# EDGAR Filing Document

**Accession Number:** 0002104659
**File Stem:** 0001213900-26-006753
**Filing Date:** 2026-1
**Character Count:** 633181
**Document Hash:** 0d5d3559cfb2ccf29f21b23a472bab4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-006753.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001213900-26-006753

**CONFORMED SUBMISSION TYPE**: N-14

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITAL-FORCE ETF TRUST
- **CENTRAL INDEX KEY:** 0002104659

**ORGANIZATION NAME:**
- **EIN:** 416737908
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-14
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292887
- **FILM NUMBER:** 26552457

**BUSINESS ADDRESS:**
- **STREET 1:** 27441 TOURNEY ROAD
- **STREET 2:** STE. 260
- **CITY:** VALENCIA
- **STATE:** CA
- **ZIP:** 91355
- **BUSINESS PHONE:** (661) 347-0202

**MAIL ADDRESS:**
- **STREET 1:** 27441 TOURNEY ROAD
- **STREET 2:** STE. 260
- **CITY:** VALENCIA
- **STATE:** CA
- **ZIP:** 91355
**CENTRAL INDEX KEY**: 0002104659

**CENTRAL INDEX KEY**: 0001415726

**CENTRAL INDEX KEY**: 0002104659

**CENTRAL INDEX KEY**: 0001415726

## Series and Classes Contracts Data

### CapForce IBD 50 ETF (Series ID: S000102391)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000272876 | CapForce IBD 50 ETF |  |

### Innovator IBD(R) 50 ETF (Series ID: S000047761)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000150102 | Innovator IBD(R) 50 ETF | FFTY            |

### CapForce IBD Breakout Opportunities ETF (Series ID: S000102392)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000272877 | CapForce IBD Breakout Opportunities ETF |  |

### Innovator IBD Breakout Opportunities ETF (Series ID: S000063057)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000204535 | Innovator IBD Breakout Opportunities ETF |  |

**As filed with the Securities and Exchange Commission on January 22, 2026.**

**Securities Act File No. 333-______**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-14**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No.** | ☐ |

---

**Capital-Force ETF Trust**

(Exact Name of Registrant as Specified in Charter)

**27441 Tourney Rd., Suite 260** 

**Valencia, CA 91355**

(Address of Principal Executive Office)

Registrant's Telephone Number, including Area Code: (800) 324-3998

**Mark MacArthur**

**Trustee, President and Chief Executive Officer**

**Capital-Force ETF Trust**

**27441 Tourney Rd., Suite 260**

**Valencia, CA 91355**

**Edward Keiley**

**Secretary, Chief Compliance Officer and Chief AML Officer**

**Capital-Force ETF Trust**

**27441 Tourney Rd., Suite 260**

**Valencia, CA 91355**

(Name and Address of Agent for Service)

Copy to:

**Morrison C. Warren, Esq.**

**Chapman and Cutler LLP**

**320 South Canal Street**

**Chicago, IL 60606**

**Approximate Date of Proposed Public Offering:** As soon as practicable after the effective date of this Registration Statement.

**Title of Securities Being Registered:** Investment Company Shares.

No filing fee is required because an indefinite number of common shares of beneficial interest of Capital-Force ETF Trust have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940.

It is proposed that this filing will become effective on February 23, 2026 upon filing pursuant to Rule 488 under the Securities Act of 1933.

**Capital-Force ETF Trust**

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement is comprised of the following:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cover Sheet |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contents of Registration Statement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letter to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Joint Special Meeting of Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Questions and Answers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part A – Combined Proxy Statement and Prospectus |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part B – Statement of Additional Information |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part C – Other Information Signature Page |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits |

---

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

**SUBJECT TO COMPLETION DATED JANUARY 22, 2026**

**Innovator ETFs Trust**

**Innovator IBD<sup>®</sup> Breakout Opportunities ETF (BOUT)**

**Innovator IBD<sup>®</sup> 50 ETF (FFTY)**

200 W. Front Street

Wheaton, Illinois 60187

www.innovatoretfs.com

(800) 208-5212

[February ], 2026

Dear Shareholder:

On behalf of the Board of Trustees of Innovator ETFs Trust (the "Innovator Board"), we invite you to a Joint Special Meeting of Shareholders (the "Special Meeting") of the **Innovator IBD<sup>®</sup> 50 ETF (ticker: FFTY)** and the **Innovator IBD<sup>®</sup> Breakout Opportunities ETF (ticker: BOUT)** (each , a "Target Fund" and together, the "Target Funds"), each a series of Innovator ETFs Trust (the "Innovator Trust"), on [March 18], 2026, at the offices of Innovator Capital Management, LLC, 200 W. Front Steet, Wheaton, Illinois 60187, at 11:00 a.m. Central time.

As discussed in more detail in the enclosed Combined Proxy Statement and Prospectus, at the Special Meeting, the shareholders of each Target Fund will be asked to consider and vote to approve the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Agreement and Plan of Reorganization (the "Plan") by and among Innovator ETFs Trust, on
behalf of the applicable Target Fund, Capital-Force ETF Trust, on behalf of the corresponding fund indicated below (each an "Acquiring
Fund"), and M2 Financial LLC ("M2"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to transact such other business as may properly come before the meeting or any adjournments or postponements
thereof.

Each Acquiring Fund will have identical investment policies and strategies as the corresponding Target Fund. M2 will serve as the investment adviser to the Acquiring Funds, and the Acquiring Funds will be sub-advised by Penserra Capital Management LLC ("Penserra"), whereas Innovator Capital Management, LLC ("Innovator") serves as the investment adviser for the Target Funds which are also sub-advised by Penserra. The reorganizations will not result in any changes in service providers that execute the essential functions of administration, custody, and transfer agency.

The following table shows the Acquiring Funds and the corresponding Target Funds:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Target Fund** |  | &nbsp;&nbsp;**Acquiring Fund** |
| Innovator IBD<sup>®</sup> 50 ETF | 🡺 | CapForce IBD<sup>®</sup> 50 ETF |
| Innovator IBD<sup>®</sup> Breakout Opportunities ETF | 🡺 | CapForce IBD<sup>®</sup> Breakout Opportunities ETF |

---

Each of the Acquiring Funds was established solely for the purpose of acquiring the assets of the corresponding Target Fund and continuing the Target Fund's business. Each Acquiring Fund will commence operations upon the closing of the applicable reorganization and the applicable Target Fund would then be dissolved. Upon shareholder approval and effectiveness of the Plan with respect to a Target Fund, you will receive shares of the corresponding Acquiring Fund equivalent to the value of your Target Fund shares as of the closing date of the reorganization in complete liquidation and dissolution of the Target Fund, and you will no longer be a shareholder of your Target Fund but will become a shareholder of the corresponding Acquiring Fund. The reorganizations generally are not expected to result in the recognition of gain or loss by a Target Fund or its shareholders for federal income tax purposes, and no sales loads, commissions, or other transactional fees will be imposed on shareholders in connection with the tax-free exchange of their shares. See "*Will I incur any direct or indirect fees or expenses as a result of the Reorganization?"* in the attached "Questions and Answers" for additional information.

M2 and Innovator have entered into an Asset Purchase Agreement in connection with the Reorganizations. By the terms of the Asset Purchase Agreement, M2 will own substantially all of the assets related to Innovator's business of providing investment advisory and investment management services to the Target Funds, including the books and records relating to the Target Funds and the investment performance of each Target Fund.

Innovator has also entered into a membership interest purchase agreement, pursuant to which GSAM Holdings LLC, a subsidiary of The Goldman Sachs Group, Inc., will purchase all of the issued and outstanding limited liability company interests of Innovator (the "Transaction"). The closing of the Transaction will result in the automatic termination of the investment management agreement between the Innovator Trust, on behalf of each of the Target Funds, and Innovator. Innovator will not seek to enter into a new investment management agreement with the Innovator Trust with respect to the Target Funds in connection with the Transaction. Therefore, if shareholders of either FFTY or BOUT do not approve the Plan prior to the closing of the Transaction, then the reorganization will not be implemented for such Target Fund and the Innovator Board will consider what further actions to take with respect to such Target Fund, including but not limited to liquidation of the Target Fund.

The reorganization of BOUT is contingent on the reorganization of FFTY. Therefore, if shareholders of FFTY do not approve the Plan prior to the Transaction, then the reorganization will not be implemented for either Target Fund, even if shareholders of BOUT approve the Plan prior to the Transaction. However, the reorganization of FFTY is not contingent on the reorganization of BOUT and will be implemented if shareholders of FFTY approve the Plan prior to the closing of the Transaction, regardless of whether the Plan is approved by shareholders of BOUT. If the Plan is not approved by one of both of the Target Funds prior to the close of the Transaction, then the Innovator Board will consider what further actions to take with respect to such Target Funds, including but not limited to liquidation of such Target Funds.

Additional information about the Acquiring Funds is included in <u>Appendix D</u> of the Combined Proxy Statement and Prospectus and in the Statement of Additional Information related to the Combined Proxy Statement and Prospectus.

**YOUR VOTE IS IMPORTANT.**

**The Innovator Board believes that the proposed reorganizations are in the best interest of the Target Funds' shareholders and recommends that you vote "FOR" the approval of the Plan to authorize the reorganizations with respect to the Target Funds.**

You can vote in one of four ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **By mail** with the enclosed proxy card;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **By internet** through the website listed in the proxy voting instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **By automated touchtone** using the toll-free number listed in the proxy voting instructions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **In person** at the special shareholders meeting on [March 18], 2026.

Thank you for your consideration of this important proposal. Your vote is extremely important, so please read the enclosed Combined Proxy Statement and Prospectus carefully and submit your vote. If you have any questions about the proposal, please call our proxy solicitor, EQ Fund Solutions at (800) 859-8508.

Your vote is very important to us. Thank you for your response.

Respectfully,

Bruce Bond

President and Principal Executive officer

Innovator ETFs Trust

**INNOVATOR IBD<sup>®</sup> BREAKOUT OPPORTUNITIES ETF**

**INNOVATOR IBD<sup>®</sup> 50 ETF**

**each a series of Innovator ETFs Trust**

200 W. Front Street

Wheaton, Illinois 60187

www.innovatoretfs.com

(800) 208-5212

**NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS<br> TO BE HELD [MARCH 18], 2026**

NOTICE IS HEREBY GIVEN that a Joint Special Meeting of Shareholders (the "Special Meeting") of the Innovator IBD<sup>®</sup> Breakout Opportunities ETF ("BOUT") and Innovator IBD<sup>®</sup> 50 ETF ("FFTY" and together with BOUT, the "Target Funds"), each a series of Innovator ETFs Trust, is to be held on [March 18], 2026 at 11:00 a.m. Central time, at the offices of Innovator Capital Management, LLC, 200 W. Front Steet, Wheaton, Illinois 60187.

At the Special Meeting, you and the other shareholders of each Target Fund will be asked to consider and vote to approve the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Agreement and Plan of Reorganization (the "Plan") approved by the Innovator ETFs Trust
Board of Trustees, which provides for the reorganization (each, a "Reorganization" and collectively, the "Reorganizations")
of the Target Funds, each a series of Innovator ETFs Trust, into the CapForce IBD® Breakout Opportunities ETF and CapForce IBD®
50 ETF, respectively, each a newly created series of Capital-Force ETF Trust. Shareholders of each Target Fund will vote separately on
the proposal to reorganize their Target fund into its corresponding Acquiring Fund. **The approval of BOUT's Reorganization is contingent upon the approval of FFTY's Reorganization, but the approval of FFTY's Reorganization is not contingent upon the approval of BOUT's Reorganization**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To transact such other business as may properly come before the meeting or any adjournments or postponements
thereof.

The persons designated as proxies may use their discretionary authority to vote as instructed by management of the Target Funds on any other proposals raised at the Special Meeting to the extent permitted by the proxy rules of the U.S. Securities and Exchange Commission (the "SEC"), including proposals for which timely notice was not received, as set forth in the SEC's proxy rules.

Those present and the appointed proxies also will transact such other business, if any, as may properly come before the Special Meeting or any adjournments or postponements thereof.

Holders of record of the shares of beneficial interest in the Target Funds as of the close of business on February 17, 2026, are entitled to vote at the Special Meeting or any adjournments or postponements thereof.

If the necessary quorum to transact business or the vote required to approve any proposal is not obtained at the Special Meeting, or if a quorum is obtained but sufficient votes required to approve the Plan are not obtained, the Special Meeting may be adjourned one or more times to permit, in accordance with applicable law, further solicitation of proxies with respect to the proposal.

This Notice of Special Meeting of Shareholders and the Combined Proxy Statement and Prospectus are available on the internet at vote.proxyonline.com/capforceIBD/docs/2026mtg.pdf, or by calling (toll-free) (800) 859-8508. On this webpage, you also will be able to access each Target Fund's Prospectus, each Acquiring Fund's Prospectus, and any amendments or supplements to the foregoing material that are required to be furnished to shareholders. We encourage you to access and review all of the important information contained in the proxy materials before voting.

By order of the Board of Trustees of Innovators ETFs Trust,

Bruce Bond

President and Principal Executive officer

Innovator ETFs Trust

[February ], 2026

**HOW TO VOTE YOUR SHARES**

**YOUR VOTE IS IMPORTANT**

**NO MATTER HOW MANY SHARES YOU OWN**

We urge you to vote your shares. Your prompt vote may save the Target Funds the necessity of further solicitations to ensure a quorum at the reconvened Special Meeting. **You may cast your vote by mail, by the internet, or by automated touchtone as set forth below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mail:** To vote your proxy by mail, check the appropriate voting box on your proxy card, sign and
date the card and return it in the enclosed postage-prepaid envelope. **If you sign, date, and return the proxy card but give no voting instructions, the proxies will vote FOR the proposal.** 

***The options below are available 24 hours a day / 7 days a week.***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Internet:** The web address and instructions for voting online can be found on the enclosed proxy
card. You will be required to provide your control number found on your proxy card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Automated Touchtone:** The toll-free number for automated touchtone telephone voting can be found
on the enclosed proxy card. You must have the control number found on your proxy card.

If you have any questions regarding the proposal, the proxy card, or need assistance voting your shares, please contact the Target Funds' proxy solicitor, EQ Fund Solutions, at (800) 859-8508. If the Target Funds do not receive your voting instructions after our original mailing, you may be contacted by EQ Fund Solutions, Innovator ETFs Trust, Innovator Capital Management, LLC, Capital-Force ETF Trust, M2 Financial LLC, or any of their affiliates, in any case, to remind you to vote.

If you can attend the Special Meeting and wish to vote your shares in person at that time, you will be able to do so. If you hold your shares in "street name" through a broker, bank, or other nominee, you should contact your nominee about voting in person at the Special Meeting.

**INNOVATOR IBD<sup>®</sup> BREAKOUT OPPORTUNITIES ETF**

**INNOVATOR IBD<sup>®</sup> 50 ETF**

**each a series of Innovator ETFs Trust**

200 W. Front Street

Wheaton, Illinois 60187

www.innovatoretfs.com

(800) 208-5212

**QUESTIONS AND ANSWERS**

***Q<u>uestion</u>: What is this document and why did you send it to me?***

 ****

<u>Answer</u>: The attached Combined Proxy Statement and Prospectus (the "Proxy Statement") is a joint proxy statement for the Innovator IBD<sup>®</sup> Breakout Opportunities ETF ("BOUT") and the Innovator IBD<sup>®</sup> 50 ETF ("FFTY")(each, a "Target Fund", and together, the "Target Funds"), each a series of Innovator ETFs Trust, and a joint prospectus for the shares of the CapForce IBD® Breakout Opportunities ETF and the CapForce IBD® 50 ETF (each, an "Acquiring Fund", and together, the "Acquiring Funds") (each of the Target Funds and the Acquiring Funds, a "Fund", and together, the "Funds"), each a newly created series of Capital-Force ETF Trust ("CF Trust"), an open-end management investment company registered with the U.S. Securities and Exchange Commission ("SEC"). The purposes of the Proxy Statement are to solicit votes from shareholders of each Target Fund to approve the proposed reorganization of that Target Fund into the corresponding Acquiring Fund (each, a "Reorganization" and collectively, the "Reorganizations"), as described in the Agreement and Plan of Reorganization between Innovator ETFs Trust and the CF Trust (the "Plan"), a copy of which is attached to the Proxy Statement as <u>Appendix A</u>, and provide information regarding the shares of the Acquiring Funds. Approval of a Target Fund's shareholders is required to proceed with the Reorganization of such Target Fund.

M2 Financial LLC ("M2"), the investment adviser for the Acquiring Funds, and Innovator Capital Management, LLC ("Innovator"), the investment adviser for the Target Funds, have entered into an Asset Purchase Agreement in connection with the Reorganizations. By the terms of the Asset Purchase Agreement, M2 will own substantially all of the assets related to Innovator's business of providing investment advisory and investment management services to the Target Funds, including the books and records relating to the Target Funds and the investment performance of each Target Fund.

Innovator has also entered into a membership interest purchase agreement, pursuant to which GSAM Holdings LLC, a subsidiary of The Goldman Sachs Group, Inc., will purchase all of the issued and outstanding limited liability company interests of Innovator (the "Transaction"). The closing of the Transaction will result in the automatic termination of the investment management agreement between the Innovator ETFs Trust ("Innovator Trust"), on behalf of each of the Target Funds, and Innovator. Innovator will not seek to enter into a new investment management agreement with the Innovator Trust with respect to the Target Funds in connection with the Transaction. Therefore, if shareholders of either FFTY or BOUT do not approve the Plan prior to the closing of the Transaction, then the Reorganization will not be implemented for such Target Fund and the Board of Trustees of Innovator Trust (the "Innovator Board") will consider what further actions to take with respect to such Target Fund, including but not limited to liquidation of the Target Fund.

The Reorganization of BOUT is contingent on the Reorganization of FFTY. Therefore, if shareholders of FFTY do not approve the Plan prior to the Transaction, then the Reorganization will not be implemented for either Target Fund, even if shareholders of BOUT approve the Plan prior to the Transaction. However, the Reorganization of FFTY is not contingent on the Reorganization of BOUT and will be implemented if shareholders of FFTY approve the Plan prior to the closing of the Transaction, regardless of whether the Plan is approved by shareholders of BOUT. If the Plan is not approved by one of both of the Target Funds prior to the close of the Transaction, then the Innovator Board will consider what further actions to take with respect to such Target Funds, including but not limited to liquidation of such Target Funds.

*The Proxy Statement contains information that you should know before voting on the proposals including additional information about the Acquiring Funds in <u>Appendix D</u> and the Statement of Additional Information related to the Proxy Statement. The Proxy Statement should be retained for future reference**.***

 **

***Q<u>uestion</u>: How does the Innovator Board recommend that I vote?***

 **

<u>Answer</u>: After careful consideration, the Innovator Board recommends that shareholders vote **"FOR"** the Plan and each proposed Reorganization.

***Q<u>uestion</u>: How will the Reorganizations work?***

 

<u>Answer</u>: As part of the Reorganizations, new series of the CF Trust, referred to as the "Acquiring Funds," with identical investment policies and strategies as the Target Funds, have been created. The Acquiring Funds are newly organized and have no assets or liabilities. If a Target Fund's shareholders approve the Plan, such Target Fund will transfer all of its assets to the corresponding Acquiring Fund in return for shares of such Acquiring Fund and such Acquiring Fund's assumption of the Target Fund's liabilities as set forth in the Plan (with the Reorganization of BOUT also being contingent upon the approval of the Reorganization of FFTY). Existing shareholders of the Target Fund will become shareholders of the Acquiring Fund and, immediately after the Reorganization, each shareholder will hold shares of the Acquiring Fund with a value equal to the aggregate net asset value of the Target Fund shares that the shareholder held immediately prior to the Reorganization. Subsequently, the Target Funds will be liquidated and terminated.

Please refer to the Proxy Statement for a detailed explanation of the proposals. If the Plan is approved by shareholders of the Target Funds at the Special Meeting of Shareholders (the "Special Meeting"), the Reorganizations are expected to be effective in the first quarter of 2026.

 **

***Q<u>uestion</u>: Will I become an Acquiring Fund shareholder as a result of the Reorganizations?***

 **

<u>Answer</u>: Yes, you will become a shareholder of the applicable Acquiring Fund and will no longer be a shareholder of the applicable Target Fund. You will receive shares of the applicable Acquiring Fund with a value equal to the aggregate net asset value of your shares of the applicable Target Fund held immediately prior to the Reorganization.

***Q<u>uestion</u>: Will the investment strategies of the Target Funds change as a result of the Reorganizations?***

 ****

<u>Answer</u>: No, the Acquiring Funds will have identical policies and strategies as the Target Funds.

***Q<u>uestion</u>: Who will manage the Acquiring Funds?***

 ****

<u>Answer</u>: The Reorganizations will shift management responsibility from Innovator to M2, the investment adviser of the Acquiring Funds. Each Acquiring Fund will also be sub-advised by Penserra Capital Management LLC ("Penserra") who has responsibility for implementing the Acquiring Fund's investment program by, among other things, trading portfolio securities and performing related services, rebalancing the Acquiring Fund's portfolio, and providing cash management services in accordance with the investment advice formulated by M2.

Innovator Trust and the Target Funds are not affiliated with M2, the CF Trust, the subadvisors or the Acquiring Funds.

***Q<u>uestion</u>: Will there be changes to the Board of Trustees and service providers for the Acquiring Funds?***

 ****

<u>Answer</u>: Innovator Trust and the CF Trust have different Boards of Trustees. However, Innovator Trust and CF Trust have the same service providers including administrator, transfer agent, distributors, custodian, independent registered accountant and legal counsel.

---

| | | |
|:---|:---|:---|
|  | **Target Funds** | **Acquiring Funds** |
| Administrator and Fund Accounting Agent | U.S. Bancorp Fund Services, LLC | U.S. Bancorp Fund Services, LLC |
| Transfer Agent | U.S. Bancorp Fund Services, LLC | U.S. Bancorp Fund Services, LLC |
| Custodian | U.S. Bank National Association | U.S. Bank National Association |
| Distributor and Principal Underwriter | Foreside Fund Services LLC | Foreside Fund Services LLC |
| Independent Registered Public Accounting Firm | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| Legal Counsel | Chapman and Cutler LLP | Chapman and Cutler LLP |

---

***Q<u>uestion</u>: Will the Reorganizations affect the ongoing fees and expenses I pay as a shareholder of the Target Funds?***

 ****

<u>Answer</u>: For FFTY, the ongoing fees and expenses you pay as a shareholder of FFTY are expected to remain the same after you become a shareholder of the corresponding Acquiring Fund. BOUT currently operates under a unitary fee structure whereby the Fund pays a management fee of 0.80% for its investment advisory and administrative services under what is essentially an "all-in" fee arrangement. The corresponding Acquiring Fund will not use a unitary fee structure and instead will pay an annual management fee of 0.70%, along with certain other operating expenses, but is subject to a fee waiver agreement such that the total Acquiring Fund annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80%.

 **

***Q<u>uestion</u>: Will I own the same number of shares of the Acquiring Funds as I currently own of the Target Funds?***

 **

<u>Answer</u>: Although the number of shares of the Acquiring Funds you receive may differ from the number of shares of the Target Funds that you hold, in exchange for your shares of the Target Funds you will receive shares of the Acquiring Funds equal in value to the net asset value of your shares of the Target Funds immediately prior to the Reorganizations.

***Q<u>uestion</u>: Will the Reorganizations result in any taxes?***

 ****

<u>Answer</u>: Each conversion of a Target Fund into the corresponding Acquiring Fund as part of a Reorganization is expected to qualify as a "reorganization" within the meaning of section 368(a)(1)(F) of the U.S. Internal Revenue Code of 1986, as amended. In general, a Target Fund will not recognize any gain or loss as a direct result of the transfer of all of its assets and liabilities as set forth in the Plan in exchange for shares of the corresponding Acquiring Fund or as a result of its liquidation and termination, and shareholders of the Target Fund will not recognize any gain or loss upon receipt of shares of the Acquiring Fund in connection with the Reorganization. Shareholders of the Target Funds should consult their own tax advisers regarding the federal, state, local, and other tax treatment and implications of the Reorganizations in light of their individual circumstances.

***Q<u>uestion</u>: Will my basis change as a result of the Reorganizations?***

 ****

<u>Answer</u>: No, your aggregate tax basis for federal income tax purposes of the Acquiring Fund shares that you receive in the applicable Reorganization will be the same as the basis of the Target Fund shares that you held immediately before such Reorganization.

***Q<u>uestion</u>: Will I incur any direct or indirect fees or expenses as a result of the Reorganizations?***

 ****

<u>Answer</u>: No commission or other direct transactional fees will be imposed on shareholders in connection with the Reorganizations. However, following each Reorganization each Acquiring Fund may buy and sell securities as necessary or desirable to reposition its portfolio. The expense of any such repositioning will be borne by the applicable Acquiring Fund and, indirectly, its shareholders, along with any other additional indirect costs, such as market impact costs associated with such transactions.

***Q<u>uestion</u>: Why do I need to vote?***

 ****

<u>Answer</u>: Your vote is needed to ensure that a quorum and sufficient votes are present at the Special Meeting so that the proposals can be acted upon. Your immediate response on the enclosed Proxy Card will help prevent the need for any further solicitations for a shareholder vote. Your vote is very important to us regardless of the number of shares you own.

 **

***Q<u>uestion</u>: Who is paying expenses related to the Special Meeting and the Reorganizations?***

 **

<u>Answer</u>: M2 will bear all direct expenses relating to the Reorganizations, including the costs relating to the Special Meeting and Proxy Statement.

***Q<u>uestion</u>: Will the Reorganizations affect my ability to buy and sell shares?***

 ****

<u>Answer</u>: No. You may continue to make additional purchases or sales of Target Fund shares through your financial intermediary up to and including the day of the Reorganizations, which is anticipated to be during the first quarter of 2026. Any purchases or sales of Target Fund shares made after the Reorganizations will be purchases or sales of the Acquiring Funds. If the Reorganizations are approved, your shares of the Target Funds will automatically be converted to shares of the Acquiring Funds.

***Q<u>uestion</u>: What will happen if the Plan is not approved by shareholders?***

 ****

<u>Answer</u>: If shareholders of a Target Fund do not approve the Plan, then such Target Fund will not be reorganized into the corresponding Acquiring Fund and the Board will consider what further actions to take with respect to the Target Fund, including liquidation. Additionally, if the shareholders of BOUT approve the Plan but the shareholder of FFTY do not, neither Target Fund will be reorganized into the corresponding Acquiring Fund. In such event, the Board will consider what is in the best interest of each Target Fund's shareholders, including the liquidation of one or both of the Target Funds. **The approval of FFTY's Reorganization is not contingent upon the approval of BOUT's Reorganization, but the approval of BOUT's Reorganization is contingent upon the approval of FFTY's Reorganization. Therefore, if the shareholders of BOUT approve the Plan, but shareholders of FFTY have not approved the Plan, neither Target Fund will be reorganized into the applicable Acquiring Fund.**

***Q<u>uestion</u>: How do I vote my shares?***

 **

<u>Answer</u>: You can vote your shares as indicated under "HOW TO VOTE YOUR SHARES" which immediately precedes this Question and Answers section.

***Q<u>uestion</u>: Who do I call if I have questions?***

 ****

<u>Answer</u> : If you have any questions regarding the proposals or the proxy card, or need assistance voting your shares, please call the Target Funds' proxy solicitor, EQ Fund Solutions, toll-free at (800) 859-8508.

**COMBINED PROXY STATEMENT AND PROSPECTUS**

**[February ] , 2026**

**For the Reorganization of**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Innovator IBD<sup>®</sup> Breakout Opportunities ETF<br> **a series of Innovator ETFs Trust** | **into** | &nbsp;&nbsp; CapForce IBD® Breakout Opportunities ETF<br> **a series of Capital-Force ETF Trust** |
| &nbsp;&nbsp; Innovator IBD<sup>®</sup> 50 ETF<br> **a series of Innovator ETFs Trust** | **into** | &nbsp;&nbsp; CapForce IBD® 50 ETF<br> **a series of Capital-Force ETF Trust** |
| &nbsp;&nbsp; **Innovator ETFs Trust** <br> **200 W. Front Street, Wheaton, Illinois 60187**<br> **(800) 208-5212** |  | &nbsp;&nbsp; **Capital-Force ETF Trust** <br> **27441 Tourney Rd., Suite 260, Valencia, CA 91355**<br> **(800) 324-3998** |

---

This Combined Proxy Statement and Prospectus (the "Proxy Statement") is being sent to you in connection with the solicitation of proxies by the Board of Trustees (the "Innovator Board") of Innovator ETFs Trust ("Innovator Trust"), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company, for use at a Joint Special Meeting of Shareholders (the "Special Meeting") of the Innovator IBD<sup>®</sup> Breakout Opportunities ETF ("BOUT") and the Innovator IBD<sup>®</sup> 50 ETF ("FFTY"), each a series of Innovator ETFs Trust (each, a "Target Fund", and together, the "Target Funds"), at the principal executive offices of Innovator Capital Management, LLC, 200 W. Front Steet, Wheaton, Illinois 60187, on [March 18], 2026 at 11:00 a.m. Central time. At the Special Meeting, shareholders of the Target Funds will be asked to consider and vote upon the following proposals, as applicable:

---

| | |
|:---|:---|
| **Proposal** | **Funds Voting on Proposal Separately** |
| ***1. To approve the Agreement and Plan of Reorganization approved by the Independent Trustees of the Innovator Board, which provides for the reorganization of Innovator IBD<sup>®</sup> Breakout Opportunities ETF into the CapForce IBD® Breakout Opportunities ETF, a newly created series of Capital-Force ETF Trust (the "CF Trust").*** | Innovator IBD<sup>®</sup> Breakout Opportunities ETF<br>|
| ***2. To approve the Agreement and Plan of Reorganization approved by the Independent Trustees of the Innovator Board, which provides for the reorganization of Innovator IBD<sup>®</sup> 50 ETF into the CapForce IBD® 50 ETF, a newly created series of CF Trust.*** | Innovator IBD<sup>®</sup> 50 ETF<br>|
| ***3. To transact such other business as may properly come before the meeting or any adjournments or postponements thereof.*** | All Target Funds |

---

After careful consideration, the Innovator Board recommends that shareholders of each Fund vote **"FOR"** the applicable proposals.

CF Trust is a Delaware statutory trust registered under the 1940 Act as an open-end management investment company. The Agreement and Plan of Reorganization between Innovator Trust and CF Trust (the "Plan") provides that all of the assets of each of the Target Funds will be transferred to the corresponding Acquiring Fund in exchange for shares of beneficial interest ("shares") of the Acquiring Fund and the Acquiring Fund's assumption of the Target Fund's liabilities as set forth in the Plan. If shareholders of a Target Fund vote to approve the Plan, shareholders of the Target Fund will receive shares of the corresponding Acquiring Fund with a value equal to the aggregate net asset value ("NAV") of their shares of the Target Fund held immediately prior to the Reorganization in complete liquidation and termination of the Target Fund. The approval of FFTY's Reorganization is not contingent upon the approval of BOUT's Reorganization, but the approval of BOUT's Reorganization is contingent upon the approval of FFTY's Reorganization. Therefore, if the shareholders of BOUT approve the Plan, but shareholders of FFTY have not approved the Plan, neither Target Fund will be reorganized into the applicable Acquiring Fund.

Those present and the appointed proxies also will transact such other business, if any, as may properly come before the Special Meeting or any adjournments or postponements thereof. *This Proxy Statement sets forth concisely the basic information you should know before voting on the proposal. You should read it and keep it for future reference.*

 

The following documents containing additional information about the Target Funds and the Acquiring Funds, each having been filed with the SEC, are incorporated by reference into (legally considered to be part of) this Proxy Statement:

&nbsp;&nbsp;&nbsp;&nbsp;· the Statement of Additional Information dated [ ], 2026,
relating to this Proxy Statement (the "Proxy Statement SAI");

&nbsp;&nbsp;&nbsp;&nbsp;· the [Prospectus of BOUT](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm) , dated February 28, 2025, as amended and supplemented (the "BOUT Prospectus") (File Nos. 333-146827 and 811-22135);

&nbsp;&nbsp;&nbsp;&nbsp;· the [Statement of Additional Information of BOUT](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm) dated February 28, 2025, as amended and supplemented (the "BOUT SAI") (File Nos. 333-146827
and 811-22135);

&nbsp;&nbsp;&nbsp;&nbsp;· the [Prospectus of FFTY](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm) , dated February 28, 2025, as amended and supplemented (the "FFTY Prospectus") (File Nos. 333-146827 and 811-22135);

&nbsp;&nbsp;&nbsp;&nbsp;· the [Statement of Additional Information of FFTY](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm) dated February 28, 2025, as amended and supplemented (the "FFTY SAI") (File Nos. 333-146827
and 811-22135); and

&nbsp;&nbsp;&nbsp;&nbsp;· the [Annual Report for the Target Funds for the fiscal year ended October 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000113322826000153/itcf-efp19017_ncsr.htm) (the "Target Funds' Annual Report") (File
No. 811-22135).

This Proxy Statement will be mailed on or about [February ], 2026 to shareholders of record of the Target Funds as of February 17, 2026.

The Target Funds' Prospectuses and the Target Funds' Annual Reports have previously been delivered to shareholders of the Target Funds. Additional information about the Acquiring Funds that will be included in the Acquiring Funds' Prospectuses, when available, is included in <u>Appendix D</u> to this Proxy Statement. The Acquiring Funds are newly-organized and currently have no assets or liabilities. The Acquiring Funds have been created in connection with the Reorganization for the purpose of acquiring the assets and liabilities of the Target Funds as set forth in the Plan and will not commence operations until the date of the Reorganizations.

Copies of the Proxy Statement, Proxy Statement SAI, and any of the foregoing documents relating to the Target Funds are available upon request and without charge by writing the Target Funds' distributor, Foreside Fund Services LLC, Three Canal Plaza, Suite 100, Portland, ME 04101, by visiting the Target Funds' website at <u>www.innovatoretfs.com</u> or by calling (800) 208-5212. Copies of documents relating to the Acquiring Funds, when available, may be obtained upon request and without charge by writing to the Acquiring Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-070, by calling (800) 324-3998 or visiting <u>www.capforceetf.com</u>. The principal listing exchange for each Target Fund is NYSE Arca, Inc., and the principal listing exchange for each Acquiring Fund will be NYSE Arca, Inc. The aforementioned documents, including all proxy materials are available for inspection at the offices of NYSE Arca, Inc.

**No person has been authorized to give any information or make any representation not contained in this Proxy Statement and, if so given or made, such information or representation must not be relied upon as having been authorized. This Proxy Statement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which, or to any person to whom, it is unlawful to make such offer or solicitation.**

**THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES NOR HAS IT PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROXY STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**An investment in the Target Funds or the Acquiring Funds is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in any fund involves investment risk, including the possible loss of principal.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Proposals – TO ApprovE the agreement and plan of reorganization](#pr_001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Overview and Proposed Reorganizations](#pr_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Effect of the Reorganizations](#pr_003) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Summary Comparison of the Funds](#pr_004) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Considerations](#pr_005) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Key Information About the Proposed Reorganizations](#pr_006) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information About the Funds](#pr_007) | 21 |
| [VOTING INFORMATION](#pr_008) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Record Date, Voting Rights, and Votes Required](#pr_009) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxies](#pr_010) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Quorum and Adjournments](#pr_011) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Effect of Abstentions and Broker "Non-Votes"](#pr_012) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Solicitation of Proxies](#pr_013) | 24 |
| [OTHER INFORMATION](#pr_014) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Business](#pr_015) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Appraisal Rights](#pr_016) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Next Meeting of Shareholders](#pr_017) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Legal Matters](#pr_018) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Information Filed with the SEC](#pr_019) | 24 |
| [APPENDIX A – AGREEMENT AND PLAN OF REORGANIZATION](#pr_020) | A-1 |
| [APPENDIX B – FINANCIAL HIGHLIGHTS OF THE TARGET FUNDS](#pr_021) | B-1 |
| [APPENDIX C – OWNERSHIP OF SHARES OF THE TARGET FUNDS](#pr_022) | C-1 |
| [APPENDIX D – SHAREHOLDER INFORMATION ON THE ACQUIRING FUNDS](#pr_023) | D-1 |

---

**PROPOSALS – to APPROVe OF THE AGREEMENT AND PLAN OF REORGANIZATION**

**Overview of the Proposed ReorganizationS**

The Innovator Board, including the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustee"), recommends that shareholders of the Target Funds approve the Plan, pursuant to which the Target Funds will reorganize into the Acquiring Funds and each Target Fund shareholder will become a shareholder of the corresponding Acquiring Fund (each, a "Reorganization" and collectively, the "Reorganizations"). The Form of the Plan is attached to this Proxy Statement as <u>Appendix A</u>. The Innovator Board considered the Reorganizations at a meeting held on January 21, 2026. Based upon the Independent Trustees' evaluation of the terms of the Plan and other relevant information presented to the Innovator Board in advance of the meeting, and in light of its fiduciary duties under federal and state law, the Independent Trustees of the Innovator Board determined that the Reorganizations are in the best interests of each of the Target Funds and their shareholders. See the section entitled "Board Considerations" for a summary of the factors considered and conclusions drawn by the Innovator Board in approving the Plan and authorizing the submission of the Plan to shareholders for approval.

As part of the Reorganizations, new series of Capital-Force ETF Trust ("CF Trust"), each referred to as an "Acquiring Fund" and collectively as the "Acquiring Funds," with identical investment policies and strategies as the corresponding Target Funds, have been created. If the shareholders of the Target Funds approve the Plan, the Reorganizations will have these primary steps:

&nbsp;&nbsp;&nbsp;&nbsp;· All of the assets of the Target Funds will be transferred to the Acquiring Funds in exchange for shares
of the Acquiring Funds and the Acquiring Funds' assumption of the Target Funds' liabilities as set forth in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;· Immediately after the transfer of the Target Funds' assets as provided for in the Plan, the Target
Funds will distribute shares of the Acquiring Funds received by the Target Funds pro rata to their shareholders in redemption of the outstanding
shares of the Target Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;· The Target Funds will be liquidated and terminated.

Approval of the Plan with respect to a Reorganization will constitute approval of the transfer of the Target Fund's assets to the corresponding Acquiring Fund, the assumption of the Target Fund's liabilities by the corresponding Acquiring Fund as set forth in the Plan, the distribution of the Acquiring Fund shares to Target Fund shareholders, and the liquidation and termination of the Target Fund. Shares of an Acquiring Fund issued in connection with a Reorganization will have an aggregate NAV equal to the aggregate value of the assets that the corresponding Target Fund transferred to the Acquiring Fund, less the Target Funds' liabilities that the Acquiring Funds assume. As a result of the Reorganizations, existing shareholders of a Target Fund will become shareholders of the corresponding Acquiring Fund. Shareholders of the Target Fund will receive shares of the Acquiring Fund with a value equal to the aggregate NAV of their shares of the Target Fund held immediately prior to the Reorganization.

For U.S. federal income tax purposes, each conversion of a Target Fund into the corresponding Acquiring Fund that is part of the Reorganization is expected to qualify as a "reorganization" within the meaning of section 368(a)(1) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). In general, a Target Fund will not recognize any gain or loss as a result of the transfer of all of its assets and liabilities as set forth in the Plan in exchange for shares of the corresponding Acquiring Fund or as a result of its liquidation and termination, and shareholders of the Target Funds will not recognize any gain or loss upon receipt of shares of the Acquiring Fund in connection with the Reorganization. Innovator Trust and CF Trust will receive an opinion from tax counsel to the CF Trust confirming such tax treatment. M2 will bear all direct expenses relating to the Reorganizations, including the costs relating to the Special Meeting and Proxy Statement, whether or not the Reorganization is consummated.

**Effects of the ReorganizationS**

The primary purpose of the Reorganizations is for each Acquiring Fund to acquire the assets of its corresponding Target Fund and continue the business of the Target Fund. Certain basic information about the Target Funds and Acquiring Funds is provided in the table below.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**BOUT** | &nbsp;&nbsp;**Acquiring BOUT Fund** |
| &nbsp;&nbsp;**Identity of Fund** | &nbsp;&nbsp;Innovator IBD<sup>®</sup> Breakout Opportunities ETF, a series of Innovator Trust (an open-end management investment company registered with the SEC) | &nbsp;&nbsp;CapForce IBD® Breakout Opportunities ETF, a series of CF Trust (an open-end management investment company registered with the SEC) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Underlying Index** | &nbsp;&nbsp;IBD<sup>®</sup> Breakout Stocks Index | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Index Provider** | &nbsp;&nbsp;Investor's Business Daily<sup>®</sup> | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Management Fee** | &nbsp;&nbsp;0.80% per annum Unitary Fee | &nbsp;&nbsp;0.70% per annum Management Fee |
| &nbsp;&nbsp;**Listing Exchange** | &nbsp;&nbsp;NYSE Arca, Inc. | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Ticker Symbol** | &nbsp;&nbsp;BOUT | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Fiscal Year-End** | &nbsp;&nbsp;October 31 | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Form of Organization** | &nbsp;&nbsp;Series of a Delaware statutory trust | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Diversification Status** | &nbsp;&nbsp;Non-diversified | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Investment Advisor** | &nbsp;&nbsp;Innovator Capital Management, LLC | &nbsp;&nbsp;M2 Financial LLC |
| &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;Penserra Capital Management LLC | &nbsp;&nbsp;Penserra Capital Management LLC |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**FFTY Fund** | &nbsp;&nbsp;**Acquiring FFTY Fund** |
| &nbsp;&nbsp;**Identity of Fund** | &nbsp;&nbsp;Innovator IBD<sup>®</sup> 50 ETF, a series of Innovator Trust (an open-end management investment company registered with the SEC) | &nbsp;&nbsp;CapForce IBD® 50 ETF, a series of CF Trust (an open-end management investment company registered with the SEC) |
| &nbsp;&nbsp;**Underlying Index** | &nbsp;&nbsp;IBD<sup>®</sup> 50 Index | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Index Provider** | &nbsp;&nbsp;Investor's Business Daily<sup>®</sup> | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Management Fee** | &nbsp;&nbsp;0.70% per annum Management Fee | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Listing Exchange** | &nbsp;&nbsp;NYSE Arca, Inc. | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Ticker Symbol** | &nbsp;&nbsp;FFTY | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Fiscal Year-End** | &nbsp;&nbsp;October 31 | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Form of Organization** | &nbsp;&nbsp;Series of a Delaware statutory trust | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Diversification Status** | &nbsp;&nbsp;Diversified | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;**Investment Advisor** | &nbsp;&nbsp;Innovator Capital Management, LLC | &nbsp;&nbsp;M2 Financial LLC |
| &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;Penserra Capital Management LLC | &nbsp;&nbsp;Penserra Capital Management LLC |

---

Each Acquiring Fund will be a series of a Delaware statutory trust, like the Target Funds. For more information regarding these forms of organization, see "Key Information About the Proposed Reorganizations – Comparison of Forms of Organization and Shareholder Rights" below.

The Reorganizations will shift management responsibility for the Target Funds from Innovator Capital Management, LLC ("Innovator") to M2 Financial LLC ("M2"), as investment adviser of the Acquiring Funds. Penserra Capital Management LLC ("Penserra" or the "Sub-Adviser"), will remain as sub-adviser of the Acquiring Funds. Neither Innovator Trust nor Innovator is affiliated with the CF Trust, M2 or the Sub-Adviser.

BOUT is currently charged a unitary management fee of 0.80%. Under BOUT's advisory agreement, Innovator pays substantially all expenses of BOUT, subject to certain exceptions. Under the Acquiring BOUT Fund's advisory agreement, the Acquiring BOUT Fund will be charged a non-unitary fee of 0.70% by M2. This will result in lower management fees charged to shareholders of the BOUT Acquiring Fund when compared to BOUT; however, shareholders will be responsible for paying other expenses of the BOUT Acquiring Fund. M2 has agreed to waive advisory fees and/or assume certain expenses otherwise payable by Acquiring BOUT Fund to extent necessary to ensure that total annual fund operating expenses of Acquiring BOUT Fund (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80%. After other fees and expenses and the fee waiver, the total annual fund operating expenses of BOUT and Acquiring BOUT Fund are anticipated to be substantially the same.

Both FFTY and the Acquiring FFTY Fund pay a management fee to Innovator or M2, respectively, and are responsible for paying all their expenses. The Acquiring FFTY Fund will have the same management fee as FFTY. The investment advisor of both FFTY and Acquiring FFTY Fund have agreed to waive advisory fees and/or assume certain expenses otherwise payable by the applicable Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80%.

Shareholders will continue to be able to make additional purchases or sales of the Target Fund shares through their financial intermediary up to and including the day of the Reorganizations. If the Reorganizations are approved, the Target Fund shares will automatically be converted to the Acquiring Fund shares.

**Summary Comparison of the Funds**

**Fees and Expenses of the Funds**

The FFTY Acquiring Fund has the same management fee as FFTY and the BOUT Acquiring Fund is expected to have the same total annual fund operating expenses and BOUT. The Acquiring BOUT Fund will not use a unitary management fee structure and so the management fee is less than BOUT, but will be subject to additional expenses that may be different from that of BOUT.

*Innovator IBD<sup>®</sup> Breakout Opportunities ETF and CapForce IBD® Breakout Opportunities ETF ("BOUT Funds")*

The table below describes the fees and expenses that you pay if you buy, hold, and sell shares of BOUT and the *pro forma* fees and expenses that you may pay if you buy, hold, and sell shares of the Acquiring BOUT Fund after giving effect to the Reorganization. Expenses for BOUT are based on operating expenses of BOUT for the fiscal period ended October 31, 2025. Expenses for the Acquiring BOUT Fund are *pro forma* operating expenses of the Acquiring BOUT Fund for the same period, assuming the Reorganization had occurred prior to the start of the period. This table and the Example below do not include the brokerage commissions and other fees to financial intermediaries that investors may pay on their purchases and sales of Fund shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fees and Expenses** | &nbsp;&nbsp;**BOUT Shares** | &nbsp;&nbsp;**Acquiring BOUT<br> Fund Shares<br> *(pro forma)*** |
| &nbsp;&nbsp;**Annual Fund Operating Expenses** |  |  |
| &nbsp;&nbsp;***(expenses that you pay each year as a percentage of the value of your investment)*** |  |  |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Distribution (12b-1) Fees | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.33%<sup>(1)</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;Advisor Fee Waiver | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;(0.23)%<sup>(2)</sup> |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Fees Waived** | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;0.80% |

---

1 Estimate based on the expenses the Acquiring Fund expects to incur for the current fiscal year.

---

| | |
|:---|:---|
| 2 | The Acquiring Fund's investment adviser has contractually agreed to waive its advisory fees and/or assume as its own expense certain expenses otherwise payable by the Acquiring Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 80% of average daily net assets until March 31, 2028. Pursuant to its expense limitation agreement with the Acquiring Fund, the investment adviser is entitled to recoup any fees that it waived and/or Acquiring Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. The Acquiring Fund may only make such repayment to the investment adviser if, after the recoupment payment has been taken into account, it does not cause the Acquiring Fund's expense ratio to exceed either the expense cap in place at the time the expenses were waived or the Fund's current expense cap. |

---

**<u>Example</u>**

The Example below is intended to help you compare the cost of investing in shares of BOUT with the cost of investing in shares of the Acquiring BOUT Fund on a *pro forma* basis. The Example assumes that you invest $10,000 in each Fund and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% annual return and that 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 of the Acquiring BOUT Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;BOUT shares | &nbsp;&nbsp;$82 | &nbsp;&nbsp;$255 | &nbsp;&nbsp;$444 | &nbsp;&nbsp;$990 |
| &nbsp;&nbsp;Acquiring BOUT Fund Shares – *(pro forma)* | &nbsp;&nbsp;$82 | &nbsp;&nbsp;$255 | &nbsp;&nbsp;$444 | &nbsp;&nbsp;$990 |

---

*Innovator IBD<sup>®</sup> 50 ETF and CapForce IBD® 50 ETF ("FFTY Funds")*

The table below describes the fees and expenses that you pay if you buy, hold, and sell shares of FFTY and the *pro forma* fees and expenses that you may pay if you buy, hold, and sell shares of the Acquiring FFTY Fund after giving effect to the Reorganization. Expenses for FFTY are based on operating expenses of FFTY for the fiscal period ended October 31, 2025. Expenses for the Acquiring FFTY Fund are *pro forma* operating expenses of the Acquiring FFTY Fund for the same period, assuming the Reorganization had occurred prior to the start of the period. This table and the Example below do not include the brokerage commissions and other fees to financial intermediaries that investors may pay on their purchases and sales of Fund shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fees and Expenses** | &nbsp;&nbsp;**FFTY Shares** | &nbsp;&nbsp;**Acquiring FFTY<br> Fund Shares <br> *(pro forma)*** |
| &nbsp;&nbsp;**Annual Fund Operating Expenses** |  |  |
| &nbsp;&nbsp;***(expenses that you pay each year as a percentage of the value of your investment)*** |  |  |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Distribution (12b-1) Fees | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.33% | &nbsp;&nbsp;0.33%<sup>1</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;Advisor Fee Waiver | &nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;(0.23)%<sup>2</sup> |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Fees Waived** | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;0.80% |

---

1 Estimate based on the expenses the Fund expects to incur for the current fiscal year.

---

| | |
|:---|:---|
| 2 | The Acquiring FFTY Fund's investment adviser has contractually agreed to waive its advisory fees and/or assume as its own expense certain expenses otherwise payable by the Acquiring FFTY Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80% of average daily net assets for a period of two years from the date of the Reorganization. Pursuant to its expense limitation agreement with the Acquiring FFTY, M2 is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. The Acquiring FFTY Fund may only make such repayment to M2 if, after the recoupment payment has been taken into account, it does not cause the Acquiring FFTY Fund's expense ratio to exceed either the expense cap in place at the time the expenses were waived or the Acquiring FFTY Fund's current expense cap. |

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**<u>Example</u>**

The Example below is intended to help you compare the cost of investing in shares of FFTY with the cost of investing in shares of the Acquiring FFTY Fund on a *pro forma* basis. The Example assumes that you invest $10,000 in each Fund and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% annual return and that 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 of the Acquiring FFTY Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Three Years** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Ten Years** |
| &nbsp;&nbsp;FFTY shares | &nbsp;&nbsp;$82 | &nbsp;&nbsp;$305 | &nbsp;&nbsp;$546 | &nbsp;&nbsp;$1239 |
| &nbsp;&nbsp;Acquiring FFTY Fund Shares – *(pro forma)* | &nbsp;&nbsp;$82 | &nbsp;&nbsp;$305 | &nbsp;&nbsp;$546 | &nbsp;&nbsp;$1239 |

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**Principal Investment Objectives, Strategies, and Policies**

The Target Funds and the Acquiring Funds have identical investment policies and strategies, which is presented in the applicable the table below.

The Acquiring Funds have been created as new series of the CF Trust solely for the purpose of acquiring the Target Funds' assets and continuing their business and will not conduct any investment operations until after the closing of the Reorganizations. Because the Acquiring Funds have identical investment policies and strategies to those of the Target Funds, if the Reorganizations are approved, all of the Target Funds' portfolio holdings will be transferred to the Acquiring Funds.

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| | |
|:---|:---|
| &nbsp;&nbsp;**BOUT** | &nbsp;&nbsp;**Acquiring BOUT Fund** |
| &nbsp;&nbsp;***Investment Objective*** |  |
| &nbsp;&nbsp; The Fund seeks to track, before fees and expenses, the performance of the IBD® Breakout Stocks Index (the *"Index"*).<br>| &nbsp;&nbsp;Same |
| &nbsp;&nbsp;The Fund is classified as a "non-diversified company" under the 1940 Act. To the extent the Index concentrates (*i.e.*, holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. As of the date of this prospectus, the Fund has significant exposure to the consumer discretionary, industrials and information technology sectors. | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;***Principal Investment Strategies*** |  |
| &nbsp;&nbsp;The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in the equity securities that comprise the Index. The Fund generally invests in all of the securities comprising the Index in proportion to the weightings of the securities in the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment sub-adviser, Penserra Capital Management LLC (*"Penserra"* or the *"Sub-Adviser"*), seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation.<br>The Index is a rules-based index owned and developed by Investor's Business Daily<sup>®</sup> (*"IBD"* or the *"Index Provider"*) that seeks to provide opportunistic investment exposure to those stocks with the potential to "break out," or experience a period of sustained price growth beyond the stock's recent "resistance level," with consideration for various market conditions. A stock's resistance level is the price at which a stock has previously reached, but not exceeded. Determining a stock's resistance level is part of a technical analysis of the stock and represents the top of its expected price trading range. | &nbsp;&nbsp;Same |

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&nbsp;&nbsp; <br>The Index's initial universe consists of the approximately 7,000 equity securities that trade on the New York Stock Exchange, The Nasdaq Stock Market, LLC or NYSE American, LLC. This initial universe is composed of U.S.-listed common stocks and American depositary receipts (*"ADRs"*) issued by small, mid and large capitalization companies. Such securities may be issued by U.S. and non-U.S. companies, including companies operating in developed and emerging markets. This universe is initially narrowed down by excluding those stocks with a share price below $10 and those stocks without an average daily trading volume of at least 150,000 shares or a minimum average daily dollar volume of $5 million. The Index then determines a "base price" for each remaining stock. When a stock reaches a recent high in price and at least four weeks elapse without that high being surpassed, this price is identified as the base price. This base is used to determine those stocks nearing breakouts and those stocks experiencing breakouts. In making this determination, the Index utilizes an algorithm that analyses the following trends for each stock:<br>

1. The length of time from the start of the base to the current date.

2. The difference in price between the base start and the lowest subsequent price in the base.

3. The
 percentage difference between the current price and the high at the start of the base.

4. The percentage change in the stock's price in each of the last three weeks.

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| |
|:---|
| &nbsp;&nbsp; <br>Based upon this technical analysis, the Index eliminates all stocks not identified as nearing a breakout or currently breaking out. Then, stocks are further eliminated that do not meet minimum technical and fundamental factors (primarily price performance, earnings growth, and sales growth).<br>Each of the remaining stocks is chosen for inclusion in the Index and is assigned a ranking score using IBD's Composite Ranking, based upon the following components: Earnings Per Share Rating, Relative Price Strength Rating, Industry Group Relative Strength Rating, Sales Margins Return on Equity (SMR) Rating, Accumulation Distribution Rating and Percentage Deviation from 52-week Price High. The Index utilizes this ranking score to assign weights, with those stocks with higher rankings receiving larger weights. Securities with ranking scores placing them in approximately the 99-80th percentile of Index constituents have 35% of Index weight equally distributed among them. Securities with ranking scores placing them in approximately the 79-60th percentile of Index constituents have 30% of Index weight equally distributed among them. Securities with ranking scores placing them approximately in the 59-40th percentile of Index constituents have 20% of Index weight equally distributed among them. Securities with ranking scores placing them in approximately the 39-20th percentile of Index constituents have 10% of the Index weight equally distributed among them. The remaining securities have 5% of the Index weight equally distributed among them.<br>|
| &nbsp;&nbsp; The Index is rebalanced and reconstituted weekly. This weekly rebalancing and reconstituting of the Index will cause the Fund to have a higher portfolio turnover rate than similar funds. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**FFTY** | &nbsp;&nbsp;**Acquiring FFTY Fund** |
| &nbsp;&nbsp;***Investment Objective*** |  |
| &nbsp;&nbsp; The Fund seeks to track, before fees and expenses, the performance of the IBD® 50 Index (the *"Index"*). | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;The Fund is classified as a "diversified company" under the 1940 Act. To the extent the Index concentrates (*i.e.,* holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to the same extent. As of the date of this prospectus, the Fund has significant exposure to the information technology sector. | &nbsp;&nbsp;Same |
| &nbsp;&nbsp;***Principal Investment Strategies*** |  |
| &nbsp;&nbsp; The Fund will normally invest at least 80% of its net assets (including investment borrowings) in securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment sub-adviser, Penserra Capital Management LLC (*"Penserra"* or the *"Sub-Adviser"*) seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation.<br>The IBD<sup>®</sup> 50 Index is a weekly, rules-based, computer-generated stock index compiled and published by Investor's Business Daily® (*"IBD"* or the *"Index Provider"*) that seeks to identify the current top 50 growth stocks. The equity portion of the Index primarily includes U.S. common stocks, but may, to a lesser extent, include common stocks of non-U.S. companies that utilize American Depositary Receipts (*"ADRs"*) to trade on U.S. securities exchanges. The equity securities comprising the Index may be issued by small-, mid- and large-capitalization companies located in either developed or emerging markets. The Index is also designed to be responsive to downturns in the equities markets and incorporates a cash equivalents portion in response to certain market signals as described below.<br>The Index's initial universe of the approximately 7,000 equity securities that trade on the New York Stock Exchange, The Nasdaq Stock Market, LLC or NYSE American LLC is initially narrowed down by excluding those companies that do not meet certain baseline criteria. These criteria include minimum stock price, minimum trading volume, minimum upward price movement and minimum simple price moving average. IBD then narrows the universe further by screening out securities with price actions IBD views as undesirable. For instance, IBD removes securities with excessive price percentage moves in its 10-week price moving average (6% or more), securities with a high number of positive price movement days over a 14-day period (seven or more), securities with a high number of positive price movement weeks over an 8-week period (six or more) and/or securities with a high number of consecutive positive price movement weeks (three or more). These criteria are explained in detail in "Index Information."<br>| &nbsp;&nbsp;Same |

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| | |
|:---|:---|
| &nbsp;&nbsp;IBD then evaluates and scores the remaining securities on the below 11 factors. The first five factors comprise the base score for a security using a proprietary weighting of the following proprietary ratings published by IBD: Earnings Per Share Rating; Relative Price Strength Rating; Sales Margin Return on Equity Rating; Accumulation Distribution Rating; and Industry Group Relative Strength Rating. The next six metrics add to or subtract from the base score to derive the final aggregate score, and are: Growth in quarterly earnings per share and next quarter consensus estimates; 3-to-5 year annual earnings per share growth rate and next fiscal year's consensus estimates; Quarterly sales growth and next quarter consensus estimates; Acceleration in quarterly sales or earnings growth rates; Liquidity measured by share price and 50-day average daily trading volume; and Annual return on equity metrics from the company's income statement.<br>Each security is given a score for each factor. Each security's 11 factor scores are then aggregated to provide a composite score. The 50 securities with the highest score are included in the Index and weighted according to their score. Securities with the ten highest scores are given a weight of 3.5%. Securities with the 11th-20th highest scores are given a weight of 3.0%. Securities with the 21st-30th highest scores are given a weight of 2.0%. Securities with the 31st-40th highest scores are given a weight of 1.0% and securities with the 41st-50th highest scores are given a weight of 0.5%. |  |
| &nbsp;&nbsp; The Fund generally invests in all of the securities comprising the Index in proportion to the weightings of the securities in the Index. The Index is rebalanced and reconstituted on the last day of each trading week after the U.S. stock market closes. This weekly rebalancing and reconstituting of the Index will cause the Fund to have a higher portfolio turnover rate than similar funds. | &nbsp;&nbsp;The Fund generally invests in all of the securities comprising the Index in proportion to the weightings of the securities in the Index. The Index is rebalanced and reconstituted on the last day of each trading week after the U.S. stock market closes. This weekly rebalancing and reconstituting of the Index will cause the Fund to have a higher portfolio turnover rate than similar funds. |

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**Distribution and Purchase Procedures, Exchange Rights and Redemption Procedures**

The Target Funds and the Acquiring Funds have substantially similar distribution procedures and exchange rights and redemption procedures. See "Comparison of Forms of Organization and Shareholder Rights – Shares" and "Purchase and Redemption of Shares in Creation Units" below for more information.

**Principal Risks**

Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of each Fund's shares (the "Shares") may be affected by its investment objective, principal investment strategies, and particular risk factors. The principal risks of investing in the Funds are discussed below. However, other factors may also affect each Fund's NAV. There is no guarantee that a Fund will achieve its investment objective or that it will not lose principal value.

The principal risks of investing in each Acquiring Fund and its corresponding Target Fund are substantially similar, as their investment policies and the investment strategies are identical. Because each Target Fund and its corresponding Acquiring Fund have identical investment policies and strategies, they are, except as described below, subject to the same principal risks. However, because the Acquiring Funds have no operating history, they are subject to the "New Fund Risk."

Each risk summarized below is considered a "principal risk" of investing in a Fund, regardless of the order in which it appears. The Funds to which each risk is applicable are indicated below. As with any investment, there is a risk 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, trading price, yield, total return and/or ability to meet its objectives.

*Canada Risk (with respect to FFTY and the Acquiring FFTY Fund):* Because the Fund invests a significant portion of its assets in companies that are domiciled in Canada, the Fund is particularly sensitive to political, economic and social conditions in that country. Canada is a major producer of metals. The Canadian economy is especially dependent on the demand for, and supply of, natural resources, and the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources. Canada is a top producer of zinc and uranium and a global source of many other natural resources, such as gold, nickel, aluminum, and lead. Conditions that weaken demand for such products worldwide could have a negative impact on the Canadian economy as a whole. Any adverse events that affect Canada's major industries may have a negative impact on the overall Canadian economy and the shares of the Fund.

*Concentration Risk (with respect to all of the Funds):* To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent. The Fund may be susceptible to loss due to adverse occurrences to the extent that the Fund's investments are concentrated in a particular issuer or issuers, region, market, industry, group of industries, sector or asset class.

 

*Consumer Discretionary Companies Risk (with respect to BOUT and the Acquiring BOUT Fund):* The Fund has significant exposure to companies in the consumer discretionary sector. Consumer discretionary companies, such as retailers, media companies and consumer services companies, provide non-essential goods and services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace.

 

*Currency Risk (with respect to all of the Funds):* Changes in currency exchange rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in the Fund's portfolio. The Fund's NAV could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning.

 

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

 

*Depositary Receipts Risk (with respect to all of the Funds)*: Depositary receipts may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Certain countries may limit the ability to convert depositary receipts into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Depositary receipts may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by a depositary and the issuer of the underlying security. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Unsponsored receipts may involve higher expenses and may be less liquid. Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities. The outbreak of the respiratory disease designated as COVID-19 and efforts to contain its spread have resulted in significant disruptions to business operations, customer activity and service capabilities for companies throughout the world. Ongoing concerns and uncertainty relating to the pandemic and the efficacy of vaccinations may lead to continued volatility in the performance of the companies in which the Fund invests.

*Emerging Markets Risk (with respect to all of the Funds):* Emerging markets are generally more volatile than markets of more developed countries and may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging market companies are also subject to a greater risk of market closure or manipulation, less liquidity, limited reliable access to capital and exchange delisting. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk with custody of securities than developed markets. Additionally, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than developed markets. Certain emerging market countries may also lack the required infrastructure to attract large amounts of non-U.S. trade and investment. Additionally, the rights and remedies available to investors in emerging market securities may be more limited than those available for investments in more developed markets. Finally, the limitations associated with investments in emerging market companies could impact the Fund's ability to achieve its investment objective.

*Equity Securities Risk (with respect to all of the Funds)*: Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates. The value of Shares will fluctuate with changes in the value of the equity securities the Fund invests in.

 

*Growth Risk (with respect to all of the Funds)*: Growth stocks may be out of favor or may not produce the best results over short or longer time periods. They may also increase the volatility of the Fund's share price. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. These companies tend to invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in falling markets. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

*Heath Care Companies Risk (with respect to FFTY and the Acquiring FFTY Fund):* Health care companies, such as companies providing medical and healthcare goods and services, companies engaged in manufacturing medical equipment, supplies and pharmaceuticals, as well as operating health care facilities and the provision of managed health care, may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a company's patent may adversely affect that company's profitability. Health care companies are also subject to competitive forces that may result in price discounting, may be thinly capitalized and susceptible to product obsolescence.

*Index Provider Risk (with respect to all of the Funds):* The Fund seeks to achieve returns that generally correspond, before fees and expenses, to the performance of their Index, as published by their Index Provider. There is no assurance that the Index Provider will compile its Index accurately, or that the Index will be determined, composed or calculated accurately. While the Index Provider gives descriptions of what the Index is designed to achieve, the Index Provider does not provide any warranty or accept any liability in relation to the quality, accuracy or completeness of data in its indices, and it does not guarantee that its Index will be in line with its methodology.

*Industrials Companies Risk (with respect to BOUT and the Acquiring BOUT Fund):* The Fund has significant exposure to companies in the industrials sector. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general. Companies in the industrials sector may also be adversely affected by product obsolescence, claims for environmental damage or product liability and changes in general economic conditions. Additional risks of industrials companies include exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, and excess capacity, among other factors.

 

*Information Technology Companies Risk (with respect to FFTY and the Acquiring FFTY Fund):* The Fund has significant exposure to companies in the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Information technology companies are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.

*Liquidity Risk (with respect to BOUT and the Acquiring BOUT Fund):* Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions or temporary suspensions of trading. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. Generally, the less liquid the market for a security at the time the Fund seeks to sell it, the greater the risk of loss or decline of value to the Fund. Overall market liquidity may negatively impact Fund performance and NAV, especially if the Fund is forced to sell illiquid securities in a down market.

 

*Market Risk (with respect to all of the Funds):* The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Assets may decline in value due to factors affecting financial markets generally or particular asset classes or industries represented in the markets. The value of assets may also decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or due to factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates will not have the same impact on all types of securities. Securities, including the Shares, are subject to market fluctuations and liquidity constraints that may be caused by such factors as economic, political, or regulatory developments, changes in interest rates, and/or perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. The value of Shares may also decline as a result of market conditions. Factors such as inflation, changes in interest rates, changes in regulatory requirements, bank failures, political climate deterioration or developments, armed conflicts, natural disasters or future health crises, may negatively impact market conditions, and cause a decrease in the value of Shares. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. These events, and any other future events, may adversely affect the prices and liquidity of the Fund's portfolio investments and could result in disruptions in the trading markets.

*Materials Risk (with respect to FFTY and the Acquiring FFTY Fund)*: Materials and processing companies are involved in the extraction or processing of raw materials such as metals, ore and forestry products. These companies are sensitive to changes in the business cycle and fluctuations in the supply and demand for raw materials. Further, certain materials and processing companies can be affected by shifts in the housing market, as many produced raw materials are components of construction projects. Rising wage costs can also impact companies that rely on skilled labor. In addition, materials and processing companies may be significantly affected by volatility of commodity prices, import controls, worldwide competition, liability for environmental damage, depletion of resources and mandated expenditures for safety and pollution control devices.

*New Fund Risk (with respect to the Acquiring BOUT Fund and the Acquiring FFTY Fund)*: The Fund is a recently organized investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size.

*New Sponsor Risk (with respect to the Acquiring BOUT Fund and the Acquiring FFTY Fund):* The Fund's sponsor has limited experience in managing and supporting registered investment companies ("RICs"). The Fund's success depends, in part, on the Sponsor's ability to effectively oversee the Fund and its service providers. There can be no assurance that the Sponsor will fulfill its obligations or that any replacement sponsor would be able to do so in a manner that does not adversely affect the Fund.

 

*Non-Diversification Risk (with respect to BOUT and the Acquiring BOUT Fund):* The Fund is classified as a "non-diversified company" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the *"Code"*) applicable to a company seeking to qualify as a regulated investment company (*"RIC"*). The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

*Non-U.S. Investment Risk (with respect to all of the Funds):* Investments in securities of non-U.S. companies (particularly in emerging markets) present risks beyond those of securities of U.S. issuers and can be more volatile than investments in U.S. companies. Risks of investing in securities of foreign companies include: different accounting standards; expropriation, nationalization or other adverse political or economic developments; currency devaluation, blockages or transfer restrictions; changes in foreign currency exchange rates; taxes; restrictions on non-U.S. investments and exchange of securities; and less government supervision and regulation of issuers in non-U.S. countries. Further, other diplomatic, political or economic developments can affect investments in foreign companies. Prices of non-U.S. securities may also be more volatile. Finally, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

*Passive Investment Risk (with respect to all of the Funds):* The Fund invests in the securities included in the Index regardless of their investment merit. The Fund does not attempt to outperform the Index or take defensive positions in declining markets, except in connection with the Index's risk reduction mechanism. As a result, the Fund's performance may be adversely affected by a general decline in the market segments relating to the Index.

*Portfolio Turnover Risk (with respect to all of the Funds):* The Fund may be subject to high portfolio turnover due to the Index's weekly rebalances and reconstitutions. High portfolio turnover (higher than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer markups and other transaction costs on the sale of the securities and on reinvestment in other securities, as well as possible increased taxable distributions.

 

*Risks Associated with ETFs*:

 

*Authorized Participant Concentration Risk (with respect to all of the Funds)*: Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that authorized participants exit the business or are unable to proceed with orders for the issuance or redemption of Creation Units and no other authorized participant is able to step forward to fulfill the order, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting, and the bid/ask spread (the difference between the price that someone is willing to pay for Shares at a specific point in time versus the price at which someone is willing to sell) on Shares may widen.

 

*Market Maker Risk (with respect to all of the Funds)*: If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's NAV and the price at which the Shares are trading on the Exchange, which could result in a decrease in value of the Shares. In addition, decisions by market makers or APs to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Shares trading at a discount to NAV and in greater than normal intra-day bid-ask spreads for Shares.

*Operational Risk (with respect to all of the Funds)*: 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. Although the Fund and its investment adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

 

*Premium/Discount Risk (with respect to all of the Funds)*: Shares trade on the Exchange at market prices rather than their NAV. The market price of Shares generally corresponds to movements in the Fund's NAV as well as the relative supply and demand for Shares on the Exchange. The market price may be at, above (a premium) or below (a discount) the Fund's NAV. Differences in market prices of Shares and the NAV per Share may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate at any point in time. These differences can be especially pronounced during times of market volatility or stress. During these periods, the demand for Shares may decrease considerably and cause the market price of Shares to deviate, and in some cases deviate significantly, from the Fund's NAV and the bid/ask spread on Shares may widen.

 

*Trading Issues Risk (with respect to all of the Funds)*: Although Shares are listed for trading on the Exchange, there can be no assurance that an active trading market for Shares will develop or be maintained. Shares trade on the Exchange at market prices that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. Market makers are under no obligation to make a market in the Shares, and APs are not obligated to submit purchase or redemption orders for Creation Units. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

*Security Issuer Risk (with respect to all of the Funds):* Issuer-specific attributes may cause a security held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.

 ****

*Small- and Mid-Capitalization Company Risk (with respect to all of the Funds):* Generally, small- or mid-capitalization companies, which are often less seasoned, have more potential for rapid growth. However, they often involve greater risk than large cap companies and these risks are passed on to funds that invest in them. These companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies.

 

*Tracking Error Risk (with respect to all of the Funds):* The Fund's return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of the Index. In addition, the performance of the Fund and the Index may vary due to asset valuation differences and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.

*U.S. Government Securities Risk (with respect to all of the Funds):* U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

**Fund Performance and Portfolio Turnover**

The Acquiring Funds will not commence operations until after the closing of the Reorganization. At that time, the Acquiring Funds will adopt the performance history of the Target Funds. For the performance history and portfolio turnover rates for the Target Funds see the the Prospectuses of the Target Funds, each dated February 28, 2025.

**Portfolio Holdings Information**

Information about the Target Funds' daily portfolio holdings is available at <u>www.innovatoretfs.com</u>. A complete description of FFTY and BOUT's policies and procedures with respect to the disclosure of FFTY and BOUT's portfolio holdings is available in the [Target Funds' SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which is incorporated by reference into this Proxy Statement. Information about the Acquiring Funds' daily portfolio holdings will be available at <u>www.capforceetf.com</u>. In addition, each Fund discloses its complete portfolio holdings as of the end of its fiscal year and its second fiscal quarter in its reports to shareholders. No later than 30 days after the end of each fiscal quarter, each Fund files with the SEC on Form N-PORT a complete list of its portfolio holdings as of each month-end during the relevant quarter. You can find the SEC filings on the SEC's website, <u>www.sec.gov</u>. A summarized description of the Acquiring Funds' policies and procedures with respect to the disclosure of the Acquiring Funds' portfolio holdings is included in the Proxy Statement SAI.

**Reasons for the Proposed Reorganizations**

M2 and Innovator entered into an Asset Purchase Agreement in order to effect the Reorganizations because in recent years Innovator has created a family of buffered exchange-traded funds and has made a name for themselves in that market. As a result, some of the non-buffered ETFs which they offer, including the Target Funds, have become less of a focus for distribution and have languished as a result. At the same time, M2 was looking to enter the ETF market and is familiar with Investor's Business Daily<sup>®</sup> ("IBD") and their stock selection process. Innovator and M2 believe that M2 can provide a greater focus on distribution for the funds, help them grow, and provide better outcomes for their shareholders. M2's plan for each Fund is to retain the current strategy in hopes of continuing the momentum built with respect to performance and positive market reception for each Fund, as well as to enhance the attractiveness of the offerings to retail and institutional distribution platforms.

By the terms of the Asset Purchase Agreement, M2 will own substantially all of the assets related to Innovator's business of providing investment advisory and investment management services to the Target Funds, including the books and records relating to the Target Funds and the investment performance of each Target Fund.

Additionally, Innovator has entered into a membership interest purchase agreement, pursuant to which GSAM Holdings LLC, a subsidiary of The Goldman Sachs Group, Inc., will purchase all of the issued and outstanding limited liability company interests of Innovator (the "Transaction"). The closing of the Transaction will result in the automatic termination of the investment management agreement between the Innovator Trust, on behalf of each of the Target Funds, and Innovator. Innovator will not seek to enter into a new investment management agreement with the Innovator Trust with respect to the Target Funds in connection with the Transaction. Therefore, if shareholders of either FFTY or BOUT do not approve the Plan prior to the closing of the Transaction, then the Reorganization will not be implemented for such Target Fund and the Innovator Board will consider what further actions to take with respect to such Target Fund, including but not limited to liquidation of the Target Fund.

**Board Considerations**

At a meeting held on January 21, 2026 (the "Innovator Board Meeting"), the Innovator Board, including all of the independent trustees, who are not interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to the proposed reorganization of each Target Fund, each a series of the Trust, into its respective Acquiring Fund, each a series of the CF Trust (each a "Reorganization" and collectively, the "Reorganizations"). Before approving the Reorganizations, the Independent Trustees reviewed certain information with their independent legal counsel and with management, reviewed with independent legal counsel applicable law and their duties in considering such matters, and met with independent legal counsel in a private session without management present.

The Innovator Board considered that the Reorganizations will shift management responsibility from Innovator to M2, the investment adviser of the Acquiring Funds. Each Acquiring Fund will be sub-advised by Penserra, the current sub-adviser to the Target Funds. The Innovator Board noted that Penserra will have responsibility for implementing the Acquiring Funds' investment program by, among other things, trading portfolio securities and performing related services, rebalancing each Acquiring Fund's portfolio, and providing cash management services in accordance with the investment advice formulated by M2. The Innovator Board noted that Innovator Trust and the Target Funds are not affiliated with M2, the CF Trust, Penserra or the Acquiring Funds.

The Innovator Board considered that as part of the Reorganizations, new series of the CF Trust, referred to as the "Acquiring Funds," with identical investment policies and strategies as the Target Funds, have been created. The Acquiring Funds are newly organized and have no assets or liabilities. If a Target Fund's shareholders approve the Plan, such Target Fund will transfer all of its assets to the corresponding Acquiring Fund in return for shares of such Acquiring Fund and such Acquiring Fund's assumption of the Target Fund's liabilities as set forth in the Plan (with the Reorganization of BOUT also being contingent upon the approval of the Reorganization of FFTY). Existing shareholders of the Target Fund will become shareholders of the Acquiring Fund and, immediately after the Reorganization, each shareholder will hold shares of the Acquiring Fund with a value equal to the aggregate net asset value of the Target Fund shares that the shareholder held immediately prior to the Reorganization. Subsequently, the Target Funds will be liquidated and terminated.

The Innovator Board considered a number of principal factors presented at the time of the Innovator Board Meeting in reaching its determinations, including the following:

· **Investment Objectives and Investment Strategies.** The
Innovator Board considered that each of the Acquiring Funds was established solely for the purpose of acquiring the assets of the corresponding
Target Fund and continuing the Target Fund's business. As such, the Target Funds and the Acquiring Funds have identical investment
policies and strategies.

· **Operating Expenses.** The Innovator Board considered that, for FFTY, the ongoing fees and expenses
paid by shareholders of FFTY are expected to remain the same after such shareholders become shareholders of the corresponding Acquiring
Fund. With regard to BOUT, the Innovator Board considered that BOUT currently operates under a unitary fee structure whereby the Fund
pays a management fee of 0.80% for its investment advisory and administrative services under what is essentially an "all-in"
fee arrangement. The Innovator Board noted that the corresponding Acquiring Fund will not use a unitary fee structure and instead will
pay an annual management fee of 0.70%, along with certain other operating expenses.

· **Performance.** The Innovator Board considered that the
Acquiring Funds will not commence operations until after the closing of the Reorganization. At that time, the Acquiring Funds will adopt
the performance history of the Target Funds.

· **Investment Adviser and Other Service Providers.** The Innovator Board considered that the Reorganizations
will shift management responsibility for the Target Funds from Innovator to M2 as investment adviser of the Acquiring Funds. The Innovator
Board considered that Penserra, the sub-adviser to the Target Funds, will remain as sub-adviser of the Acquiring Funds. The Innovator
Board noted that Innovator Trust and CF Trust have the same service providers including administrator, transfer agent, distributors, custodian,
independent registered accountant and legal counsel.

· **Federal Income Tax Consequences.** The Innovator Board considered that each conversion of
 a Target Fund into the corresponding Acquiring Fund as part of a Reorganization is expected to qualify as a
 "reorganization" within the meaning of section 368(a)(1) of the U.S. Internal Revenue Code of 1986, as amended, and,
 In general, a Target Fund will not recognize any gain or loss as a direct result of the transfer of all of its assets and
 liabilities as set forth in the Plan in exchange for shares of the corresponding Acquiring Fund or as a result of its liquidation
 and termination, and shareholders of the Target Fund will not recognize any
gain or loss upon receipt of shares of the Acquiring Fund in connection with the Reorganization.

· **Costs of Reorganization.** The Innovator Board considered that M2 will bear all expenses relating
to the Reorganizations, including expenses related to the Special Meeting and solicitation of proxies, preparing and filing the Proxy
Statement, and the cost of copying, printing, and mailing proxy materials. The Innovator Board also considered that promptly after the
close of the Reorganization of each Target Fund, M2 anticipates purchasing or receiving in-kind in exchange for the issuance of creation
orders, or selling or delivering in-kind to satisfy redemption orders, securities of each Acquiring Fund as necessary to implement each
Acquiring Fund's investment strategies or replicate the holdings of the applicable underlying index. The expenses associated with
such purchases and sales will be borne by the applicable Acquiring Fund and, indirectly, its shareholders. The Innovator Board considered
information provided by Innovator which noted that it is possible that there will be other indirect costs associated with the transition
following a Reorganization that will be borne by an applicable Acquiring Fund and, indirectly, its shareholders but that it is not possible
to ascertain in advance any indirect costs associated with the transition. The Innovator Board also considered that the costs and expenses
associated with the Reorganization relating to the legal fees, including the legal fees incurred in connection with the analysis under
the Code of the tax treatment of this transaction, as well as the costs associated with the preparation of the tax opinion, will be borne
by M2 whether or not the Reorganization is consummated.

In summary, in determining whether to recommend approval of the Reorganizations, the Innovator Board considered factors including (1) the terms and conditions of the Reorganizations and whether the Reorganizations would result in dilution of the Target Fund's and Acquiring Fund's shareholders' interests; (2) the compatibility of the Funds' investment objectives, investment strategies, and investment restrictions, as well as shareholder services offered by the Funds; (3) the expense ratios and information regarding the fees and expenses of the Funds; (4) the relative historical performance of the Target Funds; (5) the management of the Funds; (6) the U.S. federal income tax consequences of the Reorganization; and (7) the costs of the Reorganization. No one factor was determinative, and each Trustee may have attributed different weights to the various factors. The Innovator Board did not determine any considerations related to the Reorganization to be adverse.

The Innovator Board considered that if shareholders of a Target Fund do not approve the Plan, then such Target Fund will not be reorganized into the corresponding Acquiring Fund and the Innovator Board will consider what further actions to take with respect to the Target Fund. Additionally, if the shareholders of BOUT approve the Plan but the shareholder of FFTY do not, neither Target Fund will be reorganized into the corresponding Acquiring Fund. In such event, the Target Funds will continue to operate, and Innovator will continue to serve as investment adviser to the Target Funds while the Innovator Board considers other alternatives in the best interest of each Target Fund's shareholders, including alternative reorganizations with different acquiring funds and the liquidation of one or both Target Funds. The Innovator Board further considered that approval of FFTY's Reorganization is not contingent upon the approval of BOUT's Reorganization, but the approval of BOUT's Reorganization is contingent upon the approval of FFTY's Reorganization. Therefore, if the shareholders of BOUT approve the Plan, but shareholders of FFTY have not approved the Plan, neither Target Fund will be reorganized into the applicable Acquiring Fund.

The Innovator Board, including the Independent Trustees, determined that the Reorganization would be in the best interests of the Target Funds and that the interests of each Target Fund's shareholders would not be diluted as a result of the Target Fund's respective Reorganization. The Innovator Board voted unanimously to approve the Reorganizations and recommended approval by shareholders of the Target Funds.

**Management**

***Board of Trustees***

Overall responsibility for oversight of the Innovator Trust rests with its Board. The Innovator Board is responsible for overseeing Innovator and other service providers in the operations of the Innovator Trust in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Innovator Trust's governing documents. The Innovator Trust currently has four Trustees, three of whom are not "interested persons," as that term is defined under the 1940 Act. A list of the Trustees and officers of the Innovator Trust, and their present positions and principal occupations, is provided under "Management of the Trust" in the [Target Funds' SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which are incorporated by reference into this Proxy Statement.

The business and affairs of the CF Trust are managed by its officers under the oversight of its Board of Trustees (the "CF Trust Board"). The CF Trust Board sets broad policies for the CF Trust and may appoint the CF Trust's officers. The CF Trust Board oversees the performance of M2 and the CF Trust's other service providers. The CF Trust currently has four Trustees, one of whom is an "interested person," as that term is defined under the 1940 Act. A list of the Trustees and officers of the CF Trust, and their present positions and principal occupations, is provided under the section entitled "Management of the Trust" in the Proxy Statement SAI.

***Investment Advisers***

Innovator Capital Management, LLC ("Innovator"), located at 200 W. Front Street, Wheaton, Illinois 60187, is an investment adviser registered with the SEC and serves as the investment adviser to the Target Funds. Innovator administers the affairs of the Target Funds, subject to the oversight of Innovator Trust's Board of Trustees.

M2 Financial LLC ("M2"), located at 27441 Tourney Rhode, Suite 260, Valencia, CA 60187, is an investment adviser registered with the SEC and serves as the investment adviser to the Acquiring Funds. M2 is responsible for overseeing the management and business affairs of the Acquiring Funds and has discretion to purchase and sell securities in accordance with the Acquiring Funds' investment objectives, policies, and restrictions, subject to the oversight of the CF Trust Board of Trustees.

***Investment Sub-Advisers***

Penserra Capital Management ("Penserra"), a registered investment adviser with offices at 4 Orinda Way, Suite 100-A, Orinda, California 94563, is the current sub-adviser to the Target Funds and will serve as the sub-adviser to the Acquiring Funds after the Reorganizations. Penserra will have responsibility for selecting and continuously monitoring the Funds' investments. Sub-advisory Fees will be paid by M2.

***Portfolio Managers***

The following portfolio managers are jointly and primarily responsible for the day-to-day management of the Funds:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**BOUT** | &nbsp;&nbsp;**Acquiring BOUT Fund** |
| &nbsp;&nbsp; Dustin Lewellyn, CFA<br> Ernesto Tong, CFA<br> Christine Johnson | &nbsp;&nbsp; Dustin Lewellyn, CFA<br> Ernesto Tong, CFA<br> Christine Johnson |
| &nbsp;&nbsp;**FFTY** | &nbsp;&nbsp;**Acquiring FFTY Fund** |
| &nbsp;&nbsp; Dustin Lewellyn, CFA<br> Ernesto Tong, CFA<br> Christine Johanson, CFA | &nbsp;&nbsp; Dustin Lewellyn, CFA<br> Ernesto Tong, CFA<br> Christine Johnson |
| &nbsp;&nbsp; <br> <u>Dustin Lewellyn, CFA</u>. Mr. Lewellyn has extensive background in institutional investment process with a specific focus on ETF, such as the Fund. Mr. Lewellyn was a portfolio manager at BGI (now part of Blackrock) and he managed a number of international equity funds. Mr. Lewellyn also was head of ETF product management and product development at Northern Trust where he oversaw the build out and management of all areas of a new ETF business, including primary responsibility for the portfolio management process surrounding the ETFs. Mr. Lewellyn also built and ran a new ETF business for Charles Schwab, including having primary responsibility for the technology and investment process to support portfolio management for the ETFs. Mr. Lewellyn started a consulting business with a focus on ETFs and helped numerous new ETF sponsors, as well as service providers, understand the resource requirements to participate in the industry utilizing current best practices. Mr. Lewellyn holds a B.A. from University of Iowa and is a CFA Charterholder. He also holds security licenses 7, 63, 66 and 24.<br><u>Ernesto Tong, CFA</u>. Mr. Tong worked for Barclays Global Investors and Blackrock prior to joining Penserra. During his time at Blackrock, Mr. Tong spent two years as an Index Research Analyst and seven years as a portfolio manager for a number of funds. As an Index Research Analyst, he was responsible for performing independent research and analysis to incorporate into Portfolio Management and Trading strategies and also developing and launching new indices and investment products, particularly in Latin America. As a portfolio manager, Ernesto managed $40 billion in global ETF assets and was responsible for all aspects of portfolio management across domestic and international portfolios. Mr. Tong was also responsible for launching, managing, and driving the local Latin American ETF products for the portfolio management group, focusing on Brazil, Colombia and Mexico. Mr. Tong holds a B.A. from the University of California, Davis and is a CFA Charterholder. He holds security licenses 7 and 63.<br><u>Christine Johnson, CFA</u>. Ms. Johanson has been a Director with Penserra since 2023. Prior to joining Penserra, Ms. Johanson was a Director on the US Transition Management team at BlackRock from March 2022 – March 2023, where she developed custom solutions for institutional investors seeking to restructure portfolios across multiple asset classes. Ms. Johanson previously served as the global Head of Fixed Income Transition Management for Russell Investments from March 2018 – February 2022. Ms. Johanson holds a B.S.B.A. from the University of Missouri and is a CFA Charterholder. | &nbsp;&nbsp; <br> <u>Dustin Lewellyn, CFA</u>. Mr. Lewellyn has extensive background in institutional investment process with a specific focus on ETF, such as the Fund. Mr. Lewellyn was a portfolio manager at BGI (now part of Blackrock) and he managed a number of international equity funds. Mr. Lewellyn also was head of ETF product management and product development at Northern Trust where he oversaw the build out and management of all areas of a new ETF business, including primary responsibility for the portfolio management process surrounding the ETFs. Mr. Lewellyn also built and ran a new ETF business for Charles Schwab, including having primary responsibility for the technology and investment process to support portfolio management for the ETFs. Mr. Lewellyn started a consulting business with a focus on ETFs and helped numerous new ETF sponsors, as well as service providers, understand the resource requirements to participate in the industry utilizing current best practices. Mr. Lewellyn holds a B.A. from University of Iowa and is a CFA Charterholder. He also holds security licenses 7, 63, 66 and 24.<br><u>Ernesto Tong, CFA</u>. Mr. Tong worked for Barclays Global Investors and Blackrock prior to joining Penserra. During his time at Blackrock, Mr. Tong spent two years as an Index Research Analyst and seven years as a portfolio manager for a number of funds. As an Index Research Analyst, he was responsible for performing independent research and analysis to incorporate into Portfolio Management and Trading strategies and also developing and launching new indices and investment products, particularly in Latin America. As a portfolio manager, Ernesto managed $40 billion in global ETF assets and was responsible for all aspects of portfolio management across domestic and international portfolios. Mr. Tong was also responsible for launching, managing, and driving the local Latin American ETF products for the portfolio management group, focusing on Brazil, Colombia and Mexico. Mr. Tong holds a B.A. from the University of California, Davis and is a CFA Charterholder. He holds security licenses 7 and 63.<br><u>Christine Johnson, CFA</u>. Ms. Johanson has been a Director with Penserra since 2023. Prior to joining Penserra, Ms. Johanson was a Director on the US Transition Management team at BlackRock from March 2022 – March 2023, where she developed custom solutions for institutional investors seeking to restructure portfolios across multiple asset classes. Ms. Johanson previously served as the global Head of Fixed Income Transition Management for Russell Investments from March 2018 – February 2022. Ms. Johanson holds a B.S.B.A. from the University of Missouri and is a CFA Charterholder. |

---

The [Target Funds' SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which are incorporated by reference into this Proxy Statement, and the SAI to this Proxy Statement provide additional information about the Funds' portfolio managers' compensation structure, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities of the Funds.

***Investment Advisory Fees***

Pursuant to certain advisory agreements between the Innovator Trust, on behalf of the Target Funds, and Innovator (the "Innovator Advisory Agreements"), the Target Funds pay Innovator management fees for the services payable on a monthly basis at the annual rates based on the Target Fund's average daily net assets as set forth in the chart below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Management Fee** |
| &nbsp;&nbsp;BOUT | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;FFTY | &nbsp;&nbsp;0.70% |

---

BOUT is currently under a unitary management fee structure. Out of the unitary management fee, Innovator pays substantially all expenses of BOUT, including the cost of transfer agency, custody, fund administration, legal, audit, independent trustees and other services, but excluding the advisory fee, payments under any12b-1 Plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expense and other extraordinary expenses. FFTY is not under a unitary management fee structure and pays all of its own expenses. However, Innovator has agreed to waive advisory fees and/or assume certain expenses otherwise payable by FFTY to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80%.

Pursuant to an investment management agreement between the CF Trust, on behalf of the Acquiring Funds, and M2 (the "M2 Advisory Agreement"), the Acquiring Funds pay M2 an annual advisory fee based on their average daily net assets for the services and facilities it provides. The annual rates based on the Acquiring Fund's average daily net assets are set forth in the chart below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquiring Fund** | &nbsp;&nbsp;**Management Fee** |
| &nbsp;&nbsp;Acquiring BOUT Fund | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Acquiring FFTY Fund | &nbsp;&nbsp;0.70% |

---

The Acquiring Funds are not under a unitary management fee structure and pay all of their own expenses. However, M2 has agreed to waive advisory fees and/or assume certain expenses otherwise payable by Acquiring FFTY and Acquiring BOUT to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80% for either Fund.

A discussion regarding the basis for the Innovator Board's approval of the Innovator Advisory Agreements with respect to the Target Funds is available in the [Target Funds' Annual Report dated October 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000113322826000153/itcf-efp19017_ncsr.htm). A discussion regarding the basis for CF Trust Board's approval of the M2 Advisory Agreement with respect to the Acquiring Funds will be available in the Acquiring Funds' first semi-annual or annual report to shareholders following the Reorganizations.

***Investment Sub-Advisory Fees***

Pursuant to an investment sub-advisory agreement between M2 and Penserra, M2 will pay an annual sub-advisory fee to Penserra based on each applicable Acquiring Fund's average daily net assets for the Sub-Adviser's services to the applicable Acquiring Fund.

 ****

A discussion regarding the basis for the Innovator Board's approval of the investment sub-advisory agreement with Penserra with respect to the Target Funds is available in the [Target Funds' Annual Report dated October 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000113322826000153/itcf-efp19017_ncsr.htm). A discussion regarding the basis for the CF Trust Board's approval of the investment sub-advisory agreements with Penserra with respect to the Acquiring Funds will be available in the Acquiring Funds' first semi-annual or annual report to shareholders following the Reorganization.

 ****

 ****

**Other Service Providers**

The following table identifies the principal service providers that service the Target Funds and that are expected to service the Acquiring Funds:

---

| | | |
|:---|:---|:---|
|  | **Target Funds** | **Acquiring Funds** |
| Administrator and Fund Accounting Agent | U.S. Bancorp Fund Services, LLC | U.S. Bancorp Fund Services, LLC |
| Transfer Agent | U.S. Bancorp Fund Services, LLC | U.S. Bancorp Fund Services, LLC |
| Custodian | U.S. Bank National Association | U.S. Bank National Association |
| Distributor and Principal Underwriter | Foreside Fund Services LLC | Foreside Fund Services LLC |
| Independent Registered Public Accounting Firm | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| Legal Counsel | Chapman and Cutler LLP | Chapman and Cutler LLP |

---

**Purchase and Redemption of Shares in Creation Units**

Each Fund issues and redeems shares at NAV only in a large, specified number of shares called a "Creation Unit" or multiples thereof. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. It is expected that only a limited number of institutional investors, called Authorized Participants or "APs," will purchase and redeem shares directly from the Funds.

Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers. Shares can be bought or sold through an investor's broker throughout the trading day like shares of any publicly traded issuer. When buying or selling shares through a broker, the investor will incur customary brokerage commissions and charges, and may pay some or all of the spread between the bid and the offered prices in the secondary market for shares. The price at which an investor buys or sells shares (*i.e.*, the market price) may be more or less than the NAV of the shares. Unless imposed by the broker, there is no minimum dollar amount that shareholders must invest in the Funds and no minimum number of shares that shareholders must buy.

Shares of the Target Funds are listed for trading on NYSE Arca, Inc. (the "NYSE Arca") under the ticker symbols as indicated in the chart below. Shares of the Acquiring Funds will be listed for trading on NYSE Arca under the ticker symbol as indicated in the chart below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Target Fund/Acquiring Fund** | &nbsp;&nbsp;**Ticker** |
| &nbsp;&nbsp;Innovator IBD<sup>Ò</sup> Breakout Opportunities ETF /Cap-Force IBD<sup>Ò</sup> Breakout Opportunities ETF | &nbsp;&nbsp;BOUT |
| &nbsp;&nbsp;Innovator IBD<sup>Ò</sup> 50 ETF/Cap-Force IBD<sup>Ò</sup> 50 ETF | &nbsp;&nbsp;FFTY |

---

For a discussion of how the Target Fund shares may be purchased and redeemed, as applicable, see "Purchase and Sale of Fund Shares" and "How to Buy and Sell Shares" in the [Target Funds' Prospectuses](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm) incorporated by reference herein. For a discussion of how the Acquiring Fund shares may be purchased, exchanged, and redeemed, as applicable, see "How to Buy and Sell Shares" in <u>Appendix D</u> attached to this Proxy Statement.

**Tax Information**

Distributions shareholders receive from a Fund are generally taxable to them as ordinary income for federal income tax purposes, except that distributions may be taxed to shareholders at long-term capital gain rates to the extent reported by a Fund as "capital gain dividends" or "qualified dividend income," and may also be subject to state or local taxes. Fund distributions may not be taxable to a shareholder if he/she/it is investing through a tax-advantaged retirement plan account or is a tax-exempt investor, although he/she/it may be taxed on withdrawals from his/her/its tax-advantaged account.

**Key Information About the Proposed Reorganizations**

Shareholders of the Target Funds are being asked to approve the Plan, which sets forth the terms and conditions under which the Reorganizations will be implemented. Material provisions of the Plan are summarized below; however, this summary is qualified in its entirety by reference to the Plan, a copy of which is attached to this Proxy Statement as <u>Appendix A</u>.

**The Plan**

The Plan provides, with respect to each Reorganization, for the transfer of all of the assets of the Target Fund to the corresponding Acquiring Fund in exchange for shares of the Acquiring Fund of equal value to the net assets of the Target Fund being acquired, and the Acquiring Fund's assumption of the Target Fund's liabilities as set forth in the Plan, if any, as of the closing date of the Reorganization. The aggregate NAV of the Acquiring Fund shares issued in the exchange will equal the aggregate NAV of the Target Fund at the Closing (as defined in the Plan). Immediately after the transfer of the Target Fund's assets as provided for in the Plan, the Target Fund will distribute the Acquiring Fund shares *pro rata* to its shareholders by CF Trust's transfer agent establishing accounts on the Acquiring Fund's share records in the names of those shareholders and transferring those shares of the Acquiring Fund to those accounts in redemption of the corresponding Target Fund shares and in complete liquidation of the Target Fund. The outstanding shares of the Target Fund held by the shareholders will then be canceled. As a result of each Reorganization, each shareholder of a Target Fund will receive the number of shares of the respective Acquiring Fund equal in value to his or her holdings in the Target Fund immediately before the respective Reorganization. Shares will be held in book entry form only.

The value of a Target Fund's assets to be acquired and the liabilities to be assumed, if any, by the corresponding Acquiring Fund and the NAV per share of the Target Fund will be determined as of the close of regular trading on the New York Stock Exchange on the business day immediately preceding the closing date of the Reorganization. The NAV per share amount will be determined in accordance with the valuation methodologies approved by the Innovator Board and described in the Target Fund's Prospectus and SAI, as may be amended and supplemented. M2 will bear all expenses relating to the Reorganizations, including expenses related to the Special Meeting and solicitation of proxies, preparing and filing this Proxy Statement, and the cost of copying, printing, and mailing proxy materials. Promptly after the close of the Reorganization of each Target Fund, M2 anticipates purchasing or receiving in-kind in exchange for the issuance of creation orders, or selling or delivering in-kind to satisfy redemption orders, securities of each Acquiring Fund as necessary to implement each Acquiring Fund's investment strategies or replicate the holdings of the applicable underlying index. The expenses associated with such purchases and sales will be borne by the applicable Acquiring Fund and, indirectly, its shareholders. It is possible that there will be other indirect costs associated with the transition following a Reorganization that will be borne by an applicable Acquiring Fund and, indirectly, its shareholders. It is not possible to ascertain in advance any indirect costs associated with the transition.

The Reorganizations are subject to a number of conditions, including the approval of the Plan by the shareholders of the Target Funds and the receipt of a legal opinion from Chapman and Cutler LLP, counsel to M2, with respect to certain tax matters (see "Federal Income Tax Consequences of the Reorganization," below). Assuming satisfaction of the conditions in the Plan, the closing date of the Reorganizations are expected to occur during the first quarter of 2026. The Plan may be amended or terminated and the Reorganizations abandoned at any time by mutual consent of Innovator Trust, on behalf of the Target Funds, and the CF Trust, on behalf of the Acquiring Funds.

**Section 15(f) of the 1940 Act**

Section 15(f) of the 1940 Act provides a non-exclusive "safe harbor" under which an investment adviser to a registered investment company or an affiliated person of such an investment adviser may receive any amount or benefit in connection with a sale of securities of, or a sale of any other interest in, such adviser which results in an assignment of an investment advisory contract with such company if (i) for a period of three years following such assignment, at least seventy-five percent (75%) of the board of directors of such company are not interested persons of the investment adviser of such company or the predecessor adviser of such company and (ii) no "unfair burden" is imposed on such company as a result of such assignment or any express or implied terms, conditions or understandings applicable thereto. Innovator Trust, Innovator, CF Trust and M2 intend to comply with Section 15(f).

**Federal Income Tax Consequences of the Reorganization**

The following is a general summary of the material federal income tax consequences of each Reorganization and is based upon the current provisions of the Code, the existing U.S. Treasury Regulations thereunder, current administrative rulings of the Internal Revenue Service ("IRS") and published judicial decisions, all of which are subject to change. This discussion is limited to U.S. persons who hold shares of beneficial interest of the Target Funds as capital assets for federal income tax purposes. Shareholders who are not U.S. persons are strongly urged to consult their own tax advisors with respect to the particular tax consequences of the Reorganizations and of an investment in the shares of the Acquiring Funds. This summary does not address all of the U.S. federal income tax consequences that may be relevant to a particular shareholder or to shareholders who may be subject to special treatment under federal income tax laws. Because the foregoing discussion only relates to the federal income tax consequences of the proposed Reorganizations, shareholders should also consult their tax advisors as to state, local and foreign tax consequences, if any, of the proposed Reorganizations.

Each Reorganization is intended to qualify as a tax-free reorganization within the meaning of Section 368(a)(1) of the Code. As a condition to each Reorganization, the applicable Target Fund and the corresponding Acquiring Fund have requested an opinion of Chapman and Cutler LLP substantially to the effect that with respect to each Reorganization, based on certain assumptions, facts, the terms of the Plan and representations set forth in the Plan or otherwise provided by the Target Funds and the Acquiring Funds and on the basis of the existing provisions of the Code, current administrative rules and court decisions, for federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Code, and each applicable Acquiring Fund and the corresponding Target Fund (each such pair of an Acquiring Fund and its corresponding Target Fund, a "Corresponding Acquiring Fund" or "Corresponding Target Fund," as appropriate) will be a "party to a reorganization," within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by a Target Fund upon the transfer the Target Fund's assets (the
"Acquired Assets") to the Corresponding Acquiring Fund solely in exchange for the Corresponding Acquiring Fund shares and
the assumption by the Corresponding Acquiring Fund of the liabilities as set forth in the Plan, or upon the distribution of the Corresponding
Acquiring Fund shares to the Target Fund shareholders, except for (A) gain or loss that may be recognized on the transfer of "section
1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive
foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be
recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The tax basis in the hands of an Acquiring Fund of each Acquired Asset transferred from the Corresponding
Target Fund to such Acquiring Fund in the applicable Reorganization will be the same as the tax basis of such Acquired Asset in the hands
of the Corresponding Target Fund immediately prior to the transfer thereof, increased by the amount of gain (or decreased by the amount
of loss), if any, recognized by the Corresponding Target Fund on the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The holding period in the hands of an Acquiring Fund of each Acquired Asset transferred from the Corresponding
Target Fund to such Acquiring Fund in the applicable Reorganization, other than Acquired Assets with respect to which gain or loss is
required to be recognized, will include the Corresponding Target Fund's holding period for such Acquired Asset (except where investment
activities of the Corresponding Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No gain or loss will be recognized by an Acquiring Fund upon receipt of all the Acquired Assets solely
in exchange for Acquiring Fund Shares and the assumption by such Acquiring Fund of the liabilities as set forth in the Plan as part of
the applicable Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No gain or loss will be recognized by any Target Fund Shareholder upon the exchange of its Target Fund
Shares for Acquiring Fund Shares as part of the applicable Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The aggregate tax basis of the Acquiring Fund Shares that a Target Fund Shareholder receives in the applicable
Reorganization will be the same as the aggregate tax basis of the Target Fund Shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Each Target Fund Shareholder's holding period for the Acquiring Fund Shares received in the applicable
Reorganization will include the Target Fund Shareholder's holding period for the Target Fund Shares exchanged therefor, provided
that the Target Fund Shareholder held such Target Fund Shares as capital assets on the date of the exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The taxable year of a Target Fund will not end as a result of the applicable Reorganization.

An opinion of counsel is not binding on the IRS or the courts and no Target Fund or Acquiring Fund has sought a ruling with respect to the tax treatment of any Reorganization. The opinion of counsel, if delivered, will be based on the Code, regulations issued by the Treasury Department under the Code, court decisions, and administrative pronouncements issued by the IRS with respect to all of the foregoing, all as in effect on the date of the opinion, and all of which may be repealed, revoked or modified thereafter, possibly on a retroactive basis.

**Description of Acquiring Fund Shares**

Shares of the Acquiring Funds issued to the shareholders of the Target Funds pursuant to the Reorganizations will be duly authorized, validly issued, fully paid, and non-assessable when issued in accordance with the Plan and will be transferable without restriction and will have no preemptive or conversion rights, except as discussed below in "Comparison of Forms of Organization and Shareholder Rights – Shareholder Liability."

**Capitalization**

The capitalization of the Target Funds as of December 31, 2025 and the Acquiring Funds' pro forma combined capitalization as of that date, after giving effect to the Reorganization, are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***(unaudited)*** | &nbsp;&nbsp;**BOUT Shares** | &nbsp;&nbsp;***Pro Forma* Acquiring BOUT Fund Shares** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;$10892632.39 | &nbsp;&nbsp;$10892632.39 |
| &nbsp;&nbsp;**Shares Outstanding** | &nbsp;&nbsp;300000 | &nbsp;&nbsp;300000 |
| &nbsp;&nbsp;**Net Asset Value per Share** | &nbsp;&nbsp;$36.31 | &nbsp;&nbsp;$36.31 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***(unaudited)*** | &nbsp;&nbsp;**FFTY Shares** | &nbsp;&nbsp;***Pro Forma* Acquiring FFTY Fund Shares** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;$78452113.21 | &nbsp;&nbsp;$78452113.21 |
| &nbsp;&nbsp;**Shares Outstanding** | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;2250000 |
| &nbsp;&nbsp;**Net Asset Value per Share** | &nbsp;&nbsp;$34.87 | &nbsp;&nbsp;$34.87 |

---

**Comparison of Forms of Organization and Shareholder Rights**

*Form of Organization*. Both Innovator Trust and CF Trust are Delaware statutory trusts governed by Delaware and federal law, the respective Agreement and Declaration of Trust, By-Laws and a Board of Trustees. The Agreement and Declaration of Trust of Innovator Trust and the Agreement and Declaration of Trust of CF Trust are each referred to herein as a trust instrument.

 

*Shares*. Each of Innovator Trust and CF Trust is authorized to issue an unlimited number of shares of beneficial interest of the respective Funds, without par value, from an unlimited number of series of shares. Shareholders of each of the Innovator Trust and CF Trust have no preemptive rights, conversion or exchange rights except as the respective Trustees may determine from time to time.

*Voting Rights*. On each matter submitted to a vote of shareholders of the Target Funds, each shareholder is entitled to one vote per whole share (and a fractional vote for each fractional share) held by such shareholder on the record date, without differentiation between separate series or classes of shares. However, if a matter to be voted on affects only the interests of a certain series (or class), then only the shareholder of such affected series (or class) shall be entitled to vote on the matter. Shareholders of the Target Funds have the power to vote on: (i) on such matters required by the Declaration of Trust, the By-Laws, the 1940 Act, other applicable law and any registration statement of the Innovator Trust filed with the SEC, the registration of which is effective; and (ii) such other matters as the Board of Trustees may consider necessary or desirable. On each matter submitted to a vote of shareholders of the Acquiring Funds, each shareholder is entitled to one vote per whole share (and a fractional vote for each fractional share) held by such shareholder on the record date, without differentiation between separate series or classes of shares. However, if a matter to be voted on affects only the interests of a certain series (or class), then only the shareholder of such affected series (or class) shall be entitled to vote on the matter. Shareholders of the Acquiring Funds have the power to vote on: (i) on such matters required by the Declaration of Trust, the By-Laws, the 1940 Act, other applicable law and any registration statement of the Innovator Trust filed with the SEC, the registration of which is effective; and (ii) such other matters as the Board of Trustees may consider necessary or desirable.

 

*Shareholder Meetings*. Innovator Trust and CF Trust are not required to, and do not, have annual meetings. Nonetheless, the Innovator Board and the Board of Trustees of CF Trust may call a special meeting of shareholders for action by shareholder vote as may be required by the 1940 Act or as required or permitted by Innovator Trust's and CF Trust's trust instrument and By-Laws.

*Shareholder Liability*. Both Innovator Trust and CF Trust are Delaware statutory trusts, and as such Delaware law provides that shareholders are entitled to the same limitations of personal liability that are extended to stockholders of private corporations for profit. The Innovator Trust and CF Trust trust instruments provide that neither the respective trust, nor the respective Trustees (nor agent/office/employee of the Innovator Trust or CF Trust) has the power to personally bind any shareholder, or to call for a payment of any sum of money or assessment from any shareholder. There is, however, a remote possibility that, under certain circumstances, shareholders of a Delaware statutory trust might be held personally liable for a trust's obligations to the extent that the courts of another state that does not recognize such limited liability were to apply the laws of such state to a controversy involving such obligations. Both Innovator Trust's and CF Trust's trust instrument makes provision for the indemnification of shareholders.

*Trustee Liabil*ity. Both the Innovator Trust and CF Trust trust instruments provide that the Trustees have no personal liability by reason of being a trustee and shall be indemnified to the fullest extent permitted by law, except that both the Innovator and CF Trust trust instruments do not provide indemnification for liabilities due to a Trustee's willful misfeasance, bad faith, gross negligence or reckless disregard of such Trustee's duties.

*Amending the Trust Instrument*. Both Innovator Trust and CF Trust's trust instruments may be amended at any time by an instrument in writing signed by the majority of the Trustees, which becomes effective immediately upon execution and approval, subject to any further requirements by the 1940 Act.

**The foregoing is a very general summary of certain provisions of the Innovator Trust's and CF Trust's governing documents. It is qualified in its entirety by reference to the respective trust instruments, by-laws and each Fund's SAI.**

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**General**

For a general discussion of the operation and organization of the Target Funds, see "General Information" and "Exchange Listing and Trading" in the [Target Funds' SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which is incorporated by reference herein. For a general discussion of the operation and organization of the Acquiring Funds, see "General Information" and "Exchange Listing and Trading" in the Proxy Statement SAI.

**Rights of the Funds' Shareholders**

Innovator Trust is not required to hold annual meetings of shareholders. Each Target Fund share has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act. Target Fund shares have no preemptive, exchange, subscription, conversion or cumulative voting rights and are freely transferable. For a description of other significant attributes of shares of the Target Funds see "General Information" and "Capital Structure" in the [Target Funds' SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which is incorporated by reference herein.

The CF Trust is not required to hold meetings of shareholders. Shares of the Acquiring Funds have equal voting rights. Acquiring Fund shares are freely transferable. Shares of the Acquiring Funds will not have preemptive rights, except as may be determined by the Trustees, or cumulative voting rights, and none of the shares will have any conversion, exchange, dividends, retirements, liquidation, redemption, or any other feature. For a description of other significant attributes of shares of the Acquiring Funds see "General Information" and "Capital Structure" in the Proxy Statement SAI.

**Pricing of Fund Shares**

For information on how the NAV per share of each Fund is calculated, see "How to Buy and Sell Shares" in each [Target Fund's Prospectus](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm) and "Determining Offering Price and Net Asset Value" in each [Target Fund's SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), each of which is incorporated by reference herein, and, for the Acquiring Funds, see "How to Buy and Sell Shares" and "Determining Offering Price and Net Asset Value" in Appendix D attached to this Proxy Statement.

**Dividends, Other Distributions and Taxes**

The Target Funds and the Acquiring Funds each intend to pay out dividends, if any, and distribute any net realized capital gains to their applicable shareholders at least annually. A portion of the distributions made by a Fund may be treated as return of capital for federal income tax purposes. One or more additional distributions may be made generally in December or after a Fund's fiscal year-end to comply with applicable law. Each Fund will declare and pay capital gain distributions in cash. Distributions in cash may be reinvested automatically in additional Fund shares only if the broker through whom you purchased Fund shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

For a discussion of the Target Funds' policies with respect to dividends and distributions, and federal income tax considerations, see "Dividends, Distributions, and Taxes" in the [Target Funds' Prospectuses](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which is incorporated by reference herein. For a discussion of the Acquiring Funds' policies with respect to dividends and distributions, and federal income tax considerations, see "Dividends, Distributions, and Taxes" in <u>Appendix D</u> attached to this Proxy Statement.

**Disclosure of Portfolio Holdings and Premium/Discount Information**

For a description of the Target Funds' policies and procedures with respect to the disclosure of its portfolio holdings and premium/discount information, see "Disclosure of Portfolio Holdings" and "Premium/Discount Information" in the [Target Funds' Prospectuses](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm) and "Disclosure of Portfolio Holdings Information" in the [Target Funds' SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which are incorporated by reference herein. For a description of the Acquiring Funds' policies and procedures with respect to the disclosure of its portfolio holdings and premium/discount information, see "Disclosure of Portfolio Holdings" and "Premium/Discount Information" in <u>Appendix D</u> attached to this Proxy Statement, and "Disclosure of Portfolio Holdings Information" in the Proxy Statement SAI.

**Frequent Purchases and Redemptions**

For a discussion of the Target Funds' policies with respect to frequent purchases and redemptions, see "Frequent Purchases and Redemptions of the Funds' Shares" in the [Target Funds' Prospectuses](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm), which is incorporated by reference herein. For a discussion of the Acquiring Funds' policies with respect to frequent purchases and redemptions, see "Frequent Purchases and Redemptions of Shares" in <u>Appendix D</u> attached to this Proxy Statement.

**Investments by Registered Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including Fund shares. Registered investment companies are permitted to invest in the Funds beyond the limits set forth in section 12(d)(1), subject to certain terms and conditions set forth in SEC exemptive orders issued to the Funds, including that such investment companies enter into agreements with the Funds.

**Purchases Through Broker-Dealers and Other Financial Intermediaries**

If shareholders purchase shares through a broker-dealer or other financial intermediary, a Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend Fund shares over another investment. Shareholders should ask their salespersons or visit their financial intermediary's website for more information.

**Financial Information**

For certain financial information about the Target Funds, see "Financial Highlights" which are appended to this Proxy Statement as <u>Appendix B</u>.

**VOTING INFORMATION**

**RECORD DATE, VOTING RIGHTS, AND VOTES REQUIRED**

Proxies are being solicited from the shareholders of the Target Funds by Innovator Trust's Board of Trustees for the Special Meeting to be held on [March 18], 2026, 11:00 a.m. Central time at the principal executive offices of Innovator Capital Management, LLC, 200 W. Front Steet, Wheaton, Illinois 60187, or at such later time made necessary by adjournment. Unless revoked, all valid proxies will be voted in accordance with the specification thereon or, in the absence of specifications, **"FOR"** approval of the proposals.

The Innovator Board has fixed the close of business on February 17, 2026 as the record date (the "Record Date") for the determination of shareholders entitled to notice of and to vote at the Special Meeting and any adjournments thereof. Shareholders of record as of the Record Date will be entitled to one vote for each share held and to a proportionate fractional vote for each fractional share held. Shareholders shall not be entitled to cumulative voting in the election of Trustees or on any other matter. As of the Record Date, the total number of issued and outstanding shares of the Target Funds is set forth in the table below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Shares</u>** |
| &nbsp;&nbsp;BOUT | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;FFTY | &nbsp;&nbsp;[ ] |

---

Shareholders of record who owned five percent or more of the shares of the Target Funds as of the Record Date are set forth on <u>Appendix C</u> to this Proxy Statement. Approval of the Plan will require the affirmative vote of the lesser of: (a) 67% of the applicable Target Fund's shares present at the Special Meeting, if the holders of more than 50% of such Target Fund's outstanding shares are present in person or represented by proxy; or (b) more than 50% of such Target Fund's outstanding shares.

If the shareholders of FFTY approve the Plan, but shareholders of BOUT have not approved the Plan, FFTY may be reorganized into the Acquiring FFTY Fund while shareholders of BOUT may be solicited further. However, if the shareholders of BOUT approve the Plan, but shareholders of FFTY have not approved the Plan, neither Target Fund may be reorganized into the applicable Acquiring Fund. In such a scenario, shareholders of FFTY may be solicited further and both Target Funds may be reorganized once shareholders of FFTY approve the Plan.

**How to Vote**

You can vote your shares in person at the Special Meeting or by mail, by the internet, and by automated touchtone as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;· **Mail:** To vote your proxy by mail, check the appropriate voting box on your proxy card, sign and
date the card and return it in the enclosed postage-prepaid envelope. **If you sign, date, and return the proxy card but give no voting instructions, the proxies will vote FOR the proposal.** 

***The options below are available 24 hours a day / 7 days a week.***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;· **Internet:** The web address and instructions for voting
online can be found on the enclosed proxy card. You will be required to provide your control number found on your proxy card.

&nbsp;&nbsp;&nbsp;&nbsp;· **Automated Touchtone:** The toll-free number for automated
touchtone telephone voting can be found on the enclosed proxy card. You must have the control number found on your proxy card.

If you can attend the Special Meeting and wish to vote your shares in person at that time, you will be able to do so. If you hold your shares in "street name" through a broker, bank, or other nominee, you should contact your nominee about voting in person at the Special Meeting.

**PROXIES**

All proxies solicited by the Innovator Board that are properly executed and received by the Secretary prior to the Special Meeting, and are not revoked, will be voted at the Special Meeting. A proxy with respect to shares held in the name of two or more persons is valid if executed by any one of them unless at or prior to its use the Target Funds receive written notification to the contrary from any one of such persons. Shares represented by such proxies will be voted in accordance with the instructions thereon. If no specification is made on a proxy, it will be voted **"FOR"** the matters specified on the proxy. All shares that are voted and votes to **"ABSTAIN"** will be counted towards establishing a quorum.

You may revoke a proxy once it is given. If you desire to revoke a proxy, you must submit a subsequent later dated proxy or a written notice of revocation to the Target Funds. You may also give written notice of revocation in person at the Special Meeting. Attendance by a shareholder at the Special Meeting does not, by itself, revoke a proxy.

**QUORUM AND ADJOURNMENTS**

Forty percent (40%) of the outstanding shares of a Target Fund will be considered a quorum for the transaction of business with respect to such Target Fund, for the approval of Proposals 1 and 2. Forty percent (40%) of the outstanding shares of the ETF Managers Trust will be considered a quorum for the transaction of business with respect to Proposal 3. If a quorum of shareholders with respect to any proposal is not present at the Special Meeting, or if a quorum is present but sufficient votes to approve a proposal described in this Proxy Statement are not received, authorized officer of the Innovator Trust may adjourn the Special Meeting of the Target Funds one or more times to permit further solicitation of proxies. Any business that might have been transacted at the Special Meeting with respect to the Target Funds may be transacted at any such adjourned session(s) at which a quorum is present. The persons designated as proxies may use their discretionary authority to vote as instructed by management of the Target Funds on any other proposals raised at the Special Meeting to the extent permitted by the SEC's proxy rules, including proposals for which timely notice was not received, as set forth in the SEC's proxy rules.

**EFFECT OF ABSTENTIONS AND BROKER "NON-VOTES"**

For all proposals, abstentions (or votes to "withhold") are included as shares present at the Meeting for purposes of determining whether a quorum is present. For Proposals 1 and 2 abstentions will have the practical effect of a "no" vote.

A "broker non-vote" occurs when a broker who holds shares for the beneficial owner does not vote on a non-routine proposal because the broker does not have discretionary voting authority for that non-routine proposal and has not received instructions from the beneficial owner of the shares. Broker non-votes are included in the determination of the number of shares represented at the Meeting for purposes of determining whether a quorum is present.

If you are a beneficial owner whose shares are held of record by a broker, your broker does not have discretionary authority to vote on the Proposals without instructions from you, in which case a broker non-vote will occur and your shares will not be voted on these proposals, and will have the practical effect of a "no" vote. **We urge you to provide instructions to your broker or nominee so that your votes may be considered with respect to the Proposals.**

**Solicitation of proxies**

The Target Funds expect that the solicitation of proxies will be primarily by mail and telephone. The solicitation also may include facsimile, Internet, or oral communications. EQ Fund Solutions has been retained to aid in the solicitation of proxies, at an anticipated cost of approximately $49,000. M2 will bear the expenses relating to the Reorganization, including the costs of retaining EQ Fund Solutions.

**OTHER INFORMATION**

**OTHER BUSINESS**

The Innovator Board knows of no other business to be brought before the Special Meeting. If any other matters come before the Special Meeting, the Board intends that proxies that do not contain specific restrictions to the contrary will be voted on those matters in accordance with the judgment of the persons named in the enclosed proxy card.

**APPRAISAL RIGHTS**

Shareholders will have no appraisal rights in connection with the Reorganizations.

**NEXT MEETING OF SHAREHOLDERS**

The Target Funds do not hold regular meetings of shareholders. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent meeting of shareholders should send their written proposals to the Target Funds' Secretary within a reasonable time before the proxy materials for the next meeting are sent to shareholders. To be considered for presentation at a shareholders' meeting, rules promulgated by the SEC require that, among other things, a shareholder's proposal must be received at the offices of the Innovator Trust within a reasonable time before a solicitation is made. Timely submission of a proposal does not necessarily mean that the proposal will be included.

**LEGAL MATTERS**

Certain legal matters concerning the issuance of shares of the Acquiring Funds in connection with the Reorganization and the federal income tax consequences of the Reorganization will be passed upon by Chapman and Cutler LLP.

**INFORMATION FILED WITH THE SEC AND NYSE ARCA**

The Funds are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the 1940 Act, and in accordance therewith, file reports and other information, including proxy materials, with the SEC. Reports and other information filed by Innovator Trust and CF Trust, including the proxy materials, are available on the SEC's website, <u>www.sec.gov</u>. In addition, the Target Funds' shares are listed on NYSE Arca. The Acquiring Fund shares will be listed on NYSE Arca. Reports, proxy statements and other information that may be filed with NYSE Arca also may be inspected at the offices of the exchanges.

**APPENDIX A – AGREEMENT AND PLAN OF REORGANIZATION**

THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made as of this ____ day of ____, 2025, by and among Innovator ETFs Trust ("Innovator Trust"), a Delaware statutory trust, with its principal place of business at 200 W. Front Street, Wheaton, Illinois 60187, on behalf of each of its series listed on Exhibit A attached hereto (each, an "Acquired Fund" and collectively, the "Acquired Funds"), Capital-Force ETF Trust (the "CF Trust"), a Delaware statutory trust, with its principal place of business at 27441 Tourney Rd., Suite 260, Valencia, CA 91355, on behalf of each of its series listed on Exhibit A attached hereto (each, an "Acquiring Fund" and collectively, the "Acquiring Funds" and, together with the Acquired Funds, the "Funds") and, solely with respect to Article IX, M2 Financial LLC ("M2"), with its principal place of business at 27441 Tourney Rd., Suite 260, Valencia, CA 91355.

WHEREAS, each of Innovator Capital Management, LLC, with its principal place of business at 200 W. Front Street, Wheaton, Illinois 60187 ("Innovator") and M2 have entered into an Asset Purchase Agreement, dated as of June 2, 2025 (the "Purchase Agreement") pursuant to which M2 agreed to acquire, and Innovator agreed to sell, certain assets relating to the Innovator's business with respect to the Acquired Funds; and

WHEREAS, it is intended that the transactions contemplated by this Agreement constitute a "reorganization" as defined in Section 368(a): of the United States Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations thereunder. Such transactions will consist of: (i) the transfer of all of the property and assets of an Acquired Fund to the corresponding Acquiring Fund set forth on Exhibit A (each such pair of Acquired Fund and its corresponding Acquiring Fund, a " Corresponding Acquired Fund" or Corresponding Acquiring Fund" as appropriate) in exchange for (A) shares of beneficial interest, par value of $0.01 per share, of shares of the Acquiring Fund (the "Acquiring Fund Shares") and (B) the assumption by the Acquiring Fund of all liabilities of the Corresponding Acquired Fund; followed by (ii) the distribution of the Acquiring Fund Shares pro rata to the shareholders of the Corresponding Acquired Fund in exchange for their shares in the Acquired Fund (the "Acquired Fund Shares") in liquidation of the Corresponding Acquired Fund as provided herein, all upon the terms and conditions set forth in this Agreement ((i) and (ii) collectively, a "Reorganization" for each pair of Acquired Fund and its corresponding Acquiring Fund and collectively, the "Reorganizations"). The parties hereby adopt this Agreement as a "plan of reorganization" within the meaning of Treasury regulations Sections 1.368-2(g) and 1.368-3(a). Notwithstanding anything to the contrary contained herein, the obligations, agreements, representations and warranties with respect to each Fund shall be the obligations, agreements, representations and warranties of that Fund only, and in no event shall any other series of Innovator Trust or any other series of CF Trust or the assets of any other series of Innovator Trust or any other series of CF Trust be held liable with respect to the breach or other default by an obligated Fund or Amplify of its obligations, agreements, representations and warranties as set forth herein;

WHEREAS, each Acquired Fund and Acquiring Fund is a separate series of Innovator Trust and CF Trust, respectively, Innovator Trust and CF Trust are open-end, registered management investment companies, and each Acquired Fund owns securities and other investments that are assets of the character in which such Acquiring Fund is permitted to invest;

WHEREAS, each Acquiring Fund is authorized to issue its shares of beneficial interest;

WHEREAS, the Board of Trustees of Innovator Trust have determined that each Reorganization, with respect to respective Acquired Fund, is in the best interests of such Acquired Fund's shareholders and that the interests of the existing shareholders of such Acquired Fund will not be diluted as a result of the respective Reorganization;

WHEREAS, the Board of Trustees of CF Trust have determined that each Reorganization, with respect to the respective Acquiring Fund, is in the best interests of such Acquiring Fund and, there being no existing shareholders of the Acquiring Funds, that the Reorganizations will not result in dilution of the Acquiring Funds' shareholders' interests;

WHEREAS, the consummation of the Reorganization of the Innovator IBD<sup>®</sup> 50 ETF ("FFTY") shall not be contingent on the consummation of any other Reorganization; and

WHEREAS the consummation of the Reorganization of the Innovator IBD<sup>®</sup> Breakout Opportunities ETF ("BOUT") shall be contingent on the consummation of the FFTY Reorganization;

NOW, THEREFORE, in consideration of the premises, covenants, and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

**ARTICLE I**

TRANSFER OF ASSETS OF THE ACQUIRED FUNDS IN EXCHANGE FOR ACQUIRING FUNDS<br> SHARES AND THE ASSUMPTION OF THE ACQUIRED FUNDS' LIABILITIES AND<br> TERMINATION OF THE ACQUIRED FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 THE EXCHANGE. Subject to the terms and conditions contained herein and on the basis of the representations and warranties contained herein, each Acquired Fund agrees to sell, assign, convey, transfer and deliver all of its assets, as set forth in paragraph 1.2, free and clear of all liens and encumbrances, except those liens and encumbrances as to which the Corresponding Acquiring Fund has received notice, to the Corresponding Acquiring Fund. In exchange, the Corresponding Acquiring Fund agrees (a) to issue and deliver to the Acquired Fund a number of Acquiring Fund Shares having an aggregate net asset value ("NAV") equal to the aggregate NAV of the corresponding Acquired Fund Shares, as determined in the manner set forth in paragraphs 2.1 and 2.2; and (b) to assume the liabilities of the Acquired Fund, as set forth in paragraph 1.3. Such transactions comprising the Reorganization shall take place on the date of the Closing provided for in paragraph 3.1 (the "Closing Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 ASSETS TO BE ACQUIRED. The assets of each Acquired Fund to be sold, assigned, transferred and delivered to and acquired by the Corresponding Acquiring Fund shall consist of all assets and property of every kind and nature, including, without limitation, all cash, cash equivalents, securities, goodwill, commodities, interests in futures and dividends or interest receivables, receivables for shares sold, any intellectual property rights owned or licensed by the Acquired Fund necessary or desirable for the Corresponding Acquiring Fund to implement its investment objective and investment strategy as described in the N-14 Registration Statement (as defined in paragraph 5.6), and other rights that are owned by the Acquired Fund on the Closing Date, and any prepaid expenses shown as an asset on the books of the Acquired Fund on the Closing Date (the "Acquired Assets"). For the sake of clarity, the Acquired Assets include, but are not limited to, all rights (including rights to indemnification and contribution) and claims (including, but not limited to, claims for breach of contract, violation of standards of care and claims in connection with past or present portfolio holdings, whether in the form of class action claims, opt-out or other direct litigation claims or regulator or government established investor recovery fund claims and any and all resulting recoveries, free and clear of all liens, encumbrances and claims whatsoever, except those liens and encumbrances as to which the Corresponding Acquiring Fund has received notice) of the Acquired Fund against any party with whom the Acquired Fund has contracted for any actions or omissions up to the Closing Date.

Each Acquired Fund has provided the Corresponding Acquiring Fund with its most recent audited financial statements, which contain a list of all of the Acquired Fund's assets as of the date of such statements. Each Acquired Fund hereby represents that, as of the date of the execution of this Agreement, there have been no changes in its financial position as reflected in such financial statements other than those occurring in the ordinary course of business in connection with the purchase and sale of securities, creation and redemption transactions of the Acquired Fund shares with authorized participants, payment of normal operating expenses and the payment of dividends and capital gains distributions. Each Acquired Fund reserves the right to sell any of such securities or other investments in accordance with the investment strategy described in the current prospectus and statement of additional information included in the registration statement of such Acquired Fund (the "Acquired Fund Prospectus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 LIABILITIES TO BE ASSUMED. Each Acquired Fund will endeavor, consistent with its obligation to continue to pursue its investment objective and employ its investment strategies in accordance with the terms of the Acquired Fund Prospectus in good faith to discharge all of its known liabilities and obligations to the extent practicable prior to the Closing Date. Each Acquiring Fund shall assume all liabilities of the Corresponding Acquired Fund not discharged prior to the Closing Date, whether known or unknown, contingent, accrued or otherwise (excluding Reorganization Expenses (as defined in Article IX) borne by M2 pursuant to Article IX).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 LIQUIDATION AND DISTRIBUTION. On the Closing Date, each Acquired Fund will distribute, in liquidation, all of the Acquiring Fund Shares received by the Acquired Fund pursuant to paragraph 1.1, pro rata to its shareholders of record, determined as of the close of business on the Valuation Date (as defined in paragraph 2.1) (the "Acquired Fund Shareholders"). In each Reorganization, each Acquired Fund Shareholder will receive a number of Acquiring Fund Shares that has an aggregate NAV equal to the aggregate NAV of the Acquired Fund Shares held of record by such Acquired Fund Shareholder on the Closing Date. Such liquidation and distribution will be accomplished by the transfer of Acquiring Fund Shares credited to the account of the respective Acquired Fund on the books of the Corresponding Acquiring Fund to open accounts on the share records of the Corresponding Acquiring Fund in the names of the Acquired Fund Shareholders, representing the respective numbers of Acquiring Fund Shares due such shareholders. All issued and outstanding Acquired Fund Shares will simultaneously be canceled on the books of the respective Acquired Fund, and each Acquired Fund will thereupon proceed to terminate as set forth in paragraph 1.7 below. The Acquiring Funds shall not issue certificates representing Acquiring Fund Shares in connection with such exchange. Each Acquired Fund Shareholder shall have the right to receive any unpaid dividends or other distributions that were declared by the respective Acquired Fund before the Effective Time (as defined in paragraph 3.1) with respect to Acquired Fund Shares that are held of record by the Acquired Fund Shareholder at the Effective Time on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 OWNERSHIP OF SHARES. Ownership of Acquiring Fund Shares will be shown on the books of the Corresponding Acquiring Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 TRANSFER TAXES. Any transfer taxes payable upon the transfer of Acquiring Fund Shares in a name other than the registered holder of the Acquired Fund Shares on the books of the respective Acquired Fund as of that time shall, as a condition of such issuance and transfer, be paid by the person to whom such Acquiring Fund Shares are to be transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 TERMINATION. As soon as practicable on or after the Closing Date, each Acquired Fund shall make all filings and take all other steps as shall be necessary and proper to effect its complete dissolution under Delaware law, and termination of its registration with the Securities and Exchange Commission ("SEC") and NYSE Arca, Inc. After the Closing Date, the Acquired Funds shall not conduct any business except in connection with their dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 REPORTING. Any reporting responsibility of the Acquired Funds, including, without limitation, the responsibility for filing of regulatory reports, tax returns or other documents with the SEC or other regulatory authority, the exchange on which the Acquired Funds' shares are listed or any state securities commission and any federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Corresponding Acquired Fund or its duly appointed agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 BOOKS AND RECORDS. Each Acquired Fund shall have arranged for the availability prior to, and the transfer as soon as practicable following, the Closing Date to the Corresponding Acquiring Fund, or its designated agent, of the Acquired Fund's books and records required to be maintained under the Investment Company Act of 1940, as amended (the "1940 Act"), and the rules and regulations thereunder.

**ARTICLE II**

VALUATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 VALUATION OF ASSETS. The value of the Acquired Assets to be acquired by each Acquiring Fund hereunder shall be the value of such Acquired Assets computed as of the close of regular trading on the New York Stock Exchange ("NYSE") on the day immediately prior to Closing Date (such time and date being hereinafter called the "Valuation Date"). The NAV per share of Acquiring Fund Shares shall be determined in the manner set forth in CF Trust's Agreement and Declaration of Trust, or By-Laws, each Acquiring Fund's then-current prospectus and statement of additional information and the procedures adopted by CF Trust's Board of Trustees. On the Closing Date, each Acquired Fund shall record the value of the Acquired Assets, as valued pursuant to this paragraph 2.1, on a valuation report (the "Valuation Report") and deliver a copy of the Valuation Report to the Corresponding Acquiring Fund by 7:00 p.m. (Eastern time) on the Closing Date, or as soon as practicable thereafter. The NAV per share of Acquired Fund Shares shall be determined in the manner set forth in Innovator Trust's Agreement and Declaration of Trust, or By-Laws, each Acquired Fund's then-current prospectus and statement of additional information and the procedures adopted by Innovator Trust's Board of Trustees. The NAV per share of the Acquiring Fund shares issued in connection with each Reorganization shall be the NAV per share of the respective Acquired Fund as of the close of business on the Closing Date. All Acquiring Fund shares delivered to an Acquired Fund Shareholder will be delivered at NAV without the imposition of a sales load, commission, transaction fee or other similar fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 VALUATION OF SHARES AND CALCULATION OF NUMBERS OF SHARES. The NAV per share of Acquiring Fund Shares and the NAV per share of Acquired Fund Shares shall, in each case, be computed as of the close of normal trading on the NYSE on the Valuation Date. The number of Acquiring Fund Shares to be issued in each Reorganization in exchange for the Corresponding Acquired Fund's net assets as described in Article I shall be determined by U.S. Bancorp Fund Services, LLC ("USB Fund Services" or "Acquired Fund Administrator") by dividing the NAV of the Acquired Fund Shares, as determined in accordance with paragraph 2.1, by the NAV of one Acquiring Fund Share, as determined in accordance with paragraph 2.1 hereof. Shareholders of record of the Acquired Fund at the Closing will be credited with full shares of the Corresponding Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 DETERMINATION OF VALUE. All computations of value with respect to the Acquired Funds shall be made by the Acquired Fund Administrator, in accordance with its regular practice in pricing the shares and assets of the Acquired Funds, and confirmed by USB Fund Services, as the administrator of the Acquiring Funds. CF Trust and Innovator Trust agree to use commercially reasonable efforts to resolve prior to the Valuation Date any material valuation differences with respect to portfolio securities of the Acquired Funds that will be transferred to the Acquiring Funds.

**ARTICLE III**

CLOSING AND CLOSING DATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 CLOSING DATE. Subject to the satisfaction or waiver of the conditions set forth in Articles VI, VII and VIII of this Agreement, the closing (the "Closing") will be on the Closing Date, which will be on or about [ ], 2025, or such other date as the parties may agree to in writing. The Closing shall be held as of the close of business at 8:00 a.m. Eastern Time (the "Effective Time") at the offices of Innovator Trust at 200 W. Front Street, Wheaton, Illinois 60187 or at such other time and/or place as the parties may agree. All acts taking place at the Closing shall be deemed to take place simultaneously immediately at the Effective Time, unless otherwise provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 CUSTODIAN'S CERTIFICATE. The portfolio securities and other investments of each Acquired Fund shall be made available by such Acquired Fund to the Corresponding Acquiring Fund's custodian for examination no later than five business days preceding the Closing Date. U.S. Bank, National Association ("USBNA"), as custodian for each Acquired Fund, shall deliver at the Closing a certificate of an authorized officer stating that: (a) the Acquired Fund's portfolio securities, cash, and any other assets shall have been delivered in proper form to the Corresponding Acquiring Fund on the Closing Date; and (b) all necessary Taxes (as defined below), including all applicable federal and state stock transfer stamps, if any, shall have been paid, or provision for payment shall have been made, in conjunction with the delivery of portfolio securities by such Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 EFFECT OF SUSPENSION IN TRADING. In the event that on the Valuation Date, either: (a) the NYSE or another primary exchange on which the portfolio securities of the Acquiring Funds or the Acquired Funds are purchased or sold, shall be closed to trading or trading on such exchange shall be restricted; or (b) trading or the reporting of trading on the NYSE or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquiring Funds or the Acquired Funds is impracticable as mutually determined by the parties, the Valuation Date shall be postponed until the first business day after the day when trading is fully resumed and reporting is restored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 TRANSFER AGENT'S CERTIFICATE. Each Acquired Fund shall cause USB Fund Services, as its transfer agent, as of the Closing Date to deliver at the Closing to the Secretary of CF Trust a certificate of an authorized officer stating that its records contain the names and addresses of Acquired Fund Shareholders, and the number and percentage ownership of outstanding Acquired Fund Shares owned by each Acquired Fund Shareholder immediately prior to the Closing. Each Acquiring Fund shall issue and deliver or cause USB Fund Services, its transfer agent, to issue and deliver to the Secretary of Innovator Trust a confirmation evidencing the number of Acquiring Fund Shares to be credited on the Closing Date or provide evidence satisfactory to the Corresponding Acquired Fund that such Acquiring Fund Shares have been credited to the Corresponding Acquired Fund's account on the books of the Acquiring Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, receipts and other documents, if any, as such other party or its counsel may reasonably request.

**ARTICLE IV**

REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 REPRESENTATIONS OF THE ACQUIRED FUNDS. Innovator Trust and the Acquired Funds represent and warrant to CF Trust and the Acquiring Funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquired Fund is a separate series of Innovator Trust, a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware. Innovator Trust has the power to own all of its properties and assets and, subject to approval by the Acquired Funds' shareholders, to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund is registered as an open-end management investment company, and its registration with the SEC as an investment company under the 1940 Act, is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquired Fund Prospectus conform in all material respects to the applicable requirements of the Securities Act of 1933 (the "1933 Act") and the 1940 Act, and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquired Funds are not currently engaged in, and the execution, delivery, and performance of this Agreement (subject to shareholder approval) will not result in, the violation of any material provision of the Agreement and Declaration of Trust of Innovator Trust or its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Acquired Funds are a party or by which they are bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Acquired Fund Shares are the only outstanding equity interests in the Acquired Funds. Any initial Acquired Fund Shares issued to a seed capital investor (including Acquired Fund Shares issued to the investment advisors of the Acquiring Funds or an affiliate thereof) have been redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Acquired Funds have no material contracts or other commitments (other than this Agreement and agreements for the purchase and sale of securities or other permitted investments) that if terminated will result in material liability to the Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as otherwise disclosed in writing to and accepted by the Acquiring Funds, no litigation, administrative proceeding, or investigation of or before any court or governmental body is presently pending or to its knowledge threatened against the Acquired Funds or any of their properties or assets, which, if adversely determined, would materially and adversely affect their financial condition, the conduct of their business, or the ability of the Acquired Funds to carry out the transactions contemplated by this Agreement. The Acquired Funds know of no facts that might form the basis for the institution of such proceedings and are not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects the Acquired Funds' business or their ability to consummate the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The financial statements of each Acquired Fund for the most recently completed fiscal year are in accordance with generally accepted accounting principles, and such statements (copies of which have been furnished to the Corresponding Acquiring Fund) fairly reflect the financial condition of the Acquired Fund as of the end of such fiscal year, in all material respects as of that date, and there are no known contingent liabilities of the Acquired Funds as of that date not disclosed in such statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the end of each Acquired Fund's most recently completed fiscal year, there have been no material adverse changes in the Acquired Funds' financial condition, assets, liabilities or business (other than changes occurring in the ordinary course of business), or any incurrence by the Acquired Funds of material indebtedness, except as otherwise disclosed in writing to and accepted by the Corresponding Acquiring Fund. For the purposes of this subparagraph (i), distributions of net investment income and net realized capital gains, changes in portfolio securities, changes in market value of portfolio securities, or creating or redemption activity by authorized participants shall not constitute a material adverse change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All Tax (as defined below) returns and reports (including, but not limited to, information returns) that are required to have been filed by each Acquired Fund have been duly and timely filed. All such returns and reports were true, correct and complete as of the time of their filing, and accurately state the amount of Tax (if any) owed for the periods covered by the returns, or, in the case of information returns, the amount and character of income or other information required to be reported by the Acquired Fund. All Taxes due or properly shown to be due on such returns and reports have been paid, or provision has been made and properly accounted therefor. To the knowledge of Innovator Trust, no such return is currently being audited by any federal, state, local or foreign taxing authority. To the knowledge of Innovator Trust, there are no deficiency assessments (or deficiency assessments proposed in writing) with respect to any Taxes of the Acquired Fund. As used in this Agreement, "Tax" or "Taxes" means all federal, state, local and foreign (whether imposed by a country or political subdivision or authority thereunder) income, gross receipts, excise, sales, use, value added, employment, franchise, profits, property, ad valorem, escheat, unclaimed property or other taxes, stamp taxes and duties, fees, assessments or charges, whether payable directly or by withholding, together with any interest and any penalties, additions to tax or additional amounts imposed by any taxing authority (foreign or domestic) with respect thereto, and including any obligations to indemnify or otherwise assume or succeed to such a liability of any other person. There are no levies, liens or encumbrances relating to Taxes existing, pending or threatened in writing with respect to the assets of the Acquired Fund (other than liens for Taxes not yet due and payable). None of the Acquired Funds have changed their annual accounting period within the 60-month period ending on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All issued and outstanding shares of the Acquired Funds are, and at the Closing Date will be, validly issued, fully paid and non-assessable by the Acquired Funds and will have been issued in compliance with all applicable registration or qualification requirements of federal and state securities laws. All of the issued and outstanding shares of the Acquired Funds will, at the time of the Closing Date, be held by the persons and in the amounts set forth in the records of the Acquired Funds' transfer agent as provided in paragraph 3.4. The Acquired Funds have no outstanding options, warrants, or other rights to subscribe for or purchase any Acquired Fund Shares, and there are no outstanding securities convertible into any Acquired Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) At the Closing Date, each Acquired Fund will have good and valid title to such Acquired Fund's Acquired Assets to be transferred to the Corresponding Acquiring Fund pursuant to paragraph 1.2, and full right, power, and authority to sell, assign, transfer, and deliver such Acquired Assets hereunder. Upon delivery and payment for such Acquired Assets, the Corresponding Acquiring Fund will acquire good and valid title, subject to no restrictions on the full transfer of such Acquired Assets, including such restrictions as might arise under the 1933 Act, other than as disclosed in writing to and accepted by the Corresponding Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of the Acquired Funds. Subject to approval by the Acquired Funds' shareholders, this Agreement constitutes a valid and binding obligation of the Acquired Funds, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The information to be furnished by the Acquired Funds for use in no-action letters, applications for orders, registration statements, proxy materials, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) From the mailing of the proxy statement/prospectus contained in the N-14 Registration Statement (as defined in paragraph 5.6), through the time of the meeting of the Acquired Funds' shareholders and on the Closing Date, any written information furnished by Innovator Trust with respect to the Acquired Funds for use in the N-14 Registration Statement, each N-1A Registration Statement Amendment (as defined in paragraph 4.3) or any other materials provided in connection with the Reorganizations, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Innovator Trust has in effect an election to treat each Acquired Fund as a regulated investment company ("RIC") for federal income tax purposes under Part I of Chapter 1, Subchapter M of the Code. Each Acquired Fund is a fund that is treated as a corporation separate from each other series of Innovator Trust under Section 851(g) of the Code. The Acquired Funds have no earnings and profits accumulated in any taxable year for which the provisions of Part I of Chapter 1, Subchapter M of the Code (or the corresponding provisions of prior law) did not apply to it. Each Acquired Fund has qualified for treatment as a RIC for each taxable year since its formation (or since it was first treated as a separate corporation under Section 851(g) of the Code) that has ended prior to the Closing Date and, subject to the accuracy of the representations set forth in paragraph 4.2(m), expects to satisfy the requirements of Part I of Chapter 1, Subchapter M of the Code to maintain qualification for such treatment for the taxable year that includes the Closing Date. Subject to the accuracy of the representations set forth in paragraph 4.2(m), each Acquired Fund does not expect that the consummation of the transactions contemplated by this Agreement will cause it to fail to qualify for treatment as a RIC as of the Closing Date or as of the end of its taxable year that includes the Closing Date. Each Acquired Fund has not at any time since its inception been liable for any income or excise tax pursuant to Sections 852 or 4982 of the Code that has not been timely paid. Each Acquired Fund is in compliance in all material respects with all applicable provisions of the Code and all applicable Treasury regulations pertaining to the reporting of dividends and other distributions on and redemptions of its shares of beneficial interest and to withholding in respect of dividends and other distributions to shareholders and redemption of shares, and is not liable for any material penalties that could be imposed thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Each Acquired Fund's investment operations from inception to the date hereof have been in compliance in all material respects with the investment policies and investment restrictions set forth in such Acquired Fund Prospectus, except as previously disclosed in writing to the Corresponding Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Acquiring Fund Shares to be issued to the Acquired Funds pursuant to paragraph 1.1 will not be acquired for the purpose of making any distribution thereof other than to the Acquired Fund Shareholders as provided in paragraph 1.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) No consents, approvals, authorizations or filings from any governmental entity or FINRA are required under the 1933 Act, the Securities Exchange Act of 1934 (the "1934 Act"), the 1940 Act or Delaware law for the execution of this Agreement by Innovator Trust, for itself and on behalf of each Acquired Fund, except for the effectiveness of each N-1A Registration Statement Amendment and the N-14 Registration Statement and such other consents, approvals, authorizations and filings as have been made or received, and such consents, approvals, authorizations and filings as may be required subsequent to the Closing Date, it being understood, however, that this Agreement and the transactions contemplated herein must be approved by the Acquired Fund's shareholders as described in paragraph 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The books and records of each Acquired Fund, including FASB ASC 740-10-25 (formerly FIN 48) workpapers and supporting statements, made available to the Corresponding Acquiring Fund and/or its counsel, are substantially true and correct and contain no material misstatements or omissions with respect to the operations of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) No Acquired Fund would be subject to corporate-level taxation on the sale of any assets currently held by it as a result of the application of Section 337(d) of the Code and the Treasury regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No Acquired Fund has waived or extended any applicable statute of limitations with respect to the assessment or collection of Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) No Acquired Fund has received written notification from any taxing authority that asserts a position contrary to any of the representations set forth in paragraphs (j), (p), (t), (u), and (v) of this Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 REPRESENTATIONS OF THE ACQUIRING FUNDS. CF Trust and the Acquiring Funds represent and warrant to Innovator Trust and the Acquired Funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund is a separate series of CF Trust, a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware. CF Trust has the power to own all of its properties and assets and to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CF Trust is registered as an open-end management investment company, and its registration with the SEC as an investment company under the 1940 Act is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The current Prospectus and Statement of Additional Information of each Acquiring Fund conform in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make such statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquiring Funds are not currently engaged in, and the execution, delivery and performance of this Agreement will not result in, a violation of any material provision of the Amended and Restated Agreement and Declaration of Trust of CF Trust or its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Acquiring Funds are a party or by which they are bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as otherwise disclosed in writing to and accepted by the Acquired Funds, no litigation, administrative proceeding or investigation of or before any court or governmental body is presently pending, or to its knowledge, threatened against the Acquiring Funds or any of their properties or assets, which, if adversely determined, would materially and adversely affect its financial condition and the conduct of their business or the ability of the Acquiring Funds to carry out the transactions contemplated by this Agreement. The Acquiring Funds know of no facts that might form the basis for the institution of such proceedings and it is not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects its business or its ability to consummate the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There shall be no issued and outstanding shares of the Acquiring Funds prior to the Closing Date other than a nominal number of shares ("Initial Shares") issued to a seed capital investor (which shall be the investment advisor of the Acquiring Funds or an affiliate thereof) to vote on the investment advisory and sub-advisory contracts, distribution and service plan under Rule 12b-1 of the 1940 Act, and other agreements and plans as may be required by the 1940 Act and to take whatever action it may be required to take as each Acquiring Fund's sole shareholder. The Initial Shares have been or will be redeemed by the Acquiring Funds prior to the Closing for the price for which they were issued, and any price paid for the Initial Shares shall at all times have been held by the Acquiring Funds in a non-interest bearing account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All issued and outstanding Acquiring Fund Shares will be, at the Closing Date, validly issued, fully paid and non-assessable by the Acquiring Funds. The Acquiring Funds have no outstanding options, warrants, or other rights to subscribe for or purchase any Acquiring Fund shares, and there are no outstanding securities convertible into any Acquiring Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The execution, delivery, and performance of this Agreement has been duly authorized by all necessary action on the part of the Acquiring Funds, and this Agreement constitutes a valid and binding obligation of the Acquiring Funds, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The information to be furnished by the Acquiring Funds for use in no-action letters, applications for orders, registration statements, proxy materials, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) From the mailing of each proxy statement/prospectus contained in the N-14 Registration Statement through the time of the meeting of each Acquired Fund's shareholders and on the Closing Date, any written information furnished by CF Trust with respect to the Acquiring Funds for use in the N-14 Registration Statement, each N-1A Registration Statement Amendment or any other materials provided in connection with the Reorganization, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each Acquiring Fund agrees to use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1934 Act, the 1940 Act, and any state blue sky or securities laws as it may deem appropriate in order to continue its operations after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No governmental consents, approvals, authorizations or filings are required under the 1933 Act, the 1934 Act, the 1940 Act or Delaware law for the execution of this Agreement by CF Trust, for itself and on behalf of the Acquiring Funds, or the performance of the Agreement by CF Trust, for itself and on behalf of the Acquiring Funds, except for the effectiveness of each N-1A Registration Statement Amendment and the N-14 Registration Statement and such other consents, approvals, authorizations and filings as have been made or received, and except for such consents, approvals, authorizations and filings as may be required subsequent to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Subject to the accuracy of the representations and warranties in paragraph 4.1(p), for the taxable year that includes the Closing Date, CF Trust expects that each Acquiring Fund will meet the requirements of Chapter 1, Part I of Subchapter M of the Code for qualification as a RIC and will be eligible to, and will, compute its federal income tax under Section 852 of the Code. After the Closing, each Acquiring Fund will be a fund that is treated as a separate corporation under Section 851(g) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Each Acquiring Fund is, and will be at the time of Closing, a newly created series without assets (other than the seed capital provided in exchange for Initial Shares) and without liabilities, created for the purpose of acquiring the assets and assuming the liabilities of the Corresponding Acquired Fund, and, prior to the Closing, (i) will not commence operations or carry on any business activities (other than such activities as are customary to the organization of a new series of a registered investment company prior to its commencement of investment operations); (ii) will not have held any property, and immediately following the respective Reorganization, the Acquiring Fund will possess solely assets and liabilities, that were possessed by the Corresponding Acquired Fund immediately prior to the Reorganization and (iii) will not have prepared books of account and related records or financial statements or issued any shares. Immediately following the liquidation of each Acquired Fund as contemplated herein, 100% of the issued and outstanding shares of beneficial interest of each Acquiring Fund will be held by the former holders of Acquired Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 REPRESENTATIONS OF CF TRUST. CF Trust represents and warrants to Innovator Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CF Trust has filed one or more post-effective amendments to its registration statement on Form N-1A ("N-1A Registration Statement Amendment") for the purpose of registering the Acquiring Funds under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CF Trust has adopted compliance policies and procedures that are reasonably designed to prevent violation of the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 REPRESENTATIONS OF INNOVATOR TRUST. Innovator Trust represents and warrants to CF Trust that Innovator Trust has adopted compliance policies and procedures that are reasonably designed to prevent violation of the federal securities laws.

**ARTICLE V**

COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 OPERATION IN ORDINARY COURSE. Each of the Acquiring Funds and the Acquired Funds will operate their businesses in the ordinary course between the date of this Agreement and the Closing Date, it being understood that such ordinary course of business may include payment of customary dividends and distributions and creation and redemption activity of authorized participants in the case of the Acquired Funds and redemptions of the Initial Shares in the case of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 APPROVAL OF SHAREHOLDERS. Innovator Trust will call a special meeting of each Acquired Fund's shareholders to consider and act upon this Agreement and to take all other action necessary to obtain approval of the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 ADDITIONAL INFORMATION. The Acquired Funds will assist the Acquiring Funds in obtaining such information as the Acquiring Funds reasonably request concerning the beneficial ownership of the Acquired Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 FURTHER ACTION. Subject to the provisions of this Agreement, each Acquiring Fund and Acquired Fund will take or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement, including any actions required to be taken after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 STATEMENT OF EARNINGS AND PROFITS. As promptly as practicable, but in any case within 60 days after the Closing Date, each Acquired Fund shall furnish the Corresponding Acquiring Fund, in such form as is reasonably satisfactory to the Corresponding Acquiring Fund, a statement of the earnings and profits of the Acquired Fund for federal income tax purposes that will be carried over to the Corresponding Acquiring Fund, as well as any capital loss carryovers that will be carried over to the Corresponding Acquiring Fund as a result of Section 381 of the Code, and which will be certified by Innovator Trust's Treasurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 PREPARATION OF N-14 REGISTRATION STATEMENT. CF Trust will prepare and file with the SEC a registration statement on Form N-14 (the "N-14 Registration Statement") relating to the transactions contemplated by this Agreement in compliance with the 1933 Act, the 1934 Act and the 1940 Act. Each Acquired Fund will provide the Corresponding Acquiring Fund with the materials and information necessary to prepare the N-14 Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund (solely out of the Acquiring Fund's assets and property, including any amounts paid to the Acquiring Fund pursuant to any applicable liability insurance policies or indemnification agreements) agrees to indemnify and hold harmless the Corresponding Acquired Fund and the Corresponding Acquired Fund's Trustees and officers (collectively, "Acquired Fund Indemnified Persons") from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Corresponding Acquired Fund or any of the Acquired Fund Indemnified Persons may become subject, insofar as any such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any material breach by the Acquiring Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Each Acquired Fund (solely out of the Acquired Fund's assets and property, including any amounts paid to the Acquired Fund pursuant to any applicable liability insurance policies or indemnification agreements) agrees to indemnify and hold harmless the Corresponding Acquiring Fund and the Corresponding Acquiring Fund's Trustees and officers (collectively, "Acquiring Fund Indemnified Persons") from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquiring Fund Indemnified Persons may become subject, insofar as any such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any material breach by the Acquired Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 TAX RETURNS. Innovator Trust covenants that by the time of the Closing, all of the Acquired Funds' federal and other Tax returns and reports required by law to have been filed on or before the Closing Date (taking extensions into account) shall have been filed and all federal and other Taxes (if any) shown as due on said returns shall have either been paid or, if not yet due, adequate liability reserves shall have been provided for the payment of such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 CLOSING DOCUMENTS. At the Closing, Innovator Trust will provide CF Trust with the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) A certificate, signed by the President and the Treasurer or Assistant Treasurer of Innovator Trust on behalf of the Acquired Funds, stating each Acquired Fund's known assets and liabilities, together with information concerning the tax basis and holding period of each Acquired Fund in all securities or investments transferred to the Corresponding Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of any Tax books and records of each Acquired Fund necessary for purposes of preparing any Tax returns, schedules, forms, statements or related documents (including but not limited to any income, excise or information returns, as well as any transfer statements (as described in Treasury regulation Section 1.6045A-1)) required by law to be filed by the Corresponding Acquiring Fund after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy (which may be in electronic form) of the shareholder ledger accounts of each Acquired Fund, including, without limitation, the name, address and taxpayer identification number of each shareholder of record; the number of shares of beneficial interest held by each such shareholder; the dividend reinvestment elections applicable to each shareholder; the backup withholding certifications (e.g., IRS Form W-9) or foreign person certifications (e.g., IRS Form W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY), notices or records on file with each Acquired Fund with respect to each shareholder; and such information as CF Trust may reasonably request concerning Acquired Fund Shares or Acquired Fund Shareholders in connection with the Acquiring Fund's cost basis reporting and related obligations under Sections 1012, 6045, 6045A, and 6045B of the Code and related Treasury Regulations following the Closing for all of the Acquired Fund Shareholders (the "Acquired Fund Shareholder Documentation"), certified by Innovator Trust's transfer agent or its President or its Vice President to the best of their knowledge and belief.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All FASB ASC 740-10-25 (formerly, FIN 48) work papers and supporting statements pertaining to each Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 TAX TREATMENT. Each Acquiring Fund and Corresponding Acquired Fund intends that the respective Reorganization will qualify as a reorganization described in Section 368(a)(1)(F) of the Code. No Acquiring Fund or Acquired Fund shall take any action or cause any action to be taken (including, without limitation the filing of any Tax return) that is inconsistent with such treatment or results in the failure of any Reorganization to qualify as a reorganization described in Section 368(a)(1)(F) of the Code.

**ARTICLE VI**

CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUNDS

The obligations of each Acquired Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Corresponding Acquiring Fund of all the obligations to be performed by the Corresponding Acquiring Fund pursuant to this Agreement on or before the Closing Date, and, in addition, subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 All representations, covenants, and warranties of the Acquiring Funds contained in this Agreement shall be true and correct in all material respects as of the Closing Date, with the same force and effect as if made on and as of that Closing Date. Each Acquiring Fund shall have delivered to the Corresponding Acquired Fund a certificate executed in the Acquiring Fund's name by CF Trust's President or Vice President and its Treasurer or Assistant Treasurer, in form and substance satisfactory to the Corresponding Acquired Fund and dated as of the Closing Date, to such effect and as to such other matters as the Corresponding Acquired Fund shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 CF Trust, on behalf of each Acquiring Fund, shall have executed and delivered to Innovator Trust an Assumption of Liabilities dated as of the Closing Date pursuant to which each Acquiring Fund will assume all of the liabilities of the Corresponding Acquired Fund not discharged prior to the Closing Date in accordance with Section 1.3 of this Agreement of such Corresponding Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Each Acquired Fund shall have received on the Closing Date an opinion of Chapman and Cutler LLP, in a form reasonably satisfactory to the Acquired Fund, and dated as of the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) this Agreement has been duly authorized, executed, and delivered by CF Trust, on behalf of the Acquiring Funds, and, assuming due authorization, execution, and delivery of the Agreement by Innovator Trust, on behalf of the Acquired Funds, is a valid and binding obligation of CF Trust, on behalf of the Acquiring Funds, enforceable against the Acquiring Funds in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the knowledge of such counsel, no consent, approval, authorization, or order of any court or governmental authority is required for the consummation by CF Trust or the Acquiring Funds of the transactions contemplated by this Agreement, except such as may be required under the 1933 Act, the 1934 Act, the 1940 Act, and the rules and regulations under those Acts (it being understood that counsel has made no independent investigation or analysis with respect to state securities laws and is not opining thereon).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 In connection with the opinions contemplated by Section 6.3, it is understood that counsel may reasonably rely upon the representations made in this Agreement as well as certificates of officers of CF Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The N-1A Registration Statement Amendments filed by CF Trust with the SEC to register the offer of the sale of the Acquiring Fund Shares will be in effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 As of the Closing Date with respect to the Reorganization of each Acquired Fund, there shall have been no material change in the investment objective, policies and restrictions nor any material change in the investment management fees, fee levels payable pursuant to the distribution and service plan pursuant to Rule 12b-1 under the 1940 Act, other fees payable for services provided to the Corresponding Acquiring Fund, or fee waiver or expense reimbursement undertakings of the Corresponding Acquiring Fund from those fee amounts and undertakings of the Corresponding Acquiring Fund described in the N-14 Registration Statement or N-1A Registration Statement Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 The CF Trust Board of Trustees, including a majority of Trustees who are not "interested persons" of CF Trust as defined under the 1940 Act, has determined that the transactions contemplated by this Agreement are in the best interests of each Acquiring Fund and that the interests of the existing shareholders of each Acquiring Fund would not be diluted as a result of such transactions.

**ARTICLE VII**

CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUNDS

The obligations of each Acquiring Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by each Acquired Fund of all the obligations to be performed by each Acquired Fund pursuant to this Agreement, on or before the Closing Date and, in addition, shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 All representations, covenants, and warranties of the Acquired Funds contained in this Agreement shall be true and correct in all material respects as of the date hereof and as of the Closing Date, with the same force and effect as if made on and as of such Closing Date. Each Acquired Fund shall have delivered to the Corresponding Acquiring Fund on such Closing Date a certificate executed in the Acquired Fund's name by Innovator Trust's President or Vice President and its Treasurer or Assistant Treasurer, in form and substance satisfactory to the Corresponding Acquiring Fund and dated as of such Closing Date, to such effect and as to such other matters as the Corresponding Acquiring Fund shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Innovator Trust, on behalf of each Acquired Fund, shall have duly executed and delivered to CF Trust such bills of sale, assignments, certificates and other instruments of transfer as may be necessary or desirable to transfer all right, title and interest of each Acquired Fund in and to the Acquired Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Each Acquiring Fund shall have received on the Closing Date an opinion of Chapman and Cutler LLP, in a form reasonably satisfactory to the Acquiring Fund, and dated as of the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement has been duly authorized, executed, and delivered by Innovator Trust, on behalf of the Acquired Funds, and, assuming due authorization, execution, and delivery of the Agreement by CF Trust, on behalf of the Acquiring Funds, is a valid and binding obligation of Innovator Trust, on behalf of the Acquired Funds, enforceable against Innovator Trust and the Acquired Funds in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the knowledge of such counsel, no consent, approval, authorization, or order of any court or governmental authority is required for the consummation by Innovator Trust or the Acquired Funds of the transactions contemplated by this Agreement, except such as may be required under the 1933 Act, the 1934 Act, the 1940 Act, and the rules and regulations under those Acts (it being understood that counsel has made no independent investigation or analysis with respect to state securities laws and is not opining thereon).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 In connection with the opinions contemplated by Section 7.3, it is understood that counsel may reasonably rely upon the representations made in this Agreement as well as certificates of officers of Innovator Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Each Acquired Fund shall have delivered to the Corresponding Acquiring Fund the documents and information described in Article III and in paragraphs 5.5 and 5.9 as well as any other certificates or documents as may be deemed necessary or desirable by the Corresponding Acquiring Fund in connection with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 The Innovator Trust Board of Trustees, including a majority of Trustees who are not "interested persons" of Innovator Trust as defined under the 1940 Act, has determined that the transactions contemplated by this Agreement are in the best interests of each Acquired Fund and that the interests of the existing shareholders of each Acquired Fund would not be diluted as a result of such transactions.

**ARTICLE VIII**

FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE<br> ACQUIRING FUNDS AND ACQUIRED FUNDS

If any of the conditions set forth below do not exist on or before the Closing Date with respect to each Acquired Fund or Acquiring Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement. Notwithstanding anything to the contrary in the foregoing, if the conditions stated in paragraphs 8.1 and 8.5 below do not exist on or before the Closing Date with respect to the Acquired Funds or the Acquiring Funds, the transactions contemplated by this Agreement shall not be consummated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 This Agreement and the transactions contemplated herein, with respect to each Acquired Fund, shall have been approved by the requisite vote of the holders of the outstanding shares of each Acquired Fund in accordance with Delaware law and the provisions of the Agreement and Declaration of Trust of Innovator Trust. Notwithstanding the immediately preceding sentence, if this Agreement and the transactions contemplated herein with respect to FFTY have been approved by the requisite vote of the holders of the outstanding shares of FFTY in accordance with Delaware law and the provisions of the Agreement and Declaration of Trust of Innovator Trust, but this Agreement and the transactions contemplated herein with respect to BOUT have not been approved by the requisite vote of the holders of the outstanding shares of BOUT, the Reorganization with respect FFTY may be consummated. Certified copies of the resolutions evidencing such approval shall have been delivered to the Corresponding Acquiring Fund. Notwithstanding anything herein to the contrary, neither the Corresponding Acquiring Fund nor the Acquired Fund may waive the conditions set forth in this paragraph 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 On the Closing Date, the SEC shall not have issued an unfavorable report under Section 25(b) of the 1940 Act, or instituted any proceeding seeking to enjoin the consummation of the transactions contemplated by this Agreement under Section 25(c) of the 1940 Act. Furthermore, no action, suit or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with this Agreement or the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 All required consents of other parties and all other consents, orders, and permits of federal, state and local regulatory authorities (including those of the SEC and of state blue sky securities authorities, including any necessary no-action positions and exemptive orders from such federal and state authorities) to permit consummation of the transactions contemplated herein shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Funds or the Acquired Funds, provided that either party hereto may waive any such conditions for itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Each of the N-1A Registration Statement Amendment and the N-14 Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued. To the best knowledge of the parties to this Agreement, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Innovator Trust and CF Trust shall have received the opinion of Chapman and Cutler LLP dated as of the Closing Date and addressed to CF Trust and Innovator Trust, in a form satisfactory to them, substantially to the effect that, based upon certain facts, qualifications, certifications, representations and assumptions, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and each applicable Acquiring Fund and the Corresponding Acquired Fund will be a "party to a reorganization," within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No gain or loss will be recognized by any Acquired Fund upon the transfer of all its Acquired Assets to the Corresponding Acquiring Fund solely in exchange for Acquiring Fund Shares of such Corresponding Acquiring Fund and the assumption by such Corresponding Acquiring Fund of all the liabilities of such Acquired Fund, or upon the distribution of Acquiring Fund Shares of such Corresponding Acquiring Fund to the Acquired Fund Shareholders of such Acquired Fund, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The tax basis in the hands of each Acquiring Fund of each Acquired Asset transferred from the Corresponding Acquired Fund to such Acquiring Fund in the applicable Reorganization will be the same as the tax basis of such Acquired Asset in the hands of such Corresponding Acquired Fund immediately prior to the transfer thereof, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by such Corresponding Acquired Fund on the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The holding period in the hands of each Acquiring Fund of each Acquired Asset transferred from the Corresponding Acquired Fund to such Acquiring Fund in the applicable Reorganization, other than any Acquired Asset with respect to which gain or loss is required to be recognized, will include such Corresponding Acquired Fund's holding period for such Acquired Asset (except where investment activities of such Corresponding Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No gain or loss will be recognized by any Acquiring Fund upon receipt of all its Acquired Assets solely in exchange for Acquiring Fund Shares of such Acquiring Fund and the assumption by such Acquiring Fund of all the liabilities of the Corresponding Acquired Fund as part of the applicable Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No gain or loss will be recognized by any Acquired Fund Shareholder of an Acquired Fund upon the exchange of Acquired Fund Shares of such Acquired Fund for Acquiring Fund Shares of the Corresponding Acquiring Fund as part of the applicable Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate tax basis of the Acquiring Fund Shares that each Acquired Fund Shareholder receives in the applicable Reorganization will be the same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received in exchange for Acquired Fund Shares in the applicable Reorganization will include such Acquired Fund Shareholder's holding period for such Acquired Fund Shares, provided that such Acquired Fund Shareholder held such Acquired Fund Shares as capital assets on the date of the exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No taxable year of an Acquired Fund will end as a result of the applicable Reorganization.

Notwithstanding anything herein to the contrary, neither the Acquiring Funds nor the Acquired Funds may waive the conditions set forth in this paragraph 8.5.

**ARTICLE IX**

EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Except as otherwise provided for herein, M2 (or any affiliate thereof) shall bear the following costs incurred with respect to the Reorganizations contemplated by this Agreement ("Reorganization Expenses"), including: (a) preparation and filing of the N-14 Registration Statement (legal, audit and filing fees); (b) distribution (mailing) of the N-14 Registration Statement and costs of proxy solicitation and tabulation services; and (c) costs to prepare and execute closing documents in relation to each Reorganization, inclusive of required legal and tax opinions. For the avoidance of doubt, costs of counsel for the Funds and proxy solicitation costs related to the Reorganizations shall be borne by M2 regardless of whether the Reorganizations are consummated.

Notwithstanding the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in a failure by any Acquired Fund or Acquiring Fund to qualify for treatment as a RIC within the meaning of Section 851 of the Code, or would prevent the applicable Reorganization from qualifying as a reorganization within the meaning of Section 368(a)(1)(F) of the Code, or would otherwise result in the imposition of tax on any Acquired Fund or Acquiring Fund or on any of their respective shareholders.

**ARTICLE X**

ENTIRE AGREEMENT; SURVIVAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 CF Trust, on behalf of each Acquiring Fund, and Innovator Trust, on behalf of each Acquired Fund, agree that neither party has made to the other party any representation, warranty and/or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The representations and warranties contained in this Agreement or in any document delivered pursuant to or in connection with this Agreement, including, without limitation, the indemnification obligations under Section 5.7, shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing Date, and the obligations of the Acquiring Fund, shall continue in effect beyond the consummation of the transactions contemplated hereunder.

**ARTICLE XI**

TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 This Agreement may be terminated by the mutual agreement of CF Trust and Innovator Trust. In addition, either CF Trust or Innovator Trust may at its option terminate this Agreement at or prior to the Closing Date due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a breach by the other of any representation, warranty, covenant or agreement contained herein to be performed at or prior to the Closing Date, if not cured within 30 days or, in the sole discretion of the non-breaching party's Board of Trustees, prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a condition herein expressed to be precedent to the obligations of the terminating party that has not been met and it reasonably appears to the terminating party's Board of Trustees that it will not or cannot be met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a determination by the terminating party's Board of Trustees that the consummation of the transactions contemplated herein is not in the best interest of the party, and to give notice to the other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 This Agreement may be terminated with respect to the Reorganization of BOUT while remaining in full force and effect with respect to the Reorganization of FFTY. For the avoidance of doubt, any termination with respect to the Reorganization of FFTY will terminate this entire Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 In the event of any such termination, in the absence of willful default, there shall be no liability for damages on the part of the Acquiring Funds, the Acquired Funds, CF Trust, Innovator Trust, or the respective Trustees or officers to the other party or its Trustees or officers.

**ARTICLE XII**

AMENDMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 This Agreement may be amended, modified, or supplemented in such manner as may be mutually agreed upon in writing by the authorized officers of the Acquired Funds and the Acquiring Funds; provided, however, that following the meeting of each Acquired Fund's shareholders pursuant to paragraph 5.2 of this Agreement, no such amendment may have the effect of changing any provisions to the detriment of such shareholders.

**ARTICLE XIII**

HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT;<br> LIMITATION OF LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but, except as provided in this paragraph, no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 It is expressly agreed that the obligations of the Acquiring Funds hereunder shall not be binding upon any of the Trustees, shareholders, officers, agents, or employees of CF Trust personally, but shall bind only the trust property of the Acquiring Funds, as provided in the Amended and Restated Agreement and Declaration of Trust of CF Trust. The execution and delivery of this Agreement have been authorized by the Trustees of CF Trust on behalf of the Acquiring Funds and signed by authorized officers of CF Trust, acting as such. Such authorization by such Trustees and such execution and delivery by such officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Acquiring Funds as provided in CF Trust's Amended and Restated Agreement and Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 It is expressly agreed that the obligations of the Acquired Funds hereunder shall not be binding upon any of the Trustees, shareholders, officers, agents, or employees of Innovator Trust personally, but shall bind only the trust property of the Acquired Funds, as provided in the Agreement and Declaration of Trust of Innovator Trust. The execution and delivery of this Agreement have been authorized by the Trustees of Innovator Trust on behalf of the Acquired Funds and signed by authorized officers of Innovator Trust, acting as such. Such authorization by such Trustees and such execution and delivery by such officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Acquired Funds as provided in Innovator Trust's Agreement and Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Except as provided in Section 5.7(b), each of CF Trust, on behalf of the Acquiring Funds, and Innovator Trust, on behalf of the Acquired Funds, specifically acknowledges and agrees that any liability under this Agreement with respect to the Acquiring Funds or Acquired Funds or in connection with the transactions contemplated herein with respect to the Acquiring Funds or Acquired Funds shall be discharged only out of the assets of the Acquiring Funds or Acquired Funds and that no other series of CF Trust or Innovator Trust shall be liable with respect thereto.

**ARTICLE XIV**

CONFIDENTIALITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Each Fund agrees to treat confidentially and as proprietary information of the other Fund all records and other information, including any information relating to portfolio holdings, of such other Fund and not to use such records and information for any purpose other than the performance of its duties under this Agreement; provided, however, that after prior notification of and written approval by such other Fund (which approval shall not be withheld if the disclosing Fund would be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities having proper jurisdiction, and which approval shall not be withheld unreasonably in any other circumstance), a Fund may disclose such records and/or information as so approved.

**ARTICLE XV**

COOPERATION AND EXCHANGE OF INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Innovator Trust and CF Trust will provide each other and their respective representatives with such cooperation, assistance and information as either of them reasonably may request of the other in filing any Tax returns, amended Tax returns or claims for Tax refunds, determining a liability for Taxes or a right to a refund of Taxes, requesting a closing agreement or similar relief from a taxing authority or participating in or conducting any audit or other proceeding in respect of Taxes, or in determining the financial reporting of any Tax position. Each party or its respective agents will retain for a period of six (6) years following the Closing all returns, schedules and work papers and all material records or other documents relating to Tax matters and financial reporting of Tax positions of the Acquired Funds and Acquiring Funds for its taxable period first ending after the Closing and for prior taxable periods for which the party is required to retain records as of the Closing, provided that the Acquired Funds shall not be required to maintain any such documents that it has delivered to the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Any reporting responsibility of the Acquired Funds is and shall remain the responsibility of the Acquired Funds, up to and including the date of the Closing, and such later date on which the Acquired Funds is terminated including, without limitation, responsibility for (i) preparing and filing any Tax returns relating to Tax periods ending on or prior to the date of the Closing (whether due before or after the Closing); and (ii) preparing and filing other documents with the SEC, any state securities commission, and any federal, state or local tax authorities or any other relevant regulatory authority, except as otherwise is mutually agreed by the parties.

*\*\*\*Signature Page Follows\*\*\**

 

IN WITNESS WHEREOF, the parties have duly executed this Agreement, all as of the date first written above.

---

| | |
|:---|:---|
| **INNOVATOR ETFS TRUST** | **Capital-Force ETF Trust** |
| on behalf of the Acquired Fund | on behalf of the Acquired Fund |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| **M2 Financial LLC**<br>solely with respect to Article IX |  |
| By: |  |
| Name: |  |
| Title: |  |

---

EXHIBIT A

FUNDS

**<u>Acquired Funds</u>**

Innovator IBD<sup>®</sup> Breakout Opportunities ETF

Innovator IBD<sup>®</sup> 50 ETF

**<u>Acquiring Funds</u>**

CapForce IBD<sup>®</sup> Breakout Opportunities ETF

CapForce IBD<sup>®</sup> 50 ETF

**APPENDIX B – FINANCIAL highlights OF THE TARGET FUNDS**

Each Acquiring Fund will adopt the financial statements of the applicable Target Fund, the accounting survivor of each Reorganization. The audited financials of the Target Funds are included in the [Target Funds' Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000113322826000153/itcf-efp19017_ncsr.htm), which are incorporated herein by reference.

The financial highlights table is intended to help you understand the Target Funds' financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). Information for the periods ended October 31 has been audited by Cohen & Company, Ltd., the Target Funds' independent registered public accounting firm, whose report, along with the Target Funds' financial statements for such period, is included in the Target Funds' annual report, which is available upon request.

**APPENDIX C – OWNERSHIP OF SHARES OF THE TARGET FUNDS**

**APPENDIX D – SHAREHOLDER INFORMATION FOR THE ACQUIRING FUNDS**

**Buying and Selling Fund Shares**

Each Acquiring Fund (for purposes of this Appendix D, a "Fund" and together, the "Funds") issues or redeems its shares ("Shares") at NAV per Share only in Creation Units. Most investors will buy and sell Shares in secondary market transactions through brokers. Shares will be listed for trading on the secondary market on the NYSE Arca, Inc. (the "Exchange"). Shares can be bought and sold throughout the trading day like other publicly traded shares. Share prices are reported in dollars and cents per Share. There is no minimum investment. When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction. Because Shares trade at market price rather than NAV, an investor may pay more than NAV when purchasing Shares and receive less than NAV when selling Shares.

Authorized participants may acquire Shares directly from the Funds, and authorized participants may tender their Shares for redemption directly to the Fund, at NAV per Share only in Creation Units or Creation Unit Aggregations, and in accordance with the procedures described in the SAI to this Proxy Statement.

**Book Entry**

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

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

**Fund Share Trading Prices** 

The trading prices of Shares on the Exchange is based on market price and may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares.

**Frequent Purchases and Redemptions of Fund Shares**

The Fund does not impose restrictions on the frequency of purchases and redemptions ("market timing"), and has adopted no policies and procedures with respect to market timing activities. In making this determination, the Board of Trustees of the Capital-Force ETF Trust (the "Board") considered the risks associated with market timing activities by the Fund's shareholders, including, dilution, disruption of portfolio management, increases in the Fund's trading costs and the potential for the realization of capital gains.

Shares may be purchased and redeemed directly from the Fund only when aggregated into one or more Creation Units by authorized participants that have entered into agreements with the Fund's distributor. The vast majority of trading in Shares occurs on the secondary market and does not involve the Fund directly. Cash trades on the secondary market are unlikely to cause many of the harmful effects of frequent purchases and/or redemptions of Shares detailed above. To the extent the Fund may effect the issuance or redemption of Creation Units in exchange wholly or partially for cash, such trades could result in disruption of portfolio management, dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objectives, and may lead to the realization of capital gains. These consequences may increase as the frequency of cash purchases and redemptions of Creation Units by authorized participants increases. However, direct trading by authorized participants is critical to ensuring that Shares trade at or close to NAV.

To minimize these potential consequences of frequent purchases and redemptions of Shares, the Fund imposes transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs the Fund incurs in effecting trades. In addition, the Fund reserves the right to not accept orders from authorized participants that M2 has determined may be disruptive to the management of the Fund or otherwise are not in the best interests of the Fund. For these reasons, the Board has not adopted policies and procedures with respect to frequent purchases and redemptions of Shares.

**Determination of Net Asset Value**

US Bancorp Fund Services LLC ("USBFS"), the Funds' administrator and fund accounting agent, calculates each Fund's NAV at the close of regular trading (ordinarily 4:00 p.m. E.S.T.) every day the New York Stock Exchange is open. The NAV for one Share is the value of that Share's portion of all of the net assets of the applicable Fund, which is calculated by taking the market price of the Fund's total assets, including any interest or dividends accrued but not yet collected, less all liabilities, and dividing such amount by the total number of Shares outstanding. The result, rounded to the nearest cent is the NAV per Share.

Section 2(a)(41) of the 1940 Act provides that when a market quotation is readily available for a fund's portfolio investments, such investment must be valued at the market value. Rule 2a-5 under the 1940 Act ("Rule 2a-5") defines a readily available market quotation as "a quoted price (unadjusted) in active markets for identical investments that the fund can access at a measurement date, provided that a quotation will not be readily available if it is not reliable." If a market quotation is not "readily available" the portfolio investment must be fair valued as determined in good faith by a fund's board of trustees. Rule 2a-5 allows a fund's board of trustees to designate the fund's investment adviser as the "valuation designee" to perform fair value determinations subject to certain conditions. In accordance with Rule 2a-5, the Board has appointed M2 as the "Valuation Designee" for the Fund's portfolio investments. Investments will be fair valued as determined in good faith in accordance with the policies and procedures established by M2 as the Valuation Designee pursuant to Rule 2a-5 and approved by, and subject to the oversight of, the Board of Trustees. As a general principle, "fair value" represents a good faith approximation of the value of a portfolio investment and is the amount the Fund might reasonably expect to receive from the current sale of that investment in an arm's-length transaction. The use of fair value prices may result in prices used by the Fund that may differ from current market quotations or official closing prices on the applicable exchange. A variety of factors may be considered in determining the fair value of such securities. While the Valuation Procedures (defined below) are intended to result in the Fund's NAV calculation that fairly reflects the values as of the time of pricing, the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument.

Common stocks, preferred stocks and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market ("NASDAQ") and the London Stock Exchange Alternative Investment Market ("AIM")) will be valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price.

USBFS may obtain all market quotations used in valuing securities from a third-party pricing service vendor (a "Pricing Service"). If no quotation can be obtained from a Pricing Service, then USBFS will contact M2. M2 is responsible for establishing the valuation of portfolio securities and other instruments held by the Fund in accordance with the pricing and valuation procedures adopted by the Board (the "Valuation Procedures"). M2 will then attempt to obtain one or more broker quotes for the security daily and will value the security accordingly.

If no quotation is available from either a Pricing Service, or one or more brokers, or if M2 has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by the Fund for which reliable market quotations are not readily available will be determined by M2 in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

Fair valuation of an equity security will be based on the consideration of all available information, including, but not limited to, the following: (a) the type of security; (b) the size of the holding; (c) the initial cost of the security; (d) transactions in comparable securities; (e) price quotes from dealers and/or pricing services; (f) relationships among various securities; (g) information obtained by contacting the issuer, analysts, or the appropriate stock exchange; (h) an analysis of the issuer's financial statements; and (i) the existence of merger proposals or tender offers that might affect the value of the security.

With respect to any non-U.S. securities held by the Fund, the Fund may take factors influencing specific markets or issuers into consideration in determining the fair value of a non-U.S. security.

**Other Investment Companies** 

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. Rule 12d1-4 under the 1940 Act provides the requirements under which an investment company may invest in securities of another investment company beyond the limits prescribed in Section 12(d)(1) of the 1940 Act. Any investment by another investment company in the Funds, or by the Funds in another investment company, must comply with Rule 12d1-4 in order to exceed the limits contained in Section 12(d)(1).

**DIVIDENDS, DISTRIBUTIONS AND TAXES**

**Dividends and Distributions**

Each Fund expects to declare and distribute all of its net investment income and its net realized capital gains, if any, at least annually. Each Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee the Fund will pay either an income dividend or a capital gains distribution. Distributions may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available.

**Taxes**

This section summarizes some of the main U.S. federal income tax consequences of owning Shares of the Funds. This section is current as of the date of this Combined Proxy Statement and Prospectus. Tax laws and interpretations change frequently, and this summary does not describe all of the tax consequences to all taxpayers. For example, this summary generally does not describe your situation if you are a corporation, a non-U.S. person, a broker-dealer, or other investor with special circumstances. In addition, this section does not describe your state, local or non-U.S. tax consequences.

This federal income tax summary is based in part on the advice of counsel to the Funds. The Internal Revenue Service could disagree with any conclusions set forth in this section. In addition, counsel to the Funds may not have been asked to review, and may not have reached a conclusion with respect to, the federal income tax treatment of the assets to be included in the Funds. This may not be sufficient for you to use for the purpose of avoiding penalties under federal tax law.

As with any investment, you should seek advice based on your individual circumstances from your own tax advisor.

Each Fund intends to continue to qualify as a "regulated investment company" under the federal tax laws. If a Fund qualifies as a regulated investment company and distributes its income as required by the tax law, the Fund generally will not pay federal income taxes.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· The Fund makes distributions,

&nbsp;&nbsp;&nbsp;&nbsp;· You sell your Shares listed on the Exchange, and

&nbsp;&nbsp;&nbsp;&nbsp;· You purchase or redeem Creation Units.

**Taxes on Distributions**

Each Fund's distributions are generally taxable. After the end of each year, you will receive a tax statement that separates the distributions of your Fund into two categories, ordinary income distributions and capital gain dividends. Ordinary income distributions are generally taxed at your ordinary tax rate; however, as further discussed below, certain ordinary income distributions received from a Fund may be taxed at the capital gains tax rates. Generally, you will treat all capital gain dividends as long-term capital gains regardless of how long you have owned your Shares. To determine your actual tax liability for your capital gain dividends, you must calculate your total net capital gain or loss for the tax year after considering all of your other taxable transactions, as described below. In addition, a Fund may make distributions that represent a return of capital for tax purposes and thus will generally not be taxable to you; however, such distributions may reduce your tax basis in your Shares, which could result in you having to pay higher taxes in the future when Shares are sold, even if you sell the Shares at a loss from your original investment. The tax status of your distributions from a Fund is not affected by whether you reinvest your distributions in additional Shares or receive them in cash. The income from a Fund that you must take into account for federal income tax purposes is not reduced by amounts used to pay a deferred sales fee, if any. The tax laws may require you to treat distributions made to you in January as if you had received them on December 31 of the previous year.

Income from a Fund may also be subject to a 3.8% "Medicare tax." This tax generally applies to your net investment income if your adjusted gross income exceeds certain threshold amounts, which are $250,000 in the case of married couples filing joint returns and $200,000 in the case of single individuals.

A corporation that owns Shares generally will not be entitled to the dividends received deduction with respect to many dividends received from a Fund because the dividends received deduction is generally not available for distributions from regulated investment companies. However, certain ordinary income dividends on Shares that are attributable to qualifying dividends received by a Fund from certain corporations may be reported by the Fund as being eligible for the dividends received deduction.

If you are an individual, the maximum marginal stated federal tax rate for net capital gain is generally 20% (15% or 0% for taxpayers with taxable incomes below certain thresholds). Some capital gains, including some portion of your capital gain dividends, may be taxed at a higher maximum stated tax rate. Capital gains may also be subject to the Medicare tax described above.

Net capital gain equals net long-term capital gain minus net short-term capital loss for the taxable year. Capital gain or loss is long-term if the holding period for the asset is more than one year and is short-term if the holding period for the asset is one year or less. You must exclude the date you purchase your Shares to determine your holding period. However, if you receive a capital gain dividend from a Fund and sell your Shares at a loss after holding them for six months or less, the loss will be recharacterized as long-term capital loss to the extent of the capital gain dividend received. The tax rates for capital gains realized from assets held for one year or less are generally the same as for ordinary income. The Code treats certain capital gains as ordinary income in special situations. An election may be available to you to defer recognition of the gain attributable to a capital gain dividend if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements.

Ordinary income dividends received by an individual shareholder from a regulated investment company such as the Funds are generally taxed at the same rates that apply to net capital gain (as discussed above), provided certain holding period requirements are satisfied and provided the dividends are attributable to qualifying dividends received by a Fund itself. Each Fund will provide notice to its shareholders of the amount of any distribution which may be taken into account as a dividend which is eligible for the capital gains tax rates.

**Taxes of Exchange-Listed Share Sales**

If you sell or redeem your Shares, you will generally recognize a taxable gain or loss. To determine the amount of this gain or loss, you must subtract your tax basis in your Shares from the amount you receive in the transaction. Your tax basis in your Shares is generally equal to the cost of your Shares, generally including sales charges. In some cases, however, you may have to adjust your tax basis after you purchase your Shares.

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

If you exchange securities for Creation Units you will generally 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 your aggregate basis in the securities surrendered and the cash component paid. If you exchange Creation Units for securities, you will generally recognize a gain or loss equal to the difference between your basis in the Creation Units and the aggregate market value of the securities received and any cash redemption amount. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units or Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position.

**Treatment of Fund Expenses**

Expenses incurred and deducted by the Funds will generally not be treated as income taxable to you. In some cases, however, you may be required to treat your portion of these Fund expenses as income.

**Backup Withholding**

Each Fund may be required to withhold U.S. federal income tax ("*backup withholding*") from dividends and capital gain distributions paid to Shareholders. Federal tax will be withheld if (1) the Shareholder fails to furnish the Fund with the Shareholder's correct taxpayer identification number or social security number, (2) the IRS notifies the Shareholder or the Fund that the Shareholder has failed to report properly certain interest and dividend income to the IRS and to respond to notices to that effect, or (3) when required to do so, the Shareholder fails to certify to the Fund that he or she is not subject to backup withholding. The current backup withholding rate is 24%. Any amounts withheld under the backup withholding rules may be credited against the Shareholder's U.S. federal income tax liability.

**Non-U.S. Tax Credit**

If a Fund invests in non-U.S. securities, the tax statement that you receive may include an item showing non-U.S. taxes the Fund paid to other countries. In this case, dividends taxed to you will include your share of the taxes the Fund paid to other countries. You may be able to deduct or receive a tax credit for your share of these taxes.

**Non-U.S. Investors**

If you are a non-U.S. investor (*i.e.,* an investor other than a U.S. citizen or resident or a U.S. corporation, partnership, estate or trust), you should be aware that, generally, subject to applicable tax treaties, distributions from the Funds will generally be characterized as dividends for federal income tax purposes (other than dividends which a Fund properly reports as capital gain dividends) and will be subject to U.S. federal income taxes, including withholding taxes, subject to certain exceptions described below. However, distributions received by a non-U.S. investor from a Fund that are properly reported by the Fund as capital gain dividends may not be subject to U.S. federal income taxes, including withholding taxes, provided that the Fund makes certain elections and certain other conditions are met. Distributions from a Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. investors, provided that the Fund makes certain elections and certain other conditions are met. For tax years after December 31, 2022, amounts paid to or recognized by a non-U.S. affiliate that are excluded from tax under the portfolio interest, capital gain dividends, short-term capital gains or tax-exempt interest dividend exceptions or applicable treaties, may be taken into consideration in determining whether a corporation is an "applicable corporation" subject to a 15% minimum tax on adjusted financial statement income.

Distributions to, and gross proceeds from dispositions of shares by, (i) certain non-U.S. financial institutions that have not entered into an agreement with the U.S. Treasury to collect and disclose certain information and are not resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury and (ii) certain other non-U.S. entities that do not provide certain certifications and information about the entity's U.S. owners, may be subject to a U.S. withholding tax of 30%. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

**Investments in Certain Non-U.S. Corporations** 

If a Fund holds an equity interest in any "passive foreign investment companies" ("PFICs"), which are generally certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income, the Fund could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is timely distributed to its shareholders. A Fund will not be able to pass through to its shareholders any credit or deduction for such taxes. A Fund may be able to make an election that could ameliorate these adverse tax consequences. In this case, a Fund would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under this election, the Fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax. Dividends paid by PFICs are not treated as qualified dividend income.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Funds. It is not a substitute for personal tax advice. You also may be subject to state and local taxes on Fund distributions and sales of Shares.

**DISTRIBUTION PLAN**

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

**PREMIUM/DISCOUNT Information**

Information showing the number of days the market price of each Fund's Shares was greater (at a premium) and less (at a discount) than the Fund's NAV for the most recently completed calendar year, and the most recently completed calendar quarters since that year (or the life of the Fund, if shorter), will be available at <u>www.capforceetf.com</u> after the Reorganization.

**OTHER SERVICE Providers**

Foreside Fund Services, LLC serves as distributor and principal underwriter of the Creation Units of the Funds. Its principal address is Three Canal Plaza, Suite 100, Portland, ME 04101. The Distributor has entered into a Distribution Agreement with the CF Trust pursuant to which it distributes the Funds' shares. Shares are continuously offered for sale by the Funds through the Distributor only in Creation Units

U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, Wisconsin 53202, is the administrator and transfer agent for the Funds. U.S. Bank N.A., 1555 North Rivercenter Drive, Suite 302, Milwaukee, WI 53212, is the custodian.

Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, serves as legal counsel to the CF Trust.

Cohen & Company, Ltd., 342 North Water Street, Suite 830, Milwaukee, Wisconsin 53202, serves as the Funds' independent registered public accounting firm and is responsible for auditing the annual financial statements of the Funds.

**Statement of Additional Information**

**FOR THE REORGANIZATIONS OF**

**Innovator IBD<sup>®</sup> Breakout Opportunities ETF (BOUT)**

***a series of Innovator ETFs Trust***

200 W. Front Street

Wheaton, Illinois 60187

www.innovatoretfs.com

(800) 208-5212

**INTO**

**CapForce IBD® Breakout Opportunities ETF**

***a series of Capital-Force Trust***

27441 Tourney Rd., Suite 260

Valencia, CA 91355

<u>www.capforceetf.com</u>

(800) 324-3998

**AND**

**Innovator IBD<sup>®</sup> 50 ETF (FFTY)**

***a series of Innovator ETFs Trust***

200 W. Front Street

Wheaton, Illinois 60187

www.innovatoretfs.com

(800) 208-5212

**INTO**

**CapForce IBD® 50 ETF**

***a series of Capital-Force Trust***

27441 Tourney Rd., Suite 260

Valencia, CA 91355

<u>www.capforceetf.com</u>

(800) 324-3998

**[ ], 2026**

**_________________________________________**

This Statement of Additional Information (the *"SAI"*) is not a prospectus, and it should be read in conjunction with the Combined Proxy Statement and Prospectus dated [ ], 2026, as may be amended from time to time, (the *"Prospectus"*) for the Special Meeting of Shareholders of the Innovator IBD<sup>®</sup> Breakout Opportunities ETF (*"BOUT"*) and the Innovator IBD<sup>®</sup> 50 ETF (*"FFTY"*) (each, a *"Target Fund"*, and together, the *"Target Funds"*), each a series of Innovator ETFs Trust (the *"Innovator Trust"*), a Delaware statutory trust, to be held on [March 18], 2026. A copy of the Combined Proxy Statement and Prospectus is available by calling (800) 859-8508. Please retain this document for future reference.

This SAI, relating specifically to the proposed reorganizations of the Target Funds into the CapForce IBD® Breakout Opportunities ETF and the CapForce IBD® 50 ETF (each, an "*Acquiring Fund"*, and together, the *"Acquiring Funds"*), each a newly established series of Capital-Force ETF Trust (the *"Trust"*), a Delaware statutory trust, consists of this document and the following documents of the Target Funds, each of which has been filed with the Securities and Exchange Commission and is incorporated by reference into this SAI (which means these documents are considered legally to be part of this SAI):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Statement of Additional Information of the Target Funds dated February 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390025018623/ea0230462-01_485bpos.htm); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Annual Report to Shareholders of the Target Funds for the fiscal year ended October 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000113322826000153/itcf-efp19017_ncsr.htm) (File No. 811-22135).

A copy of the Target Funds' most recent annual report, semi-annual report or the Prospectus for the Target Funds may be obtained, without charge, by writing the Innovator Capital Management, LLC at the address listed on the cover of this SAI or by calling (800) 208-5212.

The Acquiring Funds currently have no assets or liabilities. The Acquiring Funds will commence operations upon the completion of the reorganizations and will continue the operations of the Target Funds. For this reason, the financial statements of the Acquiring Funds and the pro forma financial statements of the Acquiring Funds have not been included herein.

The Target Funds' investment adviser is Innovator Capital Management, LLC (*"Innovator"*) and Acquiring Funds' investment adviser is M2 Financial LLC (*"M2"*). The investment sub-adviser for the Target Funds and Acquiring Funds is Penserra Capital Management LLC ("Penserra" or the "Sub-Adviser"). The Target Funds' and Acquiring Funds' distributor is Foreside Fund Services, LLC ("Foreside" or the "Distributor"). The Target Funds' and Acquiring Funds' shares are principally listed for trading on NYSE Arca, Inc.

The term "Fund" or "Funds" as used in this SAI, refers to the Acquiring Funds. The term "Predecessor Fund" or "Predecessor Funds" as used in this SAI, refers to the Target Funds.

ii

**Table of Contents**

---

| | |
|:---|:---|
| [General Information about the Trust](#sai_001) | 1 |
| [Exchange Listing and Trading](#sai_002) | 2 |
| [Investment Restrictions and Policies](#sai_003) | 3 |
| [Investment Strategies and Risks](#sai_004) | 5 |
| [Disclosure of Portfolio Holdings Information](#sai_005) | 13 |
| [Management of the Trust](#sai_006) | 15 |
| [Investment Adviser and Other Service Providers](#sai_007) | 21 |
| [Additional Payments to Financial Intermediaries](#sai_008) | 28 |
| [Trading and Brokerage](#sai_009) | 29 |
| [Capital Structure](#sai_010) | 30 |
| [Creation and Redemption of of Creation Units](#sai_011) | 31 |
| [Determining Offering Price and Net Asset Value](#sai_012) | 37 |
| [Distribution and Taxes](#sai_013) | 40 |
| [Performance Information](#sai_014) | 45 |
| [Financial Statements](#sai_015) | 45 |
| [Supplemental Financial Information](#sai_016) | 45 |
| [Control persons and Principal Holders of Shares](#sai_017) | 45 |
| [Exhibit A – Proxy Voting Guidelines](#sai_018) | A-1 |

---

iii

**General Information about the Trust**

The Trust is a Delaware statutory trust organized on June 20, 2025. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the *"1940 Act"*). The Trust currently offers shares of two separate series, representing separate portfolios of investments. This SAI relates solely to the CapForce IBD® Breakout Opportunities ETF and the CapForce IBD® 50 ETF (each, a "*Fund"*, and together, the *"Funds"*). The CapForce IBD® 50 ETF is classified as a "non-diversified company" as such term is defined in the 1940 Act, and the CapForce IBD® Breakout Opportunities ETF is classified as a "diversified company" as such term is defined in the 1940 Act.

This SAI relates to the Funds. It is anticipated that the Funds will acquire all the assets and liabilities of the Innovator IBD<sup>®</sup> Breakout Opportunities ETF and the Innovator IBD<sup>®</sup> 50 ETF (the *"Predecessor Funds"*). The Funds will adopt the prior performance and financial history of the Predecessor Funds. Each Fund, as a series of the Trust, represents a beneficial interest in a separate portfolio of securities and other assets, with its own objective and policies.

The Funds offer, issue and redeem shares (*"Shares"*) at net asset value (*"NAV"*) only in aggregations of a specified number of Shares (each a *"Creation Unit"*). The Funds may issue or redeem Creation Units in exchange for the securities comprising the Funds (*"Deposit Securities"*) and/or cash, or some combination thereof. Shares of the Funds will be traded on NYSE Arca, Inc. (*"NYSE Arca"*). NYSE Arca is a national securities exchange. Fund Shares will be traded in the secondary market and elsewhere at market prices that may be at, above, or below a Fund's NAV. Shares are redeemable only in Creation Units by Authorized Participants (as defined in the section entitled "Disclosure of Portfolio Holdings Information"), and, generally, in exchange for Deposit Securities. In the event of the liquidation of a Fund, the Trust may lower the number of Shares in a Creation Unit

The Funds are separate exchange-traded funds, and each Share represents an equal proportionate interest in the applicable Fund. All consideration received by the Trust for Shares and all assets of a Fund belong solely to such Fund and would be subject to liabilities related thereto.

The Trust reserves the right to permit or require that creations and redemptions of Shares are effected fully or partially in cash. Shares may be issued in advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust a cash deposit marked to the market value of any omitted Deposit Securities. The Trust may use such cash deposit at any time to purchase Deposit Securities. For more information, please see the section entitled "Creation and Redemption of Creation Units." Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of Securities and Exchange Commission (*"SEC"*) rules and regulations applicable to management investment companies offering redeemable securities.

The Trust's Agreement and Declaration of Trust (the *"Declaration of Trust"*) provides that by virtue of becoming a shareholder of the Trust, each shareholder is bound by the provisions of the Declaration of Trust. Subject to the provisions of the Declaration of Trust, the Board of Trustees of the Trust may, subject to the requisite vote, engage in and prosecute, defend, compromise, abandon, or adjust, by arbitration, or otherwise, any actions, suits, proceedings, disputes, claims, and demands relating to the Trust. The Board of Trustees may, in the exercise of their or its good faith business judgment, dismiss any action, suit, proceeding, dispute, claim or demand, derivative or otherwise, brought by a shareholder in its own name or in the name of the Trust. The Declaration of Trust further provides a detailed process for the bringing of derivative actions by shareholders.

Prior to bringing a derivative action, a written demand by the complaining shareholder must first be made on the Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such action is excused. A demand on the Board of Trustees shall only be excused if a majority of the Board of Trustees has a material personal financial interest in the subject action. There may be questions regarding the enforceability of these provisions based on certain interpretations of the Securities Act of 1933 Act, as amended (the *"1933 Act"*), the Securities Exchange Act of 1934, as amended (the *"1934 Act"*) and the 1940 Act. However, the Declaration of Trust provides if any provision shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to that provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the Declaration of Trust

**Exchange Listing and Trading**

There can be no assurance that the requirements of the Exchange necessary to maintain the listing of Shares of a Fund will continue to be met. The Exchange may, but is not required to, remove the Shares of a Fund from listing if (i) following the initial 12-month period beginning upon the commencement of trading of the Fund, there are fewer than 50 beneficial holders of the Shares for 30 or more consecutive trading days, (ii) the "approximate value" of the Fund, as described in the section of the Prospectus entitled "Net Asset Value," is no longer calculated or available, or (iii) any other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares of a Fund from listing and trading upon termination of the Fund.

As in the case of other stocks traded on the Exchange, brokers' commissions on transactions will be based on negotiated commission rates at customary levels. Negotiated commission rates only apply to investors who will buy and sell Shares in secondary market transactions through brokers on the Exchange and does not apply to investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund.

The Trust reserves the right to adjust the price levels of the 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 a Fund.

***Continuous Offering***

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

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells such Shares directly to customers or if it chooses to couple the creation of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the 1933 Act must take into account all of the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the 1933 Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment within the meaning of Section 4(a)(3)(C) of the 1933 Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. Firms that incur a prospectus delivery obligation with respect to Shares are reminded that, pursuant to Rule 153 under the 1933 Act, a prospectus delivery obligation under Section 5(b)(2) of the 1933 Act owed to an exchange member in connection with a sale on the Exchange generally is satisfied by the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is available only with respect to transactions on a national securities exchange, a trading facility, or an alternative trading system.

M2 or its affiliates, or a fund for which M2 or an affiliate serves as investment adviser, (each, as applicable, a *"Selling Shareholder"*) may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) the Funds as they are launched or thereafter, or may purchase Shares through a broker-dealer or other investors, including in secondary market transactions. Because the Selling Shareholder may be deemed to be an affiliate of the Funds, the Shares are being registered to permit the resale of these shares from time to time after any such purchase. The Funds will not receive any of the proceeds from the resale of such Shares.

**Investment Restrictions and Policies**

***Investment Objective***

There can be no assurance that the Funds will achieve their objectives. Each Fund's investment objective and policies, and its associated risks, are discussed below and in the Prospectus, which should be read carefully before an investment is made. All investment objectives and investment policies not specifically designated as fundamental may be changed without shareholder approval. Additional information about the Funds and their policies is provided below.

***Fundamental Investment Restrictions***

The investment restrictions set forth below have been adopted by the Trust as fundamental policies that cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of the applicable Fund (as defined in the 1940 Act). All other investment policies or practices of the Funds are considered by the Trust to be non-fundamental and, accordingly, may be changed without shareholder approval. For purposes of the 1940 Act, a "majority of the outstanding voting securities" means the lesser of the vote of: (i) 67% or more of the shares of a fund present at a meeting, if the holders of more than 50% of the outstanding shares of such fund are present or represented by proxy, or (ii) more than 50% of the shares of the fund.

The Funds shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Borrow money, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Act as an underwriter, except to the extent the Fund may be deemed to be an underwriter when disposing of securities it owns or when selling its own shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Make loans if, as a result, more than 33 1/3% of its total assets would be lent to other persons, including other investment companies to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder which may be adopted, granted or issued by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from (i) purchasing or selling securities or instruments secured by real estate or interests therein, securities or instruments representing interests in real estate or securities or instruments of issuers that invest, deal or otherwise engage in transactions in real estate or interests therein and (ii) making, purchasing or selling real estate mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Purchase or sell commodities except to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Issue senior securities, except to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Invest 25% or more of the Fund's net assets in securities of issuers in any one industry or group of industries (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities or securities of other investment companies), except that the Fund will invest 25% or more of its net assets in securities of issuers in the same industry to approximately the same extent that the index (the "Index") the Fund seeks to track concentrates in the securities of a particular industry or group of industries. Accordingly, if the Index the Fund seeks to track stops concentrating in the securities of a particular industry or group of industries, the Fund will also discontinue concentrating in such securities.

***Notations Regarding the Fund's Fundamental Investment Restrictions***

With respect to the fundamental policy relating to borrowing money set forth in (1) above, the 1940 Act permits each Fund to borrow money in amounts of up to one-third of the Fund's total assets from banks for any purpose, and to borrow up to 5% of the Fund's total assets from banks or other lenders for temporary purposes (each Fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires a Fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of a Fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as "leveraging." Certain trading practices and investments may be considered to be borrowings or involve leverage and thus are subject to the 1940 Act restrictions. In accordance with U.S Securities and Exchange Commission (*"SEC"*) staff guidance and interpretations, when a Fund engages in such transactions, the Fund instead of maintaining asset coverage of at least 300%, may segregate or earmark liquid assets, or enter into an offsetting position, in an amount at least equal to the Fund's exposure, on a mark-to-market basis, to the transaction (as calculated pursuant to requirements of the SEC). The policy in (1) above will be interpreted to permit a Fund to engage in trading practices and investments that may be considered to be borrowing or to involve leverage to the extent permitted by the 1940 Act and to permit a Fund to segregate or earmark liquid assets or enter into offsetting positions in accordance with the 1940 Act. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.

With respect to the fundamental policy relating to concentrations set forth in (7) above, the 1940 Act does not define what constitutes "concentration" in an industry. Rather, the SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes a concentration. It is possible that interpretations of concentration could change in the future.

With respect to the submission of a change in an investment policy to the holders of outstanding voting securities of a Fund, such matter shall be deemed to have been effectively acted upon with respect to a Fund if a majority of the outstanding voting securities of the Fund vote for the approval of such matter, notwithstanding that such matter has not been approved by the holders of a majority of the outstanding voting securities of any other series of the Trust affected by such matter.

***Non-Fundamental Investment Restrictions***

In addition to the fundamental policies and investment restrictions described above, and the various general investment policies described in the Prospectus, each Fund will be subject to the following investment restrictions, which are considered non-fundamental and may be changed by the Trust's Board of Trustees (the *"Board"*) without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund may not invest more than 15% of its net assets in securities that it cannot sell or dispose of in the ordinary course of business within seven days at approximately the value at which the Fund has valued the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund is permitted to invest in other investment companies, including open-end, closed-end or unregistered investment companies, either within the percentage limits set forth in the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, or without regard to percentage limits in connection with a merger, reorganization, consolidation or other similar transaction.

\* \* \*

Unless otherwise indicated, all limitations under the Funds' fundamental or non-fundamental investment restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of a Fund's assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the Fund's total assets will not require the Fund to dispose of an investment until the Adviser/Sub-Adviser determines that it is practicable to sell or close out the investment without undue market or tax consequences.

***Portfolio Turnover***

The Funds may have a portfolio turnover rate in excess of 100%. Portfolio trading will be undertaken principally to accomplish the Funds' investment objectives. Each Fund is free to dispose of portfolio securities at any time, subject to complying with the Internal Revenue Code of 1986 (the *"Internal Revenue Code"*) and the 1940 Act, when changes in circumstances or conditions make such a move desirable in light of the Fund's investment objective. Therefore, the Funds will not attempt to achieve or be limited to a predetermined rate of portfolio turnover.

The portfolio turnover rate tells you the amount of trading activity in a Fund's portfolio. A turnover rate of 100% would occur, for example, if all of a Fund's investments held at the beginning of a year were replaced by the end of the year, or if a single investment was frequently traded. The turnover rate also may be affected by cash requirements from purchases and redemptions of Shares. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains. Each Predecessor Fund's portfolio turnover rate for the fiscal years ended October 31, 2025 and 2024 are set forth in the tables below.

**Innovator IBD<sup>®</sup> Breakout Opportunities ETF Portfolio Turnover Rate**

---

| | |
|:---|:---|
|  | **Portfolio Turnover** |
| &nbsp;&nbsp;Fiscal year ended October 31, 2024 | 1,448% |
| &nbsp;&nbsp;Fiscal year ended October 31, 2025 | 1,668% |

---

**Innovator IBD<sup>®</sup> 50 ETF Portfolio Turnover Rate**

---

| | |
|:---|:---|
|  | **Portfolio Turnover** |
| &nbsp;&nbsp;Fiscal year ended October 31, 2024 | 1,304% |
| &nbsp;&nbsp;Fiscal year ended October 31, 2025 | 1,209% |

---

**Investment Strategies and Risks**

The following information relates to and supplements the description of the Funds' investment strategies and risks that are contained in the Prospectus and includes descriptions of permitted investments and investment practices as well as associated risk factors.

Under normal circumstances, each Fund will invest at least 80% of its net assets (including investment borrowings) in the securities that comprise the applicable index (the "*Index*") (the IBD<sup>®</sup> Breakout Stocks Index for the CapForce IBD® Breakout Opportunities ETF and the IBD<sup>®</sup> 50 Index for the CapForce IBD® 50 ETF).

***Borrowing and Leverage***. The Funds may borrow money to the extent permitted by the 1940 Act. If a Fund borrows money, it must pay interest and other fees, which will reduce the Fund's returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are intended to be temporary. However, under certain market conditions, including periods of low demand or decreased liquidity, such borrowings might be outstanding for longer periods of time. As prescribed by the 1940 Act, the Funds will be required to maintain specified asset coverage of at least 300% with respect to any bank borrowing immediately following such borrowing. In the event that such asset coverage shall at any time fall below 300%, a Fund shall, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 300%. A Fund may be required to dispose of assets on unfavorable terms if market fluctuations or other factors reduce the Fund's asset coverage to less than the prescribed amount.

***Cyber Security Risk***. The Funds may be more susceptible to operational risks through breaches in cyber security. A cyber security incident may refer to either intentional or unintentional events that allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a Fund or a service provider to suffer data corruption or lose operational functionality. A cyber security incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems (*"denial of services"*), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, remediation costs associated with system repairs, data corruption or loss of operational capacity. Any of these results could have a substantial adverse impact on a Fund. For example, if a cyber security incident results in a denial of service, Fund shareholders could lose access to their electronic accounts for an unknown period of time, and employees could be unable to access electronic systems to perform critical duties for a Fund, such as trading, NAV calculation, shareholder accounting or fulfillment of Share purchases and redemptions. Cyber security incidents could cause a Fund, Adviser, Sub-Adviser or Distributor to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, or financial loss of a significant magnitude. Such incidents may also cause a Fund to violate applicable privacy and other laws. The Funds' service providers have established risk management systems that seek to reduce the risks associated with cyber security, and business continuity plans in the event there is a cybersecurity breach. However, there is no guarantee that such efforts will succeed, especially since the Funds do not directly control the cyber security systems of the issuers of securities in which the Funds invest or the Funds' third-party service providers (including the Funds' transfer agent and custodian), and the Funds and their Shareholders may be negatively impacted as a result.

***Depositary Receipts***. The Funds may invest directly in depositary receipts. American Depositary Receipts ("ADRs") as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts may be sponsored or unsponsored. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

Investments in the securities of foreign issuers may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

Although the two types of depositary receipt facilities (unsponsored or sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer; however, typically the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depository of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights to depositary receipt holders with respect to the underlying securities.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depository and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depository, and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depository), although most sponsored depositary receipts holders may bear costs such as deposit and withdrawal fees. Depositories of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request

***Developing and/or Emerging Market Country Investment Exposure***. The Funds may invest directly in securities issued by companies domiciled in developing market or emerging market countries. Investments in companies domiciled or with significant operations in developing market or emerging market countries may be subject to potentially higher risks than investments in developed countries. These risks include, among others (i) less social, political, and economic stability; (ii) smaller securities markets with low or nonexistent trading volume, which result in greater illiquidity and greater price volatility; (iii) certain national policies which may restrict a Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (iv) foreign taxation, including less transparent and established taxation policies; (v) less developed regulatory or legal structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vi) the absence, until recently in many developing market countries, of a capital market structure or market-oriented economy; (vii) more widespread corruption and fraud; (viii) the financial institutions with which a Fund may trade may not possess the same degree of financial sophistication, creditworthiness, or resources as those in developed markets; and (ix) the possibility that recent favorable economic developments in some developing market countries may be slowed or reversed by unanticipated economic, political, or social events in such countries. The limitations associated with investments in emerging market companies could impact a Fund's ability to achieve its investment objective.

In addition, many developing market countries have experienced substantial, and during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain countries. Moreover, the economies of some developing market countries may differ unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, debt burden, capital reinvestment, resource self-sufficiency, and balance of payments position. The economies of some developing market countries may be based on only a few industries and may be highly vulnerable to changes in local or global trade conditions.

Settlement systems in developing market countries may be less organized than in developed countries. Supervisory authorities may also be unable to apply standards which are comparable with those in more developed countries. There may be risks that settlement may be delayed and that cash or securities belonging to a Fund may be in jeopardy because of failures of or defects in the settlement systems. Market practice may require that payment be made prior to receipt of the security which is being purchased or that delivery of a security must be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through whom the relevant transaction is effected might result in a loss being suffered by a Fund. A Fund generally seeks, where possible, to use counterparties whose financial status reduces this risk. However, there can be no certainty that a Fund will be successful in eliminating or reducing this risk, particularly as counterparties operating in developing market countries frequently lack the substance, capitalization, and/or financial resources of those in developed countries. Uncertainties in the operation of settlement systems in individual markets may increase the risk of competing claims to securities held by or to be transferred to a Fund. Legal compensation schemes may be non-existent, limited or inadequate to meet a Fund's claims in any of these events.

Securities trading in developing markets presents additional credit and financial risks. The Funds may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of developing market issuers. Governmental regulations may restrict potential counterparties to certain financial institutions located or operating in the particular developing market. Potential counterparties may not possess, adopt or implement creditworthiness standards, financial reporting standards, or legal and contractual protections similar to those in developed markets. Currency and other hedging techniques may not be available or may be limited.

The local taxation of income and capital gains accruing to non-residents varies among developing market countries and may be comparatively high. Developing market countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that the Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets.

Many developing market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be difficult to interpret, and laws may be too new to provide any precedential value. Laws regarding foreign investment and private property may be weak or non-existent. Investments in developing market countries may involve risks of nationalization, expropriation, and confiscatory taxation. For example, the Communist governments of a number of Eastern European countries expropriated large amounts of private property in the past, in many cases without adequate compensation, and there can be no assurance that similar expropriation will not occur in the future. In the event of expropriation, a Fund could lose all or a substantial portion of any investments it has made in the affected countries. Accounting, auditing and reporting standards in certain countries in which a Fund may invest may not provide the same degree of investor protection or information to investors as would generally apply in major securities markets. In addition, it is possible that purported securities in which a Fund invested may subsequently be found to be fraudulent and as a consequence such Fund could suffer losses.

Finally, currencies of developing market countries are subject to significantly greater risks than currencies of developed countries. Some developing market currencies may not be internationally traded or may be subject to strict controls by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including a Fund's securities, denominated in that currency. Some developing market countries have experienced balance of payment deficits and shortages in foreign exchange reserves. Governments have responded by restricting currency conversions. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some developing market countries, such as certain Eastern European countries, may be convertible into U.S. dollars, the conversion rates may be artificial to the actual market values and may be adverse to the Fund's shareholders.

***Equity Securities***. The Funds invest directly in equity securities. Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of the Fund to fluctuate. Equity securities are described in more detail below:

&nbsp;&nbsp;&nbsp;&nbsp;· *Common Stock.* Common stock represents an equity or ownership interest in an issuer. Common stock
may or may not pay dividends, and may or may not carry voting rights. Common stock occupies the most junior position in a company's
capital structure. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take
precedence over the claims of those who own common stock. 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Convertible Securities.* Convertible securities are bonds, debentures, notes, preferred stocks or
other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash
or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion
by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible
security held by a Fund is called for redemption or conversion, such Fund could be required to tender it for redemption, convert it into
the underlying common stock, or sell it to a third party. Convertible securities generally have less potential for gain or loss than common stocks.
Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable nonconvertible
securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value,"
which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price
of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When
the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest
or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that
are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities
convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also
be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion
value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of
the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest
rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk and are often lower-quality securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Micro, Small and Mid-Cap Issuers*. Investing in equity securities of micro, small and mid-cap companies
often involves greater risk than is customarily associated with investments in companies with larger capitalizations. This increased risk
may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack
of depth of management. The securities of smaller companies are often traded in the over-the-counter market and even if listed on a national
securities exchange the trading market (i.e., the volume of trades on any given day) for such securities may be less active than larger
companies listed on that exchange. Consequently, the securities of these companies may be less liquid, may have limited market stability,
and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market
averages in general. As a result, the prices of the smaller companies owned by a Fund may be volatile, and the price movements of the
Fund's Shares will reflect that volatility.

&nbsp;&nbsp;&nbsp;&nbsp;· *Warrants*. Warrants are instruments that entitle the holder to buy an equity security at a specific
price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying
security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential
for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying
security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior
to its expiration date. These factors can make warrants more speculative than other types of investments.

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

***Legislation and Litigation Risk.*** Legislation or litigation that affects the value of securities held by the Fund and/or that the Fund has exposure to by virtue of its usage of derivatives instruments may reduce the value of the Fund. From time to time, various legislative initiatives are proposed that may have a negative impact on certain securities. In addition, litigation regarding any of the securities owned by the Fund or to which the Fund has exposure may negatively impact the value of the Shares. Such legislation or litigation may cause the Fund to lose value.

***Liquidity Risk***. A Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, a Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at prices approximating those at which such Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value.

***Listing Standards Risk.*** The Funds are required to comply with listing requirements adopted by the Exchange. Non-compliance with such requirements may result in a Fund's shares being delisted by the Exchange. Any resulting liquidation of a Fund could cause the Fund to incur elevated transaction costs and could result in negative tax consequences for its shareholders.

***Market Risk.*** Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares could decline in value or underperform other investments due to short-term market movements or any longer periods during more prolonged market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of a Fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a Fund's Shares and result in increased market volatility. During any such events, a Fund's Shares may trade at increased premiums or discounts to their NAV.

Shares of a Fund in general, may fall due to current market conditions or adverse changes in market conditions. Values of securities may change due to factors such as, or changes in circumstances in relation to, inflation, interest rates, regulatory requirements, bank failures, political climate deterioration or developments, armed conflicts or wars, natural disasters or future health crises. As a means to fight inflation, the Federal Reserve and certain foreign central banks have historically raised interest rates which may negatively impact the performance of securities held by a Fund. Certain market factors may result in central banks changing their approach in the future. U.S. regulators have proposed, in the past, and may further propose in the future, several changes to market and issuer regulations which could directly impact the Funds and/or their ability to implement its investment strategies or make certain investments. Regulatory changes may also increase operational costs, which could impact overall performance. Bank failures, such as the March 2023 failures of Silicon Valley Bank and Signature Bank (the second- and third-largest bank failures in U.S. history) could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The political climate in the U.S., as well as political and diplomatic events both domestically and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on a Fund's investments and operations. A U.S. federal government shutdown may also significantly impact investor or consumer behavior, which may adversely impact the markets and global economy. Global and domestic authorities and regulators have previously responded to serious economic disruptions with ranging fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. Any change in these policies, or the ineffectiveness of these policies, cold increase volatility in securities markets, which may adversely impact the fund's investments and performance. Any market disruptions could also delay a Fund from making sound investment decisions in a timely manner. If a Fund concentrates its investments in a region enduring geopolitical market disruption, it may face higher risk of loss, although the increasing interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial market, adversely impacting a different country, region or financial market.

Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, armed conflicts or wars have and could continue to cause significant market disruptions and volatility within the markets. The hostilities and sanctions resulting from those hostilities could have a significant impact on a Fund's investments, performance and liquidity. The economies of the U.S. and its trading partners, as well as the financial markets generally, may also be adversely impacted by trade disputes and other matters. If any geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of a Fund's assets may go down.

Health crises caused by the outbreak of infectious diseases or other public health issues, may exacerbate other pre-existing political, social, economic, market and financial risks. The impact of any such events, could negatively affect the global economy, as well as the economies of individual countries or regions, the financial performance of individual companies, sectors and industries, and the markets in general in significant and unforeseen ways. Any future public health crisis, and the ensuing policies enacted by governments and central banks have caused in the past, and may cause in the future, significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. A Fund's investments and liquidity thereof could be negatively impacted in the event of such health crises.

Advancements in technology may also adversely impact markets and overall performance of a Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of a Fund.

These events, and any other future events, may adversely affect the prices and liquidity of a Fund's portfolio investments and could result in disruptions in the trading markets.

***Non-U.S. Securities***. A Fund may invest directly in non-U.S. securities. There are substantial risks associated with investing in the securities of governments and companies located in, or having substantial operations in, non-U.S. countries, which are in addition to the usual risks inherent in domestic investments. The value of non-U.S. securities (like U.S. securities) is affected by general economic conditions and individual issuer and industry earnings prospects. Investments in depositary receipts also involve some or all of the risks described below.

There is the possibility of cessation of trading on non-U.S. exchanges, expropriation, nationalization of assets, confiscatory or punitive taxation, withholding and other non-U.S. taxes on income or other amounts, foreign exchange controls (which may include suspension of the ability to transfer currency from a given country), restrictions on removal of assets, political or social instability, military action or unrest, or diplomatic developments that could affect investments in securities of issuers in non-U.S. nations. There is no assurance that the investment manager will be able to anticipate these potential events. In addition, the value of securities denominated in non-U.S. currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the U.S. dollar.

There may be less publicly available information about non-U.S. issuers comparable to the reports and ratings published about issuers in the U.S. Non-U.S. issuers generally are not subject to uniform accounting or financial reporting standards. Auditing practices and requirements may not be comparable to those applicable to U.S. issuers. Certain countries' legal institutions, financial markets and services are less developed than those in the U.S. or other major economies. A Fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to non-U.S. investments in non-U.S. courts than with respect to domestic issuers in U.S. courts. The costs associated with non-U.S. investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments.

Certain countries require governmental approval prior to investments by non-U.S. persons, or limit the amount of investment by non-U.S. persons in a particular company. Some countries limit the investment of non-U.S. persons to only a specific class of securities of an issuer that may have less advantageous terms than securities of the issuer available for purchase by nationals. Although securities subject to such restrictions may be marketable abroad, they may be less liquid than non-U.S. securities of the same class that are not subject to such restrictions. In some countries the repatriation of investment income, capital and proceeds of sales by non-U.S. investors may require governmental registration and/or approval. A Fund could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.

From time to time, trading in a non-U.S. market may be interrupted. Non-U.S. markets also have substantially less volume than the U.S. markets and securities of some non-U.S. issuers are less liquid and more volatile than securities of comparable U.S. issuers. A Fund, therefore, may encounter difficulty in obtaining market quotations for purposes of valuing its portfolio and calculating its NAV.

In many non-U.S. countries there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in the U.S., which may result in greater potential for fraud or market manipulation. Non-U.S. over-the-counter markets tend to be less regulated than non-U.S. stock exchange markets and, in certain countries, may be totally unregulated. Brokerage commission rates in non-U.S. countries, which generally are fixed rather than subject to negotiation as in the U.S., are likely to be higher. Non-U.S. security trading, settlement and custodial practices (including those involving securities settlement where assets may be released prior to receipt of payment) are often less developed than those in U.S. markets, may be cumbersome, and may result in increased risk or substantial delays. This could occur in the event of a failed trade or the insolvency of, or breach of duty by, a non-U.S. broker/dealer, securities depository, or non-U.S. sub-custodian.

The holding of non-U.S. securities may be limited by a Fund to avoid investment in certain Passive Foreign Investment Companies ("PFICs") and the imposition of a PFIC tax on a Fund resulting from such investments

***Securities Lending.*** The Funds may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). A Fund will not lend portfolio securities to its investment adviser or its affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of a Fund. A Fund may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated third party for acting as the Fund's securities lending agent.

By lending its securities, a Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. government securities or letters of credit are used as collateral. The Funds will adhere to the following conditions whenever portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed in the preceding paragraph from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which fees may include fees payable to the lending agent, the borrower, the Fund's administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. Any securities lending activity in which a Fund may engage will be undertaken pursuant to Board approved procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

***Security Issuer Risk.*** Issuer-specific attributes may cause a security held by a Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.

***Short-Term Instruments and Temporary Investments.*** A Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include, but are not limited to: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit, bankers' acceptances, fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non-U.S. branches) and similar institutions; (iv) commercial paper rated, at the date of purchase, "Prime-1" by Moody's<sup>®</sup> Investors Service, Inc., "F-1" by Fitch Ratings, Inc., or "A-1" by Standard & Poor's<sup>®</sup> Financial Services LLC, a subsidiary of S&P Global, Inc., or if unrated, of comparable quality as determined by the Adviser and/or Sub-Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; (vi) repurchase agreements; and (vii) short-term U.S. dollar denominated obligations of non-U.S. banks (including U.S. branches) that, in the opinion of the Adviser and/or Sub-Adviser, are of comparable quality to obligations of U.S. banks that may be purchased by a Fund. Any of these instruments may be purchased on a current or forward-settled basis. 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.

***Tracking and Correlation***. Each Fund seeks investment results that correspond to the price and yield performance of its respective Index, although several factors may affect their ability to achieve this correlation, including, but not limited to: (1) such Fund's expenses, including brokerage (which may be increased by high portfolio turnover) and the cost of the investment techniques employed by the Fund; (2) such Fund's holding of less than all of the securities included in its Index, as applicable, including as part of a "representative sampling" strategy, and holding securities not included in the Index; (3) an imperfect correlation between the performance of a Fund's investments and those of its Index; (4) bid-ask spreads (the effect of which may be increased by portfolio turnover); (5) holding instruments traded in a market that has become illiquid or disrupted; (6) Share prices being rounded to the nearest cent; (7) changes to an Index that are not disseminated in advance; (8) the need to conform a Fund's portfolio holdings to comply with investment restrictions or policies, or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trades, resulting in the inability of a Fund to execute intended portfolio transactions; and (10) a Fund's holdings of cash or cash equivalents, or otherwise not being fully invested in securities of its Index. While close tracking of a Fund to its Index may be achieved on any single trading day, over time the cumulative percentage increase or decrease in the NAV of Shares may diverge significantly from the cumulative percentage decrease or increase in the benchmark due to a compounding effect.

***U.S. Government Securities Risk.*** U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

**Disclosure of Portfolio Holdings Information**

The Board has approved portfolio holdings disclosure policies (the *"Disclosure Policies"*) that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds. It is the policy of each Fund and its service providers, including, without limitation, the Fund's investment adviser, investment sub-adviser, distributor, administrator, custodian and transfer agent, to protect the confidentiality of the Fund's holdings and prevent the selective disclosure of nonpublic information about the Fund's portfolio holdings, which includes the Fund's portfolio holdings and pending transactions. The Funds and each of their service providers must adhere to the Disclosure Policies.

Each Funds and its service providers may not disclose any information concerning the portfolio holdings of the Fund to any unaffiliated third party, with certain exceptions set forth in the Disclosure Policies. Each Fund and its service providers may not receive compensation or any other consideration (which includes any agreement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or Sub-Adviser, or any affiliated person of the Adviser or Sub-Adviser) in connection with the disclosure of portfolio holdings information.

The Disclosure Policies are not intended to prevent the disclosure of any and all portfolio information for a legitimate business purpose to a Fund's service providers and others who generally need access to such information in the performance of their contractual duties and responsibilities, such as the Fund's custodian, fund accountant, investment adviser and sub-adviser, administrator, independent public accountant, attorneys, officers and trustees and each of their respective affiliates and advisers, and are subject to duties of confidentiality, including a duty not to trade on nonpublic information, imposed by law and/or contract.

Each Fund, or its duly authorized service providers, may disclose the Fund's portfolio holdings in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;· *Publicly Available Information/Mandatory Disclosure*. The Fund, or its duly authorized service providers,
will publicly disclose holdings of the Fund in accordance with regulatory requirements, such as periodic portfolio disclosure in filings
with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;· *Confidential Dissemination of Portfolio Holdings*. Numerous exchange-traded fund evaluation services
regularly analyze the portfolio holdings of exchange-traded funds in order to monitor and report on various attributes including style,
capitalization, maturity, yield, and beta. These services then distribute the results of their analysis to the public and/or paid subscribers.
In order to facilitate the review of the Fund by these services, the Fund may distribute (or authorize its service providers to distribute)
portfolio holdings to such services before their public disclosure is required or authorized provided that: (i) the recipient does not
distribute the portfolio holdings or results of the analysis to third parties, other departments, or persons who are likely to use the
information for purposes of purchasing or selling Shares before the portfolio holdings or results of the analysis become public information;
and (ii) the recipient signs a written confidentiality agreement. Persons and entities unwilling to execute an acceptable confidentiality
agreement may only receive portfolio holdings information that has otherwise been publicly disclosed in accordance with the Disclosure
Policies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Analytical Information*. The Fund or its duly authorized service providers may distribute the following
information concerning the Fund's portfolio before disclosure of portfolio holdings is required, provided that the information has
been publicly disclosed (via the Fund's website or as otherwise permitted by regulatory interpretation or guidance): the Fund's
deposit instruments, redemption instruments and with respect to active, long/short and self-indexing ETFs, complete portfolio holdings
will be publicly disseminated each business day and before the commencement of trading of shares on the listing exchanges. The Fund's
holdings will be disclosed on the Adviser's website showing the portfolio positions and quantities of the securities held that will
form the basis for the Fund's NAV calculation for end of the business day.

&nbsp;&nbsp;&nbsp;&nbsp;· *Press Interviews, Broker Discussion, etc*. Portfolio managers and other senior officers or spokespersons
of the Fund may disclose or confirm the ownership of any individual portfolio position to reporters, brokers, shareholders, consultants,
or other interested persons only if such information has been previously publicly disclosed in accordance with the Disclosure Policies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Shareholder In-Kind Distributions*. The Fund's shareholders may, in some circumstances, elect
to redeem their Shares in exchange for their pro rata share of the securities held by the Fund. In such circumstances, the Fund's
shareholders may receive a complete listing of the portfolio holdings of the Fund up to seven (7) calendar days prior to making the redemption
request, provided that they agree in writing to maintain the confidentiality of the portfolio holdings information and not to trade on
such information.

&nbsp;&nbsp;&nbsp;&nbsp;· *Other Circumstances*. The Fund or the Adviser may disclose non-public portfolio holdings information
to a third party who does not fall within the pre-approved categories, and who are not executing broker-dealers; however, prior to the
receipt of any nonpublic portfolio holdings information by such third party, (i) the Chief Executive Officer and Chief Compliance Officer
(the "*CCO*") determine that the Fund has a legitimate business purpose for disclosing such information; and (ii) the
recipient enters into a confidentiality agreement.

Certain exceptions to the Disclosure Policies permit the non-public disclosure of portfolio holdings to a limited group of third parties so long as the third party has signed a written confidentiality agreement. Such confidentiality agreement should generally provide that: (1) the portfolio information is the confidential property of a Fund (and its service providers, if applicable) and may not be shared or used directly or indirectly for any purpose except as expressly provided in the confidentiality agreement; (2) the recipient of the portfolio information agrees to limit access to the portfolio information to its employees (and agents) who, on a need-to-know basis, are (i) authorized to have access to the portfolio information and (ii) subject to confidentiality obligations, including duties not to trade on nonpublic information, no less restrictive than the confidentiality obligations contained in the confidentiality agreement; (3) upon written request, the recipient agrees to promptly return or destroy, as directed, the portfolio information; and (4) portfolio information may be deemed to no longer be confidential if (i) it is already known to the recipient prior to disclosure by a Fund, (ii) it becomes publicly known without breach of the confidentiality agreement by the recipient, (iii) it is received from a third party and, to the knowledge of the recipient, the disclosure by such third party is not a breach of any agreement to which such third party is subject, or (iv) it is authorized by a Fund or its agents to be disclosed.

Each Fund will disclose its complete portfolio holdings schedule for each month in a fiscal quarter in public filings with the SEC within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Each Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. A semi-annual or annual report for a Fund will become available to investors within 60 days after the period to which it relates. Each Fund's Forms N-PORT and Forms N-CSR will be available on the SEC's website at www.sec.gov.

Each Fund's portfolio holdings will be publicly disseminated each day the Fund is open for business through financial reporting and news services, including publicly accessible websites. Additionally, a basket composition file, which includes information such as security names and share quantities to deliver in exchange for Fund shares, together with estimates and actual cash components, is publicly disseminated each day the NYSE is open for trading via the National Securities Clearing Corporation.

Pursuant to Rule 6c-11 under the 1940 Act, information regarding each Fund's current portfolio holdings will be available on a daily basis at the Fund's website, available at <u>www.capforceetf.com</u>. No non-public information concerning the Trust will be disseminated.

**Management of the Trust**

***Trustees and Officers***

The business and affairs of the Trust are managed under the direction of its Board. The Trust's Trustees and principal officers are noted in the tables below along with their ages and their business experience for the past five years. The Trustees serve for indefinite terms until their resignation, death or removal. The Funds' officers are elected annually by the Board and serve at the Board's pleasure. Each Trustee serves as a trustee of all the ETFs issued by the Trust.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br> with the Trust** | &nbsp;&nbsp;**Length<br> of Time<br> Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex<br> Overseen by<br> Trustee or<br> Officer** | &nbsp;&nbsp;**Other Directorships<br> Held by Trustee or Officer in the Past Five Years** |
| &nbsp;&nbsp;***Independent Trustees*** | | | | | |
| &nbsp;&nbsp;Randy Seager | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Operating Officer (November 2023 – Present), The Hand Club For Kids USA; Managing Partner (June 2020 – Present), Staffing for Solutions | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Todd Kostjuk | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Financial Officer & Vice President of Administration (2019 – Present), Assistant Professor of Business (2015 – Present), The Master's University and Seminary | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Jade Greenfield | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Vice President and Seminary Advancement, The Master's University and Seminary (August 2015 – Present); Vice Chancellor for Principal Gifts (January 2026 – Present), Pepperdine University | &nbsp;&nbsp;2 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br> with the Trust** | &nbsp;&nbsp;**Length<br> of Time<br> Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex<br> Overseen by<br> Trustee or<br> Officer** | &nbsp;&nbsp;**Other Directorships<br> Held by Trustee or Officer in the Past Five Years** |
| &nbsp;&nbsp;***Interested Trustee<sup>1</sup> and Officers*** | &nbsp;&nbsp;***Interested Trustee<sup>1</sup> and Officers*** | &nbsp;&nbsp;***Interested Trustee<sup>1</sup> and Officers*** | &nbsp;&nbsp;***Interested Trustee<sup>1</sup> and Officers*** | &nbsp;&nbsp;***Interested Trustee<sup>1</sup> and Officers*** | &nbsp;&nbsp;***Interested Trustee<sup>1</sup> and Officers*** |
| &nbsp;&nbsp;Mark MacArthur | &nbsp;&nbsp;Interested Trustee, President and Chief Executive Officer | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Senior Investment Advisor (August 2017 – Present), M2 Financial LLC | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Edward Keiley | &nbsp;&nbsp;Secretary, Chief Compliance Officer and Chief AML Officer | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Compliance Officer, Financial Operations Principal and Supervising Principal (December 2007 – June 2023), R.J. O'Brien Securities LLC; Chief Compliance Officer (August 2015 – Present), Amplify Investments LLC and Amplify ETF Trust | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Jim Gallo | &nbsp;&nbsp;Chief Financial Officer and Treasurer | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Director on Fund Officers Team (May 2022 – Present); Director and Senior Vice President of Fund Accounting and Administration (February 2002 – September 2021), BNY Mellon Asset Servicing | &nbsp;&nbsp;2 |  |

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1 Mark MacArthur is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

***Board Leadership***

The Board has overall responsibility for the oversight and management of the Funds. The Board has two standing committees (as described further below): an Audit Committee and a Nominating Committee. The Chairman of each Board committee is an Independent Trustee.

The Chairman of the Board presides at all meetings of the Board, and acts as a liaison with service providers, officers, attorneys, and other Trustees. The Chair of each Board committee performs a similar role with respect to the committee. The Chairman of the Board or the Chair of a Board committee may also perform such other functions as may be delegated by the Board or the committee from time to time. The Independent Trustees meet regularly outside the presence of Trust management, in executive session or with other service providers to the Funds. The Board has regular meetings throughout the year and may hold special meetings if required before its next regular meeting. Each committee meets regularly to conduct the oversight functions delegated to that committee by the Board and reports its findings to the Board. The Board and each standing committee conduct annual assessments of their oversight function and structure. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise independent judgment over management and to allocate areas of responsibility among committees and the full Board to enhance effective oversight. Randy Seager serves as the Chairman of the Nominating Committee and Todd Kostjuk serves as the Chairman of the Audit Committee.

***Risk Oversight***

Among the Board's general oversight and management functions is to oversee the risks of the Funds. Each Fund is subject to various risks, including investment, compliance, operational and valuation risks, among others. The Board addresses its risk oversight function through different Board and committee activities. For instance, the Board has delegated the day-to-day risk management and oversight function to the Adviser, or in certain cases (subject to the Adviser's supervision) and depending on the nature of the risks to other service providers. The Board, or a committee, reviews and evaluates reports from the Adviser or service providers regarding the risks faced by the Funds and regarding the service providers' oversight and management of those risks. In addition to the delegation of the day-to-day risk management and oversight function, the committees of the Board allow the Trustees to quickly and efficiently consider risk matters and facilitate the oversight by the Trustees of Fund activities and the risks related to those activities.

The Board has also appointed a Chief Compliance Officer (*"CCO"*) who oversees the implementation and evaluation of the Funds' compliance program. Edward Keiley serves as CCO and Anti-Money Laundering Officer of the Trust.

Not all risks that may affect the Funds can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness. Further, some risks are simply beyond the reasonable control of the Funds or the Advisor or other service providers. There can be no guarantee that any risk management systems established by the Funds, its service providers, or issuers of the securities in which the Funds invest will succeed, and the Funds cannot control such systems put in place by service providers, issuers or other third parties whose operations may affect a Fund and/or its shareholders. Moreover, it is necessary to bear certain risks (such as investment related risks) to achieve a Fund's goals. As a result of the foregoing and other factors, each Fund's ability to manage risk is subject to substantial limitations.

***Trustees' Qualifications.***

The Nominating Committee selects and nominates persons for election or appointment by the Board as Independent Trustees. The Board has adopted the Nominating Committee Charter and Guidelines, which provides the Nominating Committee with general criteria to guide the Committee's choice of candidates to nominate to serve on the Board; however, there are no specific qualifications or requirements to serve on the Board. The Board believes that, collectively, the Trustees have balanced and diverse experience, skills, attributes and qualifications, that allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders. Among the attributes common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with the Trust's investment manager, sub-advisers, other service providers, counsel and independent auditors; and to exercise business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his duties effectively is evidenced by his educational background or professional training; business, consulting or public service positions; experience from service as a Board member of the Trust, other investment funds, public companies or non-profit entities or other organizations; and ongoing commitment and participation in Board and committee meetings throughout the years.

While there are no specific required qualifications for Board membership, the Board believes the specific background of each Trustee is appropriate to his or her serving on the Board. The foregoing discussion and the Trustees and officers chart above are included in this Statement of Additional Information pursuant to requirements of the SEC, do not constitute holding out the Board or any Trustee as having special expertise or experience and shall not be deemed to impose any greater responsibility or liability on any Trustee by reason thereof.

*<u>Mark MacArthur</u>*. Mark MacArthur is the Founder and CEO of Capital-Force ETF Trust. Mr. MacArthur has built a distinguished career blending professional sports, investment management and entrepreneurship. After spending several years in professional baseball with the St. Louis Cardinals and Minnesota Twins, Mark transitioned to finance, starting at Nike Securities (predecessor to First Trust Portfolios) in 1993 before playing a key role in launching PowerShares ETFs. His move back to his California hometown area in 2004 marked a shift to wealth management, culminating in the formation of M2 Stewardship Group, where he leads M2 Capital Advisors' work in wealth management and retirement plan solutions for small and mid-sized companies and their owners through the M2 Power Plan!. Drawing on decades of expertise in portfolio management and private equity, Mark launched Capital-Force ETF Trust in 2025, assembling a network of industry professionals to create a premier investment firm and its Investment Advisor to the Capital-Force ETF Trust, M2 Financial LLC. A graduate of The Master's University with a degree in Business Communications, Mark is an Accredited Investment Fiduciary (AIF), renowned for client-centered service, thought leadership, and commitment to stewardship. Outside of finance, he is a dedicated Christian leader, husband, and father of four adult children, valuing family and ministry as lifelong investments.

*<u>Randy Seager</u>*. Randy Seager is a seasoned business executive who connects mission-driven people and organizations through leadership roles in both nonprofit and corporate settings. He currently serves as COO and Donor Relations leader at By The Hand Club For Kids in Chicago and is the Managing Partner and Founder of S4S Staffing For Solutions. He previously held senior sales and client leadership roles at Capgemini, Emtec, CloudOne/ClearObject, and IBM. He holds a bachelor's degree in Interpersonal Communication and Business from Purdue University and completed the IBM Certified Client Executive program at Harvard Business School.

*<u>Todd Kostjuk</u>*. Todd Kostjuk currently serves as CFO and Vice President of Administration, bringing over 20 years of leadership experience across higher education, public REITs, and middle-market companies. He oversees accounting, finance, budgeting, forecasting, and capital planning. As CFO at The Master's University, Mr. Kostjuk led financial strategy, administration, and business operations, while also serving as an Associate Professor of Business. Previously, he headed accounting and finance for Public Storage's real estate division, supporting over $2.5 billion in acquisitions, a $507 million development pipeline, and a 150 million-square-foot portfolio. His earlier roles include Corporate Controller at Gothic Landscape, Director of Finance at a venture-backed firm through acquisition, and Associate at KPMG, serving large corporate and real estate clients.

*<u>Jade Greenfield</u>*. Jade Greenfield serves as Vice President of Seminary Advancement at The Master's Seminary, where he leads fundraising and partner development efforts in support of the institution's mission. He brings more than a decade of experience in religious higher education and ministry organizations, with prior roles at Grace Community Church, Grace Advance, and as a show host for Grace to You. Mr. Greenfield holds a Master's Degree in Theological Studies from The Master's Seminary and a Bachelor of Arts in Biblical Studies from The Master's University. Beginning January 15, 2026, Mr. Greenfield will serve as Vice Chancellor for Principal Gifts at Pepperdine University in Malibu, California. In this role, he will be responsible for principal gift stewardship of $100,000 and above for the University.

***Share Ownership***

The following table provides the dollar range of Shares of each Fund beneficially owned by the Trustees as of January 9, 2026.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Aggregate Dollar Range of<br> Equity Securities<br> of the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of <br> Equity Securities in all Funds<br> Overseen Within Fund Complex** |
| &nbsp;&nbsp;Mark MacArthur | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Randy Seager | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Todd Kostjuk | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jade Greenfield | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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As of January 9, 2026, the Independent Trustees and immediate family members did not own beneficially or of record any class of securities of an investment adviser or principal underwriter of the Funds or any person directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Funds.

As of January 9, 20262025, the officers and Trustees, in the aggregate, owned less than 1% of the of the shares of each Fund (as they have not yet commenced operations) and owned less than 1% of each Predecessor Fund.

***Trustee Compensation***

The following table sets forth the estimated compensation (including reimbursement for travel and out-of-pocket expenses) to be paid by the Funds and by the Trust to the Trustees for their services to the Funds for the fiscal year ending October 31, 2026. Compensation is determined by a formula that considers the number of Board meetings attended, the total number of series of the Trust and the Trust's total assets under management (*"AUM"*). Only the Trustees of the Trust (the *"Trustees"*) who are not "interested persons" of the Trust or the Adviser, as defined by the 1940 Act (the *"Independent Trustees"*), receive compensation from the Funds. The Trust has no retirement or pension plans. The Trust has no employees. Its officers are compensated by M2.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Estimated<br> Compensation<br> from FFTY** | &nbsp;&nbsp;**<br> Estimated<br> Compensation<br> from BOUT** | &nbsp;&nbsp;**Estimated Compensation from<br> the Trust** |
| &nbsp;&nbsp;Mark MacArthur | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Randy Seager<sup>\*</sup> | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$10452 |
| &nbsp;&nbsp;Todd Kostjuk<sup>\*</sup> | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$10452 |
| &nbsp;&nbsp;Jade Greenfield<sup>\*</sup> | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$10452 |

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\* Messrs. Seager, Kostjuk, and Greenfield receive compensation of $1,000 per fund, $2,000 for each Board meeting attended and a fee equal to 0.0005% of the Trust's total AUM.

***Board Committees***

*Audit Committee:* The Trust's Audit Committee consists of each of the Independent Trustees. The Audit Committee monitors accounting and financial reporting policies and practice, and internal controls for the Trust. It also oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof, and acts as a liaison between the Trust's independent registered public accounting firm and the full Board.

*Nominating Committee:* The Trust's Nominating Committee consists of each of the Independent Trustees. The Nominating Committee recommends Board members, fills vacancies and considers the qualifications of Board members. The committee will consider shareholder recommendations for nomination to the Board only in the event that there is a vacancy on the Board. Shareholders who wish to submit recommendations for nominations to the Board to fill a vacancy must submit their recommendations in writing to the Nominating Committee, c/o Edward Keiley, Secretary of the Trust, 27441 Tourney Rd., Suite 260 Valencia, CA 91355. Shareholders should include appropriate information on the background and qualifications of any person recommended (*e.g.*, a resume), as well as the candidate's contact information and a written consent from the candidate to serve if nominated and elected. Shareholder recommendations for nominations to the Board will be accepted on an ongoing basis and such recommendations will be kept on file for consideration when there is a vacancy on the Board.

***Proxy Voting Policies***

The Trust has adopted a proxy voting policy that seeks to ensure that proxies for securities held by a Fund are voted consistently with the best interests of the Fund.

The Board has delegated to the Adviser the proxy voting responsibilities for the Funds and has directed M2 to vote proxies consistent with the Funds' best interests. In order to facilitate the proxy voting process, Broadridge Investor Communication Solutions, Inc. (*"Broadridge"*) has been retained to provide access to a selection of third-party providers that are available to provide proxy vote recommendations and research. Votes are cast through the Broadridge ProxyEdge<sup>®</sup> platform (*"ProxyEdge"*). With the assistance of Broadridge, Egan-Jones Proxy Services (*"Egan-Jones"*) has been selected to provide vote recommendations based on its own internal guidelines. The services provided to M2 through Egan Jones include access to Egan-Jones' research analysis and their voting recommendations. Services provided to M2 through ProxyEdge include receipt of proxy ballots, vote execution based upon the recommendations of Egan-Jones, access to the voting recommendations of Egan-Jones, as well as reporting, auditing, working with custodian banks, and consulting assistance for the handling of proxy voting responsibilities.

ProxyEdge also maintains proxy voting records and provides M2 with reports that reflect the proxy voting activities of client portfolios.

The fundamental guideline followed by the Adviser in voting proxies is to make every effort to confirm that the manner in which shares are voted is in the best interest of clients and the value of the investment. Absent special circumstances of the types described below, it is the policy of Adviser to exercise its proxy voting discretion in accordance with the Egan-Jones Proxy Voting Principles and Guidelines set forth in Exhibit A.

Information regarding how the Funds voted proxies (if any) relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request and without charge on the Funds' website at <u>www.capforceetf.com</u>, by calling Edward Keiley, Chief Compliance Officer of M2, (661) 347-0202 or by accessing the SEC's website at https://www.sec.gov.

**Investment Adviser and Other Service Providers**

***Investment Adviser***

M2 Financial LLC, 27441 Tourney Road, Suite 600, Valencia, California 91355, a limited liability company organized in the State of California, furnishes investment management services to the Funds, subject to the supervision and direction of the Board. Mark MacArthur is the principal owner of M2. M2 compensates all offices (including the chief compliance officer) and employees of M2 who are affiliated with both M2 and the Trust. M2 is registered as investment adviser under the 1940 Act

Pursuant to an investment management agreement between M2 and the Trust, on behalf of Capital-Force IBD® 50 ETF (the "Expense Limitation Investment Management Agreement"), M2 oversees the investment of Capital-Force IBD® 50 ETF's assets by Penserra. As compensation for the investment advisory services rendered under the Expense Limitation Investment Management Agreement, Capital-Force IBD® 50 ETF has agreed to pay Capital-Force an annual management fee equal to 0.70% of its average daily net assets. Capital-Force IBD® 50 ETF is responsible for paying its own expenses.

Pursuant to a separate expense limitation agreement between M2 and the Trust, on behalf of Capital-Force IBD<sup>®</sup> Breakout Opportunities ETF (the "Expense Limitation Agreement"), M2 has contractually agreed to waive its management fee and/or assume as its own expense certain expenses otherwise payable by Capital-Force IBD<sup>®</sup> Breakout Opportunities ETF to the extent necessary to ensure that total annual fund operating expenses do not exceed 0.80% of the Fund's average daily net assets until March 31, 2028 (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses. The Predecessor Funds paid their investment adviser, Innovator Capital Management, LLC ("Innovator"), an annual management fee as set forth in the table below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Predecessor Fund** | &nbsp;&nbsp;**Management Fee** |
| &nbsp;&nbsp;Innovator IBD<sup>®</sup> Breakout Opportunities ETF | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Innovator IBD<sup>®</sup> 50 ETF | &nbsp;&nbsp;0.70% |

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For services rendered during the fiscal periods set forth below, the following tables set forth the management fee paid by each Predecessor Fund to Innovator.

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| | |
|:---|:---|
| ***Innovator IBD<sup>®</sup> Breakout Opportunities ETF*** | ***Innovator IBD<sup>®</sup> Breakout Opportunities ETF*** |
| &nbsp;&nbsp;**Fiscal period ended** | &nbsp;&nbsp;**Management Fees Paid<br> (net of fee waivers)** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;$99856 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$103612 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;$107629 |
| &nbsp;&nbsp; <br> ***Innovator IBD<sup>®</sup> 50 ETF*** | &nbsp;&nbsp; <br> ***Innovator IBD<sup>®</sup> 50 ETF*** |
| &nbsp;&nbsp;**Fiscal period ended** | &nbsp;&nbsp;**Management Fees Paid<br> (net of fee waivers)** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;$357358 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$415648 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;$362971 |

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***Sub-Adviser***

M2 and the Funds have retained Penserra Capital Management LLC ("Penserra"), 4 Orinda Way, Suite 100-A, Orinda, California 94563, to serve as each Fund's investment sub-adviser. Penserra has responsibility for managing each Fund's investment program in pursuit of its investment objective. Penserra is a registered investment adviser and New York limited liability company that provides investment management services to investment companies and other investment advisers.

Pursuant to an investment sub-advisory agreement between M2, Penserra and the Trust, on behalf of the Fund (an "Investment Sub-Advisory Agreement"), Penserra manages the investment of the Fund's assets. As compensation for the sub-advisory services rendered under the Penserra Investment Sub-Advisory Agreement, M2 has agreed to pay Penserra an annual sub-advisory fee that is based upon the Fund's average daily net assets. M2 is responsible for paying the entire amount of Penserra's sub-advisory fee. The Funds do not directly pay Penserra. The following tables set forth the sub-advisory fees paid by Innovator to Penserra for the Predecessor Funds', for the specified periods.

***Innovator IBD<sup>®</sup> 50 ETF***

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal period ended** | &nbsp;&nbsp;**Sub-Advisory Fees<br> Paid** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;$31932 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$38470 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;$43767 |

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***Innovator IBD<sup>®</sup> Breakout Opportunities ETF***

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal period ended** | &nbsp;&nbsp;**Sub-Advisory Fees<br> Paid** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;$19995 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$20000 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;$20000 |

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*<u>Portfolio Managers.</u>* The portfolio managers are primarily responsible for the day-to-day management of the Funds. There are currently three portfolio managers of each Fund, as follows: Dustin Lewellyn, Ernesto Tong and Christine Johanson. As of January 9, 2026, none of the portfolio managers beneficially owned any Shares of the Funds.

*<u>Compensation</u>*<u>.</u> Mr. Lewellyn's portfolio management compensation includes a salary and discretionary bonus based on the profitability of Penserra. No compensation is directly related to the performance of the underlying assets. Mr. Tong receives from Penserra a fixed base salary and discretionary bonus, and he is also eligible to participate in a retirement plan and to receive an equity interest in Penserra. Mr. Tong's compensation is based on the performance and profitability of Penserra and his individual performance with respect to following a structured investment process. Ms. Johanson receives from Penserra a fixed base salary and discretionary bonus, and is also eligible to participate in a retirement plan. Ms. Johanson's compensation is based on the performance and profitability of Penserra and his individual performance with respect to following a structured investment process.

*<u>Conflicts of Interest.</u>* The portfolio managers have day-to-day management responsibilities with respect to other investments accounts and, accordingly, may be presented with potential or actual conflicts of interest. The management of other accounts may result in the portfolio manager devoting unequal time and attention to the management of the Funds and/or other accounts. In approving the Investment Management Agreements and Investment Sub-Advisory Agreement, the Board was satisfied that the portfolio managers would be able to devote sufficient attention to the management of the Funds and that M2 and the Sub-Advisers seek to manage such competing interests for the time and attention of the portfolio managers.

With respect to securities transactions for the Funds, the Sub-Adviser determines which broker to use to execute each transaction, consistent with its duty to seek best execution of the transaction. For buy or sell transactions considered simultaneously for the Funds and other accounts, the Sub-Adviser may, from time to time, aggregate trades, subject to best execution. Aggregation or "bunching" describes a procedure whereby an investment adviser combines the orders of two or more advisory clients into a single order for the purpose of obtaining better prices and lower execution costs. Aggregation opportunities for an adviser's clients generally arise when more than one client is capable of purchasing or selling a particular security based on investment objectives, available cash and other factors. The Sub-Adviser may aggregate client orders when doing so will result in a better overall price.

In addition, in circumstances where the Sub-Adviser invests in investment opportunities that are appropriate for more than one client or when an aggregated order is only partially filled, the Sub-Adviser may allocate the investment opportunity or a partially filled order on a fair and equitable basis.

*<u>Other Accounts.</u>* The portfolio managers manage the investment vehicles with the number of accounts and assets, as of December 31, 2025, set forth in the table below. None of the accounts managed by the portfolio managers pay an advisory fee that is based upon the performance of the account.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Registered Investment<br> Companies**<br> # of Accounts ($ Assets) | &nbsp;&nbsp; **Other Pooled Investment<br> Vehicles**<br> # of Accounts ($ Assets) | &nbsp;&nbsp; **Other Accounts**<br> # of Accounts ($ Assets) |
| &nbsp;&nbsp;Dustin Lewellyn, CFA | &nbsp;&nbsp;37 ($9.5 billion) | &nbsp;&nbsp;0 ($0) | &nbsp;&nbsp;0 ($0) |
| &nbsp;&nbsp;Ernesto Tong, CFA | &nbsp;&nbsp;37 ($9.5 billion) | &nbsp;&nbsp;0 ($0) | &nbsp;&nbsp;0 ($0) |
| &nbsp;&nbsp;Christine Johanson, CFA | &nbsp;&nbsp;37 ($9.5 billion) | &nbsp;&nbsp;0 ($0) | &nbsp;&nbsp;0 ($0) |

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***Distributor***

Foreside Fund Services, LLC, located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the principal underwriter of the Shares pursuant to a distribution agreement (the *"Distribution Agreement"*). The Distributor continually distributes Shares on a best effort basis. The Distributor has no obligation to sell any specific quantity of Shares. The Distribution Agreement is renewable annually. Shares are continuously offered for sale by the Funds through the Distributor only in Creation Units, as described in the Prospectus and this SAI. Shares amounting to less than a Creation Unit are not distributed by the Distributor. The Distributor is a broker-dealer registered under the 1934 Act and a member of the Financial Industry Regulatory Authority, Inc. (*"FINRA"*). The Distributor, its affiliates and officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor is not affiliated with the Trust, the Adviser, the Sub-Adviser, or any stock exchange.

The Distribution Agreement for the Funds provides that it may be terminated at any time, without the payment of any penalty, on at least 60 days' prior written notice to the other party (i) by vote of a majority of the Independent Trustees or (ii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of a Fund. The Distribution Agreement will terminate automatically in the event of its "assignment," as that term is defined in the 1940 Act.

***Codes of Ethics***

In order to mitigate the possibility that a Fund will be adversely affected by personal trading, the Trust and Penserra have adopted Codes of Ethics under Rule 17j-1 of the 1940 Act. These Codes of Ethics contain policies restricting securities trading in personal accounts access persons, Trustees and others who normally come into possession of information on portfolio transactions. Personnel subject to the Codes of Ethics may invest in securities that may be purchased or held by a Fund; however, the Codes of Ethics require that each transaction in such securities be reviewed by the Compliance Department. These Codes of Ethics are on public file with, and are available from, the SEC.

The Distributor relies on the principal underwriter's exception under Rule 17j-1(c)(3). Foreside Financial Group, LLC, on behalf of Foreside Fund Officer Services, LLC, has adopted a code of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics permit, subject to certain conditions, personnel of each of those entities to invest in securities that may be purchased or held by a Fund.

***Fund Administrator***

*<u>General Information.</u>* The Administrator and Fund Accountant for the Funds is U.S. Bancorp Fund Services, LLC (*"USBFS"* or the *"Administrator"*), which has its principal office at 615 East Michigan Street, Milwaukee, Wisconsin 53202 and is primarily in the business of providing administrative, fund accounting and stock transfer services to retail and institutional exchange-traded funds. The Administrator performs these services pursuant to two separate agreements, the Fund Administration Servicing Agreement and the Fund Accounting Servicing Agreement.

*<u>Administration Agreement.</u>* Pursuant to the Fund Administration Servicing Agreement (the *"Administration Agreement"*) with the Funds, the Administrator provides all administrative services necessary for the Funds, other than those provided by M2, subject to the supervision of the Board. Employees of the Administrator generally will not be officers of a Fund for which they provide services.

The Administration Agreement is terminable by the Board or the Administrator on ninety (90) days' written notice and may be assigned provided the non-assigning party provides prior written consent. The Administration Agreement shall remain in effect for three years from the date of its initial approval, unless amended, and its renewal is subject to approval of the Board for periods thereafter. The Administration Agreement provides that in the absence of the Administrator's refusal or willful failure to comply with the Agreement or bad faith, negligence or willful misconduct on the part of the Administrator, the Administrator shall not be liable for any action or failure to act in accordance with its duties thereunder.

Under the Administration Agreement, the Administrator provides all administrative services, including, without limitation: (i) providing services of persons competent to perform such administrative and clerical functions as are necessary to provide effective administration of the Funds; (ii) overseeing the performance of administrative and professional services to the Funds by others, including the Custodian (as defined below); (iii) preparing, but not paying for, the periodic updating of the Funds' Registration Statement(s), Prospectuses and Statements of Additional Information in conjunction with Fund counsel, including the printing of such documents for the purpose of filings with the SEC and state securities administrators, preparing the Funds' tax returns, and preparing reports to the Funds' shareholders and the SEC; (iv) calculation of yield and total return for the Funds; (v) monitoring and evaluating daily income and expense accruals, and sales and redemptions of Shares; (vi) preparing in conjunction with Fund counsel, but not paying for, all filings under the securities or "Blue Sky" laws of such states or countries as are designated by the Distributor, which may be required to register or qualify, or continue the registration or qualification, of the Funds and/or their Shares under such laws; (vii) preparing notices and agendas for meetings of the Board and minutes of such meetings in all matters required by the 1940 Act to be acted upon by the Board; and (viii) monitoring periodic compliance with respect to all requirements and restrictions of the 1940 Act, the Internal Revenue Code and the Prospectus.

*<u>Accounting Agreement.</u>* The Administrator, pursuant to the Fund Accounting Servicing Agreement (the *"Accounting Agreement"*), also provides the Funds with accounting services, including, without limitation: (i) daily computation of NAV; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Funds' listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; and (v) maintaining certain books and records described in Rule 31a-1 under the 1940 Act, and reconciling account information and balances among the Custodian and Adviser.

For the administrative and fund accounting services rendered to the Funds by the Administrator, the Administrator is paid an asset-based fee plus certain out-of-pocket expenses. Pursuant to the terms of the Investment Management Agreement, M2 is responsible for paying for the services provided by the Administrator. The Funds do not directly pay the Administrator.

***Custodian, Transfer Agent and Dividend Agent***

U.S. Bank, N.A., Custody Operations, 1555 N. River Center Drive, Suite 302, Milwaukee, Wisconsin 53212 (the *"Custodian"*), serves as custodian for the Funds' cash and securities. Pursuant to a Custodian Servicing Agreement with the Funds, it is responsible for maintaining the books and records of the Funds' portfolio securities and cash. The Custodian receives a minimum annual fee of $1,000. The Custodian is also entitled to certain out-of-pocket expenses and portfolio transaction fees. The Custodian does not assist in, and is not responsible for, investment decisions involving assets of the Funds. USBFS, the Administrator, also acts as the Funds' transfer and dividend agent.

The Innovator IBD<sup>®</sup> Breakout Opportunities ETF did not pay any fees to the Administrator or Custodian as the Innovator assumed responsibility for payment of these fees as part of the unitary management fee. The Innovator IBD<sup>®</sup> 50 ETF paid the Administrator and accounting fees set forth below.

***Innovator IBD<sup>®</sup> 50 ETF***

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal period ended** | &nbsp;&nbsp;**Fund Administration and<br> Accounting Fees Paid** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;$63260 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$67570 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;$71213 |

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***Securities Lending Agent***

The Funds may participate in securities lending arrangements whereby a Fund lends certain of its portfolio securities to brokers, dealers, and financial institutions (not with individuals) to receive additional income and increase the rate of return of its portfolio. U.S. Bank serves as the Funds' securities lending agent and is responsible for (i) negotiating the fees (rebates) of securities loans within parameters approved by the Board; (ii) delivering loaned securities to the applicable borrower(s), a list of which has been approved by the Board; (iii) investing any cash collateral received for a securities loan in investments pre-approved by the Board; (iv) receiving the returned securities at the expiration of a loan's term; (v) daily monitoring of the value of the loaned securities and the collateral received; (vi) notifying borrowers to make additions to the collateral, when required; (vii) accounting and recordkeeping services as necessary for the operation of the securities lending program, and (viii) establishing and operating a system of controls and procedures to ensure compliance with its obligations under the Fund's securities lending program. The following table sets forth information regarding the Predecessor Funds' securities lending activities during the fiscal year ended October 31, 2025.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Innovator<br> IBD<sup>®</sup> 50 ETF** | &nbsp;&nbsp;**Innovator IBD<sup>®</sup> <br> Breakout<br> Opportunities<br> ETF** |
| &nbsp;&nbsp; **Gross income from securities lending activities** <br> *Fees and/or compensation for securities lending activities and related services* | &nbsp;&nbsp;$1157780 | &nbsp;&nbsp;$105167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;$108632 | &nbsp;&nbsp;$(1438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | &nbsp;&nbsp;$(4688) | &nbsp;&nbsp;$(690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees not included in revenue split | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification fee not included in revenue split | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | &nbsp;&nbsp;$(609740) | &nbsp;&nbsp;$(97268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees not included in revenue split (specify) | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities** | &nbsp;&nbsp;$(723060) | &nbsp;&nbsp;$(99396) |
| &nbsp;&nbsp;Net income from securities lending activities | &nbsp;&nbsp;$434720 | &nbsp;&nbsp;$5771 |

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***Index Provider***

M2 and the Index Provider have entered into a product license agreement (the "License Agreements") whereby the Index Provider has granted M2 a non-exclusive and non-transferable license to use certain intellectual property of the Index Provider, in connection with the issuance, distribution, marketing and/or promotion of the Funds, subject to the terms and conditions set forth in the applicable License Agreement. M2 has executed a sublicense agreement with the Funds that contain substantially similar terms to the License Agreement (the "Sub-License Agreement"), but M2 remains responsible for, and obligated under the terms of the License Agreement with respect to, any actions taken by the Funds.

M2 does not guarantee the accuracy and/or the completeness of the Indices or any data included therein, and M2 shall have no liability for any errors, omissions, restatements, re-calculations or interruptions therein. M2 makes no warranty, express or implied, as to results to be obtained by the Funds, owners of the Shares of the Funds or any other person or entity from the use of the Index or any data included therein. M2 makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Indices or any data included therein. Without limiting any of the foregoing, in no event shall M2 have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Indices even if notified of the possibility of such damages.

The Funds are not sponsored, endorsed, sold or promoted by IBD (the "Licensor"). Licensor makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of trading in the Funds. Licensor's only relationship to M2 is the licensing of certain trademarks and trade names of Licensor and of the Index, which is determined, composed and calculated by Licensor without regard to M2 or the Funds. Licensor has no obligation to take the needs of M2 or the owners of the Funds into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Funds to be listed or in the determination or calculation of the equation by which the Funds are to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Funds.

LICENSOR DOES NOT GUARANTEE OR MAKE ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND LICENSOR SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE INDEX, ANY DATA CONTAINED THEREIN AND ANY OTHER DATA OR INFORMATION SUPPLIED BY LICENSOR IS PROVIDED ON AN "AS IS" BASIS. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY M2, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE IBD INDICES OR ANY DATA INCLUDED THEREIN, OR ANY WARRANTIES WITH RESPECT TO THE TIMELINESS, SEQUENCE, ACCURACY, COMPLETENESS, CURRENTNESS, OR QUALITY OF THE INDEX, ANY DATA CONTAINED THEREIN OR ANY DATA OR INFORMATION SUPPLIED BY LICENSOR. LICENSOR SHALL NOT BE RESPONSIBLE FOR ANY MISDELIVERY OF ANY DATA RELATED TO OR ASSOCIATED WITH THE INDEX OR ANY DATA CONTAINED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. LICENSOR AND ITS RESPECTIVE AFFILIATES AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND SOURCES (THE "LICENSOR PARTIES") SHALL NOT BE LIABLE TO M2 OR ANY THIRD PARTY FOR ANY LOSS OR DAMAGE, DIRECT, INDIRECT OR CONSEQUENTIAL, ARISING FROM (A) ANY INACCURACY OR INCOMPLETENESS IN, OR DELAYS, INTERRUPTIONS, ERRORS OR OMISSIONS IN THE DELIVERY OF THE INDEX OR ANY DATA CONTAINED THEREIN, OR (B) ANY DECISION MADE OR ACTION TAKEN BY M2 OR ANY THIRD PARTY IN RELIANCE UPON THE PRODUCTS, INDEX OR ANY DATA CONTAINED THEREIN. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN LICENSOR AND M2.

***Legal Counsel***

Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606 serves as the Trust's legal counsel.

***Independent Registered Public Accounting Firm***

Cohen & Company, Ltd., located at 342 North Water Street, Suite 830, Milwaukee, WI 53202, has been selected as the independent registered public accounting firm for the Trust. As such, they are responsible for auditing the Trust's annual financial statements.

**Additional Payments to Financial Intermediaries**

M2 from time to time makes payments, out of its own resources, to certain financial intermediaries that sell shares of Capital-Force ETF Trust funds (*"CapForce ETFs"*) to promote the sales and retention of Fund shares by those firms and their customers. The amounts of these payments vary by intermediary. The level of payments that M2 is willing to provide to a particular intermediary may be affected by, among other factors: (i) the firm's total assets or Fund shares held in and recent net investments into CapForce ETFs; (ii) the value of the assets invested in the CapForce ETFs by the intermediary's customers; (iii) its ability to attract and retain assets; (iv) the intermediary's reputation in the industry; (v) the level and/or type of marketing assistance and educational activities provided by the intermediary; (vi) the firm's level of participation in CapForce ETFs' sales and marketing programs; (vii) the firm's compensation program for its registered representatives who sell Fund shares and provide services to Fund shareholders; and (viii) the asset class of the CapForce ETFs for which these payments are provided. Such payments are generally asset-based but may also include the payment of a lump sum. M2 makes payments, out of its own assets, to those firms as compensation and/or reimbursement for marketing support, services and access for technology platforms, and/or program servicing.

The amounts of payments referenced above made by M2 could be significant by comparison and could create an incentive for an intermediary or its representatives to recommend or offer shares of the CapForce ETFs to its customers. The intermediary may elevate the prominence or profile of the CapForce ETFs within the intermediary's organization by, for example, placing the CapForce ETFs on a list of preferred or recommended funds and/or granting M2 preferential or enhanced opportunities to promote the CapForce ETFs in various ways within the intermediary's organization. These payments are made pursuant to negotiated agreements with intermediaries. The payments do not change the price paid by investors for the purchase of a share or the amount the Fund will receive as proceeds from such sales. Furthermore, many of these payments are not reflected in the fees and expenses listed in the fee table section of the Fund's Prospectus because they are not paid by the Fund. The types of payments described herein are not mutually exclusive, and a single intermediary may receive some or all types of payments as described.

Other compensation may be offered to the extent not prohibited by state laws or any self-regulatory agency, such as FINRA. Investors can ask their intermediaries for information about any payments they receive from M2 and the services it provides for those payments. Investors may wish to take intermediary payment arrangements into account when considering and evaluating any recommendations relating to Fund shares.

Payments to intermediaries, in certain circumstances, may also be made in connection with the distribution of model portfolios developed by M2, such as the inclusion of such model portfolios on an intermediary's platform, as well as in connection with the marketing and sale of, and/or product training regarding such model portfolios, or servicing of accounts tracking such model portfolios. Such payments may be variable or fixed fee payments for platform support, or other payments in the form of a variable or fixed fee or a per position fee, or may relate to the amount of assets an intermediary's clients have invested in CapForce ETFs in such models developed by M2, the management fee, the total expense ratio, or sales of the CapForce ETFs in such models developed by M2. Some intermediaries also provide related data regarding transactions in specific model portfolios, CapForce ETFs and investment strategies to M2 in exchange for a fee.

M2 and/or its affiliates may enter into arrangements with third parties, such as a software provider, whereby M2 may license certain technology or other services from such entity in exchange for licensing or other fees which may be, in whole or in part, dependent on the value of M2 ETFs held through such software or other service. Such third party may also offer price concessions to broker dealers, investment advisers or other financial intermediaries that license technology or other services that may be dependent, in whole or in part, on the value of M2 ETFs held through such software or other service.

**Trading and Brokerage**

An investment adviser has a fiduciary duty to engage in brokerage practices that are in the best interests of its clients and to place the interests of its clients above all other interests in the broker selection process. M2 is responsible for the management of the Funds and has delegated trade execution responsibilities to Penserra.

Accordingly, Penserra has an obligation to seek to obtain the "best execution" for the Funds' transactions. "Best execution" is defined as the most favorable execution possible, considering such factors as the broker's services, research provided, commissions charged, volume discounts offered, execution capability, reliability and responsiveness of the broker-dealer. Penserra may test the execution quality of the broker-dealer to which Penserra submitted the trade. This may include comparing a sample of executed equity trades and the prices that were in the market at the time of the trade (*e.g.*, by comparing it to a third-party pricing source).

The portfolio managers are responsible for ensuring that trades are executed promptly and fairly. Selection of broker-dealers to execute transactions will be based on the reputation and financial strength of the firm; the ability of the firm to handle block orders; the ability of the firm to give the best price in the market; the ability of the firm to give prompt execution; the accuracy of reports and confirmations provided by the firm; and the type of quality of research that the firm can provide, if the designated supervisor deems that such research information is beneficial to the development of the advice given to a Fund.

In selecting a broker for each specific transaction, Penserra uses its best judgment to choose the broker most capable of providing the brokerage services necessary to obtain "best execution." The full range and quality of brokerage services available will be considered in making these determinations. Such services may consist of the following: (i) trading capabilities, including execution speed and ability to provide liquidity; (ii) commissions and/or fees both in aggregate and on a per share basis; (iii) capital strength and stability; (iv) settlement processing; (v) use of technology and other special services; (vi) responsiveness, reliability, and integrity; and, if applicable, (vii) the nature and value of research provided.

Penserra will consider total transaction costs when selecting brokers for trade execution. Total transaction costs include: (i) market impact cost; (ii) lost opportunity to trade cost; (iii) time-to-market cost; (iv) commissions on agency trades or the spreads on principle trades; and (v) bid-ask spread.

As a matter of policy, Penserra each indicated to the Board that it does not intend to maintain any soft dollar arrangements. Should Penserra determine in the future that a soft dollar arrangement would be beneficial and desirable for a Fund, Penserra has represented that any soft dollar arrangements are fully disclosed to the Fund and will undertake such arrangements in accordance with the procedures set forth in its compliance manual.

The following tables sets forth the brokerage commissions paid by the Predecessor Funds during the specified periods.

***Innovator IBD<sup>®</sup> 50 ETF***

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal period ended** | &nbsp;&nbsp;**Brokerage Commissions Paid** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;$346724 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$246725 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$246725 |

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***Innovator IBD<sup>®</sup> Breakout Opportunities ETF***

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal period ended** | &nbsp;&nbsp;**Brokerage Commissions Paid** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;$66401 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;$66401 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;$95088 |

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For the fiscal years ended October 31, 2023, October 31, 2024 and October 31, 2025, the Predecessor Funds did not pay any brokerage commissions to an affiliate of the Predecessor Funds, Innovator, or the Predecessor Funds distributor.

None of the Funds, the Adviser nor the Sub-Adviser has an agreement or understanding with a broker-dealer, or other arrangements to direct the Fund's brokerage transactions to a broker-dealer because of the research services such broker provides to the Fund, Adviser nor Sub-Advisers. While the Adviser and Sub-Adviser do not have arrangements with any broker-dealers to direct such brokerage transactions to them because of research services provided, the Adviser and Sub-Advisers may receive research services from such broker-dealers.

**Capital Structure**

Each Fund has been established as a series of the Trust. The Trust currently has authorized and allocated to the Funds an unlimited number of Shares of beneficial interest with no par value. The Trustees may, at any time and from time to time, by resolution, authorize the establishment and division of additional shares of the Trust into an unlimited number of series and the division of any series (including the Funds) into two or more classes. When issued in accordance with the Trust's registration statement, governing instruments and applicable law (all as may be amended from time to time), all of the Trust's shares are fully paid and non-assessable. Shares do not have preemptive rights.

All Shares represent an undivided proportionate interest in the assets of applicable Fund. Shareholders of the Trust are entitled to one vote for each full Share and to a proportionate fractional vote for each fractional Share standing in the shareholder's name on the books of the Trust. However, matters affecting only one particular fund or class can be voted on only by shareholders in such fund or class. The shares of the Trust are not entitled to cumulative voting, meaning that holders of more than 50% of the Trust's shares may elect the entire Board. All shareholders are entitled to receive dividend and/or capital gains when and as declared by the Trustees from time to time and as discussed in the Prospectus.

***Book Entry Only System***

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

***DTC Acts as Securities Depository for Fund Shares***

Shares are represented by securities registered in the name of The Depository Trust Company ("*DTC*") or its nominee and deposited with, or on behalf of, DTC. DTC, a limited-purpose trust company, was created in 1973 to enable electronic movement of securities between its participants ("*DTC Participants*"), and National Securities Clearing Corporation ("*NSCC*") was established in 1976 to provide a single settlement system for securities clearing and to serve as central counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository Trust & Clearing Corporation ("DTCC") and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is owned by the DTC Participants, but the New York Stock Exchange ("*NYSE*") and FINRA, through subsidiaries, hold preferred shares in DTCC that provide them with the right to elect one member each to the DTCC board of directors. Access to the DTC system is available to entities, such as banks, brokers, dealers and trust companies, that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("*Indirect Participants*").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as "*Beneficial Owners*") is shown on, and the transfer of ownership is effected only through, records maintained by 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 and sale of Shares.

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

Fund distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares of the Trust. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in Shares 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 interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants. DTC may decide to discontinue providing its service with respect to Shares of the Trust at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable cost.

**Creation and Redemption of Creation Units**

*<u>General.</u>* ETFs, such as the Funds, do not sell or redeem individual shares, but rather generally issue and redeem their shares in primary market transactions through a creation and redemption mechanism. Financial entities known as "Authorized Participants" (as defined below) have contractual arrangements with an ETF or one of the ETF's service providers purchase and redeem an ETF's shares directly with the ETF in large blocks of shares known as "Creation Units." Prior to start of trading on every business day, an ETF publishes through the National Securities Clearing Corporation (*"NSCC"*) the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the ETF's shares. An authorized participant that wishes to effectuate a creation of an ETF's shares deposits with the ETF a "basket" of securities, cash or other assets identified by the ETF that day, and then receives the Creation Unit of the ETF's shares in return for those assets. After purchasing a Creation Unit, the authorized participant may continue to hold an ETF's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the authorized participant redeems a Creation Unit of an ETF's shares for a basket of securities and other assets. The combination of the creation and redemption process with secondary market trading in Shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of the ETF's shares at or close to the NAV per share of such ETF.

*<u>Authorized Participants.</u>* An "Authorized Participant" is a member or participant of a clearing agency registered with the SEC that has a written agreement with a Fund or one of the Fund's service providers that allows the Authorized Participant to place orders for the purchase or redemption of Creation Units (a *"Participant Agreement"*). Orders to purchase Creation Units must be delivered through an Authorized Participant that has executed a Participant Agreement and must comply with the applicable provisions of such Participant Agreement. Investors wishing to purchase or sell shares generally do so on an exchange. Institutional investors other than Authorized Participants are responsible for making arrangements for a redemption request to be made through an Authorized Participant.

*<u>Business Day.</u>* A "Business Day" is generally any day on which the New York Stock Exchange (*"NYSE"*), the Exchange and the Trust are open for business. As of the date of this SAI, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The *"Transmittal Date"* is any Business Day on which an order to purchase or redeem Creation Units is received in proper form.

*<u>Basket Composition and Custom Baskets.</u>* Rule 6c-11(c)(3) under of the 1940 Act requires an ETF relying on the exemptions offered by Rule 6c-11 to adopt and implement written policies and procedures governing the construction of baskets and the process that the ETF will use for the acceptance of baskets. In general, in connection with the construction and acceptance of baskets, the Adviser may consider various factors, including, but not limited to: (1) whether the securities, assets and other positions comprising a basket are consistent with the ETF's investment objective(s), policies and disclosure; (2) whether the securities, assets and other positions can legally and readily be acquired, transferred and held by the ETF and/or Authorized Participant(s), as applicable; (3) whether to utilize cash, either in lieu of securities or other instruments or as a cash balancing amount; and (4) in the case of an ETF that tracks an index, whether the securities, assets and other positions aid index tracking. The Funds currently intend to effect creations and redemptions only to and from broker-dealers and large institutional investors that have entered into participation agreements, as described further below. The Funds may effect creations and redemptions for in-kind securities or for cash, rather than in-kind securities. Creation Units are sold at their NAV plus a transaction fee.

The Funds may utilize a "pro-rata basket" or a "custom basket" in reliance on Rule 6c-11. A pro-rata basket is a basket that is a pro rata representation of the ETF's portfolio holdings. When utilizing a pro-rata basket, minor deviations may occur when it is not operationally feasible to include a particular instrument within the basket, except to the extent that a Fund utilized different baskets in transactions on the same Business Day. Rule 6c-11 defines "custom baskets" to include two categories of baskets. First, a basket containing a non-representative selection of the ETF's portfolio holdings would constitute a custom basket. These types of custom baskets include, but are not limited to, baskets that do not reflect: (i) a pro rata representation of the ETF's portfolio holdings; (ii) a representative sampling of an ETF's portfolio holdings; or (iii) changes due to a rebalancing or reconstitution of an ETF's securities market index, if applicable. Second, if different baskets are used in transactions on the same Business Day, each basket after the initial basket would constitute a custom basket. For example, if an ETF exchanges a basket with either the same or another Authorized Participant that reflects a representative sampling that differs from the initial basket, that basket (and any such subsequent baskets) would be a custom basket. Similarly, if an ETF substitutes cash in lieu of a portion of basket assets for a single Authorized Participant, that basket would be a custom basket. The Adviser's Rule 6c-11 Committee defines any deviation from a pro-rata basket to be a "custom basket."

An ETF and its shareholders may benefit from the flexibility afforded by custom baskets under a variety of circumstances. Generally, the usage of custom baskets may reduce costs, improve trading and increase efficiency. ETFs may be able to avoid transaction costs and adverse tax consequences when utilizing custom baskets because it provides a way for the ETF to add, remove, and re-weight portfolio securities without transacting in the market. Rule 6c-11 provides an ETF with flexibility to use "custom baskets" if the ETF has adopted written policies and procedures that: (1) set forth detailed parameters for the construction and acceptance of custom baskets that are in the best interests of the ETF and its shareholders, including the process for any revisions to, or deviations from, those parameters; and (2) specify the titles or roles of employees of the ETF's investment advisor who are required to review each custom basket for compliance with those parameters.

Historically, the use of baskets that do not correspond pro-rata to an ETF's portfolio holdings created concern that the Authorized Participant could take advantage of its relationship with an ETF and pressure an ETF to construct a basket that favors the Authorized Participant to the detriment of such ETF's shareholders. For example, because ETFs rely on Authorized Participants to maintain the secondary market by promoting an effective arbitrage mechanism, an Authorized Participant holding less liquid or less desirable securities potentially could pressure an ETF into accepting those securities in its basket in exchange for liquid ETF shares (*i.e.*, dumping). An Authorized Participant also could pressure the ETF into including in its basket certain desirable securities in exchange for ETF shares tendered for redemption (*i.e.*, cherry-picking). In either case, the ETF's other investors would be disadvantaged and would be left holding shares of an ETF with a less liquid or less desirable portfolio of securities. In accordance with Rule 6c-11, the Adviser has adopted policies and procedures designed to mitigate concerns that an Authorized Participant could unduly influence a Fund to construct a basket that favors an Authorized Participant to the detriment of the Fund's shareholders, but there is no guarantee that these policies and procedures will be effective.

*<u>Basket Dissemination.</u>* Basket files are published for consumption through the NSCC, a subsidiary of Depository Trust & Clearing Corporation, and can be utilized for pricing, creations, redemptions, rebalancing and custom scenarios. In most instances, pro-rata baskets are calculated and supplied by the ETF's custodial bank based on ETF holdings, whereas non-pro rata, custom and forward-looking pro-rata baskets are calculated by the fund's investment adviser and disseminated by the ETF's custodial bank through the NSCC process.

*<u>Placement of Creation or Redemption Orders.</u>* All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by the transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular trading session of the NYSE (ordinarily 4:00 p.m. Eastern Time) on each day the NYSE is open for business (the *"Cutoff Time"*) in order for the purchase or redemption of Creation Units to be effected based on the NAV of Shares as next determined on such date after receipt of the order in proper form. In the case of a redemption order, such order must also be accompanied or followed by the requisite number of Shares specified in such order, which delivery must be made through DTC to the transfer agent. All Shares, however created, will be entered on the records of DTC in the name of Cede & Co. for the account of a DTC Participant.

At its discretion, a Fund may require an Authorized Participant to submit orders to purchase or redeem Creation Units earlier in the day. A Fund, or the Distributor on behalf of the Fund, will provide Authorized Participants with prior notice of any such deadline. Purchase or redemption orders of Creation Units received by the transfer agent after the applicable deadline will not be accepted by the Fund.

The delivery of Creation Units properly created will occur no later than the first Business Day following the day on which the purchase order is deemed received (*"T+1"*). The requisite Cash Redemption Amount (as defined below) for an order properly submitted to redeem Creation Units will ordinarily be transferred no later than T+1.

When partial or full chase purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases thereof.

*<u>Purchase and Issuance of Creation Units.</u>* The consideration for the purchase of a Creation Unit of Shares may consist of the in-kind deposit of a designated portfolio of securities and other instruments (the *"Deposit Instruments"*) and an amount of cash computed as described below (the *"Cash Component"*). Together, the Deposit Instruments (and/or any cash with respect to cash purchases and cash-in-lieu amounts) and the Cash Component constitute the *"Fund Deposit,"* which represents the minimum initial and subsequent investment amount for a Creation Unit of a Fund.

The Cash Component is sometimes also referred to as the Balancing Amount. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the "Deposit Amount" (an amount equal to the aggregate market value of the Deposit Instruments and/or cash in lieu of all or a portion of the Deposit Instruments). The Cash Component is an amount equal to the difference between the NAV of a Fund's shares (per Creation Unit) and the Deposit Amount. If the Cash Component is a positive number (*i.e.,* the NAV per Creation Unit exceeds the Deposit Amount), the creator will deliver the Cash Component. If the Cash Component is a negative number (*i.e.,* the NAV per Creation Unit is less than the Deposit Amount), the creator will receive the Cash Component.

The Funds reserve the right to permit or require the substitution of a "cash in lieu" amount to be added to the Cash Component to replace any Deposit Security that may not be available in sufficient quantity for delivery or that may not be eligible for transfer through DTC or the clearing process or that the Authorized Participant is not able to trade due to a trading restriction. The Funds also reserve the right to permit or require a "cash in lieu" amount in certain circumstances, including those in which the delivery of the Deposit Security by the Authorized Participant would be restricted under applicable securities or other local laws or in certain other situations. The Funds also reserve the right to permit or require the substitution of Deposit Securities in lieu of cash.

A Creation Unit will generally not be issued until the transfer of good title to the applicable Fund of the Deposit Instruments and the payment of the Cash Component, the "Creation Transaction Fee" (as defined below) and any other required cash amounts have been completed. To the extent contemplated by an Authorized Participant Agreement with the Distributor, a Fund will issue Creation Units to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral having a value at least equal to 105%, which percentage the Adviser may change at any time, in its sole discretion, of the value of the missing Deposit Securities in accordance with the Fund's then-effective procedures. The Trust may use such cash deposit at any time to buy Deposit Securities for a Fund. The only collateral that is acceptable to the Funds is cash in U.S. dollars. Such cash collateral must be delivered no later than the time specified by the Fund or its Custodian on the contractual settlement date. The cash collateral posted by the Authorized Participant may be invested at the risk of the Authorized Participant, and income, if any, on invested cash collateral will be paid to that Authorized Participant. Information concerning the Funds' current procedures for collateralization of missing Deposit Securities is available from the Distributor or its agent. The Authorized Participant Agreement will permit a Fund to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Funds of purchasing such securities and the cash collateral including, without limitation, liability for related brokerage, borrowings and other charges. In certain cases, Authorized Participants may create and redeem Creation Units on the same trade date and in these instances, the Funds reserve the right to settle these transactions on a net basis or require a representation from the Authorized Participants that the creation and redemption transactions are for separate beneficial owners. 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 a Fund and the Fund's determination shall be final and binding.

*<u>Redemption of Fund Shares in Creation Units.</u>* Beneficial Owners of shares of the Funds may sell their shares in the secondary market, but must accumulate enough shares to constitute a Creation Unit to redeem through the Fund. Shares of a Fund may be redeemed by an Authorized Participant only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Distributor or its agent and only on a Business Day. The Fund will not redeem shares in amounts less than Creation Units and there can be no assurance 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 customary brokerage and other costs in connection with assembling a sufficient number of a Fund's shares to constitute a redeemable Creation Unit. Redemption requests must be placed by or through an Authorized Participant. Creation Units will be redeemable at their NAV per Creation Unit next determined after receipt of a request for redemption by the Funds. To the extent contemplated by a Participant Agreement, in the event the Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to the Funds' transfer agent, the transfer agent will nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash having a value (marked to market daily) at least equal to 105%, which Capital-Force may change from time to time, of the value of the missing shares.

If neither the redeeming Beneficial Owner nor the Authorized Participant acting on behalf of such redeeming Beneficial Owner has appropriate arrangements to take delivery of Fund Securities in the applicable non-U.S. jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of Fund Securities in such jurisdiction, a Fund may in its discretion exercise its option to redeem such Shares in cash, and the redeeming Beneficial Owner will be required to receive its redemption proceeds in cash. In such case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charges specified above to offset the Fund's brokerage and other transaction costs associated with the disposition of Fund Securities). Redemptions of Shares for Fund Securities will be subject to compliance with applicable U.S. federal and state securities laws and the Funds (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that a Fund cannot lawfully deliver specific Fund Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.

To the extent contemplated by an Authorized Participant's agreement with the Distributor or its agent, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to a Fund, at or prior to 10:00 a.m., Eastern time on the Exchange Business Day after the date of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing Shares as soon as possible. Such undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash, in U.S. dollars in immediately available funds, having a value at least equal to 105%, which percentage the Adviser may change at any time, in its sole discretion, of the value of the missing Shares. Such cash collateral must be delivered no later than the time specified by a Fund or its Custodian on the day after the date of submission of such redemption request and shall be marked-to-market daily. Any fees of in respect of the delivery, maintenance and redelivery of the cash collateral shall be payable by the Authorized Participant. The cash collateral posted by the Authorized Participant may be invested at the risk of the Authorized Participant, and income, if any, on invested cash collateral will be paid to that Authorized Participant. The Authorized Participant Agreement permits the Fund to acquire Shares of the Fund at any time and subjects the Authorized Participant to liability for any shortfall between the aggregate of the cost to a Fund of purchasing such Shares, plus the value of the Cash Amount, and the value of the cash collateral together with liability for related brokerage and other charges.

*<u>Delivery of Redemption Proceeds.</u>* Deliveries of securities to Authorized Participants in connection with redemption orders are generally expected to be made within two Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind redemption proceeds for the Fund may take longer than two Business Days after the day on which the redemption request is received in proper form. Section 22(e) of the 1940 Act generally prohibits a registered open-end management investment company from postponing the date of satisfaction of redemption requests for more than seven days after the tender of a security for redemption. This prohibition can cause operational difficulties for ETFs that hold foreign investments and exchange in-kind baskets for Creation Units. For example, local market delivery cycles for transferring foreign investments to redeeming investors, together with local market holiday schedules, can sometimes require a delivery process in excess of seven days. Rule 6c-11 grants relief from Section 22(e) to permit an ETF to delay satisfaction of a redemption request for more than seven days if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized Participants, or the combination thereof prevents timely delivery of the foreign investment included in the ETF's basket. Under this exemption, an ETF must deliver foreign investments as soon as practicable, but in no event later than 15 days after the tender to the ETF. The exemption therefore will permit a delay only to the extent that additional time for settlement is actually required, when a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming authorized participants prevents timely delivery of the foreign investment included in the ETF's basket. If a foreign investment settles in less than 15 days, Rule 6c-11 requires an ETF to deliver it pursuant to the standard settlement time of the local market where the investment trades. Rule 6c-11 defines "foreign investment" as any security, asset or other position of the ETF issued by a foreign issuer (as defined by Rule 3b-4 under the 1934 Act), and that is traded on a trading market outside of the United States. This definition is not limited to "foreign securities," but also includes other investments that may not be considered securities. Although these other investments may not be securities, they may present the same challenges for timely settlement as foreign securities if they are transferred in kind.

The redemption proceeds for a Creation Unit generally consist of the Deposit Instruments—as announced on the Business Day of the request for redemption received in proper form—plus or minus cash in an amount equal to the difference between the net asset value of the Fund's shares (per Creation Unit) being redeemed, as next determined after a receipt of a request in proper form, and the aggregate market value of the Deposit Instruments (the *"Cash Redemption Amount"*), less the applicable Redemption Transaction Fee as described below and, if applicable, any operational processing and brokerage costs, transfer fees or stamp taxes. In the event that the Deposit Instruments have an aggregate market value greater than the net asset value of the Fund's shares (per Creation Unit), a compensating cash payment equal to the difference plus the applicable Redemption Transaction Fee and, if applicable, any operational processing and brokerage costs, transfer fees or stamp taxes, is required to be made by or through an Authorized Participant by the redeeming shareholder.

*<u>Creation Transaction Fees.</u>* Each Fund imposes fees in connection with the purchase of Creation Units. A Fund, or the Distributor on behalf of the Fund, will provide Authorized Participants with prior notice of such fees. A Fund may adjust the fee from time to time based upon actual experience. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket. Shares may be issued in advance of receipt of all Deposit Instruments subject to various conditions including a requirement to maintain on deposit with the Fund cash at least equal to a percentage specified by the Fund multiplied by the market value of the missing Deposit Instruments.

*<u>Redemption Transaction Fees</u>*<u>.</u> Each Fund imposes fees in connection with the redemption of Creation Units. A Fund, or the Distributor on behalf of a Fund, will provide the Authorized Participants with prior notice of any such fees. A Fund may adjust the fee from time to time based upon actual experience. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Funds will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

*<u>Suspension of Creations.</u>* The SEC has stated its position that an ETF generally may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the ETF's portfolio holdings are traded are closed for a limited period of time. The SEC has also stated that an ETF cannot set transaction fees so high as to effectively suspend the issuance of Creation Units. The Fund reserves the right, for any legally permissible reason, to reject a creation order transmitted to it, for any permissible legal reason, if: (i) the order is not in proper form; (ii) the purchaser or group of related purchasers, upon obtaining the Creation Units of Shares ordered, would own 80% or more of the currently outstanding Shares; (iii) the required consideration is not delivered; (iv) the acceptance of the Fund Deposit would, in the opinion of the Fund, be unlawful; or (v) there exist circumstances outside the control of the Fund that make it impossible to process purchases of Creation Units for all practical purposes. Examples of such circumstances include: acts of God or 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 Fund, M2, the Distributor, DTC, NSCC, the transfer agent, the custodian, any sub-custodian or any other participant in the purchase process; and similar extraordinary events. The transfer agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of such prospective creator of the rejection of the order of such person. The Trust, the Fund, 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 any of them incur any liability for the failure to give any such notification.

*<u>Suspension of Redemptions</u>*<u>.</u> An ETF may suspend the redemption of Creation Units only in accordance with Section 22(e) of the 1940 Act. Section 22(e) stipulates that no registered investment company shall suspend the right of redemption, or postpone the date of payment or satisfaction upon redemption of any redeemable security in accordance with its terms for more than seven days after the tender of such security to the company or its agent designated for that purpose for redemption, except (1) for any period (A) during which the NYSE is closed other than customary week-end and holiday closings or (B) during which trading on the NYSE is restricted; (2) for any period during which an emergency exists as a result of which (A) disposal by the investment company of securities owned by it is not reasonably practicable or (B) it is not reasonably practicable for such company fairly to determine the value of its net assets; or (3) for such other periods as the SEC may by order permit for the protection of security holders of the investment company.

*<u>Exceptions to Use of Creation Units.</u>* Pursuant to Rule 6c-11, ETFs are permitted to sell or redeem individual shares on the day of consummation of a reorganization, merger, conversion or liquidation. Under these limited circumstances, an ETF may need to issue or redeem individual shares and may need to transact without utilizing Authorized Participants.

**Determining Offering Price and Net Asset Value**

The NAV of the Funds will be determined as of the close of regular trading on the NYSE (normally 4:00 p.m. E.T.) on the days specified in the Funds' prospectus or as otherwise determined by resolution adopted by the Board (each, a *"valuation day"*). If the NYSE closes early on a valuation day, each Fund shall determine its NAV as of that time. Portfolio securities generally shall be valued utilizing prices provided by independent pricing services. The Board has authorized each Fund and USBFS, the Funds' accounting agent (the *"Fund Accounting Agent"*), to use prices provided by certain pricing service vendors (each, a *"Pricing Service"*). The securities held by each Fund are valued in accordance with the policies and procedures established by M2 as the "Valuation Designee" of each Fund pursuant to Rule 2a-5 under the 1940 Act and approved by, and subject to the oversight of, the Board (the *"Valuation Procedures"*). If market quotations are not readily available or are not reliable, the securities or other assets of a Fund will be valued at their fair value as determined in good faith by the Valuation Designee in accordance with the Valuation Procedures.

*Equity and Other Non-Fixed Income Securities and Other Assets*

The following securities and other assets, for which accurate and reliable market quotations are readily available, will be valued by the Funds Accounting Agent as described:

&nbsp;&nbsp;&nbsp;&nbsp;A. Common stocks, preferred stocks and other equity securities listed on any national exchange (excluding
the NASDAQ National Market (*"NASDAQ"*) and the London Stock Exchange Alternative Investment Market (*"AIM"*))
will be valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official
closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as
applicable, at the close of the exchange representing the principal market for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;B. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price,
if available, and otherwise at their closing bid price.

&nbsp;&nbsp;&nbsp;&nbsp;C. Foreign equities generally are valued on the basis of quotations from the primary markets in which they
are traded and are translated from the local currencies into U.S. dollars using current exchange rates provided by the Independent Approved
Pricing Service. Foreign equities traded on more than one securities exchange are valued at the last sale price on the day as of which
such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;D. Exchange-traded options (other than FLexible Exchange Options ()"*FLEX Options* ")) and
futures contracts will be valued at the closing price in the market where such contracts are principally traded. If no closing price is
available, they will be valued at their fair value as determined by the Valuation Designee in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;E. Forward foreign currency contracts are valued at the current day's interpolated foreign exchange
rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety, and one-hundred eighty day forward rates provided
by a Pricing Service or by certain independent dealers in such contracts.

&nbsp;&nbsp;&nbsp;&nbsp;F. Redeemable securities issued by open-end investment companies shall be valued at the investment company's
applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities
in accordance with the methods outlined in subsection A above.

&nbsp;&nbsp;&nbsp;&nbsp;G. FLEX Options listed on an exchange (e.g., Cboe) will typically be valued at a model-based price provided
by the exchange at the official close of that exchange's trading day. However, when a Fund's option has a same-day market
trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange's model-based price. If
the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided
by a backup third-party pricing provider. In selecting the model prices, the Sub-Adviser may provide a review of the calculation of model
prices provided by each vendor, and may note to such vendors of any data errors observed, or where an underlying component value of the
model pricing package may be missing or incorrect, prior to publication by the vendor of the model pricing to the Fund Accounting Agent
for purposes of that day's NAV. If either pricing vendor is not available to provide a model price for that day, the value of a
FLEX Option will be determined by M2 as Valuation Designee in accordance with the Valuation Procedures. In instances where in the same
trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as
in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Fund will default to use
the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.

The Fund Accounting Agent will obtain all market quotations used in valuing securities in accordance with subsection A and G above from a Pricing Service. If no quotation can be obtained from a Pricing Service, then the Fund Accounting Agent will contact M2. M2 is responsible for establishing valuation of portfolio securities and other instruments held by a Fund in accordance with the Valuation Procedures. M2 will then attempt to obtain one or more broker quotes for the security daily and will value the security accordingly.

If no quotation is available from either a Pricing Service, or one or more brokers, or if M2 has reason to question the reliability or accuracy of a quotation supplied, M2 must determine if a "fair value" of such portfolio security must be provided by M2 pursuant to the Valuation Procedures.

*Fixed Income Securities, Swaps and Other Instruments*

Subject to the special pricing situations set forth below, the following securities will be valued by the Fund Accounting Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;A. Fixed income securities, swaps, currency-, credit- and commodity-linked notes, and other similar instruments
will be valued using a Pricing Service.

&nbsp;&nbsp;&nbsp;&nbsp;B. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at
cost adjusted for amortization of premiums and accretion of discounts, provided M2 has determined that the use of amortized cost is an
appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Factors that
may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the credit conditions in the relevant market and changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the liquidity conditions in the relevant market and changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the interest rate conditions in the relevant market and changes thereto (such as significant changes in
interest rates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. issuer-specific conditions (such as significant credit deterioration); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. any other market-based data M2 considers relevant. In this regard, M2 may use last-obtained market-based
data to assist it when valuing portfolio securities using amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Repurchase agreements will be valued as follows: Overnight repurchase agreements will be valued at cost.
Term repurchase agreements (*i.e.*, those whose maturity exceeds seven days) will be valued by M2 at the average of the bid quotations
obtained daily from at least two recognized dealers.

The Fund Accounting Agent will obtain all pricing data for use in valuing securities in accordance with subsections A through C, as applicable, above from a Pricing Service or, if no price is available from a Pricing Service, then the Fund Accounting Agent will contact M2, which will attempt to obtain one or more broker quotes from the selling dealer or financial institution for the security daily and will value the security accordingly. If M2 has reason to question the accuracy or reliability of a price supplied or the use of the amortized cost methodology, M2 must determine if a "fair value" of such portfolio security must be provided by M2 pursuant to the Valuation Procedures. From time to time, M2 will request that the Fund Accounting Agent submit price challenges to a Pricing Service, usually in response to any updated broker prices received.

*Special Pricing Situations*

If no quotation is available from either a Pricing Service or one or more brokers or if M2, as Valuation Designee, has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by a Fund for which reliable market quotations are not readily available will be determined by M2 in accordance with the Valuation Procedures in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

Fair valuation of a fixed-income security will be based on the consideration of all available information, including, but not limited to, the following: (a) the fundamental business data relating to the issuer, or economic data relating to the country of issue; (b) an evaluation of the forces which influence the market in which these securities are purchased and sold; (c) the type, size and cost of the security; (d) the financial statements of the issuer, or the financial condition of the country of issue; (e) the credit quality and cash flow of the issuer, or country of issue, based on the portfolio manager's or external analysis; (f) the information as to any transactions in or offers for the security; (g) the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies; (h) the coupon payments, yield data/cash flow data; (i) the quality, value and salability of collateral, if any, securing the security; (j) the business prospects of the issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer's management (for corporate debt only); (k) the economic, political and social prospects/developments of the country of issue and the assessment of the country's governmental leaders/officials (for sovereign debt only); (l) the prospects for the issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only); and (m) other relevant factors.

Fair valuation of an equity security will be based on the consideration of all available information, including, but not limited to, the following: (a) the type of security; (b) the size of the holding; (c) the initial cost of the security; (d) transactions in comparable securities; (e) price quotes from dealers and/or pricing services; (f) relationships among various securities; (g) information obtained by contacting the issuer, analysts, or the appropriate stock exchange; (h) an analysis of the issuer's financial statements; and (i) the existence of merger proposals or tender offers that might affect the value of the security.

If the equity security in question is a foreign security, the following additional information may be considered: (j) the country's or geographic region's political and economic environment; (k) the value of similar foreign securities traded on other foreign markets; (l) ADR and GDR trading of similar securities; (m) closed-end fund trading of similar securities; (n) foreign currency exchange activity; (o) the trading prices of financial products that are tied to baskets of foreign securities; (p) factors relating to the event that precipitated the pricing problem; (q) whether the event is likely to recur; and (r) whether the effects of the event are isolated or whether they affect entire markets, countries or regions.

Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by M2 in accordance with the Valuation Procedures. The portfolio manager(s) will notify M2 of the existence of a restricted security in a Fund's portfolio and will present to M2 a recommendation as to the initial and continuing valuation of such security. M2 will then determine the fair value of such restricted security.

*Foreign Market Closures*

If events materially affecting the value of foreign securities occur on a day on which a foreign market is closed, but the U.S. markets are open, such securities may be fair valued.

**Distributions and Taxes**

This section summarizes some of the main U.S. federal income tax consequences of owning Shares. This section is current as of the date of the SAI. Tax laws and interpretations change frequently, and this summary does not describe all of the tax consequences to all taxpayers. For example, this summary generally does not describe your situation if you are a corporation, a non-U.S. person, a broker-dealer, or other investor with special circumstances. In addition, this section does not describe your state, local or foreign tax consequences.

This federal income tax summary is based in part on the advice of counsel to the Funds. The Internal Revenue Service could disagree with any conclusions set forth in this section. In addition, our counsel was not asked to review, and has not reached a conclusion with respect to the federal income tax treatment of the assets to be deposited in the Funds. This may not be sufficient for prospective investors to use for the purpose of avoiding penalties under federal tax law.

As with any investment, prospective investors should seek advice based on their individual circumstances from their own tax advisor.

The Funds intend to qualify annually and to elect to be treated as a regulated investment company under the Internal Revenue Code (the *"Code"*).

To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment companies, a Fund must, among other things, (a) derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans and 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 currencies, or net income derived from interests in certain publicly traded partnerships; (b) diversify its holdings so that, at the end of each quarter of the taxable year, (i) at least 50% of the market value of the Fund's assets is represented by cash and cash items (including receivables), U.S. government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer generally limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or the securities of other regulated investment companies) of any one issuer, or two or more issuers which the Fund controls which are engaged in the same, similar or related trades or businesses, or the securities of one or more of certain publicly traded partnerships; and (c) distribute at least 90% of its investment company taxable income (which includes, among other items, dividends, interest and net short-term capital gains in excess of net long-term capital losses) and at least 90% of its net tax-exempt interest income each taxable year. There are certain exceptions for failure to qualify if the failure is for reasonable cause or is de minimis, and certain corrective action is taken and certain tax payments are made by a Fund.

As a regulated investment company, the Funds generally will not be subject to U.S. federal income tax on their investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that they distributes to shareholders. Each Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gain. If a Fund retains any net capital gain or investment company taxable income, it will generally be subject to federal income tax at regular corporate rates on the amount retained. In addition, amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax unless, generally, a Fund distributes during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (3) any ordinary income and capital gains for previous years that were not distributed during those years. In order to prevent application of the excise tax, each Fund intends to make its distributions in accordance with the calendar year distribution requirement. A distribution will be treated as paid on December 31 of the current calendar year if it is declared by a Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

Subject to certain reasonable cause and de minimis exceptions, if a Fund fails to qualify as a regulated investment company or fails to satisfy the 90% distribution requirement in any taxable year, the Fund would be taxed as an ordinary corporation on its taxable income (even if such income were distributed to its shareholders) and all distributions out of earnings and profits would be taxed to shareholders as ordinary income.

*<u>Distributions</u>*. Dividends paid out of a Fund's investment company taxable income are generally taxable to a shareholder as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional Shares. However, certain ordinary income distributions received from a Fund may be taxed at capital gains tax rates. In particular, ordinary income dividends received by an individual shareholder from a regulated investment company such as each Fund are generally taxed at the same rates that apply to net capital gain, provided that certain holding period requirements are satisfied and provided the dividends are attributable to qualifying dividends received by the Fund itself. Dividends received by a Fund from REITs are qualifying dividends eligible for this lower rate only in certain circumstances. Each Fund will provide notice to its shareholders of the amount of any distributions that may be taken into account as a dividend which is eligible for the capital gains tax rates. A Fund cannot make any guarantees as to the amount of any distribution which will be regarded as a qualifying dividend. Some portion of the ordinary income distributions that are attributable to dividends received by a Fund from shares in certain REITs may be designated by such Fund as eligible for a deduction for qualified business income, provided certain holding period requirements are satisfied.

Income from a Fund may also be subject to a 3.8% "Medicare tax." This tax generally applies to net investment income if the taxpayer's adjusted gross income exceeds certain threshold amounts, which are $250,000 in the case of married couples filing joint returns and $200,000 in the case of single individuals.

A corporation that owns Shares generally will not be entitled to the dividends received deduction with respect to many dividends received from the Fund because the dividends received deduction is generally not available for distributions from regulated investment companies. However, certain ordinary income dividends on Shares that are attributable to qualifying dividends received by a Fund from certain domestic corporations may be reported by the Fund as being eligible for the dividends received deduction.

Distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, properly reported as capital gain dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund Shares. An election may be available to shareholders to defer recognition of the gain attributable to a capital gain dividend if they make certain qualifying investments within a limited time. Shareholders should talk to their tax advisor about the availability of this deferral election and its requirements. Shareholders receiving distributions in the form of additional Shares, rather than cash, generally will have a tax basis in each such Share equal to the value of a Share of a Fund on the reinvestment date. A distribution of an amount in excess of a Fund's current and accumulated earnings and profits will be treated by a shareholder as a return of capital which is applied against and reduces the shareholder's basis in his or her Shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Shares.

Shareholders will be notified annually as to the U.S. federal income tax status of distributions, and shareholders receiving distributions in the form of additional Shares will receive a report as to the value of those Shares.

*<u>Sale or Exchange of Fund Shares</u>*, Upon the sale or other disposition of Shares, which a shareholder holds as a capital asset, such a shareholder may realize a capital gain or loss which will be long-term or short-term, depending upon the shareholder's holding period for the Shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if the Shares have been held for more than one year. An election may be available to shareholders to defer recognition of capital gain if they make certain qualifying investments within a limited time. Shareholders should talk to their tax advisor about the availability of this deferral election and its requirements.

Any loss realized on a sale or exchange will be disallowed to the extent that Shares disposed of are replaced (including through reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after disposition of Shares or to the extent that the shareholder, during such period, acquires or enters into an option or contract to acquire, substantially identical stock or securities. In such a case, the basis of the Shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of Shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of long-term capital gain received by the shareholder with respect to such Shares.

*<u>Taxes on Purchase and Redemption of Creation Units.</u>* If a shareholder exchanges securities for Creation Units the shareholder will generally 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 shareholder's aggregate basis in the securities surrendered and the Cash Component paid. If a shareholder exchanges Creation Units for securities, then the shareholder will generally recognize a gain or loss equal to the difference between the shareholder's basis in the Creation Units and the aggregate market value of the securities received and the Cash Redemption Amount. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units or Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position.

*<u>Nature of Fund's Investments,</u>* Certain of the Funds' investment practices are subject to special and complex federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause a Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur and (vi) adversely alter the characterization of certain complex financial transactions.

*<u>Futures Contracts and Options</u>**.*** Each Fund's transactions in futures contracts and options will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (*i.e.,* may affect whether gains or losses are ordinary or capital, or short-term or long-term), may accelerate recognition of income to the Fund and may defer Fund losses. These rules could, therefore, affect the character, amount and timing of distributions to shareholders. These provisions also (a) will require a Fund to mark-to-market certain types of the positions in its portfolio (*i.e.,* treat them as if they were closed out), and (b) may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement for qualifying to be taxed as a regulated investment company and the distribution requirements for avoiding excise taxes.

*<u>Investments in Certain Foreign Corporations</u>*. If a Fund holds an equity interest in any "passive foreign investment companies" ("PFICs"), which are generally certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income, a Fund could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is timely distributed to its shareholders. A Fund will not be able to pass through to its shareholders any credit or deduction for such taxes. A Fund may be able to make an election that could ameliorate these adverse tax consequences. In this case, a Fund would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under this election, a Fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax (described above). Dividends paid by PFICs are not treated as qualified dividend income.

*<u>Backup Withholding</u>* A Fund may be required to withhold U.S. federal income tax from all taxable distributions and sale proceeds payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or fail to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. This withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability.

*<u>Non-U.S. Shareholders</u>*. U.S. taxation of a shareholder who, as to the United States, is a nonresident alien individual, a foreign trust or estate, a foreign corporation or foreign partnership (*"non-U.S. shareholder"*) depends on whether the income of a Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

In addition to the rules described in this section concerning the potential imposition of withholding on distributions to non-U.S. persons, distributions to non-U.S. persons that are "financial institutions" may be subject to a withholding tax of 30% unless an agreement is in place between the financial institution and the U.S. Treasury to collect and disclose information about accounts, equity investments, or debt interests in the financial institution held by one or more U.S. persons or the institution is resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury. For these purposes, a "financial institution" means any entity that (i) accepts deposits in the ordinary course of a banking or similar business, (ii) holds financial assets for the account of others as a substantial portion of its business, or (iii) is engaged (or holds itself out as being engaged) primarily in the business of investing, reinvesting or trading in securities, partnership interests, commodities or any interest (including a futures contract or option) in such securities, partnership interests or commodities. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

Distributions to non-financial non-U.S. entities (other than publicly traded foreign entities, entities owned by residents of U.S. possessions, foreign governments, international organizations, or foreign central banks) will also be subject to a withholding tax of 30% if the entity does not certify that the entity does not have any substantial U.S. owners or provide the name, address and TIN of each substantial U.S. owner. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

*<u>Income Not Effectively Connected.</u>* If the income from a Fund is not "effectively connected" with a U.S. trade or business carried on by the non-U.S. shareholder, distributions of investment company taxable income will generally be subject to a U.S. tax of 30% (or lower treaty rate), which tax is generally withheld from such distributions.

Distributions of capital gain dividends and any amounts retained by a Fund which are properly reported by the Fund as undistributed capital gains will not be subject to U.S. tax at the rate of 30% (or lower treaty rate) unless the non-U.S. shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements. However, this 30% tax on capital gains of nonresident alien individuals who are physically present in the United States for more than the 182 day period only applies in exceptional cases because any individual present in the United States for more than 182 days during the taxable year is generally treated as a resident for U.S. income tax purposes; in that case, he or she would be subject to U.S. income tax on his or her worldwide income at the graduated rates applicable to U.S. citizens, rather than the 30% U.S. tax. In the case of a non-U.S. shareholder who is a nonresident alien individual, a Fund may be required to withhold U.S. income tax from distributions of net capital gain unless the non-U.S. shareholder certifies his or her non-U.S. status under penalties of perjury or otherwise establishes an exemption. If a non-U.S. shareholder is a nonresident alien individual, any gain such shareholder realizes upon the sale or exchange of such shareholder's Shares in the United States will ordinarily be exempt from U.S. tax unless the gain is U.S. source income and such shareholder is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements.

In addition, capital gain distributions attributable to gains from U.S. real property interests (including certain U.S. real property holding corporations) will generally be subject to United States withholding tax and will give rise to an obligation on the part of the non-U.S. shareholder to file a United States tax return.

Distributions from a Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. shareholders, provided that the Fund makes certain elections and certain other conditions are met. For tax years after December 31, 2022, amounts paid to or recognized by a non-U.S. affiliate that are excluded from tax under the portfolio interest, capital gain dividends, short-term capital gains or tax-exempt interest dividend exceptions or applicable treaties, may be taken into consideration in determining whether a corporation is an "applicable corporation" subject to a 15% minimum tax on adjusted financial statement income.

*<u>Income Effectively Connected.</u>* If the income from a Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. shareholder, then distributions of investment company taxable income and capital gain dividends, any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains and any gains realized upon the sale or exchange of Shares will be subject to U.S. income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. Non-U.S. corporate shareholders may also be subject to the branch profits tax imposed by the Code. The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Funds.

*<u>Capital Loss Carry-Forward.</u>* Net capital losses of the Funds may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. To the extent that these loss carry-forwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to Fund shareholders. Each Fund is subject to certain limitations, under U.S. tax rules, on the use of capital loss carry-forwards and net unrealized built-in losses. These limitations generally apply when there has been a 50% change in ownership.

As of October 31, 2025, the Predecessor Funds had accumulated capital loss carryovers of:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Indefinite Short-Term** | &nbsp;&nbsp;**Indefinite Long-Term** |
| &nbsp;&nbsp;Innovator IBD<sup>®</sup> 50 ETF | &nbsp;&nbsp;$301961303 | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;Innovator IBD<sup>®</sup> Breakout Opportunities ETF | &nbsp;&nbsp;$10393738 | &nbsp;&nbsp;-- |

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*<u>Other Taxation</u>*. Fund shareholders may be subject to state, local and foreign taxes on their Fund distributions. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Performance Information**

As a result of the Reorganization, the performance information for each Fund is the performance history of the corresponding Predecessor Fund. To obtain the Funds' most current performance information, please call (800) 324-3998 or visit the Funds' website at <u>www.capforceetf.com</u>. From time to time, the Funds' performance information, such as yield or total return, may be quoted in advertisements or in communications to present or prospective shareholders. Performance quotations represent a Fund's past performance and should not be considered as representative of future results. Each Fund will calculate its performance in accordance with the requirements of the rules and regulations under the 1940 Act, as they may be revised from time to time.

**Financial Statements**

The Trust's independent registered public accounting firm, Cohen & Company, Ltd., audits and reports on each Fund's annual financial statements. Each Fund has adopted the financial statements of the applicable Predecessor Fund. The audited financial statements and notes thereto in each Predecessor Fund's [Annual Report to Shareholders for the fiscal year ended October 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000113322826000153/itcf-efp19017_ncsr.htm) (the *"Annual Report"*) are incorporated by reference into this SAI. The financial statements include the "Schedule of Investments", "Statement of Assets and Liabilities", "Statement of Operations", "Statements of Changes in Net Assets", "Financial Highlights" and "Notes to Financial Statements". No other parts of the Annual Report are incorporated by reference herein. A copy of the 2025 Annual Report may be obtained upon request and without charge by writing or by calling Innovator, at the address and telephone number on the cover of the Prospectus.

**Supplemental Financial Information**

Tables showing the fees and expenses of each Target Fund and the fees and expenses of each Acquiring Fund on a pro forma basis after giving effect to the proposed Reorganizations, is included in the Prospectus.

The Reorganizations will not result in a material change to any of the Target Funds' investment portfolios. As a result, a schedule of investments of each Target Fund modified to show the effects of such change is not required and is not included.

There are no material differences in accounting policies of the Target Funds as compared to those of the Acquiring Funds.

**Control persons and Principal Holders of Shares**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a Fund. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control. The table set forth below shows the percentage ownership of each person or "group" (as that term is used in Section 13(d) of the 1934 Act) who, as of December 19, 2025, owned of record, or is known by Innovator ETFs Trust to have owned of record or beneficially, 5% or more of the Shares of the Predecessor Funds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Innovator IBD<sup>®</sup> Breakout Opportunities ETF** | &nbsp;&nbsp;**Innovator IBD<sup>®</sup> Breakout Opportunities ETF** |
| &nbsp;&nbsp;**Shareholders Name and Address** | &nbsp;&nbsp;**Percentage** |
| &nbsp;&nbsp;Charles Schwab & Co Inc.<br> 211 Main Street<br> San Francisco, California 94105-1905 | &nbsp;&nbsp;47.45%<br>|
| &nbsp;&nbsp;BOFA Securities, Inc. <br> 4804 Deer Lake Dr. E <br> Jacksonville, Florida 32246 | &nbsp;&nbsp;18.50% <br>|
| &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Boulevard<br> Jersey City, New Jersey 07310-1995 | &nbsp;&nbsp;11.47% <br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;**Innovator IBD<sup>®</sup> 50 ETF** | &nbsp;&nbsp;**Innovator IBD<sup>®</sup> 50 ETF** |
| &nbsp;&nbsp;**Shareholders Name and Address** | &nbsp;&nbsp;**Percentage** |
| &nbsp;&nbsp;Charles Schwab & Co Inc.<br> 211 Main Street <br> San Francisco, California 94105-1905 | &nbsp;&nbsp;34.45%<br>|
| &nbsp;&nbsp; National Financial Services LLC<br> 499 Washington Boulevard <br> Jersey City, New Jersey 07310-1995<br>| &nbsp;&nbsp;21.60%<br>|

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**Exhibit A - Proxy Voting Guidelines**

**Egan-Jones Proxy Services<br> Standard Proxy Voting<br> Principles and Guidelines**

<u>**Egan-Jones Proxy Voting Principles**</u>

<u>**Introduction**</u>

Our Proxy Voting Principles serve as the background for our Proxy Voting Guidelines, which, in turn, act as general guidelines for the specific recommendations that we make with respect to proxy voting. It is important to recognize that such principles are not intended to dictate but guide. Certain of the principles may be inappropriate for a given Company, or in a given situation. Additionally, the principles are evolving and should be viewed in that light. Our principles are and will be influenced by current and forthcoming legislation, rules and regulations, and stock exchange rules. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;• the Sarbanes-Oxley Act of 2002 and implementing rules
promulgated by the U.S. Securities & Exchange Commission

&nbsp;&nbsp;&nbsp;&nbsp;• revised corporate governance listing standards of the New
York Stock Exchange and resulting SEC rules

&nbsp;&nbsp;&nbsp;&nbsp;• corporate governance reforms and subsequent proposed rule
filings made with the SEC by The NASDAQ Stock Market, Inc. and resulting SEC rules

In general:

&nbsp;&nbsp;&nbsp;&nbsp;• Directors should be accountable to shareholders, and management
should be accountable to directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Information on the Company supplied to shareholders should
be transparent.

&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders should be treated fairly and equitably according
to the principle of one share, one vote.

**Principles**

A. Director independence

It is our view that:

&nbsp;&nbsp;&nbsp;&nbsp;• A two-thirds majority of the board should be comprised
of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Independent directors should meet alone at regularly scheduled
meetings, no less frequently than semi-annually, without the Chief Executive Officer or other non-independent directors present.

&nbsp;&nbsp;&nbsp;&nbsp;• When the Chairman of the Board also serves as the Company's
Chief Executive Officer, the board should designate one independent director to act as a leader to coordinate the activities of the other
independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Committees of the board dealing with the following responsibilities
should consist only of independent directors: audit, compensation, nomination of directors, corporate governance, and compliance.

&nbsp;&nbsp;&nbsp;&nbsp;• No director should serve as a consultant or service provider
to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;• Director compensation should be a combination of cash and
stock in the Company, with stock constituting a significant component.

In our opinion, an independent director, by definition, has no material relationship with the Company other than his or her directorship. This avoids the potential for conflict of interest. Specifically such director:

&nbsp;&nbsp;&nbsp;&nbsp;• should not have been employed by the Company or an affiliate
within the previous five years.

&nbsp;&nbsp;&nbsp;&nbsp;• should not be an immediate family member of an individual
who is, or at any time during the past five years was, employed by the Company as an executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;• should not be the founder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;• should not be a director of the Company serving in an ex
officio capacity.

&nbsp;&nbsp;&nbsp;&nbsp;• should not be a member of the Company's Board of Directors
for 10 years or more, however, a director who is a diverse nominee may be exempted from this rule on the case-by-case basis.
Furthermore, a nominee whose tenure on the Board hasn't reached 10 years by the date of the meeting or up to 90 days after and
provided the Company discloses exact appointment date, will be exempted from this rule.

&nbsp;&nbsp;&nbsp;&nbsp;• should have no services contract regarding such matters as
aircraft rental contract, real property lease or similar contract with the Company or affiliate, or with a member of the Company's
senior management or provide legal or consulting services to the Company within the previous three years.

&nbsp;&nbsp;&nbsp;&nbsp;• should not be employed by a public company at which an executive
officer of the Company serves as a director, and thereby be part of an interlocking relationship.

&nbsp;&nbsp;&nbsp;&nbsp;• should not be a member of the immediate family (spouse, parents,
children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone
other than domestic employees who share such person's home) of any director described above.

&nbsp;&nbsp;&nbsp;&nbsp;• a director who receives, or whose immediate family member
receives, more than $120,000 per year in *direct compensation* (base salary plus cash bonus) from the Company, other than director
and committee fees and pension or other forms of deferred compensation for prior service (provided such compensation is not contingent
in any way on continued service), is not independent until three years after he or she ceases to receive more than $120,000 per year
in such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;• a director who is an executive officer or an employee, or
whose immediate family member is an executive officer, of another company (other than a utility) or non-profit organization that
makes payments to, or receives payments from, the Company for property or services in an amount which, in any single fiscal year, exceeds
the greater of $1 million, or 2% of
the recipient company's consolidated gross revenues, is not "independent" until three years after falling below such
threshold. However, the existence of a credit agreement between a bank and the Company shall not affect the independence of a director
who is an executive of that bank within the previous three years.

Alternate members of key committees will be subject to the same independence criteria as regular members.

B. Board operating procedures

&nbsp;&nbsp;&nbsp;&nbsp;• The board should adopt a written statement of its governance
principles, and regularly re-evaluate them.

&nbsp;&nbsp;&nbsp;&nbsp;• Independent directors should establish performance criteria
and compensation incentives for the Chief Executive Officer, and regularly review his or her performance against such criteria. Such
criteria should align the interests of the CEO with those of shareholders, and evaluate the CEO against peer groups.

&nbsp;&nbsp;&nbsp;&nbsp;• The independent directors should be provided access to professional
advisers of their own choice, independent of management.

&nbsp;&nbsp;&nbsp;&nbsp;• The board should have a CEO succession plan, and receive
periodic reports from management on the development of other members of senior management.

&nbsp;&nbsp;&nbsp;&nbsp;• Directors should have access to senior management through
a designated liaison person.

&nbsp;&nbsp;&nbsp;&nbsp;• The board should periodically review its own size, and determine
a set number of directors between 5 and 15, instead of a range.

C. Requirements for individual directors We recommend that:

&nbsp;&nbsp;&nbsp;&nbsp;• The board should provide guidelines for directors serving
on several Boards addressing competing commitments.

&nbsp;&nbsp;&nbsp;&nbsp;• The board should establish performance criteria for itself
and for individual directors regarding director attendance, preparedness, and participation at meetings of the board and of committees
of the board, and directors should perform satisfactorily in accordance with such criteria in order to be re-nominated.

D. Shareholder rights

&nbsp;&nbsp;&nbsp;&nbsp;• A simple majority of shareholders should be able to amend
the Company's bylaws, call special meetings, or act by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;• "Greenmail" should be prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder approval should be required to enact or amend
a "poison pill" (i.e., "shareholder rights") plan

&nbsp;&nbsp;&nbsp;&nbsp;• Directors should be elected annually.

&nbsp;&nbsp;&nbsp;&nbsp;• The board should ordinarily implement a shareholder proposal
that is approved by a majority of proxy votes.

&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders should have effective access to the director
nomination process

<u>**Egan-Jones Proxy Voting Guidelines**</u>

Consistent with the above-listed principles, the proxy voting guidelines outlined below are written to guide the specific recommendations that we make to our clients. Ordinarily, we do not recommend that clients ABSTAIN on votes; rather, we recommend that they vote FOR or AGAINST proposals (or, in the case of election of directors, that they vote FOR ALL nominees, AGAINST the nominees, or that they WITHHOLD votes for certain nominees). In the latter instance, the recommendation on our report takes the form ALL, EXCEPT FOR and lists the nominees from whom votes should be withheld.

Whether or not the guideline below indicates "case-by-case basis," every case is examined to ensure that the recommendation is appropriate.

**Board Of Directors**

**Election of Directors in Uncontested Elections**

Case-by-case basis, examining composition of board and key board committees, attendance history, corporate governance provisions and takeover activity, long-term company financial performance relative to a market index, directors' investment in the Company, etc..

WITHHOLD votes from nominees who:

&nbsp;&nbsp;&nbsp;&nbsp;• are affiliated outside directors and sit on the Audit, Compensation, or Nominating committees.

&nbsp;&nbsp;&nbsp;&nbsp;• are inside directors and sit on the Audit, Compensation, or Nominating committees.

&nbsp;&nbsp;&nbsp;&nbsp;• are inside directors and the Company does not have Audit, Compensation, or Nominating committees.

&nbsp;&nbsp;&nbsp;&nbsp;• are identified as not independent by the Company and sit on the Audit, Compensation, or Nominating committees.

&nbsp;&nbsp;&nbsp;&nbsp;• attend less than 75 percent of the board and committee meetings. Participation by phone is acceptable.

&nbsp;&nbsp;&nbsp;&nbsp;• ignore a shareholder proposal that is approved by a majority of the shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;• ignore a shareholder proposal that is approved by a majority of the votes cast for two consecutive years.

&nbsp;&nbsp;&nbsp;&nbsp;• fail to act on takeover offers where the majority of the shareholders have tendered their shares.

&nbsp;&nbsp;&nbsp;&nbsp;• implement or renew a "dead-hand" or modified "dead-hand" poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;• sit on more than five other public boards.

&nbsp;&nbsp;&nbsp;&nbsp;• serve as both Chairmen of the Board and CEOs and the Company receives a poor Board Score.

&nbsp;&nbsp;&nbsp;&nbsp;• serve as CEOs and hold more than one outside public directorship^.

&nbsp;&nbsp;&nbsp;&nbsp;• serve as Chairmen of the Board and hold more than one outside public directorship^.

&nbsp;&nbsp;&nbsp;&nbsp;• sit on the existing board, which has failed to respond adequately to a say-on-pay vote in which
the majority of votes cast voted AGAINST.

&nbsp;&nbsp;&nbsp;&nbsp;• sit on the existing board, which has implemented a less frequent say-on-pay vote than the frequency
option which received a majority of votes cast in the previous frequency vote.

*^ CEO/CHAIRMAN over-boarding exemption*

*If CEO or Chairman of the Company holds more than one other public company directorship, but one of these companies is a SPAC, he/she will be exempted from the Egan-Jones over-boarding rule.*

**Underperforming Board Policy**

WITHHOLD votes from Compensation Committee members in cases when the Company obtains a questionable result on the Egan-Jones Compensation Score.\*

*\*Recommendation is based on available data and subject to the analysts' discretion to override in cases when a nominee has served as a member of the Compensation Committee for less than 6 months.*

WITHHOLD votes from Compensation Committee members in cases when the Company's Compensation Plans (Cash Bonus Plan or Stock Option Plan) receive an AGAINST recommendation from Egan-Jones.

WITHHOLD votes from Chairman of the Board in cases when the Company obtains the lowest score of *Needs Attention* on the Cyber Security Risk Score .\*\*

*\*\*Recommendation is based on available data and subject to the analysts' discretion to override in cases when the Chairman has served in this capacity for less than 6 months.*

WITHHOLD votes from Compensation Committee members due to insufficient disclosure on executive compensation.\*\*\*

*\*\*\*Including cases when the Company has no employees or none of the executive officers are compensated by the Company and no management fees have been provided.*

WITHHOLD votes from Chairman of the Nominating Committee when there are no women, ethnically or racially diverse directors on the Board.

WITHHOLD from the Board Chair if the company or its board adopted a classified board structure or supermajority vote requirements to amend the bylaws or charter.

**Board Accountability**

Case-by-case basis for the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Evidence or belief of failure of the board to properly account and prepare for risk (i.e. carbon or cyber
issues)

&nbsp;&nbsp;&nbsp;&nbsp;• A low board score, coupled with poor performance

&nbsp;&nbsp;&nbsp;&nbsp;• Legal or ethical problems in the Company or its management

In cases in which the Company has engaged in the practice commonly referred to as "options backdating," Egan-Jones may recommend that votes be withheld from nominees serving on the Company's compensation committee, the Company's entire board of directors, and/or its chief executive officer. Such recommendations will be made on a case-by-case basis, taking into consideration such matters as intent of the individuals involved, scope and timing of the practice, significance of financial restatement required, and corrective action taken.

Furthermore, we may recommend withholding votes from either members of the Company's compensation committee, its entire board of directors and/or its chief executive officer where the Company has engaged in what we judge to be other unsatisfactory compensation practices. Considerations may include such factors as "pay-for-failure" executive severance provisions, change-in-control payments which are either excessive or which are not tied to loss of job or significant reduction in duties, excessive executive perquisites, unjustified changes in the performance standards applied to performance-based compensation, and executive compensation out of proportion to performance of the Company.

FOR shareholder proposals calling for the Company to name as directors only those who receive a majority of shareholder votes.

**Separating Chairman and CEO**

FOR shareholder proposals requiring that positions of Chairman and CEO be held separately.

**Independent Directors**

FOR shareholder proposals asking that a two-thirds majority of directors be independent.

FOR shareholder proposals asking that the board's Audit, Compensation, and/or Nominating committees be composed exclusively of independent directors.

FOR shareholder proposals that the Chairman OR lead director be independent.

**Stock Ownership Requirements**

AGAINST shareholder proposals requiring directors to own a minimum amount of the Company stock in order to qualify as a director or to remain on the board.

**Term Limits**

AGAINST shareholder proposals to limit tenure of outside directors.

Egan-Jones strongly encourages diversity and Board turnover without embracing the controversial and problematic approach of term limits or a retirement age. As long as a director nominee, whose tenure exceeds 10 years, is not a member of a key committee we will not recommend a vote to withhold from the nominee.

**Retirement Age Limits**

AGAINST shareholder proposals to impose a mandatory retirement age for outside directors.

FOR management proposals requesting the approval to remove the mandatory retirement age for directors and trustees.

AGAINST management and shareholder proposals that request placing age limit for a person to be elected or appointed as a director.

**Director and Officer Indemnification and Liability**

Case-by-case basis on management proposals regarding director and officer indemnification and liability, using Delaware law as the standard.

AGAINST management proposals to eliminate entirely directors and officers liability for monetary damages for violating the duty of care.

AGAINST management indemnification proposals that would expand coverage beyond legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligation than mere carelessness.

FOR proposals authorizing exculpation of officers only in connection with direct claims brought by stockholders, including class actions, but without eliminating monetary liability of officers for breach of fiduciary duty arising out of claims brought by the corporation itself or for derivative claims brought by stockholders in the name of the corporation.

FOR management proposals providing such expanded coverage in cases when a director's or officer's legal defense was unsuccessful if (1) the director was found to have acted in good faith and in a manner that he or she reasonably believed was in the best interests of the Company, and (2) only if the director's legal expenses would be covered.

**Charitable Contributions**

AGAINST shareholder proposals regarding disclosure of charitable contributions.

**Political Contributions**

AGAINST shareholder proposals regarding disclosure of political contributions. FOR management proposals regarding approval of political contributions.

**Lobbying Expenditures**

AGAINST shareholder proposals for disclosure of lobbying expenditures.

AGAINST shareholder proposals requesting a report of climate lobbying.

AGAINST shareholder proposal requesting a third party review and report on lobbying activities alignment with position on universal health coverage.

**Proxy Contests and Other Contested Elections**

**Election of Directors in Contested Elections**

Case-by-case basis for voting for directors in contested elections, considering long-term financial performance of the target Company relative to its industry, management's track record, background to the proxy contest, qualifications of director nominees on both slates, evaluation of what each side is offering shareholders as well as likelihood that proposed objectives and goals will be met, and stock ownership positions.

FOR plurality voting standard in contested elections.

**Universal Proxy Card in a Contested Election**

FOR proposals requesting that the Company require the use of a universal proxy card in contested elections.

**Reimbursement of Proxy Solicitation Expenses**

Case-by-case basis for shareholder proposals for reimbursement of proxy solicitation expenses. FOR reimbursing proxy solicitation expenses where EGAN-JONES recommends in favor of the dissidents.

**Auditors**

**Ratifying Auditors**

FOR management proposals to ratify appointment of independent auditor unless:

&nbsp;&nbsp;&nbsp;&nbsp;• Auditor obtains a questionable result on the Egan-Jones
Auditor Score which takes into account a number of factors including but not limited to:

Ø Auditor rotation every seven years

---

| | |
|:---|:---|
| Ø | Non-audit fees exceeding 50% of total fees |

---

Ø Significant and material disciplinary actions taken against the Company's Auditor

&nbsp;&nbsp;&nbsp;&nbsp;• Auditor has a financial interest in or association with the Company, and is therefore not independent;
or there is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the Company's
financial position.

**Auditor Rotation**

FOR shareholders proposals asking for auditor rotation.

FOR Shareholder proposal asking to limit the auditor from providing non-audit services.

**Proxy Contest Defenses**

**Classified Board vs. Annual Election**

AGAINST management proposals to classify the board.

FOR shareholder proposals to repeal ("de-stagger") classified boards and to elect all directors annually.

**Removal of Directors**

AGAINST management proposals that provide that directors may be removed only for cause.

FOR shareholder proposals to restore shareholder ability to remove directors with or without cause.

CASE-BY-CASE basis for shareholder proposal to remove a director, usually AGAINST unless there are compelling reasons to remove a director or a director does not fulfill Egan-Jones criteria examining independence, meetings attendance, other board memberships, then in such cases FOR.

AGAINST management proposals that provide that only continuing directors may elect replacements to fill board vacancies.

FOR shareholder proposals that permit shareholders to elect directors to fill board vacancies.

FOR shareholder proposals requesting multiple candidate elections.

**Authorization of the Board to Fill (casual) Vacancies**

FOR management proposals requesting that vacancies in the number of directors be designated as casual vacancies and that the Board of Directors be authorized to fill such vacancies as and when it deems fit. On condition that director appointed to fill such a casual vacancy shall hold office until the next annual meeting following his or her election or until his or her election or until his or her successor is elected.

**Cumulative Voting**

FOR management proposals to eliminate cumulative voting.

AGAINST shareholder proposals to provide for cumulative voting.

**Calling Special Meetings**

AGAINST management proposals to restrict or prohibit shareholder ability to call special meetings.

FOR management proposals asking to permit shareholders of record who own at least 10% of the Company's shares, have the ability to call a special meeting.

FOR shareholder proposals to allow shareholders holding at least 10% or more of the Company's shares, to call a special shareholder meeting regardless of length of stock ownership to the fullest extent possible, and proposals asking to give to give street name shares and non-street name shares an equal right to call for a special shareholder meeting.

**Acting by Written Consent**

Case by case for management proposals to restrict or prohibit shareholder ability to take action by written consent.

FOR shareholder proposals to allow or make easier shareholder action by written consent.

**Altering Size of the Board**

Management proposals regarding any Board size changes must require shareholder approval.

FOR management proposals to fix the size of the board as long as the number of directors is between 5 and 15.

FOR management proposals to set range of directors as long as there are not less than 5 and more than 15 directors on the board.

AGAINST management proposals that give management the ability to alter size of the board without shareholder approval.

AGAINST management proposals to allow the Board to fix number of directors without shareholder approval.

AGAINST management proposals to allow the Board to set range of directors without shareholder approval.

Case-by-case management proposals to approve unusual board size.

**Virtual-only Meeting**

FOR management proposals to conduct virtual-only annual meeting, considering shareholders' rights to participate electronically as they would have during an in-person meeting.

FOR proposals asking to allow the Company to hold a virtual meeting of shareholders along with an in-person meeting at a designated location.

**Quorum Requirements**

FOR proposals seeking approval of a lower quorum requirement if the reduced quorum is at least one-third of shares entitled to vote, either in person or by proxy.

**Tender Offer Defenses**

**Poison Pills**

FOR shareholder proposals that ask the Company to submit its "poison pill" for shareholder ratification.

AGAINST shareholder proposal requesting the Board authorize a self-tender offer.

Case-by-case basis for shareholder proposals to redeem the Company's existing "poison pill".

Case-by-case basis for management proposals to ratify a "poison pill".

**Fair Price Provisions**

Case-by-case basis for adopting fair price provisions, considering vote required to approve the proposed acquisition, vote required to repeal the fair price provision, and mechanism for determining the fair price.

AGAINST fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

**Greenmail**

FOR proposals to adopt anti-"greenmail" charter or bylaw amendments or otherwise restrict the Company's ability to make "greenmail" payments.

Case-by-case basis for anti-"greenmail" proposals which are bundled with other charter or bylaw amendments.

**Pale Greenmail**

Case-by-case basis for restructuring plans that involve the payment of pale greenmail.

**Unequal Voting Rights**

AGAINST dual-class exchange offers and dual-class recapitalizations.

**Supermajority Requirement to Amend Certificate of Incorporation or Bylaws**

FOR management proposals requesting elimination of supermajority voting provisions for amendments to the certificate of incorporation and bylaws.

AGAINST management proposals to require a supermajority shareholder vote to approve charter and bylaw amendments.

FOR shareholder proposals to lower supermajority shareholder vote requirements for charter and bylaw amendments.

FOR shareholder proposals asking that each bylaw amendment adopted by the board of directors not become effective until approved by shareholders.

**Supermajority Requirement to Approve Mergers**

AGAINST management proposals to require a supermajority shareholder vote to approve mergers and other significant business combinations.

FOR shareholder proposals to lower supermajority shareholder vote requirements for mergers and other significant business combinations.

**Other Governance Proposals**

**Confidential Voting**

FOR shareholder proposals that request that the Company adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.

FOR management proposals to adopt confidential voting.

**Equal Access**

AGAINST shareholder proposals that would allow significant Company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

**Proxy Access**

FOR binding shareholder proxy access proposals considering the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;• 0.5% ownership threshold

&nbsp;&nbsp;&nbsp;&nbsp;• Number of board members that may be elected - cap of
1/3 of board or minimum 2 nominees, if the board size is being lowered the calculation is based upon the original board size, if it is
being increased the calculation would be based upon the original board size, with each new slot added to the total, so two plus six if
six new board positions are being created

&nbsp;&nbsp;&nbsp;&nbsp;• We prefer no limit or caps on the number of shareowners in
the nominations group

&nbsp;&nbsp;&nbsp;&nbsp;• Loaned securities will count towards total

&nbsp;&nbsp;&nbsp;&nbsp;• We prefer that all participants affirm that they intend to
be "long term shareholders" of the Company with at least 6 month ownership duration requirement

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals with no re-nominations restrictions are preferred.

FOR shareholder proposals to improve Catch-22 Proxy Access to remove the shareholder group limit - to enable as many shareholders as may be needed to combine their shares to equal 3% of the stock owned continuously for 3-years in order to enable shareholder proxy access.

**Bundled Proposals**

Case-by-case basis for bundled or "conditioned" proxy proposals. Where items are conditioned upon each other, examine benefits and costs. AGAINST in instances when the joint effect of the conditioned items is not in shareholders' best interests. FOR if the combined effect is positive.

**Shareholder Advisory Committees**

Case-by-case basis for shareholder proposals establishing a shareholder advisory committee.

**Capital Structure**

**Common Stock Authorization**

AGAINST management proposals increasing the number of authorized shares of the class of stock that has superior voting rights in companies that have dual-class capitalization structures.

AGAINST management proposals to increase the number of authorized shares of common stock, or equivalents, that exceeds 50 percent of share capital, without a specified legitimate purpose.

FOR management proposals to increase the number of authorized shares of common stock more than 50 percent of currently issued common share capital, if tied to a specific transaction or financing proposal or if the share pool was used up due to equity plans.

Case-by-case basis on other such management proposals considering the specified purposes of the proposed increase, any explanation of risks to shareholders of failing to approve the request, potential dilution, and recent track record for using authorized shares, in which case judgment is applied to weigh such factors. Factors which are normally weighed in making such judgments include prior performance of the issuer, changes within the industry, relative performance within the industry, client preferences and overall good corporate governance. In general, we view the authorization of additional common shares to be ordinary and necessary and in the best long-term interests of the issuer and its shareholders.

**Stock Distributions: Splits and Dividends**

FOR management proposals to increase common share authorization for a stock split, provided that the increase in authorized shares would not result in an excessive number of shares available for issuance, considering the industry and the Company's returns to shareholders.

**Reverse Stock Splits**

FOR management proposals to implement a reverse stock split when the number of shares will be proportionately reduced to avoid delisting.

Case-by-case basis on management proposals to implement a reverse stock split that do not proportionately reduce the number of shares authorized for issuance taking into consideration stock price at the record date.

**Preferred Stock**

AGAINST management proposals authorizing creation of new classes of "blank check preferred stock" (i.e., classes with unspecified voting, conversion, dividend distribution, and other rights

Case-by-case basis on management proposals to increase the number of "blank check preferred shares" after analyzing the number of preferred shares available for issuance considering the industry and Company's returns to shareholders.

**Blank Check Preferred Stock**

FOR shareholder proposals to have placements of "blank check preferred stock" submitted for shareholder approval, except when those shares are issued for the purpose of raising capital or making acquisitions in the normal course.

**Adjustments to Par Value of Common Stock**

FOR management proposals to reduce the par value of common stock.

**Preemptive Rights**

Case-by-case basis on shareholder proposals that seek preemptive rights, considering size of the Company and shareholder characteristics.

**Debt Restructurings**

Case-by-case basis on management proposals to increase number of common and/or preferred shares and to issue shares as part of a debt restructuring plan, considering dilution, any resulting change in control.

FOR management proposals that facilitate debt restructurings except where signs of self- dealing exist.

**Tracking Stock**

Case-by-case basis for management proposals for creation of tracking stock, considering the strategic value of the transaction vs. adverse governance changes, excessive increases in authorized stock, inequitable distribution method, diminution of voting rights, adverse conversion features, negative impact on stock option plans, and other alternatives, such as spin-offs.

**Stock buybacks**

Case-by-case on management proposals requesting stock buybacks. AGAINST in cases when the Company receives one of the lowest two Compensation scores, FOR otherwise. When the Compensation Score is not available, Egan-Jones will recommendation FOR.

**Compensation of Officers and Directors**

FOR compensation plans that result in an amount of dilution (or the equivalent value in cash) that is less than the maximum dilution determined by the Compensation Score.

AGAINST compensation plans that result in an excess amount of dilution (or the equivalent value in cash) that is more than the maximum dilution determined by the Compensation Score.

AGAINST compensation plans involving "pay for failure," such as excessively long contracts, guaranteed compensation, excessive severance packages, or other problematic practice not accounted for in the Egan-Jones compensation Score.

Case-by-case (but generally FOR) plans that are completely "decoupled" from the CEOs compensation and thus have no impact on the CEO's current or future total compensation.

**Compensation Plan other than a Qualified ESPP at Special Purpose Acquisition Company**

FOR compensation plans of the newly formed Company arising from a business combination with a special purpose acquisition Company (SPAC), unless the authorized share pool exceeds 3% of the newly formed Company's authorized shares.

**Advisory Votes on Executive Compensation ("Say-on-Pay")**

Case-by-case basis on advisory votes on executive compensation ("Say-on-Pay"), based on the result obtained by the Company in Egan-Jones Compensation Score. AGAINST a non-binding compensation advisory vote when the Company obtains a questionable result on the Egan-Jones Compensation Score, FOR otherwise.\*

*\*In cases when the Company doesn't have a CEO **or CEO is not the highest paid executive** then Egan-Jones will use the Total Compensation and Salary paid to the highest paid NEO of the Company to calculate a Compensation Score.*

AGAINST say-on-pay proposal and compensation committee members when executive employment agreements include tax gross-ups.

Relative Compensation is based upon a number of quantitative and qualitative metrics which produce a final score that is both forward looking and based upon the prior performance metrics of the Company's wealth creation and market capitalization as compared to the CEO's total compensation package. Higher wealth creation, market capitalization and lower CEO compensation all contribute to a higher compensation score. Additional qualitative measures such as 162m compliance, executive pension plan status and other relevant factors are then used to calculate the final score.

**Advisory Votes Regarding Frequency of Advisory Votes on Executive Compensation**

FOR management proposals that recommend that advisory votes on executive compensation take place annually.

AGAINST management proposals that recommend that advisory votes on executive compensation take place every two years or triennially.

**Management Proposals Seeking Approval to Re-price Options**

Case-by-case basis on management proposals seeking approval to re-price options.

**Director Compensation**

Case-by-case basis on stock-based plans for directors.

AGAINST shareholder proposals regarding advisory vote on directors' compensation.

**Employee Stock Purchase Plans**

Case-by-case basis on employee stock purchase plans.

**Amendments that Place a Maximum Limit on Annual Grants or Amend Administrative Features**

FOR plans that amend shareholder-approved plans to include administrative features or place maximum limit on annual grants that any participant may receive to comply with the provisions of Section 162(m) of the Omnibus Budget Reconciliation Act (OBRA).

**Amendments to Added Performance-Based Goals**

FOR amendments to add performance goals to existing compensation plans to comply with the provisions of Section 162(m) of OBRA.

**Amendments to Increase Shares and Retain Tax Deductions under OBRA**

Case-by-case basis on amendments to existing plans to increase shares reserved and to qualify the plan for favorable tax treatment under the provisions of Section 162(m).

**Approval of Cash or Cash & Stock Bonus Plans**

Case-by-case basis on cash or cash & stock bonus plans to exempt compensation from taxes under the provisions of Section 162(m) of OBRA.

**Limits on Director and Officer Compensation**

FOR shareholder proposals requiring additional disclosure of officer and director compensation.

Case-by-case basis for all other shareholder proposals seeking limits on officer and director compensation.

**Golden Parachutes and Tin Parachutes**

FOR shareholder proposals requesting that the Board seek shareholder approval of any senior manager's new or renewed pay package that provides for severance or termination payments with an estimated value exceeding 2.99 times the sum of the executive's base salary plus target short-term bonus.

Case-by-case basis on proposals to ratify or cancel "golden or tin parachutes."

**Employee Stock Ownership Plans (ESOPs)**

FOR proposals that request shareholder approval in order to implement an ESOP or to increase authorized number of shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., greater than five percent of outstanding shares).

**401(k) Employee Benefit Plans**

FOR proposals to implement a 401(k) savings plan for employees.

**State of Incorporation**

**State Takeover Statutes**

Case-by-case basis on proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze-out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-"greenmail" provisions, and disgorgement provisions).

**Reincorporation Proposals**

Case-by-case basis on proposals to change the Company's state of incorporation.

**Business Combinations and Corporate Restructurings**

**Charter Modification**

Case-by-case basis for changes to the charter, considering degree of change, efficiencies that could result, state of incorporation, and regulatory standards and implications.

FOR approval of the amendments to the Company's bylaws to adopt an exclusive forum for internal corporate claims.

**The Federal Forum Selection for the Securities Act Claims Amendment**

FOR proposals asking to approve an amendment to the Certificate of Incorporation to add a new provision that, unless the Company selects or consents in writing to the selection of an alternative forum, the sole and exclusive forum for the resolution of any complainant, shall be the federal district courts of the United States of America.

**Change of Domicile**

Case-by-case basis for changes in state of domicile, considering state regulations of each state, required fundamental policies of each state; and the increased flexibility available.

**Mergers and Acquisitions**

Case-by-case basis on mergers and acquisitions, considering projected financial and operating benefits, offer price, prospects of the combined companies, negotiation process, and changes in corporate governance.

**Corporate Restructuring**

Case-by-case basis on corporate restructurings, including minority squeeze-outs, leveraged buyouts, spin-offs, liquidations, and asset sales.

**Spin-offs**

Case-by-case basis on spin-offs, considering tax and regulatory advantages, planned use of proceeds, market focus, and managerial incentives.

**Asset Sales**

Case-by-case basis on asset sales, considering impact on the balance sheet and working capital, and value received.

**Liquidations**

Case-by-case basis on liquidations considering management's efforts to pursue alternatives, appraisal value, and compensation for executives managing the liquidation.

**Appraisal Rights**

FOR providing shareholders with appraisal rights.

**Mutual Fund Proxies**

**Election of Directors**

Case-by-case basis for election of directors, considering board structure, director independence, director qualifications, compensation of directors within the fund and the family of funds, and attendance at board and committee meetings.

WITHHOLD votes for directors who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are interested directors and sit on key board committees (Audit
or Nominating committees)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are interested directors and the Company does not have one
or more of the following committees: Audit or Nominating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attend less than 75 percent of the board and committee meetings.
Participation by phone is acceptable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ignore a shareholder proposal that is approved by a majority
of shares outstanding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ignore a shareholder proposal that is approved by a majority
of the votes cast for two consecutive years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serve as Chairman but are not independent (e.g. serve as an
officer of the fund's advisor)

**Converting Closed-end Fund to Open-end Fund**

Case-by-case basis for conversion of closed-end fund to open-end fund, considering past performance as a closed-end fund, market in which the fund invests, measures taken by the board to address the market discount, and past shareholder activism, board activity, and votes on related proposals.

**Change from Diversified to Non-Diversified Fund**

FOR approval of change from diversified to non-diversified fund.

**Proxy Contests**

Case-by-case basis on proxy contests, considering past performance, market in which fund invests, and measures taken by the board to address issues raised, past shareholder activism, board activity, and votes on related proposals**.**

**Investment Advisory Agreements**

Case-by-case basis on investment advisory agreements, considering proposed and current fee schedules, fund category and investment objective, performance benchmarks, share price performance relative to that of peers; and magnitude of any fee increase.

**New Classes or Series of Shares**

FOR creating new classes or series of shares.

**Preferred Stock Authorization**

Case-by-case basis for authorization for or increase in preferred shares, considering financing purpose and potential dilution for common shares.

**1940 Act Policies**

Case-by-case basis for 1940 Act policies, considering potential competitiveness, regulatory developments, current and potential returns, and current and potential risk.

**Changing Fundamental Restriction to Non-fundamental**

AGAINST on changing fundamental restriction to non-fundamental restriction.

**Changing Fundamental Investment Objective to Non-fundamental**

AGAINST proposals to change the fund's fundamental investment objective to non- fundamental.

**Changing Fundamental Investment Policy to Non-Fundamental**

AGAINST proposals to change the fund's fundamental investment policy to non-fundamental.

**Name Rule Proposals**

Case-by-case basis for name rule proposals, considering the following factors: political/economic changes in target market; bundling with quorum requirements or with changes in asset allocation, and consolidation in the fund's target market.

**Disposition of Assets, Termination, Liquidation**

Case-by-case basis for disposition of assets, termination or liquidation, considering strategies employed, Company's past performance, and terms of liquidation.

**Change in Sub-classification**

Case-by-case basis for change in sub-classification, considering potential competitiveness, current and potential returns, risk of concentration, and industry consolidation in the target industry.

**Authorizing Board to Appoint and Terminate Sub-advisors without Shareholder Approval - "Manager of Managers" Structure**

FOR approval of the use of a "Manager of Managers" structure that would permit the Fund's manager to appoint and replace sub-advisers and enter into, and materially amend, sub-advisory agreements for the Fund without obtaining prior shareholder approval, regardless of the level of sub-adviser's affiliation.

**Distribution Agreements**

Case-by-case basis for approving distribution agreements, considering fees charged to comparably sized funds with similar objectives, proposed distributor's reputation and past performance, and competitiveness of fund in industry.

**Master-Feeder Structure**

FOR establishment of a master-feeder structure.

**Mergers**

Case-by-case basis for proposed merger, considering resulting fee structure, performance of each fund, and continuity of management.

**Advisory Vote on Merger Related Compensation**

AGAINST "golden parachutes" which are abusive,

&nbsp;&nbsp;&nbsp;&nbsp;• such as those that exceed 3x of the cash severance or

&nbsp;&nbsp;&nbsp;&nbsp;• if the cash severance multiple is greater than 2.99x or

&nbsp;&nbsp;&nbsp;&nbsp;• contain tax gross-ups or

&nbsp;&nbsp;&nbsp;&nbsp;• provide for accelerated vesting of equity awards, (however,
pro-rata vesting of awards based on past service is acceptable) or

&nbsp;&nbsp;&nbsp;&nbsp;• are triggered prior to completion of the transaction or

&nbsp;&nbsp;&nbsp;&nbsp;• if the payouts are not contingent on the executive's
termination.

**Extension Amendment Proposal for SPAC companies**

Proposal asking to give the Company the right to extend the date by which the Company must consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

Case-by-case recommendation, if the pre-existing extension terms have been modified to reduce the amount required to be deposited in trust account, then Egan- Jones will recommend AGAINST.

**Miscellaneous Shareholder Proposals**

<u>**Governance**</u>

**Independent Directors**

FOR shareholder proposals asking that a three-quarters majority of directors be independent.

FOR shareholder proposals asking that board's Audit, Compensation, and/or Nominating committees be composed exclusively of independent directors.

FOR shareholder proposals that the Chairman OR lead director be independent.

**Statement of the Purpose of a Corporation Review**

AGAINST shareholder proposals requesting a review of the statement of the purpose of a corporation and make recommendations to shareholders on how the purpose of a corporation signed by the Chairman and Chief Executive Officer can be fully implemented.

**Majority Voting in the Election of Directors**

FOR shareholder proposals regarding majority voting in the election of Directors in uncontested meetings.

**Election of Non-executive Directors**

AGAINST shareholder proposals requesting election of non-executive directors.

**Employee Representation on the Board of Directors**

AGAINST shareholder proposals on employee representation on the Board of Directors.

**Fair Elections/Advance Notice Bylaw**

FOR shareholder proposals requesting that shareholder approval is required for any advance notice bylaw amendments that:

1. require the nomination of candidates more than 90 days before the annual meeting,

2. impose new disclosure requirements for director nominees, including disclosures related to past and future plans, or

3. require nominating shareholders to disclose limited partners or business associates, except to the extent such investors own more than 5% of the Company's shares.

**CEO succession policy**

FOR shareholder proposals requesting a CEO succession planning policy.

**Report on Key-Person Risk**

FOR shareholder proposals requesting a report on the Company's key-person risk, including identification of key persons and actions to ameliorate the impacts of their potential loss.

**The Board's Nominee Disclosure Policy/ True Diversity Board Policy**

Shareholder proposal requesting a policy to disclose to shareholders the following: a description of the specific minimum qualifications that the Board's nominating committee believes must be met by a nominee to be on the board of directors; and each nominee's skills, ideological perspectives, and experience presented in a chart or matrix form.

Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise

AGAINST shareholder proposals requesting that the Board of Directors review the Human Resources Committee's mandate in order for it to play a role in overseeing key strategies regarding organizational culture, human resources, engagement, health, well-being, equity, diversity and inclusion of employees and that it can ensure that such strategies and organizational culture include environmental, social and governance (ESG) principles.

**Risk Oversight Committee / Public Policy Committee**

Shareholder proposals requesting a report, at reasonable cost, omitting proprietary or legally privileged information, discussing the merits of establishing a risk oversight board committee to oversee the Company's policies including human rights, environment, domestic governmental regulations, foreign affairs and international relations affecting the Company's business. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Creation of a New Technology Committee**

Shareholder proposals that request that the Company create a new technology committee. Based on the Cybersecurity Risk Score, FOR in cases when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals requesting the Board review the mandate of the Corporate Governance Committee in order to include an ethical component concerning the use of artificial intelligence.

**Decarbonization Committee**

AGAINST shareholder proposals that request the board of directors establish a new committee to evaluate the risks and drawbacks of attempting to meet demands for the Company decarbonization.

**Reimbursement of Shareholder for Expenses Incurred**

CASE-BY-CASE for proposals for reimbursing proxy solicitation expenses in contested meetings.

FOR proposals for reimbursing proxy solicitation expenses in contested meetings in cases where EGAN-JONES recommends in favor of the dissidents.

**Terminate the Investment Advisor**

CAS-BY-CASE basis for proposals for terminating the investment advisor, considering fund's performance and history of shareholder relations.

**Vote Tabulation**

FOR shareholder proposals that request all matters presented to shareholders, other than the election of directors, shall be decided by a simple majority of the shares voted 'For' and 'Against' an item and abstentions from the vote count be excluded.

**Proxy Voting Review**

Shareholder proposal regarding proxy voting review report. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Disclosure of Voting Results**

FOR shareholder proposals requesting separate disclosure of voting results by classes of shares.

**Right to Convert a Limited Amount of Class B Common Stock into Class A Common Stock**

FOR shareholder proposals on annual right to convert a limited amount of class B Common Stock (10 votes per share) into Class A Common Stock (1 vote per share).

**Maryland's Unsolicited Takeover Act**

FOR shareholder proposals requesting that the Board opt out of MUTA, which allows the board of directors to make changes by board resolution only, without shareholder approval, to the Company's capital structure and charter/bylaws. These include, but are not limited to:

Ø the ability to re-classify a board;

Ø the exclusive right to set the number of directors;

Ø limiting shareholders' ability to call special meetings to a threshold of at least a majority of shares.

**Report on Whistleblower Policies and Practices**

Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Mandatory Arbitration Bylaw**

AGAINST shareholder proposals requesting that the Company adopt to a mandatory arbitration bylaw.

Shareholder proposal regarding a report on the impact of the use of mandatory arbitration on employees and workplace culture. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Concealment Clauses**

Shareholder proposal requesting additional reporting on risks associated with the use of certain concealment clauses. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that shareholders be allowed the opportunity at shareholder meetings to alert board members that the shareholders seek more information or favor a particular approach to corporate policy and that the Company constitution should include the clause: "The Company in general meeting may by ordinary resolution express an opinion or request information about the way in which a power of the Company partially or exclusively vested in the Directors has been or should be exercised. Such a resolution must relate to a material risk identified by the Directors or the Company and cannot advocate action that would violate any law or relate to any personal claim or grievance. Such a resolution is advisory only and does not bind the Directors or the Company". Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

<u>**Executive Compensation**</u>

**Tax Payments on Restricted Awards**

AGAINST shareholder proposals to adopt a policy that the Company will pay the personal taxes owed on restricted stock awards on behalf of named executive officers.

**Recovery of Unearned Management Bonuses**

Shareholder proposals to adopt an executive compensation recoupment policy. Based on the Compensation Score: FOR when the Company receives one of the lowest two results; AGAINST otherwise.

**Senior Executive Stock Retention**

FOR shareholder proposals that request adoption of a policy requiring senior executives to retain a significant percentage of shares.

**Deferral Period for Certain Compensation of Senior Executives**

Shareholder proposals that request that the Compensation committee make the following changes to any annual cash incentive program ("Bonus Program"), as applicable to senior executives, in order to promote a longer-term perspective: an award to a senior executive under a Bonus Program that is based on one or more financial measurements whose performance measurement period is one year or shorter shall not be paid in full for a period following the award; and, the Committee shall develop a methodology for (a) determining the length of the Deferral Period and what proportion of a Bonus should be paid immediately; (b) adjusting the remainder of the Bonus over the Deferral Period in a manner that (i) allows accurate assessment of risks taken during the PMP that could have affected performance on the Financial Metric(s) and (ii) allows the Company to recoup Bonus compensation pursuant to its clawback policy; and (c) paying out the remainder of the Bonus at the end of the Deferral Period. Based on the Compensation Score: FOR when the Company receives one of the lowest two results on the Compensation Score; AGAINST otherwise.

**Deduct Impact of Stock Buybacks from Executive Pay**

Shareholder proposals that request the board of directors adopt a policy that the board will not utilize "earnings per share" ("EPS") or its variations (e.g., diluted or operating EPS) or financial ratios (return on assets or net assets or equity) in determining a senior executive's incentive compensation or eligibility for such compensation, unless the Board utilizes the number of outstanding shares on the beginning date of the performance period and excludes the effect of stock buybacks that may have occurred between that date and the end of the performance period. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Government Service Golden Parachute**

AGAINST shareholder proposals on policy prohibiting the vesting of equity-based awards (including stock options, restricted stock and other stock awards granted under an equity incentive plan), for senior executives due to a voluntary resignation to enter government service.

**Nonqualified Savings Plan Earnings**

AGAINST shareholder proposals to adopt a policy that prohibits the practice of paying above- market earnings on the non-tax-qualified retirement saving or deferred income account balances of senior executive officers.

**GAAP Financial Metrics for Purposes of Determining Executive Compensation**.

Shareholder proposals asking to adopt a policy that when using performance metrics to calculate senior executive compensation, the Company shall not adjust performance metrics that are calculated in accordance with generally accepted accounting principles (GAAP). Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Stockholder proposals on non-GAAP measures disclosure, to adopt a policy that when the Company adjusts or modifies any generally accepted accounting principles ("GAAP") financial performance metric for determining senior executive compensation, it should include a specific explanation for each adjustment and a reconciliation of the adjusted metric to GAAP. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Legal and Compliance Costs in Executive Compensation metrics**

Shareholder proposals requesting that financial performance metrics should not be adjusted to exclude legal or compliance costs in evaluating performance for incentive payouts to senior executives. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposal requesting inclusion of legal and compliance costs in incentive compensation metrics. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Tax Transparency**

Shareholder proposals on tax transparency requesting that the Company issue a tax transparency report to shareholders, at reasonable expense and excluding confidential information, prepared in consideration of the indicators and guidelines set forth in the Global Reporting Initiative's (GRI) Tax Standard. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise

**ESG Metrics and Executive Compensation**

Shareholder proposals asking that the Company prepare a report, at reasonable cost and omitting proprietary information, describing if, and how, it plans to integrate ESG metrics into the performance measures of named executive officers under the Company's compensation incentive plans. Based on the overall Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Community Impacts and Company's Executive Compensation Program**

Shareholder proposals asking that the Board of directors publish a report, at reasonable expense, within a reasonable time, and omitting confidential or propriety information, assessing the feasibility of integrating community stakeholder concerns and impacts into the Company's executive compensation program. Based on the overall Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Target Amounts for CEO Compensation – Pay Disparity**

Shareholder proposals requesting that the Company take into consideration the pay grades and/or salary ranges of all classifications of Company employees when setting target amounts for CEO compensation. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Equity Ratio Disclosure in Executive Compensation**

Shareholder proposals requesting that the Company disclose equity ratio disclosure used by the compensation committee to set executive compensation. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposal on reform of executive compensation policy with social responsibility.

FOR shareholder proposals asking to ensure greater independence of compensation advisors.

FOR shareholder proposals to discontinue professional services allowance for NEOs.

Shareholder proposals on cessation of Stock Option and Bonus Programs. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise

**Executive Perquisites**

Shareholder proposals requesting that payments and/or reimbursements to current and former Named Executive Officers (NEOs) for personal expenses be discontinued. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Incentive Compensation and Risks of Material Losses**

Shareholder proposals asking that the Company prepare a report, at reasonable cost, disclosing whether and how the Company has identified employees or positions, individually or as part of a group, who are eligible to receive incentive-based compensation that is tied to metrics that could have the ability to expose the Company to possible material losses, as determined in accordance with generally accepted accounting principles. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Advisory Vote on Executive Compensation**

Shareholder proposals on adoption of advisory vote on executive compensation. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise. Change from overall Governance Score.

Shareholder proposals on pay for superior performance. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Drug Pricing Strategies in Incentive Compensation Plans**

AGAINST shareholder proposals requesting report on the extent to which risks related to public concern over drug pricing strategies are integrated into incentive compensation arrangements. The report should include, but need not be limited to, discussion of whether incentive compensation arrangements reward, or not penalize, senior executives for (i) adopting pricing strategies, or making and honoring commitments about pricing, that incorporate public concern regarding the level or rate of increase in prescription drug prices; and (ii) considering risks related to drug pricing when allocating capital.

**Executive Pay Confidential Voting**

FOR shareholder proposals to adopt a bylaw provision restricting management's access to vote tallies prior to the annual Meeting with respect to certain executive pay matters.

**Clawback Provision Amendment of the Company Policy**

Shareholder proposals requesting recoupment of awarded incentive pay and to state that conduct (intentional misconduct and not intentional misconduct) may trigger application of that policy. Based on the Compensation Score: FOR when the Company receives one of the lowest two results; AGAINST otherwise.

**Quantifiable Performance Metrics**

CASE-BY-CASE on shareholder proposals that request the board adopt the policy regarding quantifiable performance metrics. Based on the Compensation Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Accelerated Vesting**

FOR shareholder proposals to implement double triggered with pro-rata vesting of awards.

**Dividends**

CASE-BY-CASE basis for shareholder proposals to increase dividends, but generally AGAINST in the absence of a compelling reason for.

**Shareholder Proposals on Social and Environmental Issues**

<u>**Environment**</u>

AGAINST shareholder proposals asking the Company to issue a report in support of circular economy.

AGAINST shareholder proposals that request companies to follow the CERES Principles.

Generally AGAINST proposals requesting reports that seek additional information, unless it appears that the Company has not adequately addressed shareholders' relevant environmental concerns but FOR shareholder proposals requesting additional disclosure regarding hydraulic fracturing.

Shareholder proposals requesting that the Company issue an annual report to shareholders, at reasonable cost and omitting proprietary information, on plastic pollution. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on reduction of water pollution. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals promoting recycling.

AGAINST shareholder proposals requesting a report on recyclable packaging.

AGAINST shareholder proposals requesting a report on electronic waste.

AGAINST shareholder proposals on proper disposal of pharmaceuticals.

AGAINST shareholder proposals requesting a report on nanomaterials.

**GHG Emissions**

Shareholder proposals requesting that the Company adopt GHG emissions reductions goals and issue a report at reasonable cost and omitting proprietary information, on its plans to achieve these goals. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

<u>**Energy**</u>

Shareholder proposals to encourage energy conservation and the development of alternate renewable and clean energy resources and to reduce or eliminate toxic wastes and greenhouse gas emissions. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on renewable energy adoption. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on distributed - scale clean electricity. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals that request that the Board prepare, at reasonable expense and omitting proprietary information, a sustainability report. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company nominate environmental expert to the Board of Directors. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

<u>**Climate Change**</u>

Shareholder proposals on establishing a climate change committee. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on climate change. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company establish an annual advisory vote policy with respect to its environmental and climate change action plan and objectives. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting environmental and social due diligence. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report a report on 2-degree or 1.5-degree scenarios, IEA or IPCC reports, scenarios or assumptions, or any other climate- or net-zero transition-related models. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Fiduciary Carbon-Emission Relevance Report**

Shareholder proposals requesting a report evaluating the material factors relevant to decisions about whether a 2050 net-zero carbon goal is appropriate; factors such as economic consequences of adopting a 2050 net-zero carbon goal, technological feasibility for the company, the possibility that the climate models that underlie such goals are incorrect etc. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company suspend memberships of industry associations that are involved in lobbying inconsistent with the goals of the Paris agreement. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on deforestation impacts in supply chain. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on limiting supply chain flaring. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on climate change and business model. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposal requesting a report on investment of retirement funds in companies contributing to climate change. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on public advocacy on climate change and energy by relevant industry associations. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on stranded assets due to climate change. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals on privatization of pollution assets.

Shareholder proposals requesting a report on risks of petrochemical investments. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals on new fossil fuel financing requesting adoption of a policy in which the Company takes available actions to help ensure that its financing does not contribute to new fossil fuel supplies.

AGAINST shareholder proposals requesting that the Company commit to continuing to invest in and finance the oil and gas sector and conduct a review of any and all of its policies to ensure that there are none that have the effect of encouraging divestment from the sector.

Shareholder proposal requesting a report on quantitative metrics identified by the Sustainability Accounting Standards Board (SASB) as providing material information on water resource risks for the meat, poultry and dairy sector at reasonable expense and excluding confidential information. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on environmental expenditures (voluntary climate- related activities) including incurred costs and associated significant and actual benefits that have accrued to shareholders, the public health and the environment, including the global climate, from the Company's environment-related activities that are voluntary and that exceed U.S. and foreign compliance and regulatory requirements. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals requesting a report on electrification of the transportation sector.

AGAINST shareholder proposals requesting a report on environmentally sensitive, protected areas.

<u>**Health**</u>

AGAINST shareholder proposals requesting a report on sugar and public health. AGAINST shareholder proposals regarding cage free egg progress disclosure.

Shareholder proposals requesting a report on antibiotics in livestock. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals to adopt a policy to phase out the routine use of antibiotics in the meat and poultry supply chain.

AGAINST shareholder proposals on protein diversification.

AGAINST shareholder proposal on disclosure of pesticide management data, requesting that the Company disclose, at reasonable expense and omitting proprietary information, quantitative metrics demonstrating measurable progress toward the reduction of synthetic chemical pesticide use in the Company's supply chain.

Shareholder proposals that request the Company prepare a report disclosing the governance measures the Company has implemented to more effectively monitor and manage financial and reputational risks related to the opioid crisis in the U.S. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals that request the Compensation committee prepare a report on drug pricing. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholders proposals that request fair distribution and access to life- sustaining drugs and vaccines in affordable prices in both the United States and in low- income countries.

Shareholder proposal requesting a report on transfer of intellectual property to potential COVID- 19 manufacturers. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposal requesting report on government financial support and access to COVID- 19 vaccines and therapeutics. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposal requesting a report on public health costs of protecting vaccine technology. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company discontinue global sales of baby powder containing talc. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals requesting a report on the Company's efforts, to identify and reduce environmental and health hazards associated with past, present and future handling of coal combustion residuals and how those efforts may reduce legal, reputational and financial risks to the Company.

AGAINST shareholder proposals requesting that the Company prepare an independent third- party audit on driver health and safety.

AGAINST shareholder proposals requesting a report on health risks of continued in-store tobacco sales.

AGAINST shareholder proposals seeking support for the descheduling of Cannabis.

<u>**Social**</u>

AGAINST shareholders proposal requesting that the Company create a committee to prepare a report regarding the impact of plant closure on communities and alternatives to help mitigate the effects.

AGAINST shareholder proposals on transition to a public benefit corporation.

AGAINST shareholder proposals on financial initiatives that promote and strengthen communities, focusing on not only their economic effect but their social impact as well.

<u>**Northern Ireland**</u>

AGAINST proposals related to the MacBride Principles.

<u>**Military Business**</u>

Proposals on defense issues. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Proposals requesting reports that seek additional information on military related operations, unless the Company has been unresponsive to shareholder relevant requests. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on policies regarding military and militarized policing agencies. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise. Change from AGAINST.

Shareholder proposals requesting a report on development of products for military. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise. Change from AGAINST.

<u>**Human Rights, Labor Issues**</u>

Shareholder proposals on establishing a human rights committee. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company nominate for election at least one director with human/civil rights expertise. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals seeking a human rights report or human rights due diligence process to assess, identify, prevent and mitigate actual and potential adverse human rights impacts. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report evaluating the efficacy of the Company's existing policies and practices to address the human rights impacts of its content management policies to address misinformation and disinformation across its platforms. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on data privacy. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals seeking reports on the Company's activities affecting indigenous peoples. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposal regarding human and indigenous peoples' rights and asking the Company to modify its committee charters, bylaws and/or articles of incorporation, to articulate the fiduciary duties of Board and management to ensure due diligence on human and indigenous peoples' rights.

AGAINST shareholder proposals requesting the Board institute transparent procedures to avoid holding investments in companies that, in management's judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.

**Freedom of Expression**

Shareholder proposals on policies of freedom of expression - to report annually to shareholders, at reasonable expense and excluding confidential and proprietary information, regarding the Company's policies on freedom of expression and access to information, including whether it has publicly committed to respect freedom of expression as a human right; the oversight mechanisms for formulating and administering policies on freedom of expression and access to information. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Non-Partisanship/ Political Speech**

AGAINST shareholder proposals requesting that the Board of Directors encourage a senior management commitment to avoid supporting or taking a public position on any controversial social or political issues (collectively "political speech"), without having previously, comprehensively and without bias justified by action on the basis of underlying business strategy, exigencies, and priorities.

**Freedom of Association**

Shareholder proposal regarding adoption of policy on the Company's commitment to respect the rights to freedom of association and collective bargaining in its operations. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals requesting a third-party audit on workers' freedom of association and collective bargaining rights.

Shareholder proposals requesting workplace safety reports: Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company issue a report, at reasonable cost and omitting proprietary information, to include key performance indicators on human capital management related to the Company's portfolio, including reporting on the number and types of complaints received from employees, including contractors and temporary workers, the remedies offered under its grievance mechanism and the percentage of complaints resolved. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals to report to shareholders on the Company's minimum requirements and standards related to workforce practices. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals regarding a slavery and human trafficking report. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report assessing the risk of increased sexual exploitation of children as the Company develops and offers additional privacy tools. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a disclosure whether the Company's business operations involve, rely or depend on child labor. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company prepare an annual report regarding sexual harassment complaints. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company issue a report on prison labor in supply chain. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST on proposals relating to the Maquiladora Standards and international operating policies.

AGAINST proposals requesting reports on international operating policy issues, unless **i**t appears the Company has not adequately addressed shareholder relevant concerns.

AGAINST shareholder proposals requesting a report, omitting confidential and privileged information and at reasonable expense, detailing any known or potential risks and costs to the company caused by enacted or proposed state policies severely restricting reproductive rights, and detailing any strategies beyond litigation and legal compliance that the company may deploy to minimize or mitigate these risks.

AGAINST shareholder proposals relating to reproductive rights and consumer data privacy.

AGAINST shareholder proposals supporting activities that include abortion, euthanasia or assisted suicide.

AGAINST shareholder proposals promoting in vitro fertilization for either assisting conception or for research.

<u>**World Debt Crisis**</u>

AGAINST proposals dealing with Third World debt.

AGAINST proposals requesting reports on Third World debt issues, unless it appears the Company has not adequately addressed shareholder relevant concerns.

<u>**Diversity, Equity and Inclusion**</u>

Shareholder proposals asking the Company to set a diversity target (of min of 40%) for the composition of its Board. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting establishment of equal employment opportunity policy. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Report on Diversity and Inclusion**

Shareholder proposals requesting a report on the effectiveness of the Company's diversity, equity, and inclusion efforts. The report should be done at reasonable expense, exclude proprietary information, and provide transparency on outcomes, using quantitative metrics for hiring, retention, and promotion of employees, including data by gender, race, and ethnicity. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**DE&I Policies Third Party - Audit Racial Equity/Civil Rights Audit**

AGAINST shareholder proposals that request the Board of Directors commission an audit analyzing the impacts of the Company's Equity, Diversity & Inclusion policies on civil rights, non-discrimination and returns to merit, and the impacts of those issues on the Company's business. The audit may, in the Board's discretion, be conducted by an independent and unbiased third party with input from civil rights organizations, public-interest litigation groups, employees and shareholders of a wide spectrum of viewpoints and perspectives. A report on the audit, prepared at reasonable cost and omitting confidential or proprietary information, should be publicly disclosed on the Company's website.

**Report on effects of DE&I /Report on Discrimination Risk Oversight and Impact**

Shareholders proposals requesting that the Board of Directors conduct an evaluation and issue a report within the next year, at reasonable cost and excluding proprietary information and disclosure of anything that would constitute an admission of pending litigation, evaluating how it oversees risks related to discrimination against individuals based on their race, color, religion (including religious views), sex, national origin, or political views, and whether such discrimination may impact individuals' exercise of their constitutionally protected civil rights. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Report on a cost/benefit analysis of its Diversity, Equity & Inclusion programs**

Shareholder proposals requesting a report, omitting proprietary or confidential information and considering all relevant costs and benefits, including the reputational costs arising from discriminating on the basis of race, sex and orientation; the financial costs of selecting employees on bases other than merit; the costs associated with relying on incomplete or biased evidence, and related costs. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals asking that the Company rescind the Racial Equity Audit.

Shareholder proposals requesting a racial equity audit or a report on progress toward eliminating racial discrimination at the Company. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals regarding assessing inclusion in the workplace and requesting a report to shareholders on whether written policies or unwritten norms at the Company reinforce racism in the Company culture. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals on gender pay gap. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposal requesting paid sick leave for all employees. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting a report on worker misclassification. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Inclusive Hiring or Fair Chance Employment**

Shareholder proposals requesting a report on hiring practices related to people with arrest or incarceration records. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

Shareholder proposals requesting that the Company issue a report on ethical recruitment in global supply chains. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposal requesting disclosure of languages in which the directors are fluent in the skills and expertise matrix of the circular.

<u>**Animal Rights**</u>

AGAINST proposals that deal with animal rights.

AGAINST shareholder proposal supply chain practices report focusing on animal welfare.

**Nonhuman primates report**

AGAINST shareholder proposals requesting that the Board report to shareholders annually on the species, country of origin (including wild-caught or captive-bred, omitting proprietary information), and numbers of nonhuman primates imported by the company into the U.S.; the species and numbers of nonhuman primates transported within the country; and measures the company is taking to mitigate its impact on dwindling populations in nature.

<u>**Product Integrity and Sales, Marketing and Advertising**</u>

AGAINST shareholder proposals requesting a report on the Company's activities related to safety measures and mitigation of harm associated with Company products.

AGAINST shareholder proposals on reducing sales and marketing of socially questionable products, including but not limited to alcohol, drugs, tobacco, weapons.

Shareholder proposals asking for responsible sourcing details of product. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

Shareholder proposals requesting a policy to pause sourcing of cotton and other raw materials from China. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

AGAINST shareholder proposals regarding a report on plant-based milk pricing.

AGAINST shareholder proposals requesting that the Company voluntarily label genetically engineered (GE) ingredients in its products.

AGAINST shareholder proposals that request the Company prepare a report, at reasonable expense and omitting proprietary information, assessing actual and potential material financial risks or operational impacts on the Company related to these genetically modified organisms (GMO issues).

Shareholder proposals that request the Company prepare a report, on the social, health, and environmental effects of genetically modified organisms (GMOs). Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

AGAINST shareholder proposals to eliminate GE ingredients from the Company's products, or proposals asking for reports outlining the steps necessary to eliminate GE ingredients from the Company's products.

AGAINST shareholder proposals requesting that the Company make nicotine level information available to customers and begin reducing nicotine levels in the brands to a less addictive level.

**Impact of Extended Patent Exclusivities on Product Access**

Shareholder proposals requesting a report on a process by which the impact of extended patent exclusivities on product access would be considered in deciding whether to apply for secondary and tertiary patents. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

Shareholder proposals requesting a report on external costs of disinformation in digital advertising. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

**Assessment of the Company's advertising and marketing practices**

Shareholder proposals requesting a report, at reasonable expense and excluding proprietary information, assessing whether the Company's advertising and marketing practices may pose financial and/or reputational risks sufficient to have material impacts on the company's finances and operations due to levels of gun violence. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

**Certification of Sound Commercial Practices Related to the Selling of Financial Products and Services** Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Political Advertising and Posts**

Shareholder proposals asking that the Board of Directors prepare, at a reasonable cost and excluding proprietary information, a report on the controversy surrounding political advertising and posts. Such report should evaluate the implications of the Company's policies that may exempt politicians' posts and political advertisements from elements of platform rules such as the Company's Community Standards and its fact-checking process. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Algorithm Disclosure**

Shareholder proposals requesting that the Company provide more quantitative and qualitative information on how algorithm systems are used to target and deliver ads, error rates, and the impact these systems had on user speech and experiences. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Anticompetitive Practices**

Shareholder proposal regarding a report on board oversight of risks related to anticompetitive practices. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

**Report on Takedown Requests**

Shareholder proposals regarding a report (within a reasonable time frame, at reasonable cost, and excluding confidential information) assessing the feasibility of public disclosing on an annual basis, by jurisdiction, the list of delisted, censored, downgraded, proactively penalized, or blacklisted terms, queries or sites that the Company implements in response to government requests. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

**Competitiveness and Protection of Personal Information**

AGAINST shareholder proposals requesting that the Board of directors inform the shareholders of the investments the bank/company intends to make to update its computer systems so as to increase its competitiveness while enhancing privacy protection.

**Facial Recognition Technology**

Shareholder proposals on prohibition on sales of facial recognition technology to all government entities. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise. Change from AGAINST.

<u>**Business Operations and Ethics, Fair Practice**</u>

**Provision of Services in Conflict Zones policy**

AGAINST shareholder proposals requesting a policy on access to services in conflict zones. i.e. that the people in those regions do not suffer discriminatory exclusion from the Company's financial services, or alternatively, if the Company chooses not to establish this policy, provide an evaluation of the economic impact the policy of exclusion has on the affected populations as well as the company's finances, operations and reputation.

**Politicized de-banking**

Shareholder proposals requesting a report on politicized de-banking evaluating the Company's policies or practices to make sure there are sufficient safeguards to prevent political or religious discrimination. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

AGAINST shareholder proposals requesting a congruency report on partnerships with globalist organizations that facilitate collaboration between businesses, governments and NGOs for social and political ends against the Company's fiduciary duty to shareholders.

Shareholder proposals seeking disclosure of business operations in high risk countries or conflict complicit governments. Based on the Governance Rating score: FOR when the Company receives one of the lowest two scores on the Governance Rating; AGAINST otherwise.

**Content Management Report/Content Enforcement Policies**

Shareholder proposals requesting a report reviewing the efficacy of its enforcement of its terms of service related to content policies and assessing the risks posed by content management controversies. Based on the overall Governance Score: FOR when the Company receives one of the lowest two scores; AGAINST otherwise.

<u>**Cybersecurity**</u>

Shareholder proposals requesting a report on cyber risk. Based on the Cyber Security Risk Score: FOR when the Company receives one of the lowest two scores ; AGAINST otherwise.

***In rare cases, Egan-Jones may choose to override the documented guideline recommendation when we believe it to be in the best long-term financial interest of shareholders.***

 ****

Capital-Force ETF Trust

Part C – Other Information

Item 15. Indemnification

Under the terms of the Delaware Statutory Trust Act (*"DSTA"*) and the Registrant's Amended and Restated Agreement and Declaration of Trust (*"Declaration of Trust"*), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817, permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

Item 16. Exhibits

Exhibit No. Description

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) [Agreement and Declaration of Trust of the Registrant.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928a1.htm) (1)

(b) [Certificate of Trust, as filed with the state of Delaware on June 20, 2025.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928a2.htm) (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [By-Laws of the Registrant.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928b.htm) (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Form of Agreement and Plan of Reorganization (filed herewith as Appendix A to the Proxy Statement/Prospectus).](#pr_020)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Rights of holders of securities being registered is contained in the Registrant's Agreement and
Declaration of Trust filed as Exhibit 1, and the By-Laws of the Registrant filed as Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (a) [Form of Investment Management Agreement between the Registrant and M2 Financial LLC.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928d1.htm) (1)

(b) [Form of Investment Subadvisory Agreement between M2 Financial LLC and Penserra Capital Management LLC.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928d2.htm) (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Distribution Agreement between the Registrant and Foreside Fund Services, LLC.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928e.htm) (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Not Applicable.

C- 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Custody Agreement between the Registrant and U.S. Bank National Association.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928g.htm) (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Opinion and consent of Chapman and Cutler LLP.](ea027260301_ex99-11.htm) (2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Form of Opinion as to Tax Matters and Consent.](ea027260301_ex99-12.htm) (2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) (a) [Fund Administration, Accounting and Transfer Agency Agreement between the Registrant and U.S. Bancorp Fund Services, LLC.](https://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928h1.htm) (1)

(b) [Form of Subscription Agreement.](http://www.sec.gov/Archives/edgar/data/2104659/000121390026006524/ea0271727-01_ex9928h3.htm) (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Consent of Cohen & Company, Ltd. with respect to Form N-14.](ea027260301_ex99-14.htm) (2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Powers of Attorney. (2)](ea027260301_ex99-16.htm)

(17) [(a) Form Proxy Card for Innovator IBD<sup>®</sup> 50 ETF.](ea027260301_ex99-17a.htm) (2) <br>[(b) Form Proxy Card for Innovator IBD<sup>®</sup> Breakout Opportunities ETF.](ea027260301_ex99-17b.htm) (2)

Item 17. Undertakings

Not Applicable

(1) Incorporated by reference to the Registrant's Registration
Statement on From N-1A (File No. 333-292870) filed on January 22, 2026.

(2) Filed herewith.

C- 2

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act") and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized in the City of Valencia, and State of California, on January 22, 2026.

---

| | |
|:---|:---|
| Capital-Force ETF Trust | Capital-Force ETF Trust |
| By: | /s/ Mark MacArthur |
|  | Mark MacArthur |
|  | Trustee |
|  | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| Signature | Date | Date |
|  | January 22, 2026 | January 22, 2026 |
| /s/ Mark MacArthur |  |  |
| Mark MacArthur |  |  |
| /s/ Jim Gallo | January 22, 2026 | January 22, 2026 |
| Jim Gallo |  |  |
| Randy Seager\* |  |  |
|  | By: | /s/ Mark MacArthur |
| Todd Kostjuk\* |  | Mark MacArthur<br> Attorney-In-Fact |
|  |  | January 22, 2026 |
| Jade Greenfeld\* |  |  |

---

\*Original powers of attorney authorizing Mark MacArthur and Edward Keiley to execute this Registration Statement on this Form N-14, and amendments thereto, for each of the trustees of the Registrant on whose behalf this Registration Statement is filed, are filed herewith as exhibit (16).

C- 3

**Index to Exhibits**

---

| | |
|:---|:---|
| (4) | [Form of Agreement and Plan of Reorganization (filed herewith as Appendix A to the Proxy Statement/Prospectus).](#pr_020) |
| (11) | [Opinion and consent of Chapman and Cutler LLP.](ea027260301_ex99-11.htm) |
| (12) | [Form of Opinion as to Tax Matters and Consent.](ea027260301_ex99-12.htm) |
| (14) | [Consent of Cohen & Company, Ltd. with respect to Form N-14.](ea027260301_ex99-14.htm) |
| (16) | [Powers of Attorney.](ea027260301_ex99-16.htm) |
| (17) | [(a) Form Proxy Card for Innovator IBD<sup>®</sup> 50 ETF.](ea027260301_ex99-17a.htm) |
|  | [(b) Form Proxy Card for Innovator IBD<sup>®</sup> Breakout Opportunities ETF.](ea027260301_ex99-17b.htm) |

---

C- 4

## Ex-99.(11)

**Exhibit (11**)

---

| | |
|:---|:---|
| ![](ex11_001.jpg) | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3000<br> F. 312.701.2361<br> www.chapman.com |

---

January 22, 2022

Capital-Force ETF Trust<br> 27441 Tourney Rd., Suite 260

Valencia, CA 91355

Re: <u>Capital-Force ETF Trust</u>

Ladies and Gentlemen:

We have acted as counsel to the Capital-Force ETF Trust, a Delaware statutory trust (the *"Trust"*), on behalf of its series CapForce IBD® 50 ETF and CapForce IBD® Breakout Opportunities ETF (each, an *"Acquiring Fund"* and collectively, the *"Acquiring Funds"*), in connection with the Trust's Registration Statement on Form N-14 to be filed with the Securities and Exchange Commission on or about January 22, 2026 (the *"Registration Statement"*), with respect to each Acquiring Fund's shares of beneficial interest (collectively, the *"Shares"*) to be issued in exchange for the assets of the corresponding series of Innovator ETFs Trust (each, a *"Target Fund"* and collectively, the *"Target Funds"*), a Delaware statutory trust (the *"Target Trust"*), as set forth below and as described in the Registration Statement (each, a *"Reorganization,"* and collectively, the *"Reorganizations"*):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Target Fund** |  | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Innovator IBD<sup>®</sup> 50 ETF | &nbsp;&nbsp;🡺 | &nbsp;&nbsp;CapForce IBD® 50 ETF |
| &nbsp;&nbsp;Innovator IBD<sup>®</sup> Breakout Opportunities ETF | &nbsp;&nbsp;🡺 | &nbsp;&nbsp;CapForce IBD® Breakout Opportunities ETF |

---

You have requested that we deliver this opinion to you in connection with the Trust's filing of the Registration Statement.

We have examined the Trust's Agreement and Declaration of Trust (the *"Declaration of Trust"*); its By-Laws (*"By-laws"*); resolutions of the Trust's Board of Trustees; a proof of the Registration Statement received on January 22, 2026; a copy of the Agreement and Plan of Reorganization by and between the Trust on behalf of the Acquiring Funds and the Target Trust on behalf of the Target Funds, in the form included as Appendix A to the Proxy Statement and Prospectus included in the draft Registration Statement referred to above (the *"Agreement and Plan"*); and such other legal and factual matters as we have considered necessary.

January 22, 2026

In such examination, we have assumed the genuineness of all signatures, the conformity to the originals of all of the documents reviewed by us as copies, the authenticity and completeness of all original documents reviewed by us in original or copy form and the legal competence of each individual executing any document. We have also assumed that (i) the Registration Statement, as filed with the Commission, will be in substantially the form of the draft referred to above; (ii) the number of Shares to be issued by each Acquiring Fund will not exceed the amount of such Shares needed to consummate the Reorganization with respect to such Acquiring Fund; (iii) the Agreement and Plan will have been duly completed, executed and delivered by the parties thereto in substantially the form of the copy referred to above; (iv) any consents or approvals required for the Reorganizations will have been received; (v) the Declaration, Resolutions, and the Agreement and Plan will not have been amended, modified or withdrawn and will be in full force and effect on the date of issuance of such Shares; and (vi) there will not have been any changes in applicable law or any other facts or circumstances relating to the Reorganization as of the date of the issuance of such Shares.

This opinion is based entirely on our review of the documents listed above and such investigation of law as we have deemed necessary or appropriate. We have made no other review or investigation of any kind whatsoever, and we have assumed, without independent inquiry, the accuracy of the information set forth in such documents.

This opinion is based exclusively on the Delaware Statutory Trust Act and the federal securities laws of the United States of America governing the issuance of shares of the Fund and does not extend to the securities or "blue sky" laws of the State of Delaware or other States or to other Federal securities or other laws.

We understand that all of the foregoing assumptions and limitations are acceptable to you.

Based upon and subject to the foregoing, please be advised that it is our opinion that the Shares, when issued and sold in accordance with the Resolutions and for the consideration described in the Agreement and Plan, will be validly issued, fully paid and nonassessable, except that, as set forth in the Registration Statement.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the prospectus discussion of this opinion, the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

---

| |
|:---|
| Respectfully submitted, |
| ![](ex11_002.jpg) |
| Chapman and Cutler LLP |

---

## Ex-99.(12)

**Exhibit (12**)

---

| | |
|:---|:---|
| ![](ex12_001.jpg) | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3000<br> F 312.701.2361 |

---

[ ], 2026

Board of Trustees<br> Innovator ETFs Trust<br> 200 W. Front Street

Wheaton, Illinois 60187

Board of Trustees<br> Capital-Force ETF Trust<br> 27441 Tourney Rd., Suite 260

Valencia, CA 91355

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences (i) to each series of Innovator ETFs Trust, a Delaware statutory trust (the *"Acquired Trust"*), listed on <u>Exhibit A</u> attached hereto (each such series, an *"Acquired Fund"*), (ii) to the holders of the shares of beneficial interest (the *"Acquired Fund Shares"*) of each Acquired Fund (the *"Acquired Fund Shareholders"*), and (iii) to each series of Capital-Force ETF Trust, a Delaware statutory trust (the *"Acquiring Trust"*), listed on <u>Exhibit A</u> attached hereto (each such series, an *"Acquiring Fund"*), in connection with the proposed transfer of all of the assets (the *"Acquired Assets"*) and liabilities (the *"Acquired Liabilities"*) of an Acquired Fund to the corresponding Acquiring Fund set forth on <u>Exhibit A</u> (each such pair of an Acquired Fund and its corresponding Acquiring Fund, a *"Corresponding Acquired Fund"* or *"Corresponding Acquiring Fund,"* as appropriate) in exchange for shares of such Corresponding Acquiring Fund (the *"Acquiring Fund Shares"*) with an aggregate net asset value (*"NAV"*) equal to the NAV of such Corresponding Acquired Fund, followed by the liquidating distribution by such Corresponding Acquired Fund to its shareholders of the shares of such Corresponding Acquiring Fund in proportion to their holdings of shares of such Corresponding Acquired Fund (each such transfer of Acquired Assets and Acquired Liabilities followed by a liquidating distribution, with respect to each Corresponding Acquired Fund and Corresponding Acquiring Fund, a *"Reorganization,"* and collectively, the *"Reorganizations"*), all pursuant to the Form of Agreement and Plan of Reorganization (the *"Plan"*) to be executed by the Acquired Trust on behalf of all of the Acquired Funds and by the Acquiring Trust on behalf of all of the Acquiring Funds.

For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the Form N-14 filed by the Acquiring Trust with the Securities and Exchange Commission, and (3) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

This opinion is based upon the Internal Revenue Code of 1986, as amended (the *"Code"*), United States Treasury regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon each Reorganization taking place in the manner described in the Plan and the Form N-14 referred to above.

![](ex12_002.jpg)

![](ex12_001.jpg)

Board of Trustees

[ ], 2026

Based upon the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Code, and each applicable Acquiring Fund and the Corresponding Acquired Fund will be a "party to a reorganization," within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No gain or loss will be recognized by an Acquired Fund upon the transfer of all the Acquired Assets to the Corresponding Acquiring Fund solely in exchange for the Corresponding Acquiring Fund Shares and the assumption by the Corresponding Acquiring Fund of all the liabilities of the Acquired Fund, or upon the distribution of the Corresponding Acquiring Fund Shares to the Acquired Fund Shareholders, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The tax basis in the hands of an Acquiring Fund of each Acquired Asset transferred from the Corresponding Acquired Fund to such Acquiring Fund in the applicable Reorganization will be the same as the tax basis of such Acquired Asset in the hands of the Corresponding Acquired Fund immediately prior to the transfer thereof, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Corresponding Acquired Fund on the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The holding period in the hands of an Acquiring Fund of each Acquired Asset transferred from the Corresponding Acquired Fund to such Acquiring Fund in the applicable Reorganization, other than Acquired Assets with respect to which gain or loss is required to be recognized, will include the Corresponding Acquired Fund's holding period for such Acquired Asset (except where investment activities of the Corresponding Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No gain or loss will be recognized by an Acquiring Fund upon receipt of all the Acquired Assets solely in exchange for Acquiring Fund Shares and the assumption by such Acquiring Fund of all the liabilities of such Acquired Fund as part of the applicable Reorganization;

![](ex12_001.jpg)

Board of Trustees

[ ], 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No gain or loss will be recognized by any Acquired Fund Shareholder upon the exchange of its Acquired Fund Shares for Acquiring Fund Shares as part of the applicable Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate tax basis of the Acquiring Fund Shares that an Acquired Fund Shareholder receives in the applicable Reorganization will be the same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received in the applicable Reorganization will include the Acquired Fund Shareholder's holding period for the Acquired Fund Shares exchanged therefor, provided that the Acquired Fund Shareholder held such Acquired Fund Shares as capital assets on the date of the exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The taxable year of an Acquired Fund will not end as a result of the applicable Reorganizations.

We express no opinion as to the federal income tax consequences of any Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan.

We hereby consent to the filing of this opinion letter with the Securities and Exchange Commission as an exhibit to the Form N-14 and to the references therein to us under the heading "KEY INFORMATION ABOUT THE PROPOSED REORGANIZATION — The Plan," and "— Federal Income Tax Consequences of the Reorganization." In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| Chapman and Cutler LLP |

---

EXHIBIT A

FUNDS

**<u>Acquired Funds</u>**

Innovator IBD<sup>®</sup> Breakout Opportunities ETF

Innovator IBD<sup>®</sup> 50 ETF

**<u>Acquiring Funds</u>**

Cap-Force IBD<sup>®</sup> Breakout Opportunities ETF

Cap-Force IBD<sup>®</sup> 50 ETF

## Ex-99.(14)

**Exhibit (14**)

![](ex14_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated December 29, 2025, relating to the financial statements and financial highlights of Innovator IBD® Breakout Opportunities ETF and Innovator IBD<sup>®</sup> 50 ETF, each a series of Innovator ETFs Trust, which are included in Form N-CSR for the year ended October 31, 2025, and to the references to our firm under the headings "Questions and Answers", "Appendix B – Financial Highlights of the Target Funds" and "Other Service Providers" in the Combined Proxy Statement and Prospectus and "Investment Adviser and Other Service Providers" and "Financial Statements" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 22, 2026

![](ex14_002.jpg)

## Ex-99.(16)

**Exhibit (16**)

**Capital-Force ETF Trust**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a trustee of the above-referenced organization, hereby constitutes and appoints Mark MacArthur and Edward Keiley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-14 under the Securities Act of l933 and the Investment Company Act of l940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior Powers of Attorney in connection with the above-mentioned acts and remains in effect until revoked or revised.

In Witness Whereof, the undersigned trustee of the above-referenced organization has hereunto set her hand this 24th day of December, 2025.

---

| |
|:---|
| /s/ Frank Randall Seager |
| Frank Randall Seager |

---

State of Illinois) ) SS <br> County of DuPage)

On this 24th day of December, 2025, personally appeared before me, a Notary Public in and for said County and State, Frank Randall Seager, who is known to me or proved to me on the basis of satisfactory evidence to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Randy A. Golembeck | /s/ Randy A. Golembeck |
| Notary Public, State of Illinois | Notary Public |

---

My Commission Expires: 02/24/2029

**Capital-Force ETF Trust**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a trustee of the above-referenced organization, hereby constitutes and appoints Mark MacArthur and Edward Keiley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-14 under the Securities Act of l933 and the Investment Company Act of l940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior Powers of Attorney in connection with the above-mentioned acts and remains in effect until revoked or revised.

In Witness Whereof, the undersigned trustee of the above-referenced organization has hereunto set her hand this 26 day of December, 2025.

---

| |
|:---|
| /s/ Jade Greenfield |
| Jade Greenfield |

---

State of Florida) ) SS <br> County of Manatee)

On this 26 day of December, 2025, personally appeared before me, a Notary Public in and for said County and State, Jade Greenfield, who is known to me or proved to me on the basis of satisfactory evidence to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Juanita L. Moss | /s/ Juanita L. Moss |
| Notary Public, State of Florida | Notary Public |

---

My Commission Expires: 11/20/2029

**Capital-Force ETF Trust**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a trustee of the above-referenced organization, hereby constitutes and appoints Mark MacArthur and Edward Keiley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-14 under the Securities Act of l933 and the Investment Company Act of l940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior Powers of Attorney in connection with the above-mentioned acts and remains in effect until revoked or revised.

In Witness Whereof, the undersigned trustee of the above-referenced organization has hereunto set her hand this 24th day of December, 2025.

---

| |
|:---|
| /s/ Todd Kostjuk |
| Todd Kostjuk |

---

State of California) ) SS <br> County of Los Angeles)

On this 24th day of December, 2025, personally appeared before me, a Notary Public in and for said County and State, Todd Kostjuk, who is known to me or proved to me on the basis of satisfactory evidence to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Roberto Perez | /s/ Roberto Perez |
| Notary Public, State of California | Notary Public |

---

My Commission Expires: 1/17/2029

**Capital-Force ETF Trust**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a trustee of the above-referenced organization, hereby constitutes and appoints Edward Keiley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-14 under the Securities Act of l933 and the Investment Company Act of l940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior Powers of Attorney in connection with the above-mentioned acts and remains in effect until revoked or revised.

In Witness Whereof, the undersigned trustee of the above-referenced organization has hereunto set her hand this 26th day of December, 2025.

---

| |
|:---|
| /s/ Mark MacArthur |
| Mark MacArthur |

---

State of California) ) SS <br> County of Los Angeles)

On this 26 day of December, 2025, personally appeared before me, a Notary Public in and for said County and State, Mark MacArthur, who is known to me or proved to me on the basis of satisfactory evidence to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Kathleen M. Baca | /s/ Kathleen M. Baca |
| Notary Public, State of California | Notary Public |

---

My Commission Expires: 08/08/2027

## Ex-99.(17)(A)

**Exhibit (17)(a)**

---

| | | |
|:---|:---|:---|
| **PRELIMINARY COPY** | | |
| FORM OF PROXY CARD | |  |
| ![](ex17a_004.jpg) | ![](ex17a_001.jpg) | &nbsp;&nbsp;&nbsp;**VOTE ONLINE**<br>&nbsp;&nbsp;&nbsp;&nbsp;1. Read the proxy statement.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Go to:<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Follow the simple instructions. |
| *PO Box [ ], [ ]* |  |  |
|  | ![](ex17a_002.jpg) | &nbsp;&nbsp;&nbsp;**VOTE BY PHONE**<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Read the proxy statement and have the proxy card at hand.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Call toll-free:<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Follow the simple instructions. |
|  | ![](ex17a_003.jpg) | &nbsp;&nbsp;&nbsp;**VOTE BY MAIL**<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Read the proxy statement.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Check the appropriate box(es) on the reverse side of the proxy card.<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Sign, date and return the proxy card in the envelope provided. |

---

**INNOVATOR ETFs<sup>®</sup> TRUST**

**INNOVATOR IBD<sup>®</sup> 50 ETF**

**PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD [MARCH 18], 2026**

**THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES**

The undersigned shareholder of the Innovator IBD<sup>®</sup> 50 ETF (the "Fund") hereby appoints each of [ ], [ ], and [ ], collectively or individually, as his or her attorney-in-fact and proxy, with the power of substitution of each, to vote and act with respect to all shares of the Fund, which the undersigned is entitled to vote at the Special Meeting of Shareholders to be held on [March 18], 2026 at 11:00 a.m. Central Time (together with any postponements or adjournments, the *"Special Meeting"*) at the offices of Innovator at 200 W. Front Street, Wheaton, Illinois 60187.

The attorneys named will vote the shares represented by this proxy in accordance with the choice made on this ballot. The execution of this proxy is not intended to, and does not, revoke any prior proxies or powers of attorney other than the revocation, in accordance with the laws of the State of Delaware and applicable federal securities laws, of any proxy previously granted specifically in connection with the voting of the shares subject hereto. This proxy may be revoked at any time prior to the exercise of the powers conferred thereby. **IF THIS PROXY IS PROPERLY EXECUTED BUT NO CHOICE IS INDICATED AS TO THE PROPOSAL, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL. DISCRETIONARY AUTHORITY IS HEREBY CONFERRED AS TO ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT THEREOF.**

**CONTROL NUMBER**

---

| |
|:---|
| **AUTHORIZED SIGNATURE(S)**<br>**This section must be completed for your vote to be counted.** |
| Signature(s) and Title(s), if applicable Sign in the box above |
| Date ______________________________ |
| Note: Please sign exactly as your name(s) appear(s) on this proxy card. If signing for estates, trusts, or other fiduciaries, your title or capacity should be stated and where more than one name appears, a majority must sign. If shares are held jointly, one or more joint owners should sign personally. If a corporation, the signature should be that of an authorized officer who should state his or her title. |

---

**Important Notice Regarding the Availability of Proxy Materials for the Special Meeting of Shareholders to be held on [March 18], 2026.**

**The Proxy Statement for this Meeting is available at [ ]**

**YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN. <br> PLEASE CAST YOUR VOTE *TODAY!***

**<u>YOUR SIGNATURE IS REQUIRED</u> FOR YOUR VOTE TO BE COUNTED.**

**IF YOU ARE NOT VOTING BY PHONE OR INTERNET, PLEASE SIGN AND DATE THIS PROXY CARD ON THE REVERSE SIDE AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE.**

&nbsp;&nbsp;&nbsp;&nbsp;![](ex17a_005.jpg)**Please detach at perforation before mailing.**![](ex17a_005.jpg)

**This proxy is solicited on behalf of the Board of Trustees and the proposal has been unanimously approved by the Board of Trustees and recommended for approval by shareholders.**

**When properly executed, this proxy will be voted in the manner directed herein by the undersigned shareholder. If no direction is made, this proxy will be voted FOR each proposal.**

**In his or her discretion, the Proxy is authorized to vote upon such other matters as may properly come before the meeting.**

**THE BOARD OF TRUSTEES OF THE TRUST UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" EACH PROPOSAL.**

**TO VOTE, MARK BOX(ES) BELOW IN BLUE OR BLACK INK AS FOLLOWS: ☒**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **FOR** | **AGAINST** |
| **1.** | To approve the Agreement and Plan of Reorganization approved by the Independent Trustees of the Board of Trustees of Innovator ETFs Trust, which provides for the reorganization of Innovator IBD<sup>®</sup> 50 ETF into the CapForce IBD<sup>®</sup> 50 ETF, a newly created series of Capital-Force ETF Trust. | ☐ | ☐ |

---

**THANK YOU FOR VOTING**

## Ex-99.(17)(B)

**Exhibit (17)(b)**

---

| | | |
|:---|:---|:---|
| **PRELIMINARY COPY** | | |
| FORM OF PROXY CARD | |  |
| ![](ex17b_004.jpg) | ![](ex17b_001.jpg) | &nbsp;&nbsp;&nbsp;**VOTE ONLINE**<br>&nbsp;&nbsp;&nbsp;&nbsp;1. Read the proxy statement.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Go to:<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Follow the simple instructions. |
| *PO Box [ ], [ ]* |  |  |
|  | ![](ex17b_002.jpg) | &nbsp;&nbsp;&nbsp;**VOTE BY PHONE**<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Read the proxy statement and have the proxy card at hand.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Call toll-free:<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Follow the simple instructions. |
|  | ![](ex17b_003.jpg) | &nbsp;&nbsp;&nbsp;**VOTE BY MAIL**<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Read the proxy statement.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Check the appropriate box(es) on the reverse side of the proxy card.<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Sign, date and return the proxy card in the envelope provided. |

---

**INNOVATOR ETFs® TRUST**

**INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF**

**PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD [MARCH 18], 2026**

**THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES**

The undersigned shareholder of the Innovator IBD® Breakout Opportunities ETF (the "Fund") hereby appoints each of [ ], [ ], and [ ], collectively or individually, as his or her attorney-in-fact and proxy, with the power of substitution of each, to vote and act with respect to all shares of the Fund, which the undersigned is entitled to vote at the Special Meeting of Shareholders to be held on [March 18], 2026 at 11:00 a.m. Central Time (together with any postponements or adjournments, the *"Special Meeting"*) at the offices of Innovator at 200 W. Front Street, Wheaton, Illinois 60187.

The attorneys named will vote the shares represented by this proxy in accordance with the choice made on this ballot. The execution of this proxy is not intended to, and does not, revoke any prior proxies or powers of attorney other than the revocation, in accordance with the laws of the State of Delaware and applicable federal securities laws, of any proxy previously granted specifically in connection with the voting of the shares subject hereto. This proxy may be revoked at any time prior to the exercise of the powers conferred thereby. **IF THIS PROXY IS PROPERLY EXECUTED BUT NO CHOICE IS INDICATED AS TO THE PROPOSAL, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL. DISCRETIONARY AUTHORITY IS HEREBY CONFERRED AS TO ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT THEREOF.**

**CONTROL NUMBER**

---

| |
|:---|
| **AUTHORIZED SIGNATURE(S)**<br>**This section must be completed for your vote to be counted.** |
| Signature(s) and Title(s), if applicable Sign in the box above |
| Date ______________________________ |
| Note: Please sign exactly as your name(s) appear(s) on this proxy card. If signing for estates, trusts, or other fiduciaries, your title or capacity should be stated and where more than one name appears, a majority must sign. If shares are held jointly, one or more joint owners should sign personally. If a corporation, the signature should be that of an authorized officer who should state his or her title. |

---

**Important Notice Regarding the Availability of Proxy Materials for the Special Meeting of Shareholders to be held on [March 18], 2026.**

**The Proxy Statement for this Meeting is available at [** ]

**YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN. <br> PLEASE CAST YOUR VOTE *TODAY!***

**<u>YOUR SIGNATURE IS REQUIRED</u> FOR YOUR VOTE TO BE COUNTED.**

**IF YOU ARE NOT VOTING BY PHONE OR INTERNET, PLEASE SIGN AND DATE THIS PROXY CARD ON THE REVERSE SIDE AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE.**

&nbsp;&nbsp;&nbsp;&nbsp;![](ex17b_005.jpg)**Please detach at perforation before mailing.**![](ex17b_005.jpg)

**This proxy is solicited on behalf of the Board of Trustees and the proposal has been unanimously approved by the Board of Trustees and recommended for approval by shareholders.**

**When properly executed, this proxy will be voted in the manner directed herein by the undersigned shareholder. If no direction is made, this proxy will be voted FOR each proposal.**

**In his or her discretion, the Proxy is authorized to vote upon such other matters as may properly come before the meeting.**

**THE BOARD OF TRUSTEES OF THE TRUST UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" EACH PROPOSAL.**

**TO VOTE, MARK BOX(ES) BELOW IN BLUE OR BLACK INK AS FOLLOWS: ☒**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **FOR** | **AGAINST** |
| **1.** | To approve the Agreement and Plan of Reorganization approved by the Independent Trustees of the Board of Trustees of Innovator ETFs Trust, which provides for the reorganization of Innovator IBD<sup>®</sup> Breakout Opportunities ETF into the CapForce IBD<sup>®</sup> Breakout Opportunities ETF, a newly created series of Capital-Force ETF Trust. | ☐ | ☐ |

---

**THANK YOU FOR VOTING**