# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-25-013174
**Filing Date:** 2025-9
**Character Count:** 705271
**Document Hash:** 82d1b8864f802dfcf2ff546d5083a504
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-013174.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001999371-25-013174

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**EFFECTIVENESS DATE**: 20250912

**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:** 251311378

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**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:** 251311377

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**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

### Stoneport Advisors Commodity Long Short ETF (Series ID: S000095252)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000263956 | Stoneport Advisors Commodity Long Short ETF |  |

?xml version='1.0' encoding='ASCII'? Post Effective Amendment

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 12, 2025

1933 Registration File No. 333-221764

1940 Act File No. 811-23312

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 134 | ☑ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 137 | ☑ |

---

**TIDAL TRUST III**

(Exact Name of Registrant as Specified in Charter)

**Tidal ETF Services LLC** 

**234 West Florida Street, Suite 203** 

**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 203** <br> **Milwaukee, WI 53204**  | **Domenick Pugliese** <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. 134 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 Stoneport Advisors Commodity Long Short ETF, as one new series of the Trust and to make other permissible changes under Rule 485(b).

![](scls001.jpg)

---

| | |
|:---|:---|
| **SCLS** | &nbsp;&nbsp; **Stoneport Advisors Commodity Long Short ETF** |
|  | &nbsp;&nbsp;***listed on The Nasdaq Stock Market, LLC*** |

---

**PROSPECTUS**

**September 12, 2025**

**Neither the U.S. Securities and Exchange Commission ("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**

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| [**Stoneport Advisors Commodity Long Short ETF - Fund Summary**](#sclsa001) | 1 |
| [**Additional Information about the Fund**](#sclsa002) | 10 |
| [**Portfolio Holdings Information**](#sclsa003) | 15 |
| [**Management**](#sclsa004) | 15 |
| **[Fund Sponsor](#fundsponsor)** | 16 |
| [**How to Buy and Sell Shares**](#sclsa005) | 16 |
| [**Dividends, Distributions, and Taxes**](#sclsa006) | 18 |
| [**Distribution**](#sclsa007) | 21 |
| [**Premium/Discount Information**](#sclsa008) | 21 |
| [**Additional Notices**](#sclsa009) | 21 |
| [**Financial Highlights**](#sclsa010) | 22 |

---

**STONEPORT ADVISORS COMMODITY LONG SHORT ETF - FUND SUMMARY**

**Investment Objective**

The Stoneport Advisors Commodity Long Short ETF (the "Fund") seeks to track the performance, before fees and expenses, of the Stoneport Advisors Dynamic Commodity Index – Total Return (the "Index").

**Fees and Expenses of the Fund**

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

**Annual Fund Operating Expenses**<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 1.10% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 1.10% |

---

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

(2) Based on estimated
 amounts for the current fiscal year.

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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** |
| $112 | $350 |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund is a passively managed exchange-traded fund ("ETF") that seeks to replicate the total return performance, before fees and expenses, of the Stoneport Advisors Dynamic Commodity Index – Total Return (the "Index"). The Adviser seeks to achieve the Fund's investment objective by investing the Fund's assets, both long and short, in highly liquid U.S. exchange-listed physical commodity futures contracts (*e.g.,* futures contracts on energy, metals and agricultural/livestock products) that are contained in the Index or that have characteristics that the Adviser believes make their return performance likely to be highly correlated to futures contracts that are contained in the Index. In addition, the Fund will hold short-term U.S. Treasury securities as margin or collateral for the futures contracts. The Fund will not invest directly in physical commodities.

A highly liquid futures contracts market reflects a strong and consistent flow of buyers and sellers for a particular commodity, with characteristics including: (a) high trading volumes (*e.g.,* consistently over a million contracts daily); (b) high open interest (*i.e.,* number of outstanding contracts that haven't settled, reflecting strong market depth and interest); (c) narrow bid-ask spreads (*i.e.,* difference between the highest price a buyer will pay (bid) and the lowest price a seller will accept (ask)); and (d) diversity of participants (*i.e.*, speculators, hedgers, and institutional investors).

The Fund generally will invest in the futures contracts through its Subsidiary (described below) and in short-term U.S. Treasury securities.

*Index Methodology.* 

The Index is a rules-based, quantitative, long-short commodity futures index comprised of liquid, U.S. exchange-listed physical commodity futures contracts. The Index reflects the total return of long positions (which generally benefit when prices rise) and short positions (which generally benefit when prices fall) in commodity futures contracts that comprise the Index. In addition, the Index reflects daily interest based on the assumed amount of money that would be invested in those positions.

● Futures contracts are standardized contracts to buy or sell a specific quantity of a commodity at a predetermined price on a specified future date. The Index's futures contracts are traded on, or subject to the rules of, an exchange.

The Index's universe of futures contracts consists of exclusively U.S. exchange-listed contracts reflected in the S&P Goldman Sachs Commodity Index ("GSCI") and the Dow Jones Commodity Index ("DJCI"). The GSCI and DJCI are widely recognized, broad based commodity market benchmark indices that reflect the returns of the broader global commodity futures markets. There is no limit on the number of commodity futures contracts that may be included in the Index. To be eligible for inclusion in the Index, each futures contract must be U.S. exchange traded and represented in the GSCI and DJCI indexes. If a contract reflected in the GSCI or DJCI is traded on a non-U.S. exchange, the Index methodology will allocate that exposure to a similar contract traded on a U.S. exchange. For example, a copper futures contract reflected in the GSCI or DJCI that is traded on the London Metals Exchange will instead be reflected in the Index by a similar U.S. exchange-listed high grade copper futures contract. Index components are weighted based on a simple average of their target weights as reflected in the GSCI and DJCI, subject to certain adjustments per the methodology, as described below. The duration of component futures contracts in the Index is determined through the monthly rolling process (also described below) designed to maintain continuous near-term exposure to the U.S. physical commodity markets represented in the Index.

The Index's components and target weights assigned to each component are reconstituted annually corresponding with when the GSCI and DJCI annually adjust their respective index components and target weightings. In addition to the annual reconstitution and establishment of annual target weights, the Index is rebalanced monthly as described below. As of January 2025, the Index reflected long and short positions in 23 futures contracts across wheat, corn, soybean, cattle, lean hogs, copper, gold, silver, platinum, cocoa, sugar, coffee, cotton, crude oil, heating oil, gasoline and natural gas markets.

Futures contracts components of the Index are held in either long or short positions, based on their "return trend" which is influenced by whether the forward curve of each contract reflects a predominant condition of "backwardation" or "contango," respectively (see below for explanations of return trend, forward curve, backwardation and contango). To make these determinations, the Index applies an algorithm designed to measure and track the returns of component futures contracts based upon the shape of their forward curve in the commodity futures markets. The algorithm then assigns each component a long or short position accordingly, and adjusts these positions on a monthly basis. In doing so, the Index will "roll" each component contract position monthly from expiring contracts into new positions in the next available liquid contracts, either long or short, based on current market conditions. During each monthly roll, the Index also re-establishes its components' target weightings to coincide with the original annual target weights set for the current year (see below for an explanation of "rolling" futures contracts). The monthly rebalancing allows the Index to maintain diversification among its constituent components without becoming over-weighted in a specific commodity or commodity sector during periods of highly volatile price movements in that market or sector. The Index's methodology includes a volatility-based weighting mechanism designed to downsize the weighting allocated to an Index component during periods in which that component's contract market is experiencing prescribed levels of higher volatility.

The Index's algorithmic methodology is designed to result in the Index reflecting long positions in futures contracts when their short-term return trend is above their long-term trend and holding short positions in futures contracts when their short-term return trend is below their long-term trend. The Index seeks to isolate the potential benefits unique to the commodity futures markets. In particular, the Index constructs its component contract positions as either (i) predominantly long to seek to capitalize on the roll yield typical of contracts in backwardation and (ii) predominantly short to seek to capitalize on the roll costs (*i.e.*, "negative roll yield") typical of contracts in contango (see below for an explanation of roll yield and negative roll yield). For more information about the Index's methodology, see the section in the Fund's Prospectus titled "Additional Information About the Fund – Additional Information About the Index Methodology."

The Index is a proprietary index owned and published by Stoneport Advisors, LLC, and calculated daily by S&P DJI Netherlands B.V. (a subsidiary of S&P Dow Jones Indices LLC) (collectively, the "Index Provider").

*Rolling of Futures Contracts.* 

Rolling occurs when a trader closes out of a futures contract as it nears expiration and then replaces it with a contract that has a later expiration. "Prompt" futures contracts refers to contracts that are closest to expiration (*e.g.,* for delivery in the next calendar month). The Fund does not intend to take physical delivery of any physical commodities associated with the futures contracts in which it invests, and will not hold futures contracts past their "first notice date" (*i.e.,* the date a buyer can be required to take delivery of an underlying commodity). Instead, it will roll its "prompt" futures positions consistent with the monthly rebalancing of the Index, as described above.

*Backwardation, Contango, Roll Yield and Return Trend.* 

When futures contracts with longer times to expiration are priced higher those with shorter times to expiration, it is called "contango." Conversely, when futures contracts with longer times to expiration are priced lower than those with shorter times to expiration, it is called "backwardation." Contango and backwardation will have different impacts on the Fund's performance:

● *Contango*: When rolling long positions in futures contracts that are in contango, the Fund may sell the expiring futures contract at a lower price and buy the longer-dated futures contract at a higher price. This results in a negative roll yield (*i.e.,* a potential loss). Conversely, rolling short positions in contracts that are in contango will result in a positive yield roll yield (*i.e.,* a potential gain).

● *Backwardation*: When rolling long positions in futures contracts that are in backwardation, the Fund may sell the expiring futures contract at a higher price and buy the longer-dated futures contract at a lower cost. This results in a positive roll yield (*i.e.,* a potential gain). Conversely, rolling short positions in contracts that are in backwardation will result in a negative roll yield (*i.e.,* a potential loss).

● *Return Trend*. In the context of rolling futures contracts, "return trend" refers to the pattern of gains or losses experienced by a trader who maintains continuous positions in a futures market by successively rolling expiring contracts into later-dated ones. The return trend is particularly relevant for traders seeking to remain invested in the market by rolling their contracts prior to their expiration. The pattern of gains or losses is strongly influenced by prevailing market conditions over time, including whether markets are in contango or backwardation, and the resulting negative or positive roll yields.

● *Forward Curve*. In managed futures trading, the forward curve is a graphical representation that plots the prices of futures contracts for a particular asset across different expiration dates. It reflects the relationship between the price of a futures contract and the time until its delivery or settlement date, and indicates the market's expectations about future price levels for a given commodity. Various factors affect these forward price expectations, including but not limited to interest rates, supply/demand, storage costs, seasonality, and volatility. An upward sloping forward curve (*i.e.,* where longer-dated contracts are more expensive than shorter-dated ones) normally suggests market expectations of future price increases; whereas a downward sloping forward curve (*i.e.,* where shorter-dated contracts are more expensive than longer-dated ones) normally suggests expectations of future price decreases.

To align with the Index's methodology, the Fund seeks to maximize potential positive roll yield (potential gains), and minimize potential negative roll yield (potential losses), by taking predominantly long positions in Index components that are in backwardation and predominantly short positions in Index components that are in contango.

*Cayman Subsidiary*

The Fund intends to gain exposure to futures contracts 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 futures contracts 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 futures contracts; 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.

*Margin and Collateral*

The Fund will hold short-term U.S. Treasury securities, cash, and cash equivalents for margin or as collateral for the futures contracts. As of the date of this prospectus, the Fund will typically retain about 15% to 20% of the notional value of futures contracts (*i.e.,* the total monetary value of its futures contract positions) in collateral investments.

*Representative Sampling*

In seeking to obtain exposures comparable to those of the Index under normal market conditions, the Fund will invest substantially all of its net assets in the futures contracts that are contained in the Index or in futures contracts whose risk and return characteristics are very similar to the risk and return of the Index as a whole.

The Fund may use a representative sampling approach to attempt to track the performance of the Index. This means the Fund will be able to invest in a sample of the Index components whose risk and return closely resemble the risk and return characteristics of the Index as a whole. The Adviser will do this when it believes it is in the best interests of the Fund. For example, representative sampling may be used if the Adviser is evaluating purchasing the Index's futures contracts and there are practical difficulties or substantial costs to acquiring the Index's futures contracts. This could be due to temporary illiquidity, execution costs, mispricing, or legal restrictions or limitations that apply to the Fund, but not to the Index.

*Fund Attributes*

The Fund is non-diversified. To the extent the Index is concentrated in a particular industry, the Fund is expected to be concentrated in that same industry. As of July 31, 2025, the Index was concentrated in the energy and metals industry categories.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowing for investment purposes, in long and short futures contracts that are components of the Index or have economic characteristics similar to the Index. In determining the value of the Fund's assets for this purpose, the Fund will use the notional value of its investments in futures contracts.

**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 per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objectives. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund — Principal Risks of Investing in the Fund."

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Futures Contracts Risks** 

● **Rolling Futures Contract Risk**: The Fund will invest in and have exposure to futures contracts and is subject to risks related to "rolling" them. Rolling occurs when the Fund closes out of a futures contract as it nears its expiration and replaces it with a contract that has a later expiration. The Fund does not intend to hold futures contracts through expiration, but instead intends to "roll" its futures positions. The Fund will incur exchange and brokerage costs to effect the rolling of futures contracts. When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures contract prices for longer expiration contracts is often referred to as "contango." Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as "backwardation." The impact of backwardation and contango may cause the returns of the Fund to vary significantly from returns as measured by other price references, such as the spot prices of the commodities comprising the Index.

● **Spot Yield Risk**: If the prices of all or a sub-set of the twelve months of futures contracts used by the Fund move opposite the Fund's established positions for each component position in total, there will be a corresponding negative impact on the NAV of the Fund.

● **Contango and Backwardation Risk**: The Index and thus the Fund's rolling strategy involves the replacement of shorter dated futures contracts with longer-dated futures contracts. The value of the Index (and the NAV of the Fund) may be adversely affected by the cost of rolling long/short positions forward where prices of the futures contracts with later expiration dates are higher/lower than those with earlier expiration dates would create a negative/positive contango "roll yield." By contrast, if the prices of the Fund's long/short futures contract positions with later expiration dates are lower/higher than the prices of futures contracts with earlier expiration dates, rolling those positions forward would create a positive/negative backwardation "roll yield." In addition, the Fund will incur exchange and brokerage costs to effect the rolling of futures contracts.

● **Volatility Risk**: The price of futures contracts can be volatile and influenced by trade, fiscal, monetary, and exchange control programs and political changes.

● **Extreme Market Risk**: Relevant parties in the Fund's futures contracts (such as clearing brokers and execution brokers) may impose certain mandatory measures under extreme market circumstances. These measures may include limiting the size and number of the Fund's futures positions and/or mandatory liquidation of the Fund's futures positions without advance notice to the Adviser. In response to such mandatory measures, the Adviser may have to take corresponding actions in the best interests of, and without prior notice to the shareholders, and in accordance with the Fund's constitutive documents, including but not limited to implementing alternative investment and/or hedging strategies. These corresponding actions could adversely impact the Fund's NAV.

● **Counterparty Risk.** Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. When the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to counterparty risk based upon the Fund's clearing broker or clearinghouse operations. Counterparty risk exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions of the contract due to a possible dispute (whether or not bona fide) or because of a credit or liquidity problem which could possibly cause the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, it might cause the value of an investment in the Fund to decrease.

**Commodities Risk.** Exposure to the commodities markets through investments in futures contracts may subject the Fund to greater volatility than investments in traditional securities. The risks and hazards that are inherent in commodity production may cause the price of commodities to fluctuate widely. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption, governmental expropriation, political upheaval or conflicts, or increased competition from alternative energy sources or commodity prices. Significant changes in the value of commodities may lead to volatility in the Fund's net asset value ("NAV") and market price.

● **Energy Commodities Risk.** The prices of energy commodities are subject to national and global political events such as governmental regulation and intervention, price controls, and restrictions on production levels. Energy commodities have had significant price swings in recent years. Markets for various energy-related commodities can have significant volatility and are subject to control or manipulation by large producers or purchasers. Energy markets can be significantly affected by fluctuations in energy prices and supply of and demand for energy fuels. Such fluctuations can be the result of geopolitical events, energy conservation, use of alternative fuel sources, the success of exploration projects, weather or meteorological events, taxes, increased governmental or environmental regulation, resource depletion, price controls, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, war, violence, disruptive activity caused by political unrest, attacks or threats of attack by terrorists, among other factors.

● **Precious and Industrial Metals Commodities Risk.** The prices of precious metals may be influenced by macroeconomic conditions, including confidence in the global monetary system and the relative strength of various currencies, as well as demand in the industrial and jewelry sectors. Political events also influence the prices of precious metals. Prices are influenced by supplies of precious metals, which may be affected by sales by central banks and governmental agencies that hold large amounts of these metals, particularly gold. The prices of industrial metals are subject to a number of factors that can cause price fluctuations, including changes in the level of industrial activity, disruptions in mining, storing, and refining the metals; adjustments to inventory; variations in production costs; and regulatory compliance costs.

● **Livestock Commodities Risk.** The prices of these commodities, which include live cattle, lean hogs, and feeder cattle, are subject to a number of factors that can cause price fluctuations, including weather conditions, disease and famine, changes in government policies, and changes in demand.

● **Agricultural Product Commodities Risk.** The prices of these commodities (also referred to as grains and softs), which include grains, sugar, cotton, coffee, and cocoa, are subject to several factors that can cause price fluctuations, including weather conditions, changes in government policies and trade agreements, planting decisions, and changes in demand.

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The futures contracts and other 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.

The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund's investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund's investments in the Subsidiary were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund generally has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**Commodity Pool Regulatory Risk.** The Fund's investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under 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, are 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 it may derive from futures 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") to third parties not associated with the Fund or its affiliates (which would only allow those parties to rely on as a 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, if the income is related to the Fund's business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund could possibly cause the Subsidiary to make distributions to the Fund for the purposes of potentially making distributions to its shareholders. 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. This income would 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 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 penalties and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred, which would have a negative impact on the Fund's 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.

**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.

**Concentration Risk.** The Fund's investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. In such an event, the value of the Fund's Shares may rise and fall more than the value of shares that are invested in securities or financial instruments of companies that encompass a broader range of industries.

**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. Although U.S. Treasuries are backed by the U.S. government, those government policies may change both in terms of the payment of interest and in the payment of principal. Furthermore, while holding a treasury until maturity can guarantee principal, selling a treasury prior to maturity or buying a treasury subsequent to the issue date may put principal at risk.

**The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.**

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

**ETF Risks**

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

● *Costs of Buying or Selling Shares.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling Shares, including 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 for trading on a national securities exchange, such as the 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 Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund's portfolio holdings may deteriorate.

**Illiquid Investments Risk.** The Fund's investments may at times become illiquid, this lack of liquidity could be caused by the absence of a readily available market or because of legal or contractual restrictions on sales. It is possible the Fund could lose money if it is unable to dispose of an investment at a time or price that is most beneficial to the Fund.

**Index ETF Risk.** The Fund's strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders.

**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.

**New Index Risk.** The Fund's strategy is linked to an Index that was recently constituted and for which there is less publicly available information compared to more established market indices. The Index has not previously been utilized for a fund registered under the 1940 Act, which may create additional risks for investing in the Fund.

**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.

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

**Rebalancing Risk**: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with the Fund's investment objective. In these instances, the Fund may not successfully track the performance of the Index and may not achieve its investment objective.

**Tracking Error Risk.** As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the instruments comprising the Index at all times or may hold positions not included in the Index. The use of sampling techniques may affect the Fund's ability to achieve close correlation with its Index. The Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser believes it is in the best interests of the Fund, which generally can be expected to produce a greater non-correlation risk.

**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 provide some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund's website at Stoneportadvisorsetfs.com.

**Management**

*Investment Adviser*

Tidal Investments LLC, a Tidal Financial Group company ("Tidal" or the "Adviser") serves as investment adviser to the Fund.

*Portfolio Managers*

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

Qiao Duan, CFA, Portfolio Manager for Tidal, has been a portfolio manager of the Fund since its inception in 2025.

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

CFA® is a registered trademark owned by the CFA Institute.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only 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. 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.

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 Stoneportadvisorsetfs.com.

**Tax Information**

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

**Financial Intermediary Compensation**

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

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective**

The Fund seeks to track the performance, before fees and expenses, of the Stoneport Advisors Dynamic Commodity Index – Total Return (the "Index").

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. The Fund's investment objective has not been adopted as a fundamental investment policy and therefore may be changed without the consent of the Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust III (the "Trust") and 60 days' written notice to shareholders.

**Principal Investment Strategies**

The Fund's 80% policy is non-fundamental and can be changed without shareholder approval upon Board approval and 60 days' written notice to shareholders prior to any such change.

**Additional Information About the Index Methodology**

The Index uses an algorithmic methodology. An algorithm can be described as a step-by-step set of instructions designed to solve a specific problem or accomplish a particular task. In the context of indexing, all indexes are algorithmic in that they have a fixed set of rules in place that govern how to calculate the return or price level of a number of underlying components that comprise an index. By way of examples, the S&P 500 Index applies a set of rules (*i.e.,* algorithmic) to measure the performance of a long-only, market-capitalization weighted exposure to stocks of the 500 largest public U,S. companies; while the GSCI applies a set of rules to measure the performance of a long-only exposure to global, liquid, commodity futures contracts. With respect to the Fund, the Index applies a set of rules governing its components, weightings, and calculations to reflect the performance of an active exposure (*i.e.* both long and short) to liquid U.S. exchange-listed physical commodity futures contracts. The Index is designed to reflect establishment of both long and short positions in order to capture the up and down price movements in U,S. physical commodity futures markets. By taking into account return trends and forward curve dynamics in its methodology, the Index seeks a more differentiated way to demonstrate returns as compared to indexes, such as the S&P 500 or GSCI, which only measure long exposure to their respective markets.

**Additional Information Related to the Subsidiary**

The Fund complies with the provisions of the 1940 Act governing investment policies on an aggregate basis with the Subsidiary. The Fund complies with the provisions of the 1940 Act governing capital structure and leverage (Section 18) on an aggregate basis with the Subsidiary so that the Fund treats the Subsidiary's debt as its own for purposes of Section 18. The financial statements of the Subsidiary will be consolidated with the Fund's financial statements in the Fund's Annual and Semi-Annual Reports. The Fund's investment adviser complies with Section 15 of the 1940 Act (regarding advisory agreements) with respect to the Subsidiary. The Subsidiary complies with the 1940 Act provisions relating to affiliated transactions and custody (Section 17). The Subsidiary's custodian is U.S. Bank. The Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned or majority-owned by the Fund.

**Temporary Defensive Strategy**

Under extreme market conditions, to seek to protect the Fund's value, the Adviser may deviate from tracking the Index (per its rules and methodology). In such instances, the Fund's tracking error with the Index might likely increase.

**Manager of Managers Structure**

Although not currently sub-advised, the Fund and the Adviser have received exemptive relief from the SEC permitting the Adviser (subject to certain conditions and the approval of the Board) to change or select new 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 a 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(s) and recommend their hiring, termination, and replacement. The exemptive relief applies to sub-advisers that are either wholly owned by the Adviser or its parent company, as well as to unaffiliated sub-advisers, including those whose affiliation arises solely from their sub-advisory relationship.

**Principal Risks of Investing in the Fund** 

There can be no assurance that the Fund will achieve its investment objective. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund regardless of the order in which it appears. 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 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 Fund:

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The futures contracts and other 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 these laws change and the Subsidiary owes Cayman Islands taxes, then the Fund's investment returns would be negatively impacted.

**Commodities Risk.** Exposure to the commodities markets through investments in futures contracts may subject the Fund to greater volatility than investments in traditional securities. The risks and hazards that are inherent in commodity production may cause the price of commodities to fluctuate widely. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption, governmental expropriation, political upheaval or conflicts, or increased competition from alternative energy sources or commodity prices. Significant changes in the value of commodities may lead to volatility in the Fund's net asset value ("NAV") and market price.

● **Energy Commodities Risk.** The prices of energy commodities are subject to national and global political events such as governmental regulation and intervention, price controls, and restrictions on production levels. Energy commodities have had significant price swings in recent years. Markets for various energy-related commodities can have significant volatility and are subject to control or manipulation by large producers or purchasers. Energy markets can be significantly affected by fluctuations in energy prices and supply of and demand for energy fuels. Such fluctuations can be the result of geopolitical events, energy conservation, use of alternative fuel sources, the success of exploration projects, weather or meteorological events, taxes, increased governmental or environmental regulation, resource depletion, price controls, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, war, violence, disruptive activity caused by political unrest, attacks or threats of attack by terrorists, among other factors.

● **Precious and Industrial Metals Commodities Risk.** The prices of precious metals may be influenced by macroeconomic conditions, including confidence in the global monetary system and the relative strength of various currencies, as well as demand in the industrial and jewelry sectors. Political events also influence the prices of precious metals. Prices are influenced by supplies of precious metals, which may be affected by sales by central banks and governmental agencies that hold large amounts of these metals, particularly gold. The prices of industrial metals are subject to a number of factors that can cause price fluctuations, including changes in the level of industrial activity; disruptions in mining, storing, and refining the metals; adjustments to inventory; variations in production costs; and regulatory compliance costs.

● **Livestock Commodities Risk.** The prices of these commodities, which include live cattle, lean hogs, and feeder cattle, are subject to a number of factors that can cause price fluctuations, including weather conditions, disease and famine, changes in government policies, and changes in demand.

● **Agricultural Product Commodities Risk.** The prices of these commodities (also referred to as grains and softs), which include grains, sugar, cotton, coffee, and cocoa, are subject to several factors that can cause price fluctuations, including weather conditions, changes in government policies and trade agreements, planting decisions, and changes in demand.

**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.

The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund's investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund's investments in the Subsidiary were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund generally has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**Commodity Pool Regulatory Risk.** The Fund's investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under 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, are 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.** The Fund's investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. In such an event, the value of the Fund's Shares may rise and fall more than the value of shares that are invested in securities or financial instruments of companies that encompass a broader 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.

● *Costs of Buying or Selling Shares.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling Shares, including 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 for trading 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 Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund's portfolio holdings may deteriorate.

**Futures Contracts Risks** 

● **Rolling Futures Contract Risk**: The Fund will invest in and have exposure to futures contracts and is subject to risks related to "rolling" them. Rolling occurs when the Fund closes out of a futures contract as it nears its expiration and replaces it with a contract that has a later expiration. The Fund does not intend to hold futures contracts through expiration, but instead intends to "roll" its futures positions. The Fund will incur exchange and brokerage costs to effect the rolling of futures contracts. When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures contract prices for longer expiration contracts is often referred to as "contango." Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as "backwardation." The impact of backwardation and contango may cause the returns of the Fund to vary significantly from returns as measured by other price references, such as the spot prices of the commodities comprising the Index.

● **Spot Yield Risk**: If the prices of all or a sub-set of the twelve months of futures contracts used by the Fund move opposite the Fund's established positions for each component position in total, there will be a corresponding negative impact on the NAV of the Fund.

● **Contango and Backwardation Risk**: The Index and thus the Fund's rolling strategy involves the replacement of shorter dated futures contracts with longer-dated futures contracts. The value of the Index (and the NAV of the Fund) may be adversely affected by the cost of rolling long/short positions forward where prices of the futures contracts with later expiration dates are higher/lower than those with earlier expiration dates would create a negative/positive contango "roll yield." By contrast, if the prices of the Fund's long/short futures contract positions with later expiration dates are lower/higher than the prices of futures contracts with earlier expiration dates, rolling those positions forward would create a positive/negative backwardation "roll yield." In addition, the Fund will incur exchange and brokerage costs to effect the rolling of futures contracts.

● **Volatility Risk**: The price of futures contracts can be volatile and influenced by trade, fiscal, monetary, and exchange control programs and political changes.

● **Extreme Market Risk**: Relevant parties in the Fund's futures contracts (such as clearing brokers and execution brokers) may impose certain mandatory measures under extreme market circumstances. These measures may include limiting the size and number of the Fund's futures positions and/or mandatory liquidation of the Fund's futures positions without advance notice to the Adviser. In response to such mandatory measures, the Adviser may have to take corresponding actions in the best interests of, and without prior notice to the shareholders, and in accordance with the Fund's constitutive documents, including but not limited to implementing alternative investment and/or hedging strategies. These corresponding actions could adversely impact the Fund's NAV.

● **Counterparty Risk.** Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. When the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to counterparty risk based upon the Fund's clearing broker or clearinghouse operations. Counterparty risk exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions of the contract due to a possible dispute (whether or not bona fide) or because of a credit or liquidity problem which could possibly cause the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, it might cause the value of an investment in the Fund to decrease.

**Illiquid Investments Risk.** The Fund's investments may at times become illiquid, this lack of liquidity could be caused by the absence of a readily available market or because of legal or contractual restrictions on sales. It is possible the Fund could lose money if it is unable to dispose of an investment at a time or price that is most beneficial to the Fund.

**Index ETF Risk.** The Fund's strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders.

**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.

**New Index Risk.** The Fund's strategy is linked to an Index that was recently constituted and for which there is less publicly available information compared to more established market indices. The Index has not previously been utilized for a fund registered under the 1940 Act, which may create additional risks for investing in the Fund.

**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. See comments in previous section page 3.

**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.

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

**Rebalancing Risk**: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with the Fund's investment objective. In these instances, the Fund may not successfully track the performance of the Index and may not achieve its investment objective.

**Tax Risk**. The Fund intends to treat any income it may derive from futures 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") to third parties not associated with the Fund or its affiliates (which would only allow those parties to rely on as a 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, if the income is related to the Fund's business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund could possibly cause the Subsidiary to make distributions to the Fund for the purposes of potentially making distributions to its shareholders. 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. This income would 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 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 penalties and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred, which would have a negative impact on the Fund's 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.

**Tracking Error Risk.** As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the instruments comprising the Index at all times or may hold positions not included in the Index. The use of sampling techniques may affect the Fund's ability to achieve close correlation with its Index. The Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser believes it is in the best interests of the Fund, which generally can be expected to produce a greater non-correlation risk.

**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. Although U.S. Treasuries are backed by the U.S. government, those government policies may change both in terms of the payment of interest and in the payment of principal. Furthermore, while holding a treasury until maturity can guarantee principal, selling a treasury prior to maturity or buying a treasury subsequent to issue date may put principal at risk.

**PORTFOLIO HOLDINGS INFORMATION**

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

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC (the "Adviser" or "Tidal"), a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, is an SEC-registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and Tidal is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of July 31, 2025, Tidal had assets under management of approximately $43.31 billion and served as the investment adviser or sub-adviser for 257 registered funds.

Tidal serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the "Advisory Agreement"). The Adviser is responsible for trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser also arranges for sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services it provides to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 1.10% of the Fund's average daily net assets.

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

The Adviser also serves as the investment adviser to the Subsidiary, a wholly owned and controlled subsidiary of Fund, organized under the laws of the Cayman Islands as an exempted company, pursuant to an investment advisory agreement with the Subsidiary (the "Subsidiary Advisory Agreement"). The Adviser is also responsible for trading financial instruments for the Subsidiary, including selecting broker-dealers to execute purchase and sale transactions. The Adviser does not receive additional compensation for its services to the Subsidiary. The investment advisory agreement between the Adviser and the Subsidiary was approved by the Board. However, because the Subsidiary is not registered under the 1940 Act, it is not subject to the regulatory protections of the 1940 Act and the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. Because the Fund wholly owns and controls the 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 Subsidiary.

**Advisory & Subsidiary Advisory Agreements**

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and the Subsidiary's Advisory Agreement will be available in the Fund's Semi-Annual Report filing on Form N-CSR for the period ending February 28, 2026.

**Portfolio Managers**

The following individuals have served as Portfolio Managers of the Fund and the Subsidiary since its inception in 2025.

*Qiao Duan, CFA, Portfolio Manager for the Adviser*

Qiao Duan serves as Portfolio Manager at the Adviser, having joined the firm in October 2020. From February 2017 to October 2020, she was an execution Portfolio Manager at Exponential ETFs, where she managed research and analysis relating to all Exponential ETF strategies. Ms. Duan previously served as a portfolio manager for the Exponential ETFs from their inception in May 2019 until October 2020. Ms. Duan received a Master of Science in Quantitative Finance and Risk Management from the University of Michigan in 2016 and a Bachelor of Science in Mathematics and Applied Mathematics from Xiamen University in 2014. She holds the CFA designation.

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

CFA® is a registered trademark owned by the CFA Institute.

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

**FUND SPONSOR**

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

In return for its financial support for the Fund, the Adviser has agreed to pay Stoneport a portion of any remaining profits generated by unitary management fee the Fund. If the amount of the unitary management fees for the 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 the remaining profits to Stoneport.

If the amount of the unitary management fee for a Fund is less than the Fund's operating expenses and the Adviser-retained amount, Stoneport is obligated to reimburse the Adviser for the amount of the shortfall. Stoneport does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund.

**HOW TO BUY AND SELL SHARES**

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

In order to purchase Creation Units of a Fund, an AP must generally deposit a designated portfolio of securities (the "Deposit Securities") and/or a designated amount of U.S. cash. Purchases and redemptions of Creation Units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the 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 the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an AP.

Most investors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

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

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Shares**

The Fund imposes no 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 Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

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

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

Debt securities may be valued by using an evaluated mean of the bid and asked prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

**Fair Value Pricing**

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

**Investments by Registered Investment Companies** 

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

**Delivery of Shareholder Documents – Householding** 

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund does not intend to pay out dividends and interest income, but if for any reason it did the Fund would distribute any net realized capital gains to its shareholders at least annually. If the Fund declares and pays income and capital gains distributions, it would be done in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

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

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

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

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

**Taxes on Distributions** 

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

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided certain holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. Because of the investment strategy of the Fund, it is unlikely that the Fund will pay any dividends which constitute "qualified dividend income" or which qualify for the corporate dividends-received deduction.

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

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

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

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

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

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

**Taxes When Shares are Sold on 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 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 or other assets 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 or other assets delivered plus the amount of any cash paid for the Creation Units. An AP who exchanges Creation Units for securities or other assets 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 or other assets 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 or other assets 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 or other assets should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

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

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

**Taxation of the Subsidiary** 

There is, at present, no direct taxation in the Cayman Islands and interest, dividends and gains payable to the Subsidiary will be received free of all Cayman Islands taxes. The Subsidiary is registered as an "exempted company" pursuant to the Companies Law (as amended). The 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 the Subsidiary, or to the shareholders thereof, in respect of any such property or income.

A foreign corporation, such as the Subsidiary, generally is not subject to federal income tax unless it is engaged in the conduct of a trade or business in the United States. With respect to its investments in the United States, the Subsidiary intends to operate in a manner that is expected to meet the requirements of a safe harbor under section 864(b)(2) of the Code, under which it may trade in stocks or securities or certain commodities for its own account without being deemed to be engaged in a U.S. trade or business. If, however, certain of the Subsidiary's activities did not meet those safe harbor requirements, it might be considered as engaging in such a trade or business. There can be no assurance that the Subsidiary will not recognize any taxable effectively connected income. The imposition of U.S. federal tax on the Subsidiary's effectively connected income could significantly reduce the Fund's returns. The federal income tax treatment of the Fund's income from the Subsidiary also may be adversely affected by future legislation, regulations, and/or other guidance issued by the Internal Revenue Service that could affect the character, timing of recognition, and/or amount of the Fund's taxable income and/or net capital gains and, therefore, the distributions it makes.

**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 Stoneportadvisorsetfs.com.

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

**DISTRIBUTION** 

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group), (the "Distributor"), the Fund's distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is190 Middle Street, Suite 301, Portland, Maine 04101.

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

No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of Fund assets 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 traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found on the Fund's website at Stoneportadvisorsetfs.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 the 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 Fund and the Subsidiary 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 the Fund particularly.

S&P, ITS AFFILIATES AND ALL OF THEIR THIRD-PARTY LICENSORS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE AS TO THE INDEX, INCLUDING CALCULATION OF THE INDEX, THE INDEX VALUES, INTELLECTUAL PROPERTY, SOFTWARE, THE UNDERLYING DATA, OR THE RESULTS OBTAINED BY THEIR USE OR THE PERFORMANCE THEREOF. NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD-PARTY LICENSORS GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX, INDEX VALUES, INTELLECTUAL PROPERTY, SOFTWARE, THE UNDERLYING DATA, OR ANY COMPONENT THEREOF OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS), WITH RESPECT THERETO. S&P, ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, INTERRUPTIONS OR DELAYS IN S&P'S CALCULATION OR DISSEMINATION OF THE INDEX, INDEX VALUES OR THE UNDERLYING DATA. THE INDEX AND UNDERLYING DATA ARE PROVIDED ON AN "AS IS" BASIS AND LICENSEE'S USE OF THE INDEX AND UNDERLYING DATA IS AT LICENSEE'S OWN RISK.

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 a 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. The Financial Highlights table is intended to help you understand the Fund's performance for the Fund's periods of operations. Because the Fund has not yet commenced operations as of the date of this Prospectus, no Financial Highlights are shown.

**STONEPORT ADVISORS COMMODITY LONG SHORT ETF**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC** <br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Fund Accountant, and** <br> **Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC,** <br> **doing business as U.S. Bank Global** <br> **Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 |
| &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 North Rivercenter Dr.<br> Milwaukee, Wisconsin 53212 |
| &nbsp;&nbsp;**Independent** <br> **Registered Public** <br> **Accounting Firm** &nbsp;&nbsp;**Tait, Weller & Baker LLP**<br>Two Liberty Place<br> 50 South 16<sup>th</sup> Street <br> Philadelphia, Pennsylvania 19102 |  |  |

---

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

**Statement of Additional Information:** The Fund's SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated September 12, 2025, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

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

When available, you can obtain free copies of these documents, request other information or make general inquiries about the Fund by contacting the Fund at Stoneport Advisors Commodity Long Short ETF, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252 or calling (866) 886-8389.

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

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

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

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

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

![](scls001.jpg)

---

| | |
|:---|:---|
| **SCLS** | &nbsp;&nbsp;**Stoneport Advisors Commodity Long Short ETF** |
|  | &nbsp;&nbsp;***listed on The Nasdaq Stock Market, LLC*** |

---

**STATEMENT OF ADDITIONAL INFORMATION**

**September 12, 2025**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Stoneport Advisors Commodity Long Short ETF (the "Fund"), a series of Tidal Trust III (the "Trust"), dated September 12, 2025, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Fund at (866) 886-8389, visiting Stoneportadvisorsetfs.com or writing to the Stoneport Advisors Commodity Long Short ETF, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information about the Trust](#sclsb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#sclsb002) | 1 |
| [Description of Permitted Investments](#sclsb003) | 2 |
| [Investment Restrictions](#sclsb004) | 13 |
| [Exchange Listing and Trading](#sclsb005) | 14 |
| [Management of the Trust](#sclsb006) | 14 |
| [Principal Shareholders, Control Persons and Management Ownership](#sclsb007) | 19 |
| [Codes of Ethics](#sclsb008) | 19 |
| [Proxy Voting Policies](#sclsb009) | 19 |
| [Investment Adviser](#sclsb010) | 20 |
| [Portfolio Managers](#sclsb011) | 20 |
| [The Distributor](#sclsb012) | 21 |
| [Administrator](#sclsb013) | 23 |
| [Transfer Agent and Fund Accountant](#sclsb014) | 23 |
| [Custodian](#sclsb015) | 23 |
| [Legal Counsel](#sclsb016) | 23 |
| [Independent Registered Public Accounting Firm](#sclsb017) | 24 |
| [Portfolio Holdings Disclosure Policies and Procedures](#sclsb018) | 24 |
| [Description of Shares](#sclsb019) | 24 |
| [Limitation of Trustees' Liability](#sclsb020) | 24 |
| [Brokerage Transactions](#sclsb021) | 24 |
| [Portfolio Turnover Rate](#sclsb022) | 26 |
| [Book Entry Only System](#sclsb023) | 26 |
| [Purchase and Redemption of Shares in Creation Units](#sclsb024) | 27 |
| [Determination of Net Asset Value](#sclsb025) | 32 |
| [Dividends and Distributions](#sclsb026) | 32 |
| [Federal Income Taxes](#sclsb027) | 33 |
| [Financial Statements](#sclsb028) | 37 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

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

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

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

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

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

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

**Non-Diversification**

The Fund is classified as a non-diversified investment company under the 1940 Act. A "non-diversified" classification means that a 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 the Fund may invest a greater portion of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. The securities of a particular issuer may constitute a greater portion of the Index and, therefore, those securities may constitute a greater portion of the Fund's portfolio. This may have an adverse effect on the Fund's performance or subject the Fund's Shares to greater price volatility than more diversified investment companies. Moreover, in pursuing its objective, the Fund may hold the securities of a single issuer in an amount exceeding 10% of the value of the outstanding securities of the issuer, subject to restrictions imposed by the Internal Revenue Code of 1986, as amended (the "Code"). In particular, as the Fund's size grows and its assets increase, it will be more likely to hold more than 10% of the securities of a single issuer if the issuer has a relatively small public float as compared to other components in the Index.

Although the Fund is non-diversified for purposes of the 1940 Act, the Fund intend 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 Internal Revenue Code of 1986, as amended (the "Code"), and to relieve the 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 the Fund and may make it less likely that the Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

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

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

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

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices and associated risk factors. The Fund will invest in any of the following instruments or engage in any of the following investment practices only if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies.

In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments.

**Borrowing**

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

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

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." As a result of the Relative VaR Test, the Fund may not seek returns in excess of 2x the Underlying Index.

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

*Commodity Pool Operator Regulations*. With regard to the Fund (but not the Subsidiary (defined below)), the Adviser claims relief from the definition of commodity pool operator ("CPO") under revised U.S. Commodity Futures Trading Commission ("CFTC") Rule 4.5. Specifically, pursuant to CFTC Rule 4.5, the Adviser may claim exclusion from the definition of CPO, and thus from having to register as a CPO, with regard to a fund that enters into commodity futures, commodity options, or swaps solely for "bona fide hedging purposes," or that limits its investment in commodities to a "de minimis" amount, as defined in CFTC rules, so long as the shares of the fund are not marketed as interests in a commodity pool or other vehicle for trading in commodity futures, commodity options, or swaps. It is expected that the Fund will be able to operate pursuant to the limitations under the revised CFTC Rule 4.5 without materially adversely affecting its ability to achieve its investment objective. If, however, these limitations were to make it difficult for a Fund to achieve its investment objective in the future, the Trust may determine to operate the Fund as a regulated commodity pool pursuant to the Adviser's CPO registration or to reorganize or close the Fund or to materially change the Fund's investment objective and strategy.

In contrast, the Subsidiary (defined below) is subject to regulation as a commodity pool under the CEA and CFTC rules and regulations. The Adviser serves as the 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 the 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.

*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 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.

**Equity Securities**

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

An investment in the Fund should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of the Shares. 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.

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

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

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

**Debt Securities**

In general, a debt security represents a loan of money to the issuer by the purchaser of the security. A debt security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain time period. A company typically meets its payment obligations associated with its outstanding debt securities before it declares and pays any dividend to holders of its equity securities. Bonds, notes, and commercial paper are examples of debt securities and differ in the length of the issuer's principal repayment schedule, with bonds carrying the longest repayment schedule and commercial paper the shortest.

Debt securities are all generally subject to interest rate, credit, income, and prepayment risks and, like all investments, are subject to liquidity and market risks to varying degrees depending upon the specific terms and type of security.

*Credit risk*. The Adviser may perform its own independent investment analysis of securities being considered for the Fund's portfolio, which includes consideration of, among other things, the issuer's financial resources, its sensitivity to economic conditions and trends, its operating history, the quality of the issuer's management and regulatory matters. The Adviser also may consider the ratings assigned by various investment services and independent rating agencies, such as Moody's Investors Service ("Moody's") or S&P Global Ratings ("S&P"), that publish ratings based upon their assessment of the relative creditworthiness of the rated debt securities. Generally, a lower rating indicates higher credit risk. Higher yields are ordinarily available from debt securities in the lower rating categories.

Some securities are subject to risks as a result of a credit downgrade or default by a government, its agencies, or instrumentalities. Credit risk is a greater concern for high-yield debt securities and debt securities of issuers whose ability to pay interest and principal may be considered speculative. Debt securities are typically classified as investment grade-quality (medium to highest credit quality) or below investment grade-quality (commonly referred to as high-yield or junk bonds). Many individual debt securities are rated by a third-party source, such as Moody's or S&P, to help describe the creditworthiness of the issuer.

Using credit ratings to evaluate debt securities can involve certain risks. For example, ratings assigned by the rating agencies are based upon an analysis completed at the time of the rating of the obligor's ability to pay interest and repay principal. Rating agencies typically rely to a large extent on historical data which may not accurately represent present or future circumstances. Ratings do not purport to reflect the risk of fluctuations in market value of the debt security and are not absolute standards of quality and only express the rating agency's current opinion of an obligor's overall financial capacity to pay its financial obligations. A credit rating is not a statement of fact or a recommendation to purchase, sell or hold a debt obligation. Also, credit quality can change suddenly and unexpectedly, and credit ratings may not reflect the issuer's current financial condition or events since the security was last rated. Rating agencies may have a financial interest in generating business, including from the arranger or issuer of the security that normally pays for that rating, and providing a low rating might affect the rating agency's prospects for future business. While rating agencies have policies and procedures to address this potential conflict of interest, there is a risk that these policies will fail to prevent a conflict of interest from impacting the rating.

*Extension risk.* The market value of some debt securities, particularly mortgage securities and certain asset-backed securities, may be adversely affected when bond calls or prepayments on underlying mortgages or other assets are less or slower than anticipated. Extension risk may result from, for example, rising interest rates or unexpected developments in the markets for the underlying assets or mortgages. As a consequence, the security's effective maturity will be extended, resulting in an increase in interest rate sensitivity to that of a longer-term instrument. Extension risk generally increases as interest rates rise. This is because, in a rising interest rate environment, the rate of prepayment and exercise of call or buy-back rights generally falls and the rate of default and delayed payment generally rises. When the maturity of an investment is extended in a rising interest rate environment, a below-market interest rate is usually locked-in and the value of the security reduced. This risk is greater for fixed-rate than variable-rate debt securities.

*Income risk.* The Fund's income will decline during periods of falling interest rates or when the Fund experiences defaults on debt securities it holds. The Fund's income declines when interest rates fall because, as the Fund's higher-yielding debt securities mature or are prepaid, the Fund must re-invest the proceeds in debt securities that have lower, prevailing interest rates. The amount and rate of distributions that the Fund's shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by the Fund to shareholders may be less.

Fluctuations in income paid to the Fund are generally greater for variable rate debt securities. The Fund will be deemed to receive taxable income on certain securities which pay no cash payments until maturity, such as zero-coupon securities. The Fund may be required to sell portfolio securities that it would otherwise continue to hold in order to obtain sufficient cash to make the distribution to shareholders required for U.S. tax purposes.

*Inflation risk.* The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.

*Interest rate risk.* The market value of debt securities generally varies in response to changes in prevailing interest rates. Interest rate changes can be sudden and unpredictable. In addition, short-term and long-term rates are not necessarily correlated to each other as short-term rates tend to be influenced by government monetary policy while long-term rates are market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand. During periods of declining interest rates, the market value of debt securities generally increases. Conversely, during periods of rising interest rates, the market value of debt securities generally declines. This occurs because new debt securities are likely to be issued with higher interest rates as interest rates increase, making the old or outstanding debt securities less attractive. In general, the market prices of long-term debt securities or securities that make little (or no) interest payments are more sensitive to interest rate fluctuations than shorter-term debt securities. The longer the Fund's average weighted portfolio duration, the greater the potential impact a change in interest rates will have on its share price. Also, certain segments of the fixed income markets, such as high-quality bonds, tend to be more sensitive to interest rate changes than other segments, such as lower-quality bonds.

*Prepayment risk.* Debt securities, especially bonds that are subject to "calls," such as asset-backed or mortgage-backed securities, are subject to prepayment risk if their terms allow the payment of principal and other amounts due before their stated maturity. Amounts invested in a debt security that has been "called" or "prepaid" will be returned to an investor holding that security before expected by the investor. In such circumstances, the investor, such as the Fund, may be required to re-invest the proceeds it receives from the called or prepaid security in a new security which, in periods of declining interest rates, will typically have a lower interest rate. Prepayment risk is especially prevalent in periods of declining interest rates and will result for other reasons, including unexpected developments in the markets for the underlying assets or mortgages. For example, a decline in mortgage interest rates typically initiates a period of mortgage refinancings. When homeowners refinance their mortgages, the investor in the underlying pool of mortgage-backed securities (such as a fund) receives its principal back sooner than expected, and must reinvest at lower, prevailing rates.

Securities subject to prepayment risk are often called during a declining interest rate environment and generally offer less potential for gains and greater price volatility than other income-bearing securities of comparable maturity.

Call risk is similar to prepayment risk and results from the ability of an issuer to call, or prepay, a debt security early. If interest rates decline enough, the debt security's issuer can save money by repaying its callable debt securities and issuing new debt securities at lower interest rates.

**U.S. Government Securities**

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

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

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

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

**Subsidiary Risk**

The Fund may invest up to 25% of its assets in a subsidiary that is wholly-owned by the Fund and organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary may invest without limitation in futures contracts and swap agreements. Further, the Subsidiary may invest in any type of investment in which the Fund is permitted to invest, as described in the Prospectus and this SAI. The Fund's investment in a Subsidiary will not exceed 25% of the value of the Fund's total assets, as measured at the end of each 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 each 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 a Fund, as described in this SAI. All of the Fund's investments in the 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. The Fund's investments in the Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because the Fund is the sole investor in the Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of the Fund and its shareholders.

The financial information of the Subsidiary will be consolidated into the Fund's financial statements, as contained within the Fund's annual and semi-annual reports provided to shareholders.

As noted above under "Derivatives - Commodity Pool Operator Regulation," with regard to the Fund (but not the Subsidiary), the Adviser claims relief from the definition of CPO under revised CFTC Rule 4.5. See the above section for more information regarding the Subsidiary.

Regulatory changes, including changes in the laws of the U.S. or the Cayman Islands, could result in the inability of the Fund and/or the Subsidiary to operate as described in the Prospectus and this SAI. Such changes could potentially impact the 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 the Subsidiary to pay taxes to a governmental authority, the 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, the 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. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to futures contracts within the limitations of the Code such that the Fund continues to qualify as a RIC, but there is a risk that the Internal Revenue Service ("IRS") could assert that the income that the Fund derives from its Subsidiary and/or futures contracts will not be considered qualifying income for purposes of the source of income test.

The IRS issued many private letter rulings (which the 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 the 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. The 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 and/or futures contracts 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 the 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 a Fund's investment company taxable income and/or net capital gains and, therefore, the distributions it makes. If the 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.

Investments in the Subsidiary are expected to primarily provide exposure to futures contracts within the limitations of Subchapter M of the Code. Further, under the diversification test required to qualify as a RIC, not more than 25% of the value of a Fund's total assets may be invested in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers which a Fund controls and which are engaged in the same, similar or related trades or businesses. Therefore, so long as a Fund is subject to this limit, the Fund may not invest any more than 25% of the value of its total assets in its Subsidiary.

**Illiquid Investments and Restricted Securities**

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

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

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

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

**Short Sales**

The Fund, subject to its investment strategies and policies, may take short positions in securities and financial instruments expected to decline in price. The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. The Fund is required to make a margin deposit in connection with such short sales. The Fund may have to pay a fee to borrow particular securities or other financial instruments and will often be obligated to pay over any dividends and accrued interest on borrowed securities or other instruments. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.

**Investment Company Securities**

The Fund may invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle. If the Fund invests in and, thus, is a shareholder of another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations.

Pursuant to Section 12(d)(1), 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: (1) more than 3% of the total outstanding voting stock of the acquired company; (2) 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 (3) 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.

However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1), subject to certain conditions. The 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 stated limits 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).

The Fund may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater than the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA").

**Money Market Funds**

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

**Other Short-Term Instruments**

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

**Securities Lending**

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

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

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

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

**Tax Risks**

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

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

**INVESTMENT RESTRICTIONS**

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

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

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

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.

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 be concentrated in a particular industry to the extent that the Index (as defined in the Prospectus) is concentrated
 in that industry. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities),
 repurchase agreements collateralized by securities of the U.S. government (including its agencies and instrumentalities),
 investment companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not
 considered to be issued by members of any industry.

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

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

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

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board oversees the management and operations of the Trust. Like all 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 Fund. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and involve the Board's review of recent operations. In addition, various members of the Board also meet with management in less formal settings, between formal "Board Meetings," to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

As part of its oversight function, the Board receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (e.g., investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Audit Committee meets with the Treasurer and the Trust's independent public accounting firm 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 Fund. 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 Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser, Sub-Adviser, and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available, or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are five members of the Board, four of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees").

The Board is composed of a majority (60 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 number of Independent Trustees that constitute 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 203, 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 August 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;60 |  |
| &nbsp;&nbsp;Pamela Cytron<br> Born: 1966 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since August 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;60 | &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). |
| &nbsp;&nbsp;Lawrence Jules<br> Born: 1968 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since August 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;60 | &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 May 2016) | &nbsp;&nbsp;Principal and CIO of Brookmont Capital; President and Founder of Impact Shares LLC ("Impact Shares") (2015 to 2025) | &nbsp;&nbsp;60 | &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 Trustee<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>(4)</sup>** |
| &nbsp;&nbsp;Guillermo Trias<br> Born: 1976 | &nbsp;&nbsp;Trustee; Chairman of the Board | &nbsp;&nbsp;Indefinite term; <br> Trustee (since August 2023) and Chairman of the Board (since May 2024) | &nbsp;&nbsp;Co-Founder & CEO of the Tidal Financial Group of companies (since 2016). | &nbsp;&nbsp;60 | &nbsp;&nbsp;Manager (director) of Tidal Investments LLC. |

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

<sup>(2)</sup> The group of Funds sponsored by Tidal and managed by Tidal or its affiliates, including Tidal Trust I, Tidal Trust II, Tidal Trust III 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. Trias is deemed an "interested person" of the Trust, as defined in the 1940 Act, because of his current affiliation with Tidal Investments LLC, the Fund's investment 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. The Board believes Ms. Byrd's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, leads to the 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. The Board believes Ms. Cytron's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, leads to the 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, leads to the 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. The Board believes Mr. Powell's experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees leads to the 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. Trias should serve as a Trustee because of his substantial financial industry experience, executive experience and administrative and managerial experience as CEO of Tidal Financial Group. The Board believes Mr. Trias' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

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

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

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

<u>Nominating and Governance Committee</u>. The Board has a standing Nominating and Governance Committee that is composed of each of the Independent Trustees of the Trust. The Nominating and Governance Committee operates under a written charter approved by the Board. The Nominating and Governance Committee is responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time and meets only as necessary. The Nominating and Governance Committee generally will not consider nominees recommended by shareholders. The Nominating and Governance Committee is also responsible for, among other things, assisting the Board in its oversight of the Trust's compliance program under Rule 38a-1 under the 1940 Act, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees' annual "self-assessment." Ms. Cryton is the chair of the Nominating and Governance Committee. The Nominating Committee and Governance Committee meets periodically, as necessary, but at least annually. 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 Street, Suite 203, 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 and Principal Executive Officer | &nbsp;&nbsp;Indefinite term; since 2024 | &nbsp;&nbsp;Chief Executive Officer, Tidal ETF Services LLC (since 2018); President, Principal Executive Officer, President, Principal Executive Officer, Interested Trustee and Chairman of Tidal Trust I (since 2018); President, Principal Executive Officer, President, Principal Executive Officer, Interested Trustee and Chairman of Tidal Trust II (since 2022); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 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), Compliance Advisor (2022 to 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Senior Compliance Advisor, ACA Global (2020 to 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Director, Hadron Specialty Insurance Company; Managing Director and Head of Legal - US, Waystone (global governance solutions) (2016 to 2019). |
| &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;Jennifer Smith <br> Born:1985<br>| &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). |
| &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 2023) Tidal ETF Services LLC; Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S Bancorp Fund Services LLC, (2005 to 2013). |

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

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

As of December 31, 2024, the following Trustees beneficially owned shares of certain other series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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

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**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 Fund's current fiscal year ending August 31, 2026. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Estimated Aggregate <br> Compensation From Fund** | &nbsp;&nbsp;**Estimated Total Compensation From** <br> **Fund Complex Paid to Trustees** |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;Guillermo Trias | $0 | $0 |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Monica H. Byrd | $0 | $55000 |
| &nbsp;&nbsp;Pamela Cytron | $0 | $50000 |
| &nbsp;&nbsp;Lawrence Jules | $0 | $45000 |
| &nbsp;&nbsp;Ethan Powell | $0 | $45000 |

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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 Fund.

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

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

**PROXY VOTING POLICIES**

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

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

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

When available, information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling (866) 886-8389, (2) on the Fund's website Stoneportadvisorsetfs.com and (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund subject to the direction and oversight of the Board. The Adviser is responsible for trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale transactions. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 1.10% based on the Fund's average daily net assets.

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

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

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

**PORTFOLIO MANAGERS**

The Fund is managed jointly and primarily by Qiao Duan and Christopher P. Mullen, each a Portfolio Manager of the Adviser.

**Other Accounts.** In addition to the Fund, the portfolio managers managed the following other accounts as of July 31, 2025.

*Qiao Duan, CFA, 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** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;112 | &nbsp;&nbsp;$19700.78 | &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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*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** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;75 | &nbsp;&nbsp;$14161.30 | &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 Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Fund had not yet commenced operations and no Shares were owned by the portfolio managers.

**Portfolio Manager Compensation.**

Ms. Duan, CFA and Mr. Mullen are 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. Each of Ms. Duan and Mr. Mullen is an equity owner of the Adviser, and therefore may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

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

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group), (the "Distributor") are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is Three Canal Plaza, Suite 100, Portland, Maine 04101.

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

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

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

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

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

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

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

If you have any additional questions, please call (866) 886-8389.

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

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

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

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

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

**ADMINISTRATOR**

Tidal ETF Services LLC (the "Administrator"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator. The Administrator is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement between the Trust and the Administrator. The Administrator provides the Trust with, or arranges for, administrative, compliance, and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust's principal executive officer, principal financial officer, and chief compliance officer, the Administrator coordinates the payment of Fund-related expenses, and the Administrator manages the Trust's relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. The Administrator also is entitled to certain out-of-pocket expenses for the services mentioned above.

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

**TRANSFER AGENT AND FUND ACCOUNTANT**

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

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

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

**CUSTODIAN**

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

**LEGAL COUNSEL**

Sullivan & Worcester LLP, located at 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 Fund.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

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

**DESCRIPTION OF SHARES**

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

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds in the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. The Trust will call for a meeting of shareholders to consider the removal of one or more Trustees and other certain matters upon the written request of shareholders holding at least a majority of the outstanding shares of the Trust entitled to vote at such meeting. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

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

**LIMITATION OF TRUSTEES' LIABILITY**

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

**BROKERAGE TRANSACTIONS**

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

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

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

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

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

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

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

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

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

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

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

**Directed Brokerage**

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

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

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

**PORTFOLIO TURNOVER RATE**

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

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

**BOOK ENTRY ONLY SYSTEM**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

All orders to purchase Shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is expected to be 10:30 a.m. Eastern time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

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

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

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the subcustodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. The 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 10:30 a.m. Eastern Time for the Fund (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian no later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 10:30 a.m. Eastern Time for the Fund, with the Custodian on the contractual settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 10:30 a.m. Eastern Time for the Fund on the contractual settlement date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

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

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 10:30 a.m. Eastern Time for the Fund (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation <br> Transaction Fee** | **Maximum Variable <br> Transaction Fee** |
| Stoneport Advisors Commodity Long Short ETF | $300 | 2% |

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

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

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

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

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

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

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

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

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund may determine 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** |
| Stoneport Advisors Commodity Long Short 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 be submitted in proper form to the Transfer Agent prior to 10:30 a.m. Eastern time. A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

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

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

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

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

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

**DETERMINATION OF NET ASSET VALUE**

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

In calculating the Fund's NAV per Share, the Fund's investments are generally valued using a pricing service. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources. For assets traded on an exchange, the Fund 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 prices are not "readily available" or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments.

**DIVIDENDS AND DISTRIBUTIONS**

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

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

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

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

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

**FEDERAL INCOME TAXES**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Fund has completed a fiscal year of operations. When available, you may request a copy of the Fund's annual report at no charge by calling (866) 886-8389 or through the Fund's website at Stoneportadvisorsetfs.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. |
|  | (a) | [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. |
|  | (b) | [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 Underwriting](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) | [Future 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. |
|  |  | (a) [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 Underwriting](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. |

---

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| | |
|:---|:---|
| (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). |
| (1) | [Investment Advisory Agreement](ex99-av1.htm) – **filed herewith**. |
| (2) | [Memorandum and Articles of Association](ex99-av2.htm) – **filed herewith**. |
| (3) | [Certificate of Incorporation](ex99-av3.htm) – **filed herewith**. |
| (4) | [Tax Underwriting](ex99-av4.htm) – **filed herewith**. |
| (5) | [Form of Private Investment Company Custodian Agreement](ex99-av5.htm) – **filed herewith**. |
| (b) | [Amended and Restated By-laws of the Registrant dated August 23, 2024](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-b.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 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. |
| (a) | [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 Unity Wealth Partners Dynamic Capital Appreciation & Options ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-diii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (iv) | [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. |
| (v) | [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. |
| (vi) | [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. |
| (vii) | [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. |
| (viii) | [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. |

---

(a) [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 **.** 

(b) [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 **.** 

(c) [Third Amendment to the Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-dviiic.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 **.** 

(d) Fourth Amendment to the Investment to the Advisory Agreement (for the VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) **– to be filed by amendment.**

(e) Fifth Amendment to the Investment to the Advisory Agreement (for the VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF) – **to be filed by amendment.**

(ix) [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

(a) 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) **– to be filed by amendment.**

(x) [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.

(xi) [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.

(xii) [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.

(xiii) [Investment Advisory Agreement between the Trust (for FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124014388/ex99-dxiii.htm)**,** previously filed with Post-Effective Amendment No. 75 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(xiv) [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.

(xv) [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.

(xvi) [Investment Advisory Agreement between the Trust (for Battleshares™ NVDA vs INTC ETF, Battleshares™ TSLA vs F 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.

(a) First Amendment to Investment Advisory Agreement (for the Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF and Battleshares™ Gold vs Bitcoin ETF) – **to be filed by amendment.**

(xvii) [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.

(xviii) [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.

(xix) [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.

(xx) [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.

(xxi) [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.

(xxii) [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.

(xxiii) [Investment Advisory Agreement between the Trust (for Azoria Golden Age ETF, Azoria 500 Meritocracy ETF and Azoria TSLA Convexity ETF ("the Azoria ETFs")) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-dxxiii.htm) , previously filed with Post-Effective Amendment No. 121 on
 Form N-1A on June 16, 2025 and is incorporated herein by reference.

(xxiv) [Investment Advisory Agreement between the Trust (for 2x Daily Software Platform ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125008427/ex99-dxxiv.htm) , previously filed
 with Post-Effective Amendment No. 122 on Form N-1A on June 27, 2025 and is incorporated herein by reference.

(xxv) Investment Advisory
 Agreement between the Trust (for Smart Allocation<sup>TM</sup> High Income ETF) and Tidal Investments LLC – **to be filed by amendment.** 

(xxvi) [Investment Advisory Agreement between the Trust (for Stoneport Advisors Commodity Long Short ETF) and Tidal Investments LLC](ex99-dxxvi.htm) – **filed herewith.** 

(xxvii) Investment Advisory
 Agreement between the Trust (for NovaTide Flexible Allocation ETF) and Tidal Investments LLC – **to be filed by amendment.** 

(xxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Unity Wealth Partners LLC (for Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-dix.htm) , previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and
 is incorporated herein by reference.

(xxix) [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.

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

(xxxi) [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.

(xxxii) [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.

(a) [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.

(b) [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**.**

(c) [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**.**

(d) Third Amendment to Investment Sub-Advisory Agreement (for the VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.**

(e) Fourth Amendment to Investment Sub-Advisory Agreement (for the VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF) – **to be filed by amendment**.

(xxxiii) [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.

(a) 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) **– to be filed by amendment.**

(xxxiv) [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.

(xxxv) [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.

(xxxvi) [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**.**

(xxxvii) [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.

(xxxviii) [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.

(xxxix) [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.

(xl) [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.

---

| | | |
|:---|:---|:---|
|  | (a) | [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 . |
| (xli) | [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. | [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. |
| (xlii) | [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), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxli.htm) | [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), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxli.htm) |
| (xliii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Measured Risk Portfolios, Inc. (for MRP SynthEquity ETF), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxlii.htm) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Measured Risk Portfolios, Inc. (for MRP SynthEquity ETF), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxlii.htm) |
| (xliv) | [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. | [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. |
| (xlv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Azoria Capital Inc. (for the Azoria ETFs)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-dxliv.htm), previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference. | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Azoria Capital Inc. (for the Azoria ETFs)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-dxliv.htm), previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference. |
| (xlvi) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and AOT Invest, LLC (for 2x Daily Software Platform ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125008427/ex99-dxlv.htm), previously filed with Post-Effective Amendment No. 122 on Form N-1A on June 27, 2025 and is incorporated herein by reference. | [Investment Sub-Advisory Agreement between Tidal Investments LLC and AOT Invest, LLC (for 2x Daily Software Platform ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125008427/ex99-dxlv.htm), previously filed with Post-Effective Amendment No. 122 on Form N-1A on June 27, 2025 and is incorporated herein by reference. |
| (xlvii) | Investment Sub-Advisory Agreement between Tidal Investments LLC and Harmonic Capital, LLC (for NovaTide Flexible Allocation ETF) – **to be filed by amendment.** | Investment Sub-Advisory Agreement between Tidal Investments LLC and Harmonic Capital, LLC (for NovaTide Flexible Allocation 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. | [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) | [First Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-eivi.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. | [First Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-eivi.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (ii) | [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. | [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. |
| (iii) | [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. | [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. |
| (iv) | [Fourth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-eiiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. | [Fourth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-eiiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (v) | [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. | [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. |
| (vi) | [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**.** | [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**.** |

---

(vii) [Seventh Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (addingBattleshares™ NVDA vs INTC ETF, Battleshares™ TSLA vs F 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.

(viii) [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.

(ix) [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.

(x) [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.

(xi) [Eleventh Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding the Azoria ETFs and 2X Software ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-eixi.htm) , previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated
 herein by reference.

(xii) [Twelfth Amendment to the Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-eixii.htm) between the Trust and Foreside Fund Services, LLC, (adding Battleshares™
 Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF, Battleshares™
 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), previously filed with Post-Effective Amendment No. 128 on Form N-1A
 on August 18, 2025 and is incorporated herein by reference **.** 

(xiii) [Form of 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)](ex99-eixiii.htm) – **filed herewith.** 

(xiv) Fourteenth
 Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Smart Allocation<sup>TM
</sup>High Income ETF) – **to be filed by amendment.** 

(xv) Fifteenth Amendment
 to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares BitBonds 1-3 Yr Enhanced
 Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income
 ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.** 

(xvi) Sixteenth Amendment
 to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Fundstrat Granny Shots US Small-
 & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF) – **to be filed by amendment.** 

(xvii) Seventeenth Amendment
 to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares Bitcoin Treasury Income
 ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF) – **to be filed by amendment.** 

---

| | |
|:---|:---|
| (ii) | [Distribution Services Agreement between Tidal Investments LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ev.htm)– previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (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 (covering Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (i) | [First Amendment to the Custodian Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-giii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (ii) | [Second Amendment to the Custodian Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-giii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | [Third Amendment to the Custodian Agreement (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-giiii.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (iv) | [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. |
| (v) | [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. |
| (vi) | [Sixth Amendment to the Custodian Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ TSLA vs F 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. |
| (vii) | [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. |
| (viii) | [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**.** |
| (ix) | [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. |
| (x) | [Tenth Amendment to the Custodian Agreement (adding the Azoria ETFs and 2X Software ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-gix.htm), previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
| (xi) | [Eleventh Amendment to the Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-gixi.htm) (adding Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF, Battleshares™ 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), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference**.** |
| (xii) | [Form of Twelfth Amendment to the Custodian Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](ex99-gixii.htm) – **filed herewith.** |
| (xiii) | Thirteenth Amendment to the Custodian Agreement (adding Smart Allocation<sup>TM</sup> High Income ETF) – **to be filed by amendment.**<br>|
|(xiv) | Fourteenth Amendment to the Custodian Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.** |
|(xv) | Fifteenth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF) – **to be filed by amendment.** |
|(xvi) | Sixteenth Amendment to the Custodian Agreement (adding VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF) – **to be filed by amendment.** |
| (h) (i) | [Amended and Restated Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hi.htm) between the Registrant, Tidal ETF Services, LLC and Tidal Investments LLC, previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference**.** |
| (i) | [Form of First Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](ex99-hii.htm) **– filed herewith.** |
| (ii) | Second Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding Smart Allocation<sup>TM</sup> High Income ETF) **– to be filed by amendment.**<br>|
| (iii) | Third Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.** |
| (iv) | Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF) – **to be filed by amendment.** |
| (v) | Fifth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF) – **to be filed by amendment.** |
| (ii) | [Transfer Agent Agreement between Registration and U.S. Bancorp Fund Services, LLC (covering Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](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) [Third Amendment to the Transfer Agency Agreement (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiii.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein
 by reference.

(iv) [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.

(v) [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 **.** 

(vi) [Sixth Amendment to the Transfer Agency Agreement (addingBattleshares™ NVDA vs INTC ETF, Battleshares™ TSLA vs F 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.

(vii) [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.

(viii) [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.

(ix) [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.

(x) [Tenth Amendment to the Transfer Agency Agreement (adding the Azoria ETFs and 2X Software ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-hiix.htm) , previously filed with Post-Effective
 Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference.

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

(xii) [Form of Twelfth Amendment to the Transfer Agency Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](ex99-hiixii.htm) – **filed herewith.** 

(xiii) Thirteenth Amendment to the Transfer Agency Agreement (adding Smart Allocation<sup>TM</sup> High Income ETF) – **to be filed by amendment.** 

(xiv) Fourteenth Amendment to the Transfer Agency Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.**

(xv) Fifteenth Amendment to the Transfer Agency Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF) – **to be filed by amendment.**

(xvi) Sixteenth Amendment to the Transfer Agency Agreement (adding VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF) – **to be filed by amendment.**

(iii) [Fund Accounting Agreement between Registration and U.S. Bancorp Fund Services, LLC (Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](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) [Third Amendment to the Fund Accounting Agreement (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiiii.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [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.

(v) [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**.**

(vi) [Sixth Amendment to the Fund Accounting Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ TSLA vs F 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.

(vii) [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.

---

| | | |
|:---|:---|:---|
|  | (viii) | [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. |
|  | (ix) | [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. |
|  | (x) | [Tenth Amendment to the Fund Accounting Agreement (adding the Azoria ETFs and 2X Software ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-hiiix.htm), previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference. |
|  | (xi) | [Eleventh Amendment to the Fund Accounting Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hiiixi.htm) (adding Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF, Battleshares™ 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), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference**.** |
|  | (xii) | [Form of Twelfth Amendment to the Fund Accounting Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](ex99-hiiixii.htm) – **filed herewith.** |
|  | (xiii) | Thirteenth Amendment to the Fund Accounting Agreement (adding Smart Allocation<sup>TM</sup> High Income ETF) – **to be filed by amendment.**<br>|
|  | (xiv) | Fourteenth Amendment to the Fund Accounting Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.** |
|  | (xv) | Fifteenth Amendment to the Fund Accounting Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF) – **to be filed by amendment.** |
|  | (xvi) | Sixteenth Amendment to the Fund Accounting Agreement (adding VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and 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. | [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. | [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. | [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. | [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. | [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 FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124014388/ex99-hix.htm)**,** previously filed with Post-Effective Amendment No. 75 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(x) [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.

(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 Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-i_iii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

 (iv) [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.

 (v) [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.

 (vi) [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.

 (vii) [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.

 (viii) [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.

 (ix) [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.

 (x) [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**.**

 (xi) [Opinion and Consent of Counsel (for FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124014388/ex99-ixiv.htm)**,** previously filed with Post-Effective Amendment No. 75 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

 (xii) [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.

 (xiii) [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.

 (xiv) [Opinion and Consent of Counsel (for Battleshares™ NVDA vs INTC ETF, Battleshares™ TSLA vs F 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.

(xv) [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.

(xvi) [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.

(xvii) [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.

(xviii) [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.

(xix) [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.

(xx) [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.

(xxi) [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.

(xxii) [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.

(xxiii) [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.

(xxiv) [Opinion and Consent of Counsel (for the Azoria ETFs)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment No. 121 on Form N-1A on June
 16, 2025 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for 2x Daily Software Platform ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125008427/ex99-ixxv.htm) , previously filed with Post-Effective Amendment No. 122 on
 Form N-1A on June 27, 2025 and is incorporated herein by reference.

(xxvi) Opinion and Consent
 of Counsel (for Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin
 vs Gold ETF and Battleshares™ Gold vs Bitcoin ETF) – **to be filed by amendment**.

(xxvii) [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 **.** 

(xxviii) Opinion and Consent of Counsel (for Smart Allocation<sup>TM
</sup>High Income ETF) – **to be filed by amendment.** 

(xxix) [Opinion and Consent of Counsel (for Stoneport Advisors Commodity Long Short ETF)](ex99-ixxix.htm) – **filed herewith.** 

(xxx) Opinion and Consent of Counsel (for NovaTide
 Flexible Allocation ETF) – **to be filed by amendment.** 

(xxxi) Opinion and Consent
 of Counsel (for VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF,
 VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.** 

(xxxii) Opinion and Consent
 of Counsel (for Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)
 – **to be filed by amendment.** 

---

| | |
|:---|:---|
| (xxxiii) | 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) – **to be filed by amendment.** |
| (j) | [Consent of Independent Registered Public Accounting Firm](ex-j.htm) - **filed herewith**. |
| (k) | Not applicable. |
| (l) | Not applicable. |
| (m) | [Amended and Restated Rule 12b-1 Distribution Plan dated September 11, 2025](ex-m.htm) **– filed herewith.** |
| (n) | Not applicable. |
| (o) | Reserved. |
| (p) (i) | [Code of Ethics for Tidal Trust III](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-pi.htm), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference. |
| (ii) | [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-pii.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 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 Unity Wealth Partners LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-pv.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (v) | [Code of Ethics for Rockefeller Asset Management](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-pvi.htm), previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (vi) | [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. |
| (vii) | [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. |
| (viii) | [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. |
| (ix) | [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. |
| (x) | [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. |
| (xi) | [Code of Ethics for Fundstrat Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-pxi.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (xii) | [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. |
| (xiii) | Code of Ethics for Harmonic Capital, LLC – **to be filed by amendment.** |
| (xiv) | [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**.** |
| (xv) | [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. |

---

(xvi) [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.

(xvii) [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.

(xviii) [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.

(xix) [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.

(xx) [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.

(xxi) [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.

(xxii) [Code of Ethics for Azoria Capital Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-pxxii.htm) , previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025
 and is incorporated herein by reference.

(xxii) [Code of Ethics for AOT Invest, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125008427/ex99-pxxiii.htm) , previously filed with Post-Effective Amendment No. 122 on Form N-1A on June 27, 2025 and
 is incorporated herein by reference.

**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 |
| Azoria Capital Inc. | 801-132033 |
| AOT Invest, LLC | 801-124742 |

---

**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:** |

---

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

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

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

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

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

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

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

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

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

10. AIM ETF Products Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

25. Brinker
 Capital Destinations Trust

26. Brookfield Real Assets Income Fund
 Inc.

27. Build Funds Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Coatue Innovation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen & Steers ETF Trust

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

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

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

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

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

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

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

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

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

53 Denali Structured Return Strategy Fund <br> 54. Dividend Performers ETF, Series of Listed Funds Trust

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

56. DoubleLine ETF Trust

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Fortuna Hedged Bitcoin Fund, Series of Listed
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Forum Funds

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Fundrise Growth Tech Fund, LLC

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. North Square Evanston Multi-Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. NXG
 NextGen Infrastructure Income Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. REX ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Robinson Opportunistic Income Fund, Series of
 Investment Managers Series Trust

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill Magnificent Seven ETF, Series of Listed
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Sports Betting & iGaming ETF,
 Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill Video Games ETF, Series of Listed
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Securian AM Real Asset Income Fund, Series of
 Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. STF Tactical Growth & Income ETF, Series
 of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. STF Tactical Growth ETF, Series of Listed Funds
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Swan Hedged Equity US Large Cap ETF, Series
 of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The 2023 ETF Series Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The Cook & Bynum Fund, Series of World Funds
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Private Shares Fund

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

166. Third Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Timothy Plan High Dividend Stock Enhanced ETF,
 Series of The Timothy Plan

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy Plan International ETF, Series of The
 Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy Plan Market Neutral ETF, Series of The
 Timothy Plan

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy Plan US Large/Mid Core Enhanced ETF,
 Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy Plan US Small Cap Core ETF, Series of
 The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Touchstone ETF Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. Union Street Partners Value Fund, Series of
 World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. Vest Bitcoin Strategy Managed Volatility Fund,
 Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. Vest S&P 500® Dividend Aristocrats Target
 Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. Vest US Large Cap 10% Buffer Strategies Fund,
 Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. Vest US Large Cap 10% Buffer Strategies VI Fund,
 Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. Vest US Large Cap 20% Buffer Strategies Fund,
 Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Vest US Large Cap 20% Buffer Strategies VI Fund,
 Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Virtus Stone Harbor Emerging Markets Income
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Wedbush Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. WisdomTree Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. 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>**<br>|
| 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 |  |
| Kelly B. Whetstone | 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 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 203, Milwaukee, Wisconsin 53204

(3) Tidal ETF Services LLC, 234 West Florida Street,
 Suite 203, 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) Azoria Capital Inc., 740 15<sup>th</sup> Street
 NW, 8<sup>th</sup> Floor, Washington, DC 20005

(26) AOT Invest, LLC, 3541 East Kimberly Rd, Davenport,
 IA 52807

**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. 134 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and the Registrant has duly caused this Post-Effective Amendment No. 134 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 September 12, 2025.

---

| |
|:---|
| **Tidal Trust III** |
| /s/ Eric Falkeis |
| Eric 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 September 12, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Eric Falkeis | President and Principal Executive Officer |
| Eric Falkeis |  |
| /s/ Monica H. Byrd\* | Trustee |
| Monica H. Byrd |  |
| /s/ Pamela Cytron\* | Trustee |
| Pamela Cytron |  |
| /s/ Lawrence Jules\* | Trustee |
| Lawrence Jules |  |
| /s/ Guillermo Trias\* | Trustee |
| Guillermo Trias |  |
| /s/ Ethan Powell\* | Trustee |
| Ethan Powell |  |
| /s/ Aaron Perkovich | Treasurer, Principal Financial Officer and Principal Accounting Officer |
| Aaron Perkovich | Treasurer, Principal Financial Officer and Principal Accounting Officer |

---

---

| | |
|:---|:---|
| \*By: | /s/ Eric Falkeis |
|  | Eric Falkeis, Attorney in Fact |
|  | By Power of Attorney |

---

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | Description |
| [(a)(v)(1)](ex99-av1.htm) | [Investment Advisory Agreement](ex99-av1.htm) |
| [(a)(v)(2)](ex99-av2.htm) | [Memorandum and Articles of Association](ex99-av2.htm) |
| [(a)(v)(3)](ex99-av3.htm) | [Certificate of Incorporation](ex99-av3.htm) |
| [(a)(v)(4)](ex99-av4.htm) | [Tax Underwriting](ex99-av4.htm) |
| [(a)(v)(5)](ex99-av5.htm) | [Form of Private Investment Company Custodian Agreement](ex99-av5.htm) |
| [(d)(xxvi)](ex99-dxxvi.htm) | [Investment Advisory Agreement](ex99-dxxvi.htm) |

---

[(e)(i)(xiii)](ex99-eixiii.htm) [Form of Thirteenth Amendment to the Distribution Agreement](ex99-eixiii.htm)

[(g)(i)(xii)](ex99-gixii.htm) [Form of Twelfth Amendment to the Custodian Agreement](ex99-gixii.htm)

[(h)(i)(i)](ex99-hii.htm) [Form of First Amended and Restated Fund Administration Servicing Agreement](ex99-hii.htm)

[(h)(ii)(xii)](ex99-hiixii.htm) [Form of Twelfth Amendment to the Transfer Agency Agreement](ex99-hiixii.htm)

[(h)(iii)(xii)](ex99-hiiixii.htm) [Form of Twelfth Amendment to the Fund Accounting Agreement](ex99-hiiixii.htm)

[(i)(xxix)](ex99-ixxix.htm) [Opinion and Consent of Counsel](ex99-ixxix.htm)

[(j)](ex-j.htm) [Consent of Independent Registered Public Accounting Firm](ex-j.htm)

[(m)](ex-m.htm) [Amended and Restated Rule 12b-1 Distribution Plan](ex-m.htm)

## Ex-99.(A)(V)(1)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(a)(v)(1)**

**INVESTMENT ADVISORY AGREEMENT**

**Between**

**STONEPORT ADVISORS COMMODITY LS CAYMAN SUBSIDIARY**

**AND**

**TIDAL INVESTMENTS LLC**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of September 11, 2025, by and between **Stoneport Advisors Commodity LS 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 203 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, **Stoneport Advisors Commodity Long Short 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.

---

| | |
|:---|:---|
| **Stoneport Advisors Commodity LS Cayman Subsidiary** | **Stoneport Advisors Commodity LS Cayman Subsidiary** |
| By: | /s/ Ronnie Riven |

---

Name: Ronnie Riven <br>Title: Director

---

| | |
|:---|:---|
| **Tidal Investments LLC** | **Tidal Investments LLC** |
| By: | /s/ Daniel Carlson |
| Name: Daniel Carlson | Name: Daniel Carlson |
| Title: Co-Founder & Chief of Staff | Title: Co-Founder & Chief of Staff |

---

## Ex-99.(A)(V)(2)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(a)(v)(2)**

![](ex992001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**STONEPORT ADVISORS COMMODITY LS CAYMAN SUBSIDIARY**

*Auth Code: A28087845781*

*www.verify.gov.ky*

 

![](ex992001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**STONEPORT ADVISORS COMMODITY LS CAYMAN SUBSIDIARY**

1. The
name of the Company is Stoneport Advisors Commodity LS 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: A28087845781*

*www.verify.gov.ky*

 

![](ex992001.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: A28087845781*

*www.verify.gov.ky*

 

![](ex992001.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.

<br> Name and address of Subscriber Number of shares taken <br>    

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: |
| ![](ex992002.jpg) |
| Name: Angelisa Whittaker |
| Title: Authorised Signatory |
| Witness to the above signature: |
| ![](ex992003.jpg) |
| Name: Kimberly Turner |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 10 July 2025

 

*Auth Code: A28087845781*

*www.verify.gov.ky*

 

---

| | |
|:---|:---|
| ![](ex992004.jpg) | ![](ex992001.jpg) |

---

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**STONEPORT ADVISORS COMMODITY LS CAYMAN SUBSIDIARY**

*Auth Code: G47635929431*

*www.verify.gov.ky*

 

i

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

ii

![](ex992001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**STONEPORT ADVISORS COMMODITY LS 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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

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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: G47635929431*

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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: G47635929431*

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![](ex992001.jpg)

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: G47635929431*

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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: G47635929431*

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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: G47635929431*

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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: G47635929431*

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![](ex992001.jpg)

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: G47635929431*

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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: G47635929431*

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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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.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: G47635929431*

*www.verify.gov.ky*

 

![](ex992001.jpg)

<br> Name and address of Subscriber <br>    

Mourant Nominees (Cayman) Limited

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited acting by: |
| ![](ex992002.jpg) |
| Name: Angelisa Whittaker |
| Title: Authorised Signatory |
| Witness to the above signature: |
| ![](ex992003.jpg) |
| Name: Kimberly Turner |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 10 July 2025

*Auth Code: G47635929431*

*www.verify.gov.ky*

## Ex-99.(A)(V)(3)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(a)(v)(3)**

![](ex991001.jpg)

## Ex-99.(A)(V)(4)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(a)(v)(4)**

QH-423604

![](ex993001.jpg)

**THE TAX CONCESSIONS LAW** 

**UNDERTAKING AS TO TAX CONCESSIONS**

**In accordance with the Tax Concessions Law the following undertaking is hereby given to**

**Stoneport Advisors Commodity LS 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 22nd day of July 2025.** 

---

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| ![](ex993002.jpg) | ![](ex993003.jpg)<br>**CLERK OF THE CABINET** |

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Authentication Number: 453740141040

## Ex-99.(A)(V)(5)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(a)(v)(5)**

**PRIVATE INVESTMENT COMPANY**

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page, by and between **STONEPORT ADVISORS COMMODITY LS 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 Stoneport Advisors Commodity Long Short 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 the list attached hereto as <u>Exhibit A</u> (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 16.9 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**

The Fund hereby appoints the Custodian as custodian of certain 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.

**Article 3**

**INSTRUCTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

**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 Proper 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate purposes, but only upon receipt of Proper 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 Proper 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 B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
assets of the Fund, including the Securities and cash held by the Custodian pursuant to the terms of this Agreement, do not constitute
"plan assets" (as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"))
which are subject to ERISA or Section 4975 of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian may sustain or incur or that may be asserted against the Custodian by any person arising directly or indirectly (a) from any action taken or omitted to be taken by the Custodian (i) at the request or direction of or in reliance on the advice of the Fund, (ii) upon Written Instructions, (iii) for processing any transaction using Straight Through Processing, or (iv) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing, or (b) from the performance of its obligations under this Agreement, provided that the Custodian 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 from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Custodian" shall include the Custodian's directors, officers and employees.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising 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 from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's directors, officers and employees.

**Section 16.8** <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, or in the event that the Custodian incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

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| | |
|:---|:---|
| **Section** | **16.9** <u>Straight Through Processing</u>. |

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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").

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.

**Section 16.10** <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) In
 the event of a mechanical breakdown or failure of communication or power supplies beyond
 its control, the Custodian shall take all reasonable steps to minimize service interruptions
 for any period that such interruption continues. The Custodian will make every reasonable
 effort to restore any lost or damaged data and correct any errors resulting from such
 a breakdown at the expense of the Custodian. The Custodian agrees that it shall, at all
 times, have reasonable contingency plans with appropriate parties, making reasonable
 provision for emergency use of electrical data processing equipment to the extent appropriate
 equipment is available. Representatives of the Fund shall be entitled to inspect the
 Custodian's premises and operating capabilities at any time during regular business
 hours of the Custodian, upon reasonable notice to the Custodian. Moreover, the Custodian
 shall provide the Fund, at such times as the Fund may reasonably require, copies of reports
 rendered by independent accountants on the internal controls and procedures of the Custodian
 relating to the services provided by the Custodian under this Agreement. Notwithstanding
 the above, the Custodian reserves the right to reprocess and correct administrative errors
 at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the
 indemnification provisions contained in this Article shall apply, it is understood that if in any case the indemnitor may be
 asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent
facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify
the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification.
The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.
In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete
defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall
seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case
in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
indemnity and defense provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

**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**

**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. Further, the Custodian will adhere to any privacy policies adopted by the Fund.

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 19**

**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 20**

**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 21**

**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 22**

**CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period. The Fund agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Fund may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund.

**Article 23**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. In the performance of its duties hereunder, the Custodian undertakes to comply with the laws, rules and regulations
of governmental authorities having jurisdiction with respect to the duties to be performed by the Custodian hereunder. Except
as specifically set forth herein, the Custodian assumes no responsibility for such compliance by the Fund.

The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of any 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 any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the
other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that
are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Invalidity</u>.
Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent
with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <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

and

Notice to the Fund shall be sent to:

Stoneport Advisors Commodity LS Cayman Subsidiary

c/o Tidal Trust III

234 W. Florida Street

Suite 203

Milwaukee, WI 53204

Attn: Chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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.

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.

---

| | |
|:---|:---|
| **STONEPORT ADVISORS COMMODITY LS CAYMAN SUBSIDIARY** | **STONEPORT ADVISORS COMMODITY LS CAYMAN SUBSIDIARY** |
| By: |  |
| Name: | Ronnie Riven |
| Title: | Director |
| Date: |  |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: |  |
| Name: | Gregory Farley |
| Title: | Sr. Vice President |
| Date: |  |

---

## Ex-99.(D)(Xxvi)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(d)(xxvi)**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of September 11, 2025, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of each series of the Trust listed on Schedule A attached hereto, as may be amended from time to time (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>").

**BACKGROUND**

A. The
 Trust has been organized and operates as an open-end management investment company registered
 under the Investment Company Act of 1940, as amended (the " <u>1940 Act</u> ")
 and engages in the business of investing and reinvesting Fund assets in securities and
 other investments. Each Fund is a series of the Trust having separate assets and liabilities.

B. The
 Adviser is a registered investment adviser under the Investment Advisers Act of 1940,
 as amended (the " <u>Advisers Act</u> "), and engages in the business of providing
 investment advisory services.

C. The
 Trust has selected the Adviser to serve as the investment adviser for each Fund listed
 on Schedule A.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Advisory Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The
 Trust, on behalf of each Fund, hereby appoints the Adviser to manage the investment and
 reinvestment of such Fund's assets, subject to the supervision and oversight of
 the Trust's Board of Trustees (the " <u>Board</u> ") and the officers
 of the Trust, for the period and on the terms hereinafter set forth. The Adviser hereby
 accepts such appointment and agrees during such period to render the services and assume
 the obligations herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. The
 Adviser shall, for all purposes herein, be deemed to be an independent contractor, and
 shall, unless otherwise expressly provided and authorized, have no authority to act for
 or to represent the Trust or a Fund in any way, or in any way be deemed an agent of the
 Trust or a Fund. The Adviser shall determine, from time to time, what securities (and
 other financial instruments) shall be purchased for each Fund, what securities (and other
 financial instruments) shall be held, exchanged or sold by each Fund and what portion
 of each Fund's assets shall be held uninvested in cash, subject always to the provisions
 of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's
 prospectus and statement of additional information each, as may be amended from time
 to time, as set forth in the Trust's registration statement on Form N-1A (the " <u>Registration Statement</u> ") under the 1940 Act, and under the Securities Act of 1933, as amended
 (the " <u>1933 Act</u> "), covering Fund shares, as filed with the U.S. Securities
 and Exchange Commission (the " <u>SEC</u> "), and to the investment objectives,
 policies and restrictions of each Fund, as shall be from time to time in effect, and
 such other limitations, policies and procedures as the Board may reasonably impose from
 time to time and provide in writing to the Adviser (the " <u>Investment Policies</u> ").
 To carry out such obligations, the Adviser shall exercise full discretion and act for
 each Fund in the same manner and with the same force and effect as each Fund itself might
 or could do with respect to purchases, sales or other transactions, as well as with respect
 to all other such things necessary or incidental to the furtherance or conduct of such
 purchases, sales or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. No
 reference in this Agreement to the Adviser having full discretionary authority over each
 Fund's investments shall in any way limit the right of the Board, in its sole discretion,
 to establish or revise policies in connection with the management of a Fund's assets
 or to otherwise exercise its right to control the overall management of the Trust and
 each Fund. The Adviser acknowledges that the Board retains ultimate authority over each
 Fund and may take any and all actions necessary and reasonable to protect the interests
 of Fund shareholders.

2. <u>Selection of Sub-Adviser(s)</u>. The Adviser shall have the authority hereunder to engage, terminate and replace one or more sub-advisers, including an affiliated person (as defined under the 1940 Act) of the Adviser (each, a "<u>Sub-Adviser</u>"), for each Fund referenced in Schedule A to perform some or all of the services for which the Adviser is responsible pursuant to this Agreement. The Adviser shall supervise the activities of the Sub-Adviser(s), and the retention of a Sub-Adviser by the Adviser shall not relieve the Adviser of its responsibilities under this Agreement. Any such Sub-Adviser shall be registered and in good standing with the SEC and capable of performing its sub-advisory duties pursuant to a sub-advisory agreement approved by the Board and, except as otherwise permitted by the 1940 Act or by rule, regulation or Order of the SEC, a vote of a majority of the outstanding voting securities of the applicable Fund. The Adviser will compensate each Sub-Adviser for its services to each applicable Fund.

3. <u>Representations of the Adviser.</u> 

3.1. The
 Adviser shall use its best judgment and efforts in rendering the advice and services
 to each Fund as contemplated by this Agreement.

3.2. The
 Adviser maintains errors and omissions insurance coverage in an appropriate amount and
 shall provide prior written notice to the Trust (i) of any material changes in its insurance
 policies or insurance coverage; or (ii) if any material claims will be made on its insurance
 policies. Furthermore, the Adviser shall upon reasonable request provide the Trust with
 any information it may reasonably require concerning the amount of or scope of such insurance.

3.3. The
 Adviser shall implement and maintain a business continuity plan and policies and procedures
 reasonably designed to prevent, detect and respond to cybersecurity threats and to implement
 such internal controls and other safeguards with a goal of safeguarding each Fund's
 confidential information and the nonpublic personal information of Fund shareholders.
 The Adviser shall promptly notify the Trust upon the Adviser's discovery of any
 material violations or breaches of such policies and procedures.

3.4. None
 of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser
 or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that
 would disqualify the Adviser from acting as an investment adviser to an investment company
 under the 1940 Act. The Adviser will promptly notify the Trust upon its discovery of
 the occurrence of any event that would disqualify the Adviser from serving as an investment
 adviser to an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

3.5. The
 Adviser will not engage in any futures transactions, options on futures transactions
 or transactions in other commodity interests on behalf of a Fund prior to the Adviser
 becoming registered or filing a notice of exemption on behalf of the Fund with the National
 Futures Association.

4. <u>Compliance</u>. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, and any exemptive relief therefrom, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Fund(s), and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser, and with any requirements applicable to the Fund of any national securities exchange on which the Fund's shares are listed. In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

5. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's securities to the Adviser. So long as proxy voting authority for a Fund has been delegated to the Adviser, the Adviser shall exercise its proxy voting responsibilities. The Adviser shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Adviser shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for each Fund to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting responsibility to the Adviser may be revoked or modified by the Board at any time. The Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote proxies for a Fund to the Fund's Sub-Adviser(s).

6. <u>Brokerage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The
 Adviser shall arrange for the placing and execution of Fund orders for the purchase and
 sale of portfolio securities with broker-dealers. Subject to seeking the best price and
 execution reasonably available, the Adviser is authorized to place orders for the purchase
 and sale of portfolio securities for a Fund with such broker-dealers as it may select
 from time to time. Subject to Section 6.2 below, the Adviser is also authorized to place
 transactions with brokers who provide research or statistical information or analyses
 to such Fund, to the Adviser, or to any other client for which the Adviser provides investment
 advisory services. The Adviser also agrees that it will cooperate with the Trust to allocate
 brokerage transactions to brokers or dealers who provide benefits directly to a particular
 Fund; <u>provided, however</u>, that such allocation comports with applicable law including,
 without limitation, Rule 12b-1(h) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Notwithstanding
 the provisions of Section 6.1 above and subject to such policies and procedures as may
 be adopted by the Board and officers of the Trust and consistent with Section 28(e) of
 the 1934 Act, the Adviser is authorized to cause a Fund to pay a member of an exchange,
 broker or dealer an amount of commission for effecting a securities transaction in excess
 of the amount of commission another member of an exchange, broker or dealer would have
 charged for effecting that transaction, in such instances where the Adviser has determined
 in good faith that such amount of commission was reasonable in relation to the value
 of the brokerage and research services provided by such member, broker or dealer, viewed
 in terms of either that particular transaction or the Adviser's overall responsibilities
 with respect to such Fund and to other funds or clients for which the Adviser exercises
 investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The
 Adviser is authorized to direct portfolio transactions to a broker that is an affiliated
 person of the Adviser, any Sub-Adviser or a Fund in accordance with such standards and
 procedures as may be approved by the Board in accordance with Rule 17e-1 under the 1940
 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an
 affiliated broker must (i) be placed at best execution, and (ii) may not be a principal
 transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The
 Adviser is authorized to aggregate or "bunch" purchase or sale orders for
 a Fund with orders for various other clients when it believes that such action is in
 the best interests of such Fund and all other such clients. In such an event, allocation
 of the securities purchased or sold will be made by the Adviser in accordance with the
 Adviser's written policy.

7. <u>Records/Reports.</u> 

7.1. <u>Recordkeeping</u>.
 The Adviser shall not be responsible for the provision of administrative, bookkeeping
 or accounting services to each Fund, except as otherwise provided herein or as may be
 necessary for the Adviser to supply to the Trust, including the Trust's chief compliance
 officer (the " <u>Chief Compliance Officer</u> "), or the Board the information
 required to be supplied under this Agreement.

7.2. The
 Adviser shall maintain separate books and detailed records of all matters pertaining
 to Fund assets advised by the Adviser required by Rule 31a-1 under the 1940 Act (other
 than those records being maintained by any administrator, sub-administrator, custodian
 or transfer agent appointed by the Trust) relating to its responsibilities provided hereunder
 with respect to the Fund(s) and other such records as may be required by law including,
 but not limited to, Rule 31a-4 of the 1940 Act, and shall preserve such records for the
 periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act, or other
 applicable provisions of the 1940 Act (the " <u>Fund Books and Records</u> ").
 The Fund Books and Records shall be available to the Board and the Chief Compliance Officer
 at any time upon request, shall be delivered to the Trust upon the termination of this
 Agreement and shall be available without delay during any day the Trust is open for business.

7.3. <u>Holdings Information and Pricing</u>. The Adviser shall provide regular reports regarding Fund
 holdings, and shall furnish the Trust and the Board from time to time with whatever information
 the Adviser, or the Board believes is appropriate for this purpose. The Adviser agrees
 to provide such valuation reports and pricing information, of which the Adviser is aware,
 that the Board shall require in connection with the Board's responsibilities under
 Rule 2a-5, to the Trust, the Board, and/or any Fund pricing agent to assist in the determination
 of the fair value of any Fund holdings for which market quotations are not readily available
 or as otherwise required in accordance with the 1940 Act or the Trust's valuation
 procedures.

7.4. <u>Cooperation with Agents of the Trust</u>. The Adviser agrees to cooperate with and provide reasonable
 assistance to the Trust, the Chief Compliance Officer, any Trust custodian or foreign
 sub-custodians, any Trust pricing agents and all other agents and representatives of
 the Trust, such information with respect to each Fund as they may reasonably request
 from time to time in the performance of their obligations, provide prompt responses to
 reasonable requests made by such persons and establish appropriate interfaces with each
 so as to promote the efficient exchange of information and compliance with applicable
 laws and regulations.

7.5. <u>Information and Reporting</u>. The Adviser shall provide the Trust and its respective officers with
 such periodic reports concerning the obligations the Adviser has assumed under this Agreement
 as the Trust may from time to time reasonably request.

7.6. <u>Notification of Breach/Compliance Reports</u>. The Adviser shall promptly notify the Trust of (i)
 any material failure to manage any Fund in accordance with its investment objectives
 and policies or any applicable law; or (ii) any material breach of any of a Fund's
 or the Adviser's policies, guidelines or procedures. The Adviser agrees to correct
 any such failure promptly and to take any action that the Board may reasonably request
 in connection with any such breach. Upon request, the Adviser shall also provide the
 officers of the Trust with supporting certifications in connection with such certifications
 of Fund financial statements and the Trust's disclosure controls and procedures
 adopted pursuant to the Sarbanes-Oxley Act of 2002 (the " <u>Sarbanes-Oxley Act</u> "),
 and the implementing regulations adopted thereunder, and agrees to inform the Trust of
 any material development related to a Fund that the Adviser reasonably believes is relevant
 to the Fund's certification obligations under the Sarbanes-Oxley Act. The Adviser
 will promptly notify the Trust in the event (i) the Adviser is served or otherwise receives
 notice of any action, suit, proceeding, inquiry or investigation, at law or in equity,
 before or by any court, public board, or body, involving the affairs of the Trust (excluding
 class action suits in which a Fund is a member of the plaintiff class by reason of the
 Fund's ownership of shares in the defendant) or the compliance by the Adviser with
 the federal or state securities laws or (ii) an actual change in control of the Adviser
 resulting in an "assignment" (as defined in the 1940 Act) has occurred or
 is otherwise proposed to occur.

7.7. <u>Board and Filings Information</u>. The Adviser will also provide the Trust with any information
 reasonably requested regarding its management of the Fund(s) required for any meeting
 of the Board, or for any shareholder report, amended registration statement, proxy statement,
 or prospectus supplement to be filed by the Trust with the SEC. The Adviser will make
 its officers and employees available to meet with the Board from time to time on reasonable
 notice to review its investment management services to the Fund(s) in light of current
 and prospective economic and market conditions and shall furnish to the Board such information
 as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order
 for the Board to evaluate this Agreement or any proposed amendments thereto.

7.8. <u>Transaction Information</u>. The Adviser shall furnish to the Trust such information concerning portfolio
 transactions as may be necessary to enable the Trust, the Chief Compliance Officer or
 their designated agents to perform such compliance testing on each Fund and the Adviser's
 services as the Trust or its Chief Compliance Officer may determine to be appropriate.
 The provision of such information by the Adviser to the Trust or its designated agent
 in no way relieves the Adviser of its own responsibilities under this Agreement.

8. <u>Code of Ethics</u>. The Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Trust. The Adviser shall ensure that its Access Persons (as defined in the Adviser's Code of Ethics) comply in all material respects with the Adviser's Code of Ethics, as in effect from time to time. Upon request, the Adviser shall provide the Trust with (i) a copy of the Adviser's current Code of Ethics, as in effect from time to time, and (ii) a certification that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Adviser's Code of Ethics. Annually, the Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Adviser's Code of Ethics to the Trust. The Adviser shall respond to requests for information from the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Adviser. The Adviser shall immediately notify the Trust of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

9. <u>Members and Employees</u>. Members and employees of the Adviser may be trustees, officers or employees of the Trust.

10. <u>Custody</u>. Nothing in this Agreement shall permit the Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

11. <u>Unitary Fee</u>. During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay all expenses incurred by the Trust and each Fund (except for advisory fees payable to the Adviser under this Agreement) pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses.

12. <u>Compensation</u>.

12.1. As
 compensation for the services to be rendered to the Fund(s) by the Adviser under the
 provisions of this Agreement, the Trust, on behalf of each Fund, shall pay to the Adviser
 from a Fund's assets an annual advisory fee equal to the amount of the daily average
 net assets of such Fund shown on Schedule A attached hereto, payable on a monthly basis.

12.2. The
 initial fee under this Agreement shall be payable on the first business day of the first
 month following the effective date of this Agreement with respect to a Fund and shall
 be prorated as set forth below. If this Agreement is terminated with respect to a Fund
 prior to the end of any calendar month, the advisory fee shall be prorated for the portion
 of any month in which this Agreement is in effect according to the proportion which the
 number of calendar days, during which the Agreement is in effect, bears to the number
 of calendar days in the month, and shall be payable within 30 days after the date of
 termination.

12.3. The
 Adviser shall look exclusively to the assets of each Fund for payment of that Fund's
 advisory fee.

12.4. The
 Adviser may voluntarily or contractually waive the Adviser's own advisory fee.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Adviser to the Trust on behalf of a Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual. Likewise, the Trust may from time to time employ other individuals or entities to furnish other separate series of the Trust with the services provided for herein.

14. <u>Liability and Standard of Care</u>.

14.1. The
 Adviser shall exercise due care and diligence and use the same skill and care in providing
 its services hereunder as it uses in providing services to other investment companies,
 accounts and customers, but the Adviser and its affiliates and their respective agents,
 control persons, directors, officers, employees, supervised persons and access persons
 shall not be liable for any action taken or omitted to be taken by the Adviser in the
 absence of willful misfeasance, bad faith, gross negligence or reckless disregard of
 its duties. Notwithstanding the foregoing, federal securities laws and certain state
 laws impose liabilities under certain circumstances on persons who have acted in good
 faith, and therefore nothing herein shall in any way constitute a waiver or limitation
 of any right which the Trust, a Fund or any shareholder of a Fund may have under any
 federal securities law or state law the applicability of which is not permitted to be
 contractually waived.

14.2. The
 Adviser shall indemnify the Trust, each Fund and each of their respective affiliates,
 agents, control persons, directors, members of the Board, officers, employees and shareholders
 (the "Adviser Indemnified Parties") against, and hold them harmless from,
 any costs, expense, claim, loss, liability, judgment, fine, settlement or damage (including
 reasonable legal and other expenses) (collectively, "Losses") arising out
 of any claim, demands, actions, suits or proceedings (civil, criminal, administrative
 or investigative) asserted or threatened to be asserted by any third party (collectively,
 "Proceedings") in so far as such Loss (or actions with respect thereto) arises
 out of or is based upon (i) any material misstatement or omission of a material fact
 in information regarding the Adviser furnished to the Trust by the Adviser for use in
 the Registration Statement, proxy materials or reports filed with the SEC; or (ii) the
 willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations
 or duties of the Adviser in the performance of its duties under this Agreement (collectively,
 "Adviser Disabling Conduct").

14.3. The
 Trust shall indemnify and hold harmless the Adviser and its members, trustees, officers
 and employees of the other party (any such person, an "Adviser Indemnified Party")
 against any Losses arising out of any Proceedings in so far as such Loss or actions with
 respect thereto, arise out of, or is based upon the Trust's performance or non-performance
 of any duties under this Agreement; provided, however, that nothing herein shall be deemed
 to protect any Adviser Indemnified Party against any portion of liability that is attributable
 to Adviser Disabling Conduct.

14.4. Notwithstanding
 anything to the contrary contained herein, the Adviser, its affiliates and their respective
 agents, control persons, directors, partners, officers, employees, supervised persons
 and access persons shall not be liable to, nor shall they have any indemnity obligation
 to, the Trust, its officers, directors, agents, employees, controlling persons or shareholders
 or to a Fund or any Fund shareholders for: (i) any material misstatement or omission
 of a material fact in a Fund's Registration Statement, proxy materials or reports
 filed with the SEC, unless and to the extent such material misstatement or omission was
 made in reliance upon, and is consistent with, the information furnished to the Trust
 by the Adviser specifically for use therein; (ii) any action taken or failure to act
 in good faith reliance upon (A) information, instructions or requests, whether oral or
 written, with respect to a Fund made to the Adviser by a duly authorized officer of the
 Trust who is not an affiliated person of the Adviser or any affiliated person of the
 Adviser; (B) the advice of counsel to the Trust; or (C) any written instruction of the
 Board; provided, however, that the limitations on the Adviser's liability and indemnification
 obligations described in (i) through (ii) above shall not apply with respect to, and
 to the extent, any portion of liability is attributable to Adviser Disabling Conduct.

14.5. The
 Adviser shall not be deemed by virtue of this Agreement to have made any representation
 or warranty that any level of investment performance or level of investment results,
 either relative or absolute, will be achieved.

14.6. For
 the avoidance of doubt, neither Fund shareholders nor the members of the Board shall
 be personally liable under this Agreement.

15. <u>Term/Approval/Amendments</u>.

15.1. This
 Agreement shall become effective with respect to a Fund as of the date of commencement
 of operations of the Fund if approved by (i) the Board, including a majority of the Trustees
 who are not parties to this Agreement or interested persons of such party (the " <u>Independent Trustees</u> "), cast in person at a meeting called for the purpose of voting on
 such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive
 relief therefrom); and (ii) the vote of a majority of the outstanding voting securities
 of a Fund (to the extent required under the 1940 Act). It shall continue in effect with
 respect to the Fund for an initial period of two years thereafter, and may be renewed
 annually thereafter only so long as such renewal and continuance is specifically approved
 as required by the 1940 Act (currently, at least annually by the Board or by vote of
 a majority of the outstanding voting securities of a Fund and only if the terms and the
 renewal hereof have been approved by the vote of a majority of the Independent Trustees,
 cast in person at a meeting called for the purpose of voting on such approval, or in
 another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom).

15.2. No
 material amendment to this Agreement shall be effective unless the terms thereof have
 been approved as required by the 1940 Act (currently, by the vote of a majority of the
 outstanding voting securities of a Fund unless such shareholder approval would not be
 required under applicable interpretations by the staff of the SEC, and by the vote of
 a majority of Independent Trustees, cast in person at a meeting called for the purpose
 of voting on such approval or in another manner permitted by the 1940 Act or pursuant
 to exemptive relief therefrom). The modification of any of the non-material terms of
 this Agreement may be approved by the vote, cast in person at a meeting called for such
 purpose or in another manner permitted by the 1940 Act or pursuant to exemptive relief
 therefrom, of a majority of the Independent Trustees.

15.3. In
 connection with such renewal or amendment, the Adviser shall furnish such information
 as may be reasonably necessary for the Board to evaluate the terms of this Agreement
 and any amendment thereto.

15.4. Notwithstanding
 the foregoing, this Agreement may be terminated by the Trust at any time, without the
 payment of a penalty, on sixty days' written notice to the Adviser of the Trust's
 intention to do so, pursuant to action by the Board or pursuant to a vote of a majority
 of the outstanding voting securities of a Fund. The Adviser may terminate this Agreement
 at any time, without the payment of penalty, on sixty days' written notice to the
 Trust of its intention to do so. Upon termination of this Agreement, the obligations
 of all the parties hereunder shall cease and terminate as of the date of such termination,
 except for any obligation to respond for a breach of this Agreement committed prior to
 such termination, and except for the obligation of the Trust, on behalf of each Fund,
 to pay to the Adviser the fee provided in Section 12.

15.5. This
 Agreement shall automatically terminate in the event of its assignment (as defined in
 Section 2(a)(4) of the 1940 Act) unless the parties hereto, by agreement, obtain an exemption
 from the SEC from the provisions of the 1940 Act pertaining to the subject matter of
 this subsection. If the Adviser enters into a definitive agreement that would result
 in an assignment (as defined in Section 2(a)(4) of the 1940 Act) of this Agreement by
 the Adviser, the Adviser agrees to give the Trust the lesser of sixty days' written
 notice or such notice as is reasonably practicable before consummating the transaction.

16. <u>Use of the Adviser's Name</u>.

16.1. The
 parties agree that the name of the Adviser, any Sub-Adviser, the names of any affiliates
 of the Adviser or a Sub-Adviser and any derivative or logo or trademark or service mark
 or trade name are the valuable property of the Adviser, the Sub-Adviser, or their respective
 affiliates, as applicable. The Trust shall have the right to use such name(s), derivatives,
 logos, trademarks or service marks or trade names only with the prior written approval
 of the Adviser, which approval shall not be unreasonably withheld or delayed so long
 as this Agreement is in effect.

16.2. Upon
 termination of this Agreement, the Trust shall forthwith cease to use such name(s), derivatives,
 logos, trademarks or service marks or trade names identified in section 16.1 above. If
 the Trust makes any unauthorized use of the Adviser's or any Sub-Adviser's
 names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge
 that the Adviser and/or Sub-Adviser(s) shall suffer irreparable harm for which monetary
 damages may be inadequate and thus, the Adviser shall be entitled to injunctive relief,
 as well as any other remedy available under law.

17. <u>Nonpublic Personal Information.</u> Notwithstanding any provision herein to the contrary, the Adviser agrees on behalf of itself and its managers, members, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"), and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Adviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18. <u>Anti-Money Laundering Compliance.</u> The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy. The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, to the extent the same may apply to the Adviser, now and in the future. The Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

20. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested persons" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

21. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

22. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. Where the effect of a requirement of the 1940 Act reflected in or contemplated by any provisions of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

23. <u>Limited Recourse</u>. The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Fund and that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of Delaware and the Adviser consents to the jurisdiction of courts, both state or federal, in Delaware, with respect to any dispute under this Agreement.

25. <u>Paragraph Headings</u>. The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

27. <u>No Third Party Beneficiaries</u>. This Agreement is not intended and shall not convey any rights, privileges, claims or remedies to any person other than a party to this Agreement and its respective successors and permitted assigns.

[Signature Page Follows]

**IN WITNESS WHEREOF**, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**TIDAL TRUST III** | &nbsp;&nbsp;**TIDAL TRUST III** |
| &nbsp;&nbsp;**On behalf of each series listed on Schedule A attached hereto** | &nbsp;&nbsp;**On behalf of each series listed on Schedule A attached hereto** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Eric Falkeis |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Eric Falkeis |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;September 12, 2025 |
| &nbsp;&nbsp;**TIDAL INVESTMENTS LLC** | &nbsp;&nbsp;**TIDAL INVESTMENTS LLC** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Daniel Carlson |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Daniel Carlson |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Co-Founder & Chief of Staff |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;September 12, 2025 |

---

**Schedule A**

**to the**

**Investment Advisory Agreement**

**by and between**

**Tidal Trust III**

**and**

**Tidal Investments LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;Stoneport Advisors Commodity Long Short ETF | &nbsp;&nbsp;1.10% |

---

## Ex-99.(E)(I)(Xiii)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(e)(i)(xiii)**

**THIRTEENTH AMENDMENT<br> TO ETF DISTRIBUTION AGREEMENT**

This thirteenth amendment ("Amendment") to the ETF Distribution Agreement dated as of June 18, 2024 (the "Agreement"), by and between Tidal Trust III (the "Trust") and Foreside Fund Services, LLC ("Foreside" and together with the Trust, the "Parties") is entered into as of September 11, 2025 (the "Effective Date").

**WHEREAS**, The Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and

**WHEREAS**, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized
 terms not otherwise defined herein shall have the meanings set forth in Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit
 A of the Agreement is hereby deleted and replaced in its entirety by Exhibit A attached
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 as expressly amended hereby, all of the provisions of the Agreement shall remain unamended
 and in full force and effect to the same extent as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This
 Amendment shall be governed by, and the provisions of this Amendment shall be construed
 and interpreted under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers, as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **FORESIDE FUND SERVICES, LLC** | **FORESIDE FUND SERVICES, LLC** |
| By: |  | By: |  |
| Name: | Eric Falkeis | Name: | Teresa Cowan |
| Title: | President | Title: | President |

---

**EXHIBIT A**

TradersAI Large Cap Equity & Cash ETF<br> Rockefeller Opportunistic Municipal Bond ETF<br> Rockefeller California Municipal Bond ETF<br> Rockefeller New York Municipal Bond ETF<br> Rockefeller Global Equity ETF<br> Rockefeller U.S. Small-Mid Cap ETF<br> 4E Quality Growth ETF<br> GammaRoad Market Navigation ETF<br> Impact Shares Women's Empowerment ETF<br> Impact Shares NAACP Minority Empowerment ETF<br> VistaShares Artificial Intelligence Supercycle ETF<br> VistaShares Electrification Supercycle ETF<br> FIRE Funds™ Wealth Builder ETF <br> FIRE Funds™ Income Target ETF <br> Fundstrat Granny Shot US Large Cap ETF<br> Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF <br> Ned Davis Research 360º Core Equity ETF <br> Ninepoint Energy ETF <br> Ninepoint Energy Income ETF<br> The BeeHive ETF<br> NestYield Total Return Guard ETF<br> NestYield Dynamic Income ETF<br> NestYield Visionary ETF<br> USCF Daily Target 2X Copper Index ETF<br> Battleshares™ NVDA vs INTC ETF<br> Battleshares™ TSLA vs F ETF<br> Battleshares™ AMZN vs M ETF <br> Battleshares™ COIN vs WFC ETF <br> Battleshares™ MSTR vs JPM ETF <br> Battleshares™ NFLX vs CMCSA ETF<br> Battleshares™ LLY vs YUM ETF<br> Battleshares™ GOOGL vs NYT ETF<br> TH GARP Global Rising Leaders ETF<br> TH GARP India Rising Leaders ETF<br> PEO AlphaQuest™ Thematic PE ETF <br> World Dynamic Momentum Leaders ETF<br> VistaShares Target 15 Berkshire Select Income ETF<br> VistaShares Target 15 USA Momentum Income ETF<br> VistaShares Target 15 USA Value Income ETF<br> VistaShares Target 15 USA Quality Income ETF<br> VistaShares Target 15 USA Low Volatility Income ETF<br> VistaShares Animal Spirits Strategy ETF<br> VistaShares Animal Spirits Daily 2X Strategy ETF<br> Intech S&P Large Cap Diversified Alpha ETF<br> Intech S&P Small-Mid Cap Diversified Alpha ETF<br> MRP SynthEquity ETF<br> Alpha Brands™ Consumption Leaders ETF

Azoria Golden Age ETF<br> Azoria 500 Meritocracy ETF<br> Azoria TSLA Convexity ETF<br> 2X Daily Software Platform ETF<br> Battleshares™ Bitcoin vs Ether ETF<br> Battleshares™ Ether vs Bitcoin ETF<br> Battleshares™ Bitcoin vs Gold ETF<br> Battleshares™ Gold vs Bitcoin ETF<br> VistaShares Target 15 ACKtivist Distribution ETF<br> VistaShares ACKtivist Select ETF<br> VistaShares BigShort Select ETF<br> VistaShares Target 15 BigShort Distribution ETF<br> VistaShares DRUKMacro Select ETF<br> VistaShares Target 15 DRUKMacro Distribution ETF<br> VistaShares Berkshire Select ETF

NovaTide Flexible Allocation ETF

Stoneport Advisors Commodity Long Short ETF

## Ex-99.(G)(I)(Xii)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(g)(i)(xii)**

**TWELFTH AMENDMENT TO THE**

 **TIDAL TRUST III**

**CUSTODY AGREEMENT**

**THIS TWELFTH AMENDMENT** effective as of September 11, 2025 (the "Effective Date"), to the Custody Agreement dated as of July 11, 2024, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● NovaTide Flexible Allocation ETF

● Stoneport Advisors Commodity Long Short ETF

**WHEREAS,** Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Twelfth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: |  | By: |  |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: |  | Date: |  |

---

**Exhibit A to the Custody Agreement**

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ TSLA vs F ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;2X Daily Software Platform ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Distribution ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Distribution ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Distribution ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF |
| &nbsp;&nbsp;NovaTide Flexible Allocation ETF |
| &nbsp;&nbsp;Stoneport Advisors Commodity Long Short ETF |

---

## Ex-99.(H)(I)(I)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(h)(i)(i)**

**FIRST AMENDMENT**

 **TO THE AMENDED AND RESTATED FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS FIRST AMENDMENT**, effective as of September 11, 2025, to the Amended and Restated Fund Administration Servicing Agreement (the "<u>Agreement</u>") dated as of August 1, 2025, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), **Tidal ETF Services LLC**, a Delaware limited liability company ("<u>Tidal</u>") and **Tidal Investments LLC** (the "<u>Adviser</u>"), solely in respect of the rights and obligations set forth in Section 4 and applicable provisions of Section 12 and 13 of the Agreement.

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

NovaTide Flexible Allocation ETF

Stoneport Advisors Commodity Long Short ETF

**WHEREAS,** Section 11 of the Agreement allows for its amendment by written agreement executed by the Trust and Tidal and approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Amended Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

[Signature Page Follows]

**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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**TIDAL TRUST III** | &nbsp;&nbsp;**TIDAL TRUST III** | &nbsp;&nbsp;**TIDAL ETF SERVICES LLC** | &nbsp;&nbsp;**TIDAL ETF SERVICES LLC** |
| &nbsp;&nbsp;By: |  | &nbsp;&nbsp;By: |  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Lissa M. Richter | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Eric Falkeis |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Title: |  |
| &nbsp;&nbsp;Date: |  | &nbsp;&nbsp;Date: |  |

---

**Amended Exhibit A** 

**to the** 

**Amended and Restated Fund Administration Servicing Agreement** 

Separate Series (Funds) of Tidal Trust III

<u>Name of Series</u>

Impact Shares Women's Empowerment ETF<br> Impact Shares NAACP Minority Empowerment ETF<br>TradersAI Large Cap Equity & Cash ETF<br>Rockefeller Opportunistic Municipal Bond ETF<br> Rockefeller California Municipal Bond ETF<br> Rockefeller New York Municipal Bond ETF<br> Rockefeller Global Equity ETF<br> Rockefeller U.S. Small-Mid Cap ETF<br>4E Quality Growth ETF<br>GammaRoad Market Navigation ETF<br>VistaShares Artificial Intelligence Supercycle ETF<br> VistaShares Electrification Supercycle ETF<br> VistaShares Animal Spirits Strategy ETF<br> VistaShares Animal Spirits Daily 2X Strategy 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

VistaShares Target 15 USA Low Volatility Income ETF

VistaShares Target 15 ACKtivist Distribution ETF

VistaShares ACKtivist Select ETF

VistaShares BigShort Select ETF

VistaShares Target 15 BigShort Distribution ETF

VistaShares DRUKMacro Select ETF

VistaShares Target 15 DRUKMacro Distribution ETF

VistaShares Berkshire Select ETF<br>FIRE Funds™ Wealth Builder ETF <br> FIRE Funds™ Income Target ETF <br>Fundstrat Granny Shot US Large Cap ETF<br>Ned Davis Research 360º Dynamic Allocation ETF<br> Ned Davis Research 360º Core Equity ETF<br>Ninepoint Energy ETF

Ninepoint Energy Income ETF<br>The BeeHive ETF<br>NestYield Total Return Guard ETF<br> NestYield Dynamic Income ETF<br> NestYield Visionary ETF<br>USCF Daily Target 2X Copper Index ETF<br>Battleshares™ NVDA vs INTC ETF<br> Battleshares™ TSLA vs F ETF<br> Battleshares™ AMZN vs M ETF <br> Battleshares™ COIN vs WFC ETF <br> Battleshares™ MSTR vs JPM ETF<br> Battleshares™ NFLX vs CMCSA ETF<br> Battleshares™ LLY vs YUM ETF<br> Battleshares™ GOOGL vs NYT ETF

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF<br>TH GARP Global Rising Leaders ETF<br> TH GARP India Rising Leaders ETF<br>PEO AlphaQuest™ Thematic PE ETF <br>World Dynamic Momentum Leaders ETF <br>Intech S&P Large Cap Diversified Alpha ETF<br> Intech S&P Small-Mid Cap Diversified Alpha ETF<br>MRP SynthEquity ETF<br>Alpha Brands™ Consumption Leaders ETF

Azoria Golden Age ETF

Azoria 500 Meritocracy ETF

Azoria TSLA Convexity ETF

2x Daily Software Platform ETF

## Ex-99.(H)(Ii)(Xii)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(h)(ii)(xii)**

**TWELFTH AMENDMENT TO THE** 

 **TIDAL TRUST III**

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS TWELFTH AMENDMENT** effective as of September 11, 2025 (the "Effective Date"), to the Transfer Agent Servicing Agreement (the "Agreement") dated as of July 11, 2024, as amended, is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS** 

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● NovaTide Flexible Allocation ETF

● Stoneport Advisors Commodity Long Short ETF

**WHEREAS,** Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Twelfth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: |  | By: |  |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: |  | Date: |  |

---

**Exhibit A to the** 

**Transfer Agent Servicing Agreement**

Separate Series of Tidal Trust III

<u>Name of Series</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ TSLA vs F ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;2X Daily Software Platform ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Distribution ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Distribution ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Distribution ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF |

---

## Ex-99.(H)(Iii)(Xii)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(h)(iii)(xii)**

**TWELFTH AMENDMENT TO THE**

**TIDAL TRUST III**

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS TWELFTH AMENDMENT** effective as of September 11, 2025 (the "Effective Date"), to the Fund Accounting Servicing Agreement dated as of July 11, 2024, as amended, (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● NovaTide Flexible Allocation ETF

● Stoneport Advisors Commodity Long Short ETF

**WHEREAS,** Section 15 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Twelfth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: |  | By: |  |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: |  | Date: |  |

---

**Exhibit A to the**

**Fund Accounting Servicing Agreement**

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ TSLA vs F ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF |
| &nbsp;&nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;&nbsp;2X Daily Software Platform ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF |
| &nbsp;&nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 ACKtivist Distribution ETF |
| &nbsp;&nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 BigShort Distribution ETF |
| &nbsp;&nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 DRUKMacro Distribution ETF |
| &nbsp;&nbsp;&nbsp;VistaShares Berkshire Select ETF <br> NovaTide Flexible Allocation ETF <br> Stoneport Advisors Commodity Long Short ETF  |

---

## Ex-99.(I)(Xxix)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(i)(xxix)**

![](ex99ixxix001.jpg)

September 12, 2025

Stoneport Advisors Commodity Long Short ETF, a series of Tidal Trust III

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We have acted as counsel to Tidal Trust III, a Delaware statutory trust with transferable shares (the "Trust") in connection with the Trust's Post-Effective Amendment No. 134 to its Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "Amendment") relating to the issuance by the Trust of an unlimited number of shares of beneficial interest, with no par value per share (the "Shares") in respect of Stoneport Advisors Commodity Long Short ETF, a series of the Trust.

We have examined copies, either certified or otherwise proved to be genuine to our satisfaction, of the Trust's Third Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust") and Amended and Restated By-Laws ("By-laws"), and other documents relating to its organization, operation, and proposed operation, and we have made such other investigations as, in our judgment, are necessary or appropriate to enable us to render the opinion expressed below.

We express no opinion herein as to any laws other than Chapter 38 of Title 12 of the Delaware Code Annotated, as amended, entitled "Treatment of Delaware Statutory Trusts" (the "Delaware Statutory Trust Act") and the federal laws of the United States. We call to your attention that our opinion herein is based solely upon our examination of the Delaware Statutory Trust Act as currently in effect.

This letter expresses our opinion as to the provisions of the Declaration of Trust, but does not extend to the Delaware Uniform Securities Act, or to other state securities laws.

Based upon the foregoing and subject to the qualifications set forth herein, we hereby advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust is validly existing as a statutory trust under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust is authorized to issue an unlimited number of shares of beneficial interest, the
 Shares have been duly and validly authorized by all action of the Trustees of the Trust,
 and no action of the shareholders of the Trust is required in such connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Shares, when issued in accordance with the Declaration of Trust and By-laws, will be
 legally issued, fully paid and non-assessable by the Trust.

September 12, 2025

We understand that this opinion is to be used in connection with the registration of the Shares for offering and sale pursuant to the 1933 Act. We consent to the filing of this opinion with and as a part of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations promulgated thereunder. We also hereby consent to the use of our name as legal counsel in the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Sullivan & Worcester LLP |
| SULLIVAN & WORCESTER LLP |
| DP/RLS |

---

## Ex-99.(J)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.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. 134 and Amendment No. 137, to the Registration Statement on Form N-1A of Stoneport Advisors Commodity Long Short ETF, a series of Tidal Trust III.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**September 12, 2025**

## Ex-99.(M)

[TIDAL TRUST III 485BPOS](scls_485bpos-091225.htm)

**Exhibit 99(m)**

**Amended and Restated**

**Rule 12b-1 Distribution and Servicing Plan**

**Tidal Trust III**

**1. <u>The Trust</u>.** Tidal Trust III (formerly known as Impact Shares Trust I) (the "Trust") is an open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a series trust (each series of the Trust is referred to herein as a "Fund").

**2. <u>The Plan</u>.** The Trust desires to adopt a plan of distribution pursuant to Rule 12b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of each Fund, and the Board of Trustees of the Trust (the "Board of Trustees") has determined that there is a reasonable likelihood that adoption of this Rule 12b-1 Plan (the "Plan") will benefit each Fund and the holders of its Shares. Accordingly, each Fund hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Funds' registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

**3. <u>The Distributor</u>.** The Trust has entered into a written Distribution Agreement with the Trust's distributor (the "Distributor"), pursuant to which the Distributor will act as the principal underwriter with respect to the distribution of Shares as described in the Funds' registration statement for each Fund.

**4. <u>Payments</u>.** Each Fund may pay fees to the Distributor, or to such person or persons as may from time to time be designated by the Distributor, pursuant to this Plan at annual rates set forth on Exhibit A attached hereto, or such lower rates, if any, as may hereafter be determined from time to time by the Board of Trustees as compensation for services rendered in connection with the sale of such Shares by the Distributor and related expenses incurred by the Distributor. Payments made hereunder may be used by the Distributor for any purpose, including (but not limited to) to compensate the Distributor, the Fund's investment adviser or any of their affiliates, as well as any banks, broker/dealers or other financial institutions for distribution or sales support services rendered, and related expenses incurred, for or on behalf of a Fund. The Distributor may also use the fees hereunder for the provision of personal services to investors in the Shares and/or the maintenance of shareholder accounts, and it is intended that, to the extent such fees are so used, such fees qualify as "service fees" as defined in Rule 2830 of the NASD Manual of the Financial Industry Regulatory Authority ("FINRA"). All agreements related to this Plan shall be in writing and shall provide: (A) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operator of this Plan or in any agreement related to this Plan (the "Independent Trustees") or by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, on not more than 60 days' written notice to any other party to the agreement, and (B) that such agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

**5. <u>Effective Date</u>.** This Plan shall become effective upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**6. <u>Term</u>.** This Plan shall, unless terminated as hereinafter provided, remain in effect with respect to the Fund for one year from its effective date and shall continue thereafter, provided that its continuance is specifically approved at least annually by a vote of both a majority of the Trustees and a majority of Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**7. <u>Amendment</u>.** This Plan may be amended at any time by the Board of Trustees, provided that, except to the extent permitted by applicable law (a) any amendment to increase materially the rate at which payments may be made by a Fund under this Plan shall be effective only upon approval by a vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund, and (b) any material amendment of this Plan shall be effective only upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such amendment.

**8. <u>Termination</u>.** This Plan may be terminated with respect to a Fund at any time, without payment of any penalty, by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund. In the event of termination or non-continuance of this Plan, the Trust may reimburse any expense that it incurred prior to such termination or non-continuance, provided that such reimbursement is specifically approved by both a majority of the Board of Trustees and a majority of the Independent Trustees.

**9. <u>Reports</u>.** While this Plan is in effect, the Distributor shall provide to the Trustees, and the Trustees shall review, at least quarterly, a written report of the amounts expended pursuant to the Plan and the purposes for which such expenditures were made.

**10. <u>Records</u>.** The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in paragraph 9 hereof for a period of at least six years from the date of the Plan, agreement and report, the first two years in an easily accessible place.

**11. <u>Independent Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act).

**12. <u>Severability</u>.** If any provision of the Plan shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.

Plan adopted: April 12, 2018

Amended and Restated: May 7, 2024

Amended: September 11, 2025

**EXHIBIT A TO**

**AMENDED AND RESTATED RULE 12b-1 DISTRIBUTION AND SERVICING PLAN**

**As of September 11, 2025**

The fees payable to the Distributor under this Plan shall not exceed, with respect to a particular Fund, if applicable, on an annualized basis, the percentage of such Fund's average daily net assets set forth below next to the Fund's name.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Fund</u>** | **<u>Fee Limitation</u>** |
| &nbsp;&nbsp;&nbsp;Impact Shares Women's Empowerment ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Rockefeller California Municipal Bond ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Rockefeller New York Municipal Bond ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Rockefeller Global Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;4E Quality Growth ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;GammaRoad Market Navigation ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Electrification Supercycle ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;FIRE Funds™ Income Target ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Fundstrat Granny Shot US Large Cap ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Ned Davis Research 360º Core Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Ninepoint Energy ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Ninepoint Energy Income ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;The BeeHive ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;NestYield Total Return Guard ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;NestYield Dynamic Income ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;NestYield Visionary ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ TSLA vs F ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ AMZN vs M ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ COIN vs WFC ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ LLY vs YUM ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;TH GARP Global Rising Leaders ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;TH GARP India Rising Leaders ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;PEO Quest Liquid PE Replication ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;World Dynamic Momentum Leaders ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF | 0.25% |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;MRP SynthEquity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF <br> VistaShares Animal Spirits Strategy ETF  | 0.25% <br> 0.25%  |
| &nbsp;&nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Azoria Golden Age ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Azoria 500 Meritocracy ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Azoria TSLA Convexity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;2X Daily Software Platform ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 ACKtivist Distribution ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares ACKtivist Select ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares BigShort Select ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 BigShort Distribution ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares DRUKMacro Select ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Target 15 DRUKMacro Distribution ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;VistaShares Berkshire Select ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;NovaTide Flexible Allocation ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;Stoneport Advisors Commodity Long Short ETF | 0.25% |

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