers</u>. Authorize and permit the Adviser's directors, officers and employees
 who may be elected or appointed as Directors or officers of the Fund to serve in such
 capacities, without remuneration from or other cost to the Fund;

(e) <u>Books and Records</u>. Assure that all financial, accounting and other records required to
 be maintained and preserved by the Adviser on behalf of the Fund are maintained and preserved
 by it in accordance with applicable laws and regulations;

(f) <u>Reports and Filings</u>. Assist in the preparation of (but not pay for) all periodic reports
 by the Fund to its shareholders and all reports and filings required to maintain the
 registration and qualification of the Funds and Fund shares, or to meet other regulatory
 or tax requirements applicable to the Fund, under federal and state securities and tax
 laws;

(g) <u>Change in Management or Control</u>. The Adviser shall provide at least sixty (60) days'
 prior written notice to the Fund of any change in the ownership or management of the
 Adviser, or any event or action that may constitute a change in "control,"
 as that term is defined in Section 2 of the 1940 Act. The Adviser shall provide
 prompt notice of any change in the portfolio manager(s) responsible for the day-to-day
 management of the Funds.

**2. Expenses of the Fund.**

During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay, or require a sub-adviser or futures trading advisor to pay, all expenses incurred by the Fund pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability and litigation expenses and other non-routine or extraordinary expenses.

**3. Advisory Fee.**

The Adviser will not receive any compensation for services rendered by the Adviser as investment adviser to the Fund, and is not entitled to any compensation under this Agreement.

**4. Proxy Voting.**

The Adviser will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in a manner that the Adviser deems, in good faith, to be in the best interest of the Fund and in accordance with the Adviser's proxy voting policy. The Adviser agrees to provide a copy of its proxy voting policy to the Fund prior to the execution of this Agreement, and any amendments thereto promptly.

**5. Records and Agent for Service of Process.**

5.1 <u>Tax Treatment</u>. Both the Adviser and the Fund shall maintain, or arrange for others to maintain, the books and records of the Fund in such a manner that treats the Fund as a separate entity for federal income tax purposes.

5.2 <u>Ownership</u>. All records required to be maintained and preserved by the Fund pursuant to the provisions or rules or regulations of the SEC under Section 31(a) of the 1940 Act and maintained and preserved by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered by the Adviser promptly on request by the Fund; provided, that the Adviser may at its own expense make and retain copies of any such records. The Fund, for so long as the U.S. Fund is the sole investor in the Fund, agrees to inspection by the staff of the SEC of the Fund's books and records.

5.3 <u>Agent for Service of Process</u>. The Fund will designate an agent for service of process in the United States.

**6. Reports to Adviser.**

The Fund shall furnish or otherwise make available to the Adviser such copies of the Fund's financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement.

**7. Code of Ethics.**

The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act. Upon request, the Adviser will provide to the Fund's Directors a written report that describes any issues arising under the code of ethics since the last report to the Fund's Directors, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations and which certifies that the Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

**8. Retention of Sub-Adviser and/or Futures Trading Advisor.**

Subject to the approval by the Board of Trustees of the Trust, on behalf of the U.S. Fund, the Adviser may retain one or more sub-advisers or futures trading advisors, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of the Fund. Retention of one or more sub-advisers or futures trading advisors shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 10 of this Agreement, be responsible to the Fund for all acts or omissions of any sub-adviser or futures trading advisor in connection with the performance of the Adviser's duties hereunder.

**9. Services to Other Clients.**

Nothing herein contained shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities.

**10. Limitation of Liability of Adviser and its Personnel.**

Neither the Adviser nor any director, manager, officer or employee of the Adviser performing services for the Fund at the direction or request of the Adviser in connection with the Adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with any matter to which this Agreement relates, and the Adviser shall not be responsible for any action of the Directors of the Fund in following or declining to follow any advice or recommendation of the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement; <u>provided that</u>, nothing herein contained shall be construed (i) to protect the Adviser against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties, or by reason of the Adviser's reckless disregard of its obligations and duties under this Agreement, or (ii) to protect any director, manager, officer or employee of the Adviser who is or was a Director or officer of the Fund against any liability of the Fund or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Fund.

**11. Effect of Agreement.**

Nothing herein contained shall be deemed to require to the Fund to take any action contrary to its Charter Documents or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Directors of the Fund of their responsibility for and control of the conduct of the business and affairs of the Fund.

**12. Term of Agreement.**

The term of this Agreement shall begin as of the date and year upon which the Fund commences investment operations, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to the Fund from year to year, subject to the termination provisions and all other terms and conditions hereof; <u>provided that</u>, such continuance with respect to the Fund is approved at least annually by the Board of Trustees of the Trust, including a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto.

The Adviser shall furnish to the Fund, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

**13. Amendment or Assignment of Agreement.**

Any amendment to this Agreement shall be in writing signed by the parties hereto; <u>provided that</u>, no such amendment shall be effective unless authorized (i) by resolution of the Fund's Directors) and the Board of Trustees of the Trust, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, and (ii) by vote of a majority of the outstanding voting securities of the Fund affected by such amendment as required by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.

**14. Termination of Agreement.**

This Agreement may be terminated as to the Fund at any time by either party hereto, without the payment of any penalty, upon sixty (60) days' prior written notice to the other party. This Agreement shall terminate automatically upon termination of the investment advisory agreement between the Trust and the Adviser, on behalf of the U.S. Fund.

**15. Memorandum and Articles of Association (the "Charter Documents").**

The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Fund's Charter Documents and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the Directors or any individual Director. The Adviser agrees that the Adviser must look solely to the assets of the Fund for the enforcement or satisfaction of any claims against the Fund.

**16. Confidentiality.**

The Adviser agrees to treat all non-public records and other information relating to the Fund and the securities holdings of the Fund as confidential (collectively, "<u>Fund Confidential Information</u>") and shall not disclose any such Fund Confidential Information to any other person unless either (a) permitted by this Agreement or (b) the Board of Directors of the Fund has approved the disclosure. In addition, the Adviser and the Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings. The Adviser agrees that, consistent with the Adviser's Code of Ethics, neither the Adviser nor the Adviser's officers, directors, members or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

The Fund agrees to treat all non-public records and other information relating to the Adviser as confidential (collectively, "<u>Adviser Confidential Information</u>," and together with "Fund Confidential Information," "<u>Confidential Information</u>") and shall not disclose any such Adviser Confidential Information to any other person unless (i) the Adviser has approved the disclosure or (ii) such disclosure is otherwise permitted by this Agreement.

Confidential Information shall not be subject to the above confidentiality obligations to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party; (iii) it is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the Confidential Information provided by the protected party.

Confidential Information may be disclosed by a party without violating its confidentiality obligations under this Agreement to third parties to the limited extent that: (i) release of the information is necessary or appropriate in connection with the provision of services (or receipt of services) contemplated by this Agreement (including services to the Fund); (ii) it is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory authority or agency, law, or binding discovery request in pending litigation (provided the receiving party will provide the disclosing party written notice of such requirement, to the extent such notice is permitted); (iii) it is requested to be disclosed by a governmental or regulatory authority or agency with jurisdiction over the disclosing party; or (iv) it is relevant to any claim or cause of action between the parties or the defense of any claim or cause of action asserted against the receiving party. Confidential Information shared with third parties in accordance with the foregoing sentence shall otherwise remain subject to the confidentiality obligations of this section.

**17. Jurisdiction.**

This Agreement shall be governed by and construed in accordance with the substantive laws of the State of New York without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control.

**18. Interpretation and Definition of Terms.**

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts, or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated person," as used in this Agreement shall have the meanings assigned to them by Section 2(a) of the 1940 Act. To the extent there is any inconsistency between the provisions of this Agreement and the provisions of the 1940 Act, the parties agree that the provisions of the 1940 Act shall prevail. In addition, when the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**19. Captions.**

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

**20.** **Execution in Counterparts.** 

This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

**[Signature Page Follows]**

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

---

| | |
|:---|:---|
| **Defiance Bitcoin vs Gold ETF Cayman Subsidiary** | **Defiance Bitcoin vs Gold ETF Cayman Subsidiary** |
| By: | /s/ Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| **Tidal Investments LLC** | **Tidal Investments LLC** |
| By: | /s/ Jay Pestrichellie |
| Name: | Jay Pestrichellie |
| Title: | Chief Trading Officer |

---

## Ex-99.(A)(Vi)(2)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vi)(2)**

![](ex99avi2001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY**

*Auth Code: G11059379606*

*www.verify.gov.ky*

![](ex99avi2001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY**

1. The name of the Company is Defiance Bitcoin vs Gold Cayman Subsidiary.

2. The registered office of the Company will be at the offices of Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue,
Camana Bay, PO Box 1348, Grand Cayman KY1-1108, Cayman Islands or at such other place as the Directors may from time to time
decide.

3. The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry
out any object not prohibited by law as provided by Section 7(4) of the Companies Act.

4. The Company shall have and be capable of exercising all the functions of a natural person of full capacity irrespective of
any question of corporate benefit as provided by Section 27(2) of the Companies Act.

5. Nothing in the preceding paragraphs shall be deemed to permit the Company to carry on the business of a bank or trust company
without being licensed in that behalf under the provisions of the Banks and Trust Companies Act (as amended) or to carry on
insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent or broker without
being licensed in that behalf under the provisions of the Insurance Act (as amended), or to carry on the business of company
management without being licensed in that behalf under the provisions of the Companies Management Act (as amended).

1 <br> *Auth Code: G11059379606* <br> *www.verify.gov.ky*

![](ex99avi2001.jpg)

6. The
 Company will not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands,
 provided that nothing in this Memorandum of Association shall be construed as to prevent
 the Company from effecting and concluding contracts in the Cayman Islands, and exercising
 in the Cayman Islands all of its powers necessary for the carrying on of business outside
 the Cayman Islands.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 authorised share capital of the Company is US$50,000 divided into 5,000,000 shares of
 US$0.01 par value each, with the power for the Company, insofar as is permitted by law
 and the Articles, to redeem, purchase or redesignate any of its shares and to increase
 or reduce the said share capital subject to the Companies Act (as amended) and the Articles
 and to issue any part of its capital, whether original, redeemed or increased with or
 without any preference, priority or special privilege or subject to any postponement
 of rights or to any conditions or restrictions and so that unless the conditions of issue
 shall otherwise expressly declare every issue of shares whether declared to be preference
 or otherwise shall be subject to the powers hereinbefore contained.

9. The
 Company may exercise the power contained in Section 206 of the Companies Act to deregister
 in the Cayman Islands and be registered by way of continuation in another jurisdiction.

10. Capitalised
 terms that are not defined in this Memorandum bear the meanings given to those terms
 in the Articles.

2 <br> *Auth Code: G11059379606* <br> *www.verify.gov.ky*

![](ex99avi2001.jpg)

We, the subscriber to this Memorandum, wish to form a company limited by shares pursuant to this Memorandum, and we agree to take the number of shares in the capital of the Company shown opposite our name.

---

| | |
|:---|:---|
| Name and address of Subscriber | Number of shares taken |
| Mourant Nominees (Cayman) Limited <br> 94 Solaris Avenue <br> Camana Bay<br> PO Box 1348<br> Grand Cayman KY1-1108<br> CAYMAN ISLANDS | One |
|  | Mourant Nominees (Cayman) Limited acting by: |
|  | ![](ex99avi2002.jpg) |
|  | Name: Ana Casildo |
|  | Title: Authorised Signatory |
|  | Witness to the above signature: |
|  | ![](ex99avi2003.jpg) |
|  | Name: Kimberly Turner |
|  | Address:<br> 94 Solaris Avenue<br> Camana Bay<br> PO Box 1348<br> Grand Cayman KY1-1108<br> CAYMAN ISLANDS<br> Occupation: Administrator/Secretary |

---

Date: 5 February 2026

3 <br> *Auth Code: G11059379606* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex99avi2004.jpg) | ![](ex99avi2001.jpg) |

---

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY**

i <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

![](ex99avi2001.jpg)

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **ARTICLE** | **PAGE** |
| TABLE A | 1 |
| DEFINITIONS AND INTERPRETATION | 1 |
| COMMENCEMENT OF BUSINESS | 3 |
| SITUATION OF REGISTERED OFFICE | 3 |
| SHARES | 3 |
| REDEMPTION, PURCHASE AND SURRENDER OF SHARES | 4 |
| TREASURY SHARES | 5 |
| MODIFICATION OF RIGHTS | 5 |
| SHARE CERTIFICATES | 6 |
| TRANSFER AND TRANSMISSION OF SHARES | 6 |
| LIEN | 7 |
| CALL ON SHARES | 8 |
| FORFEITURE OF SHARES | 8 |
| ALTERATION OF SHARE CAPITAL | 9 |
| GENERAL MEETINGS | 10 |
| NOTICE OF GENERAL MEETINGS | 10 |
| PROCEEDINGS AT GENERAL MEETINGS | 10 |
| VOTES OF SHAREHOLDERS | 12 |
| WRITTEN RESOLUTIONS OF SHAREHOLDERS | 13 |
| DIRECTORS | 13 |
| TRANSACTIONS WITH DIRECTORS | 15 |
| POWERS OF DIRECTORS | 15 |
| PROCEEDINGS OF DIRECTORS | 16 |
| WRITTEN RESOLUTIONS OF DIRECTORS | 17 |
| PRESUMPTION OF ASSENT | 17 |
| BORROWING POWERS | 18 |
| SECRETARY | 18 |
| THE SEAL | 18 |
| DIVIDENDS, DISTRIBUTIONS AND RESERVES | 18 |
| SHARE PREMIUM ACCOUNT | 19 |
| ACCOUNTS | 19 |
| AUDIT | 20 |
| NOTICES | 20 |
| WINDING UP AND FINAL DISTRIBUTION OF ASSETS | 21 |
| INDEMNITY | 21 |
| DISCLOSURE | 21 |
| CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE | 22 |
| REGISTRATION BY WAY OF CONTINUATION | 22 |
| FINANCIAL YEAR | 22 |
| AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION | 22 |
| CAYMAN ISLANDS DATA PROTECTION | 22 |

---

ii <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

![](ex99avi2001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY**

**TABLE A**

1. In
 these Articles, the regulations contained in Table A in the First Schedule to the Companies
 Act (as defined below) do not apply except insofar as they are repeated or contained
 in these Articles.

**DEFINITIONS AND INTERPRETATION**

2. In
 these Articles, the following words and expressions shall have the meanings set out below
 save where the context otherwise requires:

---

| | |
|:---|:---|
| **Articles** | these Articles of Association of the Company, as amended from time to time by Special Resolution; |

---

---

| | |
|:---|:---|
| **Auditors** | the auditor or auditors for the time being of the Company; |

---

---

| | |
|:---|:---|
| **Board of Directors** | the Directors assembled as a board or assembled as a committee appointed by that board; |

---

---

| | |
|:---|:---|
| **Companies Act** | the Companies Act (as amended); |

---

---

| | |
|:---|:---|
| **Company** | the above-named company; |

---

---

| | |
|:---|:---|
| **Directors** | the directors of the Company for the time being; |

---

---

| | |
|:---|:---|
| **Electronic Record** | has the same meaning as in the Electronic Transactions Act; |

---

---

| | |
|:---|:---|
| **Electronic **Transactions Act** | the Electronic Transactions Act (as amended); |

---

---

| | |
|:---|:---|
| **Memorandum** | the Memorandum of Association of the Company, as amended and restated from time to time by Special Resolution; |

---

1 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

![](ex99avi2001.jpg)

---

| | |
|:---|:---|
| **Ordinary Resolution** | a resolution passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy, at a general meeting, and includes a unanimous written resolution; |

---

---

| | |
|:---|:---|
| **paid up** | paid up as to the par value and any premium payable in respect of the issue of any Shares and includes credited as paid up; |

---

---

| | |
|:---|:---|
| **person** | any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having separate legal personality) or any of them as the context so requires; |

---

---

| | |
|:---|:---|
| **Register of Members** | the register of Shareholders to be kept pursuant to these Articles; |
| **Registered Office** | the registered office of the Company for the time being; |
| **Seal** | the common seal of the Company including any duplicate seal; |
| **Secretary** | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; |
| **Share** | a share in the capital of the Company of any class including a fraction of such share; |
| **Shareholder** | any person registered in the Register of Members as the holder of Shares of the Company and, where two or more persons are so registered as the joint holders of such Shares, the person whose name stands first in the Register of Members as one of such joint holders; |
| **Share Premium Account** | the share premium account established in accordance with these Articles and the Companies Act; |
| **signed** | includes an electronic signature and a signature or representation of a signature affixed by mechanical means; |
| **Special Resolution** | has the same meaning as in the Companies Act, and includes a unanimous written resolution; and |
| **Treasury Shares** | Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled. |

---

3. In
 these Articles, unless there be something in the subject or context inconsistent with
 such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender shall include other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons only shall include companies, partnerships, trusts or associations
 or bodies of persons, whether corporate or not;

2 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

![](ex99avi2001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 word "year" shall mean calendar year, the word "quarter" shall mean
 calendar quarter and the word "month" shall mean calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to a "dollar" or "$" is a reference to the legal currency
 of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to any enactment includes a reference to any modification or re-enactment thereof
 for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to any meeting (whether of the Directors, a committee appointed by the Board
 of Directors or the Shareholders or any class of Shareholders) includes any adjournment
 of that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sections
 8 and 19 of the Electronic Transactions Act shall not apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 reference to "written" or "in writing" includes a reference to all
 modes of representing or reproducing words in visible form, including in the form of
 an Electronic Record.

4. Subject
 to the two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
 with the subject or context, bear the same meaning in these Articles.

5. The
 table of contents to, and the headings in, these Articles are for convenience of reference
 only and are to be ignored in construing these Articles.

**COMMENCEMENT OF BUSINESS**

6. The
 business of the Company may be commenced as soon after incorporation as the Board of
 Directors shall see fit.

**SITUATION OF REGISTERED OFFICE**

7. The
 Registered Office shall be at such address in the Cayman Islands as the Directors shall
 from time to time determine. The Company, in addition to the Registered Office, may establish
 and maintain such other offices and places of business and agencies in such places as
 the Directors may from time to time determine.

**SHARES**

8. The
 Directors may impose such restrictions as they think necessary on the offer and sale
 of any Shares.

9. Subject
 to these Articles, all Shares for the time being unissued shall be under the control
 of the Directors who may issue, allot and dispose of or grant options over the same and
 issue warrants or similar instruments with respect thereto to such persons, on such terms,
 and with or without preferred, deferred or other rights and restrictions, whether in
 regard to dividend, voting, return of capital or otherwise, and otherwise in such manner
 as they may think fit. For such purposes, the Directors may reserve an appropriate number
 of Shares for the time being unissued.

10. Subject
 to the Companies Act, and without prejudice to any rights previously conferred on the
 holders of existing Shares, any share or fraction of a share in the Company's share capital
 may be issued either at a premium or at par, and with such preferred, deferred, other
 special rights, or restrictions, whether in regard to dividend, voting, return of share
 capital or otherwise, as the Board of Directors may from time to time by resolution determine,
 and any share may be issued by the Directors on the terms that it is, or at the option
 of the Directors is liable, to be redeemed
or purchased by the Company whether out of capital in whole or in part or otherwise. No Share may be issued at a discount except
in accordance with the Companies Act.

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11. The
 Directors may in their absolute discretion refuse to accept any application for Shares
 and may accept any application in whole or in part.

12. The
 Company may on any issue of Shares deduct any sales charge or subscription fee from the
 amount subscribed for the Shares.

13. No
 person shall be recognised by the Company as holding any Share upon any trust, and the
 Company shall not be bound by or recognise (even when having notice thereof) any equitable,
 contingent, future or partial interest in any Share, or (except as otherwise provided
 by these Articles or as required by law) any other right in respect of any Share except
 an absolute right thereto in the registered holder, provided that, notwithstanding the
 foregoing, the Company shall be entitled to recognise any such interests as shall be
 determined by the Directors.

14. The
 Directors shall keep or cause to be kept a Register of Members as required by the Companies
 Act at such place or places as the Directors may from time to time determine. In the
 absence of any such determination, the Register of Members shall be kept at the Registered
 Office.

15. The
 Directors in each year shall prepare or cause to be prepared an annual return and declaration
 setting forth the particulars required by the Companies Act in respect of exempted companies
 and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

16. The
 Company shall not issue Shares to bearer.

17. The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall
 be subject to and carry the corresponding fraction of liabilities (whether with respect
 to nominal or par value, premium, calls or otherwise howsoever), limitations, preferences,
 privileges, qualifications, restrictions, rights (including, without prejudice to the
 foregoing generality, voting and participation rights) and other attributes of a Share.
 If more than one fraction of a Share is issued to or acquired by the same Shareholder,
 such fractions shall be accumulated.

18. The
 premium arising on all issues of Shares shall be held in the Share Premium Account established
 in accordance with these Articles.

19. Payment
 for Shares shall be made at such time and place and to such person on behalf of the Company
 as the Directors may from time to time determine. Payment for any Shares shall be made
 in such currency as the Directors may determine from time to time, provided that the
 Directors shall have the discretion to accept payment in any other currency or in kind
 or a combination of cash and in kind.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

20. Subject
 to the Companies Act, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option
 of the Company and/or the Shareholder on such terms and in such manner as the Directors
 may, before the issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner as
 the Directors may determine and agree with the Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of Shares in any manner authorised
 by the Companies Act, including out of its capital, profits or the proceeds of a fresh
 issue of Shares.

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21. Unless
 the Directors determine otherwise, any Share in respect of which notice of redemption
 has been given shall not be entitled to participate in the profits of the Company in
 respect of the period after the date specified as the date of redemption in the notice
 of redemption.

22. The
 redemption or purchase of any Share shall not be deemed to give rise to the redemption
 or purchase of any other Share.

23. The
 Directors may when making payments in respect of a redemption or purchase of Shares,
 if authorised by the terms of issue of the Shares being redeemed or purchased or with
 the agreement of the holder of such Shares, make such payment either in cash or in specie.

24. Subject
 to the Companies Act, the Company may accept the surrender for no consideration of any
 fully paid Share (including any redeemable Share) on such terms and in such manner as
 the Directors may determine.

**TREASURY SHARES**

25. Shares
 that the Company purchases, redeems or acquires (by way of surrender or otherwise) may,
 at the option of the Company, be cancelled immediately or held as Treasury Shares in
 accordance with the Companies Act. In the event that the Directors do not specify that
 the relevant Shares are to be held as Treasury Shares, such Shares shall be cancelled.

26. No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Shareholders on a winding
 up) may be declared or paid in respect of a Treasury Share.

27. The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares,
 provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Shareholder for any purpose and shall not exercise
 any right in respect of the Treasury Shares, and any purported exercise of such a right
 shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given
 time, whether for the purposes of these Articles or the Companies Act, save that an allotment
 of Shares as fully paid bonus shares in respect of Treasury Shares is permitted and Shares
 allotted as fully paid bonus shares in respect of Treasury Shares shall be treated as
 Treasury Shares.

28. Treasury
 Shares may be disposed of by the Company on any terms and conditions determined by the
 Directors.

**MODIFICATION OF RIGHTS**

29. If
 at any time the share capital of the Company is divided into different classes of Shares,
 the rights attached to any class (unless otherwise provided by the terms of issue of
 the Shares of that class) may, whether or not the Company is being wound up, be varied
 or abrogated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by,
 or with the approval of, the Directors without the consent of the holders of the Shares
 of that class if the Directors determine that the variation or abrogation is not materially
 adverse to the interests of those Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise
 only with the consent in writing of the holders of at least two-thirds of the issued
 Shares of that class or with the sanction of a resolution passed by a majority of at
least two-thirds of the votes cast at a separate meeting of the holders of the Shares of that class (subject to any rights or
restrictions attached to those Shares).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. The
 provisions of these Articles relating to general meetings shall apply, *mutatis mutandis*,
 to every class meeting of the holders of one class of Shares, except that the necessary
 quorum shall be one or more Shareholders holding or representing by proxy at least twenty
 (20) per cent in par value of the issued Shares of that class and that any holder of
 Shares of that class present in person or by proxy may demand a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. For
 the purposes of Articles 29 and 30, the Directors may treat all classes of Shares, or
 any two classes of Shares, as forming a single class if they consider that each class
 would be affected in the same way by the proposal or proposals under consideration. In
 any other case, the Directors shall treat all classes of Shares, or any two classes of
 Shares, as separate classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. The
 rights of the holders of the Shares of any class shall not, where those Shares were issued
 with preferred or other rights, be deemed to be materially adversely varied or abrogated
 by the creation or issue of further Shares ranking equally with those Shares or the redemption
 or purchase of Shares of any other class by the Company (subject to any rights or restrictions
 attached to those Shares).

**SHARE CERTIFICATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. The
 Shares will be issued in fully registered, book-entry form. Certificates will not be
 issued unless the Directors determine otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. If
 a share certificate is defaced, lost or destroyed it may be renewed on payment of such
 fee, if any, and on such terms if any, as to evidence and obligations to indemnify the
 Company as the Board of Directors may determine.

**TRANSFER AND TRANSMISSION OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. No
 transfer of Shares shall be permitted without the consent of the Directors, which may
 be withheld for any or no reason but may include any transfer which in the opinion of
 the Directors is not or may not be consistent with any representation or warranty that
 the transferor of the Shares may have given to the Company, may result in Shares being
 held by any person in breach of the laws of any country or government authority, or may
 subject the Company or Shareholders to adverse tax or regulatory consequences under the
 laws of any country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. All
 transfers of Shares shall be effected by an instrument of transfer in writing in any
 usual or common form in use in the Cayman Islands or in any other form approved by the
 Directors and need not be under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. The
 instrument of transfer must be executed by or on behalf of the transferor. The instrument
 of transfer must be accompanied by such evidence as the Directors may reasonably require
 to show the right of the transferor to make the transfer and the transferor is deemed
 to remain the holder until the transferee's name is entered in the Register of
 Members. The instrument of transfer must be completed and signed in the exact name or
 names in which such Shares are registered, indicating any special capacity in which it
 is being signed with relevant details supplied to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. The
 Directors shall not recognise any transfer of Shares unless the instrument of transfer
 is deposited at the Registered Office or such other place as the Directors may reasonably
 require for the Shares to which it relates, together with such other evidence as the
 Directors may reasonably require to show the right of the transferor to make the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. The
 registration and transfer of Shares may be suspended at such times and for such periods
 as the Directors may from time to time determine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. All
 instruments of transfer which are registered shall be retained by the Company, but any
 instrument of transfer which the Directors may decline to register shall (except in any
 case of fraud) be returned to the person depositing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. In
 case of the death of a Shareholder, the survivors or survivor (where the deceased was
 a joint holder) and the executors or administrators of the deceased where the deceased
 was the sole or only surviving holder, shall be the only persons recognised by the Company
 as having title to the deceased's interest in the Shares, but nothing in this Article
 shall release the estate of the deceased holder whether sole or joint from any liability
 in respect of any Share solely or jointly held by the deceased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Any
 guardian of an infant Shareholder and any curator or other legal representative of a
 Shareholder under legal disability and any person entitled to a share in consequence
 of the death or bankruptcy of a Shareholder shall, upon producing such evidence of title
 as the Directors may require, have the right either to be registered as the holder of
 the Share or to make such transfer thereof as the deceased or bankrupt Shareholder could
 have made, but the Directors shall in either case have the same right to refuse or suspend
 registration as they would have had in the case of a transfer of the Shares by the infant
 or by the deceased or bankrupt Shareholder before the death or bankruptcy or by the Shareholder
 under legal disability before such disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. A
 person so becoming entitled to a Share in consequence of the death or bankruptcy of a
 Shareholder shall have the right to receive and may give a discharge for all dividends
 and other money payable or other advantages due on or in respect of the Share, but such
 person shall not be entitled to receive notice of or to attend or vote at meetings of
 the Company, or save as aforesaid, to any of the rights or privileges of a Shareholder
 unless and until such person shall be registered as a Shareholder in respect of the Share,
 provided always that the Directors may at any time give notice requiring any such person
 to elect either to be registered or to transfer the Share and if the notice is not complied
 with within ninety (90) days the Directors may thereafter withhold all dividends or other
 monies payable or other advantages due in respect of the Share until the requirements
 of the notice have been complied with.

**LIEN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. The
 Company shall have a first and paramount lien on all Shares (whether fully paid-up or
 not) registered in the name of a Shareholder (whether solely or jointly with others)
 for all debts, liabilities or engagements to or with the Company (whether presently payable
 or not) by such Shareholder or the Shareholder's estate, either alone or jointly with
 any other person, whether a Shareholder or not, but the Directors may at any time declare
 any Share to be wholly or in part exempt from the provisions of this Article. The registration
 of a transfer of any such Share shall operate as a waiver of the Company's lien thereon.
 The Company's lien on a Share shall also extend to any amount payable in respect of that
 Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. The
 Company may sell, in such manner as the Directors think fit, any Shares on which the
 Company has a lien, if a sum in respect of which the lien exists is presently payable,
 and is not paid within fourteen (14) clear days after notice has been given to the holder
 of the Shares, or to the person entitled to it in consequence of the death or bankruptcy
 of the holder, demanding payment and stating that if the notice is not complied with
 the Shares may be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. To
 give effect to any such sale the Directors may authorise any person to execute an instrument
 of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
 The purchaser or the purchaser's nominee shall be registered as the holder of the Shares
 comprised in any such transfer, and the purchaser shall not be bound to see to the application
 of the purchase money, nor shall the purchaser's title to the Shares be affected by any
 irregularity or invalidity in the sale or the exercise of the Company's power of sale
 under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. The
 net proceeds of such sale, after payment of costs, shall be applied in payment of such
 part of the amount in respect of which the lien exists as is presently payable and any
 residue shall (subject
to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the
Shares at the date of the sale.

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**CALL ON SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Subject
 to the terms of the allotment the Directors may from time to time make calls upon the
 Shareholders in respect of any monies unpaid on their Shares (whether in respect of par
 value or premium), and each Shareholder shall (subject to receiving at least fourteen
 (14) days' notice specifying the time or times of payment) pay to the Company at the
 time or times so specified the amount called on the Shares. A call may be revoked or
 postponed as the Directors may determine. A call may be required to be paid by instalments.
 A person upon whom a call is made shall remain liable for calls made upon them notwithstanding
 the subsequent transfer of the Shares in respect of which the call was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. A
 call shall be deemed to have been made at the time when the resolution of the Directors
 authorising such call was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. The
 joint holders of a Share shall be jointly and severally liable to pay all calls in respect
 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. If
 a call remains unpaid after it has become due and payable, the person from whom it is
 due shall pay interest on the amount unpaid from the day it became due and payable until
 it is paid at such rate as the Directors may determine, but the Directors may waive payment
 of the interest wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. An
 amount payable in respect of a Share on allotment or at any fixed date, whether on account
 of the par value of the Share or premium or otherwise, shall be deemed to be a call and
 if it is not paid all the provisions of these Articles shall apply as if that amount
 had become due and payable by virtue of a call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. The
 Directors may issue Shares with different terms as to the amount and times of payment
 of calls, or the interest to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. The
 Directors may, if they think fit, receive an amount from any Shareholder willing to advance
 all or any part of the monies uncalled and unpaid upon any Shares held by such Shareholder,
 and may (until the amount would otherwise become payable) pay interest at such rate as
 may be agreed upon between the Directors and the Shareholder paying such amount in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. No
 such amount paid in advance of calls shall entitle the Shareholder paying such amount
 to any portion of a dividend declared in respect of any period prior to the date upon
 which such amount would, but for such payment, become payable.

**FORFEITURE OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. If
 a call remains unpaid after it has become due and payable the Directors may give to the
 person from whom it is due not less than fourteen (14) clear days' notice requiring payment
 of the amount unpaid together with any interest which may have accrued. The notice shall
 specify where payment is to be made and shall state that if the notice is not complied
 with the Shares in respect of which the call was made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. If
 the notice is not complied with any Share in respect of which it was given may, before
 the payment required by the notice has been made, be forfeited by a resolution of the
 Directors. Such forfeiture shall include all dividends or other monies declared payable
 in respect of the forfeited Share and not paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in
 such manner as the Directors think fit and at any time before a sale, re-allotment or
 disposition the forfeiture may be cancelled on such terms as the Directors think fit.
 Where for the purposes of its
disposal a forfeited Share is to be transferred to any person the Directors may authorise some person to execute an instrument
of transfer of the Share in favour of that person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. A
 person any of whose Shares have been forfeited shall cease to be a Shareholder in respect
 of them and shall surrender to the Company for cancellation the certificate for the Shares
 forfeited and shall remain liable to pay to the Company all monies which at the date
 of forfeiture were payable by such person to the Company in respect of those Shares together
 with interest, but such person's liability shall cease if and when the Company shall
 have received payment in full of all monies due and payable by such person in respect
 of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. A
 certificate in writing under the hand of one Director or officer of the Company that
 a Share has been forfeited on a specified date shall be conclusive evidence of the fact
 as against all persons claiming to be entitled to the Share. The certificate shall (subject
 to the execution of any instrument of transfer) constitute a good title to the Share
 and the person to whom the Share is disposed of shall not be bound to see to the application
 of the purchase money, if any, nor shall such person's title to the Share be affected
 by any irregularity or invalidity in the proceedings in reference to the forfeiture,
 sale or disposal of the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. The
 provisions of these Articles as to forfeiture shall apply in the case of non-payment
 of any sum which, by the terms of issue of a Share, becomes payable at a fixed time,
 whether on account of the par value of the Share or by way of premium as if it had been
 payable by virtue of a call duly made and notified.

**ALTERATION OF SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. The
 Company may from time to time by Ordinary Resolution increase its share capital by such
 sum to be divided into Shares of such amounts as the resolution shall prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. All
 new Shares shall be subject to the provisions of these Articles with reference to transfer,
 transmission and otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Subject
 to the Companies Act, the Company may by Special Resolution from time to time reduce
 its share capital in any way, and in particular, without prejudice to the generality
 of the foregoing power, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel
 any paid-up share capital which is lost, or which is not represented by available assets;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay
 off any paid-up share capital which is in excess of the requirements of the Company,

and may, if and so far as is necessary, alter the Memorandum by reducing the amounts of its share capital and of its Shares accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. The
 Company may from time to time by Ordinary Resolution alter (without reducing) its share
 capital by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidating
 and dividing all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sub-dividing
 its Shares, or any of them, into Shares of smaller amount than that fixed by the Memorandum
 so, however, that in the sub-division the proportion between the amount paid and the
 amount, if any, unpaid on each reduced Share shall be the same as it was in the case
 of the Share from which the reduced Share is derived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancelling
 any Shares which, at the date of the passing of the Ordinary Resolution, have not been
 taken, or agreed to be taken by any person, and diminishing the amount of its authorised
 share capital by the amount of the Shares so cancelled.

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**GENERAL MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. The
 Directors may proceed to convene a general meeting whenever they think fit, including,
 without limitation, for the purposes of considering a liquidation of the Company, and
 they shall convene a general meeting on the requisition of the Shareholders holding at
 the date of the deposit of the requisition not less than one-half of such of the paid-up
 capital of the Company as at the date of the deposit carries the right of voting at general
 meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. The
 requisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 be in writing and state the objects of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must
 be signed by each requisitionist and deposited at the Registered Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may
 consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. If
 the Directors do not within ten (10) days from the date of the deposit of the requisition
 duly proceed to convene a general meeting, the requisitionists, or any of them representing
 more than one-half of the total voting rights of all of them, may themselves convene
 a general meeting, but any meeting so convened shall not be held after the expiration
 of three months after the expiration of the said ten (10) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. A
 general meeting convened as aforesaid by requisitionists shall be convened in the same
 manner as nearly as possible as that in which general meetings are convened by the Directors.
 A general meeting may be convened in the Cayman Islands or at such other location, as
 the Directors think fit.

**NOTICE OF GENERAL MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Five
 (5) calendar days' notice at least specifying the place, the day and the hour of any
 general meeting and the general nature of the business to be conducted at the general
 meeting, shall be given in the manner hereinafter mentioned to such persons as are under
 these Articles or the conditions of issue of the Shares held by them entitled to receive
 notices from the Company. If the Directors determine that prompt Shareholder action is
 advisable, they may shorten the notice period for any general meeting to such period
 as the Directors consider reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. A
 general meeting shall, notwithstanding that it is called by shorter notice than that
 specified in the preceding Article, be deemed to have been duly called with regard to
 the length of notice if it is so agreed by all the Shareholders entitled to attend and
 vote thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. In
 every notice calling a general meeting, there shall appear with reasonable prominence
 a statement that a Shareholder entitled to attend and vote either (i) is entitled to
 appoint one or more proxies to attend such meeting and vote instead of such Shareholder
 and that a proxy need not also be a Shareholder or (ii) has appointed a proxy who, unless
 such appointment is revoked, will attend such meeting and vote on behalf of such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. The
 accidental omission to give notice to, or the non-receipt of notice by, any person entitled
 to receive notice shall not invalidate the proceedings at any general meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. No
 business shall be transacted at any general meeting unless a quorum is present. Save
 as otherwise provided in these Articles a quorum shall be the presence, in person or
 by proxy, of one or more persons holding at least twenty (20) per cent in par value of
 the issued Shares which confer the right to attend and vote thereat.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Save
 as otherwise provided for in these Articles, if within half an hour from the time appointed
 for the meeting a quorum is not present, the meeting, if convened on the requisition
 of or by Shareholders, shall be dissolved. In any other case it shall stand adjourned
 to the same day in the next week, at the same time and place or to such other day and
 at such other time and place as the Directors may determine and if at such adjourned
 meeting a quorum is not present within fifteen (15) minutes from the time appointed for
 holding the meeting, the Shareholders present shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. A
 person may, with the consent of the Directors, participate at a general meeting by means
 of telephone, video or similar communication equipment by way of which all persons participating
 in such meeting can hear each other and such participation shall be deemed to constitute
 presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. The
 Chairperson (if any) or, if absent, the Deputy Chairperson (if any) of the Board of Directors,
 or, failing them, some other Director nominated by the Directors shall preside as Chairperson
 at every general meeting, but if at any meeting neither the Chairperson nor the Deputy
 Chairperson nor such other Director be present within fifteen (15) minutes after the
 time appointed for holding the meeting, or if neither of them be willing to act as Chairperson,
 the Directors present shall choose some Director present to be Chairperson or if no Directors
 be present, or if all the Directors present decline to take the chair, the Shareholders
 present shall choose some Shareholder present to be Chairperson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. The
 Chairperson may with the consent of any meeting at which a quorum is present (and shall
 if so directed by the meeting) adjourn the meeting from time to time and from place to
 place but no business shall be transacted at any adjourned meeting except business which
 might lawfully have been transacted at the meeting from which the adjournment took place.
 When a meeting is adjourned for fourteen (14) days or more, five (5) calendar days' notice
 at the least specifying the place, the day and the hour of the adjourned meeting shall
 be given as in the case of the original meeting but it shall not be necessary to specify
 in such notice the nature of the business to be transacted at the adjourned meeting.
 Save as aforesaid, it shall not be necessary to give any notice of an adjournment or
 of the business to be transacted at an adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. The
 Directors may cancel or postpone any duly convened general meeting at any time prior
 to such meeting, except for general meetings requisitioned by the Shareholders in accordance
 with these Articles, for any reason or for no reason, upon notice in writing to Shareholders.
 A postponement may be for a stated period of any length or indefinitely as the Directors
 may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. At
 any general meeting, a resolution put to the vote of the meeting shall be decided on
 a show of hands unless a poll is, before or on the declaration of the result of the show
 of hands, demanded by the Chairperson or any Shareholder or Shareholders present in person
 or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Unless
 a poll be so demanded, a declaration by the Chairperson that a resolution has on a show
 of hands been carried, or carried unanimously, or by a particular majority, or lost,
 and an entry to that effect made in the Company's minute book containing the minutes
 of the proceedings of the meeting, shall be conclusive evidence of the fact without proof
 of the number or the proportion of the votes recorded in favour of or against such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. If
 a poll is duly demanded it shall be taken in such manner and at such place as the Chairperson
 may direct (including the use of a ballot or voting papers, or tickets) and the result
 of a poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
 The Chairperson may, in the event of a poll, appoint scrutineers and may adjourn the
 meeting to some place and time fixed by the Chairperson for the purpose of declaring
 the result of the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. In
 the case of an equality of votes, whether on a show of hands or on a poll, the Chairperson
 of the meeting at which the show of hands or at which the poll is taken, shall not be
 entitled to a second or casting vote.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. A
 poll demanded on the election of a Chairperson and a poll demanded on a question of adjournment
 shall be taken forthwith. A poll demanded on any other question shall be taken at such
 time and place as the Chairperson directs not being more than ten (10) days from the
 date of the meeting or adjourned meeting at which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. The
 demand for a poll shall not prevent the continuance of a meeting for the transaction
 of any business other than the question on which the poll has been demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. A
 demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately.

**VOTES OF SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. On
 a show of hands every holder of Shares present and entitled to vote thereon shall have
 one vote. On a poll every holder of Shares, present in person or by proxy and entitled
 to vote thereon, shall be entitled to one vote in respect of each Share held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. In
 the case of joint holders of a Share, the vote of the senior holder who tenders a vote,
 whether in person or by proxy, shall be accepted to the exclusion of the votes of the
 other joint holders, and for this purpose seniority shall be determined by the order
 in which the names stand in the Register of Members in respect of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. A
 Shareholder who has appointed special or general attorneys or a Shareholder who is subject
 to a disability may vote on a poll, by such Shareholder's attorney, committee, receiver,
 curator bonis or other person in the nature of a committee, receiver, or curator bonis
 appointed by a court and such attorney, committee, receiver, curator bonis or other person
 may on a poll vote by proxy; provided that such evidence as the Directors may require
 of the authority of the person claiming to vote shall, unless otherwise waived by the
 Directors, have been deposited at the Registered Office not less than forty-eight (48)
 hours before the time for holding the meeting or adjourned meeting at which such person
 claims to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. No
 objection shall be raised to the qualification of any voter except at the meeting or
 adjourned meeting at which the vote objected to is given or tendered, and every vote
 not disallowed at such meeting shall be valid for all purposes. Any such objection made
 in due time shall be referred to the Chairperson of the meeting, whose decision shall
 be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. On
 a poll votes may be given either personally or by proxy and a Shareholder entitled to
 more than one vote need not, if the Shareholder votes, use all their votes or cast all
 the votes the Shareholder uses in the same way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. The
 instrument appointing a proxy shall be in writing under the hand of the appointor or
 of the appointor's attorney duly authorised in writing, or if the appointor is a corporation,
 either under its common seal or under the hand of an officer or attorney so authorised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Any
 person (whether a Shareholder or not) may be appointed to act as a proxy. A Shareholder
 may appoint more than one proxy to attend on the same occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. The
 instrument appointing a proxy and the power of attorney or other authority (if any) under
 which it is signed, or a certified copy of such power or authority, must be deposited
 at the Registered Office, or at such other place as is specified for that purpose in
 the notice of meeting or in the instrument of proxy issued by the Company, no later than
 the time appointed for holding the meeting or adjourned meeting; provided that the Chairperson
 of the meeting may in the Chairperson's discretion accept an instrument of proxy sent
 by fax, email or other electronic means.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. An
 instrument of proxy shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 in any common form or in such other form as the Directors may approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 deemed to confer authority to demand or join in demanding a poll and to vote on any amendment
 of a resolution put to the general meeting for which it is given as the proxy thinks
 fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to its terms, be valid for any adjournment of the general meeting for which it is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. The
 Directors may at the expense of the Company send to the Shareholders instruments of proxy
 (with or without prepaid postage for their return) for use at any general meeting, either
 in blank or nominating in the alternative any one or more of the Directors or any other
 persons. If for the purpose of any meeting invitations to appoint as proxy a person or
 one of a number of persons specified in the invitations are issued at the expense of
 the Company, such invitations shall be issued to all (and not to some only) of the Shareholders
 entitled to be sent a notice of the meeting and to vote thereat by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. A
 vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the death or insanity of the principal or the revocation of the instrument of proxy,
 or of the authority under which the instrument of proxy was executed, provided that no
 intimation in writing of such death, insanity, revocation or transfer shall have been
 received by the Company at the Registered Office before commencement of the meeting or
 adjourned meeting at which the instrument of proxy is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Anything
 which under these Articles a Shareholder may do by proxy that Shareholder may also do
 by a duly appointed attorney. The provisions of these Articles relating to proxies and
 instruments appointing proxies apply, *mutatis mutandis*, to any such attorney and
 the instrument appointing that attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Any
 Shareholder which is a corporation or partnership may, by a resolution of its directors
 or other governing body, authorise such person as it thinks fit to act as its representative
 at any meeting or meetings of the Company. The person so authorised shall be entitled
 to exercise the same powers on behalf of such corporation or partnership as the corporation
 or partnership could exercise if it were a Shareholder who was an individual and such
 corporation or partnership shall for the purposes of these Articles be deemed to be present
 in person at any such meeting if a person so authorised is present.

**WRITTEN RESOLUTIONS OF SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. A
 resolution in writing signed by all the Shareholders for the time being entitled to receive
 notice of, attend and vote at a general meeting shall be as valid and effective as a
 resolution passed at a general meeting duly convened and held and may consist of several
 documents in the like form each signed by one or more of the Shareholders.

**DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Unless
 otherwise determined by the Company by Ordinary Resolution, the minimum number of Directors
 shall be one and the maximum number of Directors shall be unlimited. The first Director(s)
 shall be determined in writing by, or appointed by a resolution of, the subscriber(s)
 to the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. A
 Director need not be a Shareholder but shall be entitled to receive notice of and attend
 all general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. The
 Company may, by Ordinary Resolution, appoint any person to be a Director and may in like
 manner remove any Director and may appoint another person in the Director's stead. Without
 prejudice to the power of the Company by Ordinary Resolution to appoint a person to be
 a Director, the Board of Directors, so long as a quorum of Directors remains in office,
 shall have the
power at any time and from time to time to appoint any person to be a Director so as to fill a casual vacancy or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Each
 Director shall be entitled to such remuneration as approved by the Board of Directors
 and this may be in addition to such remuneration as may be payable under any other Article.
 Such remuneration shall be deemed to accrue from day to day. The Directors and the Secretary
 may also be paid all travelling, hotel and other expenses properly incurred by them in
 attending and returning from meetings of the Directors or any committee of the Directors
 or general meetings or in connection with the business of the Company. The Directors
 may, in addition to such remuneration as aforesaid, grant special remuneration to any
 Director who, being called upon, shall perform any special or extra services to or at
 the request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Each
 Director shall have the power to nominate another Director or any other person to act
 as alternate Director in the Director's place at any meeting of the Directors at which
 the Director is unable to be present and at the Director's discretion to remove such
 alternate Director. On such appointment being made the alternate Director shall (except
 as regards the power to appoint an alternate Director) be subject in all respects to
 the terms and conditions existing with reference to the other Directors and each alternate
 Director, whilst acting in the place of an absent Director, shall exercise and discharge
 all the functions, powers and duties of the Director being represented. Any Director
 who is appointed as alternate Director shall be entitled at a meeting of the Directors
 to cast a vote on behalf of their appointor in addition to the vote to which such Director
 is entitled in their own capacity as a Director, and shall also be considered as two
 Directors for the purpose of making a quorum of Directors. Any person appointed as an
 alternate Director shall automatically vacate such office as an alternate Director if
 and when the Director by whom the alternate Director has been appointed vacates their
 office of Director. The remuneration of an alternate Director shall be payable out of
 the remuneration of the Director appointing such alternate Director and shall be agreed
 between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Every
 instrument appointing an alternate Director shall be in such common form as the Directors
 may approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. The
 appointment and removal of an alternate Director shall take effect when lodged at the
 Registered Office or delivered at a meeting of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. The
 office of a Director shall be vacated in any of the following events namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Director resigns their office by notice in writing signed by such Director and left
 at the Registered Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Director becomes bankrupt or makes any arrangement or composition with such Director's
 creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Director dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Director ceases to be a Director by virtue of, or becomes prohibited from being a
 Director by reason of, an order made under any provisions of any law or enactment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the Director is removed from office by notice addressed to such Director at their last
 known address and signed by all of the co-Directors (not being less than two in number);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 the Director is removed from office by Ordinary Resolution.

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**TRANSACTIONS WITH DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. A
 Director may hold any other office or place of profit under the Company (other than the
 office of Auditor) in conjunction with their office of Director on such terms as to tenure
 of office and otherwise as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. No
 Director or intending Director shall be disqualified by their office from contracting
 with the Company either as vendor, purchaser or otherwise, nor shall any such contract
 or any contract or arrangement entered into by or on behalf of the Company in which any
 Director is in any way interested be liable to be avoided, nor shall any Director so
 contracting or being so interested be liable to account to the Company for any profit
 realised by any such contract or arrangement by reason of such Director holding that
 office or of the fiduciary relationship thereby established, but the nature of the Director's
 interest must be declared by such Director at the meeting of the Directors at which the
 question of entering into the contract or arrangement is first taken into consideration,
 or if the Director was not at the date of that meeting interested in the proposed contract
 or arrangement, then at the next meeting of the Directors held after such Director becomes
 so interested, and in a case where the Director becomes interested in a contract or arrangement
 after it is made, then at the first meeting of the Directors held after such Director
 becomes so interested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. In
 the absence of some other material interest than is indicated below, provided a Director
 who is in any way, whether directly or indirectly, interested in a contract or proposed
 contract with the Company declares (whether by specific or general notice) the nature
 of their interest at a meeting of the Directors that Director may vote in respect of
 any contract or proposed contract or arrangement notwithstanding that such Director may
 be interested therein and if such Director does so their vote shall be counted and such
 Director may be counted in the quorum at any meeting of the Directors at which any such
 contract or proposed contract or arrangement shall come before the meeting for consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Where
 proposals are under consideration concerning the appointment (including fixing or varying
 the terms of appointment) of two or more Directors to offices or employments with the
 Company or any company in which the Company is interested, such proposals may be divided
 and considered in relation to each Director separately and in such cases each of the
 Directors concerned shall be entitled to vote (and be counted in the quorum) in respect
 of each resolution except that concerning the Director's own appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Any
 Director may act independently or through the Director's firm in a professional capacity
 for the Company, and the Director or the firm shall be entitled to remuneration for professional
 services as if the Director were not a Director, provided that nothing herein contained
 shall authorise a Director or the Director's firm to act as Auditor to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Any Director may continue to be or become a director, managing director, manager or other officer or shareholder of any company
promoted by the Company or in which the Company may be interested, and no such Director shall be accountable for any remuneration
or other benefits received by the Director as a director, managing director, manager or other officer or shareholder of any
such other company. The Directors may exercise the voting power conferred by the shares in any other company held or owned
by the Company or exercisable by them as directors of such other company, in such manner in all respects as they think fit
(including the exercise thereof in favour of any resolution appointing themselves or any of them directors, managing directors
or other officers of such company, or voting or providing for the payment of remuneration to the directors, managing directors
or other officers of such company).

**POWERS OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. The
 business of the Company shall be managed by the Directors, who may exercise all such
 powers of the Company as are not by the Companies Act or by these Articles required to
 be exercised by the Company in general meeting, subject nevertheless to any regulations
 of these Articles, to the Companies Act, and to such regulations being not inconsistent
 with the aforesaid regulations
or provisions as may be prescribed by the Company in general meeting, but no regulations made by the Company in general meeting
shall invalidate any prior act of the Directors which would have been valid if such regulations had not been made. The general
powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by any
other Article.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. The
 Directors may from time to time and at any time by power of attorney appoint any company,
 firm or person or any fluctuating body of persons, whether nominated directly or indirectly
 by the Directors, to be the attorney or attorneys of the Company for such purposes and
 with such powers authorities and discretions (not exceeding those vested in or exercisable
 by the Directors under these Articles) and for such period and subject to such conditions
 as they may think fit, and any such appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorneys as the Directors may think
 fit, and may also authorise any such attorney to sub-delegate all or any of the powers,
 authorities and discretions vested in such attorney. The Directors may also appoint any
 person to be the agent of the Company for such purposes and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under
 these Articles) and for such period and on such conditions as they determine, including
 authority for the agent to delegate all or any of their powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. All
 cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
 instruments drawn by the Company, and all receipts for monies paid to the Company shall
 be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such
 manner as the Directors shall from time to time by resolution determine.

**PROCEEDINGS OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. The
 Directors may meet together for the dispatch of business, adjourn and otherwise regulate
 their meetings, as they think fit. Questions and matters arising at any meeting shall
 be determined by a majority of votes. In the case of an equality of votes, the Chairperson
 shall not have a second or casting vote. A Director may, and the Secretary on the requisition
 of a Director shall, at any time summon a meeting of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. A
 Director or Directors may participate in any meeting of the Board of Directors, or of
 any committee appointed by the Board of Directors of which such Director or Directors
 are members, by means of telephone, video or similar communication equipment by way of
 which all persons participating in such meeting can hear each other and such participation
 shall be deemed to constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. The
 quorum necessary for the transaction of the business of the Directors may be fixed by
 the Directors and, unless so fixed, shall be two, if there are two or more Directors,
 and shall be one if there is only one Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. The
 continuing Directors or a sole continuing Director may act notwithstanding any vacancies
 in their number, but if and so long as the number of Directors is reduced below the minimum
 number fixed by or in accordance with these Articles the continuing Directors or Director
 may act for the purpose of filling up vacancies in their number, or of summoning general
 meetings, but not for any other purpose. If there be no Directors or Director able or
 willing to act, then any two Shareholders, if there are two or more shareholders, or
 the sole shareholder, if there is only one shareholder, may summon a general meeting
 for the purpose of appointing Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. The
 Directors may from time to time elect and remove a Chairperson and, if they think fit,
 a Deputy Chairperson and determine the period for which they respectively are to hold
 office. The Chairperson or, failing them, the Deputy Chairperson shall preside at all
 meetings of the Directors, but if there be no Chairperson or Deputy Chairperson, or if
 at any meeting the Chairperson or Deputy Chairperson be not present within five (5) minutes
 after the time appointed for holding the same, the Directors present may choose one of
 their number to be Chairperson of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. A
 meeting of the Directors for the time being at which a quorum is present shall be competent
 to exercise all powers and discretions for the time being exercisable by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Without
 prejudice to the powers conferred by these Articles, the Directors may delegate any of
 their powers to committees consisting of such member or members of their body as they
 think fit. Any committee so formed shall, in the exercise of the powers so delegated,
 conform to any regulations that may be imposed on them by the Directors. The Directors
 may, by power of attorney or otherwise, appoint any person to be an agent of the Company
 on such condition as the Directors may determine, provided that the delegation is not
 to the exclusion of their own powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. The
 meetings and proceedings of any such committee consisting of two or more Directors shall
 be governed by the provisions of these Articles regulating the meetings and proceedings
 of the Directors so far as the same are applicable and are not superseded by any regulations
 made by the Directors under the preceding Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. The
 Directors may appoint such officers as they consider necessary on such terms, at such
 remuneration and to perform such duties, and subject to such provisions as to disqualification
 and removal as the Directors may think fit. Unless otherwise specified in the terms of
 the officer's appointment an officer may be removed by resolution of the Directors or
 Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. All
 acts done by any meeting of Directors, or of a committee of Directors or by any person
 acting as a Director, shall, notwithstanding it be afterwards discovered that there was
 some defect in the appointment of any such Director or person acting as aforesaid, or
 that they or any of them were disqualified, or had vacated office, or were not entitled
 to vote, be as valid as if every such person had been duly appointed, and was qualified
 and had continued to be a Director and had been entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. The
 Directors shall cause minutes to be made of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of the Directors present at each meeting of the Directors and of any committee
 of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 resolutions and proceedings of all meetings of the Company and of the Directors and of
 any committee of Directors.

Any such minutes, if purporting to be signed by the Chairperson of the meeting at which the proceedings took place, or by the Chairperson of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of the proceedings.

**WRITTEN RESOLUTIONS OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. A
 resolution in writing signed by all the Directors for the time being entitled to attend
 and vote at a meeting of the Directors (an alternate Director being entitled to sign
 such a resolution on behalf of their appointor) shall be as valid and effective as a
 resolution passed at a meeting of the Directors duly convened and held and may consist
 of several documents in the like form each signed by one or more of the Directors (or
 their alternates).

**PRESUMPTION OF ASSENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. A
 Director who is present at a meeting of the Board of Directors at which action on any
 Company matter is taken shall be presumed to have assented to the action taken unless
 the Director's dissent shall be entered in the minutes of the meeting or unless the Director
 shall file their written dissent from such action with the person acting as the secretary
 of the meeting before the adjournment thereof or shall forward such dissent by registered
 mail to such person immediately
after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

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**BORROWING POWERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. The
 Directors may exercise all the powers of the Company to borrow money and hypothecate,
 mortgage, charge or pledge its undertaking, property, and assets or any part thereof,
 and to issue debentures, debenture stock or other securities, whether outright or as
 collateral security for any debt liability or obligation of the Company or of any third
 party.

**SECRETARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. The
 Directors may appoint any person to be a Secretary who shall hold office for such term,
 at such remuneration and upon such conditions and with such powers as they think fit.
 Any Secretary so appointed by the Directors may be removed by the Directors or by the
 Company by Ordinary Resolution. Anything required or authorised to be done by or to the
 Secretary may, if the office is vacant or there is for any other reason no Secretary
 capable of acting, be done by or to any assistant or deputy Secretary or if there is
 no assistant or deputy Secretary capable of acting, by or to any officer of the Company
 authorised generally or specially in that behalf by the Directors, provided that any
 provisions of these Articles requiring or authorising a thing to be done by or to a Director
 and the Secretary shall not be satisfied by its being done by or to the same person acting
 both as Director and as, or in the place of, the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. No
 person shall be appointed or hold office as Secretary who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sole Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 corporation the sole director of which is the sole Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 sole director of a corporation which is the sole Director.

**THE SEAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. The
 Directors shall provide for the safe custody of the Seal and the Seal shall never be
 used except by the authority of a resolution of the Directors or of a committee of the
 Directors authorised by the Directors in that behalf. The Directors may keep for use
 outside the Cayman Islands a duplicate Seal. The Directors may from time to time as they
 see fit (subject to the provisions of these Articles relating to share certificates)
 determine the persons and the number of such persons in whose presence the Seal or the
 facsimile thereof shall be used, and until otherwise so determined the Seal or the duplicate
 thereof shall be affixed in the presence of any one Director or the Secretary, or of
 some other person duly authorised by the Directors.

**DIVIDENDS, DISTRIBUTIONS AND RESERVES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Subject
 to the Companies Act, these Articles, and the special rights attaching to Shares of any
 class, the Directors may, in their absolute discretion, declare dividends and distributions
 on Shares in issue and authorise payment of the dividends or distributions out of the
 funds of the Company lawfully available therefor. No dividend or distribution shall be
 paid except out of the realised or unrealised profits of the Company, or out of the Share
 Premium Account, or as otherwise permitted by the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Except
 as otherwise provided by the rights attached to Shares, or as otherwise determined by
 the Directors, all dividends and distributions in respect of Shares shall be declared
 and paid according to the par value of the Shares that a Shareholder holds. If any Share
 is issued on terms providing that it shall rank for dividend or distribution as from
 a particular date, that Share shall rank for dividend or distribution accordingly.

18 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. The
 Directors may deduct and withhold from any dividend or distribution otherwise payable
 to any Shareholder all sums of money (if any) then payable by the Shareholder to the
 Company on
account of calls or otherwise or any monies which the Company is obliged by law to pay to any taxing or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. The
 Directors may declare that any dividend or distribution be paid wholly or partly by the
 distribution of specific assets and in particular of shares, debentures or securities
 of any other company
or in any one or more of such ways and, where any difficulty arises in regard to such distribution, the Directors may settle the
same as they think expedient and in particular may issue fractional Shares and fix the value for distribution of such specific
assets or any part thereof and may determine that cash payments shall be made to any Shareholder upon the basis of the value so
fixed in order to adjust the rights of all Shareholders and may vest any such specific assets in trustees as may seem expedient
to the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Any
 dividend, distribution, interest or other monies payable in cash in respect of Shares
 may be paid by wire transfer to the holder or by cheque or warrant sent through the post
 directed to the registered address of the holder or, in the case of joint holders, to
 the registered address of the holder who is first named on the Register of Members or
 to such person and to such address as such holder or joint holders may in writing direct.
 Every such cheque or warrant shall (unless the Directors in their sole discretion otherwise
 determine) be made payable to the order of the person to whom it is sent. Any one of
 two or more joint holders may give effectual receipts for any dividends, bonuses, or
 other monies payable in respect of the Share held by them as joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Any
 dividend or distribution which cannot be paid to a Shareholder and/or which remains unclaimed
 after six (6) months from the date of declaration of such dividend or distribution may,
 in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that
 account and the dividend or distribution shall remain as a debt due to the Shareholder.
 Any dividend or distribution which remains unclaimed after a period of six years from
 the date of declaration of such dividend or distribution shall be forfeited and shall
 revert to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. No
 dividend or distribution shall bear interest against the Company.

**SHARE PREMIUM ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. The
 Directors shall establish an account on the books and records of the Company to be called
 the Share Premium Account and shall carry to the credit of such account from time to
 time a sum equal to the amount or value of the premium paid on the issue of any Share.

**ACCOUNTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. The
 Directors shall cause proper books of account to be kept with respect to all sums of
 money received and expended by the Company and the matters in respect of which the receipt
 or expenditure takes place, all sales and purchases of goods by the Company and the assets
 and liabilities of the Company. Proper books shall not be deemed to be kept if there
 are not kept such books of account as are necessary to give a true and fair view of the
 state of the Company's affairs and to explain its transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. The
 books of account shall be kept at the Registered Office or at such other place as the
 Directors think fit, and shall always be open to inspection by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. The
 Board of Directors shall from time to time determine whether and to what extent and at
 what time and places and under what conditions or articles the accounts and books of
 the Company or any of them shall be open to the inspection of Shareholders not being
 Directors, and no Shareholder (not being a Director) shall have any right of inspection
 of any account or book or document of the Company except as conferred by law or authorised
 by the Board of Directors or by resolution of the Shareholders.

19 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

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**AUDIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. The
 accounts relating to the Company's affairs shall be audited in such manner as may be
 determined from time to time by resolution of the Shareholders or failing any such determination,
 by the Board of Directors, or failing any determination as aforesaid, shall not be audited.

**NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Any
 notice or document may be served by the Company on any Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 registered post or courier to that Shareholder's address as appearing in the Register
 of Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 cable, telex, facsimile, e-mail or any other electronic means should the Directors deem
 it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. In
 the case of joint holders of a Share, all notices shall be given to that one of the joint
 holders whose name stands first in the Register of Members in respect of the joint holding,
 and notice so given shall be sufficient notice to all the joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Any
 Shareholder present, either personally or by proxy, at any meeting of the Company shall
 for all purposes be deemed to have received due notice of such meeting and, where requisite,
 of the purposes for which such meeting was convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Any
 summons, notice, order or other document required to be sent to or served upon the Company,
 or upon any officer of the Company may be sent or served by leaving the same or sending
 it through the post in a prepaid letter envelope or wrapper, addressed to the Company
 or to such officer at the Registered Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Where
 a notice or other document is sent by registered post, service of that notice or other
 document shall be deemed to be effected by properly addressing, pre-paying and posting
 an envelope containing it, and that notice or other document shall be deemed to have
 been received on the third day (not including Saturdays or Sundays or public holidays)
 following the day on which it was posted. Where a notice or other document is sent by
 courier, service of that notice or other document shall be deemed to be effected by delivery
 of the notice or other document to a courier company, and that notice or other document
 shall be deemed to have been received on the fifth day (not including Saturdays or Sundays
 or public holidays in the Cayman Islands) following the day on which it was delivered
 to the courier company. Where a notice or other document is sent by cable, telex or facsimile,
 service of that notice or other document shall be deemed to be effected by properly addressing
 and sending it, and that notice or other document shall be deemed to have been received
 on the same day that it was transmitted. Where a notice or other document is sent by
 email, service of that notice or other document shall be deemed to be effected by transmitting
 the email to the email address provided by the intended recipient and that notice or
 other document shall be deemed to have been received on the same day that it was sent,
 and it shall not be necessary for the receipt of the email to be acknowledged by the
 recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Any
 notice or document delivered or sent by post to or left at the registered address of
 any Shareholder in pursuance of these Articles shall notwithstanding that such Shareholder
 be then dead, insane, bankrupt or dissolved, and whether or not the Company has notice
 of such death, insanity, bankruptcy or dissolution, be deemed to have been duly served
 in respect of any Share registered in the name of such Shareholder as sole or joint holder,
 unless the Shareholder's name shall at the time of the service of the notice or document,
 have been removed from the Register of Members as the holder of the Share, and such service
 shall for all purposes be deemed
a sufficient service of such notice or document on all persons interested (whether jointly with or as claiming through or under
such Shareholder) in the Share.

20 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

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**WINDING UP AND FINAL DISTRIBUTION OF ASSETS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. The
 Directors may present a winding up petition on behalf of the Company without the sanction
 of a resolution of the Shareholders passed at a general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. If
 the Company shall be wound up the liquidator shall apply the assets of the Company in
 satisfaction of creditors' claims in such manner and order as such liquidator thinks
 fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. If
 the Company shall be wound up, and the assets available for distribution amongst the
 Shareholders shall be insufficient to repay the whole of the share capital, such assets
 shall be distributed so that, as nearly as may be, the losses shall be borne by the Shareholders
 in proportion to the par value of the Shares held by them. If in a winding up the assets
 available for distribution amongst the Shareholders shall be more than sufficient to
 repay the whole of the share capital at the commencement of the winding up, the surplus
 shall be distributed amongst the Shareholders in proportion to the par value of the Shares
 held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due of all monies payable to the Company
 for unpaid calls or otherwise. This Article is without prejudice to the rights of the
 holders of Shares issued upon special terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. If
 the Company shall be wound up (whether the liquidation is voluntary, under supervision
 or by the Court) the liquidator may, with the authority of a Special Resolution, divide
 among the Shareholders in specie the whole or any part of the assets of the Company,
 and whether or not the assets shall consist of property of a single kind, and may for
 such purposes set such value as the liquidator deems fair upon any one or more class
 or classes of property, and may determine how such division shall be carried out as between
 the Shareholders. The liquidator may, with the like authority, vest any part of the assets
 in trustees upon such trusts for the benefit of Shareholders as the liquidator, with
 the like authority, shall think fit, and the liquidation of the Company may be closed
 and the Company dissolved, but so that no Shareholder shall be compelled to accept any
 Shares in respect of which there is liability.

**INDEMNITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Every
 Director or officer of the Company shall be indemnified out of the assets of the Company
 against any liability incurred by that Director or officer as a result of any act or
 failure to act in carrying out their functions other than such liability (if any) that
 the Director or officer may incur by their own actual fraud or wilful default. No such
 Director or officer shall be liable to the Company for any loss or damage in carrying
 out their functions unless that liability arises through the actual fraud or wilful default
 of such Director or officer. References in this Article to actual fraud or wilful default
 mean a finding to such effect by a competent court in relation to the conduct of the
 relevant party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. The
 Directors shall have the power to purchase and maintain insurance for the benefit of
 any person who is or was a Director or officer of the Company indemnifying them against
 any liability which may lawfully be insured against by the Company.

**DISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Any
 Director, officer or authorised agent of the Company shall, if lawfully required to do
 so under the laws of any jurisdiction to which the Company is subject or in compliance
 with the rules of any stock exchange upon which the Company's shares are listed
 or in accordance with any contract entered into by the Company, be entitled to release
 or disclose any information in their possession regarding the affairs of the Company
 including, without limitation, any information contained in the Register of Members.

21 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

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**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The
 Directors may fix in advance a date as the record date for any determination of Shareholders
 entitled to notice of or to vote at a meeting of the Shareholders and for the purpose
 of determining the Shareholders entitled to receive payment of any dividend the Directors
 may either before or on the date of declaration of such dividend fix a date as the record
 date for such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. If
 no record date is fixed for the determination of Shareholders entitled to notice of or
 to vote at a meeting of Shareholders or Shareholders entitled to receive payment of a
 dividend, the date on which notice of the meeting is mailed or the date on which the
 resolution of the Directors declaring such dividend is adopted, as the case may be, shall
 be the record date for such determination of Shareholders. When a determination of Shareholders
 entitled to vote at any meeting has been made in the manner provided in the preceding
 Article, such determination shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The
 Company may by Special Resolution resolve to be registered by way of continuation in
 a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for
 the time being incorporated, registered or existing. The Directors may cause an application
 to be made to the Registrar of Companies to deregister the Company in the Cayman Islands
 or such other jurisdiction in which it is for the time being incorporated, registered
 or existing and may cause all such further steps as they consider appropriate to be taken
 to effect the transfer by way of continuation of the Company.

**FINANCIAL YEAR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The
 Directors shall determine the financial year of the Company and may change the same from
 time to time. Unless they determine otherwise, the financial year shall end on 31 December
 in each year.

**AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The
 Company may from time to time alter or add to these Articles or alter or add to the Memorandum
 with respect to any objects, powers or other matters specified therein by passing a Special
 Resolution in the manner prescribed by the Companies Act.

**CAYMAN ISLANDS DATA PROTECTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The
 Company is a "data controller" for the purposes of the Data Protection Act
 (as amended) (the **DPA**). By virtue of subscribing for and holding Shares in the
 Company, Shareholders provide the Company with certain information (**Personal Data**)
 that constitutes "personal data" under the DPA. Personal Data includes, without
 limitation, the following information relating to a Shareholder and/or any natural person(s)
 connected with a Shareholder (such as a Shareholder's individual directors, members and/or
 beneficial owner(s)): name, residential address, email address, corporate contact information,
 other contact information, date of birth, place of birth, passport or other national
 identifier details, national insurance or social security number, tax identification,
 bank account details and information regarding assets, income, employment and source
 of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The
 Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing
 contractual rights and obligations (including under the Memorandum and these Articles);

22 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

![](ex99avi2001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying
 with legal or regulatory obligations (including those relating to anti-money laundering
 and counter-terrorist financing, preventing and detecting fraud, sanctions, automatic
 exchange of tax information, requests from governmental, regulatory, tax and law enforcement
 authorities, beneficial ownership and the maintenance of statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 legitimate interests pursued by the Company or third parties to whom Personal Data may
 be transferred, including to manage and administer the Company, to send updates, information
 and notices to Shareholders or otherwise correspond with Shareholders regarding the Company,
 to seek professional advice (including legal advice), to meet accounting, tax reporting
 and audit obligations, to manage risk and operations and to maintain internal records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. The
 Company transfers Personal Data to certain third parties who process the Personal Data
 on the Company's behalf, including third party service providers that it appoints or
 engages to assist with its management, operation, administration and legal, governance
 and regulatory compliance. In certain circumstances, the Company may be required by law
 or regulation to transfer Personal Data and other information with respect to one or
 more Shareholders to a governmental, regulatory, tax or law enforcement authority. That
 authority may, in turn, exchange this information with another governmental, regulatory,
 tax or law enforcement authority established in or outside the Cayman Islands.

23 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

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Name and address of Subscriber

Mourant Nominees (Cayman) Limited

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited acting by: |
| ![](ex99avi2002.jpg) |
| Name: Ana Casildo |
| Title: Authorised Signatory |
| Witness to the above signature: |
| ![](ex99avi2003.jpg) |
| Name: Kimberly Turner |
| Address:<br> 94 Solaris Avenue<br> Camana Bay<br> PO Box 1348<br> Grand Cayman KY1-1108<br> CAYMAN ISLANDS<br> Occupation: Administrator/Secretary |

---

Date: 5 February 2026

24 <br> *Auth Code: D55981810235 <br> www.verify.gov.ky*

## Ex-99.(A)(Vi)(3)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vi)(3)**

![](ex99avi3001.jpg)

## Ex-99.(A)(Vi)(4)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vi)(4)**

QH-431223

![](ex99avi4001.jpg)

**THE TAX CONCESSIONS LAW**

**UNDERTAKING AS TO TAX CONCESSIONS**

**In accordance with the Tax Concessions Law the following undertaking is hereby given to**

**Defiance Bitcoin vs Gold Cayman Subsidiary "the Company"**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **That no Law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **on or in respect of the shares debentures or other obligations of the Company; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Law.** 

**These concessions shall be for a period of TWENTY years from the 11th day of February 2026.**

---

| | |
|:---|:---|
| ![](ex99avi4002.jpg) | ![](ex99avi4003.jpg) |
|  | **CLERK OF THE CABINET** |

---

Authentication Number: 323691901926

## Ex-99.(A)(Vi)(5)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vi)(5)**

**Form of<br> PRIVATE INVESTMENT COMPANY** 

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page, by and between **DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY**, an exempted company incorporated in the Cayman Islands with limited liability (the "Fund") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is a wholly owned subsidiary of the Defiance Bitcoin vs Gold ETF;

WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private investment companies;

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**Article 1** 

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Authorized Person</u> " means any person authorized by the Fund, on a list to be provided to the Custodian (as amended from time to
time), to give Written Instructions on behalf of the Fund. Such officer or person shall continue to be an Authorized Person until
such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that
any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Depository Account</u> " means an account of the Custodian in which Securities of the Fund are kept in a book-entry system or securities
depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Securities</u> "
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or
other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing
any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities
to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Straight Through Processing</u> " shall have the meaning assigned to it in Section 5.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Written Instructions</u> " mean (i) written instructions signed by an Authorized Person and received by the Custodian, or (ii) trade
instructions transmitted by an Authorized Person by means of an electronic transaction reporting system which requires the use
of a password or other authorized identifier in order to gain access. Written Instructions may be delivered electronically or
by hand, electronic mail or facsimile sending device.

**Article 2**

**APPOINTMENT OF CUSTODIAN**

**Section 2.1** <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

**Section 2.2** <u>Documents to be Furnished.</u> The following documents, including any amendments thereto, will be provided contemporaneously with the execution of this Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the current offering documents of the Fund (the "Confidential Private Placement Memorandums");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A completed Authorized Persons schedule, with specimen signatures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

**Article 3**

**INSTRUCTIONS**

**Section 3.1** Unless otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

**Section 3.2** The Custodian shall be entitled to rely upon any Written Instruction it receives from an Authorized Person pursuant to this Agreement. The Custodian may assume that any Written Instructions received hereunder are not in any way inconsistent with the provisions of organizational documents of the Fund or of any vote, resolution or proceeding of the Fund or the Fund's members, unless and until the Custodian receives Written Instructions to the contrary.

**Section 3.3** Where Written Instructions reasonably appear to have been received from an Authorized Person, the Custodian shall incur no liability to the Fund in acting upon such Written Instruction provided that the Custodian's actions comply with the other provisions of this Agreement.

**Article 4**

**NAMES, TITLES, AND SIGNATURES OF AUTHORIZED PERSONS**

The Fund shall certify to the Custodian the names, titles, and signatures of Authorized Persons who are authorized to give Written Instructions to the Custodian on behalf of the Fund. The Fund agrees that, whenever any change in such authorization occurs, it will file with the Custodian a new certified list of names, titles, and signatures which shall be signed by at least one officer previously certified to the Custodian if such officer still holds an office with the Fund. The Custodian is authorized to rely and act upon the names, titles, and signatures of the individuals as they appear in the most recent certified list which has been delivered to the Custodian.

**Article 5**

**RECEIPT AND DISBURSEMENT OF MONEY**

**Section 5.1** The Fund shall, from time to time, cause certain cash owned by the Fund to be delivered or paid to the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all cash of the Fund is being so deposited or to take any action or to give any notice with respect to cash not so deposited. The Custodian agrees to hold such cash, together with any other sum collected or received by it, for or on behalf of the Fund (the "Fund Account"). The Custodian shall make payments of cash from the Fund Account only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
bills, statements and other obligations of the Fund (including but not limited to obligations in connection with the conversion,
exchange or surrender of securities owned by the Fund, interest charges, dividend disbursements, taxes, management fees, custodian
fees, legal fees, auditors' fees, transfer agents' fees, brokerage commissions, compensation to personnel, and other
operating expenses of the Fund) pursuant to Written Instructions from the Fund setting forth the name of the person to whom payment
is to be made, the amount of the payment, and the purpose of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
provided in Article 6 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
the termination of this Agreement.

**Section 5.2** The Custodian is hereby appointed the attorney-in-fact of the Fund to enforce and collect all checks, drafts, or other orders for the payment of money received by the Custodian for the Fund Account and drawn to or to the order of the Fund and to deposit them in said account.

**Section 5.3** <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund directs Custodian to process Fund-initiated cash and security instructions received
 by Custodian via online portal, SWIFT, secure file transfer protocol, or equivalent method
 in an automated, electronic process without manual review ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks
 and liabilities associated with instructions given to Custodian regarding any transactions
 eligible for Straight Through Processing and (2) understands that any non-repetitive
 wire instructions concerning cash or securities to be transferred out of Custodian or
 to a different entity will be deemed not eligible for Straight Through Processing. Such
 non-repetitive wire instructions may be subject to a call back process in order to obtain
 further verification and/or additional authorized direction or other documentation as
 reasonably requested for verification purposes by Custodian.

**Article 6**

**RECEIPT OF SECURITIES**

The Fund may, from time to time, place certain of its Securities in the custody of the Custodian. The Custodian shall have no obligations with respect to any Securities owned by the Fund but not so deposited in the Fund Account. The Custodian agrees to hold such Securities for the account of the Fund, in the name of the Fund or a bearer or nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Instructions from the Fund, to receive from persons other than the Fund and to hold for the account of the Fund Securities specified in said Written Instructions, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the Fund held by it in the Fund Account in the amounts provided and in the manner directed by the Written Instructions from the Fund.

The Custodian agrees that all Securities of the Fund placed in its custody shall be kept physically segregated at all times from those of any other person, firm, or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof, with safeguards substantially equivalent to those maintained by the Custodian for its own Securities.

Subject to such rules, regulations, and orders as the Securities and Exchange Commission (the "SEC") may adopt, the Fund may direct the Custodian to deposit all or any part of the Securities owned by the Fund in a system for the central handling of Securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the SEC, pursuant to which system all Securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such Securities, provided that all such deposits shall be subject to withdrawal only at the direction of the Fund.

**Article 7**

**TRANSFER, EXCHANGE, AND DELIVERY OF SECURITIES**

The Custodian agrees to transfer, exchange, and deliver Securities as provided in Article 8, or on receipt by it of, and in accordance with, Written Instructions from the Fund in which the Fund shall state specifically which of the following cases is covered thereby, provided that it shall not be the responsibility of the Custodian to determine the propriety or legality of any such order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
the case of deliveries of Securities sold by the Fund, against receipt by the Custodian of the proceeds of sale and after receipt
of a confirmation from a broker or dealer with respect to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the case of deliveries of Securities which may mature or be called, redeemed, retired, or otherwise become payable, against receipt
by the Custodian of the sums payable thereon or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
the case of deliveries of Securities which are to be transferred to and registered in the name of the Fund or of a nominee of
the Custodian and delivered to the Custodian for the account of the Fund, against receipt by the Custodian of interim receipts
or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
the case of deliveries of Securities to the issuer thereof, its transfer agent or other proper agent, or to any committee or other
organization for exchange for other Securities to be delivered to the Custodian in connection with a reorganization or recapitalization
of the issuer or any split-up or similar transaction involving such Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
the case of deliveries of temporary certificates in exchange for permanent certificates, against receipt by the Custodian of such
permanent certificates or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
the case of deliveries of Securities upon conversion thereof into other Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
the case of deliveries of Securities in exchange for other Securities (whether or not such transactions also involve the receipt
or payment of cash), against receipt by the Custodian of such other Securities or against interim receipts or other proper delivery
receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
a case not covered by the preceding paragraphs of this Article, upon receipt of a Written Instruction from the Fund specifying
the Securities and assets to be transferred, exchanged, or delivered, the purposes for which such delivery is being made, declaring
such purposes to be proper corporate purposes, and naming a person or persons to whom such transfer, exchange, or delivery is
to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
the case of deliveries pursuant to paragraphs (a), (b), (c), (d), (e), (f), and (g) above, the Written Instructions from the Fund
shall direct that the proceeds of any Securities delivered, or Securities or other assets exchanged for or in lieu of Securities
so delivered, are to be delivered to the Custodian.

**Article 8**

**CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS**

Unless and until the Custodian receives contrary Written Instructions from the Fund, the Custodian shall, without order from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Present
for payment all bills, notes, checks, drafts, and similar items, and all coupons or other income items (except stock dividends),
held or received for the account of the Fund, and which require presentation in the ordinary course of business, and credit such
items to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall
have no duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or
if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment all Securities which may mature or be called, redeemed, retired, or otherwise become payable and credit such items
to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall have no
duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or if payment
is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold
for and credit to the Fund Account all shares of stock and other Securities received as stock dividends or as the result of a
stock split or otherwise from or on account of Securities of the Fund, and notify the Fund promptly of the receipt of such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deposit
any cash received by it from, for or on behalf of the Fund to the credit of the Fund in the Fund Account (in its own deposit department
without liability for interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charge
against the Fund Account for Fund disbursements authorized to be made by the Custodian hereunder and actually made by it, and
notify the Fund of such charges at least once a month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Deliver
Securities which are to be transferred to and reissued in the name of the Fund, or of a nominee of the Custodian for the account
of the Fund, and temporary certificates which are to be exchanged for permanent certificates, to a proper transfer agent for such
purpose against interim receipts or other proper delivery receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hold
for disposition in accordance with Written Instructions from the Fund hereunder all options, rights, and similar Securities which
may be received by the Custodian and which are issued with respect to any Securities held by it hereunder, and notify the Fund
promptly of the receipt of such items.

**Article 9**

**DELIVERY OF PROXIES**

The Custodian shall deliver promptly to the Fund all proxies, written notices, and communications with respect to Securities held by it for the account of the Fund which it may receive from securities issuers or obligors and/or via the industry standard information services to which Custodian subscribes.

**Article 10**

**TRANSFER OF SECURITIES**

The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer any Securities which it may hold for the Fund. For the purpose of facilitating the handling of Securities, unless the Fund shall otherwise direct by Written Instructions, the Custodian is authorized to hold Securities deposited with it under this Agreement in the name of its registered nominee or nominees (as defined in the Internal Revenue Code and any Regulations of the United States Treasury Department issued thereunder or in any provision of any subsequent federal tax law exempting such transaction from liability for stock transfer taxes) and shall execute and deliver such certificates in connection therewith as may be required by such laws or regulations or under the laws of any state. The Custodian shall advise the Fund of the certificate number of each certificate so presented for transfer and that of the certificate received in exchange therefor, and shall use its best efforts to the end that the specific Securities held by it hereunder shall be at all times identifiable.

**Article 11**

**TRANSFER TAXES AND OTHER DISBURSEMENTS**

The Fund shall pay or reimburse the Custodian for any transfer taxes payable upon transfers of Securities made hereunder, including transfers incident to the termination of this Agreement, and for all other necessary and proper disbursements and expenses made or incurred by the Custodian in the performance or incident to the termination of this Agreement, and the Custodian shall have a lien upon any cash or Securities held by it for the account of the Fund for all such items, enforceable, after 60 days' written notice by registered mail to the Fund, by the sale of sufficient Securities to satisfy such lien. The Custodian may reimburse itself by deducting from the proceeds of any sale of Securities an amount sufficient to pay any transfer taxes payable upon the transfer of Securities sold. The Custodian shall execute such certificates in connection with Securities delivered to it under this Agreement as may be required, under the provisions of any federal revenue act and any Regulations of the Treasury Department issued thereunder or any state laws, to exempt from taxation any transfers and/or deliveries of any such Securities as may qualify for such exemption.

**Article 12**

**CUSTODIAN'S REPORT**

The Custodian shall furnish the Fund, as of the close of business on the last business day of each month, a statement showing all cash transactions and entries for the Fund Account and a list of the Securities held by it in custody for the account of the Fund.

**Article 13** 

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Fund, the Custodian and a registered
 broker-dealer or member of FINRA (or any futures commission merchant registered under
 the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing
 Corporation and of any registered national securities exchange (or the Commodity Futures
 Trading Commission or any registered contract market), or of any similar organization
 or organizations, regarding escrow or other arrangements in connection with transactions
 by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options
 thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund and other Fund obligations
 set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate purposes, but only upon receipt of Written Instructions, setting
 forth the purpose or purposes of such segregated account and declaring such purposes
 to be proper corporate purposes.

Each segregated account established under this Article shall be established and maintained for one Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**Article 14**

**COMPENSATION OF CUSTODIAN**

The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following the receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**Article 15** 

**REPRESENTATIONS AND WARRANTIES**

**Section 15.1** <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement. Further, the Fund represents that it complies with any and all
applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures
and notices are in place to enable collection and processing of personal data by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It,
on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s)
to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that
such instruction meets all applicable requirements hereunder.

**Section 15.2** <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

**Article 16**

**STANDARD OF CARE; INDEMNIFICATION; LIMITATION OF LIABILITY**

**Section 16.1** <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Custodian's control, except a loss arising out of or relating to the Custodian's refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

**Section 16.2** <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

**Section 16.3** <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

**Section 16.4** <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

**Section 16.5** <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

**Section 16.6** <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Fund Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

**Section 16.8** <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

**Section 16.9** <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special
 or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 indemnity provisions of this Article shall indefinitely survive the termination and/or
 assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party harmless, the indemnifying
party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that
the indemnified party will use all reasonable care to notify the indemnifying party promptly concerning any situation that presents
or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend
the indemnified party against any claim that may be the subject of this indemnification. In the event that the indemnifying party
so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified
party and thereupon the indemnifying party shall take over complete defense of the claim, and the indemnified party shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this Article. No indemnified
party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying
party without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld.
No indemnified party or indemnifying party shall settle any claim unless the settlement contains a full release of liability with
respect to the other party in respect of such action.

**Article 17**

**CUSTODIAN'S LIABILITY FOR PROCEEDS OF SECURITIES SOLD**

If the mode of payment for Securities to be delivered by the Custodian is not specified in the Written Instructions from the Fund directing such delivery, the Custodian shall make delivery of such Securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such Written Instructions from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of Securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.

**Article 18**

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of their respective obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE 19** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

The Custodian agrees on behalf of itself and its directors, officers and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential investors thereof (and clients of said investors) and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to the receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

This Article shall survive the termination of this Agreement.

**Article 20** 

**RECORDS**

The books and records pertaining to the Fund, which are in the possession or under the control of the Custodian, shall be the property of the Fund. The Custodian shall keep such books and records in the form and manner, and for such period, as it may deem advisable, as is consistent with industry practice and as is agreeable to the Fund. The Fund and Authorized Persons shall have reasonable access to such books and records at all times during the Custodian's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or to an Authorized Person, at the Fund's expense.

**Article 21**

**TERM OF AGREEMENT; AMENDMENT**

This Agreement shall become effective as of the date last written in the signature page and will continue in effect for a period of one year. Subsequent to the initial one-year term, this Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund.

**Article 22**

**DUTIES IN THE EVENT OF TERMINATION**

Upon termination of this Agreement, the assets of the Fund held by the Custodian shall be delivered by the Custodian to a successor custodian upon receipt of Written Instructions designating the successor custodian and if no successor custodian is designated, the Custodian shall, upon such termination, deliver all such assets to the Fund. In addition, the Custodian shall transfer to such successor custodian or to the Fund, as the case may be, at the expense of the Fund, all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor or the Fund, as the case may be.

**Article 23**

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

**Article 24**

**MISCELLANEOUS**

**Section 24.1** <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to, compliance with the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2022, the U.S. Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Confidential Private Placement Memorandums. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement.

**Section 24.2** <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

**Section 24.3** <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written consent of the other party.

**Section 24.4** <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles.

**Section 24.5** <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**Section 24.6** <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**Section 24.7** <u>Invalidity</u>. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**Section 24.8** <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

Defiance Bitcoin vs Gold Cayman Subsidiary

c/o Tidal Trust III

234 W. Florida Street

Suite 700

Milwaukee, WI 53204

Attn: Chairman

**Section 24.9** <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**Section 24.10** <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Fund specifically requires Custodian to NOT release Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| |
|:---|
| **DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY** |
| By: |
| Name: |
| Title: |
| Date: |

---

---

| |
|:---|
| **U.S. BANK NATIONAL ASSOCIATION** |
| By: |
| Name: |
| Title: |
| Date: |

---

**<u>EXHIBIT A</u>**

**Custodian Compensation**

**Base Fee for Domestic Custody Services**

**<u>EXHIBIT B</u>**

**SHAREHOLDER COMMUNICATIONS ACT ELECTION**

**DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY** 

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless 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 "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*.* 

_____ NO U.S. Bank is NOT authorized to provide my name, address and security position to requesting companies whose stock is owned by me.

**DEFIANCE BITCOIN VS GOLD CAYMAN SUBSIDIARY** 

By:

Title: Director

Date:

## Ex-99.(A)(Vii)(1)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vii)(1)**

INVESTMENT ADVISORY AGREEMENT

Between

DEFIANCE GOLD VS BITCOIN ETF CAYMAN SUBSIDIARY

AND

TIDAL INVESTMENTS LLC

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of February 6, 2026, by and between **Defiance Gold vs Bitcoin ETF Cayman Subsidiary**, an Exempted Company incorporated in the Cayman Islands with limited liability (the "<u>Fund</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>") located at 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204, USA.

BACKGROUND:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Fund is an Exempted Company incorporated in the Cayman Islands with limited liability,
 and will be wholly-owned by its sole investor, **Defiance Gold vs Bitcoin ETF** (the
 " <u>U.S. Fund</u> ") which is a series of Tidal
 Trust III (the
 " <u>Trust</u> "), a Delaware statutory trust, registered with the U.S. Securities
 and Exchange Commission (the " <u>SEC</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Fund is authorized to issue shares of beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Adviser is registered as an investment adviser under the U.S. Investment Advisers Act
 of 1940, as amended (the " <u>Advisers Act</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Fund desires to retain the Adviser to render investment advisory services to the Fund
 in the manner and on the terms and conditions hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This
 Background section is incorporated by reference into and made a part of this Agreement.

**TERMS:**

**NOW, THEREFORE**, in consideration of the mutual promises and consideration contained herein, the receipt and sufficiency of which is acknowledged by each party, intending to be legally bound, agree as follows:

**1. Services of the Adviser.**

1.1 <u>Investment Advisory Services</u>. The Adviser will: (a) provide a program of continuous investment management for the Fund; (b) make investment decisions for the Fund; and (c) place orders to purchase and sell securities and investments for the Fund in accordance with the Fund's investment objectives, policies and limitations as stated in the U.S. Fund's current Prospectus and Statement of Additional Information (the "<u>Registration Statement</u>") as provided to the Adviser, as they may be amended from time to time.

The Adviser further agrees that, in performing its duties hereunder, it will:

(a) with regard to its activities under this Agreement, use reasonable efforts to comply in all material respects with the applicable provisions of the U.S. Investment Company Act of 1940, as amended (the "1940 Act"), the Advisers Act, and all applicable rules and regulations thereunder, the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and all other applicable U.S. federal and state laws and regulations, and with the U.S. Fund's Registration Statement, the provisions of Cayman Island law and any applicable procedures adopted by the Fund's Directors or the Board of Trustees of the Trust, on behalf of the U.S. Fund, as they may be amended from time to time, provided that written copies of such procedures and amendments thereto are provided to the Adviser;

(b) use
 reasonable efforts to manage the Fund's assets in a manner that will not impair
 the U.S. Fund's qualification as a regulated investment company under Subchapter
 M of the Code and regulations issued thereunder; place orders pursuant to its investment
 determinations for the Fund, in accordance with applicable policies expressed in the
 U.S. Fund's Registration Statement or otherwise established through written guidelines
 established by the Fund and provided to the Adviser, including without limitation, Section 1.1.2
 hereof;

(c) furnish
 to the Fund whatever statistical information the Fund may reasonably request with respect
 to the Fund's assets or investments. In addition, the Adviser will keep the Fund
 and the Directors informed of developments that the Adviser reasonably believes will
 materially affect the Fund's portfolio, and shall, on the Adviser's own initiative,
 furnish to the Fund from time to time whatever information the Adviser believes appropriate
 for this purpose;

(d) make
 available to the Fund, promptly upon request, such copies of its investment records and
 ledgers with respect to the Fund as may reasonably be required to assist the Fund in
 its compliance with applicable laws and regulations. The Adviser will furnish the Directors
 and the Fund with such periodic and special reports regarding the Fund as they may reasonably
 request;

(e) provide
 assistance to the Fund or custodian or recordkeeping agent for the Fund in determining
 or confirming, consistent with the procedures and policies stated in the U.S. Fund's
 valuation procedures and/or Registration Statement, the value of any portfolio securities
 or other assets of the Fund for which the Fund, custodian or recordkeeping agent seeks
 assistance from the Adviser or identifies for review by the Adviser;

(f) assist
the Fund, and any of its Directors, officers, and/or employees in complying with the provisions of the Sarbanes-Oxley Act of 2002
to the extent such provisions relate to the services to be provided by, and obligations of, the Adviser hereunder;

(g) assist
 the Fund, and accordingly, the U.S. Fund's Chief Compliance Officer (" <u>CCO</u> ")
 in complying with Rule 38a-1 under the 1940 Act. Specifically, the Adviser represents
 and warrants that it shall maintain a compliance program in accordance with the requirements
 of Rule 206(4)-7 under the Advisers Act, and shall provide the CCO with reasonable
 access to information regarding the Adviser's compliance program, which access
 shall include on-site visits with the Adviser as may be reasonably requested from time
 to time. In connection with the periodic review and annual report required to be prepared
 by the CCO pursuant to Rule 38a-1, the Adviser agrees to provide certifications
 as may be reasonably requested by the CCO related to the design and implementation of
 the Adviser's compliance program;

(h) provide
 assistance as may be reasonably requested by the Fund in connection with compliance by
 the Fund with any current or future legal and regulatory requirements related to the
 services provided by the Adviser hereunder;

(i) promptly
 notify the Fund to the extent required by applicable law in the event that the Adviser
 or any of its affiliates: (1) becomes aware that it is subject to a statutory disqualification
 that prevents the Adviser from serving as an investment adviser pursuant to this Agreement;
 or (2) becomes aware that it is the subject of an administrative proceeding or enforcement
 action by the SEC or other regulatory authority. The Adviser further agrees to notify
 the Fund immediately of any material fact known to the Adviser respecting or relating
 to the Adviser that would make any written representation in this Agreement materially
 inaccurate or incomplete or if any such written representation becomes untrue in any
 material respect;

(j) promptly
notify the Fund if the Adviser suffers a material adverse change in its business that would materially impair its ability to perform
its relevant duties for the Fund. For the purposes of this paragraph, a "material adverse change" shall include, but
is not limited to, a material loss of assets or accounts under management or the departure of senior investment professionals
to the extent such professionals are not replaced promptly with professionals of comparable experience and quality;

(k) use
no material non-public information that may be in its possession in making investment decisions for the Fund, nor seek to obtain
any such information; and

(l) use
 its best judgment and efforts in rendering the advice and services contemplated by this
 Agreement.

1.1.1 <u>Investment Authority</u>. The Adviser's investment authority shall include the authority to purchase and sell securities, options, swaps (including but not limited to interest rate swaps, inflation swaps, swaptions and credit default swaps), financial futures contracts and options thereon, currency transactions, and other derivatives and investment instruments and techniques as may be permitted for use by the Fund and consistent with the Registration Statement.

The Adviser may: (i) open and maintain brokerage accounts for financial futures and options and securities (such accounts hereinafter referred to as "<u>Brokerage Accounts</u>") on behalf of and in the name of the Fund; and (ii) execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Brokerage Accounts as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Fund, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Fund hereby authorizes any entity or person associated with the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 11a2-2(T) thereunder, and the Fund hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

1.1.2 <u>Investment Guidelines</u>. The Fund shall supply the Adviser with such other information as the Adviser shall reasonably request concerning the Fund's investment policies, restrictions, limitations, tax position, liquidity requirements and other information useful in managing the Fund's investments.

1.2 <u>Administrative Services</u>. The Fund has engaged the services of an administrator. The Adviser shall provide such additional administrative services as reasonably requested by the Fund's Directors or officers of the Fund; provided, that the Adviser shall not have any obligation to provide under this Agreement any direct or indirect services to Fund shareholders, any services related to the distribution of Fund shares, or any other services which are the subject of a separate agreement or arrangement between the Fund and the Adviser. Subject to the foregoing, in providing administrative services hereunder, the Adviser shall:

(a) <u>Office Space, Equipment and Facilities</u>. Provide such office space, office equipment and
 office facilities as are adequate to fulfill the Adviser's obligations hereunder;

(b) <u>Personnel</u>.
 Provide, without remuneration from or other cost to the Fund, the services of individuals
 competent to perform the administrative functions which are not performed by employees
 or other agents engaged by the Fund or by the Adviser acting in some other capacity pursuant
 to a separate agreement or arrangement with the Fund;

(c) <u>Agents</u>.
 Assist the Fund in selecting and coordinating the activities of the other agents engaged
 by the Fund, including the Fund's shareholder servicing agent, custodian, administrator,
 independent auditors and legal counsel;

(d) <u>Directors and Officers</u>. Authorize and permit the Adviser's directors, officers and employees
 who may be elected or appointed as Directors or officers of the Fund to serve in such
 capacities, without remuneration from or other cost to the Fund;

(e) <u>Books and Records</u>. Assure that all financial, accounting and other records required to
 be maintained and preserved by the Adviser on behalf of the Fund are maintained and preserved
 by it in accordance with applicable laws and regulations;

(f) <u>Reports and Filings</u>. Assist in the preparation of (but not pay for) all periodic reports
 by the Fund to its shareholders and all reports and filings required to maintain the
 registration and qualification of the Funds and Fund shares, or to meet other regulatory
 or tax requirements applicable to the Fund, under federal and state securities and tax
 laws;

(g) <u>Change in Management or Control</u>. The Adviser shall provide at least sixty (60) days'
 prior written notice to the Fund of any change in the ownership or management of the
 Adviser, or any event or action that may constitute a change in "control,"
 as that term is defined in Section 2 of the 1940 Act. The Adviser shall provide
 prompt notice of any change in the portfolio manager(s) responsible for the day-to-day
 management of the Funds.

**2.** **Expenses of the Fund.** 

During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay, or require a sub-adviser or futures trading advisor to pay, all expenses incurred by the Fund pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability and litigation expenses and other non-routine or extraordinary expenses.

**3.** **Advisory Fee.** 

The Adviser will not receive any compensation for services rendered by the Adviser as investment adviser to the Fund, and is not entitled to any compensation under this Agreement.

**4.** **Proxy Voting.** 

The Adviser will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in a manner that the Adviser deems, in good faith, to be in the best interest of the Fund and in accordance with the Adviser's proxy voting policy. The Adviser agrees to provide a copy of its proxy voting policy to the Fund prior to the execution of this Agreement, and any amendments thereto promptly.

**5. Records and Agent for Service of Process.**

5.1 <u>Tax Treatment</u>. Both the Adviser and the Fund shall maintain, or arrange for others to maintain, the books and records of the Fund in such a manner that treats the Fund as a separate entity for federal income tax purposes.

5.2 <u>Ownership</u>. All records required to be maintained and preserved by the Fund pursuant to the provisions or rules or regulations of the SEC under Section 31(a) of the 1940 Act and maintained and preserved by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered by the Adviser promptly on request by the Fund; provided, that the Adviser may at its own expense make and retain copies of any such records. The Fund, for so long as the U.S. Fund is the sole investor in the Fund, agrees to inspection by the staff of the SEC of the Fund's books and records.

5.3 <u>Agent for Service of Process</u>. The Fund will designate an agent for service of process in the United States.

**6.** **Reports to Adviser.** 

The Fund shall furnish or otherwise make available to the Adviser such copies of the Fund's financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement.

**7.** **Code of Ethics.** 

The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act. Upon request, the Adviser will provide to the Fund's Directors a written report that describes any issues arising under the code of ethics since the last report to the Fund's Directors, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations and which certifies that the Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

**8.** **Retention of Sub-Adviser and/or Futures Trading Advisor.** 

Subject to the approval by the Board of Trustees of the Trust, on behalf of the U.S. Fund, the Adviser may retain one or more sub-advisers or futures trading advisors, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of the Fund. Retention of one or more sub-advisers or futures trading advisors shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 10 of this Agreement, be responsible to the Fund for all acts or omissions of any sub-adviser or futures trading advisor in connection with the performance of the Adviser's duties hereunder.

**9.** **Services to Other Clients.** 

Nothing herein contained shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities.

**10.** **Limitation of Liability of Adviser and its Personnel.** 

Neither the Adviser nor any director, manager, officer or employee of the Adviser performing services for the Fund at the direction or request of the Adviser in connection with the Adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with any matter to which this Agreement relates, and the Adviser shall not be responsible for any action of the Directors of the Fund in following or declining to follow any advice or recommendation of the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement; <u>provided that</u>, nothing herein contained shall be construed (i) to protect the Adviser against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties, or by reason of the Adviser's reckless disregard of its obligations and duties under this Agreement, or (ii) to protect any director, manager, officer or employee of the Adviser who is or was a Director or officer of the Fund against any liability of the Fund or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Fund.

**11.** **Effect of Agreement.** 

Nothing herein contained shall be deemed to require to the Fund to take any action contrary to its Charter Documents or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Directors of the Fund of their responsibility for and control of the conduct of the business and affairs of the Fund.

**12.** **Term of Agreement.** 

The term of this Agreement shall begin as of the date and year upon which the Fund commences investment operations, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to the Fund from year to year, subject to the termination provisions and all other terms and conditions hereof; <u>provided that</u>, such continuance with respect to the Fund is approved at least annually by the Board of Trustees of the Trust, including a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto.

The Adviser shall furnish to the Fund, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

**13.** **Amendment or Assignment of Agreement.** 

Any amendment to this Agreement shall be in writing signed by the parties hereto; <u>provided that</u>, no such amendment shall be effective unless authorized (i) by resolution of the Fund's Directors) and the Board of Trustees of the Trust, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, and (ii) by vote of a majority of the outstanding voting securities of the Fund affected by such amendment as required by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.

**14.** **Termination of Agreement.** 

This Agreement may be terminated as to the Fund at any time by either party hereto, without the payment of any penalty, upon sixty (60) days' prior written notice to the other party. This Agreement shall terminate automatically upon termination of the investment advisory agreement between the Trust and the Adviser, on behalf of the U.S. Fund.

**15. Memorandum and Articles of Association (the "Charter Documents").**

The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Fund's Charter Documents and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the Directors or any individual Director. The Adviser agrees that the Adviser must look solely to the assets of the Fund for the enforcement or satisfaction of any claims against the Fund.

**16.** **Confidentiality.** 

The Adviser agrees to treat all non-public records and other information relating to the Fund and the securities holdings of the Fund as confidential (collectively, "<u>Fund Confidential Information</u>") and shall not disclose any such Fund Confidential Information to any other person unless either (a) permitted by this Agreement or (b) the Board of Directors of the Fund has approved the disclosure. In addition, the Adviser and the Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings. The Adviser agrees that, consistent with the Adviser's Code of Ethics, neither the Adviser nor the Adviser's officers, directors, members or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

The Fund agrees to treat all non-public records and other information relating to the Adviser as confidential (collectively, "<u>Adviser Confidential Information</u>," and together with "Fund Confidential Information," "<u>Confidential Information</u>") and shall not disclose any such Adviser Confidential Information to any other person unless (i) the Adviser has approved the disclosure or (ii) such disclosure is otherwise permitted by this Agreement.

Confidential Information shall not be subject to the above confidentiality obligations to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party; (iii) it is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the Confidential Information provided by the protected party.

Confidential Information may be disclosed by a party without violating its confidentiality obligations under this Agreement to third parties to the limited extent that: (i) release of the information is necessary or appropriate in connection with the provision of services (or receipt of services) contemplated by this Agreement (including services to the Fund); (ii) it is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory authority or agency, law, or binding discovery request in pending litigation (provided the receiving party will provide the disclosing party written notice of such requirement, to the extent such notice is permitted); (iii) it is requested to be disclosed by a governmental or regulatory authority or agency with jurisdiction over the disclosing party; or (iv) it is relevant to any claim or cause of action between the parties or the defense of any claim or cause of action asserted against the receiving party. Confidential Information shared with third parties in accordance with the foregoing sentence shall otherwise remain subject to the confidentiality obligations of this section.

**17.** **Jurisdiction.** 

This Agreement shall be governed by and construed in accordance with the substantive laws of the State of New York without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control.

**18.** **Interpretation and Definition of Terms.** 

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts, or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated person," as used in this Agreement shall have the meanings assigned to them by Section 2(a) of the 1940 Act. To the extent there is any inconsistency between the provisions of this Agreement and the provisions of the 1940 Act, the parties agree that the provisions of the 1940 Act shall prevail. In addition, when the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**19.** **Captions.** 

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

**20.** **Execution in Counterparts.** 

This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

**[Signature Page Follows]**

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

---

| | |
|:---|:---|
| **Defiance Gold vs Bitcoin ETF Cayman Subsidiary** | **Defiance Gold vs Bitcoin ETF Cayman Subsidiary** |
| By: | /s/ Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| **Tidal Investments LLC** | **Tidal Investments LLC** |
| By: | /s/ Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |

---

## Ex-99.(A)(Vii)(2)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vii)(2)**

![](ex99avii2001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**

*Auth Code: F23927710211*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**

1. The name of the Company is Defiance Gold vs Bitcoin Cayman Subsidiary.

2. The
 registered office of the Company will be at the offices of Mourant Governance Services
 (Cayman) Limited, 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108,
 Cayman Islands or at such other place as the Directors may from time to time decide.

3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to carry out any object not prohibited by law as provided by
 Section 7(4) of the Companies Act.

4. The
 Company shall have and be capable of exercising all the functions of a natural person
 of full capacity irrespective of any question of corporate benefit as provided by Section
 27(2) of the Companies Act.

5. Nothing
 in the preceding paragraphs shall be deemed to permit the Company to carry on the business
 of a bank or trust company without being licensed in that behalf under the provisions
 of the Banks and Trust Companies Act (as amended) or to carry on insurance business from
 within the Cayman Islands or the business of an insurance manager, agent, sub-agent or
 broker without being licensed in that behalf under the provisions of the Insurance Act
 (as amended), or to carry on the business of company management without being licensed
 in that behalf under the provisions of the Companies Management Act (as amended).

*Auth Code: F23927710211*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

6. The
 Company will not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands,
 provided that nothing in this Memorandum of Association shall be construed as to prevent
 the Company from effecting and concluding contracts in the Cayman Islands, and exercising
 in the Cayman Islands all of its powers necessary for the carrying on of business outside
 the Cayman Islands.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 authorised share capital of the Company is US$50,000 divided into 5,000,000 shares of
 US$0.01 par value each, with the power for the Company, insofar as is permitted by law
 and the Articles, to redeem, purchase or redesignate any of its shares and to increase
 or reduce the said share capital subject to the Companies Act (as amended) and the Articles
 and to issue any part of its capital, whether original, redeemed or increased with or
 without any preference, priority or special privilege or subject to any postponement
 of rights or to any conditions or restrictions and so that unless the conditions of issue
 shall otherwise expressly declare every issue of shares whether declared to be preference
 or otherwise shall be subject to the powers hereinbefore contained.

9. The
 Company may exercise the power contained in Section 206 of the Companies Act to deregister
 in the Cayman Islands and be registered by way of continuation in another jurisdiction.

10. Capitalised
 terms that are not defined in this Memorandum bear the meanings given to those terms
 in the Articles.

*Auth Code: F23927710211*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

We, the subscriber to this Memorandum, wish to form a company limited by shares pursuant to this Memorandum, and we agree to take the number of shares in the capital of the Company shown opposite our name.

Name and address of Subscriber Number of shares taken

Mourant Nominees (Cayman) Limited One

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited acting by: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii2002.jpg) |
| Name: Ana Casildo |
| Title: Authorised Signatory |
| Witness to the above signature: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii2003.jpg) |

---

---

| |
|:---|
| Name: Kimberly Turner |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 5 February 2026

*Auth Code: F23927710211*

*www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex99avii2004.jpg) | ![](ex99avii2001.jpg) |

---

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**

*Auth Code: H29571648603*

*www.verify.gov.ky*

i

![](ex99avii2001.jpg)

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **ARTICLE** | **PAGE** |
| TABLE A | 1 |
| DEFINITIONS AND INTERPRETATION | 1 |
| COMMENCEMENT OF BUSINESS | 3 |
| SITUATION OF REGISTERED OFFICE | 3 |
| SHARES | 3 |
| REDEMPTION, PURCHASE AND SURRENDER OF SHARES | 4 |
| TREASURY SHARES | 5 |
| MODIFICATION OF RIGHTS | 5 |
| SHARE CERTIFICATES | 6 |
| TRANSFER AND TRANSMISSION OF SHARES | 6 |
| LIEN | 7 |
| CALL ON SHARES | 8 |
| FORFEITURE OF SHARES | 8 |
| ALTERATION OF SHARE CAPITAL | 9 |
| GENERAL MEETINGS | 10 |
| NOTICE OF GENERAL MEETINGS | 10 |
| PROCEEDINGS AT GENERAL MEETINGS | 10 |
| VOTES OF SHAREHOLDERS | 12 |
| WRITTEN RESOLUTIONS OF SHAREHOLDERS | 13 |
| DIRECTORS | 13 |
| TRANSACTIONS WITH DIRECTORS | 15 |
| POWERS OF DIRECTORS | 15 |
| PROCEEDINGS OF DIRECTORS | 16 |
| WRITTEN RESOLUTIONS OF DIRECTORS | 17 |
| PRESUMPTION OF ASSENT | 17 |
| BORROWING POWERS | 18 |
| SECRETARY | 18 |
| THE SEAL | 18 |
| DIVIDENDS, DISTRIBUTIONS AND RESERVES | 18 |
| SHARE PREMIUM ACCOUNT | 19 |
| ACCOUNTS | 19 |
| AUDIT | 20 |
| NOTICES | 20 |
| WINDING UP AND FINAL DISTRIBUTION OF ASSETS | 21 |
| INDEMNITY | 21 |
| DISCLOSURE | 21 |
| CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE | 22 |
| REGISTRATION BY WAY OF CONTINUATION | 22 |
| FINANCIAL YEAR | 22 |
| AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION | 22 |
| CAYMAN ISLANDS DATA PROTECTION | 22 |

---

*Auth Code: H29571648603*

*www.verify.gov.ky*

ii

![](ex99avii2001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**

**TABLE A**

1. In
 these Articles, the regulations contained in Table A in the First Schedule to the Companies
 Act (as defined below) do not apply except insofar as they are repeated or contained
 in these Articles.

**DEFINITIONS AND INTERPRETATION**

2. In
 these Articles, the following words and expressions shall have the meanings set out below
 save where the context otherwise requires:

---

| | |
|:---|:---|
| **Articles** | these Articles of Association of the Company, as amended from time to time by Special Resolution; |

---

---

| | |
|:---|:---|
| **Auditors** | the auditor or auditors for the time being of the Company; |

---

---

| | |
|:---|:---|
| **Board of Directors** | the Directors assembled as a board or assembled as a committee appointed by that board; |

---

---

| | |
|:---|:---|
| **Companies Act** | the Companies Act (as amended); |

---

---

| | |
|:---|:---|
| **Company** | the above-named company; |

---

---

| | |
|:---|:---|
| **Directors** | the directors of the Company for the time being; |

---

---

| | |
|:---|:---|
| **Electronic Record** | has the same meaning as in the Electronic Transactions Act; |

---

---

| | |
|:---|:---|
| **Electronic <br> Transactions Act** | the Electronic Transactions Act (as amended); |

---

---

| | |
|:---|:---|
| **Memorandum** | the Memorandum of Association of the Company, as amended and restated from time to time by Special Resolution; |

---

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

---

| | |
|:---|:---|
| **Ordinary Resolution** | a resolution passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy, at a general meeting, and includes a unanimous written resolution; |

---

---

| | |
|:---|:---|
| **paid up** | paid up as to the par value and any premium payable in respect of the issue of any Shares and includes credited as paid up; |

---

---

| | |
|:---|:---|
| **person** | any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having separate legal personality) or any of them as the context so requires; |

---

---

| | |
|:---|:---|
| **Register of Members** | the register of Shareholders to be kept pursuant to these Articles; |

---

---

| | |
|:---|:---|
| **Registered Office** | the registered office of the Company for the time being; |

---

---

| | |
|:---|:---|
| **Seal** | the common seal of the Company including any duplicate seal; |

---

---

| | |
|:---|:---|
| **Secretary** | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; |

---

---

| | |
|:---|:---|
| **Share** | a share in the capital of the Company of any class including a fraction of such share; |

---

---

| | |
|:---|:---|
| **Shareholder** | any person registered in the Register of Members as the holder of Shares of the Company and, where two or more persons are so registered as the joint holders of such Shares, the person whose name stands first in the Register of Members as one of such joint holders; |

---

---

| | |
|:---|:---|
| **Share Premium Account** | the share premium account established in accordance with these Articles and the Companies Act; |

---

---

| | |
|:---|:---|
| **signed** | includes an electronic signature and a signature or representation of a signature affixed by mechanical means; |

---

---

| | |
|:---|:---|
| **Special Resolution** | has the same meaning as in the Companies Act, and includes a unanimous written resolution; and |

---

---

| | |
|:---|:---|
| **Treasury Shares** | Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled. |

---

3. In
 these Articles, unless there be something in the subject or context inconsistent with
 such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender shall include other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons only shall include companies, partnerships, trusts or associations
 or bodies of persons, whether corporate or not;

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 word "year" shall mean calendar year, the word "quarter" shall
 mean calendar quarter and the word "month" shall mean calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to a "dollar" or "$" is a reference to the legal currency
 of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to any enactment includes a reference to any modification or re-enactment thereof
 for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to any meeting (whether of the Directors, a committee appointed by the Board
 of Directors or the Shareholders or any class of Shareholders) includes any adjournment
 of that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sections
 8 and 19 of the Electronic Transactions Act shall not apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 reference to "written" or "in writing" includes a reference to
 all modes of representing or reproducing words in visible form, including in the form
 of an Electronic Record.

4. Subject
 to the two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
 with the subject or context, bear the same meaning in these Articles.

5. The
 table of contents to, and the headings in, these Articles are for convenience of reference
 only and are to be ignored in construing these Articles.

**COMMENCEMENT OF BUSINESS**

6. The
 business of the Company may be commenced as soon after incorporation as the Board of
 Directors shall see fit.

**SITUATION OF REGISTERED OFFICE**

7. The
 Registered Office shall be at such address in the Cayman Islands as the Directors shall
 from time to time determine. The Company, in addition to the Registered Office, may establish
 and maintain such other offices and places of business and agencies in such places as
 the Directors may from time to time determine.

**SHARES**

8. The
 Directors may impose such restrictions as they think necessary on the offer and sale
 of any Shares.

9. Subject
 to these Articles, all Shares for the time being unissued shall be under the control
 of the Directors who may issue, allot and dispose of or grant options over the same and
 issue warrants or similar instruments with respect thereto to such persons, on such terms,
 and with or without preferred, deferred or other rights and restrictions, whether in
 regard to dividend, voting, return of capital or otherwise, and otherwise in such manner
 as they may think fit. For such purposes, the Directors may reserve an appropriate number
 of Shares for the time being unissued.

10. Subject
 to the Companies Act, and without prejudice to any rights previously conferred on the
 holders of existing Shares, any share or fraction of a share in the Company's share
 capital may be issued either at a premium or at par, and with such preferred, deferred,
 other special rights, or restrictions, whether in regard to dividend, voting, return
 of share capital or otherwise, as the Board of Directors may from time to time by resolution
 determine, and any share may be issued by the Directors on the terms that it is, or at
 the option of the Directors is liable, to be redeemed or purchased by the Company whether
 out of capital in whole or in part or otherwise. No Share may be issued at a discount
 except in accordance with the Companies Act.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

11. The
 Directors may in their absolute discretion refuse to accept any application for Shares
 and may accept any application in whole or in part.

12. The
 Company may on any issue of Shares deduct any sales charge or subscription fee from the
 amount subscribed for the Shares.

13. No
 person shall be recognised by the Company as holding any Share upon any trust, and the
 Company shall not be bound by or recognise (even when having notice thereof) any equitable,
 contingent, future or partial interest in any Share, or (except as otherwise provided
 by these Articles or as required by law) any other right in respect of any Share except
 an absolute right thereto in the registered holder, provided that, notwithstanding the
 foregoing, the Company shall be entitled to recognise any such interests as shall be
 determined by the Directors.

14. The
 Directors shall keep or cause to be kept a Register of Members as required by the Companies
 Act at such place or places as the Directors may from time to time determine. In the
 absence of any such determination, the Register of Members shall be kept at the Registered
 Office.

15. The
 Directors in each year shall prepare or cause to be prepared an annual return and declaration
 setting forth the particulars required by the Companies Act in respect of exempted companies
 and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

16. The
 Company shall not issue Shares to bearer.

17. The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall
 be subject to and carry the corresponding fraction of liabilities (whether with respect
 to nominal or par value, premium, calls or otherwise howsoever), limitations, preferences,
 privileges, qualifications, restrictions, rights (including, without prejudice to the
 foregoing generality, voting and participation rights) and other attributes of a Share.
 If more than one fraction of a Share is issued to or acquired by the same Shareholder,
 such fractions shall be accumulated.

18. The
 premium arising on all issues of Shares shall be held in the Share Premium Account established
 in accordance with these Articles.

19. Payment
 for Shares shall be made at such time and place and to such person on behalf of the Company
 as the Directors may from time to time determine. Payment for any Shares shall be made
 in such currency as the Directors may determine from time to time, provided that the
 Directors shall have the discretion to accept payment in any other currency or in kind
 or a combination of cash and in kind.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

20. Subject
 to the Companies Act, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option
 of the Company and/or the Shareholder on such terms and in such manner as the Directors
 may, before the issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner as
 the Directors may determine and agree with the Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of Shares in any manner authorised
 by the Companies Act, including out of its capital, profits or the proceeds of a fresh
 issue of Shares.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

21. Unless
 the Directors determine otherwise, any Share in respect of which notice of redemption
 has been given shall not be entitled to participate in the profits of the Company in
 respect of the period after the date specified as the date of redemption in the notice
 of redemption.

22. The
 redemption or purchase of any Share shall not be deemed to give rise to the redemption
 or purchase of any other Share.

23. The
 Directors may when making payments in respect of a redemption or purchase of Shares,
 if authorised by the terms of issue of the Shares being redeemed or purchased or with
 the agreement of the holder of such Shares, make such payment either in cash or in specie.

24. Subject
 to the Companies Act, the Company may accept the surrender for no consideration of any
 fully paid Share (including any redeemable Share) on such terms and in such manner as
 the Directors may determine.

**TREASURY SHARES**

25. Shares
 that the Company purchases, redeems or acquires (by way of surrender or otherwise) may,
 at the option of the Company, be cancelled immediately or held as Treasury Shares in
 accordance with the Companies Act. In the event that the Directors do not specify that
 the relevant Shares are to be held as Treasury Shares, such Shares shall be cancelled.

26. No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Shareholders on
 a winding up) may be declared or paid in respect of a Treasury Share.

27. The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares,
 provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Shareholder for any purpose and shall not exercise
 any right in respect of the Treasury Shares, and any purported exercise of such a right
 shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given
 time, whether for the purposes of these Articles or the Companies Act, save that an allotment
 of Shares as fully paid bonus shares in respect of Treasury Shares is permitted and Shares
 allotted as fully paid bonus shares in respect of Treasury Shares shall be treated as
 Treasury Shares.

28. Treasury
 Shares may be disposed of by the Company on any terms and conditions determined by the
 Directors.

**MODIFICATION OF RIGHTS**

29. If
 at any time the share capital of the Company is divided into different classes of Shares,
 the rights attached to any class (unless otherwise provided by the terms of issue of
 the Shares of that class) may, whether or not the Company is being wound up, be varied
 or abrogated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by,
 or with the approval of, the Directors without the consent of the holders of the Shares
 of that class if the Directors determine that the variation or abrogation is not materially
 adverse to the interests of those Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise
 only with the consent in writing of the holders of at least two-thirds of the issued
 Shares of that class or with the sanction of a resolution passed by a majority of at
 least two-thirds of the votes cast at a separate meeting of the holders of the Shares
 of that class (subject to any rights or restrictions attached to those Shares).

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

30. The
 provisions of these Articles relating to general meetings shall apply, *mutatis mutandis*,
 to every class meeting of the holders of one class of Shares, except that the necessary
 quorum shall be one or more Shareholders holding or representing by proxy at least twenty
 (20) per cent in par value of the issued Shares of that class and that any holder of
 Shares of that class present in person or by proxy may demand a poll.

31. For
 the purposes of Articles 29 and 30, the Directors may treat all classes of Shares, or
 any two classes of Shares, as forming a single class if they consider that each class
 would be affected in the same way by the proposal or proposals under consideration. In
 any other case, the Directors shall treat all classes of Shares, or any two classes of
 Shares, as separate classes.

32. The
 rights of the holders of the Shares of any class shall not, where those Shares were issued
 with preferred or other rights, be deemed to be materially adversely varied or abrogated
 by the creation or issue of further Shares ranking equally with those Shares or the redemption
 or purchase of Shares of any other class by the Company (subject to any rights or restrictions
 attached to those Shares).

**SHARE CERTIFICATES**

33. The
 Shares will be issued in fully registered, book-entry form. Certificates will not be
 issued unless the Directors determine otherwise.

34. If
 a share certificate is defaced, lost or destroyed it may be renewed on payment of such
 fee, if any, and on such terms if any, as to evidence and obligations to indemnify the
 Company as the Board of Directors may determine.

**TRANSFER AND TRANSMISSION OF SHARES**

35. No
 transfer of Shares shall be permitted without the consent of the Directors, which may
 be withheld for any or no reason but may include any transfer which in the opinion of
 the Directors is not or may not be consistent with any representation or warranty that
 the transferor of the Shares may have given to the Company, may result in Shares being
 held by any person in breach of the laws of any country or government authority, or may
 subject the Company or Shareholders to adverse tax or regulatory consequences under the
 laws of any country.

36. All
 transfers of Shares shall be effected by an instrument of transfer in writing in any
 usual or common form in use in the Cayman Islands or in any other form approved by the
 Directors and need not be under seal.

37. The
 instrument of transfer must be executed by or on behalf of the transferor. The instrument
 of transfer must be accompanied by such evidence as the Directors may reasonably require
 to show the right of the transferor to make the transfer and the transferor is deemed
 to remain the holder until the transferee's name is entered in the Register of
 Members. The instrument of transfer must be completed and signed in the exact name or
 names in which such Shares are registered, indicating any special capacity in which it
 is being signed with relevant details supplied to the Company.

38. The
 Directors shall not recognise any transfer of Shares unless the instrument of transfer
 is deposited at the Registered Office or such other place as the Directors may reasonably
 require for the Shares to which it relates, together with such other evidence as the
 Directors may reasonably require to show the right of the transferor to make the transfer.

39. The
 registration and transfer of Shares may be suspended at such times and for such periods
 as the Directors may from time to time determine.

*Auth Code: H29571648603*

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40. All
 instruments of transfer which are registered shall be retained by the Company, but any
 instrument of transfer which the Directors may decline to register shall (except in any
 case of fraud) be returned to the person depositing the same.

41. In
 case of the death of a Shareholder, the survivors or survivor (where the deceased was
 a joint holder) and the executors or administrators of the deceased where the deceased
 was the sole or only surviving holder, shall be the only persons recognised by the Company
 as having title to the deceased's interest in the Shares, but nothing in this Article
 shall release the estate of the deceased holder whether sole or joint from any liability
 in respect of any Share solely or jointly held by the deceased.

42. Any
 guardian of an infant Shareholder and any curator or other legal representative of a
 Shareholder under legal disability and any person entitled to a share in consequence
 of the death or bankruptcy of a Shareholder shall, upon producing such evidence of title
 as the Directors may require, have the right either to be registered as the holder of
 the Share or to make such transfer thereof as the deceased or bankrupt Shareholder could
 have made, but the Directors shall in either case have the same right to refuse or suspend
 registration as they would have had in the case of a transfer of the Shares by the infant
 or by the deceased or bankrupt Shareholder before the death or bankruptcy or by the Shareholder
 under legal disability before such disability.

43. A
 person so becoming entitled to a Share in consequence of the death or bankruptcy of a
 Shareholder shall have the right to receive and may give a discharge for all dividends
 and other money payable or other advantages due on or in respect of the Share, but such
 person shall not be entitled to receive notice of or to attend or vote at meetings of
 the Company, or save as aforesaid, to any of the rights or privileges of a Shareholder
 unless and until such person shall be registered as a Shareholder in respect of the Share,
 provided always that the Directors may at any time give notice requiring any such person
 to elect either to be registered or to transfer the Share and if the notice is not complied
 with within ninety (90) days the Directors may thereafter withhold all dividends or other
 monies payable or other advantages due in respect of the Share until the requirements
 of the notice have been complied with.

**LIEN**

44. The
 Company shall have a first and paramount lien on all Shares (whether fully paid-up or
 not) registered in the name of a Shareholder (whether solely or jointly with others)
 for all debts, liabilities or engagements to or with the Company (whether presently payable
 or not) by such Shareholder or the Shareholder's estate, either alone or jointly
 with any other person, whether a Shareholder or not, but the Directors may at any time
 declare any Share to be wholly or in part exempt from the provisions of this Article.
 The registration of a transfer of any such Share shall operate as a waiver of the Company's
 lien thereon. The Company's lien on a Share shall also extend to any amount payable
 in respect of that Share.

45. The
 Company may sell, in such manner as the Directors think fit, any Shares on which the
 Company has a lien, if a sum in respect of which the lien exists is presently payable,
 and is not paid within fourteen (14) clear days after notice has been given to the holder
 of the Shares, or to the person entitled to it in consequence of the death or bankruptcy
 of the holder, demanding payment and stating that if the notice is not complied with
 the Shares may be sold.

46. To
 give effect to any such sale the Directors may authorise any person to execute an instrument
 of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
 The purchaser or the purchaser's nominee shall be registered as the holder of the
 Shares comprised in any such transfer, and the purchaser shall not be bound to see to
 the application of the purchase money, nor shall the purchaser's title to the Shares
 be affected by any irregularity or invalidity in the sale or the exercise of the Company's
 power of sale under these Articles.

47. The
 net proceeds of such sale, after payment of costs, shall be applied in payment of such
 part of the amount in respect of which the lien exists as is presently payable and any
 residue shall (subject to a like lien for sums not presently payable as existed upon
 the Shares before the sale) be paid to the person entitled to the Shares at the date
 of the sale.

*Auth Code: H29571648603*

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**CALL ON SHARES**

48. Subject
 to the terms of the allotment the Directors may from time to time make calls upon the
 Shareholders in respect of any monies unpaid on their Shares (whether in respect of par
 value or premium), and each Shareholder shall (subject to receiving at least fourteen
 (14) days' notice specifying the time or times of payment) pay to the Company at
 the time or times so specified the amount called on the Shares. A call may be revoked
 or postponed as the Directors may determine. A call may be required to be paid by instalments.
 A person upon whom a call is made shall remain liable for calls made upon them notwithstanding
 the subsequent transfer of the Shares in respect of which the call was made.

49. A
 call shall be deemed to have been made at the time when the resolution of the Directors
 authorising such call was passed.

50. The
 joint holders of a Share shall be jointly and severally liable to pay all calls in respect
 thereof.

51. If
 a call remains unpaid after it has become due and payable, the person from whom it is
 due shall pay interest on the amount unpaid from the day it became due and payable until
 it is paid at such rate as the Directors may determine, but the Directors may waive payment
 of the interest wholly or in part.

52. An
 amount payable in respect of a Share on allotment or at any fixed date, whether on account
 of the par value of the Share or premium or otherwise, shall be deemed to be a call and
 if it is not paid all the provisions of these Articles shall apply as if that amount
 had become due and payable by virtue of a call.

53. The
 Directors may issue Shares with different terms as to the amount and times of payment
 of calls, or the interest to be paid.

54. The
 Directors may, if they think fit, receive an amount from any Shareholder willing to advance
 all or any part of the monies uncalled and unpaid upon any Shares held by such Shareholder,
 and may (until the amount would otherwise become payable) pay interest at such rate as
 may be agreed upon between the Directors and the Shareholder paying such amount in advance.

55. No
 such amount paid in advance of calls shall entitle the Shareholder paying such amount
 to any portion of a dividend declared in respect of any period prior to the date upon
 which such amount would, but for such payment, become payable.

**FORFEITURE OF SHARES**

56. If
 a call remains unpaid after it has become due and payable the Directors may give to the
 person from whom it is due not less than fourteen (14) clear days' notice requiring
 payment of the amount unpaid together with any interest which may have accrued. The notice
 shall specify where payment is to be made and shall state that if the notice is not complied
 with the Shares in respect of which the call was made will be liable to be forfeited.

57. If
 the notice is not complied with any Share in respect of which it was given may, before
 the payment required by the notice has been made, be forfeited by a resolution of the
 Directors. Such forfeiture shall include all dividends or other monies declared payable
 in respect of the forfeited Share and not paid before the forfeiture.

58. A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in
 such manner as the Directors think fit and at any time before a sale, re-allotment or
 disposition the forfeiture may be cancelled on such terms as the Directors think fit.
 Where for the purposes of its disposal a forfeited Share is to be transferred to any
 person the Directors may authorise some person to execute an instrument of transfer of
 the Share in favour of that person.

*Auth Code: H29571648603*

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59. A
 person any of whose Shares have been forfeited shall cease to be a Shareholder in respect
 of them and shall surrender to the Company for cancellation the certificate for the Shares
 forfeited and shall remain liable to pay to the Company all monies which at the date
 of forfeiture were payable by such person to the Company in respect of those Shares together
 with interest, but such person's liability shall cease if and when the Company
 shall have received payment in full of all monies due and payable by such person in respect
 of those Shares.

60. A
 certificate in writing under the hand of one Director or officer of the Company that
 a Share has been forfeited on a specified date shall be conclusive evidence of the fact
 as against all persons claiming to be entitled to the Share. The certificate shall (subject
 to the execution of any instrument of transfer) constitute a good title to the Share
 and the person to whom the Share is disposed of shall not be bound to see to the application
 of the purchase money, if any, nor shall such person's title to the Share be affected
 by any irregularity or invalidity in the proceedings in reference to the forfeiture,
 sale or disposal of the Share.

61. The
 provisions of these Articles as to forfeiture shall apply in the case of non-payment
 of any sum which, by the terms of issue of a Share, becomes payable at a fixed time,
 whether on account of the par value of the Share or by way of premium as if it had been
 payable by virtue of a call duly made and notified.

**ALTERATION OF SHARE CAPITAL**

62. The
 Company may from time to time by Ordinary Resolution increase its share capital by such
 sum to be divided into Shares of such amounts as the resolution shall prescribe.

63. All
 new Shares shall be subject to the provisions of these Articles with reference to transfer,
 transmission and otherwise.

64. Subject
 to the Companies Act, the Company may by Special Resolution from time to time reduce
 its share capital in any way, and in particular, without prejudice to the generality
 of the foregoing power, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel
 any paid-up share capital which is lost, or which is not represented by available assets;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay
 off any paid-up share capital which is in excess of the requirements of the Company,

and may, if and so far as is necessary, alter the Memorandum by reducing the amounts of its share capital and of its Shares accordingly.

65. The
 Company may from time to time by Ordinary Resolution alter (without reducing) its share
 capital by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidating
 and dividing all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sub-dividing
 its Shares, or any of them, into Shares of smaller amount than that fixed by the Memorandum
 so, however, that in the sub-division the proportion between the amount paid and the
 amount, if any, unpaid on each reduced Share shall be the same as it was in the case
 of the Share from which the reduced Share is derived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancelling
 any Shares which, at the date of the passing of the Ordinary Resolution, have not been
 taken, or agreed to be taken by any person, and diminishing the amount of its authorised
 share capital by the amount of the Shares so cancelled.

*Auth Code: H29571648603*

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**GENERAL MEETINGS**

66. The
 Directors may proceed to convene a general meeting whenever they think fit, including,
 without limitation, for the purposes of considering a liquidation of the Company, and
 they shall convene a general meeting on the requisition of the Shareholders holding at
 the date of the deposit of the requisition not less than one-half of such of the paid-up
 capital of the Company as at the date of the deposit carries the right of voting at general
 meetings.

67. The
 requisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 be in writing and state the objects of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must
 be signed by each requisitionist and deposited at the Registered Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may
 consist of several documents in like form each signed by one or more requisitionists.

68. If
 the Directors do not within ten (10) days from the date of the deposit of the requisition
 duly proceed to convene a general meeting, the requisitionists, or any of them representing
 more than one-half of the total voting rights of all of them, may themselves convene
 a general meeting, but any meeting so convened shall not be held after the expiration
 of three months after the expiration of the said ten (10) days.

69. A
 general meeting convened as aforesaid by requisitionists shall be convened in the same
 manner as nearly as possible as that in which general meetings are convened by the Directors.
 A general meeting may be convened in the Cayman Islands or at such other location, as
 the Directors think fit.

**NOTICE OF GENERAL MEETINGS**

70. Five
 (5) calendar days' notice at least specifying the place, the day and the hour of
 any general meeting and the general nature of the business to be conducted at the general
 meeting, shall be given in the manner hereinafter mentioned to such persons as are under
 these Articles or the conditions of issue of the Shares held by them entitled to receive
 notices from the Company. If the Directors determine that prompt Shareholder action is
 advisable, they may shorten the notice period for any general meeting to such period
 as the Directors consider reasonable.

71. A
 general meeting shall, notwithstanding that it is called by shorter notice than that
 specified in the preceding Article, be deemed to have been duly called with regard to
 the length of notice if it is so agreed by all the Shareholders entitled to attend and
 vote thereat.

72. In
 every notice calling a general meeting, there shall appear with reasonable prominence
 a statement that a Shareholder entitled to attend and vote either (i) is entitled to
 appoint one or more proxies to attend such meeting and vote instead of such Shareholder
 and that a proxy need not also be a Shareholder or (ii) has appointed a proxy who, unless
 such appointment is revoked, will attend such meeting and vote on behalf of such Shareholder.

73. The
 accidental omission to give notice to, or the non-receipt of notice by, any person entitled
 to receive notice shall not invalidate the proceedings at any general meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

74. No
 business shall be transacted at any general meeting unless a quorum is present. Save
 as otherwise provided in these Articles a quorum shall be the presence, in person or
 by proxy, of one or more persons holding at least twenty (20) per cent in par value of
 the issued Shares which confer the right to attend and vote thereat.

*Auth Code: H29571648603*

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75. Save
 as otherwise provided for in these Articles, if within half an hour from the time appointed
 for the meeting a quorum is not present, the meeting, if convened on the requisition
 of or by Shareholders, shall be dissolved. In any other case it shall stand adjourned
 to the same day in the next week, at the same time and place or to such other day and
 at such other time and place as the Directors may determine and if at such adjourned
 meeting a quorum is not present within fifteen (15) minutes from the time appointed for
 holding the meeting, the Shareholders present shall be a quorum.

76. A
 person may, with the consent of the Directors, participate at a general meeting by means
 of telephone, video or similar communication equipment by way of which all persons participating
 in such meeting can hear each other and such participation shall be deemed to constitute
 presence in person at such meeting.

77. The
 Chairperson (if any) or, if absent, the Deputy Chairperson (if any) of the Board of Directors,
 or, failing them, some other Director nominated by the Directors shall preside as Chairperson
 at every general meeting, but if at any meeting neither the Chairperson nor the Deputy
 Chairperson nor such other Director be present within fifteen (15) minutes after the
 time appointed for holding the meeting, or if neither of them be willing to act as Chairperson,
 the Directors present shall choose some Director present to be Chairperson or if no Directors
 be present, or if all the Directors present decline to take the chair, the Shareholders
 present shall choose some Shareholder present to be Chairperson.

78. The
 Chairperson may with the consent of any meeting at which a quorum is present (and shall
 if so directed by the meeting) adjourn the meeting from time to time and from place to
 place but no business shall be transacted at any adjourned meeting except business which
 might lawfully have been transacted at the meeting from which the adjournment took place.
 When a meeting is adjourned for fourteen (14) days or more, five (5) calendar days'
 notice at the least specifying the place, the day and the hour of the adjourned meeting
 shall be given as in the case of the original meeting but it shall not be necessary to
 specify in such notice the nature of the business to be transacted at the adjourned meeting.
 Save as aforesaid, it shall not be necessary to give any notice of an adjournment or
 of the business to be transacted at an adjourned meeting.

79. The
 Directors may cancel or postpone any duly convened general meeting at any time prior
 to such meeting, except for general meetings requisitioned by the Shareholders in accordance
 with these Articles, for any reason or for no reason, upon notice in writing to Shareholders.
 A postponement may be for a stated period of any length or indefinitely as the Directors
 may determine.

80. At
 any general meeting, a resolution put to the vote of the meeting shall be decided on
 a show of hands unless a poll is, before or on the declaration of the result of the show
 of hands, demanded by the Chairperson or any Shareholder or Shareholders present in person
 or by proxy.

81. Unless
 a poll be so demanded, a declaration by the Chairperson that a resolution has on a show
 of hands been carried, or carried unanimously, or by a particular majority, or lost,
 and an entry to that effect made in the Company's minute book containing the minutes
 of the proceedings of the meeting, shall be conclusive evidence of the fact without proof
 of the number or the proportion of the votes recorded in favour of or against such resolution.

82. If
 a poll is duly demanded it shall be taken in such manner and at such place as the Chairperson
 may direct (including the use of a ballot or voting papers, or tickets) and the result
 of a poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
 The Chairperson may, in the event of a poll, appoint scrutineers and may adjourn the
 meeting to some place and time fixed by the Chairperson for the purpose of declaring
 the result of the poll.

83. In
 the case of an equality of votes, whether on a show of hands or on a poll, the Chairperson
 of the meeting at which the show of hands or at which the poll is taken, shall not be
 entitled to a second or casting vote.

*Auth Code: H29571648603*

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84. A
 poll demanded on the election of a Chairperson and a poll demanded on a question of adjournment
 shall be taken forthwith. A poll demanded on any other question shall be taken at such
 time and place as the Chairperson directs not being more than ten (10) days from the
 date of the meeting or adjourned meeting at which the poll was demanded.

85. The
 demand for a poll shall not prevent the continuance of a meeting for the transaction
 of any business other than the question on which the poll has been demanded.

86. A
 demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately.

**VOTES OF SHAREHOLDERS**

87. On
 a show of hands every holder of Shares present and entitled to vote thereon shall have
 one vote. On a poll every holder of Shares, present in person or by proxy and entitled
 to vote thereon, shall be entitled to one vote in respect of each Share held by them.

88. In
 the case of joint holders of a Share, the vote of the senior holder who tenders a vote,
 whether in person or by proxy, shall be accepted to the exclusion of the votes of the
 other joint holders, and for this purpose seniority shall be determined by the order
 in which the names stand in the Register of Members in respect of the Shares.

89. A
 Shareholder who has appointed special or general attorneys or a Shareholder who is subject
 to a disability may vote on a poll, by such Shareholder's attorney, committee,
 receiver, curator bonis or other person in the nature of a committee, receiver, or curator
 bonis appointed by a court and such attorney, committee, receiver, curator bonis or other
 person may on a poll vote by proxy; provided that such evidence as the Directors may
 require of the authority of the person claiming to vote shall, unless otherwise waived
 by the Directors, have been deposited at the Registered Office not less than forty-eight
 (48) hours before the time for holding the meeting or adjourned meeting at which such
 person claims to vote.

90. No
 objection shall be raised to the qualification of any voter except at the meeting or
 adjourned meeting at which the vote objected to is given or tendered, and every vote
 not disallowed at such meeting shall be valid for all purposes. Any such objection made
 in due time shall be referred to the Chairperson of the meeting, whose decision shall
 be final and conclusive.

91. On
 a poll votes may be given either personally or by proxy and a Shareholder entitled to
 more than one vote need not, if the Shareholder votes, use all their votes or cast all
 the votes the Shareholder uses in the same way.

92. The
 instrument appointing a proxy shall be in writing under the hand of the appointor or
 of the appointor's attorney duly authorised in writing, or if the appointor is
 a corporation, either under its common seal or under the hand of an officer or attorney
 so authorised.

93. Any
 person (whether a Shareholder or not) may be appointed to act as a proxy. A Shareholder
 may appoint more than one proxy to attend on the same occasion.

94. The
 instrument appointing a proxy and the power of attorney or other authority (if any) under
 which it is signed, or a certified copy of such power or authority, must be deposited
 at the Registered Office, or at such other place as is specified for that purpose in
 the notice of meeting or in the instrument of proxy issued by the Company, no later than
 the time appointed for holding the meeting or adjourned meeting; provided that the Chairperson
 of the meeting may in the Chairperson's discretion accept an instrument of proxy
 sent by fax, email or other electronic means.

*Auth Code: H29571648603*

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95. An
 instrument of proxy shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 in any common form or in such other form as the Directors may approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 deemed to confer authority to demand or join in demanding a poll and to vote on any amendment
 of a resolution put to the general meeting for which it is given as the proxy thinks
 fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to its terms, be valid for any adjournment of the general meeting for which it is given.

96. The
 Directors may at the expense of the Company send to the Shareholders instruments of proxy
 (with or without prepaid postage for their return) for use at any general meeting, either
 in blank or nominating in the alternative any one or more of the Directors or any other
 persons. If for the purpose of any meeting invitations to appoint as proxy a person or
 one of a number of persons specified in the invitations are issued at the expense of
 the Company, such invitations shall be issued to all (and not to some only) of the Shareholders
 entitled to be sent a notice of the meeting and to vote thereat by proxy.

97. A
 vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the death or insanity of the principal or the revocation of the instrument of proxy,
 or of the authority under which the instrument of proxy was executed, provided that no
 intimation in writing of such death, insanity, revocation or transfer shall have been
 received by the Company at the Registered Office before commencement of the meeting or
 adjourned meeting at which the instrument of proxy is used.

98. Anything
 which under these Articles a Shareholder may do by proxy that Shareholder may also do
 by a duly appointed attorney. The provisions of these Articles relating to proxies and
 instruments appointing proxies apply, *mutatis mutandis*, to any such attorney and
 the instrument appointing that attorney.

99. Any
 Shareholder which is a corporation or partnership may, by a resolution of its directors
 or other governing body, authorise such person as it thinks fit to act as its representative
 at any meeting or meetings of the Company. The person so authorised shall be entitled
 to exercise the same powers on behalf of such corporation or partnership as the corporation
 or partnership could exercise if it were a Shareholder who was an individual and such
 corporation or partnership shall for the purposes of these Articles be deemed to be present
 in person at any such meeting if a person so authorised is present.

**WRITTEN RESOLUTIONS OF SHAREHOLDERS**

100. A
 resolution in writing signed by all the Shareholders for the time being entitled to receive
 notice of, attend and vote at a general meeting shall be as valid and effective as a
 resolution passed at a general meeting duly convened and held and may consist of several
 documents in the like form each signed by one or more of the Shareholders.

**DIRECTORS**

101. Unless
 otherwise determined by the Company by Ordinary Resolution, the minimum number of Directors
 shall be one and the maximum number of Directors shall be unlimited. The first Director(s)
 shall be determined in writing by, or appointed by a resolution of, the subscriber(s)
 to the Memorandum.

102. A
 Director need not be a Shareholder but shall be entitled to receive notice of and attend
 all general meetings.

103. The
 Company may, by Ordinary Resolution, appoint any person to be a Director and may in like
 manner remove any Director and may appoint another person in the Director's stead.
 Without prejudice to the power of the Company by Ordinary Resolution to appoint a person
 to be a Director, the Board of Directors, so long as a quorum of Directors remains in
 office, shall have the power at any time and from time to time to appoint any person
 to be a Director so as to fill a casual vacancy or otherwise.

*Auth Code: H29571648603*

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104. Each
 Director shall be entitled to such remuneration as approved by the Board of Directors
 and this may be in addition to such remuneration as may be payable under any other Article.
 Such remuneration shall be deemed to accrue from day to day. The Directors and the Secretary
 may also be paid all travelling, hotel and other expenses properly incurred by them in
 attending and returning from meetings of the Directors or any committee of the Directors
 or general meetings or in connection with the business of the Company. The Directors
 may, in addition to such remuneration as aforesaid, grant special remuneration to any
 Director who, being called upon, shall perform any special or extra services to or at
 the request of the Company.

105. Each
 Director shall have the power to nominate another Director or any other person to act
 as alternate Director in the Director's place at any meeting of the Directors at
 which the Director is unable to be present and at the Director's discretion to
 remove such alternate Director. On such appointment being made the alternate Director
 shall (except as regards the power to appoint an alternate Director) be subject in all
 respects to the terms and conditions existing with reference to the other Directors and
 each alternate Director, whilst acting in the place of an absent Director, shall exercise
 and discharge all the functions, powers and duties of the Director being represented.
 Any Director who is appointed as alternate Director shall be entitled at a meeting of
 the Directors to cast a vote on behalf of their appointor in addition to the vote to
 which such Director is entitled in their own capacity as a Director, and shall also be
 considered as two Directors for the purpose of making a quorum of Directors. Any person
 appointed as an alternate Director shall automatically vacate such office as an alternate
 Director if and when the Director by whom the alternate Director has been appointed vacates
 their office of Director. The remuneration of an alternate Director shall be payable
 out of the remuneration of the Director appointing such alternate Director and shall
 be agreed between them.

106. Every
 instrument appointing an alternate Director shall be in such common form as the Directors
 may approve.

107. The
 appointment and removal of an alternate Director shall take effect when lodged at the
 Registered Office or delivered at a meeting of the Directors.

108. The
 office of a Director shall be vacated in any of the following events namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Director resigns their office by notice in writing signed by such Director and left
 at the Registered Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Director becomes bankrupt or makes any arrangement or composition with such Director's
 creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Director dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Director ceases to be a Director by virtue of, or becomes prohibited from being a
 Director by reason of, an order made under any provisions of any law or enactment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the Director is removed from office by notice addressed to such Director at their last
 known address and signed by all of the co-Directors (not being less than two in number);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 the Director is removed from office by Ordinary Resolution.

*Auth Code: H29571648603*

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**TRANSACTIONS WITH DIRECTORS**

109. A
 Director may hold any other office or place of profit under the Company (other than the
 office of Auditor) in conjunction with their office of Director on such terms as to tenure
 of office and otherwise as the Directors may determine.

110. No
 Director or intending Director shall be disqualified by their office from contracting
 with the Company either as vendor, purchaser or otherwise, nor shall any such contract
 or any contract or arrangement entered into by or on behalf of the Company in which any
 Director is in any way interested be liable to be avoided, nor shall any Director so
 contracting or being so interested be liable to account to the Company for any profit
 realised by any such contract or arrangement by reason of such Director holding that
 office or of the fiduciary relationship thereby established, but the nature of the Director's
 interest must be declared by such Director at the meeting of the Directors at which the
 question of entering into the contract or arrangement is first taken into consideration,
 or if the Director was not at the date of that meeting interested in the proposed contract
 or arrangement, then at the next meeting of the Directors held after such Director becomes
 so interested, and in a case where the Director becomes interested in a contract or arrangement
 after it is made, then at the first meeting of the Directors held after such Director
 becomes so interested.

111. In
 the absence of some other material interest than is indicated below, provided a Director
 who is in any way, whether directly or indirectly, interested in a contract or proposed
 contract with the Company declares (whether by specific or general notice) the nature
 of their interest at a meeting of the Directors that Director may vote in respect of
 any contract or proposed contract or arrangement notwithstanding that such Director may
 be interested therein and if such Director does so their vote shall be counted and such
 Director may be counted in the quorum at any meeting of the Directors at which any such
 contract or proposed contract or arrangement shall come before the meeting for consideration.

112. Where
 proposals are under consideration concerning the appointment (including fixing or varying
 the terms of appointment) of two or more Directors to offices or employments with the
 Company or any company in which the Company is interested, such proposals may be divided
 and considered in relation to each Director separately and in such cases each of the
 Directors concerned shall be entitled to vote (and be counted in the quorum) in respect
 of each resolution except that concerning the Director's own appointment.

113. Any
 Director may act independently or through the Director's firm in a professional
 capacity for the Company, and the Director or the firm shall be entitled to remuneration
 for professional services as if the Director were not a Director, provided that nothing
 herein contained shall authorise a Director or the Director's firm to act as Auditor
 to the Company.

114. Any
 Director may continue to be or become a director, managing director, manager or other
 officer or shareholder of any company promoted by the Company or in which the Company
 may be interested, and no such Director shall be accountable for any remuneration or
 other benefits received by the Director as a director, managing director, manager or
 other officer or shareholder of any such other company. The Directors may exercise the
 voting power conferred by the shares in any other company held or owned by the Company
 or exercisable by them as directors of such other company, in such manner in all respects
 as they think fit (including the exercise thereof in favour of any resolution appointing
 themselves or any of them directors, managing directors or other officers of such company,
 or voting or providing for the payment of remuneration to the directors, managing directors
 or other officers of such company).

**POWERS OF DIRECTORS**

115. The
 business of the Company shall be managed by the Directors, who may exercise all such
 powers of the Company as are not by the Companies Act or by these Articles required to
 be exercised by the Company in general meeting, subject nevertheless to any regulations
 of these Articles, to the Companies Act, and to such regulations being not inconsistent
 with the aforesaid regulations or provisions as may be prescribed by the Company in general
 meeting, but no regulations made by the Company in general meeting shall invalidate any
 prior act of the Directors which would have been valid if such regulations had not been
 made. The general powers given by this Article shall not be limited or restricted by
 any special authority or power given to the Directors by any other Article.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

116. The
 Directors may from time to time and at any time by power of attorney appoint any company,
 firm or person or any fluctuating body of persons, whether nominated directly or indirectly
 by the Directors, to be the attorney or attorneys of the Company for such purposes and
 with such powers authorities and discretions (not exceeding those vested in or exercisable
 by the Directors under these Articles) and for such period and subject to such conditions
 as they may think fit, and any such appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorneys as the Directors may think
 fit, and may also authorise any such attorney to sub-delegate all or any of the powers,
 authorities and discretions vested in such attorney. The Directors may also appoint any
 person to be the agent of the Company for such purposes and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under
 these Articles) and for such period and on such conditions as they determine, including
 authority for the agent to delegate all or any of their powers.

117. All
 cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
 instruments drawn by the Company, and all receipts for monies paid to the Company shall
 be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such
 manner as the Directors shall from time to time by resolution determine.

**PROCEEDINGS OF DIRECTORS**

118. The
 Directors may meet together for the dispatch of business, adjourn and otherwise regulate
 their meetings, as they think fit. Questions and matters arising at any meeting shall
 be determined by a majority of votes. In the case of an equality of votes, the Chairperson
 shall not have a second or casting vote. A Director may, and the Secretary on the requisition
 of a Director shall, at any time summon a meeting of the Directors.

119. A
 Director or Directors may participate in any meeting of the Board of Directors, or of
 any committee appointed by the Board of Directors of which such Director or Directors
 are members, by means of telephone, video or similar communication equipment by way of
 which all persons participating in such meeting can hear each other and such participation
 shall be deemed to constitute presence in person at the meeting.

120. The
 quorum necessary for the transaction of the business of the Directors may be fixed by
 the Directors and, unless so fixed, shall be two, if there are two or more Directors,
 and shall be one if there is only one Director.

121. The
 continuing Directors or a sole continuing Director may act notwithstanding any vacancies
 in their number, but if and so long as the number of Directors is reduced below the minimum
 number fixed by or in accordance with these Articles the continuing Directors or Director
 may act for the purpose of filling up vacancies in their number, or of summoning general
 meetings, but not for any other purpose. If there be no Directors or Director able or
 willing to act, then any two Shareholders, if there are two or more shareholders, or
 the sole shareholder, if there is only one shareholder, may summon a general meeting
 for the purpose of appointing Directors.

122. The
 Directors may from time to time elect and remove a Chairperson and, if they think fit,
 a Deputy Chairperson and determine the period for which they respectively are to hold
 office. The Chairperson or, failing them, the Deputy Chairperson shall preside at all
 meetings of the Directors, but if there be no Chairperson or Deputy Chairperson, or if
 at any meeting the Chairperson or Deputy Chairperson be not present within five (5) minutes
 after the time appointed for holding the same, the Directors present may choose one of
 their number to be Chairperson of the meeting.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

123. A
 meeting of the Directors for the time being at which a quorum is present shall be competent
 to exercise all powers and discretions for the time being exercisable by the Directors.

124. Without
 prejudice to the powers conferred by these Articles, the Directors may delegate any of
 their powers to committees consisting of such member or members of their body as they
 think fit. Any committee so formed shall, in the exercise of the powers so delegated,
 conform to any regulations that may be imposed on them by the Directors. The Directors
 may, by power of attorney or otherwise, appoint any person to be an agent of the Company
 on such condition as the Directors may determine, provided that the delegation is not
 to the exclusion of their own powers.

125. The
 meetings and proceedings of any such committee consisting of two or more Directors shall
 be governed by the provisions of these Articles regulating the meetings and proceedings
 of the Directors so far as the same are applicable and are not superseded by any regulations
 made by the Directors under the preceding Article.

126. The
 Directors may appoint such officers as they consider necessary on such terms, at such
 remuneration and to perform such duties, and subject to such provisions as to disqualification
 and removal as the Directors may think fit. Unless otherwise specified in the terms of
 the officer's appointment an officer may be removed by resolution of the Directors
 or Shareholders.

127. All
 acts done by any meeting of Directors, or of a committee of Directors or by any person
 acting as a Director, shall, notwithstanding it be afterwards discovered that there was
 some defect in the appointment of any such Director or person acting as aforesaid, or
 that they or any of them were disqualified, or had vacated office, or were not entitled
 to vote, be as valid as if every such person had been duly appointed, and was qualified
 and had continued to be a Director and had been entitled to vote.

128. The
 Directors shall cause minutes to be made of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of the Directors present at each meeting of the Directors and of any committee
 of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 resolutions and proceedings of all meetings of the Company and of the Directors and of
 any committee of Directors.

Any such minutes, if purporting to be signed by the Chairperson of the meeting at which the proceedings took place, or by the Chairperson of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of the proceedings.

**WRITTEN RESOLUTIONS OF DIRECTORS**

129. A
 resolution in writing signed by all the Directors for the time being entitled to attend
 and vote at a meeting of the Directors (an alternate Director being entitled to sign
 such a resolution on behalf of their appointor) shall be as valid and effective as a
 resolution passed at a meeting of the Directors duly convened and held and may consist
 of several documents in the like form each signed by one or more of the Directors (or
 their alternates).

**PRESUMPTION OF ASSENT**

130. A
 Director who is present at a meeting of the Board of Directors at which action on any
 Company matter is taken shall be presumed to have assented to the action taken unless
 the Director's dissent shall be entered in the minutes of the meeting or unless
 the Director shall file their written dissent from such action with the person acting
 as the secretary of the meeting before the adjournment thereof or shall forward such
 dissent by registered mail to such person immediately after the adjournment of the meeting.
 Such right to dissent shall not apply to a Director who voted in favour of such action.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

**BORROWING POWERS**

131. The
 Directors may exercise all the powers of the Company to borrow money and hypothecate,
 mortgage, charge or pledge its undertaking, property, and assets or any part thereof,
 and to issue debentures, debenture stock or other securities, whether outright or as
 collateral security for any debt liability or obligation of the Company or of any third
 party.

**SECRETARY**

132. The
 Directors may appoint any person to be a Secretary who shall hold office for such term,
 at such remuneration and upon such conditions and with such powers as they think fit.
 Any Secretary so appointed by the Directors may be removed by the Directors or by the
 Company by Ordinary Resolution. Anything required or authorised to be done by or to the
 Secretary may, if the office is vacant or there is for any other reason no Secretary
 capable of acting, be done by or to any assistant or deputy Secretary or if there is
 no assistant or deputy Secretary capable of acting, by or to any officer of the Company
 authorised generally or specially in that behalf by the Directors, provided that any
 provisions of these Articles requiring or authorising a thing to be done by or to a Director
 and the Secretary shall not be satisfied by its being done by or to the same person acting
 both as Director and as, or in the place of, the Secretary.

133. No
 person shall be appointed or hold office as Secretary who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sole Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 corporation the sole director of which is the sole Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 sole director of a corporation which is the sole Director.

**THE SEAL**

134. The
 Directors shall provide for the safe custody of the Seal and the Seal shall never be
 used except by the authority of a resolution of the Directors or of a committee of the
 Directors authorised by the Directors in that behalf. The Directors may keep for use
 outside the Cayman Islands a duplicate Seal. The Directors may from time to time as they
 see fit (subject to the provisions of these Articles relating to share certificates)
 determine the persons and the number of such persons in whose presence the Seal or the
 facsimile thereof shall be used, and until otherwise so determined the Seal or the duplicate
 thereof shall be affixed in the presence of any one Director or the Secretary, or of
 some other person duly authorised by the Directors.

**DIVIDENDS, DISTRIBUTIONS AND RESERVES**

135. Subject
 to the Companies Act, these Articles, and the special rights attaching to Shares of any
 class, the Directors may, in their absolute discretion, declare dividends and distributions
 on Shares in issue and authorise payment of the dividends or distributions out of the
 funds of the Company lawfully available therefor. No dividend or distribution shall be
 paid except out of the realised or unrealised profits of the Company, or out of the Share
 Premium Account, or as otherwise permitted by the Companies Act.

136. Except
 as otherwise provided by the rights attached to Shares, or as otherwise determined by
 the Directors, all dividends and distributions in respect of Shares shall be declared
 and paid according to the par value of the Shares that a Shareholder holds. If any Share
 is issued on terms providing that it shall rank for dividend or distribution as from
 a particular date, that Share shall rank for dividend or distribution accordingly.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

137. The
 Directors may deduct and withhold from any dividend or distribution otherwise payable
 to any Shareholder all sums of money (if any) then payable by the Shareholder to the
 Company on account of calls or otherwise or any monies which the Company is obliged by
 law to pay to any taxing or other authority.

138. The
 Directors may declare that any dividend or distribution be paid wholly or partly by the
 distribution of specific assets and in particular of shares, debentures or securities
 of any other company or in any one or more of such ways and, where any difficulty arises
 in regard to such distribution, the Directors may settle the same as they think expedient
 and in particular may issue fractional Shares and fix the value for distribution of such
 specific assets or any part thereof and may determine that cash payments shall be made
 to any Shareholder upon the basis of the value so fixed in order to adjust the rights
 of all Shareholders and may vest any such specific assets in trustees as may seem expedient
 to the Directors.

139. Any
 dividend, distribution, interest or other monies payable in cash in respect of Shares
 may be paid by wire transfer to the holder or by cheque or warrant sent through the post
 directed to the registered address of the holder or, in the case of joint holders, to
 the registered address of the holder who is first named on the Register of Members or
 to such person and to such address as such holder or joint holders may in writing direct.
 Every such cheque or warrant shall (unless the Directors in their sole discretion otherwise
 determine) be made payable to the order of the person to whom it is sent. Any one of
 two or more joint holders may give effectual receipts for any dividends, bonuses, or
 other monies payable in respect of the Share held by them as joint holders.

140. Any
 dividend or distribution which cannot be paid to a Shareholder and/or which remains unclaimed
 after six (6) months from the date of declaration of such dividend or distribution may,
 in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that
 account and the dividend or distribution shall remain as a debt due to the Shareholder.
 Any dividend or distribution which remains unclaimed after a period of six years from
 the date of declaration of such dividend or distribution shall be forfeited and shall
 revert to the Company.

141. No
 dividend or distribution shall bear interest against the Company.

**SHARE PREMIUM ACCOUNT**

142. The
 Directors shall establish an account on the books and records of the Company to be called
 the Share Premium Account and shall carry to the credit of such account from time to
 time a sum equal to the amount or value of the premium paid on the issue of any Share.

**ACCOUNTS**

143. The
 Directors shall cause proper books of account to be kept with respect to all sums of
 money received and expended by the Company and the matters in respect of which the receipt
 or expenditure takes place, all sales and purchases of goods by the Company and the assets
 and liabilities of the Company. Proper books shall not be deemed to be kept if there
 are not kept such books of account as are necessary to give a true and fair view of the
 state of the Company's affairs and to explain its transactions.

144. The
 books of account shall be kept at the Registered Office or at such other place as the
 Directors think fit, and shall always be open to inspection by the Directors.

145. The
 Board of Directors shall from time to time determine whether and to what extent and at
 what time and places and under what conditions or articles the accounts and books of
 the Company or any of them shall be open to the inspection of Shareholders not being
 Directors, and no Shareholder (not being a Director) shall have any right of inspection
 of any account or book or document of the Company except as conferred by law or authorised
 by the Board of Directors or by resolution of the Shareholders.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

**AUDIT**

146. The
 accounts relating to the Company's affairs shall be audited in such manner as may
 be determined from time to time by resolution of the Shareholders or failing any such
 determination, by the Board of Directors, or failing any determination as aforesaid,
 shall not be audited.

**NOTICES**

147. Any
 notice or document may be served by the Company on any Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 registered post or courier to that Shareholder's address as appearing in the Register
 of Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 cable, telex, facsimile, e-mail or any other electronic means should the Directors deem
 it appropriate.

148. In
 the case of joint holders of a Share, all notices shall be given to that one of the joint
 holders whose name stands first in the Register of Members in respect of the joint holding,
 and notice so given shall be sufficient notice to all the joint holders.

149. Any
 Shareholder present, either personally or by proxy, at any meeting of the Company shall
 for all purposes be deemed to have received due notice of such meeting and, where requisite,
 of the purposes for which such meeting was convened.

150. Any
 summons, notice, order or other document required to be sent to or served upon the Company,
 or upon any officer of the Company may be sent or served by leaving the same or sending
 it through the post in a prepaid letter envelope or wrapper, addressed to the Company
 or to such officer at the Registered Office.

151. Where
 a notice or other document is sent by registered post, service of that notice or other
 document shall be deemed to be effected by properly addressing, pre-paying and posting
 an envelope containing it, and that notice or other document shall be deemed to have
 been received on the third day (not including Saturdays or Sundays or public holidays)
 following the day on which it was posted. Where a notice or other document is sent by
 courier, service of that notice or other document shall be deemed to be effected by delivery
 of the notice or other document to a courier company, and that notice or other document
 shall be deemed to have been received on the fifth day (not including Saturdays or Sundays
 or public holidays in the Cayman Islands) following the day on which it was delivered
 to the courier company. Where a notice or other document is sent by cable, telex or facsimile,
 service of that notice or other document shall be deemed to be effected by properly addressing
 and sending it, and that notice or other document shall be deemed to have been received
 on the same day that it was transmitted. Where a notice or other document is sent by
 email, service of that notice or other document shall be deemed to be effected by transmitting
 the email to the email address provided by the intended recipient and that notice or
 other document shall be deemed to have been received on the same day that it was sent,
 and it shall not be necessary for the receipt of the email to be acknowledged by the
 recipient.

152. Any
 notice or document delivered or sent by post to or left at the registered address of
 any Shareholder in pursuance of these Articles shall notwithstanding that such Shareholder
 be then dead, insane, bankrupt or dissolved, and whether or not the Company has notice
 of such death, insanity, bankruptcy or dissolution, be deemed to have been duly served
 in respect of any Share registered in the name of such Shareholder as sole or joint holder,
 unless the Shareholder's name shall at the time of the service of the notice or
 document, have been removed from the Register of Members as the holder of the Share,
 and such service shall for all purposes be deemed a sufficient service of such notice
 or document on all persons interested (whether jointly with or as claiming through or
 under such Shareholder) in the Share.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

**WINDING UP AND FINAL DISTRIBUTION OF ASSETS**

153. The
 Directors may present a winding up petition on behalf of the Company without the sanction
 of a resolution of the Shareholders passed at a general meeting.

154. If
 the Company shall be wound up the liquidator shall apply the assets of the Company in
 satisfaction of creditors' claims in such manner and order as such liquidator thinks
 fit.

155. If
 the Company shall be wound up, and the assets available for distribution amongst the
 Shareholders shall be insufficient to repay the whole of the share capital, such assets
 shall be distributed so that, as nearly as may be, the losses shall be borne by the Shareholders
 in proportion to the par value of the Shares held by them. If in a winding up the assets
 available for distribution amongst the Shareholders shall be more than sufficient to
 repay the whole of the share capital at the commencement of the winding up, the surplus
 shall be distributed amongst the Shareholders in proportion to the par value of the Shares
 held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due of all monies payable to the Company
 for unpaid calls or otherwise. This Article is without prejudice to the rights of the
 holders of Shares issued upon special terms and conditions.

156. If
 the Company shall be wound up (whether the liquidation is voluntary, under supervision
 or by the Court) the liquidator may, with the authority of a Special Resolution, divide
 among the Shareholders in specie the whole or any part of the assets of the Company,
 and whether or not the assets shall consist of property of a single kind, and may for
 such purposes set such value as the liquidator deems fair upon any one or more class
 or classes of property, and may determine how such division shall be carried out as between
 the Shareholders. The liquidator may, with the like authority, vest any part of the assets
 in trustees upon such trusts for the benefit of Shareholders as the liquidator, with
 the like authority, shall think fit, and the liquidation of the Company may be closed
 and the Company dissolved, but so that no Shareholder shall be compelled to accept any
 Shares in respect of which there is liability.

**INDEMNITY**

157. Every
 Director or officer of the Company shall be indemnified out of the assets of the Company
 against any liability incurred by that Director or officer as a result of any act or
 failure to act in carrying out their functions other than such liability (if any) that
 the Director or officer may incur by their own actual fraud or wilful default. No such
 Director or officer shall be liable to the Company for any loss or damage in carrying
 out their functions unless that liability arises through the actual fraud or wilful default
 of such Director or officer. References in this Article to actual fraud or wilful default
 mean a finding to such effect by a competent court in relation to the conduct of the
 relevant party.

158. The
 Directors shall have the power to purchase and maintain insurance for the benefit of
 any person who is or was a Director or officer of the Company indemnifying them against
 any liability which may lawfully be insured against by the Company.

**DISCLOSURE**

159. Any
 Director, officer or authorised agent of the Company shall, if lawfully required to do
 so under the laws of any jurisdiction to which the Company is subject or in compliance
 with the rules of any stock exchange upon which the Company's shares are listed
 or in accordance with any contract entered into by the Company, be entitled to release
 or disclose any information in their possession regarding the affairs of the Company
 including, without limitation, any information contained in the Register of Members.

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

160. The
 Directors may fix in advance a date as the record date for any determination of Shareholders
 entitled to notice of or to vote at a meeting of the Shareholders and for the purpose
 of determining the Shareholders entitled to receive payment of any dividend the Directors
 may either before or on the date of declaration of such dividend fix a date as the record
 date for such determination.

161. If
 no record date is fixed for the determination of Shareholders entitled to notice of or
 to vote at a meeting of Shareholders or Shareholders entitled to receive payment of a
 dividend, the date on which notice of the meeting is mailed or the date on which the
 resolution of the Directors declaring such dividend is adopted, as the case may be, shall
 be the record date for such determination of Shareholders. When a determination of Shareholders
 entitled to vote at any meeting has been made in the manner provided in the preceding
 Article, such determination shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

162. The
 Company may by Special Resolution resolve to be registered by way of continuation in
 a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for
 the time being incorporated, registered or existing. The Directors may cause an application
 to be made to the Registrar of Companies to deregister the Company in the Cayman Islands
 or such other jurisdiction in which it is for the time being incorporated, registered
 or existing and may cause all such further steps as they consider appropriate to be taken
 to effect the transfer by way of continuation of the Company.

**FINANCIAL YEAR**

163. The
 Directors shall determine the financial year of the Company and may change the same from
 time to time. Unless they determine otherwise, the financial year shall end on 31 December
 in each year.

**AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION**

164. The
 Company may from time to time alter or add to these Articles or alter or add to the Memorandum
 with respect to any objects, powers or other matters specified therein by passing a Special
 Resolution in the manner prescribed by the Companies Act.

**CAYMAN ISLANDS DATA PROTECTION**

165. The
 Company is a "data controller" for the purposes of the Data Protection Act
 (as amended) (the **DPA**). By virtue of subscribing for and holding Shares in the
 Company, Shareholders provide the Company with certain information (**Personal Data**)
 that constitutes "personal data" under the DPA. Personal Data includes, without
 limitation, the following information relating to a Shareholder and/or any natural person(s)
 connected with a Shareholder (such as a Shareholder's individual directors, members
 and/or beneficial owner(s)): name, residential address, email address, corporate contact
 information, other contact information, date of birth, place of birth, passport or other
 national identifier details, national insurance or social security number, tax identification,
 bank account details and information regarding assets, income, employment and source
 of funds.

166. The
 Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing
 contractual rights and obligations (including under the Memorandum and these Articles);

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying
 with legal or regulatory obligations (including those relating to anti-money laundering
 and counter-terrorist financing, preventing and detecting fraud, sanctions, automatic
 exchange of tax information, requests from governmental, regulatory, tax and law enforcement
 authorities, beneficial ownership and the maintenance of statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 legitimate interests pursued by the Company or third parties to whom Personal Data may
 be transferred, including to manage and administer the Company, to send updates, information
 and notices to Shareholders or otherwise correspond with Shareholders regarding the Company,
 to seek professional advice (including legal advice), to meet accounting, tax reporting
 and audit obligations, to manage risk and operations and to maintain internal records.

167. The
 Company transfers Personal Data to certain third parties who process the Personal Data
 on the Company's behalf, including third party service providers that it appoints
 or engages to assist with its management, operation, administration and legal, governance
 and regulatory compliance. In certain circumstances, the Company may be required by law
 or regulation to transfer Personal Data and other information with respect to one or
 more Shareholders to a governmental, regulatory, tax or law enforcement authority. That
 authority may, in turn, exchange this information with another governmental, regulatory,
 tax or law enforcement authority established in or outside the Cayman Islands .

*Auth Code: H29571648603*

*www.verify.gov.ky*

![](ex99avii2001.jpg)

Name and address of Subscriber

Mourant Nominees (Cayman) Limited

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited |
| acting by: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii2002.jpg) |
| Name: Ana Casildo |
| Title: Authorised Signatory |
| Witness to the above signature: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii2003.jpg) |
| Name: Kimberly Turner |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 5 February 2026

*Auth Code: H29571648603*

*www.verify.gov.ky*

## Ex-99.(A)(Vii)(3)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vii)(3)**

![](ex99avii3001.jpg)

## Ex-99.(A)(Vii)(4)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vii)(4)**

**QH-431222**

**THE TAX CONCESSIONS LAW <br> UNDERTAKING AS TO TAX CONCESSIONS**

**In accordance with the Tax Concessions Law the following undertaking is hereby given to**

**Defiance Gold vs Bitcoin Cayman Subsidiary "the Company"**

&nbsp;&nbsp;&nbsp;&nbsp;(a) That no Law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations
shall apply to the Company or its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty
or inheritance tax shall be payable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on or in respect of the shares debentures or other obligations of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Law.

**These concessions shall be for a period of TWENTY years from the 11th day of February 2026.**

---

| | |
|:---|:---|
| ![](ex99avii4002.jpg) | ![](ex99avii4003.jpg)<br>**CLERK OF THE CABINET** |

---

Authentication Number: 284424669422

## Ex-99.(A)(Vii)(5)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(a)(vii)(5)**

**Form of<br> PRIVATE INVESTMENT COMPANY** 

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page, by and between **DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**, an exempted company incorporated in the Cayman Islands with limited liability (the "Fund") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is a wholly owned subsidiary of the Defiance Gold vs Bitcoin ETF;

WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private investment companies;

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**Article 1** 

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Authorized Person</u> " means any person authorized by the Fund, on a list to be provided to the Custodian (as amended from time to
time), to give Written Instructions on behalf of the Fund. Such officer or person shall continue to be an Authorized Person until
such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that
any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Depository Account</u> " means an account of the Custodian in which Securities of the Fund are kept in a book-entry system or securities
depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Securities</u> "
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or
other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing
any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities
to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Straight Through Processing</u> " shall have the meaning assigned to it in Section 5.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Written Instructions</u> " mean (i) written instructions signed by an Authorized Person and received by the Custodian, or (ii) trade
instructions transmitted by an Authorized Person by means of an electronic transaction reporting system which requires the use
of a password or other authorized identifier in order to gain access. Written Instructions may be delivered electronically or
by hand, electronic mail or facsimile sending device.

**Article 2** 

**APPOINTMENT OF CUSTODIAN**

**Section 2.1** <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

**Section 2.2** <u>Documents to be Furnished.</u> The following documents, including any amendments thereto, will be provided contemporaneously with the execution of this Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the current offering documents of the Fund (the "Confidential Private Placement Memorandums");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A completed Authorized Persons schedule, with specimen signatures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

**Article 3** 

**INSTRUCTIONS**

**Section 3.1** Unless otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

**Section 3.2** The Custodian shall be entitled to rely upon any Written Instruction it receives from an Authorized Person pursuant to this Agreement. The Custodian may assume that any Written Instructions received hereunder are not in any way inconsistent with the provisions of organizational documents of the Fund or of any vote, resolution or proceeding of the Fund or the Fund's members, unless and until the Custodian receives Written Instructions to the contrary.

**Section 3.3** Where Written Instructions reasonably appear to have been received from an Authorized Person, the Custodian shall incur no liability to the Fund in acting upon such Written Instruction provided that the Custodian's actions comply with the other provisions of this Agreement.

**Article 4** 

**NAMES, TITLES, AND SIGNATURES OF AUTHORIZED PERSONS**

The Fund shall certify to the Custodian the names, titles, and signatures of Authorized Persons who are authorized to give Written Instructions to the Custodian on behalf of the Fund. The Fund agrees that, whenever any change in such authorization occurs, it will file with the Custodian a new certified list of names, titles, and signatures which shall be signed by at least one officer previously certified to the Custodian if such officer still holds an office with the Fund. The Custodian is authorized to rely and act upon the names, titles, and signatures of the individuals as they appear in the most recent certified list which has been delivered to the Custodian.

**Article 5** 

**RECEIPT AND DISBURSEMENT OF MONEY**

**Section 5.1** The Fund shall, from time to time, cause certain cash owned by the Fund to be delivered or paid to the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all cash of the Fund is being so deposited or to take any action or to give any notice with respect to cash not so deposited. The Custodian agrees to hold such cash, together with any other sum collected or received by it, for or on behalf of the Fund (the "Fund Account"). The Custodian shall make payments of cash from the Fund Account only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
bills, statements and other obligations of the Fund (including but not limited to obligations in connection with the conversion,
exchange or surrender of securities owned by the Fund, interest charges, dividend disbursements, taxes, management fees, custodian
fees, legal fees, auditors' fees, transfer agents' fees, brokerage commissions, compensation to personnel, and other
operating expenses of the Fund) pursuant to Written Instructions from the Fund setting forth the name of the person to whom payment
is to be made, the amount of the payment, and the purpose of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
provided in Article 6 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
the termination of this Agreement.

**Section 5.2** The Custodian is hereby appointed the attorney-in-fact of the Fund to enforce and collect all checks, drafts, or other orders for the payment of money received by the Custodian for the Fund Account and drawn to or to the order of the Fund and to deposit them in said account.

**Section 5.3** <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund directs Custodian to process Fund-initiated cash and security instructions received
 by Custodian via online portal, SWIFT, secure file transfer protocol, or equivalent method
 in an automated, electronic process without manual review ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks
 and liabilities associated with instructions given to Custodian regarding any transactions
 eligible for Straight Through Processing and (2) understands that any non-repetitive
 wire instructions concerning cash or securities to be transferred out of Custodian or
 to a different entity will be deemed not eligible for Straight Through Processing. Such
 non-repetitive wire instructions may be subject to a call back process in order to obtain
 further verification and/or additional authorized direction or other documentation as
 reasonably requested for verification purposes by Custodian.

**Article 6** 

**RECEIPT OF SECURITIES**

The Fund may, from time to time, place certain of its Securities in the custody of the Custodian. The Custodian shall have no obligations with respect to any Securities owned by the Fund but not so deposited in the Fund Account. The Custodian agrees to hold such Securities for the account of the Fund, in the name of the Fund or a bearer or nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Instructions from the Fund, to receive from persons other than the Fund and to hold for the account of the Fund Securities specified in said Written Instructions, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the Fund held by it in the Fund Account in the amounts provided and in the manner directed by the Written Instructions from the Fund.

The Custodian agrees that all Securities of the Fund placed in its custody shall be kept physically segregated at all times from those of any other person, firm, or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof, with safeguards substantially equivalent to those maintained by the Custodian for its own Securities.

Subject to such rules, regulations, and orders as the Securities and Exchange Commission (the "SEC") may adopt, the Fund may direct the Custodian to deposit all or any part of the Securities owned by the Fund in a system for the central handling of Securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the SEC, pursuant to which system all Securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such Securities, provided that all such deposits shall be subject to withdrawal only at the direction of the Fund.

**Article 7** 

**TRANSFER, EXCHANGE, AND DELIVERY OF SECURITIES**

The Custodian agrees to transfer, exchange, and deliver Securities as provided in Article 8, or on receipt by it of, and in accordance with, Written Instructions from the Fund in which the Fund shall state specifically which of the following cases is covered thereby, provided that it shall not be the responsibility of the Custodian to determine the propriety or legality of any such order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
the case of deliveries of Securities sold by the Fund, against receipt by the Custodian of the proceeds of sale and after receipt
of a confirmation from a broker or dealer with respect to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the case of deliveries of Securities which may mature or be called, redeemed, retired, or otherwise become payable, against receipt
by the Custodian of the sums payable thereon or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
the case of deliveries of Securities which are to be transferred to and registered in the name of the Fund or of a nominee of
the Custodian and delivered to the Custodian for the account of the Fund, against receipt by the Custodian of interim receipts
or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
the case of deliveries of Securities to the issuer thereof, its transfer agent or other proper agent, or to any committee or other
organization for exchange for other Securities to be delivered to the Custodian in connection with a reorganization or recapitalization
of the issuer or any split-up or similar transaction involving such Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
the case of deliveries of temporary certificates in exchange for permanent certificates, against receipt by the Custodian of such
permanent certificates or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
the case of deliveries of Securities upon conversion thereof into other Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
the case of deliveries of Securities in exchange for other Securities (whether or not such transactions also involve the receipt
or payment of cash), against receipt by the Custodian of such other Securities or against interim receipts or other proper delivery
receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
a case not covered by the preceding paragraphs of this Article, upon receipt of a Written Instruction from the Fund specifying
the Securities and assets to be transferred, exchanged, or delivered, the purposes for which such delivery is being made, declaring
such purposes to be proper corporate purposes, and naming a person or persons to whom such transfer, exchange, or delivery is
to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
the case of deliveries pursuant to paragraphs (a), (b), (c), (d), (e), (f), and (g) above, the Written Instructions from the Fund
shall direct that the proceeds of any Securities delivered, or Securities or other assets exchanged for or in lieu of Securities
so delivered, are to be delivered to the Custodian.

**Article 8** 

**CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS**

Unless and until the Custodian receives contrary Written Instructions from the Fund, the Custodian shall, without order from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Present
for payment all bills, notes, checks, drafts, and similar items, and all coupons or other income items (except stock dividends),
held or received for the account of the Fund, and which require presentation in the ordinary course of business, and credit such
items to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall
have no duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or
if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment all Securities which may mature or be called, redeemed, retired, or otherwise become payable and credit such items
to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall have no
duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or if payment
is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold
for and credit to the Fund Account all shares of stock and other Securities received as stock dividends or as the result of a
stock split or otherwise from or on account of Securities of the Fund, and notify the Fund promptly of the receipt of such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deposit
any cash received by it from, for or on behalf of the Fund to the credit of the Fund in the Fund Account (in its own deposit department
without liability for interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charge
against the Fund Account for Fund disbursements authorized to be made by the Custodian hereunder and actually made by it, and
notify the Fund of such charges at least once a month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Deliver
Securities which are to be transferred to and reissued in the name of the Fund, or of a nominee of the Custodian for the account
of the Fund, and temporary certificates which are to be exchanged for permanent certificates, to a proper transfer agent for such
purpose against interim receipts or other proper delivery receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hold
for disposition in accordance with Written Instructions from the Fund hereunder all options, rights, and similar Securities which
may be received by the Custodian and which are issued with respect to any Securities held by it hereunder, and notify the Fund
promptly of the receipt of such items.

**Article 9** 

**DELIVERY OF PROXIES**

The Custodian shall deliver promptly to the Fund all proxies, written notices, and communications with respect to Securities held by it for the account of the Fund which it may receive from securities issuers or obligors and/or via the industry standard information services to which Custodian subscribes.

**Article 10** 

**TRANSFER OF SECURITIES**

The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer any Securities which it may hold for the Fund. For the purpose of facilitating the handling of Securities, unless the Fund shall otherwise direct by Written Instructions, the Custodian is authorized to hold Securities deposited with it under this Agreement in the name of its registered nominee or nominees (as defined in the Internal Revenue Code and any Regulations of the United States Treasury Department issued thereunder or in any provision of any subsequent federal tax law exempting such transaction from liability for stock transfer taxes) and shall execute and deliver such certificates in connection therewith as may be required by such laws or regulations or under the laws of any state. The Custodian shall advise the Fund of the certificate number of each certificate so presented for transfer and that of the certificate received in exchange therefor, and shall use its best efforts to the end that the specific Securities held by it hereunder shall be at all times identifiable.

**Article 11** 

**TRANSFER TAXES AND OTHER DISBURSEMENTS**

The Fund shall pay or reimburse the Custodian for any transfer taxes payable upon transfers of Securities made hereunder, including transfers incident to the termination of this Agreement, and for all other necessary and proper disbursements and expenses made or incurred by the Custodian in the performance or incident to the termination of this Agreement, and the Custodian shall have a lien upon any cash or Securities held by it for the account of the Fund for all such items, enforceable, after 60 days' written notice by registered mail to the Fund, by the sale of sufficient Securities to satisfy such lien. The Custodian may reimburse itself by deducting from the proceeds of any sale of Securities an amount sufficient to pay any transfer taxes payable upon the transfer of Securities sold. The Custodian shall execute such certificates in connection with Securities delivered to it under this Agreement as may be required, under the provisions of any federal revenue act and any Regulations of the Treasury Department issued thereunder or any state laws, to exempt from taxation any transfers and/or deliveries of any such Securities as may qualify for such exemption.

**Article 12** 

**CUSTODIAN'S REPORT**

The Custodian shall furnish the Fund, as of the close of business on the last business day of each month, a statement showing all cash transactions and entries for the Fund Account and a list of the Securities held by it in custody for the account of the Fund.

**Article 13** 

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Fund, the Custodian and a registered
 broker-dealer or member of FINRA (or any futures commission merchant registered under
 the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing
 Corporation and of any registered national securities exchange (or the Commodity Futures
 Trading Commission or any registered contract market), or of any similar organization
 or organizations, regarding escrow or other arrangements in connection with transactions
 by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options
 thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund and other Fund obligations
 set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate purposes, but only upon receipt of Written Instructions, setting
 forth the purpose or purposes of such segregated account and declaring such purposes
 to be proper corporate purposes.

Each segregated account established under this Article shall be established and maintained for one Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**Article 14** 

**COMPENSATION OF CUSTODIAN**

The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following the receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**Article 15** 

**REPRESENTATIONS AND WARRANTIES**

**Section 15.1** <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement. Further, the Fund represents that it complies with any and all
applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures
and notices are in place to enable collection and processing of personal data by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It,
on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s)
to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that
such instruction meets all applicable requirements hereunder.

**Section 15.2** <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

**Article 16** 

**STANDARD OF CARE; INDEMNIFICATION; LIMITATION OF LIABILITY**

**Section 16.1** <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Custodian's control, except a loss arising out of or relating to the Custodian's refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

**Section 16.2** <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

**Section 16.3** <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

**Section 16.4** <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

**Section 16.5** <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

**Section 16.6** <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Fund Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

**Section 16.8** <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

**Section 16.9** <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special
 or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 indemnity provisions of this Article shall indefinitely survive the termination and/or
 assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party harmless, the indemnifying
party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that
the indemnified party will use all reasonable care to notify the indemnifying party promptly concerning any situation that presents
or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend
the indemnified party against any claim that may be the subject of this indemnification. In the event that the indemnifying party
so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified
party and thereupon the indemnifying party shall take over complete defense of the claim, and the indemnified party shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this Article. No indemnified
party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying
party without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld.
No indemnified party or indemnifying party shall settle any claim unless the settlement contains a full release of liability with
respect to the other party in respect of such action.

**Article 17** 

**CUSTODIAN'S LIABILITY FOR PROCEEDS OF SECURITIES SOLD**

If the mode of payment for Securities to be delivered by the Custodian is not specified in the Written Instructions from the Fund directing such delivery, the Custodian shall make delivery of such Securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such Written Instructions from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of Securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.

**Article 18** 

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of their respective obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE 19** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

The Custodian agrees on behalf of itself and its directors, officers and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential investors thereof (and clients of said investors) and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to the receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

This Article shall survive the termination of this Agreement.

**Article 20** 

**RECORDS**

The books and records pertaining to the Fund, which are in the possession or under the control of the Custodian, shall be the property of the Fund. The Custodian shall keep such books and records in the form and manner, and for such period, as it may deem advisable, as is consistent with industry practice and as is agreeable to the Fund. The Fund and Authorized Persons shall have reasonable access to such books and records at all times during the Custodian's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or to an Authorized Person, at the Fund's expense.

**Article 21** 

**TERM OF AGREEMENT; AMENDMENT**

This Agreement shall become effective as of the date last written in the signature page and will continue in effect for a period of one year. Subsequent to the initial one-year term, this Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund.

**Article 22** 

**DUTIES IN THE EVENT OF TERMINATION**

Upon termination of this Agreement, the assets of the Fund held by the Custodian shall be delivered by the Custodian to a successor custodian upon receipt of Written Instructions designating the successor custodian and if no successor custodian is designated, the Custodian shall, upon such termination, deliver all such assets to the Fund. In addition, the Custodian shall transfer to such successor custodian or to the Fund, as the case may be, at the expense of the Fund, all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor or the Fund, as the case may be.

**Article 23** 

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

**Article 24** 

**MISCELLANEOUS**

**Section 24.1** <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to, compliance with the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2022, the U.S. Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Confidential Private Placement Memorandums. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement.

**Section 24.2** <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

**Section 24.3** <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written consent of the other party.

**Section 24.4** <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles.

**Section 24.5** <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**Section 24.6** <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**Section 24.7** <u>Invalidity</u>. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**Section 24.8** <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

Defiance Gold vs Bitcoin Cayman Subsidiary

c/o Tidal Trust III

234 W. Florida Street

Suite 700

Milwaukee, WI 53204

Attn: Chairman

**Section 24.9** <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**Section 24.10** <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Fund specifically requires Custodian to NOT release Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

**DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**

By:

Name:

Title:

Date:

**U.S. BANK NATIONAL ASSOCIATION**

By:

Name:

Title:

Date:

**<u>EXHIBIT A</u>**

**Custodian Compensation**

**Base Fee for Domestic Custody Services**

**<u>EXHIBIT B</u>**

**SHAREHOLDER COMMUNICATIONS ACT ELECTION**

**DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless 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 "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*.* 

_____ NO U.S. Bank is NOT authorized to provide my name, <br> address and security position to requesting <br> companies whose stock is owned by me.

**DEFIANCE GOLD VS BITCOIN CAYMAN SUBSIDIARY**

By:

Title: Director

Date:

## Ex-99.(D)(Xiv)(I)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(d)(xiv)(i)**

**FIRST AMENDMENT TO THE**

**TIDAL TRUST III**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

This First Amendment to the Investment Advisory Agreement (the "<u>Amendment</u>") is made as of August 1, 2025, by and between **TIDAL TRUST III** (the "<u>Trust</u>") and **TIDAL INVESTMENTS LLC** (the "<u>Adviser</u>").

**BACKGROUND:**

A. The
 Trust and the Adviser have entered into an Investment Advisory Agreement dated as of
 December 16, 2024 (the " <u>Agreement</u> ") pursuant to which the Adviser
 is engaged by the Trust to serve as the investment adviser to each Fund identified on
 the then-current Schedule A to the Agreement.

B. The
 Trust and the Adviser desire to amend and restate Schedule A to the Agreement to add
 four new Funds. In particular, the parties desire to amend and restate Schedule A to
 add the following new Funds:

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF

C. Section
 21 of the Agreement allows for the amendment of the Agreement by a written instrument
 executed by both parties.

D. This
 Background section and the Schedule attached to this Amendment are incorporated by reference
 into, and made a part of, this Amendment.

**TERMS:**

NOW, THEREFORE, intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 current Schedule A to the Agreement is hereby amended and restated in its entirety
 as set forth on the Amended and Restated Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capitalized
 terms not defined in this Amendment shall have the respective meanings set forth in the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except
 as specifically amended by this Amendment, and except as necessary to conform to the
 intention of the parties herein above set forth, the Agreement shall remain unaltered
 and in full force and effect and is hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Agreement, as amended hereby, together with its Schedule, constitutes the complete understanding
 and agreement of the parties with respect to the subject matter hereof and supersedes
 all prior communications with respect thereto. This Amendment 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. The facsimile signature of any party to
 this Amendment shall constitute the valid and binding execution hereof by such party.

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**TIDAL TRUST III** | &nbsp;&nbsp;**TIDAL TRUST III** | &nbsp;&nbsp;**TIDAL INVESTMENTS LLC** | &nbsp;&nbsp;**TIDAL INVESTMENTS LLC** |
| &nbsp;&nbsp;on behalf of its series listed on <u>Amended and Restated Schedule A</u> | &nbsp;&nbsp;on behalf of its series listed on <u>Amended and Restated Schedule A</u> |  |  |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/Eric Falkeis | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/Daniel Carlson |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Eric Falkeis | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Daniel Carlson |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;President | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Co-Founder & Chief of Staff |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;08-04-2025 | &nbsp;&nbsp;Date: | &nbsp;&nbsp;08-04-2025 |

---

**Amended AND RESTATED**

**Schedule A**

**to the**

**TIDAL TRUST III**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | **Advisory Fee** |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ TSLA vs F ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF | 1.29% |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF | 1.29% |

---

[remainder of page left intentionally blank]

## Ex-99.(I)(Xxii)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(i)(xxii)**

![](ex99ixxii001.jpg)

March 16, 2026

**<u>VIA E-MAIL</u>**

Mr. Eric W. Falkeis

c/o Tidal Trust III

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204

Re: Rule 485(b) Representation of Counsel

Dear Mr. Falkeis:

We are counsel to Tidal Trust III (the "Registrant"). You have asked us to review Post-Effective Amendment No. 176 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-221764 and 811-23312) (the "Amendment") on behalf of Registrant's series, Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF, which is being filed pursuant to paragraph (b)(1) of Rule 485 under the Securities Act of 1933, as amended.

Based on our limited review of the sections of the Amendment that you have indicated implement changes to the Registrant's disclosures, we hereby represent our view that the Amendment does not contain disclosures that would render it ineligible to become effective under paragraph (b) of Rule 485.

Very truly yours,

/s/ Rachael L. Schwartz

Rachael L. Schwartz

for Sullivan & Worcester LLP

## Ex-99.(J)

[TIDAL TRUST III 485BPOS](bve-485bpos_031626.htm)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 176 and Amendment No. 179, to the Registration Statement on Form N-1A of Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF, each a series of Tidal Trust III.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**March 16, 2026**