# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001213900-26-070537
**Filing Date:** 2026-6
**Character Count:** 742520
**Document Hash:** 98ca98ec9cde03ae28db2935d24dfb90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-070537.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001213900-26-070537

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001547950

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22700
- **FILM NUMBER:** 261106266

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120
- **BUSINESS PHONE:** 405-778-8377

**MAIL ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Exchange Traded Concepts Trust II
- **DATE OF NAME CHANGE:** 20120420
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001547950

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-180871
- **FILM NUMBER:** 261106265

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120
- **BUSINESS PHONE:** 405-778-8377

**MAIL ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Exchange Traded Concepts Trust II
- **DATE OF NAME CHANGE:** 20120420

## Series and Classes Contracts Data

### Skylar Electricity Futures ETF (Series ID: S000105775)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000276560 | Skylar Electricity Futures ETF | MWHS            |

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

As filed with the Securities and Exchange Commission on June 22, 2026

1933 Act Registration No. 333-180871

1940 Act Registration No. 811-22700

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-1A

Registration Statement Under the Securities Act of 1933 ☒ <br> Pre-Effective Amendment No. __ ☐ <br> Post-Effective Amendment No. 331 ☒

and/or

Registration Statement Under the Investment Company Act of 1940 ☒

Amendment No. 333 ☒

**Exchange Listed Funds Trust**

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, Oklahoma 73120

(Address of Principal Executive Offices, Zip Code)

(405) 778-8377

(Registrant's Telephone Number, including Area Code)

Richard Malinowski

Exchange Listed Funds Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, Oklahoma 73120

(Name and Address of Agent for Service)

Copies to:

Morrison Warren, Esq.

Chapman and Cutler LLP

320 South Canal Street

Chicago, Illinois 60606

Richard Coyle, Esq.

Chapman and Cutler LLP

320 South Canal Street

Chicago, Illinois 60606

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

☐ Immediately upon filing pursuant to paragraph (b) of Rule 485.

☒ On June 24, 2026 pursuant to paragraph (b) of Rule 485.

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485.

☐ On (date) pursuant to paragraph (a)(1) of Rule 485.

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485.

☐ On (date) pursuant to paragraph (a)(2) of Rule 485.

**If appropriate, check the following box:**

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Exchange Listed Funds Trust**

Prospectus

June 24, 2026

**Skylar Electricity Futures ETF (Ticker Symbol: MWHS)** 

Principal Listing Exchange for the Fund: NYSE Arca, Inc.

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

**About This Prospectus**

*This Prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about the Fund, please see:*

 

---

| | |
|:---|:---|
|  | **Page** |
| [**Fund Summary**](#a_001) | **1** |
| [**Additional Principal Investment Strategies Information**](#a_002) | **14** |
| [**Additional Principal Risk Information**](#a_003) | **15** |
| [**Portfolio Holdings**](#a_004) | **23** |
| [**Fund Management**](#a_005) | **23** |
| [**Buying and Selling Fund Shares**](#a_006) | **25** |
| [**Distribution and Service Plan**](#a_007) | **26** |
| [**Dividends, Distributions and Taxes**](#a_008) | **26** |
| [**Additional Information**](#a_009) | **33** |
| [**Financial Highlights**](#a_010) | **33** |
| [**How to Obtain More Information About the Fund**](#a_011) | **Back Cover** |

---

**<u>Fund Summary – Skylar Electricity Futures ETF</u>**

**Investment Objective**

The Skylar Electricity Futures ETF (the "Fund") seeks to provide capital appreciation primarily through investments in U.S. electricity futures contracts.

**Fees and Expenses**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Annual Fund Operating Expenses** <br> ***(expenses that you pay each year as a percentage of the value of your investment)*** | &nbsp;&nbsp;&nbsp; **Annual Fund Operating Expenses** <br> ***(expenses that you pay each year as a percentage of the value of your investment)*** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.95% |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** |
| &nbsp;&nbsp;$97 | &nbsp;&nbsp;$303 |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in electricity futures contracts ("Electricity Futures") or investments that provide exposure to Electricity Futures (such as total return swaps that utilize Electricity Futures as the reference asset). For purposes of compliance with this investment policy, derivative instruments will be valued at their notional value. The Fund may invest directly in Electricity Futures or derive indirect exposure to Electricity Futures through total return swaps that utilize Electricity Futures as the reference asset. The Fund will obtain its exposure to Electricity Futures through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The Electricity Futures to which the Fund has exposure are listed on ICE Futures U.S., Inc. ("ICE Futures"). The Fund may also invest in short-term debt securities, cash and cash equivalents, including U.S. Treasury securities, ETFs that invest in short duration U.S. Treasury securities and short duration fixed-income ETFs (together, "Collateral Instruments"). The Collateral Instruments are intended to provide liquidity and to serve as collateral for the Electricity Futures.

The Fund is actively-managed by the Fund's sub-adviser, Skylar Capital Management LP (the "Sub-Adviser") and does not track an index. The Fund seeks to invest in a portfolio of cash-settled Electricity Futures with less than two years until expiry. The Fund will generally invest in "ERCOT" and "PJM" Electricity Futures, as further described below. The Fund will generally seek to invest in Electricity Futures in weights similar to their trading volumes and/or open interest, although the Sub-Adviser may determine to increase or decrease such weights based on its expectations for how such trading volumes may change in the future. **The Fund does not invest in equity securities of companies involved in the electricity or utilities industries that produce or transmit electricity, or which are involved in the construction of any electricity infrastructure.**

*The U.S. Electricity Market*

The U.S. power grid is operated through a patchwork of regional control areas, whose primary functions are to keep electricity supply and demand balanced because electricity is not economically storable at scale on the grid. A Regional Transmission Organization ("RTO") in the United States is an electric power transmission system operator that coordinates, controls, and monitors a multi-state electric grid. An Independent System Operator ("ISO)" has a similar purpose, but its purview is usually within a single U.S. state. RTOs typically perform the same functions as ISOs, but cover a larger geographic area. There are seven major RTOs, including the Electric Reliability Council of Texas, Inc. ("ERCOT") and PJM Interconnection LLC ("PJM"), and ISOs that manage the U.S. electric grid, overseeing roughly two-thirds of the nation's power load. These RTOs and ISOs are nonprofit, independent entities that operate the high-voltage transmission system in their footprint and run the region's wholesale markets under rules reviewed by the Federal Energy Regulatory Commission (FERC).

*Electricity Futures Contracts*

The Fund intends to invest in Electricity Futures that provide economic exposure to the price of electricity based on structural power demand (the persistent, long-term need for power driven by factors such as AI data centers, industrial electrification, and population growth, as distinct from short-term or weather-driven fluctuations). The Electricity Futures held by the Fund are standardized, cash-settled futures contracts traded on ICE Futures. In general, a futures contract is a legal agreement to buy or sell a standardized asset on a specific date or during a specific month that is facilitated through a futures exchange, such as ICE Futures.

Because ISO/RTO electricity prices are volatile, in that demand and therefore price may be driven by multiple factors such as wind, weather, outages, fuel prices, transmission congestion, renewable output, and scarcity, market participants may seek to lock in prices ahead of time via futures contracts. Electricity Futures typically provide financial exposure to an index of wholesale prices over a period (e.g., monthly, on-peak). They are usually cash-settled to a published benchmark tied to ISO/RTO pricing at a defined location (hub/node) and hour set (peak/off-peak). For example, the "ERCOT Houston 345KV Real-Time Peak Daily Fixed Price Future" reflects the hub (ERCOT Houston), commodity value (345KV), and hour set (Peak).

Electricity Futures are cash-settled on their expiration date, unless they are "rolled" prior to expiration. When a futures contract approaches its expiration, the holder of a futures contract (such as the Fund) may sell that futures contract and replace them with new futures contracts with a later expiration date. This is called "rolling." The Fund may roll its futures positions prior to expiration by closing existing contracts or may allow its futures contracts to expire into cash settlement. In either case the Fund will replace the exposure with similar futures contracts that have a later expiration date. The Fund is not required to roll the contracts at any specific time and the Sub-Adviser may roll the contracts at any time of its choosing. In determining the timing and execution of a roll, the Sub-Adviser considers several factors, including but not limited to: (i) the liquidity of the expiring contract relative to the replacement contract; (ii) the shape of the futures curve, including whether the market is in contango or backwardation, and the resulting cost or benefit of rolling to a later expiring contract; (iii) prevailing bid-ask spreads; and (iv) open interest and trading volume in the relevant contract months. The Fund's regular purchases and sales of individual Electricity Futures throughout the year may cause the Fund to experience higher than normal portfolio turnover.

In certain market environments, Electricity Futures with a longer term to expiration may be priced higher than Electricity Futures with a shorter term to expiration, known as "contango." Conversely, when Electricity Futures with a longer term to expiration are priced lower than Electricity Futures with a shorter term to expiration, the market is said to be in "backwardation." As the time to expiry of Electricity Futures decreases, the price will trend towards the spot price of electricity from the particular location and time period. When the Electricity Futures curve is in contango, this will cause the Fund to experience a negative "roll yield." When the Electricity Futures curve is in backwardation, this will cause the Fund to experience a positive "roll yield." The performance of Electricity Futures may not be precisely correlated, over short or long periods of time. To the extent the Fund has investments in back-month Electricity Futures, the Fund's performance can be expected to be less correlated with the spot price of electricity than if it held front-month Electricity Futures. "Front-month" contracts are the monthly contracts with the nearest expiration date. "Back-month" futures contracts are those with longer times to maturity

The Sub-Adviser will select Electricity Futures on the most liquid U.S. power hubs (i.e., RTOs or ISOs) in order to diversify regional exposures, minimize trading costs in an effort to improve tracking relative to the demands of the U.S. electricity market, and minimize the impact of negative roll yield. The Sub-Adviser expects to invest in Electricity Futures in the ERCOT and PJM RTO hubs. While this policy is non-fundamental and the Sub-Adviser retains discretion to invest in Electricity Futures on other U.S. power hubs, including MISO (Midcontinent Independent System Operator), CAISO (California Independent System Operator), ISO-NE (ISO New England), NYISO (New York Independent System Operator), and SPP (Southwest Power Pool), the Sub-Adviser considers it highly unlikely that the Fund will invest in Electricity Futures beyond ERCOT and PJM. ERCOT and PJM represent the two largest and most liquid electricity markets in the United States, and the Sub-Adviser's selection methodology prioritizes liquidity, contract depth, and market size in determining hub selection.

*Additional Information about the Electric Reliability Council of Texas, Inc. (ERCOT)*

The Electric Reliability Council of Texas, Inc. (ERCOT) is a nonprofit organization that ensures reliable electric service for 90 percent of the state of Texas. The grid operator is regulated by the Public Utility Commission of Texas and the Texas Legislature. As of March 2026, ERCOT reported that it offers over 104,000 megawatts of generation capacity and manages the flow of electric power to more than 27 million Texas customers, representing about 90 percent of the state's electric load.

*Additional Information about the PJM Interconnection LLC (PJM)*

PJM Interconnection LLC (PJM) is an RTO that coordinates the movement of wholesale electricity in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia. As of December 31, 2025, PJM reported that it provided electricity to over 67 million people and offers over 184,202 megawatts of generation capacity, generating over $80.5 billion in annual billings.

*Subsidiary*

The Fund expects to gain exposure to Electricity Futures by investing up to 25% of its assets in the Subsidiary. The Subsidiary engages in investment activities in securities or other assets that are primarily controlled by the Fund. The Subsidiary is advised by Exchange Traded Concepts, LLC (the "Adviser"), the investment adviser to the Fund, and sub-advised by the Sub-Adviser. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to Electricity Futures in accordance with applicable tax rules and regulations. The Subsidiary follows the same compliance policies and procedures, as the Fund and is subject to the same investment restrictions and limitations as the Fund when measured on a consolidated basis with the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies, capital structure and leverage on an aggregate basis with the Subsidiary. In addition, the Subsidiary complies with the provisions of the 1940 Act relating to affiliated transactions, custody, and advisory agreements. The Subsidiary employs the same service providers (e.g., custodian) as the Fund.

The Fund is a "non-diversified" investment company under the 1940 Act and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund.

**Principal Risks**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The risks of the Fund will result from both the Fund's direct investments and its indirect investments made through the Subsidiary. Accordingly, the risks that result from the Subsidiary's activities will be described herein as the Fund's risks.

*Authorized Participant Concentration Risk.* Only an authorized participant may engage in creation or redemption transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund's shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus the price at which someone is willing to sell) on the Fund's shares may widen.

*Cash Transactions Risk.* The Fund may effect all or a portion of its creations and redemptions for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund's shares than for ETFs that distribute portfolio securities in-kind. The Fund's use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective.

*Clearing Broker Risk.* The failure or bankruptcy of the Fund's and the Subsidiary's clearing broker could result in a substantial loss of Fund assets. Under current Commodity Futures Trading Commission ("CFTC") regulations, a clearing broker maintains customers' assets in a bulk segregated account. If a clearing broker fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that clearing broker's bankruptcy. In that event, the clearing broker's customers, such as the Fund and the Subsidiary, are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that clearing broker's customers.

*Commodities Risk.* Commodity prices can have significant volatility, and exposure to commodities can cause the value of the Fund's shares to decline or fluctuate in a rapid and unpredictable manner. The values of physical commodities may be affected by changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, international economic, political and regulatory developments, and factors affecting a particular region, industry or commodity, such as drought, floods, or other weather conditions, livestock disease, changes in storage costs, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs. The commodity markets are subject to temporary distortions or other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions.

 ****

*Commodity Regulatory Risk.* The Fund's use of commodities subject to regulation by the CFTC has caused the Fund to be classified as a "commodity pool" and this designation requires that the Fund comply with CFTC rules, which may impose additional regulatory requirements and compliance obligations. The Fund's investment decisions may need to be modified, and commodity contract positions held by the Fund may have to be liquidated at disadvantageous times or prices, to avoid exceeding any applicable position limits established by the CFTC, potentially subjecting the Fund to substantial losses. The regulation of commodity transactions in the United States is subject to ongoing modification by government, self-regulatory and judicial action. The effect of any future regulatory change with respect to any aspect of the Fund is impossible to predict, but could be substantial and adverse to the Fund.

*Futures Investment Risk.* The Fund's rolling strategy involves the replacement of shorter dated futures contracts with longer-dated futures contracts. The net asset value of the Fund may be adversely affected by the cost of rolling positions forward where prices of the futures contracts with later expiration dates are higher than those with earlier expiration dates, which would create a negative "roll yield" known as "contango." By contrast, if the prices of the futures contracts with later expiration dates are lower than the prices of futures contracts with earlier expiration dates, it would create a positive backwardation "roll yield." In addition, the Fund will incur exchange and brokerage costs to effect the rolling of futures contracts.

 

 

*Current Market Conditions Risk*. Current market conditions risk is the risk that a particular investment, or shares of the Fund in general, may fall in value due to current market conditions. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund's ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures 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 ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic 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 the Fund's investments and operations. 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, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. 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.

*Cybersecurity Risk*. 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 issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-adviser, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, 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.

*Debt Securities Risk.* Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.

*Derivatives Risk.* The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party's obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share price.

 

*Electrical Equipment Shortage Risk*. The performance of the Electricity Futures may be materially affected by shortages of critical electrical infrastructure equipment, including high-capacity distribution transformers and other essential grid components. Such shortages may arise from, among other things, supply chain disruptions, increased demand driven by extreme weather events, the ongoing electrification of transportation and heating systems, the expansion of data center capacity, limited domestic manufacturing capacity and long production lead times. Equipment shortages may impair the ability of grid operators to restore service following weather-related outages or to expand capacity to meet growing electricity demand. An inability to replace or repair damaged equipment on a timely basis could lead to sustained supply disruptions, increased transmission congestion, and significant fluctuations in Electricity Futures prices. These conditions could amplify the effects of seasonal demand patterns, extreme weather, and grid congestion.

 

*Electricity Futures Regulatory Risk.* The wholesale electricity markets operated by ERCOT, PJM, and other RTOs and ISOs are subject to extensive regulation, and the rules, protocols, and market structures governing these markets may be modified or amended at any time. ERCOT, PJM, other RTOs and ISOs, FERC, state public utility commissions, and other federal, state, or local regulatory authorities may, among other things, impose, modify, or eliminate price caps or price floors on wholesale electricity prices, alter the design or structure of capacity markets, energy markets, or ancillary services markets, revise bidding rules or settlement procedures, change transmission congestion management protocols, implement new demand response or resource adequacy requirements, or adopt other regulatory changes that directly or indirectly affect the pricing, liquidity, or availability of Electricity Futures. Such regulatory changes may be adopted with little or no advance notice, and the Fund may not be able to anticipate or timely respond to such changes. Any such regulatory actions or changes in market rules could materially affect the settlement prices, volatility, and liquidity of the Electricity Futures in which the Fund invests, including by limiting the upside potential of certain positions, altering historical pricing dynamics on which the Fund's investment strategy relies, or changing the economic characteristics of Electricity Futures through the introduction of new market constructs or penalty mechanisms. Regulatory uncertainty itself may also lead to increased volatility in electricity prices and the Electricity Futures markets. There can be no assurance that future regulatory developments will not have a material adverse effect on the Fund's investments, performance, or ability to pursue its investment strategy.

 

 

*Energy Market Exposure Risk*. The Fund is subject to significant risk as a result of its substantial exposure to the electricity market. Investments that derive value from electricity prices (such as Electricity Futures) involve unique risks, including extreme volatility due to rapid and unpredictable fluctuations in the supply and demand of energy, which can be influenced by weather events, generation outages, transmission constraints and regulatory changes. Electricity prices are also highly sensitive to geopolitical developments, environmental policies, and government interventions, which may impact market structure, pricing mechanisms and the availability of generation resources. Additionally, technological advancements, such as the integration of renewable energy sources, energy storage and demand response can disrupt traditional market dynamics and affect price behavior. Environmental and climate-related factors, including extreme weather, regulatory responses to climate change and shifts in consumer preferences may further impact electricity supply, demand and pricing.

 

*ETF Risk.* The Fund's investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well as structural risks, including premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF's expenses, subjecting Fund shareholders to duplicative expenses.

*Frequent Trading Risk.* The Fund regularly purchases and subsequently sells (i.e., "roll") individual futures contracts throughout the year so as to maintain a fully invested position. As the contracts near their expiration dates, the Fund rolls them over into new contracts. This frequent trading of contracts may increase the amount of commissions or mark-ups to broker-dealers that the Fund pays when it buys and sells contracts, which may detract from the Fund's performance.

 

*Futures Contract Risk.* Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset by one party to another at a certain price and date, or cash settlement of the terms of the contract. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the Fund is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. In the event no secondary market exists for a particular contract, it might not be possible to effect closing transactions, and the Fund will be unable to terminate the derivative. If the Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the derivatives and movements in the securities or index underlying the derivatives or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts may not correlate perfectly with movements in the securities or index underlying them. The Fund intends to treat any income it may derive from its direct investment in the futures contracts as "qualifying income" under the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies ("RICs"). If this is not true, the Fund could be disqualified as a RIC and taxed as a C corporation.

*Grid Security Risk*. The electric power grid infrastructure underlying Electricity Futures may be vulnerable to direct physical attacks, acts of terrorism, sabotage, vandalism and cyberattacks. Critical grid assets, including substations, high-voltage transformers, transmission lines and control systems, have been the targets of deliberate attacks in the United States, and such incidents may increase in frequency or severity. A successful physical attack on key grid infrastructure, particularly in regions served by ERCOT or PJM, could result in prolonged outages, supply constraints and extreme price volatility in the wholesale electricity markets to which Electricity Futures are linked. In addition, the increasing digitization and interconnection of grid operations exposes the electric power system to cybersecurity threats, including state-sponsored attacks, ransomware and other malicious intrusions targeting operational technology and supervisory control and data acquisition (SCADA) systems. A significant cyber event could disrupt the dispatch of generation, impair market operations, or cause cascading failures across interconnected systems. Such attacks may be difficult to anticipate or prevent, and their effects on electricity supply, demand and pricing could be sudden and severe. To the extent that physical or cyberattacks on the grid cause material disruptions in the electricity markets, the Fund's Electricity Futures positions may experience significant volatility and losses.

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

 

*Interest Rate Risk.* Interest rate risk is the risk that the value of the debt securities in the Fund's portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security's price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security's expected life on a present value basis, taking into account the debt security's yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.

*Leverage Risk.* When the Fund purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction, it creates leverage, which can result in the Fund losing more than it originally invested. As a result, these investments may magnify losses to the Fund, and even a small market movement may result in significant losses to the Fund. Leverage may also cause a Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. Futures trading involves a degree of leverage and as a result, a relatively small price movement in futures instruments may result in immediate and substantial losses to the Fund. The Fund may at times be required to liquidate portfolio positions, including when it is not advantageous to do so.

*Liquidity Risk.* The Fund and the Subsidiary 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, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the 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 and the bid/ask spread on the Fund's shares may widen.

*Management Risk.* The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser's success or failure to implement investment strategies for the Fund. The Fund's principal investment strategies are dependent upon the use of the Sub-Adviser's proprietary security selection process and, as a result, the Sub-Adviser's skill in understanding and utilizing such processes. The achievement of the investment objective of the Fund cannot be guaranteed and the Sub-Adviser's management of the Fund may not produce the intended results.

 

 

*Market Maker Risk*. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares due to a limited number of market makers. Decisions by market makers or authorized participants 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. The Fund 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 net asset value and the price at which the Fund's shares are trading on the Exchange, which could result in a decrease in value of the Fund's shares. This reduced effectiveness could result in Fund shares trading at a discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.

*Market Risk*. Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund's shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund's shares may widen and the returns on investment may fluctuate.

*Natural Phenomena Risk.* Electricity Futures are linked to wholesale electricity prices that are highly sensitive to weather conditions and natural disasters. Severe weather events, including hurricanes, tornadoes, ice storms, extreme heat waves, floods, wildfires and earthquakes, can cause widespread damage to generation facilities, transmission lines, and distribution infrastructure, resulting in significant disruptions to electricity supply and demand and extreme volatility in the prices of the Electricity Futures to which the Fund has exposure. In addition, the Fund's investments may be adversely affected by geomagnetic disturbances and other "space weather" events, including solar flares and coronal mass ejections. Such events can induce geomagnetically induced currents in the electric grid, potentially damaging high-voltage transformers and other critical infrastructure on a regional or national scale. A severe geomagnetic storm could cause prolonged and widespread grid outages, particularly in regions served by ERCOT and PJM, leading to extreme price dislocations in the Electricity Futures markets. Unlike conventional weather events, the effects of a significant space weather event could be catastrophic and long-lasting, as the replacement of damaged grid infrastructure, including high-capacity transformers, may require extended lead times. These events are difficult to predict and may cause sudden and significant losses in the value of the Electricity Futures to which the Fund has exposure.

*New Fund Risk*. The Fund is new and currently has fewer assets than larger funds, and like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Additionally, because the Fund has fewer assets than larger funds over which to spread its fixed costs, its expense levels on a percentage basis will be higher than that of a larger Fund.

 

 

*Non-Diversification Risk.* The Fund is non-diversified under the 1940 Act, meaning that, as compared to a diversified fund, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on the Fund's performance.

 

*Operational Risk*. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and the Fund's 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*. The market price of the Fund's shares will generally fluctuate in accordance with changes in the Fund's net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund's investment adviser cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences 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, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund's investment adviser believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the market for the Fund's underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund's shares and their net asset value and the bid/ask spread on the Fund's shares may widen.

*Subsidiary Investment Risk.* Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.

*Tax Risk.* The Fund intends to treat any income it may derive from Electricity Futures received by the Subsidiary as "qualifying income" under the provisions of the Internal Revenue Code of 1986, as amended, applicable to RICs. The Internal Revenue Service (the "IRS") had issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the Internal Revenue Service. In March of 2019, the Internal Revenue Service published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income, if the income is related to the Fund's business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a RIC and would be taken into account for purposes of the 4% excise tax.

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

*Total Return Swap Risk*. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to a fund's portfolio because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the swap. The primary risks associated with total returns swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur to the underlying asset).

*Trading Issues Risk*. Trading in Fund 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 Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.

*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 (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.

*Valuation Risk.* The Fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund's ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

**Performance Information**

The Fund is new and therefore has no performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.

**Investment Adviser**

Exchange Traded Concepts, LLC serves as the investment adviser to the Fund and to the Subsidiary. Skylar Capital Management LP serves as the sub-adviser to the Fund and to the Subsidiary.

**Portfolio Manager**

Peter Shipman, Portfolio Manager of the Sub-Adviser, has served as a portfolio manager of the Fund since 2026.

**Purchase and Sale of Fund Shares**

The Fund issues and redeems shares on a continuous basis, at net asset value, only in large blocks of shares called "Creation Units." Individual shares of the Fund may only be purchased and sold on the secondary market through a broker-dealer. Since shares of the Fund trade on securities exchanges in the secondary market at their market price rather than their net asset value, the Fund's shares may trade at a price greater than (premium) or less than (discount) the Fund's net asset value. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Recent information, including the Fund's net asset value, market price, premiums and discounts, bid-ask spreads and the median bid-ask spread for the Fund's most recent fiscal year, is available online at SkylarEtfs.com.

**Tax Information**

Distributions made by the Fund may be taxable as ordinary income, qualified dividend income, or long-term capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or individual retirement account. In that case, you may be taxed when you take a distribution from such account, depending on the type of account, the circumstances of your distribution, and other factors.

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

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>Additional Principal Investment Strategies Information</u>**

The Fund is an actively-managed ETF and uses an active investment strategy to seek to meet its investment objective. The Fund's investment objective is to provide capital appreciation primarily through investments in U.S. electricity futures contracts. The Fund's investment objective is a non-fundamental investment policy and may be changed without shareholder approval.

The Fund's policy to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in Electricity Futures or investments that provide exposure to Electricity Futures is non-fundamental and may be changed without shareholder approval upon 60 days' notice to shareholders. For purposes of compliance with this investment policy, derivative instruments will be valued at their notional value.

Unlike the Fund, the Subsidiary is not an investment company registered under the 1940 Act, and therefore may invest in Electricity Futures to a greater extent than the Fund. The Subsidiary, and not the Fund, is able to invest in commodities.

The Fund expects to gain exposure to Electricity Futures by investing in the Subsidiary. The Adviser and Sub-Adviser also serve as the investment adviser and sub-adviser to the Subsidiary. The Fund's investment in the Subsidiary is intended to provide the Fund with indirect exposure to Electricity Futures within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in Electricity Futures. The Subsidiary has the same investment objective as the Fund, but it may invest in Electricity Futures to a greater extent than the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund's investments include the Fund's indirect investments through the Subsidiary. Because the Fund intends to qualify for treatment as a RIC under the Code, the size of the Fund's investment in the Subsidiary will generally be limited to 25% of the Fund's total assets, tested at the end of each fiscal quarter. The Fund is the sole investor in the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. The Fund is non-diversified.

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

In response to actual or perceived adverse market, economic, political, or other conditions, the Fund may (but will not necessarily), without notice, depart from its principal investment strategies by temporarily investing for defensive purposes. Temporary defensive positions may include, but are not limited to, cash, cash equivalents, U.S. government securities, repurchase agreements collateralized by such securities, money market funds, and high-quality debt investments. If the Fund invests for defensive purposes, it may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

**<u>Additional Principal Risk Information</u>**

The following section provides additional information regarding the principal risks of the Fund.

**Principal Risks**

*Authorized Participant Concentration Risk.* Only an authorized participant may engage in creation or redemption transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. However, participants are not obligated to make a market in the Fund's shares or submit purchase and redemption orders for creation units. To the extent that these institutions exit the business, reduce their role or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund's shares may trade at a premium or discount to the Fund's net asset value and possibly face delisting and the bid/ask spread on the Fund's shares may widen.

*Cash Transactions Risk.* The Fund may effect all or a portion of its creations and redemptions for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund's shares than for ETFs that distribute portfolio securities in-kind. The Fund's use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective.

 

*Clearing Broker Risk.* The failure or bankruptcy of the Fund's and the Subsidiary's clearing broker could result in a substantial loss of Fund assets. Under current Commodity Futures Trading Commission ("CFTC") regulations, a clearing broker maintains customers' assets in a bulk segregated account. If a clearing broker fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that clearing broker's bankruptcy. In that event, the clearing broker's customers, such as the Fund and the Subsidiary, are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that clearing broker's customers.

*Commodities Risk.* Commodity prices can have significant volatility, and exposure to commodities can cause the value of the Fund's shares to decline or fluctuate in a rapid and unpredictable manner. The values of physical commodities may be affected by changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, international economic, political and regulatory developments, and factors affecting a particular region, industry or commodity, such as drought, floods, or other weather conditions, livestock disease, changes in storage costs, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs. The commodity markets are subject to temporary distortions or other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions.

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*Commodity Regulatory Risk.* The Fund's use of commodities subject to regulation by the CFTC has caused the Fund to be classified as a "commodity pool" and this designation requires that the Fund comply with CFTC rules, which may impose additional regulatory requirements and compliance obligations. The Fund's investment decisions may need to be modified, and commodity contract positions held by the Fund may have to be liquidated at disadvantageous times or prices, to avoid exceeding any applicable position limits established by the CFTC, potentially subjecting the Fund to substantial losses. The regulation of commodity transactions in the United States is subject to ongoing modification by government, self-regulatory and judicial action. The effect of any future regulatory change with respect to any aspect of the Fund is impossible to predict, but could be substantial and adverse to the Fund.

*Futures Investment Risk.* The Fund's rolling strategy involves the replacement of shorter dated futures contracts with longer-dated futures contracts. The net asset value of the Fund may be adversely affected by the cost of rolling positions forward where prices of the futures contracts with later expiration dates are higher than those with earlier expiration dates, which would create a negative "roll yield" known as "contango." By contrast, if the prices of the futures contracts with later expiration dates are lower than the prices of futures contracts with earlier expiration dates, it would create a positive backwardation "roll yield." In addition, the Fund will incur exchange and brokerage costs to effect the rolling of futures contracts.

 

*Current Market Conditions Risk*. Current market conditions risk is the risk that a particular investment, or shares of the Fund in general, may fall in value due to current market conditions. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund's ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures 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 ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic 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 the Fund's investments and operations. 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, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. 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.

 

 

*Cybersecurity Risk.* 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. These risks typically are not covered by insurance. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber incidents include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the systems of the Adviser, distributor and other service providers (including, but not limited to, sub-advisers, index providers, fund accountants, custodians, transfer agents and administrators), market makers, authorized participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in: financial losses; interference with the Fund's ability to calculate its net asset value; disclosure of confidential trading information; impediments to trading; submission of erroneous trades or erroneous creation or redemption orders; the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines penalties, reputational damage, reimbursement or other compensation costs; or additional compliance costs. Substantial costs may be incurred by the Fund in order to resolve or prevent cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified and that prevention and remediation efforts will not be successful. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund, issuers in which the Fund invest, market makers or authorized participants. However, there is no guarantee that such efforts will succeed, and the Fund and its shareholders could be negatively impacted as a result.

 

*Debt Securities Risk.* Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.

*Derivatives Risk.* The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party's obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share price.

*Electrical Equipment Shortage Risk*. The performance of the Electricity Futures may be materially affected by shortages of critical electrical infrastructure equipment, including high-capacity distribution transformers and other essential grid components. Such shortages may arise from, among other things, supply chain disruptions, increased demand driven by extreme weather events, the ongoing electrification of transportation and heating systems, the expansion of data center capacity, limited domestic manufacturing capacity and long production lead times. Equipment shortages may impair the ability of grid operators to restore service following weather-related outages or to expand capacity to meet growing electricity demand. An inability to replace or repair damaged equipment on a timely basis could lead to sustained supply disruptions, increased transmission congestion, and significant fluctuations in Electricity Futures prices. These conditions could amplify the effects of seasonal demand patterns, extreme weather, and grid congestion.

 

*Electricity Futures Regulatory Risk.* The wholesale electricity markets operated by ERCOT, PJM, and other RTOs and ISOs are subject to extensive regulation, and the rules, protocols, and market structures governing these markets may be modified or amended at any time. ERCOT, PJM, other RTOs and ISOs, FERC, state public utility commissions, and other federal, state, or local regulatory authorities may, among other things, impose, modify, or eliminate price caps or price floors on wholesale electricity prices, alter the design or structure of capacity markets, energy markets, or ancillary services markets, revise bidding rules or settlement procedures, change transmission congestion management protocols, implement new demand response or resource adequacy requirements, or adopt other regulatory changes that directly or indirectly affect the pricing, liquidity, or availability of Electricity Futures. Such regulatory changes may be adopted with little or no advance notice, and the Fund may not be able to anticipate or timely respond to such changes. Any such regulatory actions or changes in market rules could materially affect the settlement prices, volatility, and liquidity of the Electricity Futures in which the Fund invests, including by limiting the upside potential of certain positions, altering historical pricing dynamics on which the Fund's investment strategy relies, or changing the economic characteristics of Electricity Futures through the introduction of new market constructs or penalty mechanisms. Regulatory uncertainty itself may also lead to increased volatility in electricity prices and the Electricity Futures markets. There can be no assurance that future regulatory developments will not have a material adverse effect on the Fund's investments, performance, or ability to pursue its investment strategy.

*Energy Market Exposure Risk*. The Fund is subject to significant risk as a result of its substantial exposure to the electricity market. Investments that derive value from electricity prices (such as Electricity Futures) involve unique risks, including extreme volatility due to rapid and unpredictable fluctuations in the supply and demand of energy, which can be influenced by weather events, generation outages, transmission constraints and regulatory changes. Electricity prices are also highly sensitive to geopolitical developments, environmental policies, and government interventions, which may impact market structure, pricing mechanisms and the availability of generation resources. Additionally, technological advancements, such as the integration of renewable energy sources, energy storage and demand response can disrupt traditional market dynamics and affect price behavior. Environmental and climate-related factors, including extreme weather, regulatory responses to climate change and shifts in consumer preferences may further impact electricity supply, demand and pricing.

 

 

*ETF Risk.* The Fund may invest in shares of ETFs, which subjects it to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF's expenses, subjecting Fund shareholders to duplicative expenses.

 

*Frequent Trading Risk.* The Fund regularly purchases and subsequently sells (i.e., "roll") individual futures contracts throughout the year so as to maintain a fully invested position. As the contracts near their expiration dates, the Fund rolls them over into new contracts. This frequent trading of contracts may increase the amount of commissions or mark-ups to broker-dealers that the Fund pays when it buys and sells contracts, which may detract from the Fund's performance.

 

*Futures Contract Risk.* Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset by one party to another at a certain price and date, or cash settlement of the terms of the contract. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the Fund is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. In the event no secondary market exists for a particular contract, it might not be possible to effect closing transactions, and the Fund will be unable to terminate the derivative. If the Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the derivatives and movements in the securities or index underlying the derivatives or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts may not correlate perfectly with movements in the securities or index underlying them. The Fund intends to treat any income it may derive from its direct investment in the futures contracts as "qualifying income" under the provisions of the Internal Revenue Code of 1986, as amended, applicable to RICs. If this is not true, the Fund could be disqualified as a RIC and taxed as a C corporation.

*Grid Security Risk*. The electric power grid infrastructure underlying Electricity Futures may be vulnerable to direct physical attacks, acts of terrorism, sabotage, vandalism and cyberattacks. Critical grid assets, including substations, high-voltage transformers, transmission lines and control systems, have been the targets of deliberate attacks in the United States, and such incidents may increase in frequency or severity. A successful physical attack on key grid infrastructure, particularly in regions served by ERCOT or PJM, could result in prolonged outages, supply constraints and extreme price volatility in the wholesale electricity markets to which Electricity Futures are linked. In addition, the increasing digitization and interconnection of grid operations exposes the electric power system to cybersecurity threats, including state-sponsored attacks, ransomware and other malicious intrusions targeting operational technology and supervisory control and data acquisition (SCADA) systems. A significant cyber event could disrupt the dispatch of generation, impair market operations, or cause cascading failures across interconnected systems. Such attacks may be difficult to anticipate or prevent, and their effects on electricity supply, demand and pricing could be sudden and severe. To the extent that physical or cyberattacks on the grid cause material disruptions in the electricity markets, the Fund's Electricity Futures positions may experience significant volatility and losses.

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

 

 

*Interest Rate Risk.* Interest rate risk is the risk that the value of the debt securities in the Fund's portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security's price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security's expected life on a present value basis, taking into account the debt security's yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.

*Leverage Risk.* When the Fund purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction, it creates leverage, which can result in the Fund losing more than it originally invested. As a result, these investments may magnify losses to the Fund, and even a small market movement may result in significant losses to the Fund. Leverage may also cause a Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. Futures trading involves a degree of leverage and as a result, a relatively small price movement in futures instruments may result in immediate and substantial losses to the Fund. The Fund may at times be required to liquidate portfolio positions, including when it is not advantageous to do so.

*Liquidity Risk.* The Fund and the Subsidiary 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, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the 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 and the bid/ask spread on the Fund's shares may widen.

 

*Management Risk.* The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective, meet relevant benchmarks or perform as well as other funds with similar objectives.

 

*Market Maker Risk*. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares due to a limited number of market makers. Decisions by market makers or authorized participants 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. The Fund 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 net asset value and the price at which the Fund's shares are trading on the Exchange, which could result in a decrease in value of the Fund's shares. This reduced effectiveness could result in Fund shares trading at a discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.

*Market Risk*.** Market risk is the risk that a particular security, or shares of the Fund 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 of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund's shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund's shares may widen and the returns on investment may fluctuate.

*Natural Phenomena Risk.* Electricity Futures are linked to wholesale electricity prices that are highly sensitive to weather conditions and natural disasters. Severe weather events, including hurricanes, tornadoes, ice storms, extreme heat waves, floods, wildfires and earthquakes, can cause widespread damage to generation facilities, transmission lines, and distribution infrastructure, resulting in significant disruptions to electricity supply and demand and extreme volatility in the prices of the Electricity Futures to which the Fund has exposure. In addition, the Fund's investments may be adversely affected by geomagnetic disturbances and other "space weather" events, including solar flares and coronal mass ejections. Such events can induce geomagnetically induced currents in the electric grid, potentially damaging high-voltage transformers and other critical infrastructure on a regional or national scale. A severe geomagnetic storm could cause prolonged and widespread grid outages, particularly in regions served by ERCOT and PJM, leading to extreme price dislocations in the Electricity Futures markets. Unlike conventional weather events, the effects of a significant space weather event could be catastrophic and long-lasting, as the replacement of damaged grid infrastructure, including high-capacity transformers, may require extended lead times. These events are difficult to predict and may cause sudden and significant losses in the value of the Electricity Futures to which the Fund has exposure.

*New Fund Risk*. The Fund is new and currently has fewer assets than larger funds, and like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Additionally, because the Fund has fewer assets than larger funds over which to spread its fixed costs, its expense levels on a percentage basis will be higher than that of a larger Fund.

*Non-Diversification Risk.* As a non-diversified investment company under the 1940 Act, the Fund may hold a smaller number of portfolio securities than many other funds and may be more sensitive to any single economic, business, political or regulatory occurrence than a diversified fund. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund's shares may be more volatile than the values of shares of more diversified funds.

 

*Operational Risk*. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and the Fund's 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*. The market price of the Fund's shares will generally fluctuate in accordance with changes in the Fund's net asset value as well as the relative supply of and demand for shares on the Exchange. The Adviser cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences 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, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Adviser believes that large discounts or premiums to the net asset value of shares should not be sustained absent disruptions to the creation and redemption mechanism, extreme market volatility or potential lack of authorized participants. During stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the market for the Fund's underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund's shares and their net asset value and the bid/ask spread on the Fund's shares may widen.

 

*Subsidiary Investment Risk.* The Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary is organized, respectively, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

 

*Tax Risk.* The Fund intends to treat any income it may derive from Electricity Futures received by the Subsidiary as "qualifying income" under the provisions of the Internal Revenue Code of 1986, as amended, applicable to RICs. The Internal Revenue Service (the "IRS") had issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the Internal Revenue Service. In March of 2019, the Internal Revenue Service published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income, if the income is related to the Fund's business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a RIC and would be taken into account for purposes of the 4% excise tax.

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

*Total Return Swap Risk*. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to a fund's portfolio because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the swap. The primary risks associated with total returns swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur to the underlying asset).

 

*Trading Issues Risk*. Trading in Fund 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 Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.

*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 (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.

*Valuation Risk.* The Fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund's ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

**<u>Portfolio Holdings</u>**

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's Statement of Additional Information (the "SAI").

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

**Adviser**

 

Exchange Traded Concepts, LLC, an Oklahoma limited liability company, is located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, its primary place of business, and 295 Madison Avenue, New York, New York 10017. The Adviser was formed in 2009 and provides investment advisory services to exchange-traded funds. Exchange Traded Concepts, LLC is registered as a commodity pool operator and is also a member of the National Futures Association.

Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advisory services to the Fund. The Adviser is responsible for, among other things, the selection and ongoing monitoring of the securities in the Fund's portfolio, trading portfolio securities on behalf of the Fund, selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board, and certain other services necessary for the management of the Fund. For the services it provides to the Fund, the Adviser is entitled to a fee calculated daily and paid monthly at an annual rate of 0.95% of the average daily net assets of the Fund.

ETC Platform Services, LLC ("ETC Platform Services"), a direct wholly-owned subsidiary of the Adviser, administers the Fund's business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent services under the Fund's unitary fee arrangement (as described below), and its officers and employees to serve as officers or Trustees of the Trust. ETC Platform Services also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. For the services it provides to the Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of the Fund's average daily net assets.

Under the investment advisory agreement, the Adviser has agreed to pay all expenses incurred by the Fund (including the fee charged by ETC Platform Services), except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Excluded Expenses").

Pursuant to an SEC exemptive order and subject to the conditions of that order, the Adviser may, with Board approval but without shareholder approval, change or select new sub-advisers, materially amend the terms of an agreement with a sub-adviser (including an increase in its fee), or continue the employment of a sub-adviser after an event that would otherwise cause the automatic termination of services. Shareholders will be notified of any such changes.

A discussion regarding the basis for the Board's approval of the investment advisory agreement with the Adviser will be available in the Fund's first Form N-CSR filing.

**Sub-Adviser**

Skylar Capital Management, LP is a limited partnership under the laws of the State of Delaware. The Sub-Adviser is located at 5847 San Felipe St., Suite 4450, Houston, TX 77057. The Sub-Adviser has provided investment advisory services since 2026. Skylar Capital Management, LP is registered as a commodity pool operator and is also a member of the National Futures Association.

The Sub-Adviser makes investment decisions for the Fund and continuously reviews, supervises, and administers the investment program of the Fund, subject to the supervision of the Adviser and the oversight of the Board. Under a sub-advisory agreement, with respect to the Fund, the Adviser pays the Sub-Adviser a fee calculated daily and paid monthly out of the fee the Adviser receives from the Fund.

A discussion regarding the basis for the Board's approval of the sub-advisory agreement with the Sub-Adviser will be available in the Fund's first Form N-CSR filing.

**Management of the Subsidiary**

The Subsidiary is a wholly-owned subsidiary of the Fund. The Subsidiary is organized under the laws of the Cayman Islands and overseen by its own board of directors. The Fund is the sole shareholder of the Subsidiary, and it is currently expected that shares of the Subsidiary will not be sold or offered to other investors. The Fund and the Subsidiary in the aggregate are managed to comply with the compliance policies and procedures of the Fund. As a result, in managing the Fund's and the Subsidiary's portfolios, the Adviser and Sub-Adviser will comply with the investment policies and restrictions that apply to the management of the Fund and the Subsidiary (on a consolidated basis), and, in particular, to the requirements relating to leverage, liquidity, brokerage, capital structure and the timing and method of the valuation of the Fund's and the Subsidiary's portfolio investments. The Trust's Chief Compliance Officer oversees implementation of the Subsidiary's policies and procedures and makes periodic reports to the Trust's Board of Trustees regarding the Subsidiary's compliance with its policies and procedures. The Adviser and Sub-Adviser serve as the investment adviser and investment sub-adviser, respectively, of the Subsidiary and manage the investment of the Subsidiary's assets on a discretionary basis. The Subsidiary does not pay the Adviser or Sub-Adviser a management fee for their services. The Subsidiary has also entered into separate contracts for the provision of custody, transfer agency and audit services.

**Portfolio Manager**

Peter Shipman serves as Portfolio Manager for Skylar Electricity Futures ETF, bringing over thirty years of institutional experience in the power and natural gas markets. Previously, he was a senior East trader at Englehart Commodities Trading Partners. He spent two decades at Bank of America Merrill Lynch, where he built and established the PJM power desk and actively traded all major North American power hubs. His career includes trading roles at Engie and Barclays Capital, where he was instrumental in building out the power trading desks and managing risk across ERCOT, PJM, NYISO, and New England. He began his career at Dynegy and Enron Capital and Trade, executing transactions in physical power and gas markets. Mr. Shipman received his Bachelor of Arts degree in Economics from the University of Dallas.

The SAI provides additional information about the portfolio manager's compensation, other accounts managed, and ownership of Fund shares.

**<u>Buying and Selling Fund Shares</u>**

**General**

Shares of the Fund are listed for trading on the Exchange. When you buy or sell the Fund's shares on the secondary market, you will pay or receive the market price. You may incur customary brokerage commissions and charges and 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. The shares of the Fund will trade on the Exchange at prices that may differ to varying degrees from the daily NAV of such shares. A business day with respect to the Fund is any day on which the Exchange is open for business. The Exchange is generally open Monday through Friday and is closed on weekends and 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.

NAV per share for the Fund is computed by dividing the value of the net assets of that Fund (*i.e.*, the value of its total assets less total liabilities) by its total number of shares outstanding. Expenses and fees, including management and distribution fees, if any, are accrued daily and taken into account for purposes of determining NAV. NAV is determined each business day, normally as of the close of regular trading of the New York Stock Exchange (ordinarily 4:00 p.m., Eastern time).

When determining NAV, the value of the Fund's portfolio investments is determined pursuant to the Trust's valuation policy and the Adviser's fair valuation policy and procedures. In general, the value of the Fund's portfolio investments is based on market prices of securities, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other equivalent indication of the value supplied by an exchange or other market) or a valuation obtained from an independent pricing service. Pursuant to Rule 2a-5 under the 1940 Act, the Adviser has been designated by the Board as the valuation designee with responsibility for fair valuation subject to oversight by the Board. If an investment's market price is not readily available or does not otherwise accurately reflect the fair value of the security, pursuant to the Trust's valuation policy, the investment will be fair valued in accordance with the Adviser's fair valuation policy and procedures, which were approved by the Board. An investment may be fair valued in a variety of circumstances, including but not limited to, situations when the value of a security in the Fund's portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded but prior to the close of the Exchange (such as in the case of a corporate action or other news that may materially affect the price of a security) or trading in a security has been suspended or halted. Accordingly, the Fund's NAV may reflect certain portfolio securities' fair values rather than their market prices.

Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security will materially differ from the value that could be realized upon the sale of the security.

**Frequent Purchases and Redemptions of Fund Shares**

 

The Fund does not impose any restrictions on the frequency of purchases and redemptions of Creation Units; however, the Fund reserves the right to reject or limit purchases at any time as described in the SAI. When considering that no restriction or policy was necessary, the Board evaluated the risks posed by arbitrage and market timing activities, such as whether frequent purchases and redemptions would interfere with the efficient implementation of the Fund's investment strategy, or whether they would cause the Fund to experience increased transaction costs. The Board considered that, unlike traditional mutual funds, shares of the Fund are issued and redeemed only in large quantities of shares known as Creation Units available only from the Fund directly to Authorized Participants, and that most trading in the Fund occurs on the Exchange at prevailing market prices and does not involve the Fund directly. Given this structure, the Board determined that it is unlikely that trading due to arbitrage opportunities or market timing by shareholders would result in negative impact to the Fund or its shareholders. In addition, frequent trading of the Fund's shares by Authorized Participants and arbitrageurs is critical to ensuring that the market price remains at or close to NAV.

**<u>Distribution and Service Plan</u>**

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 under the 1940 Act pursuant to which payments of up to 0.25% of the Fund's average daily net assets may be made for the sale and distribution of its shares. No payments pursuant to the Distribution and Service Plan will be made during the twelve (12) month period from the date of this Prospectus. Thereafter, 12b-1 fees may only be imposed after approval by the Board. Because these fees, if imposed, would be paid out of the Fund's assets on an ongoing basis, if payments are made in the future, these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**<u>Dividends, Distributions and Taxes</u>**

*Fund Distributions* 

The Fund pays out dividends from its net investment income annually and distributes its net capital gains, if any, to investors at least annually.

 

 

*Dividend Reinvestment Service*

 

Brokers may make available to their customers who own shares of the Fund the Depository Trust Company book-entry dividend reinvestment service. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole shares of the applicable Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require the Fund's shareholders to adhere to specific procedures and timetables.

 

**Tax Information**

The following is a summary of certain important U.S. federal income tax issues that affect the Fund and its shareholders. The summary is based on current tax laws, which may be changed by legislative, judicial or administrative action. You should not consider this summary to be a comprehensive explanation of the tax treatment of the Fund, or the tax consequences of an investment in the Fund. This summary does not apply to shares held in an individual retirement account or other tax-qualified plans, which are generally not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. More information about taxes is located in the SAI.

**You are urged to consult your tax adviser regarding specific questions as to federal, state and local income taxes.**

 

*Tax Status of the Fund*

 

The Fund has elected and intends to qualify each year for the special tax treatment afforded to RICs within the meaning of Subchapter M of the Internal Revenue Code. If the Fund maintains its qualification as a RIC and meets certain minimum distribution requirements, then the Fund is generally not subject to federal income tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, if the Fund fails to qualify as a RIC or to meet minimum distribution requirements it would result (if certain relief provisions were not available) in fund-level taxation and consequently a reduction in income available for distribution to shareholders.

Unless you are a tax-exempt entity or your investment in Fund shares is made through a tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions, you sell Fund shares, or you purchase or redeem Creation Units (Authorized Participants only).

Income from commodities is generally not qualifying income for RICs. The Fund intends to treat any income it may derive from Electricity Futures received by the Subsidiary as "qualifying income" under the provisions of the Internal Revenue Code of 1986, as amended, applicable to RICs. The IRS had issued numerous PLRs provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income, if the income is related to the Fund's business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a RIC and would be taken into account for purposes of the 4% excise tax.

The Fund has undertaken to not hold more than 25% of its assets in the Subsidiary at the end of any quarter. If the Fund fails to limit itself to the 25% ceiling and fails to correct the issue within 30 days after the end of the quarter, the Fund may fail the RIC diversification tests.

*Tax Status of Distributions*

 

● The Fund intends to distribute for each year substantially all of its investment company taxable income and net capital gain income.

● Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional shares of the Fund.

● The income dividends you receive from the Fund will be generally taxed as either ordinary income or "qualified dividend income." Dividends that are reported by the Fund as qualified dividend income are generally taxable to non-corporate shareholders at a maximum tax rate currently set at 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income generally is income derived from dividends paid to the Fund by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. For such dividends to be taxed as qualified dividend income to a non-corporate shareholder, the Fund must satisfy certain holding period requirements with respect to the underlying stock and the non-corporate shareholder must satisfy holding period requirements with respect to his or her ownership of the Fund shares. Holding periods may be suspended for these purposes for stock that is hedged. Certain of the Fund's investment strategies may limit its ability to make distributions eligible for treatment as qualified dividend income.

● Taxes on distributions of capital gains (if any) may be determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned their shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses.

● Distributions from the Fund's short-term capital gains are generally taxable as ordinary income. Distributions from the Fund's net capital gain (the excess of the Fund's net long-term capital gains over its net short-term capital losses) are taxable as long-term capital gains regardless of how long you have owned your shares of the Fund. For non-corporate shareholders, long-term capital gains are generally taxable at a maximum tax rate currently set at 20% (lower rates apply to individuals in lower tax brackets). 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.

● If the positions held and any options sold or purchased are determined to be straddles (offsetting positions), the amount of long term capital gain available for distribution as a capital gain dividend may be reduced. Because of the loss of long-term capital gains from portfolio investments, in some factual circumstances investors could have a lower after-tax return from investing in the Fund than investing directly in the underlying assets.

● The Fund may be required to mark some of its investments to market on an annual basis. Under the Code, certain types of options are required to be treated as if they were sold at the end of each year. Such treatment would cause the Fund to have taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. Depending upon the circumstances, some assets may need to be sold to fund the required distributions. This process of recognizing deemed income and selling assets to fund distributions may accelerate the time at which shareholders receive cash but may reduce the overall return on funds employed.

● Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Certain of the Fund's investment strategies may limit its ability to make distributions eligible for the dividends received deduction for corporate shareholders.

● A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

● In general, your distributions are subject to federal income tax for the year in which they are paid. However, distributions paid in January but declared by the Fund in October, November or December of the previous year payable to shareholders of record in such a month may be taxable to you in the previous year.

● You should note that if you purchase shares of the Fund just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and should be avoided by taxable investors.

● The Fund (or your broker) will inform you of the amount of your ordinary income dividends, qualified dividend income, and net capital gain distributions shortly after the close of each calendar year.

 

 

*Tax Status of Share Transactions*

 

Each sale of Fund shares by a Fund shareholder or redemption of Creation Units by an Authorized Participant will generally be a taxable event. In general, any gain or loss realized upon a taxable disposition of shares by a shareholder will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands, and will be long-term capital gain or loss if the shares have been held for more than 12 months, and will be short-term capital gain or loss if the shares are held for 12 months or less. An election may be available to you to defer recognition of capital gain if you make certain qualifying investments within a limited time. Any capital loss on the sale of shares of the Fund held for six months or less is treated as long-term capital loss to the extent distributions of long-term capital gain were paid (or treated as paid) with respect to such shares. Any loss realized on a sale will be disallowed to the extent shares of the Fund are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the disposition of Fund shares. The ability to deduct capital losses may be limited.

An Authorized Participant who exchanges securities for Creation Units generally will recognize gain or loss from the exchange. The gain or loss will be equal to the difference between (i) the market value of the Creation Units at the time of the exchange plus any cash received in the exchange and (ii) the exchanger's aggregate basis in the securities surrendered plus any cash paid for the Creation Units. An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between (i) the exchanger's basis in the Creation Units and (ii) the aggregate market value of the securities and the amount of cash received. The IRS, however, may assert that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for a person who does not mark-to-market their holdings) or on the basis that there has been no significant change in economic position. Authorized Participants should consult their own tax advisor with respect to whether wash sales rules apply and when a loss might be deductible.

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

*Foreign Taxes*

To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund receives from sources in foreign countries. If more than 50% of the total assets of the Fund consist of foreign securities, the Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. The Fund (or your broker) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

Foreign tax credits, if any, received by the Fund as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund-of-funds" under the Internal Revenue Code. If the Fund is a "qualified fund-of-funds" it will be eligible to file an election with the IRS that will enable the Fund to pass along these foreign tax credits to its shareholders. The Fund will be treated as a "qualified fund-of-funds" under the Internal Revenue Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs.

*Net Investment Income Tax*

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

*Non-U.S. Investors*

 

If you are a nonresident alien individual or a foreign corporation, trust or estate, (i) the Fund's ordinary income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies, but (ii) gains from the sale or other disposition of shares of the Fund generally are not subject to U.S. taxation, unless you are a nonresident alien individual who is physically present in the U.S. for 183 days or more per year. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. 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. Non-U.S. shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if you are a foreign shareholder engaged in a trade or business within the United States or if you are a foreign shareholder entitled to claim the benefits of a tax treaty.

*Backup Withholding*

 

The Fund (or financial intermediaries, such as brokers, through which shareholders own shares of the Fund) generally is required to withhold and to remit to the U.S. Treasury a percentage of the taxable distributions and the sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify that he, she or it is not subject to such withholding. The backup withholding rate is currently 24%. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. tax liability provided the appropriate information is furnished to the IRS.

*Investments in the Subsidiary*

 

One of the requirements for qualification as a RIC is that the Fund must derive at least 90% of its gross income for each taxable year from "qualifying income." Qualifying income includes dividends, interest, payments with respect to certain 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.

The Fund intends to treat any income it may derive from the Electricity Futures received by the Subsidiary as "qualifying income" under the provisions of the Internal Revenue Code of 1986, as amended, applicable to RICs. The IRS had issued numerous PLRs provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the Internal Revenue Service. In March of 2019, the Internal Revenue Service published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income, if the income is related to the Fund's business of investing in stocks or securities. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders.

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

The Subsidiary intends to conduct its affairs in a manner such that it will not be subject to U.S. federal income tax. It will, however, be considered a controlled foreign corporation, and the Fund will be required to include as income annually amounts earned by the Subsidiary during that year, whether or not distributed by the Subsidiary. Furthermore, the Fund will be subject to the RIC qualification distribution requirements with respect to the Subsidiary's income, whether or not the Subsidiary makes a distribution to the Fund during the taxable year and thus the Fund may not have sufficient cash on hand to make such distribution.

Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary is organized, respectively, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands governmental authority taxes, the Fund's shareholders would likely suffer decreased investment returns. There remains a risk that the tax treatment of the Electricity Futures and other derivative instruments, such as commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Fund's taxable income or gains and distributions.

The foregoing discussion summarizes some of the consequences under current U.S. federal income tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in the Fund under all applicable tax laws.

**More information about taxes is in the SAI.**

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

**Investments by Other Registered Investment Companies**

 

For purposes of the 1940 Act, the Fund is treated as a registered investment company. Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including shares of the Fund. Rule 12d1-4 under the 1940 Act permits registered investment companies to invest in exchange-traded funds offered by the Trust, including the Fund, beyond the limits of Section 12(d)(1) subject to certain terms and conditions, including that such registered investment companies enter into an agreement with the Trust. However, if the Fund were to invest in securities of other investment companies beyond the limits set forth in Section 12(d)(1)(A) by relying on Rule 12d1-4, other registered investment companies would not be permitted to rely on that rule to invest in that Fund in excess of the Section 12(d)(1)(A) limits.

**Continuous Offering**

 

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

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

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

**Premium/Discount Information**

Information regarding how often the shares of the Fund traded on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of such Fund for various time periods can be found at SkylarEtfs.com.

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

No financial highlights information is available for the Fund because it is new and has not commenced operations.

Exchange Listed Funds Trust

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS

Additional information about the Fund's investments will be available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

STATEMENT OF ADDITIONAL INFORMATION (SAI)

The SAI provides more detailed information about the Fund. The SAI is incorporated by reference into, and is thus legally a part of, this Prospectus.

HOUSEHOLDING

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

HOW TO OBTAIN MORE INFORMATION ABOUT THE FUND

To request a free copy of the latest annual or semi-annual report or the SAI, or to request additional information about the Fund, such as the Fund's financial statements, or to make other inquiries, please contact us as follows:

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| | | | |
|:---|:---|:---|:---|
| Call: | (888) 806-6567 | Write: | Exchange Listed Funds Trust |
|  | Monday through Friday |  | 10900 Hefner Pointe Drive, Suite 400 |
|  | 8:30 a.m. to 5:00 p.m. (Eastern Time) |  | Oklahoma City, Oklahoma 73120 |
| Visit: | SkylarEtfs.com |  |  |

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The SAI and other information are also available from a financial intermediary (such as a broker-dealer or bank) through which the Fund's shares may be purchased or sold.

INFORMATION PROVIDED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION

Reports and other information about the Fund are available on the EDGAR Database at www.sec.gov and copies of this information also may be obtained, after paying a duplicating fee, by emailing the SEC at publicinfo@sec.gov.

The Trust's Investment Company Act file number: 811-22700

**STATEMENT OF ADDITIONAL INFORMATION**

**Skylar Electricity Futures ETF**

**TICKER SYMBOL: MWHS**

**a series of EXCHANGE LISTED FUNDS TRUST**

**June 24, 2026**

Principal Listing Exchange for the Fund: NYSE Arca, Inc.

**Investment Adviser:**

**Exchange Traded Concepts, LLC**

**Sub-Adviser:** 

**Skylar Capital Management LP**

This Statement of Additional Information (the "SAI") is not a prospectus. The SAI should be read in conjunction with the Fund's prospectus dated June 24, 2026, as may be revised from time to time (the "Prospectus"). Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge by writing the Fund's distributor, Foreside Fund Services, LLC, at 190 Middle Street, Suite 301, Portland, Maine 04101, by visiting the Fund's website at www.SkylarEtfs.com, or by calling toll-free (888) 806-6567.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [GENERAL INFORMATION ABOUT THE TRUST](#s_001) | 1 |
| [INFORMATION ABOUT INVESTMENT POLICIES, PERMITTED INVESTMENTS, AND RELATED RISKS](#s_002) | 1 |
| [INVESTMENT RESTRICTIONS](#s_003) | 23 |
| [EXCHANGE LISTING AND TRADING](#s_004) | 25 |
| [MANAGEMENT OF THE TRUST](#s_005) | 26 |
| [CODES OF ETHICS](#s_006) | 33 |
| [PROXY VOTING POLICIES](#s_007) | 34 |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#s_008) | 34 |
| [THE PORTFOLIO MANAGERS](#s_009) | 36 |
| [THE DISTRIBUTOR](#s_010) | 37 |
| [THE ADMINISTRATOR](#s_011) | 38 |
| [THE CUSTODIAN](#s_012) | 39 |
| [THE TRANSFER AGENT](#s_013) | 39 |
| [LEGAL COUNSEL](#s_014) | 39 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#s_015) | 39 |
| [PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES](#s_016) | 39 |
| [DESCRIPTION OF SHARES](#s_017) | 40 |
| [LIMITATION OF TRUSTEES' LIABILITY](#s_018) | 41 |
| [BROKERAGE TRANSACTIONS](#s_019) | 41 |
| [PORTFOLIO TURNOVER RATE](#s_020) | 43 |
| [BOOK ENTRY ONLY SYSTEM](#s_021) | 43 |
| [PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS](#s_022) | 45 |
| [DETERMINATION OF NET ASSET VALUE](#s_023) | 55 |
| [DIVIDENDS AND DISTRIBUTIONS](#s_024) | 55 |
| [FEDERAL INCOME TAXES](#s_025) | 56 |
| [FINANCIAL STATEMENTS](#s_026) | 69 |
| [APPENDIX a: PROXY VOTING POLICY AND PROCEDURES](#s_027) | A-1 |

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**GENERAL INFORMATION ABOUT THE TRUST**

Exchange Listed Funds Trust (the "Trust") is an open-end management investment company consisting of multiple investment series. This SAI relates to the Skylar Electricity Futures ETF (the "Fund"). The Trust was organized as a Delaware statutory trust on April 4, 2012 as Exchange Traded Concepts Trust II and changed its name on June 2, 2015. The Trust is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company, and the offering of the Fund's shares is registered under the Securities Act of 1933 (the "Securities Act"). Exchange Traded Concepts, LLC (the "Adviser") serves as investment adviser to the Fund. Skylar Capital Management LP (the "Sub-Adviser") serves as the sub-adviser to the Fund.

The Fund offers and issues shares at their net asset value ("NAV") only in aggregations of a specified number of shares (each, a "Creation Unit"). The Fund generally offers and issues shares in exchange for a basket of securities closely approximating the holdings of the Fund ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. The Fund's shares are listed on the NYSE Arca, Inc. (the "Exchange") and trade on the Exchange at market prices. These prices may differ from the Fund's NAV per share. The Fund's shares are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment.

**INFORMATION ABOUT INVESTMENT POLICIES, PERMITTED INVESTMENTS, AND RELATED RISKS**

The Fund's investment objective, principal investment strategies and principal risks are described in the Prospectus.

An investment in the Fund should be made with an understanding that the value of the Fund's portfolio securities may fluctuate because of changes in the financial condition of the issuers of the portfolio securities, the value of securities generally and other factors. An investor could lose money by investing in the Fund.

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

In response to actual or perceived adverse market, economic, political, or other conditions, the Fund may (but will not necessarily), without notice, take a defensive position and invest up to 100% of its total assets, without limitation, in cash, cash equivalents, U.S. government securities, repurchase agreements collateralized by such securities, money market funds, and high-quality debt investments. If the Fund invests for defensive purposes, it may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

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

NON-DIVERSIFICATION

The Fund is classified as a non-diversified investment company under the 1940 Act. A "non-diversified" classification means that the Fund is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means that the Fund may invest a greater portion of its assets in the securities of a single issuer than a diversified fund. The securities of a particular issuer may constitute a greater portion of the Fund's portfolio. This may have an adverse effect on the Fund's performance or subject the Fund's shares to greater price volatility than more diversified investment companies. Moreover, in pursuing its objective, the Fund may hold the securities of a single issuer in an amount exceeding 10% of the market value of the outstanding securities of the issuer, subject to restrictions imposed by the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In particular, as the Fund's size grows and its assets increase, it will be more likely to hold more than 10% of the securities of a single issuer if the issuer has a relatively small public float.

EQUITY SECURITIES

Equity securities represent ownership interests in a company. 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 the Fund invests will cause the NAV of the Fund to fluctuate.

 

*Common Stocks*. Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors. Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, have generally inferior rights to receive payments from the issuer in comparison with the rights of creditors of, or holders of debt obligations or preferred stocks issued by, the issuer. Further, unlike debt securities which typically have a stated principal amount payable at maturity (whose value, however, will be subject to market fluctuations prior thereto), or preferred stocks which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

*Convertible Securities*. Convertible securities are securities that may be exchanged for, converted into, or exercised to acquire a predetermined number of shares of the issuer's common stock at a fund's option during a specified time period (such as convertible preferred stocks, convertible debentures and warrants). A convertible security is generally a fixed income security that is senior to common stock in an issuer's capital structure but is usually subordinated to similar non-convertible securities. In exchange for the conversion feature, many corporations will pay a lower rate of interest on convertible securities than debt securities of the same corporation. In general, the market value of a convertible security is at least the higher of its "investment value" (*i.e.*, its value as a fixed income security) or its "conversion value" (*i.e.*, its value upon conversion into its underlying common stock).

Convertible securities are subject to the same risks as similar securities without the convertible feature. The price of a convertible security is more volatile during times of steady interest rates than other types of debt securities. The price of a convertible security tends to increase as the market value of the underlying stock rises, whereas it tends to decrease as the market value of the underlying common stock declines.

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

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

*Small- and Medium-Sized Companies*. Investors in small and medium-sized companies typically take on greater risk and price volatility than they would by investing in larger, more established companies. This increased risk may be due to the greater business risks of their small or medium size, limited markets and financial resources, narrow product lines and frequent lack of management depth. The securities of small and medium-sized companies are often traded in the over-the-counter market and might not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of small and medium capitalization companies are likely to be less liquid, and subject to more abrupt or erratic market movements, than securities of larger, more established companies.

*Large-Sized Companies*. Investments in large capitalization companies may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid-capitalization companies.

*General Risks of Investing in Stocks*. While investing in stocks allows investors to participate in the benefits of owning a company, such investors must accept the risks of ownership. Unlike bondholders, who have preference to a company's earnings and cash flow, preferred stockholders, followed by common stockholders in order of priority, are entitled only to the residual amount after a company meets its other obligations. For this reason, the value of a company's stock will usually react more strongly to actual or perceived changes in the company's financial condition or prospects than its debt obligations. Stockholders of a company that fares poorly can lose money.

Stock markets tend to move in cycles with short or extended periods of rising and falling stock prices. The value of a company's stock may fall because of:

◾ Factors that directly relate to that company, such as decisions made by its management or lower demand for the company's products or services;

◾ Factors affecting an entire industry, such as increases in production costs; and

◾ Changes in general financial market conditions that are relatively unrelated to the company or its industry, such as changes in interest rates, currency exchange rates or inflation rates.

Because preferred stock is generally junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

WHEN-ISSUED SECURITIES

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

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

Decisions to enter into "when-issued" transactions will be considered on a case-by-case basis when necessary to maintain continuity in a company's index membership. The Fund will segregate cash or liquid securities equal in value to commitments for the when-issued transactions. The Fund will segregate additional liquid assets daily so that the value of such assets is equal to the amount of the commitments. Such transactions, however, would be deemed not to involve a senior security (*i.e.*, will not be considered derivatives transactions or subject to asset segregation requirements), provided that (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. If such a transaction were considered to be a derivatives transaction, it would be subject to the requirements of Rule 18f-4 under the 1940 Act. For a discussion of the requirements of Rule 18f-4, please see the *Futures Contracts, Options, and Swap Agreements* section of this SAI.

FOREIGN SECURITIES

*Foreign Issuers*. The Fund may invest in securities of issuers located outside the United States directly, or in financial instruments that are indirectly linked to the performance of foreign issuers. Examples of such financial instruments include depositary receipts, which are described further below, "ordinary shares," and "New York shares" issued and traded in the United States. Ordinary shares are shares of foreign issuers that are traded abroad and on a United States exchange. New York shares are shares that a foreign issuer has allocated for trading in the United States. American Depositary Receipts ("ADRs"), ordinary shares, and New York shares all may be purchased with and sold for U.S. dollars, which protects the Fund from the foreign settlement risks described below.

Investing in foreign companies may involve risks not typically associated with investing in United States companies. The U.S. dollar value of securities of foreign issuers and of distributions in foreign currencies from such securities can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than United States markets, and prices in some foreign markets can be very volatile compared to those of domestic securities. Therefore, the Fund's investment in foreign securities may be less liquid and subject to more rapid and erratic price movements than comparable securities listed for trading on U.S. exchanges. Non-U.S. equity securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. There may be less government supervision and regulation of foreign stock exchanges, brokers, banks and listed companies abroad than in the U.S. Moreover, settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences may include delays beyond periods customary in the U.S. and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a failed settlement, which can result in losses to the Fund. The value of non-U.S. investments and the investment income derived from them may also be affected unfavorably by changes in currency exchange control regulations. Foreign brokerage commissions, custodial expenses and other fees are also generally higher than for securities traded in the U.S. This may cause the Fund to incur higher portfolio transaction costs than domestic equity funds. Fluctuations in exchange rates may also affect the earning power and asset value of the foreign entity issuing a security, even one denominated in U.S. dollars. Dividend and interest payments may be repatriated based on the exchange rate at the time of disbursement, and restrictions on capital flows may be imposed. Many foreign countries lack uniform accounting, auditing and financial reporting standards comparable to those that apply to United States companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions, and custodial fees, generally are higher than for United States investments.

Investing in companies located abroad carries political and economic risks distinct from those associated with investing in companies located in the United States. Foreign investment may be affected by actions of foreign governments adverse to the interests of United States investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on United States investment, or on the ability to repatriate assets or to convert currency into U.S. dollars. There may be a greater possibility of default by foreign governments or foreign-government sponsored enterprises. Losses and other expenses may be incurred in converting between various currencies in connection with purchases and sales of foreign securities. Investments in foreign countries also involve a risk of local political, economic, or social instability, military action or unrest, or adverse diplomatic developments.

Investing in companies domiciled in emerging market countries may be subject to greater risks than investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity and price volatility due to smaller or limited local capital markets for such securities, or low or non-existent trading volumes; (iii) foreign exchanges and broker-dealers may be subject to less scrutiny and regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors and/or local governments may decide to suspend or limit an issuer's ability to make dividend or interest payments; (v) local governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on dollar or euro payments imposed by local governments may attempt to make dividend or interest payments to foreign investors in the local currency; (viii) investors may experience difficulty in enforcing legal claims related to the securities and/or local judges may favor the interests of the issuer over those of foreign investors; (ix) bankruptcy judgments may only be permitted to be paid in the local currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations of the securities, and (xi) lax financial reporting on a regular basis, substandard disclosure, and differences in accounting standards may make it difficult to ascertain the financial health of an issuer.

*Depositary Receipts*. The Fund's investment in securities of foreign companies may be in the form of depositary receipts or other securities convertible into securities of foreign issuers. ADRs are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by United States banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States. American Depositary Shares (ADSs) are U.S. dollar-denominated equity shares of a foreign-based company available for purchase on an American stock exchange. ADSs are issued by depository banks in the United States under an agreement with the foreign issuer, and the entire issuance is called an ADR and the individual shares are referred to as ADSs. Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer, however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies, and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

All depositary receipts generally must be sponsored. However, the Fund may invest in unsponsored depositary receipts under certain limited circumstances. Sponsored ADRs are those in which the non-U.S. company enters into an agreement directly with the U.S. depositary bank to arrange for recordkeeping, forwarding of shareholder communications, payment of dividends, and other services. An unsponsored ADR is set up without the cooperation of the non-U.S. company and may be initiated by an investment bank or broker-dealer wishing to establish a U.S. trading market. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts.

REPURCHASE AGREEMENTS

A repurchase agreement is an agreement under which the Fund acquires a financial instrument (*e.g.,* a security issued by the U.S. Government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next business day). A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the Fund and is unrelated to the interest rate on the underlying instrument.

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

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

DEBT-RELATED INVESTMENTS

Debt securities include securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities, and political subdivisions, foreign governments, their authorities, agencies, instrumentalities, and political subdivisions, supra-national agencies, corporate debt securities, master-demand notes, Yankee dollar and Eurodollar bank certificates of deposit, time deposits, bankers' acceptances, commercial paper and other notes, inflation-indexed securities, and other debt securities. Debt securities may be investment grade securities or high yield securities.

Debt and other fixed income securities include fixed and floating rate securities of any maturity. Fixed rate securities pay a specified rate of interest or dividends. Floating rate securities pay a rate that is adjusted periodically by reference to a specified index or market rate. Fixed and floating rate securities include securities issued by federal, state, local, and foreign governments and related agencies, and by a wide range of private issuers, and generally are referred to in this SAI as "fixed income securities." Indexed bonds are a type of fixed income security whose principal value and/or interest rate is adjusted periodically according to a specified instrument, index, or other statistic (*e.g*., another security, inflation index, currency, or commodity).

Holders of fixed income securities are exposed to both market and credit risk. Market risk (or "interest rate risk") relates to changes in a security's value as a result of changes in interest rates. In general, the values of fixed income securities increase when interest rates fall and decrease when interest rates rise. Given the historically low interest rate environment, risks associated with rising rates are heightened. Credit risk relates to the ability of an issuer to make payments of principal and interest. Obligations of issuers are subject to bankruptcy, insolvency and other laws that affect the rights and remedies of creditors.

Because interest rates vary, the future income of a fund that invests in fixed income securities cannot be predicted with certainty. The future income of a fund that invests in indexed securities also will be affected by changes in those securities' indices over time (*e.g*., changes in inflation rates, currency rates, or commodity prices).

*Bonds*. A bond is an interest-bearing security issued by a company, governmental unit or, in some cases, a non-U.S. entity. The issuer of a bond has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond's face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors.

An issuer may have the right to redeem or "call" a bond before maturity, in which case the investor may have to reinvest the proceeds at lower market rates. Most bonds bear interest income at a "coupon" rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall and falls when market interest rates rise. Accordingly, a fixed-rate bond's yield (income as a percent of the bond's current value) may differ from its coupon rate as its value rises or falls. Other types of bonds bear income at an interest rate that is adjusted periodically. Because of their adjustable interest rates, the value of "floating-rate" or "variable-rate" bonds fluctuates much less in response to market interest rate movements than the value of fixed-rate bonds. Generally, prices of higher quality issues tend to fluctuate less with changes in market interest rates than prices of lower quality issues and prices of longer maturity issues tend to fluctuate more than prices of shorter maturity issues. Bonds may be senior or subordinated obligations. Senior obligations generally have the first claim on a corporation's earnings and assets and, in the event of liquidation, are paid before subordinated obligations. Bonds may be unsecured (backed only by the issuer's general creditworthiness) or secured (backed by specified collateral).

The investment return of corporate bonds reflects interest on the security and changes in the market value of the security. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the bonds may not be able to meet their obligations on interest or principal payments at the time called for by the bond.

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

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

Securities backed by the full faith and credit of the United States are generally considered to be among the most creditworthy investments available. While the U.S. Government continuously has honored its credit obligations, political events have, at times, called into question whether the United States would default on its obligations. Such an event would be unprecedented and there is no way to predict its impact on the securities markets; however, it is very likely that default by the United States would result in losses and market prices and yields of securities supported by the full faith and credit of the U.S. Government may be adversely affected.

● U.S. Treasury Obligations. U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as Separately Traded Registered Interest and Principal Securities ("STRIPS") and Treasury Receipts ("TRs").

● U.S. Government Zero Coupon Securities. STRIPS and receipts are sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities.

● U.S. Government Agencies. Some obligations issued or guaranteed by agencies of the U.S. Government are supported by the full faith and credit of the U.S. Treasury, others are supported by the right of the issuer to borrow from the U.S. Treasury, while still others are supported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities of the U.S. Government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of shares of the Fund.

*Ratings*. An investment grade rating means the security or issuer is rated investment-grade by Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. ("S&P"), Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Ltd. ("Fitch") or another nationally recognized statistical rating organization, or is unrated but considered to be of equivalent quality by the investment adviser, as applicable. Bonds rated Baa by Moody's or BBB by S&P or above are considered "investment grade" securities; bonds rated Baa are considered medium grade obligations which lack outstanding investment characteristics and have speculative characteristics; and bonds rated BBB are regarded as having adequate capacity to pay principal and interest.

BORROWING

The Fund may borrow money and/or securities for investment purposes. Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity. Because substantially all of the Fund's assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the NAV of the Fund will increase more when the Fund's portfolio assets increase in value and decrease more when the Fund's portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, the Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. The Fund may use leverage during periods when the Sub-Adviser believes that the Fund's investment objective would be furthered.

The Fund may also borrow money to facilitate management of its portfolio by enabling the Fund to meet redemption requests when the liquidation of portfolio instruments would be inconvenient or disadvantageous. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. Section 18 of the 1940 Act imposes limitations on the amount of borrowing or leverage that a registered investment company may incur. As required by the 1940 Act, the Fund must maintain continuous asset coverage (total assets, including assets acquired with borrowed funds, less liabilities exclusive of borrowings) of 300% of all amounts borrowed. If, at any time, the value of the Fund's assets should fail to meet this 300% coverage test, the Fund, within three days (not including Sundays and holidays), will reduce the amount of its borrowings to the extent necessary to meet this 300% coverage requirement. Maintenance of this percentage limitation may result in the sale of portfolio securities at a time when investment considerations otherwise indicate that it would be disadvantageous to do so.

LENDING PORTFOLIO SECURITIES

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

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

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

Securities lending involves exposure to certain risks, including operational risk (*i.e.*, the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (*i.e.*, the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities. Consistent with interpretations of the 1940 Act issued by the staff of the SEC, which interpretations may change from time to time, the Fund may not have on loan at any given time securities representing more than one-third of its total assets (inclusive of collateral received from borrowers).

REVERSE REPURCHASE AGREEMENTS

The Fund may enter into reverse repurchase agreements, which involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. The securities purchased with the funds obtained from the agreement and securities collateralizing the agreement will have maturity dates no later than the repayment date. Generally, the effect of such transactions is that the Fund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while in many cases the Fund is able to keep some of the interest income associated with those securities. Such transactions are only advantageous if the Fund has an opportunity to earn a greater rate of interest on the cash derived from these transactions than the interest cost of obtaining the same amount of cash. Opportunities to realize earnings from the use of the proceeds equal to or greater than the interest required to be paid may not always be available and the Fund intends to use the reverse repurchase technique only when the Sub-Adviser believes it will be advantageous to the Fund. The use of reverse repurchase agreements may exaggerate any interim increase or decrease in the value of the Fund's assets. Under the 1940 Act, the Fund may elect to treat reverse repurchase agreements either as (i) borrowings subject to the asset coverage requirement of Section 18 of the 1940 Act or (ii) derivatives transactions for purposes of Rule 18f-4 under the 1940 Act including, as applicable, the value at risk ("VaR") test to limit leverage risk. The use of reverse repurchase agreements is not a principal strategy of the Fund.

OTHER SHORT-TERM INSTRUMENTS

In addition to repurchase agreements, the Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (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 ("CDs"), bankers' acceptances, fixed time deposits and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1" by S&P, or if unrated, of comparable quality as determined by the 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 (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Sub-Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. 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.

INVESTMENT COMPANIES

The Fund may invest in the securities of other investment companies, including money market funds, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Pursuant to Section 12(d)(1)(A), the Fund may invest in the securities of another investment company (the "acquired company" or an "Underlying Fund") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (iii) securities issued by the acquired company and all other investment companies (other than Treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent permitted by the 1940 Act or rule, regulation, no-action relief, or exemptive relief thereunder, the Fund may invest its assets in securities of investment companies in excess of the limits discussed above, subject to applicable conditions.

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

Investment companies may include index-based investments, such as ETFs that hold substantially all of their assets in securities representing a specific index. The main risk of investing in index-based investments is the same as investing in a portfolio of equity securities comprising the index. The market prices of index-based investments will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their NAVs). Index-based investments may not replicate exactly the performance of their specific index because of transaction costs and the temporary unavailability of certain component securities of the index.

The acquisition of the Fund's shares by investment companies is subject to the same limitations of Section 12(d)(1) of the 1940 Act discussed above. Similarly, investments in excess of the limitations may be permitted by the 1940 Act or rule, regulation, no-action relief, or exemptive relief thereunder, subject to applicable conditions.

ILLIQUID INVESTMENTS

The Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the percentage of the Fund's net assets invested in illiquid investments exceeds 15% due to market activity or changes in the Fund's portfolio, the Fund will take appropriate measures to reduce its holdings of illiquid investments.

The Fund may not be able to sell illiquid investments when desired or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. In addition, the sale of illiquid investments also may require more time and may result in higher dealer discounts and other selling expenses than does the sale of investments that are not illiquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations and such investments may have an adverse impact on NAV.

FUTURES CONTRACTS, OPTIONS AND SWAP AGREEMENTS

The Fund may utilize futures contracts, options contracts and swap agreements. Rule 18f-4 under the 1940 Act imposes requirements and restrictions on a fund's use of certain derivatives that may oblige the fund to make payments or incur additional obligations in the future. Rule 18f-4 imposes limits on the amount of leverage risk to which a fund may be exposed through such derivatives. If a fund's derivatives exposure is more than 10% of its net assets the fund must apply a VaR test to its use of certain derivatives and financing transactions, establish and maintain a derivatives risk management program, and appoint a derivatives risk manager to implement such program.

*Futures Contracts*. Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity or security at a specified future time and at a specified price. Index futures contracts are settled daily with a payment by one party to the other of a cash amount based on the difference between the level of the index specified in the contract from one day to the next. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges.

The Fund is required to make a good faith margin deposit in cash or U.S. government securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded.

After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, the Fund would expect to earn interest income on its margin deposits. Closing out an open futures position is done by taking an opposite position ("buying" a contract which has previously been "sold," or "selling" a contract previously "purchased") in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened or closed.

*Options*. The Fund may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price ("exercise price") within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the "writer," *i.e.*, the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Fund may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed to purchase. The Fund may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds or is committed to purchase.

Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves.

*Risks of Futures and Options Transactions*. Positions in futures contracts and options may be closed out only on an exchange which provides a secondary market therefor. However, there can be no assurance that a liquid secondary market will exist for any particular futures contract or option at any specific time. Thus, it may not be possible to close a futures or options position. In the event of adverse price movements, the Fund would continue to be required to make daily cash payments to maintain its required margin. In such situations, if the Fund has insufficient cash, it may have to sell portfolio securities to meet daily margin requirements at a time when it may be disadvantageous to do so. In addition, the Fund may be required to make delivery of the instruments underlying futures contracts it has sold.

The risk of loss in trading futures contracts or uncovered call options in some strategies (*e.g*., selling uncovered index futures contracts) is potentially unlimited. The risk of a futures position may still be large as traditionally measured due to the low margin deposits required. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit.

Utilization of futures transactions by the Fund involves the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in the futures contract or option.

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

*Swap Agreements.* The Fund may enter into swap agreements, including interest rate, index, and total return swap agreements. Swap agreements are contracts between parties in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset. In return, the other party agrees to make payments to the first party based on the return of a different specified rate, index or asset. Swap agreements will usually be done on a net basis, *i.e.*, where the two parties make net payments with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of the Fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund.

In a total return swap transaction, one party agrees to pay the other party an amount equal to the total return on a defined underlying asset or a non-asset reference during a specified period of time. The underlying asset might be a security or basket of securities, and the non-asset reference could be a securities index. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return from a different underlying asset or non-asset reference. The payments of the two parties could be made on a net basis.

*Options on Swaps.* An option on a swap agreement, or a "swaption," is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. In return, the purchaser pays a "premium" to the seller of the contract. The seller of the contract receives the premium and bears the risk of unfavorable changes on the underlying swap. The Fund may write (sell) and purchase put and call swaptions. The Fund may also enter into swaptions on either an asset-based or liability-based basis, depending on whether the Fund is hedging its assets or its liabilities. The Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. The Fund may enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a duration management technique, to protect against an increase in the price of securities the Fund anticipates purchasing at a later date, or for any other purposes, such as for speculation to increase returns. Swaptions are generally subject to the same risks involved in the Fund's use of options.

*Risks of Swap Agreements*. The risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make. Swap agreements are subject to the risk that the swap counterparty will default on its obligations. If such a default occurs, the Fund will have contractual remedies pursuant to the agreements related to the transaction, but such remedies may be subject to bankruptcy and insolvency laws which could affect the Fund's rights as a creditor (*e.g*., the Fund may not receive the net amount of payments that it contractually is entitled to receive).

The use of interest-rate and index swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. These transactions generally do not involve the delivery of securities or other underlying assets or principal.

Total return swaps could result in losses if the underlying asset or reference does not perform as anticipated. Total return swaps can have the potential for unlimited losses. The Fund may lose money in a total return swap if the counterparty fails to meet its obligations.

SHORT SALES

The Fund may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, the Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to the Fund with respect to the securities that are sold short.

Uncovered short sales are transactions under which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

CUSTODIAN RISK

The Fund is exposed to the risk that, in the event of the insolvency or bankruptcy of its custodian, the Fund would be delayed or prevented from recovering its assets from the custodian. The assets of the Fund are identified in the custodian's books as belonging to the Fund, and securities and debt obligations of the Fund held by the custodian are segregated from other assets of the custodian, which will mitigate but not eliminate this risk. No such segregation applies to cash held by the custodian on behalf of the Fund, which increases the risk that the Fund could be delayed or prevented from recovering its assets in the event of the insolvency or bankruptcy of the custodian. The Fund also is exposed to the risk of bankruptcy of any foreign sub-custodians utilized by the custodian, which may not be part of the same group of companies as the custodian. In addition, the Fund may invest in markets where custodial and/or settlement systems are not fully developed.

CYBER SECURITY RISK

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

SUBSIDIARY RISKS

The Fund may invest up to 25% of its assets in a subsidiary that is wholly-owned by the Fund and organized under the laws of the Cayman Islands (the "Subsidiary"). The Fund is currently the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.

The Fund will invest in the Subsidiary in order to gain exposure to the investment returns of the commodities markets within the limitations of the federal tax law requirements applicable to RICs. The Subsidiary may invest without limitation in commodity-linked derivative instruments, including commodity futures contracts and commodity-linked structured notes, as well as other instruments intended to serve as margin or collateral for these derivative instruments. The Subsidiary may invest in any type of investment in which the Fund is permitted to invest, as described in the Prospectus and this SAI. The Fund's investment in the Subsidiary will not exceed 25% of the value of the Fund's total assets (notwithstanding any subsequent market appreciation in the Subsidiary's value). Asset limitations are imposed by the Code and are measured at each taxable year and quarter end. The Adviser and Sub-Adviser also serve as the investment adviser and investment sub-adviser, respectively, to the Subsidiary but will not receive separate compensation.

The Subsidiary is not registered under the 1940 Act but will be subject to certain protections of the 1940 Act with respect to the Fund, as described in this SAI. All of the Fund's investments in the Subsidiary will be subject to the investment policies and restrictions of the Fund, including those related to leverage, collateral and segregation requirements, and liquidity. In addition, the valuation and brokerage policies of the Fund will be applied to the Subsidiary. The Fund's investments in the Subsidiary are not subject to all investor protection provisions of the 1940 Act. To the extent applicable, the Subsidiary otherwise is subject to the same fundamental investment restrictions as the Fund and, in particular, to the same requirements relating to portfolio leverage, liquidity, and the timing and method of valuation of portfolio investments and Fund shares. Accordingly, references in this SAI to the Fund may also include the Subsidiary. By investing in the Subsidiary, the Fund may be considered to be investing indirectly in the same investments as the Subsidiary and is indirectly exposed to the risk associated with those investments. Because the Fund is the sole investor in the Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of the Fund and its shareholders.

The Subsidiary has a board of directors that oversees its activities. The Subsidiary has entered into a separate investment advisory agreement with the Adviser and sub-advisory agreement with the Sub-Adviser. The Fund and the Subsidiary have also entered into agreements with the Fund's service providers for the provision of administrative, accounting, transfer agency, and custody services with respect to the Subsidiary.

The Subsidiary is subject to regulation as a commodity pool under the CEA and the Commodity Futures Trading Commission ("CFTC") rules and regulations. The Adviser serves as the "commodity pool operator" ("CPO") of the Subsidiary. The Adviser and Sub-Adviser are each registered as a CPO with the CFTC and are members of the National Futures Association ("NFA"). Although the Subsidiary is subject to regulation as a commodity pool, the Fund's trading in commodity interests will be limited. There is no assurance that the Adviser or Sub-Adviser will remain a registered CPO with respect to the Subsidiary, or that the Subsidiary will remain a commodity pool to the extent that one or more exclusions or exemptions are available under applicable CFTC regulations. The Adviser and Sub-Adviser currently do not rely on an exclusion from the definition of CPO in CFTC Rule 4.5 with respect to the Fund. The Adviser and Sub-Adviser are subject to dual regulation by the CFTC and the SEC. The CFTC adopted regulations that seek to "harmonize" CFTC regulations with overlapping SEC rules and regulations. The Adviser and Sub-Adviser have each availed itself of the CFTC's substituted compliance option under the harmonization regulations with respect to the Fund by filing a notice with the National Futures Association. The Adviser and Sub-Adviser will remain subject to certain CFTC-mandated disclosure, reporting and recordkeeping regulations.

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

Regulatory changes, including changes in the laws of the U.S. or the Cayman Islands, could result in the inability of the Fund and/or the Subsidiary to operate as described in the Fund's Prospectus and this SAI. Such changes could potentially impact the Fund's ability to implement its investment strategy and could result in decreased investment returns. In addition, in the event changes to the laws of the Cayman Islands require the Subsidiary to pay taxes to a governmental authority, the Fund would be likely to suffer decreased returns.

A U.S. person, including the Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock or 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the controlled foreign corporation ("CFC") provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of its investment in the Subsidiary, the Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, the Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any "global intangible low-taxed income" ("GILTI") for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets.

In order to qualify as a RIC under Subchapter M of the Code and be eligible to receive "pass-through" tax treatment, the Fund must, among other things, meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the source of income test, at least 90% of a RIC's gross income each year must be "qualifying income," which generally consists of dividends, interest, gains on investment assets and certain other categories of investment income. Qualifying income generally does not include income derived directly from commodities, including certain commodity-linked derivatives (including commodity futures contracts linked to the value of emission allowances ("Carbon Futures")). The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to the commodities markets, including Carbon Futures, within the limitations of the Code such that the Fund continues to qualify as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Fund attributable to its investment in a Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income." In addition, the Fund expects to receive an opinion of counsel based on customary representations that to the extent of the actual distributions made to the Fund from the Subsidiary, its "Subpart F" income attributable to its investment in the Subsidiary derived with respect to the Fund's business of investing in stock, securities or currencies should be treated as "qualifying income." The Adviser will carefully monitor the Fund's investments in its Subsidiary to ensure that no more than 25% of the Fund's assets are invested in its Subsidiary.

Subpart F income and GILTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent the Fund invests in its Subsidiary and recognizes "Subpart F" income or GILTI in excess of actual cash distributions from the Subsidiary, if any, the Fund may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

The Fund's recognition of any "Subpart F" income or GILTI from an investment in its Subsidiary will increase the Fund's tax basis in the Subsidiary. Distributions by a Subsidiary to the Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or GILTI, and will correspondingly reduce the Fund's tax basis in its Subsidiary, and any distributions in excess of the Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to the Fund's shares of its Subsidiary will not be currently recognized. The Fund's investment in its Subsidiary will potentially have the effect of accelerating the Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by a Subsidiary, such loss is generally not available to offset the income earned by the Fund. In addition, the net losses incurred during a taxable year by a Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. The Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

The federal income tax treatment of the Fund's income from the Subsidiary also may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other Internal Revenue Service ("IRS") guidance or authorities that could affect the character, timing of recognition, and/or amount of the Fund's investment company taxable income and/or net capital gains and, therefore, the distributions it makes. If the Fund failed the source of income test for any taxable year but was eligible to and did cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, the Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income.

RECENT MARKET CIRCUMSTANCES

As a means to fight inflation, the Federal Reserve and certain foreign central banks have previously raised interest rates. The Federal Reserve has recently lowered interest rates and may continue to do so in the future. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund. While it is hard to predict whether any of these regulations will be adopted, due to the current scope of proposed regulations, any regulatory changes could adversely impact the Fund's ability to achieve its investment strategies or make certain investments. Regulatory changes may also increase Fund operational costs, which could impact overall performance. Certain market factors may result in central banks changing their approach in the future. Recent and potential future bank failures 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 ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, such as presidential, congressional and gubernatorial elections in the U.S., global elections and governmental changes and the U.S. government's failure to agree on a long-term budget and deficit reduction plan, 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 the Fund's investments and operations. The potential result of a U.S. federal government shutdown may also significantly impact investor and 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, could increase volatility in securities markets, which may adversely impact the Fund's investments and performance. Any market disruptions could also delay the Fund from making sound investment decisions in a timely manner. If the 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, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.

Advancements in technology may also adversely impact markets and the overall performance of the 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 the Fund.

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.

**INVESTMENT RESTRICTIONS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. Concentrate its investments in an industry or group of industries (i.e., invest more than 25% of its total
assets in the securities of companies in a particular industry or group of industries) , except that the Fund may invest more than 25%
of its total assets in investments that provide exposure to electricity futures contracts. For purposes of this limitation, securities
of the U.S. Government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities,
and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.

&nbsp;&nbsp;&nbsp;&nbsp;2. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted
under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended
or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or
any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules
and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to
time. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other
instruments backed by physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;5. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act, the
rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from
time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase securities of an issuer if such purchase would cause the Fund to fail to satisfy the diversification
requirement for a diversified management company under the 1940 Act, the rules or regulations thereunder, or any exemption therefrom,
as such statute, rules or regulations may be amended or interpreted from time to time.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value of total or net assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing of money will be observed continuously.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

<u>Concentration</u>. The SEC has defined concentration as investing more than 25% of an investment company's total assets in a particular industry or group of industries, with certain exceptions.

<u>Borrowing</u>. The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets (not including temporary borrowings not in excess of 5% of its total assets).

<u>Senior Securities</u>. Senior securities may include any obligation or instrument constituting a security issued by the Fund and evidencing indebtedness or a future payment obligation. The 1940 Act generally prohibits funds from issuing senior securities other than borrowing from a bank subject to specific asset coverage requirements. The 1940 Act prohibitions and restrictions on the issuance of senior securities are designed to protect shareholders from the potentially adverse effects of a fund's issuance of senior securities, including, in particular, the risks associated with excessive leverage of a fund's assets. Certain types of derivatives give rise to future payment obligations and therefore, also may be considered to be senior securities. Rule 18f-4 under the 1940 Act permits funds that comply with the conditions therein to enter into certain types of derivatives transactions notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act.

<u>Lending</u>. Under the 1940 Act, a fund may only make loans if expressly permitted by its investment policies. The Fund's current investment policy on lending is as follows: the Fund may not make loans if, as a result, more than 33 1/3% of its total assets would be lent to other parties, except that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) engage in securities lending as described in the SAI.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities involves a fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly.

<u>Real Estate</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate but does require that every investment company have a fundamental investment policy governing such investments. The Fund will not purchase or sell real estate, except that the Fund may purchase marketable securities issued by companies that own or invest in real estate (including real estate investment trusts "REITs").

<u>Commodities</u>. The Fund will not purchase or sell physical commodities or commodities contracts, except that the Fund may purchase: (i) marketable securities issued by companies which own or invest in commodities or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts.

<u>Diversification</u>. Under the 1940 Act and the rules, regulations and interpretations thereunder, a "diversified company," as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the company.

**EXCHANGE LISTING AND TRADING**

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

The shares of the Fund are approved for listing and trading on the Exchange. The Fund's shares trade on the Exchange at prices that may differ to some degree from the Fund's NAV. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of shares of the Fund will continue to be met.

The Exchange will consider the suspension of trading in, and will initiate delisting procedures of, the shares of the Fund under any of the following circumstances: (1) if the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act; (2) if any of the continued listing requirements set forth in the Exchange's rules are not continuously maintained; (3) following the initial twelve-month period beginning upon the commencement of trading of the Fund, there are fewer than 50 record and/or beneficial holders of the Fund's shares; or (4) such other event occurs or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. In addition, the Exchange will remove the shares from listing and trading upon termination of the Trust or the Fund.

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

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

The base and trading currencies of the Fund is the U.S. dollar. The base currency is the currency in which the Fund's NAV per share is calculated and the trading currency is the currency in which shares of the Fund are listed and traded on the Exchange.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series, including the Fund described in this SAI, are overseen by the Board. The Board elects the officers of the Trust who are responsible for administering the day-to-day operations of the Trust and the Fund. The Board has approved contracts, as described below, under which certain companies provide essential services to the Trust.

Like most funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as the Adviser, the Trust's distributor and the Trust's administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e.*, events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Fund. The Fund and its service providers employ a variety of processes, procedures and controls to identify various of those possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.,* the Sub-Adviser is responsible for making investment decisions for the Fund) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of the Fund, at which time certain of the Fund's service providers present the Board with information concerning the investment objectives, strategies and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, the Adviser and the Sub-Adviser provide the Board with an overview of, among other things, their investment philosophies, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the Adviser, Sub-Adviser, and other service providers such as the Fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Adviser and the Sub-Adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the advisory agreement with the Adviser and the sub-advisory agreement with the Sub-Adviser, the Board meets with the Adviser and the Sub-Adviser to review such services. Among other things, the Board regularly considers the Adviser's and the Sub-Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Fund's performance and the Fund's investments, including, for example, portfolio holdings schedules.

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

The Board receives reports from the Fund's service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Adviser has a Fair Value Committee that, subject to the oversight of the Board, is responsible for implementing the Trust's valuation policy and providing reports to the Board concerning investments for which market quotations are not readily available and, thus, are fair valued by the Adviser as valuation designee pursuant to the Adviser's fair valuation policy and procedures. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the Adviser and the Sub-Adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are four members of the Board, three of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). J. Garrett Stevens, the sole interested Trustee, serves as Chair of the Board, and Timothy Jacoby serves as the Trust's lead Independent Trustee. As lead Independent Trustee, Mr. Jacoby acts as a spokesperson for the Independent Trustees in between meetings of the Board, serves as a liaison for the Independent Trustees with the Trust's service providers, officers, and legal counsel to discuss ideas informally, and participates as needed in setting the agenda for meetings of the Board and separate meetings or executive sessions of the Independent Trustees. Independent Trustees comprise 75% of the Board. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees constitute a super-majority of the Board, the number of Independent Trustees that constitute the Board, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Set forth below is information about each of the persons currently serving as a Trustee of the Trust. The address of each Trustee of the Trust is c/o Exchange Listed Funds Trust, 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name<br> and Year<br> of<br> Birth** | &nbsp;&nbsp; <br>**Position(s)<br> Held with<br> the Trust** | &nbsp;&nbsp;**Term<br> of<br> Office<br> and<br> Length<br> of<br> Time<br> Served<sup>1</sup>** | &nbsp;&nbsp;**Principal<br> Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number<br> of<br> Portfolios <br> in Fund<br> Complex<sup>2</sup> Overseen <br> By<br> Trustee** | &nbsp;&nbsp; <br> **Other<br> Directorships<br> Held by<br> Trustee<br> During the <br> Past 5<br> Years** |
| &nbsp;&nbsp;**Interested Trustee<sup>3</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>3</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>3</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>3</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>3</sup>** | &nbsp;&nbsp;**Interested Trustee<sup>3</sup>** |
| &nbsp;&nbsp; J. Garrett Stevens<br> (1979) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Chief Business Officer, Exchange Traded Concepts, LLC (since 2025); Investment Adviser/Vice President, T.S. Phillips Investments, Inc. (since 2000); Chief Executive Officer, Exchange Traded Concepts, LLC (2009 to 2025) | &nbsp;&nbsp;41 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name<br> and <br> Year of<br> Birth** | &nbsp;&nbsp; <br>**Position(s)<br> Held with<br> the Trust** | &nbsp;&nbsp;**Term<br> of<br> Office<br> and<br> Length<br> of<br> Time Served<sup>1</sup>** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios<br> in Fund<br> Complex<sup>2</sup> Overseen <br> By<br> Trustee** | &nbsp;&nbsp; **Other<br> Directorships<br> Held by <br> Trustee<br> During the<br> Past 5<br> Years** |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp; Timothy Jacoby<br> (1952) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2014 | &nbsp;&nbsp; Retired: Partner,<br> Deloitte & Touche LLP<br> (2000-2014). | &nbsp;&nbsp;41 | &nbsp;&nbsp;Independent Trustee, Bridge Builder Trust (15 portfolios) (since 2022); Independent Trustee, Edward Jones Money Market Fund (since 2017); Audit Committee Chair, Perth Mint Physical Gold ETF (2018 to 2020) |
| &nbsp;&nbsp; Linda Petrone<br> (1962) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2019 | &nbsp;&nbsp;Founding Partner, Sage Search Advisors (since 2012) | &nbsp;&nbsp;41 |  |
| &nbsp;&nbsp; Stuart Strauss<br> (1953) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp; Partner, Dechert LLP (2009 to 2020)<br>| &nbsp;&nbsp;41 |  |

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<sup>1</sup> Each Trustee shall serve during the continued life of the Trust until he or she dies, resigns, is declared bankrupt or incompetent by a court of competent jurisdiction, or is removed.

<sup>2</sup> The fund complex includes each series of the Trust and of Exchange Traded Concepts Trust.

<sup>3</sup> Mr. Stevens is an "interested person" of the Trust, as that term is defined in the 1940 Act, by virtue of his employment with, and ownership interest in, the Adviser.

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

The Trust has concluded that Mr. Stevens should serve as a Trustee because of the experience he gained in his roles with registered broker-dealer and investment management firms, as Co-Founder and Chief Business Officer and former Chief Executive Officer of the Adviser, his experience in and knowledge of the financial services industry, and the experience he gained from years as serving as President of the Trust.

The Trust has concluded that Mr. Jacoby should serve as a Trustee because of the experience he has gained from years in or serving the investment management industry. Until his retirement in June 2014, Mr. Jacoby served as a partner at the audit and professional services firm Deloitte & Touche LLP, where he had worked since 2000, providing various services to asset management firms that manage mutual funds, hedge funds and private equity funds. Prior to that, Mr. Jacoby held various senior positions at financial services firms. Additionally, he served as a partner at Ernst & Young LLP. Mr. Jacoby is a Certified Public Accountant.

The Trust has concluded that Ms. Petrone should serve as a Trustee because of the experience she has gained serving in leadership roles in the equity derivatives group and the prime brokerage group of a large financial institution as well as her experience as a derivative strategist at a large alternative manager and her broad knowledge of the financial services industry. She currently works with financial institutions to recruit talent for investment teams as well as for business roles at alternative managers.

The Trust has concluded that Mr. Strauss should serve as a Trustee because of the experience he has gained as an attorney in the investment management industry, including as partner of a major law firm, representing exchange-traded funds and other investment companies as well as their sponsors and advisers and his knowledge of and experience in investment management law and the financial services industry.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund.

**Trustee Compensation.** Effective January 1, 2026, as compensation for service on the Board, each Independent Trustee is entitled to receive a $75,000 annual base fee. In addition, Mr. Jacoby is entitled to a $10,000 annual fee for his service as Audit Committee chair and a $15,000 annual fee for his service as lead Independent Trustee, and Ms. Petrone is entitled to a $5,000 annual fee for her service as Governance and Nominating Committee chair. Prior to January 1, 2026, each Independent Trustee was entitled to receive a $70,000 annual base fee. In addition, Mr. Jacoby was entitled to a $7,500 annual fee for his service as Audit Committee chair and a $10,00 annual fee for his service as lead Independent Trustee, and Ms. Petrone was entitled to a $5,000 annual fee for her service as Governance and Nominating Committee chair.

The following table sets forth the compensation paid to the Trustees of the Trust for the fiscal year. Independent Trustee fees are paid from the unitary fee paid to the Adviser by the Fund and the other series of the Trust. Trustee compensation does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp; **Aggregate** <br> **Compensation** | &nbsp;&nbsp;**Pension or<br> Retirement<br> Benefits<br> Accrued as<br> Part of<br> Fund Expenses** | &nbsp;&nbsp;**Estimated<br> Annual<br> Benefits <br> Upon<br> Retirement** | &nbsp;&nbsp;**Total Compensation<br> from the Trust<br> and Fund Complex<sup>1</sup>** |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;J. Garrett Stevens | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$0 for service on 2 boards |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Timothy Jacoby | &nbsp;&nbsp;$90625 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$202,500 for service on 2 boards |
| &nbsp;&nbsp;Linda Petrone | &nbsp;&nbsp;$76250 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$173,500 for service on 2 boards |
| &nbsp;&nbsp;Stuart Strauss | &nbsp;&nbsp;$71250 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$163,000 for service on 2 boards |

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<sup>1</sup> The fund complex includes each series of the Trust and Exchange Traded Concepts Trust, 41 Funds in total.

**Officers.** Set forth below is information about each of the persons currently serving as officers of the Trust. The address of Richard Malinowski, Andrew Serowik, Christopher Roleke, Rachael Inez Hoffman and Heather Nichols is c/o Exchange Listed Funds Trust, 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120; and the address of Sam Singh is Ultimus Fund Solutions, LLC, 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name<br> and Year of<br> Birth** | &nbsp;&nbsp; **Position(s)<br> Held with**<br> **the Trust** | &nbsp;&nbsp;**Term of<br> Office and<br> Length of<br> Time Served<sup>1</sup>** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** |
| &nbsp;&nbsp;Richard Malinowski<br> (1983) | &nbsp;&nbsp; President<br> Secretary | &nbsp;&nbsp; Since 2025<br> Since 2022 | &nbsp;&nbsp;Co-Chief Executive Officer, Exchange Traded Concepts, LLC (since 2025), General Counsel, Exchange Traded Concepts, LLC (since 2022); Senior Vice President and Senior Managing Counsel, Ultimus Fund Solutions LLC, (2020 to 2022); Senior Vice President, Ultimus Fund Solutions LLC (2017 to 2020). |
| &nbsp;&nbsp;Andrew Serowik<br> (1976) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2024 | &nbsp;&nbsp;Co-Chief Executive Officer, Exchange Traded Concepts, LLC (since 2025); Portfolio Manager, Exchange Traded Concepts, LLC (since 2018). |
| &nbsp;&nbsp;Christopher Roleke<br> (1972) | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Since 2012 | &nbsp;&nbsp;Controller, Exchange Traded Concepts, LLC (since 2022); Managing Director/Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to 2022). |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name<br> and Year of<br> Birth** | &nbsp;&nbsp; **Position(s)<br> Held with**<br> **the Trust** | &nbsp;&nbsp;**Term of<br> Office and<br> Length of<br> Time Served<sup>1</sup>** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** |
| &nbsp;&nbsp; Rachael Inez Hoffman<br> (1984) | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since 2026 | &nbsp;&nbsp;Chief Compliance Officer, Exchange Traded Concepts Trust (since 2026); Senior Counsel, Investment Company Regulation Office, U.S. Securities and Exchange Commission (2023 to 2026); Chief Compliance Officer, Americas Asset Management, Credit Suisse Asset Management (2022 to 2023); Chief Compliance Officer, Global Asset Management, Credit Suisse Asset Management (2022 to 2023); Vice President, Compliance, Goldman Sachs Asset Management (2021 to 2022). |
| &nbsp;&nbsp;Heather Nichols<br> (1983) | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Counsel, Exchange Traded Concepts, LLC (since 2023); Principal, HND Compliance and Regulatory Services, LLC (2015 to 2023). |
| &nbsp;&nbsp;Sam Singh<br> (1976) | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Vice President of Fund Administration at Ultimus Fund Solutions, LLC (since 2011). |

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<sup>1</sup> Each officer serves at the pleasure of the Board.

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

<u>Audit Committee</u>. The Board has an Audit Committee that is composed of each of the Independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: recommending which firm to engage as the Fund's independent registered public accounting firm and whether to terminate this relationship; reviewing the independent registered public accounting firm's compensation, the proposed scope and terms of its engagement, and the firm's independence; pre-approving audit and non-audit services provided by the Fund's independent registered public accounting firm to the Trust and certain other affiliated entities; serving as a channel of communication between the independent registered public accounting firm and the Trustees; reviewing the results of each external audit, including any qualifications in the independent registered public accounting firm's opinion, any related management letter, management's responses to recommendations made by the independent registered public accounting firm in connection with the audit, reports submitted to the Committee by the internal auditing department of the Trust's administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; reviewing the Fund's audited financial statements and considering any significant disputes between the Trust's management and the independent registered public accounting firm that arose in connection with the preparation of those financial statements; considering, in consultation with the independent registered public accounting firm and the Trust's senior internal accounting executive, if any, the independent registered public accounting firm's report on the adequacy of the Trust's internal financial controls; reviewing, in consultation with the Fund's independent registered public accounting firm, major changes regarding auditing and accounting principles and practices to be followed when preparing the Fund's financial statements; and other audit related matters. The Audit Committee also serves as the Trust's Qualified Legal Compliance Committee, which provides a mechanism for reporting legal violations. The Audit Committee meets periodically, as necessary, and met seven (7) times during the most recently completed fiscal year.

<u>Governance and Nominating Committee</u>. The Board has a Governance and Nominating Committee that is composed of each of the Independent Trustees of the Trust. The Governance and Nominating Committee operates under a written charter approved by the Board. The principal responsibility of the Governance and Nominating Committee is to consider, recommend and nominate candidates to fill vacancies on the Board, if any. The Governance and Nominating 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 Governance and Nominating Committee, c/o Exchange Listed Funds Trust, 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120. 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; as well as any other information that the Fund would be required to include in a proxy statement concerning the person if he or she was nominated. The Governance and Nominating Committee meets periodically, as necessary, and met two (2) times during the most recently completed fiscal year.

**F** **und Shares Owned by Board Members.** The following table shows the dollar amount ranges of each Trustee's "beneficial ownership" of shares of the Fund and on an aggregate basis, in any registered investment companies overseen by the Trustee within the same family of investment companies as the Fund as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"). As of the most recently completed calendar year, the Independent Trustees of the Trust and their immediate family members did not own beneficially or of record any class of securities of an investment advisor or principal underwriter of the Funds or any person directly or indirectly controlling, controlled by or under common control with an investment advisor or principal underwriter of the Fund. As of June 15, 2026, the Trustees and officers owned less than 1% of the outstanding shares of the Fund.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Name** | &nbsp;&nbsp;**Dollar Range of <br> Fund Shares<br> Owned** | &nbsp;&nbsp;**Aggregate Dollar Range of Shares Owned in<br> All Registered Investment Companies Overseen<br> by Trustee in Family of Investment Companies** |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;J. Garrett Stevens | &nbsp;&nbsp;None | &nbsp;&nbsp;None |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Timothy Jacoby | &nbsp;&nbsp;None | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Linda Petrone | &nbsp;&nbsp;None | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Stuart Strauss | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

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**CODES OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted a code of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust, the Adviser, and the Sub-Adviser from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Fund. These codes of ethics permit, subject to certain conditions, personnel of each of those entities to invest in securities, including those that may be purchased or held by the Fund.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics, filed as exhibits to this registration statement, may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC's website at www.sec.gov.

**PROXY VOTING POLICIES**

The Board has delegated the responsibility to vote proxies for securities held in the Fund's portfolio to the Adviser. Proxies for the portfolio securities are voted in accordance with the Adviser's proxy voting policies and procedures, which are set forth in Appendix A to this SAI. Information regarding how the Fund voted proxies relating to its portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling (888) 806-6567, on the Fund's website at SkylarEtfs.com, and on the SEC's website at www.sec.gov.

**INVESTMENT ADVISORY AND OTHER SERVICES**

**Adviser.** Exchange Traded Concepts, LLC, an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, its primary place of business, and 295 Madison Avenue, New York, New York 10017, serves as the investment adviser to the Fund. The Adviser is majority owned by Cottonwood ETF Holdings LLC, a holding company with no other business activity.

The Trust and the Adviser have entered into an investment advisory agreement with respect to the Fund (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund. The Adviser is responsible for, among other things, overseeing the Sub-Adviser, including regular review of the Sub-Adviser's performance, trading portfolio securities on behalf of the Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services the Adviser provides to the Fund, the Adviser is entitled to a fee calculated daily and paid monthly at an annual rate of 0.95% of the average daily net assets of the Fund.

Certain administrative services for the Fund are performed by ETC Platform Services, LLC ("ETC Platform Services"), a Delaware limited liability company and direct wholly owned subsidiary of the Adviser located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, its primary place of business, and 295 Madison Avenue, New York, New York 10017. Pursuant to a Platform Services Administration Agreement, ETC Platform Services administers the Fund's business affairs and provides office facilities and equipment, certain clerical, compliance, bookkeeping and administrative services, paying agent services under the Fund's unitary fee arrangement (as described below), and its officers and employees to serve as officers or Trustees of the Trust. ETC Platform Services also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. For the services it provides to the Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of the Fund's average daily net assets.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund (including the fee charged by ETC Platform Services) except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Excluded Expenses"). As part of an arrangement between the Adviser and Sub-Adviser, the Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses of the Fund (except the Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee.

After the initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" or of any party thereto, in accordance with the 1940 Act. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Trustees of the Trust or, with respect to the Fund, by a majority of the outstanding voting securities of the Fund, or by the Adviser on not more than sixty (60) days' nor less than thirty (30) days' written notice to the Trust. As used in the Advisory Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" have the same meaning as such terms in the 1940 Act.

The Trust and the Adviser have obtained exemptive relief, *In the Matter of Exchange Traded Concepts Trust, et al.*, Investment Company Act Release Nos. 31453 (February 10, 2015) (Notice) and 31502 (March 10, 2015) (the "Order"), pursuant to which the Adviser may, with Board approval but without shareholder approval, change or select new sub-advisers, materially amend the terms of an agreement with a sub-adviser (including an increase in its fee), or continue the employment of a sub-adviser after an event that would otherwise cause the automatic termination of services, subject to the conditions of the Order. Shareholders will be notified of any sub-adviser changes.

**Sub-Adviser.** Skylar Capital Management LP, a Delaware Limited Partnership, is located at 5847 San Felipe St., Suite 4450, Houston, TX 77057. The Sub-Adviser has provided investment advisory services since 2026. The Sub-Adviser is responsible for making investment decisions for the Fund and continuously reviewing, supervising and administering the investment program of the Fund, subject to the supervision of the Adviser and the oversight of the Board. The Sub-Adviser is also responsible for trading securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions. Under a sub-advisory agreement, with respect to the Fund, the Adviser pays the Sub-Adviser a fee calculated daily and paid monthly out of the fee the Adviser receives from the Fund.

After the initial two-year term, the continuance of the sub-advisory agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the sub-advisory agreement or "interested persons" or of any party thereto, in accordance with the 1940 Act. The sub-advisory agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Trust. The sub-advisory agreement also may be terminated, at any time, by the Board or the Adviser upon sixty (60) days' written notice to the Sub-Adviser or by the Sub-Adviser upon sixty (60) days' written notice to the Adviser and the Board. As used in the sub-advisory agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" have the same meaning as such terms in the 1940 Act.

**THE PORTFOLIO MANAGER**

Peter Shipman serves as the Fund's portfolio manager. This section includes information about the portfolio manager, including information about compensation, other accounts managed, and the dollar range of Fund shares owned.

**Portfolio Manager Compensation.** The portfolio manager is paid a fixed salary by the Sub-Adviser.

**Fund Shares Owned by the Portfolio Manager.** The Fund is required to show the dollar range of the portfolio manager's "beneficial ownership" of shares of the Fund as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Exchange Act. As of June 24, 2026, the portfolio manager did not beneficially own shares of the Fund.

**Other Accounts Managed by the Portfolio Manager.** In addition to the Fund, as of June 24, 2026, the portfolio manager is responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp; **Registered** <br> **Investment<br> Companies\*** | &nbsp;&nbsp; **Registered** <br> **Investment<br> Companies\*** | &nbsp;&nbsp; **Other Pooled** <br> **Investment Vehicles\*** | &nbsp;&nbsp; **Other Pooled** <br> **Investment Vehicles\*** | &nbsp;&nbsp; <br> **Other Accounts\*** | &nbsp;&nbsp; <br> **Other Accounts\*** |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Number of<br> Accounts** | &nbsp;&nbsp; **Total Assets**<br> **(in millions)** | &nbsp;&nbsp;**Number of<br> Accounts** | &nbsp;&nbsp; **Total Assets**<br> **(in millions)** | &nbsp;&nbsp; **Number of<br> Accounts** | &nbsp;&nbsp; **Total Assets**<br> **(in millions)** |
| &nbsp;&nbsp;Peter Shipman | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

\* None of the accounts managed by the portfolio manager are subject to performance-based advisory fees.

**Conflicts of Interest.** The portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have similar investment objectives as the Fund. Therefore, a potential conflict of interest may arise as a result of those similar investment objectives, whereby the portfolio manager could favor one account over another. Another potential conflict could include the portfolio manager's knowledge about the size, timing, and possible market impact of Fund trades, whereby the portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. However, the Sub-Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts managed by the portfolio manager are fairly and equitably allocated.

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC (the "Distributor") are parties to an amended and restated distribution agreement (the "Distribution Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares and distributes the shares of the Fund. Shares of the Fund are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute shares of the Fund in amounts less than a Creation Unit. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

The Distributor will deliver prospectuses and, upon request, Statements of Additional Information to persons purchasing Creation Units and will maintain records of orders placed with it. The Distributor is a broker-dealer registered under the Exchange Act and a member of the Financial Industry Regulatory Authority ("FINRA").

The Distributor may enter into agreements with securities dealers wishing to purchase Creation Units if such securities dealers qualify as Authorized Participants (as discussed in "Procedures for Creation of Creation Units" below).

The Distribution Agreement will continue for two years from its effective date and is renewable thereafter. The continuance of the Distribution Agreement with respect to the Fund must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Fund and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or interested persons of any such party, in accordance with the 1940 Act. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of the Fund's outstanding voting shares or by a vote of a majority of its Board (including a majority of the Trustees who are not parties to the Agreement or interested persons of any such party), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment.

The Distributor also may provide trade order processing services pursuant to a services agreement.

**Distribution and Service Plan.** The Trust has adopted a Distribution and Service Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. No payments pursuant to the Plan will be made during the twelve (12) month period from the date of this SAI. Thereafter, 12b-1 fees may only be imposed after approval by the Board.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding shares of any class of the Fund that is affected by such increase. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Qualified Trustees.

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

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

**THE ADMINISTRATOR**

Ultimus Fund Solutions, LLC ("Ultimus"), located at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022, serves as the administrator to the Fund.

For services provided under the administration agreement with the Trust, Ultimus is entitled to a fee based on assets under management, paid by the Adviser, subject to a minimum fee. The Fund is new and, therefore, the Adviser has not paid the Administrator any fees for administrative services to the Fund as of the date of this SAI.

**THE CUSTODIAN**

U.S. Bank National Association, located at 5065 Wooster Rd, Cincinnati, Ohio 45226, serves as the custodian of the Fund (the "Custodian") pursuant to a custodian agreement with the Trust on behalf of the Fund. The Custodian holds cash, securities and other assets of the Fund as required by the 1940 Act.

**THE TRANSFER AGENT**

U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), located at 777 E. Wisconsin Ave., Milwaukee, WI 53202, serves as transfer agent and dividend disbursing agent of the Fund (the "Transfer Agent").

**LEGAL COUNSEL**

Chapman and Cutler LLP, located at 320 South Canal Street, Chicago, IL 60606, serves as legal counsel to the Trust.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, serves as the independent registered public accounting firm for the Fund.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings.

The Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business through financial reporting and news services including publicly available internet websites. In addition, the composition of the in-kind creation basket and the in-kind redemption basket is publicly disseminated daily prior to the opening of the Exchange via the NSCC.

Greater than daily access to information concerning the Fund's portfolio holdings will be permitted (i) to certain personnel of service providers to the Fund involved in portfolio management and providing administrative, operational, risk management, or other support to portfolio management, and (ii) to other personnel of the Fund's service providers who deal directly with, or assist in, functions related to investment management, administration, custody and fund accounting, as may be necessary to conduct business in the ordinary course in a manner consistent with the Trust's exemptive relief, agreements with the Fund, and the terms of the Trust's current registration statement. From time to time, and in the ordinary course of business, such information may also be disclosed (i) to other entities that provide services to the Fund, including pricing information vendors, and third parties that deliver analytical, statistical or consulting services to the Fund and (ii) generally after it has been disseminated to the NSCC.

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

No person is authorized to disclose any of the Fund's portfolio holdings or other investment positions (whether in writing, by fax, by e-mail, orally, or by other means) except in accordance with this policy. The Trust's Chief Compliance Officer may authorize disclosure of portfolio holdings. The Board reviews the implementation of this policy on a periodic basis.

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds (or series) and shares of each fund. Each share of a fund represents an equal proportionate interest in that fund with each other share. Shares of each fund are entitled upon liquidation to a pro rata share in the net assets of that fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees of the Trust may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing shares will not be issued. Each fund's shares, when issued, are fully paid and non-assessable.

Each share of a fund has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances.

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

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, investment adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust, any person who is serving or has served at the Trust's request as a Trustee, officer, trustee, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the extent and in the manner provided in the By-Laws. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**BROKERAGE TRANSACTIONS**

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

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

The Sub-Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full service brokers, the cost of which is bundled with the cost of the broker's execution services. The Sub-Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the Exchange Act permits the Sub-Adviser, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Sub-Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services and computer software and access charges which are directly related to investment research. Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Sub-Adviser, but only if the Sub-Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to: (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate; (2) cause clients to engage in more securities transactions than would otherwise be optimal; and (3) only recommend brokers that provide soft dollar benefits.

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

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

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

The Fund is new and therefore did not pay brokerage commissions during the past fiscal year.

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

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

The Fund is new and therefore did not pay brokerage commissions to affiliated brokers during the past fiscal year.

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

The Fund is new and therefore did not hold any securities of its "regular brokers and dealers" during the past fiscal year.

**PORTFOLIO TURNOVER RATE**

Portfolio turnover may vary from year to year, as well as within a year. High turnover rates are likely to result in comparatively greater brokerage expenses. The overall reasonableness of brokerage commissions is evaluated by the Adviser based upon its knowledge of available information as to the general level of commissions paid by other institutional investors for comparable services.

**BOOK ENTRY ONLY SYSTEM**

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

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

Beneficial ownership of shares of the Fund is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares of the Fund (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 of shares of the Fund. The Trust recognizes DTC or its nominee as the record owner of all shares of the Fund for all purposes. Beneficial Owners of shares of the Fund are not entitled to have such shares registered in their names, and will not receive or be entitled to physical delivery of share certificates. Each Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of shares of the Fund.

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

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares of the Fund. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares of the Fund 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 the Fund's shares, or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

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

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

The Fund is new and therefore no person owned of record or beneficially 5% or more of the Fund's shares as of the date of this SAI.

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

The Fund issues and redeems its shares on a continuous basis, at NAV, only in a large specified number of shares called a "Creation Unit," either principally in-kind for securities or in cash for the value of such securities. The NAV of the Fund's shares is determined once each business day, as described below under "Determination of Net Asset Value." The Creation Unit size may change. Authorized Participants will be notified of such change.

PURCHASE (CREATION). The Trust issues and sells shares of the Fund only: (i) in Creation Units on a continuous basis through the Distributor, without a sales load (but subject to transaction fees), at their NAV per share next determined after receipt of an order, on any business day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"); or (ii) pursuant to the Dividend Reinvestment Service (defined below). The Fund will not issue fractional Creation Units. A business day is, generally, any day on which the Exchange is open for business.

FUND DEPOSIT. The consideration for purchase of a Creation Unit of the Fund generally consists of either (i) the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit, constituting a substantial replication, or a portfolio sampling representation, of the securities included in the Fund's portfolio and the Cash Component (defined below), computed as described below, or (ii) the cash value of the Deposit Securities ("Deposit Cash") and the Cash Component. When accepting purchases of Creation Units for cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser. These additional costs may be recoverable from the purchaser of Creation Units.

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

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

The identity and number of shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund changes as rebalancing adjustments and corporate action events are reflected from time to time by the Adviser with a view to the investment objective of the Fund.

The Trust reserves the right to permit or require the substitution of Deposit Cash to replace any Deposit Security, which shall be added to the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities or the Federal Reserve System for U.S. Treasury securities; (iii) may not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders"). The Trust also reserves the right to permit or require the substitution of Deposit Securities in lieu of Deposit Cash.

CASH PURCHASE METHOD. The Trust may at its discretion permit full or partial cash purchases of Creation Units of the Fund. When full or partial cash 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. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser together with a creation transaction fee and non-standard charges, as may be applicable.

PROCEDURES FOR PURCHASE OF CREATION UNITS. To be eligible to place orders with the Distributor to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party," *i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "BOOK ENTRY ONLY SYSTEM"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent and the Trust, with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee and any other applicable fees, taxes, and additional variable charges. The Adviser may retain all or a portion of the creation transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the creation transaction fee is designed to cover.

All orders to purchase shares directly from the Fund, including custom orders, must be placed for one or more Creation Units in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

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

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

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash and U.S. government securities) or through DTC (for corporate securities), through a sub-custody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the sub-custodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian. The Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than the Settlement Date. The "Settlement Date" for the Fund is generally the second business day after the Order Placement Date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the Settlement Date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the Settlement Date, the creation order may be cancelled and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. Upon written notice to the Distributor, such canceled order may be resubmitted the following business day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order shall be deemed to be received on the business day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 2:00 p.m., Eastern Time, with the Custodian on the Settlement Date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m. Eastern Time on the Settlement Date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, AP Handbook, order form, and this SAI are properly followed.

ISSUANCE OF A CREATION UNIT. Except as provided herein, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the sub-custodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the second business day following the day on which the purchase order is deemed received by the Distributor. However, the Fund reserves the right to settle Creation Unit transactions on a basis other than the second business day following the day on which the purchase order is deemed received by the Distributor in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. The Authorized Participant shall be liable to the Fund for losses, if any, resulting from unsettled orders.

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

ACCEPTANCE OF ORDERS OF CREATION UNITS. The Trust reserves the right to reject an order for Creation Units transmitted to it by Distributor in respect of the Fund including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God 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 Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process, and other extraordinary events. The Distributor shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units. Given the importance of the ongoing issuance of Creation Units to maintaining a market price that is at or close to the underlying net asset value of the Fund, the Trust does not intend to suspend acceptance of orders for Creation Units.

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

CREATION TRANSACTION FEE. A fixed purchase (*i.e.*, creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The Fund may adjust the creation transaction fee from time to time. The creation transaction fee may be waived on certain orders if the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, *e.g.*, brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. The Fund may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, *e.g.*, for creation orders that facilitate the rebalance of the Fund's portfolio in a more efficient manner than could have been achieved without such order.

Investors who use the services of an Authorized Participant, a broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover.

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

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

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

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

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

CASH REDEMPTION METHOD. Although the Trust does not ordinarily permit full or partial cash redemptions of Creation Units of the Fund, when full or partial cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the Authorized Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Redemption Amount to be paid to an in-kind redeemer.

REDEMPTION TRANSACTION FEE. A fixed redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The Fund may adjust the redemption transaction fee from time to time. The redemption transaction fee may be waived on certain orders if the Custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard charges, *e.g.*, brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. The Fund may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, *e.g.*, for redemption orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order.

Investors who use the services of an Authorized Participant, a broker or other such intermediary may be charged a fee for such services, which may include an amount for the redemption transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Fund Securities to the account of the Trust. The non-standard charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of Fund Securities and the Cash Redemption Amount and other transactions costs. The Adviser may retain all or a portion of the redemption transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the redemption of a Creation Unit, which the redemption transaction fee is designed to cover.

PROCEDURES FOR REDEMPTION OF CREATION UNITS. Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to the time as set forth in the Participant Agreement. A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's shares of the Fund through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected, unless, to the extent contemplated by the Participant Agreement, collateral is posted in an amount equal to a percentage of the value of the missing shares of the Fund as specified in the Participant Agreement (and marked to market daily).

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

ADDITIONAL REDEMPTION PROCEDURES. In connection with taking delivery of shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within two business days of the trade date. However, due to the schedule of holidays in certain countries, the different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances, the delivery of in-kind redemption proceeds may take longer than two business days after the day on which the redemption request is received in proper form. If neither the redeeming shareholder nor the Authorized Participant acting on behalf of such redeeming shareholder has appropriate arrangements to take delivery of the Fund Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Fund Securities in such jurisdiction, the Trust may, in its discretion, exercise its option to redeem such shares in cash, and the redeeming shareholders will be required to receive redemption proceeds in cash.

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

Pursuant to the Participant Agreement, an Authorized Participant submitting a redemption request is deemed to make certain representations to the Trust regarding the Authorized Participant's ability to tender for redemption the requisite number of shares of the Fund. The Trust reserves the right to verify these representations at its discretion, but will typically require verification with respect to a redemption request from the Fund in connection with higher levels of redemption activity and/or short interest in the Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of its representations as determined by the Trust, the redemption request will not be considered to have been received in proper form and may be rejected by the Trust.

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

Because the portfolio securities of the Fund may trade on the relevant exchange(s) on days that the Exchange is closed or are otherwise not business days for the Fund, shareholders may not be able to redeem their shares, or to purchase or sell shares on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant foreign markets.

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

**DETERMINATION OF NET ASSET VALUE**

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

In calculating the Fund's NAV per share, the Fund's investments are generally valued using readily available market quotations. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. A market quotation is not "readily available" if it is deemed not to be reliable. Valuations for the Fund's investments may be obtained from an exchange, a pricing service, or a major market maker (or dealer), and based on a readily available price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Adviser may use various pricing services or discontinue the use of any pricing service. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

In the event that current market valuations are not readily available or such valuations do not reflect current market value, the Trust's valuation policy requires the Adviser, as the Fund's Board-approved valuation designee, to determine an investment's fair value in accordance with the Adviser's fair valuation policy and procedures. In determining such fair value, the Adviser may consider, among other things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a review of relevant financial indicators (*e.g.*, movement in interest rates, market indices, and prices). In these cases, the Fund's NAV may reflect certain portfolio securities' fair values rather than their market prices. Fair value pricing involves subjective judgments, and it is possible that the fair value determination for a security is materially different than the value that could be realized upon the sale of the security. With respect to securities that are primarily listed on foreign exchanges, the value of the Fund's portfolio securities may change on days when you will not be able to purchase or sell your shares.

**DIVIDENDS AND DISTRIBUTIONS**

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

<u>General Policies</u>. Dividends from net investment income, if any, are declared and paid monthly by the Fund. Distributions of remaining net realized securities gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis for the Fund to comply with the distribution requirements of the Internal Revenue Code of 1986 in all events in a manner consistent with the provisions of the 1940 Act.

Dividends and other distributions on shares of the Fund are distributed, as described below, on a pro rata basis to Beneficial Owners of such shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Fund.

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

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

**FEDERAL INCOME TAXES**

The following is a summary of certain additional U.S. federal income tax considerations generally affecting the Fund and its shareholders that supplements the summary in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning. The summary is very general, and does not address investors subject to special rules, such as investors who hold shares through an individual retirement account ("IRA"), 401(k) or other tax-advantaged account.

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

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, local or foreign taxes.

<u>Regulated Investment Company Status</u>. The Fund has elected and intends to qualify each year to be treated as a RIC within the meaning of Subchapter M of the Internal Revenue Code. By following such a policy, the Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. If the Fund qualifies as a RIC, it will generally not be subject to federal income taxes on its investment company taxable income and net capital gain that it timely distributes to its shareholders. The Board reserves the right not to maintain the qualification of the Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Internal Revenue Code, the Fund must distribute annually to its shareholders at least an amount equal to the sum of 90% of the Fund's investment company taxable income for such year (including, for this purpose, dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses), computed without regard to the dividends paid deduction, and at least 90% of its net tax-exempt interest income for such year, if any (the "Distribution Requirement") and also must meet certain additional requirements. One of these additional requirements for RIC qualification is that the Fund must receive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to the Fund's business of investing in such stock, securities, foreign currencies and net income from interests in qualified publicly traded partnerships (the "90% Test"). A second requirement for qualification as a RIC is that the Fund must diversify its holdings so that, at the end of each quarter of the Fund's taxable year: (a) at least 50% of the market value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with these other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund's total assets or 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership; and (b) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

If the Fund fails to satisfy the 90% Test or the Asset Test, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Asset Test where the Fund corrects the failure within a specified period of time. In order to be eligible for the relief provisions with respect to a failure to meet the Asset Test, the Fund may be required to dispose of certain assets. If these relief provisions are not available to the Fund and it fails to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the regular corporate income tax rate (currently 21%) without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable as ordinary income dividends to its shareholders to the extent of the Fund's current and accumulated earnings and profits, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by non-corporate shareholders. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. If the Fund determines that it will not qualify for treatment as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

Although the Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and may distribute its net capital gain for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed.

Notwithstanding the Distribution Requirement described above, the Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed taxable income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year and 98.2% of its capital gain net income for the twelve months ended October 31 of such year, subject to an increase for any shortfall in the prior year's distribution. For this purpose, any ordinary income or capital gain net income retained by the Fund and subject to corporate income tax will be considered to have been distributed. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of this 4% excise tax, but can make no assurances that all such tax liability will be completely eliminated. The Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

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

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

<u>Taxation of Shareholders</u>. The Fund receives income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of the Fund, constitutes the Fund's investment company taxable income from which dividends may be paid to you. Any distributions by the Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income (as discussed below), whether you take them in cash or in additional shares.

Subject to certain limitations and requirements, dividends reported by the Fund as qualified dividend income will be taxable to non-corporate shareholders at rates of up to 20%. In general, dividends may be reported by the Fund as qualified dividend income if they are paid from dividends received by the Fund on common and preferred stock of U.S. corporations or on stock of certain eligible foreign corporations, provided that certain holding period and other requirements are met by the Fund with respect to the dividend-paying stocks in its portfolio. Subject to certain limitations, eligible foreign corporations include those incorporated in possessions of the United States or in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from the Fund's assets before it calculates the NAV) with respect to such dividend, (ii) the Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Internal Revenue Code. Therefore, if you lend your shares in the Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that the Fund receives from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. Certain of the Fund's investment strategies may limit its ability to make distributions that are eligible to be treated as qualified dividends.

Distributions by the Fund of its net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of the Fund's net capital gains will be taxable as long-term capital gains for individual shareholders currently set at a maximum rate of 20% regardless of how long you have held your shares in the Fund. 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.

In the case of corporate shareholders, the Fund's distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by the Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. Certain of the Fund's investment strategies may limit its ability to make distributions that qualify for the dividends-received deduction for corporate shareholders.

The Fund's participation in loans of securities may affect the amount, timing, and character of distributions to its shareholders. If the Fund participates in a securities lending transaction and receives a payment in lieu of dividends (a "substitute payment") with respect to securities on loan in a securities lending transaction, such income generally will not constitute qualified dividend income and thus dividends attributable to such income will not be eligible for taxation at the rates applicable to qualified dividend income for individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the positions held and any options sold or purchased are determined to be straddles (offsetting positions), the amount of long-term capital gain available for distribution as a capital gain dividend may be reduced. Because of the loss of long-term capital gains from portfolio investments, in some factual circumstances investors could have a lower after-tax return from investing in the Fund than investing directly in the underlying assets.

The Fund may be required to mark some of its investments to market on an annual basis. Under the Internal Revenue Code, certain types of options are required to be treated as if they were sold at the end of each year. Such treatment would cause the Fund to have taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. Depending upon the circumstances, some assets may need to be sold to fund the required distributions. This process of recognizing deemed income and selling assets to fund distributions may accelerate the time at which Shareholders receive cash but may reduce the overall return on funds employed.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable even though it may economically represent a return of a portion of the shareholder's investment.

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

The Fund's shareholders will be notified annually by the Fund (or their broker) as to the federal tax status of all distributions made by the Fund. Distributions may be subject to state and local taxes. Shareholders who have not held Fund shares for a full year should be aware that the Fund may report and distribute to a shareholder, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the shareholder's period of investment in the Fund.

<u>Sales, Exchanges or Redemptions.</u> A sale or exchange of the Fund's shares by a shareholder or redemption of Creation Units by an Authorized Participant in the Fund may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of shares by a shareholder will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands and will be long-term capital gain or loss if the shares have been held for more than 12 months, and short-term capital gain or loss if the shares are held for 12 months or less. An election may be available to you to defer recognition of capital gain if you make certain qualifying investments within a limited time. However, if shares on which a shareholder has received a long-term capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the long-term capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

An Authorized Participant who exchanges securities for Creation Units generally will recognize gain or loss from the exchange. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. The ability of Authorized Participants to receive a full or partial cash redemption of Creation Units of the Fund may limit the tax efficiency of the Fund. An Authorized Participant who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the exchanger's basis in the Creation Units. The Internal Revenue Service ("IRS"), however, may assert that an Authorized Participant may not be permitted to currently deduct losses realized upon an exchange of securities for Creation Units under the rules governing "wash sales" (for an Authorized Participant that does not mark-to-market its holdings), or on the basis that there has been no significant change in economic position.

Any gain or loss realized upon a creation of Creation Units will be treated as capital gain or loss if the Authorized Participant holds the securities exchanged therefor as capital assets, and otherwise will be ordinary income or loss. Similarly, any gain or loss realized upon a redemption of Creation Units will be treated as capital gain or loss if the Authorized Participant holds the shares comprising the Creation Units as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year, and otherwise will be short-term capital gain or loss. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held for more than one year and otherwise will generally be short-term capital gains or losses. Any capital loss realized upon a redemption of Creation Units held for six months or less should be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gains with respect to the shares included in the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

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

Authorized Participants purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rules apply and when a loss might be deductible.

<u>Net Investment Income Tax</u>. U.S. individuals with adjusted gross income (subject to certain adjustments) exceeding certain threshold amounts ($250,000 if married and filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases) are subject to a 3.8% tax on all or a portion of their "net investment income." This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, interest, dividends and certain capital gains (including capital gain distributions and capital gains realized on the sale of shares of the Fund or the redemption of Creation Units), among other categories of income, are generally taken into account in computing a shareholder's net investment income.

<u>Taxation of Fund Investments</u>. Certain of the Fund's and the Subsidiary's investments and transactions in futures contracts will be subject to complex provisions of the Internal Revenue Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, may affect the character of gains and losses realized by the Fund and the Subsidiary (*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 or Subsidiary and may defer Fund or Subsidiary losses and, in limited cases, subject the Fund to U.S. federal income tax on income from certain of its foreign securities. Because the Subsidiary is a controlled foreign corporation for U.S. federal income tax purposes, this treatment of the Subsidiary's income will affect the income the Fund must recognize. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund and the Subsidiary to mark-to-market certain types of positions in its portfolio (*i.e.*, treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the RIC Distribution Requirement and for avoiding excise taxes. Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records in order to mitigate the effect of these rules and preserve its qualification for treatment as a RIC. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to such underlying funds that also invest in such complex securities and investments.

Certain derivative investments held by the Fund, such as exchange-traded products and over-the-counter derivatives, may not produce qualifying income for purposes of the 90% Test described above, which must be met in order for the Fund to maintain its status as a RIC under the Internal Revenue Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the Asset Test described above. The Fund intends to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that it is adequately diversified under the Asset Test. The Fund, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with the Fund's determination of the Asset Test with respect to such derivatives. Failure of the Asset Test might also result from a determination by the IRS that financial instruments in which the Fund invests are not securities.

The Fund may be required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to Section 1256 of the Internal Revenue Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Fund to mark-to-market certain types of positions in its portfolio (*i.e.,* treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so.

Offsetting positions held by the Fund involving certain derivative instruments, such as options, forwards, and futures, as well as its long and short positions in portfolio securities, may be considered to constitute "straddles" for federal income tax purposes. In general, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's gains and losses with respect to the straddle positions by requiring, among other things, that: (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent that the Fund has unrealized gains with respect to the other positions in the straddle; (2) the Fund's holding period in straddle positions may be suspended while the straddle exists (possibly resulting in a gain being treated as short-term rather than long-term capital gain and potentially affecting the ability of a dividend received by a taxpayer to qualify for treatment as qualified dividend income or be eligible for the dividends received deduction); (3) the losses recognized with respect to certain straddle positions that are part of a mixed straddle and are non-Section 1256 Contracts may be treated as 60% long-term and 40% short-term capital loss; (4) losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses may be treated as long-term capital losses; and (5) the deduction of interest and carrying charges attributable to certain straddle positions may be deferred. Various elections are available to the Fund, which may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.

In general, the straddle rules described above do not apply to any straddles held by the Fund if all of the offsetting positions consist of Section 1256 Contracts. The straddle rules described above also do not apply if all the offsetting positions making up a straddle consist of one or more "qualified covered call options" and the stock to be purchased under the options and the straddle is not part of a larger straddle. A qualified covered call option is generally any option granted by the Fund to purchase stock it holds (or stock it acquires in connection with granting the option) if, among other things, (1) the option is traded on a national securities exchange that is registered with the SEC or other market the IRS determined has rules adequate to carry out the purposes of the applicable Code provision, (2) the option is granted more than 30 days before it expires, (3) the option is not a "deep-in-the-money option," (4) such option is not granted by an options dealer in connection with the dealer's activity of dealing in options, and (5) gain or loss with respect to the option is not ordinary income or loss. In addition, the straddle rules could cause distributions from the Fund that would otherwise constitute "qualified dividend income" or qualify for the dividends received deduction to fail to satisfy the applicable holding period requirements.

To the extent the Fund writes options that are not Section 1256 Contracts, the amount of the premium received by the Fund for writing such options is likely to be entirely short-term capital gain to the Fund. In addition, if such an option is closed by the Fund, any gain or loss realized by the Fund as a result of closing the transaction will also generally be short-term capital gain or loss. If such an option is exercised any gain or loss realized by the Fund upon the sale of the underlying security pursuant to such exercise will generally be short-term or long-term capital gain or loss to the Fund depending on the Fund's holding period for the underlying security.

Certain of the Fund's commodity-related investments may not generate income that is "qualifying income" under the 90% Test (as described above). The Fund will seek to restrict its income from such investments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the 90% Test. However, the Fund might generate more non-qualifying income than anticipated, might not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the 90% Test, or might not be able to determine the percentage of qualifying income it derives for a taxable year until after year-end. Accordingly, the extent to which the Fund invests in commodities or commodity-linked derivatives directly may be limited by the 90% Test, which the Fund must continue to satisfy to maintain its status as a RIC. As such, the Fund could be required to reduce its exposure to such investments, which may result in difficulty in implementing the Fund's investment strategy. Please see the discussion above in the section titled "Regulated Investment Company Status" for a discussion of the impact of the Fund failing to meet the 90% Test. To the extent the Fund invests in an underlying fund that is taxable as a RIC and that directly makes certain commodity-related investments, the tax rules related to such investments and associated risks described above with respect to the Fund will also apply to the underlying fund that makes such commodity-related investments.

The Fund expects to gain most of its exposure to the commodities markets, including in Electricity Futures, through its investment in its Subsidiary, which invests directly in commodity-linked derivative instruments. The Fund's investment in its Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. However, gain or loss from the Subsidiary's investments in Section 1256 Contracts will not be treated as 60% long-term and 40% short-term capital gain or loss for shareholders in the Fund; rather, the gain or loss from the Subsidiary's investment in such Section 1256 Contracts will be treated as ordinary income or loss for shareholders in the Fund.

With respect to investments in STRIPS, TRs, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, the Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because the Fund intends to distribute all of its net investment income to its shareholders, the Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the advisor would not have chosen to sell such securities and which may result in taxable gain or loss.

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

If the Fund acquires any equity interest in certain foreign investment entities (i) 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 (ii) where at least 50% of the corporation's assets (computed based on average fair market value) either produce or are held for the production of passive income ("passive foreign investment companies" or "PFICs"), the Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the Distribution Requirement set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the Distribution Requirement set forth above. Amounts included in income each year by the Fund arising from a QEF election, will be "qualifying income" under the 90% Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies. The Fund intends to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. The Fund may limit and/or manage its holdings in PFICs to limit its tax liability or maximize its return from these investments.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

<u>Foreign Taxes</u>. The Fund may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to any investments in those countries. Any such taxes would, if imposed, reduce the yield on or return from those investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases.

If more than 50 percent of the value of the Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, then the Fund will be eligible to and intends to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, the Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. No deductions for foreign taxes paid by the Fund may be claimed, however, by non-corporate shareholders who do not itemize deductions. No deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If the Fund makes the election, the Fund (or your broker) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by the Fund may be subject to certain limitations imposed by the Internal Revenue Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if the Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

Foreign tax credits, if any, received by the Fund as a result of an investment in another RIC will not be passed through to you unless the Fund qualifies as a "qualified fund of funds" under the Internal Revenue Code. If the Fund is a "qualified fund of funds" it will be eligible to file an election with the IRS that will enable the Fund to pass along these foreign tax credits to its shareholders. The Fund will be treated as a "qualified fund of funds" under the Internal Revenue Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs.

To the extent the Fund invests in an underlying fund that indicates that such underlying fund intends to satisfy the tax requirements to be treated as a RIC under the Internal Revenue Code, the Fund may be able to receive the benefits of a "qualified fund of funds" as described above. If, however, an underlying fund loses its status as a RIC under the Internal Revenue Code, the Fund would no longer be permitted to count its investment in such underlying fund for purposes of satisfying the requirements to be a "qualified fund of funds." In addition, an underlying fund that loses its status as a RIC would be treated as a regular corporation subject to entity level taxation prior to making any distributions to the Fund which would affect the amount, timing and character of such income distributed by an underlying fund to the Fund.

Under certain circumstances, if the Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

<u>Backup Withholding</u>. The Fund (or financial intermediaries, such as brokers, through which a shareholder holds shares of the Fund) will be required in certain cases to withhold (as "backup withholding") at a 24% withholding rate and remit to the U.S. Treasury the withheld amount of taxable dividends paid to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that he or she is not subject to backup withholding; or (4) fails to provide a certified statement that he or she is a U.S. person (including a U.S. resident alien). Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

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

Under legislation known as "FATCA" (the Foreign Account Tax Compliance Act), a U.S. withholding tax of 30% will apply to payments to certain foreign entities of U.S.-source interest and dividends unless various U.S. information reporting and due diligence requirements that are different from, and in addition to, the beneficial owner certification requirements described above have been satisfied. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of the agreement. The Fund will not pay any additional amounts in respect to any amounts withheld. Non-U.S. shareholders should consult their tax advisers regarding the effect, if any, of this legislation on their ownership and sale or disposition of the Fund's common shares.

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

Fund shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account.

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

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

<u>State Taxes</u>. Depending upon state and local law, distributions by the Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that the Fund will not be liable for any corporate excise, income or franchise tax in Delaware if it qualifies as a RIC for federal income tax purposes.

The foregoing discussion is based on U.S. federal tax laws and regulations which are in effect on the date of this SAI. Such laws and regulations may be changed by legislative or administrative action. Shareholders are advised to consult their tax advisors concerning their specific situations and the application of federal, state, local and foreign taxes.

**FINANCIAL STATEMENTS**

The Fund is new and therefore does not have any financial statements. The Fund's financial statements will be available after the Fund has completed its first fiscal year of operations.

**APPENDIX A**

**<u>Exchange Traded Concepts, LLC</u>**

**<u>Proxy Voting Policy and Procedures</u>**

**Introduction**

Exchange Traded Concepts, LLC ("ETC") recognizes that proxies for companies whose securities are held in client portfolios have an economic value, and it seeks to maximize that economic value by ensuring that votes are cast in a manner that it believes to be in the best interest of the affected clients. Proxies are considered client assets and are to be managed with the same care, skill and diligence as all other client assets.

**Proxy Voting Policies**

Proxy voting will be conducted by either ETC or the sub-advisers.<sup>1</sup> To the extent that ETC is responsible for proxy voting, ETC has engaged Institutional Shareholder Services ("ISS"), to provide research on proxy matters and voting recommendations, and to cast votes on behalf of ETC. ISS executes and maintains appropriate records related to the proxy voting process, and ETC has access to those records. ETC maintains records of differences, if any, between this Policy and the actual votes cast. ETC may, in the future, decide to engage a different proxy advisory firm.

ISS has created multiple guidelines to cover various markets and specialties. ETC will apply the most appropriate guidelines to ensure proxy votes are voted consistent with proxy voting policies and procedures and in the best interests of clients. ETC has reviewed each of ISS's voting guidelines and has determined that those guidelines provide guidance in the best interest of ETC's clients. This Policy and ISS's proxy voting guidelines will be reviewed at least annually. This review will include, but will not necessarily be limited to, any proxy voting issues that may have arisen or any material conflicts of interest that were identified and the steps that were taken to resolve those conflicts.

There may be times when ETC believes that the best interests of the client will be better served if ETC votes a proxy counter to ISS's guidelines pertaining to the matter to be voted upon. In those cases, ETC will generally review the research provided by ISS on the particular issue, and it may also conduct its own research or solicit additional research from another third party on the issue. After considering this information and, as necessary, discussing the issue with other relevant parties, ETC will determine how to vote on the issue in a manner which ETC believes is consistent with this Policy and in the best interests of the client.

<sup>1</sup> As of the date of the last revision to this Policy, ETC's clients include the series (or portfolios) of Exchange Traded Concepts Trust, Exchange Listed Funds Trust, and ETF Series Solutions (the "Trusts") for which ETC serves as investment adviser, together with certain series (or portfolios) of trusts for which ETC serves as trading sub-adviser. For certain series for which ETC serves as investment adviser, ETC has engaged one or more sub-advisers. For some series, ETC is responsible for voting proxies and, for the remaining series, another adviser or sub-adviser is responsible for proxy voting.

Each sub-adviser's proxy voting policies and procedures have been approved by the Trusts' Board of Trustees and when a sub-adviser has been delegated authority to vote a proxy, it will vote such proxy in accordance with the approved proxy voting policies and procedures.

In addition, the sub-advisers may engage the services of an independent third party ("Proxy Firm") to cast proxy votes according to the sub-advisers' established guidelines. ETC has deemed in the best interest of clients to permit a sub-adviser the authority to cast proxy votes in accordance with the proxy voting policies submitted by that firm and approved by the Trusts' Board of Trustees. The sub-adviser must promptly notify ETC of any proxy votes that are not voted consistently with the guidelines set forth in its policy.

*Conflict of Interest Identification and Resolution*

Although ETC does not believe that conflicts of interest will generally arise in connection with its proxy voting policies, ETC seeks to minimize the potential for conflict by utilizing the services of ISS to provide voting recommendations that are consistent with relevant regulatory requirements. Occasions may arise during the analysis and voting process in which the best financial interests of clients might conflict with the interests of ISS. ISS has developed a "separation wall" as security between its proxy recommendation service and the other services it and its affiliated companies provide to clients who may also be a portfolio company for which proxies are solicited.

In resolving a conflict, ETC may decide to take one of the following courses of action: (1) determine that the conflict or potential conflict is not material, (2) request that disclosure be made to clients for whom proxies will be voted to disclose the conflict of interest and the recommended proxy vote and to obtain consent from such clients, (3) ETC may vote the proxy or engage an independent third-party or fiduciary to determine how the proxies should be voted, (4) abstain from voting or (5) take another course of action that adequately addresses the potential for conflict. Employees are required to report to the CCO any attempted or actual improper influence regarding proxy voting.

ETC will provide clients a copy of the complete Policy. ETC will also provide to clients, upon request, information on how their securities were voted.

**Proxy Voting Operational Procedures** 

 

*Reconciliation Process*

Each account's custodian provides holdings to ISS on a daily basis. Proxy materials are sent to ISS, which verifies that materials for future shareholder meetings are received for each record date position. ISS researches and resolves situations where expected proxy materials have not been received. ISS also notifies ETC of any proxy materials received that were not expected.

 

*Voting Identified Proxies* 

A proxy is identified when it is reported through the ISS automated system or when a custodian bank notifies ISS of its existence. As a general rule, ETC votes all proxies that it is entitled to vote that are identified within the solicitation period. ETC may apply a cost-benefit analysis to determine whether to vote a proxy. For example, if ETC is required to re-register shares of a company in order to vote a proxy and that re-registration process imposes trading and transfer restrictions on the shares, commonly referred to as "blocking," ETC generally abstains from voting that proxy.

Although not necessarily an exhaustive list, other instances in which ETC may be unable or may determine not to vote a proxy are as follows: (1) situations where the underlying securities have been lent out pursuant to an account's participation in a securities lending program and the cost-benefit ETC analysis indicates that the cost to recall the security outweighs the benefit; (2) instances when proxy materials are not delivered or are delivered in a manner that does not provide ETC sufficient time to analyze the proxy and make an informed decision by the voting deadline; and (3) occasions when required local-market documentation cannot be filed and approved prior to the proxy voting deadline.

 

*Proxy Oversight Procedures*

In order to fulfill its oversight responsibilities related to the use of a proxy advisory firm, ETC will conduct a due diligence review of ISS annually and requests, at a minimum, the following information:

¨ ISS' Policies, Procedures and Practices Regarding Potential Conflicts of Interest

¨ ISS' Regulatory Code of Ethics

¨ The most recent SSAE 16 report of ISS controls conducted by an independent auditor (if available)

¨ ISS' Form ADV Part 2 to determine whether ISS disclosed any new potential conflicts of interest

On a quarterly basis, ETC will request from ISS a certification indicating that all proxies were voted and voted in accordance with pre-determined guidelines and a summary of any material changes to the firm's policies and procedures designed to address conflicts of interest. In addition, a Proxy Voting Record Report is reviewed by ETC on a periodic basis. The Proxy Voting Record Report includes all proxies that were voted during a period of time.

In order to fulfill its oversight responsibilities when a sub-adviser is responsible for voting proxies, ETC will request a certification of compliance and completion and review the sub-advisers' Proxy Voting Record Report on a periodic basis.

*Maintenance of Proxy Voting Records* 

The following records are maintained for a period of five years, with records being maintained for the first two years on site:

o These policy and procedures, and any amendments thereto;

o Each proxy statement (the majority of which are maintained on a third-party automated system);

o Record of each vote cast;

of a client or that memorializes the basis for a decision;

o Various reports related to the above procedures; and

o Each written client request for information and a copy of any written response by ETC to a client's
written or oral request for information.

**PART C: OTHER INFORMATION**

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| **<u>Item 28.</u>** | **<u>Exhibits</u>** |

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|:---|:---|
| (a)(1) | [Certificate of Trust of Exchange Listed Funds Trust (formerly, Exchange Traded Concepts Trust II) (the "Registrant" or the "Trust"), dated April 3, 2012, as filed with the state of Delaware on April 4, 2012, is incorporated herein by reference to Exhibit (a)(1) to the Registrant's Initial Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0001144204-12-023014 on April 20, 2012.](https://www.sec.gov/Archives/edgar/data/1547950/000114420412023014/v310035_ex99-a1.htm) |

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|:---|:---|
| (a)(2) | [Certificate of Amendment, dated June 2, 2015, to the Certificate of Trust dated April 3, 2012, as filed with the State of Delaware on June 2, 2015, is incorporated herein by reference to Exhibit (a)(2) to Post-Effective Amendment No. 16 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No 0001398344-15-003746 on June 5, 2015.](https://www.sec.gov/Archives/edgar/data/1547950/000139834415003746/fp0014614_ex9928a2.htm) |

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|:---|:---|
| (a)(3) | [Registrant's Agreement and Declaration of Trust, dated September 10, 2012, is incorporated herein by reference to Exhibit (a)(2) to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001144204-12-050445 on September 10, 2012.](https://www.sec.gov/Archives/edgar/data/1547950/000114420412050445/v323334_ex99-a2.htm) |

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(b) [Registrant's Amended and Restated By-Laws, dated December 9, 2022, are incorporated herein by reference to Exhibit (b) to Post-Effective Amendment No. 237 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-024791 on March 31, 2023.](https://www.sec.gov/Archives/edgar/data/1547950/000121390023024791/ea151981_ex99-b.htm)

(c) Not applicable.

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|:---|:---|
| (d)(1) | [Advisory Agreement, dated June 12, 2015, between the Registrant and Exchange Traded Concepts, LLC (the "Advisory Agreement") is incorporated herein by reference to Exhibit (d)(2) to Post-Effective Amendment No. 40 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-17-003605 on March 16, 2017.](https://www.sec.gov/Archives/edgar/data/1547950/000139834417003605/fp0024460_ex9928d2.htm) |

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(d)(2) [Schedule A, as revised June 22, 2026, to the Advisory Agreement is filed herewith.](ea029537801_ex99d2.htm)

(d)(3) Revised Schedule A to the Advisory Agreement reflecting the addition of the Armada Private Credit Exposure ETF, Armada Private Equity Managers ETF and Armada Water ETF to be filed by amendment.

(d)(4) Revised Schedule A to the Advisory Agreement reflecting the addition of the ARIA Innovation ETF to be filed by amendment.

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|:---|:---|
| (d)(5) | Revised Schedule A to the Advisory Agreement reflecting the addition of the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF to be filed by amendment. |

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|:---|:---|
| (d)(6) | [Fee Waiver Agreement, dated May 10, 2022, between the Registrant and Exchange Traded Concepts, LLC is incorporated herein by reference to Exhibit (d)(12) to Post-Effective Amendment No. 234 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-22-051959 on August 30, 2022.](https://www.sec.gov/Archives/edgar/data/1547950/000121390022051959/s141357_ex99-d12.htm) |

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|:---|:---|
| (d)(7) | [Fee Waiver Agreement, dated April 30, 2025, between the Registrant and Exchange Traded Concepts, LLC is incorporated herein by reference to Exhibit (d)(5) to Post-Effective Amendment No. 279 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-25-036196 on April 28, 2025](https://www.sec.gov/Archives/edgar/data/1547950/000121390025036196/ea0238808-01_ex99d5.htm). |

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|:---|:---|
| (d)(8) | [Sub-Advisory Agreement, dated March 15, 2017, between Exchange Traded Concepts, LLC and Saba Capital Management, L.P. is incorporated herein by reference to Exhibit (d)(7) to Post-Effective Amendment No. 48 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-17-011061 on August 28, 2017.](https://www.sec.gov/Archives/edgar/data/1547950/000139834417011061/fp0027541_ex9928d7.htm) |

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|:---|:---|
| (d)(9) | [Form of Sub-Advisory Agreement, dated August 12, 2025, between Exchange Traded Concepts, LLC and Cabana LLC, d/b/a Cabana Asset Management (the "Cabana Asset Management Sub-Advisory Agreement") is incorporated herein by reference to Exhibit (d)(7) to Post-Effective Amendment No. 284 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-25-080754 on August 26, 2025](https://www.sec.gov/Archives/edgar/data/1547950/000121390025080754/ea0253748-01_ex99d7.htm). |

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|:---|:---|
| (d)(10) | [Sub-Advisory Agreement, dated December 5, 2023, between Exchange Traded Concepts, LLC and Bancreek Capital Advisors, LLC is incorporated herein by reference to Exhibit (d)(11) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023](https://www.sec.gov/Archives/edgar/data/1547950/000121390023096430/ea166919_ex99-d11.htm). |

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|:---|:---|
| (d)(11) | [Schedule A, as revised December 9, 2025, to the Bancreek Capital Advisors, LLC Sub-Advisory Agreement is incorporated herein by reference to Exhibit (d)(12) to Post-Effective Amendment No. 297 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-004776 on January 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026004776/ea0272185-01_ex99d12.htm). |

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|:---|:---|
| (d)(12) | [Sub-Advisory Agreement, dated September 26, 2024, between Exchange Traded Concepts, LLC and Long Pond Capital, LP is incorporated herein by reference to Exhibit 99.(d)(11) to Post-Effective Amendment No. 278 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001013762-25-004052 on March 28, 2025.](https://www.sec.gov/Archives/edgar/data/1547950/000101376225004052/ea0223273-06_ex99d11.htm) |

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|:---|:---|
| (d)(13) | [Amended Schedule A, dated March 27, 2025, to the Sub-Advisory Agreement between Exchange Traded Concepts, LLC and Long Pond Capital, LP is incorporated herein by reference to Exhibit 99.(d)(12) to Post-Effective Amendment No. 278 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001013762-25-004052 on March 28, 2025.](https://www.sec.gov/Archives/edgar/data/1547950/000101376225004052/ea0223273-06_ex99d12.htm) |

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|:---|:---|
| (d)(14) | [Sub-Advisory Agreement, dated January 26, 2026, between Exchange Traded Concepts, LLC and II Technology, LLC is incorporated herein by reference to Exhibit (d)(17) to Post-Effective Amendment No. 305 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-016652 on February 17, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026016652/ea0276962-01_ex99d17.htm). |

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|:---|:---|
| (d)(15) | [Sub-Advisory Agreement, dated March 26, 2026, between Exchange Traded Concepts, LLC and WallStreetX ETFs, Inc. is incorporated herein by reference to Exhibit (d)(18) to Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-035771 on March 30, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026035771/ea0283571-01_ex99d18.htm). |

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|:---|:---|
| (d)(16) | [Sub-Advisory Agreement, dated April 21, 2026, between Exchange Traded Concepts, LLC and Bancreek Capital Strategies, LLC is incorporated herein by reference to Exhibit (d)(18) to Post-Effective Amendment No. 323 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-048706 on April 29, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026048706/ea028743201_ex99d18.htm). |

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(d)(17) [Form of Sub-Advisory Agreement between Exchange Traded Concepts, LLC and Skylar Capital Management, LP is filed herewith.](ea029537801_ex99d17.htm)

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|:---|:---|
| (d)(18) | Amended Schedule A to the WallStreetX ETFs, Inc. Sub-Advisory Agreement reflecting the addition of the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETFto be filed by amendment. |

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(d)(19) Sub-Advisory Agreement between Exchange Traded Concepts, LLC and Armada ETF Advisors, LLC to be filed by amendment.

(d)(20) Sub-Advisory Agreement between Exchange Traded Concepts, LLC and Viking Fund Management, LLC to be filed by amendment.

(d)(21) Sub-Advisory Agreement between Exchange Traded Concepts, LLC and Ariam Global, Inc. to be filed by amendment.

(d)(22) [Form of Investment Management Agreement between Exchange Traded Concepts, LLC and Cayman Islands Subsidiary is filed herewith.](ea029537801_ex99d22.htm)

(d)(23) [Form of Sub-Advisory Agreement for Cayman Islands Subsidiary is filed herewith.](ea029537801_ex99d23.htm)

---

| | |
|:---|:---|
| (e)(1) | [ETF Distribution Agreement, effective as of September 30, 2021, between the Registrant and Foreside Fund Services, LLC (the "Novated ETF Distribution Agreement") is incorporated herein by reference to Exhibit (e)(1) to Post-Effective Amendment No. 228 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-22-023171 on May 2, 2022.](https://www.sec.gov/Archives/edgar/data/1547950/000121390022023171/s136963_ex99-e1.htm) |

---

---

| | |
|:---|:---|
| (e)(2) | [ETF Distribution Agreement, dated May 31, 2017, between the Registrant and Foreside Fund Services, LLC is incorporated herein by reference to Exhibit (e)(1) to Post-Effective Amendment No. 45 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-17-008378 on July 7, 2017.](https://www.sec.gov/Archives/edgar/data/1547950/000139834417008378/fp0026644_ex9928e1.htm) |

---

---

| | |
|:---|:---|
| (e)(3) | [ETF Distribution Agreement, dated May 23, 2013, between the Registrant and Foreside Fund Services, LLC is incorporated herein by reference to Exhibit (e)(1) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-13-002713 on June 3, 2013.](https://www.sec.gov/Archives/edgar/data/1547950/000139834413002713/fp0007341_ex9928e1.htm) |

---

---

| | |
|:---|:---|
| (e)(4) | [First Amendment, effective as of April 13, 2022, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(4) to Post-Effective Amendment No. 228 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-22-023171 on May 2, 2022.](https://www.sec.gov/Archives/edgar/data/1547950/000121390022023171/s136963_ex99-e4.htm) |

---

---

| | |
|:---|:---|
| (e)(5) | [Second Amendment, dated May 9, 2023, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(5) to Post-Effective Amendment No. 239 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-041530 on May 19, 2023.](https://www.sec.gov/Archives/edgar/data/1547950/000121390023041530/ea155020_ex99-e5.htm) |

---

---

| | |
|:---|:---|
| (e)(6) | [Third Amendment, effective as of October 18, 2023, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(6) to Post-Effective Amendment No. 244 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-082241 on November 1, 2023.](https://www.sec.gov/Archives/edgar/data/1547950/000121390023082241/ea164187_ex99-e6.htm) |

---

---

| | |
|:---|:---|
| (e)(7) | [Fourth Amendment, effective as of November 22, 2023, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(7) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023](https://www.sec.gov/Archives/edgar/data/1547950/000121390023096430/ea166919_ex99-e7.htm). |

---

---

| | |
|:---|:---|
| (e)(8) | [Fifth Amendment, effective as of March 11, 2024, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(8) to Post-Effective Amendment No. 250 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-020963 on March 8, 2024](https://www.sec.gov/Archives/edgar/data/1547950/000121390024020963/ea0201272_ex99-e8.htm). |

---

---

| | |
|:---|:---|
| (e)(9) | [Sixth Amendment, effective as of July 27, 2024, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(9) to Post-Effective Amendment No. 264 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-080369 on September 19, 2024](https://www.sec.gov/Archives/edgar/data/1547950/000121390024080369/ea021475501_ex99-e9.htm). |

---

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| | |
|:---|:---|
| (e)(10) | [Seventh Amendment, effective as of September 19, 2024, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(10) to Post-Effective Amendment No. 264 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-080369 on September 19, 2024](https://www.sec.gov/Archives/edgar/data/1547950/000121390024080369/ea021475501_ex99-e10.htm). |

---

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| | |
|:---|:---|
| (e)(11) | [Eighth Amendment, effective December 12, 2024, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(11) to Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-111330 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1547950/000121390024111330/ea022516701_ex99-e11.htm) |

---

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| | |
|:---|:---|
| (e)(12) | [Ninth Amendment, effective December 9, 2025, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(12) to Post-Effective Amendment No. 297 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-004776 on January 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026004776/ea0272185-01_ex99e12.htm). |

---

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| | |
|:---|:---|
| (e)(13) | [Tenth Amendment, effective February 3, 2026, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(13) to Post-Effective Amendment No. 302 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-014436 on February 11, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026014436/ea0276282-01_ex99e13.htm). |

---

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| | |
|:---|:---|
| (e)(14) | [Eleventh Amendment, effective March 25, 2026, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(14) to Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-035771 on March 30, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026035771/ea0283571-01_ex99e14.htm). |

---

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| | |
|:---|:---|
| (e)(15) | [Twelfth Amendment, effective April 9, 2026, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(15) to Post-Effective Amendment No. 316 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-044196 on April 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026044196/ea028641701_ex99e15.htm). |

---

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| | |
|:---|:---|
| (e)(16) | [Thirteenth Amendment, effective April 22, 2026, to the Novated ETF Distribution Agreement is incorporated herein by reference to Exhibit (e)(16) to Post-Effective Amendment No. 323 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-048706 on April 29, 2026.](https://www.sec.gov/Archives/edgar/data/1547950/000121390026048706/ea028743201_ex99e16.htm) |

---

(e)(17) [Fourteenth Amendment, effective June 17, 2026, to the Novated ETF Distribution Agreement reflecting the addition of the Skylar Electricity Futures ETF is filed herewith.](ea029537801_ex99e17.htm)

(e)(18) Amendment to the Novated ETF Distribution Agreement reflecting the addition of the Armada Private Credit Exposure ETF, Armada Private Equity Managers ETF and Armada Water ETF to be filed by amendment.

(e)(19) Amendment to the Novated ETF Distribution Agreement reflecting the addition of the ARIA Innovation ETF to be filed by amendment.

---

| | |
|:---|:---|
| (e)(20) | Amendment to the Novated ETF Distribution Agreement reflecting the addition of the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF to be filed by amendment. |

---

---

| | |
|:---|:---|
| (e)(21) | [Form of Participant Agreement between Foreside Fund Services, LLC and Citibank, N.A. is incorporated herein by reference to Exhibit (e)(2) to Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-13-002986 on June 28, 2013.](https://www.sec.gov/Archives/edgar/data/1547950/000139834413002986/fp0007516_ex9928e2.htm) |

---

(f) Not applicable.

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| | |
|:---|:---|
| (g)(1) | [Custodian and Transfer Agent Agreement, dated December 13, 2023, between the Registrant and Brown Brothers Harriman & Co. (the "BBH Custodian and Transfer Agent Agreement") is incorporated herein by reference to Exhibit (g)(3) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023](https://www.sec.gov/Archives/edgar/data/1547950/000121390023096430/ea166919_ex99-g3.htm). |

---

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| | |
|:---|:---|
| (g)(2) | [Amendment, dated February 1, 2025, to the BBH Custodian and Transfer Agent Agreement is incorporated herein by reference to Exhibit (g)(3) to Post-Effective Amendment No. 293 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-25-124353 on December 22, 2025](https://www.sec.gov/Archives/edgar/data/1547950/000121390025124353/ea0269813-01_ex99g3.htm). |

---

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| | |
|:---|:---|
| (g)(3) | [Revised Appendix A, effective April 16, 2026, to the BBH Custodian and Transfer Agent Agreement is incorporated herein by reference to Exhibit (g)(3) to Post-Effective Amendment No. 321 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-047633 on April 27, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026047633/ea0286568-01_ex99g3.htm). |

---

(g)(4) Revised Appendix A to the BBH Custodian and Transfer Agent Agreement reflecting the addition of the Armada Private Credit Exposure ETF, Armada Private Equity Managers ETF and Armada Water ETF to be filed by amendment.

---

| | |
|:---|:---|
| (g)(5) | [Fund Servicing Agreement, dated March 3, 2026, between the Registrant and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services) ("U.S. Bank GFS Fund Servicing Agreement") is incorporated herein by reference to Exhibit (g)(7) to Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-035771 on March 30, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026035771/ea0283571-01_ex99g7.htm). |

---

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| | |
|:---|:---|
| (g)(6) | [First Amendment, dated March 27, 2026, to the U.S. Bank GFS Fund Servicing Agreement is incorporated herein by reference to Exhibit (g)(8) to Post-Effective Amendment No. 316 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-044196 on April 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026044196/ea028641701_ex99g8.htm). |

---

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| | |
|:---|:---|
| (g)(7) | [Second Amendment, dated April 13, 2026, to the U.S. Bank GFS Fund Servicing Agreement is incorporated herein by reference to Exhibit (g)(9) to Post-Effective Amendment No. 316 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-044196 on April 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026044196/ea028641701_ex99g9.htm). |

---

(g)(8) [Third Amendment, dated April 22, 2026, to the U.S. Bank GFS Fund Servicing Agreement is filed herewith.](ea029537801_ex99g8.htm)

(g)(9) [Fourth Amendment, dated June 17, 2026, to the U.S. Bank GFS Fund Servicing Agreement is filed herewith.](ea029537801_ex99g9.htm)

(g)(10) Amendment to the U.S. Bank GFS Fund Servicing Agreement reflecting the addition of the ARIA Innovation ETF to be filed by amendment.

---

| | |
|:---|:---|
| (g)(11) | Amendment to the U.S. Bank GFS Fund Servicing Agreement reflecting the addition of the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF to be filed by amendment. |

---

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| | |
|:---|:---|
| (g)(12) | [ETF Custody Agreement, dated March 3, 2026, between the Registrant and U.S. Bank National Association ("U.S. Bank Custody Agreement") is incorporated herein by reference to Exhibit (g)(11) to Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-035771 on March 30, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026035771/ea0283571-01_ex99g11.htm). |

---

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| | |
|:---|:---|
| (g)(13) | [First Amendment, dated March 27, 2026, to the U.S. Bank Custody Agreement is incorporated herein by reference to Exhibit (g)(14) to Post-Effective Amendment No. 316 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-044196 on April 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026044196/ea028641701_ex99g14.htm). |

---

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| | |
|:---|:---|
| (g)(14) | [Second Amendment, dated April 13, 2026, to the U.S. Bank Custody Agreement is incorporated herein by reference to Exhibit (g)(15) to Post-Effective Amendment No. 316 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-044196 on April 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026044196/ea028641701_ex99g15.htm). |

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(g)(15) [Third Amendment, dated April 22, 2026, to the U.S. Bank Custody Agreement is filed herewith.](ea029537801_ex99g15.htm)

(g)(16) [Fourth Amendment, dated June 17, 2026, to the U.S. Bank Custody Agreement is filed herewith.](ea029537801_ex99g16.htm)

(g)(17) Amendment to the U.S. Bank Custody Agreement reflecting the addition of the ARIA Innovation ETF to be filed by amendment.

---

| | |
|:---|:---|
| (g)(18) | Amendment to the U.S. Bank Custody Agreement reflecting the addition of the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF to be filed by amendment. |

---

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| | |
|:---|:---|
| (h)(1) | [ETF Master Services Agreement, dated December 5, 2023, between the Registrant and Ultimus Fund Services, LLC (the "Ultimus Master Services Agreement"), is incorporated herein by reference to Exhibit (h)(4) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023](https://www.sec.gov/Archives/edgar/data/1547950/000121390023096430/ea166919_ex99-h4.htm). |

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(h)(2) [Amended Schedule A, dated \[ \], to the Master Services Agreement is filed herewith.](ea029537801_ex99h2.htm)

(h)(3) Amended Schedule A to the Master Services Agreement reflecting the addition of the Armada Private Credit Exposure ETF, Armada Private Equity Managers ETF and Armada Water ETF to be filed by amendment.

(h)(4) Amended Schedule A to the Master Services Agreement reflecting the addition of the ARIA Innovation ETF to be filed by amendment.

---

| | |
|:---|:---|
| (h)(5) | Amended Schedule A to the Master Services Agreement reflecting the addition of the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF to be filed by amendment. |

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| | |
|:---|:---|
| (h)(6) | [Platform Services Agreement, dated January 2, 2023, between the Registrant, ETC Platform Services, LLC and Exchange Traded Concepts, LLC (the "Platform Services Agreement") is incorporated herein by reference to Exhibit (h)(6) to Post-Effective Amendment No. 239 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-041530 on May 19, 2023.](https://www.sec.gov/Archives/edgar/data/1547950/000121390023041530/ea155020_ex99-h6.htm) |

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|:---|:---|
| (h)(7) | [Expense Limitation Agreement, effective as of May 10, 2022, between the Registrant and Exchange Traded Concepts, LLC (the "Expense Limitation Agreement'") is incorporated herein by reference to Exhibit (h)(15) to Post-Effective Amendment No. 234 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-22-051959 on August 30, 2022.](https://www.sec.gov/Archives/edgar/data/1547950/000121390022051959/s141357_ex99-h15.htm) |

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| | |
|:---|:---|
| (h)(8) | [Amended Schedule A, dated April 21, 2026, to the Expense Limitation Agreement is incorporated herein by reference to Exhibit (h)(9) to Post-Effective Amendment No. 323 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-048706 on April 29, 2026.](https://www.sec.gov/Archives/edgar/data/1547950/000121390026048706/ea028743201_ex99h9.htm) |

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|:---|:---|
| (h)(9) | [Authorized Use Agreement, dated November 20, 2020, and Exhibit A thereto, amended as of October 18, 2023, between the Registrant and Exchange Traded Concepts, LLC is incorporated herein by reference to Exhibit (h)(15) to Post-Effective Amendment No. 244 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-082241 on November 1, 2023.](https://www.sec.gov/Archives/edgar/data/1547950/000121390023082241/ea164187_ex99-h15.htm) |

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|:---|:---|
| (h)(10) | [Form of Rule 12d1-4 Fund of Funds Investment Agreement is incorporated herein by reference to Exhibit (h)(16) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023.](https://www.sec.gov/Archives/edgar/data/1547950/000121390023096430/ea166919_ex99-h16.htm) |

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|:---|:---|
| (h)(11) | [Sub-License Agreement, dated September 30, 2024, between the Registrant and Exchange Traded Concepts, LLC, relating to the Stratified LargeCap Index ETF and Stratified LargeCap Hedged ETF is incorporated herein by reference to Exhibit (h)(9) to Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-111330 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1547950/000121390024111330/ea022516701_ex99-h9.htm) |

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| | |
|:---|:---|
| (h)(12) | [Sub-License Agreement, dated December 20, 2024, between the Registrant and Exchange Traded Concepts, LLC, relating to the PLUS Korea Defense Industry Index ETF, is incorporated herein by reference to Exhibit (h)(10) to Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-111330 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1547950/000121390024111330/ea022516701_ex99-h10.htm) |

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(h)(13) Amended Exhibit A to the Sub-License Agreement, between the Registrant and Exchange Traded Concepts, LLC, relating to the PLUS Korea Manufacturing Core Alliance Index ETF, to be filed by amendment.

(h)(14) Sub-License Agreement, between the Registrant and Exchange Traded Concepts, LLC, relating to the Climate Global - Climate Resilient US REIT Index ETF, to be filed by amendment.

---

| | |
|:---|:---|
| (h)(15) | [Sub-License Agreement, between the Registrant and Exchange Traded Concepts, LLC, relating to the PurePlay Nvidia Ecosystem Picks & Shovels Index ETF, is incorporated herein by reference to Exhibit (h)(16) to Post-Effective Amendment No. 316 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-044196 on April 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026044196/ea028641701_ex99h16.htm). |

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| | |
|:---|:---|
| (i)(1) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius, LLP, relating to Saba Closed-End Funds ETF, is incorporated herein by reference to Exhibit (i)(4) to Post-Effective Amendment No. 40 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-17-003605 on March 16, 2017.](https://www.sec.gov/Archives/edgar/data/1547950/000139834417003605/fp0024460_ex9928i4.htm) |

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| | |
|:---|:---|
| (i)(2) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius, LLP, relating to the QRAFT AI-Enhanced U.S. Large Cap ETF and QRAFT AI-Enhanced U.S. Large Cap Momentum ETF, is incorporated herein by reference to Exhibit (i)(6) to Post-Effective Amendment No. 142 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001615774-19-007494 on May 10, 2019.](https://www.sec.gov/Archives/edgar/data/1547950/000161577419007494/s118182_ex99-i6.htm) |

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| | |
|:---|:---|
| (i)(3) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP, relating to the Cabana Target Drawdown 7 ETF (now, the Cabana Target Beta ETF) and Cabana Target Drawdown 10 ETF is incorporated herein by reference to Exhibit (i)(6) to Post-Effective Amendment No. 177 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-20-026494 on September 14, 2020.](https://www.sec.gov/Archives/edgar/data/1547950/000121390020026494/s127396_ex99-i6.htm) |

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| | |
|:---|:---|
| (i)(4) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP, relating to the Cabana Target Leading Sector Moderate ETF, is incorporated herein by reference to Exhibit (i)(10) to Post-Effective Amendment No. 212 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-21-035815 on July 6, 2021.](https://www.sec.gov/Archives/edgar/data/1547950/000121390021035815/s132760_ex99-i10.htm) |

---

---

| | |
|:---|:---|
| (i)(5) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP, relating to the LG QRAFT AI-Powered U.S. Large Cap Core ETF, is incorporated herein by reference to Exhibit (i)(11) to Post-Effective Amendment No. 244 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-082241 on November 1, 2023.](https://www.sec.gov/Archives/edgar/data/1547950/000121390023082241/ea164187_ex99-i11.htm) |

---

---

| | |
|:---|:---|
| (i)(6) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Bancreek U.S. Large Cap ETF, is incorporated herein by reference to Exhibit (i)(12) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023](https://www.sec.gov/Archives/edgar/data/1547950/000121390023096430/ea166919_ex99-i12.htm). |

---

---

| | |
|:---|:---|
| (i)(7) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Bancreek International Large Cap ETF, is incorporated herein by reference to Exhibit (i)(10) to Post-Effective Amendment No. 250 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-020963 on March 8, 2024](https://www.sec.gov/Archives/edgar/data/1547950/000121390024020963/ea0201272_ex99-i10.htm). |

---

---

| | |
|:---|:---|
| (i)(8) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Stratified LargeCap Index ETF and Stratified LargeCap Hedged ETF, are incorporated herein by reference to Exhibit (i)(11) to Post-Effective Amendment No. 264 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-080369 on September 19, 2024](https://www.sec.gov/Archives/edgar/data/1547950/000121390024080369/ea021475501_ex99-i11.htm). |

---

---

| | |
|:---|:---|
| (i)(9) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the PLUS Korea Defense Industry Index ETF, is incorporated herein by reference to Exhibit (i)(12) to Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-111330 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1547950/000121390024111330/ea022516701_ex99-i12.htm) |

---

---

| | |
|:---|:---|
| (i)(10) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Long Pond Real Estate Select ETF, is incorporated herein by reference to Exhibit (i)(13) to Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700, as filed with the SEC via EDGAR Accession No. 0001213900-25-024225 on March 17, 2025.](https://www.sec.gov/Archives/edgar/data/1547950/000121390025024225/ea022327301_ex99-i13.htm) |

---

---

| | |
|:---|:---|
| (i)(11) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Bancreek Global Select ETF, is incorporated herein by reference to Exhibit (i)(11) to Post-Effective Amendment No. 297 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-004776 on January 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026004776/ea0272185-01_ex99i11.htm). |

---

---

| | |
|:---|:---|
| (i)(12) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Climate Global - Climate Resilient REIT Index ETF, is incorporated herein by reference to Exhibit (i)(12) to Post-Effective Amendment No. 302 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-014436 on February 11, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026014436/ea0276282-01_ex99i12.htm). |

---

---

| | |
|:---|:---|
| (i)(13) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the ARMOR Core Risk-Managed ETF, is incorporated herein by reference to Exhibit (i)(14) to Post-Effective Amendment No. 305 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-016652 on February 17, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026016652/ea0276962-01_ex99i14.htm). |

---

---

| | |
|:---|:---|
| (i)(14) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the xETFs NVDA Daily Income ETF, xETFs MSTR Daily Income ETF, xETFs BMNR Daily Income ETF, xETFs HOOD Daily Income ETF, xETFs PLTR Daily Income ETF, xETFs TSLA Daily Income ETF and xETFs COIN Daily Income ETF, is incorporated herein by reference to Exhibit (i)(14) to Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-035771 on March 30, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026035771/ea0283571-01_ex99i14.htm). |

---

---

| | |
|:---|:---|
| (i)(15) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the PurePlay Nvidia Ecosystem Picks & Shovels Index ETF, is incorporated herein by reference to Exhibit (i)(15) to Post-Effective Amendment No. 316 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-044196 on April 16, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026044196/ea028641701_ex99i15.htm). |

---

---

| | |
|:---|:---|
| (i)(16) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the PLUS Korea Manufacturing Core Alliance Index ETF, is incorporated herein by reference to Exhibit (i)(16) to Post-Effective Amendment No. 321 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-047633 on April 27, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026047633/ea0286568-01_ex99i16.htm). |

---

---

| | |
|:---|:---|
| (i)(17) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Billionaires Club ETF, is incorporated herein by reference to Exhibit (i)(17) to Post-Effective Amendment No. 323 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-048706 on April 29, 2026.](https://www.sec.gov/Archives/edgar/data/1547950/000121390026048706/ea028743201_ex99i17.htm) |

---

(i)(18) [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Skylar Electricity Futures ETF is filed herewith.](ea029537801_ex99i18.htm)

(i)(19) Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Armada Private Credit Exposure ETF, Armada Private Equity Managers ETF and Armada Water ETF, to be filed by amendment.

(i)(20) Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Integrity Dividend Harvest ETF, to be filed by amendment.

(i)(21) Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the ARIA Innovation ETF, to be filed by amendment.

---

| | |
|:---|:---|
| (i)(22) | Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF, to be filed by amendment. |

---

(j) Not applicable.

(k) Not applicable.

(l) [Seed Capital Subscription Agreement, dated May 21, 2013, between the Registrant and Horizons ETFs Management (USA) LLC is incorporated herein by reference to Exhibit (l) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-13-002713 on June 3, 2013.](https://www.sec.gov/Archives/edgar/data/1547950/000139834413002713/fp0007341_ex9928l.htm)

---

| | |
|:---|:---|
| (m)(1) | [Distribution and Service Plan, adopted September 26, 2012, with Exhibit A revised as of March 6, 2025, is incorporated herein by reference to Exhibit (m) to Post-Effective Amendment No. 275 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-25-021736 on March 7, 2025.](https://www.sec.gov/Archives/edgar/data/1547950/000121390025021736/ea023353001_ex99m.htm) |

---

(m)(2) [Revised Exhibit A, dated June 22, to the Distribution and Service Plan is filed herewith.](ea029537801_ex99m2.htm)

(m)(3) Revised Exhibit A to the Distribution and Service Plan reflecting the addition of the Armada Private Credit Exposure ETF, Armada Private Equity Managers ETF and Armada Water ETF to be filed by amendment.

(m)(4) Revised Exhibit A to the Distribution and Service Plan reflecting the addition of the ARIA Innovation ETF to be filed by amendment.

---

| | |
|:---|:---|
| (m)(5) | Revised Exhibit A to the Distribution and Service Plan reflecting the addition of the xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF to be filed by amendment. |

---

(n) Not applicable.

(o) Not applicable.

---

| | |
|:---|:---|
| (p)(1) | [Code of Ethics of Registrant, as amended December 30, 2022, is incorporated herein by reference to Exhibit (p)(1) to Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-111330 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1547950/000121390024111330/ea022516701_ex99-p1.htm) |

---

---

| | |
|:---|:---|
| (p)(2) | [Code of Ethics of Exchange Traded Concepts, LLC, dated January 2025, is incorporated herein by reference to Exhibit (p)(2) to Post-Effective Amendment No. 284 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-25-080754 on August 26, 2025.](https://www.sec.gov/Archives/edgar/data/1547950/000121390025080754/ea0253748-01_ex99p2.htm) |

---

---

| | |
|:---|:---|
| (p)(3) | [Code of Ethics of Saba Capital Management, L.P., dated May 2024, is incorporated herein by reference to Exhibit (p)(3) to Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-111330 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1547950/000121390024111330/ea022516701_ex99-p3.htm) |

---

---

| | |
|:---|:---|
| (p)(4) | [Code of Ethics of Cabana LLC, d/b/a/ Cabana Asset Management, dated January 2, 2024, is incorporated herein by reference to Exhibit (p)(4) to Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-24-111330 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1547950/000121390024111330/ea022516701_ex99-p4.htm) |

---

---

| | |
|:---|:---|
| (p)(5) | [Code of Ethics of Bancreek Capital Advisors, LLC is incorporated herein by reference to Exhibit (p)(6) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023](https://www.sec.gov/Archives/edgar/data/1547950/000121390023096430/ea166919_ex99-p6.htm). |

---

---

| | |
|:---|:---|
| (p)(6) | [Code of Ethics of Long Pond Capital, LP is incorporated herein by reference to Exhibit (p)(6) to Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700, as filed with the SEC via EDGAR Accession No. 0001213900-25-024225 on March 17, 2025.](https://www.sec.gov/Archives/edgar/data/1547950/000121390025024225/ea022327301_ex99-p6.htm) |

---

---

| | |
|:---|:---|
| (p)(7) | [Code of Ethics of II Technology, LLC, dated February 1, 2026, is incorporated herein by reference to Exhibit (p)(7) to Post-Effective Amendment No. 305 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-016652 on February 17, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026016652/ea0276962-01_ex99p7.htm). |

---

---

| | |
|:---|:---|
| (p)(8) | [Code of Ethics of WallStreetX ETFs, Inc., dated January 2026, is incorporated herein by reference to Exhibit (p)(8) to Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-035771 on March 30, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026035771/ea0283571-01_ex99p8.htm). |

---

---

| | |
|:---|:---|
| (p)(9) | [Code of Ethics of Bancreek Capital Strategies, LLC is incorporated herein by reference to Exhibit (p)(9) to Post-Effective Amendment No. 323 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-26-048706 on April 29, 2026](https://www.sec.gov/Archives/edgar/data/1547950/000121390026048706/ea028743201_ex99p9.htm). |

---

(p)(10) [Code of Ethics of Skylar Capital Management, LP is filed herewith.](ea029537801_ex99p10.htm)

(p)(11) Code of Ethics of Armada ETF Advisors, LLC to be filed by amendment.

(p)(12) Code of Ethics of Viking Fund Management, LLC to be filed by amendment.

(p)(13) Code of Ethics of Ariam Global, Inc. to be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [Powers of Attorney, dated September 25, 2025, for Ms. Linda Petrone and Messrs. Timothy J. Jacoby, Stuart Strauss and J. Garrett Stevens are incorporated herein by reference to Exhibit (q) to Post-Effective Amendment No. 286 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700, as filed with the SEC via EDGAR Accession No. 0001213900-25-096060 on October 3, 2025.](https://www.sec.gov/Archives/edgar/data/1547950/000121390025096060/ea025998901_ex99q.htm)

---

| | |
|:---|:---|
| **<u>Item 29.</u>** | **<u>Persons Controlled by or Under Common Control with the Fund</u>** |

---

Not applicable.

---

| | |
|:---|:---|
| **<u>Item 30.</u>** | **<u>Indemnification</u>** |

---

The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, and, subject to the provisions of the By-Laws, the Trust out of its assets may indemnify and hold harmless each and every Trustee and officer of the Trust from and against any and all claims, demands, costs, losses, expenses, and damages whatsoever arising out of or related to such Trustee's or officer's performance of his or her duties as a Trustee or officer of the Trust; provided that nothing herein contained shall indemnify, hold harmless or protect any Trustee or officer from or against any liability to the Trust or any Shareholder to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

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

---

| | |
|:---|:---|
| **<u>Item 31.</u>** | **<u>Business and Other Connections of the Investment Adviser</u>** |

---

Exchange Traded Concepts, LLC (the "Adviser") serves as investment adviser for each series of the Trust. The principal address of the Adviser is 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120. The Adviser is an investment adviser registered under the Investment Advisers Act of 1940.

II Technology, LLC ("II Technology") serves as the investment sub-adviser for the Trust's ARMOR Core Risk-Managed ETF. The principal address of II Technology is 8710 W. Highway 71, Suite 201, Austin, Texas 78735. II Technology is an investment adviser registered under the Investment Advisers Act of 1940.

Ariam Global, Inc. ("Ariam Global") serves as the investment sub-adviser for the Trust's ARIA Innovation ETF. The principal address of Ariam Global is 9171 Towne Centre Dr., Suite 190, San Diego, CA 92122.

Armada ETF Advisors, LLC ("Armada") serves as the investment sub-adviser for the Trust's Armada Private Credit Exposure ETF, Armada Private Equity Managers ETF, and Armada Water ETF. The principal address of Armada is 39500 High Point Blvd., Suite 200, Novi, MI 48375. Armada is an investment adviser registered under the Investment Advisers Act of 1940.

Bancreek Capital Advisors, LLC ("Bancreek Capital Advisors") serves as the investment sub-adviser for the Trust's Registrant's Bancreek U.S. Large Cap ETF, Bancreek International Large Cap ETF, and Bancreek Global Select ETF. The principal address of Bancreek Capital Advisors is 401 Wilshire Boulevard, Suite 1200, Santa Monica, California 90401. Bancreek Capital Advisors is an investment adviser registered under the Investment Advisers Act of 1940.

Bancreek Capital Strategies, LLC ("Bancreek Capital Strategies") serves as the investment sub-adviser for the Trust's Registrant's Billionaires Club ETF. The principal address of Bancreek Capital Strategies is 401 Wilshire Boulevard, Suite 1200, Santa Monica, California 90401. Bancreek Capital Strategies is an investment adviser registered under the Investment Advisers Act of 1940.

Cabana LLC, d/b/a Cabana Asset Management ("Cabana"), serves as the investment sub-adviser for the Trust's Cabana Target Beta ETF, Cabana Target Drawdown 10 ETF, and Cabana Target Leading Sector Rotation Moderate ETF. The principal address for Cabana is 220 South School Avenue, Fayetteville, Arkansas 72701. Cabana is an investment adviser registered under the Investment Advisers Act of 1940.

Long Pond Capital, LP ("Long Pond") serves as the investment sub-adviser for the Trust's Long Pond Real Estate Select ETF. The principal address of Long Pond is 527 Madison Avenue, 15th Floor, New York, New York 10022. Long Pond is an investment adviser registered under the Investment Advisers Act of 1940.

Saba Capital Management, L.P. ("Saba") serves as investment sub-adviser for the Trust's Saba Closed-End Funds ETF. The principal address of Saba is 405 Lexington Avenue, 58th Floor, New York, New York 10174-7199. Saba is an investment adviser registered under the Investment Advisers Act of 1940.

Skylar Capital Management, LP ("Skylar") serves as investment sub-adviser for the Trust's Skylar Electricity Futures ETF. The principal address of Skylar is 5847 San Felipe St., Suite 4450, Houston, TX 77057. Skylar is an investment adviser registered under the Investment Advisers Act of 1940.

Viking Fund Management, LLC ("Viking") serves as investment sub-adviser for the Trust's Integrity Dividend Harvest ETF. The principal address of Viking is 1 N. Main Street, Minot, ND 58703. Saba is an investment adviser registered under the Investment Advisers Act of 1940.

WallStreetX ETFs, Inc., DBA xETFs ("xETFs") serves as investment sub-adviser for the Trust's xETFs NVDA Daily Income ETF, xETFs MSTR Daily Income ETF, xETFs BMNR Daily Income ETF, xETFs HOOD Daily Income ETF, xETFs PLTR Daily Income ETF, xETFs TSLA Daily Income ETF, xETFs COIN Daily Income ETF, xETFs U.S. Large Cap Upside Boost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost ETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF. The principal address of xETFs is 170 E 87<sup>th</sup> St., New York, NY 10128. xETFs is an investment adviser registered under the Investment Advisers Act of 1940.

Any other business, profession, vocation or employment of a substantial nature in which each director or principal officer of the Adviser, II Technology, Bancreek Capital, Cabana, Long Pond, Saba, xETFs and Skylar is or has been, at any time during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee are as follows:

**<u>The Adviser</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name and Position with Adviser\*</u>** | &nbsp;&nbsp; <br> **<u>Name of Other Company\*</u>** | &nbsp;&nbsp; **<u>Connection</u>** <br> **<u>with Other Company\*</u>** |
| &nbsp;&nbsp; J. Garrett Stevens,<br> Co-Founder and Chief Business Officer | &nbsp;&nbsp; T.S. Phillips Investments, Inc.<sup>\*\*</sup><br> Phillips Capital Advisors, Inc.<sup>\*\*</sup><br> From The Horses Mouth Media, LLC<sup>\*\*\*</sup> | &nbsp;&nbsp; Vice President<br> Vice President<br> Co-Owner |
| &nbsp;&nbsp;Richard Malinowski, Co-Chief Executive Officer and General Counsel | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Andrew Serowik, Co-Chief Executive Officer and Portfolio Manager | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* Information provided is as of March 19, 2026.

\*\* Principal Business Address: 3401 NW 63rd St #500, Oklahoma City, OK 73116

\*\*\* Principal Business Address: 7503 NW 210th Street, Edmond, OK 73012

**<u>II Technology</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name and Position with II <br> Technology\*</u>** | &nbsp;&nbsp;**<u>Name of Other Company\*</u>** | &nbsp;&nbsp;**<u>Connection with Other Company\*</u>** |
| &nbsp;&nbsp;Mark Abraham, Founder and Chief Executive Officer | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* Information provided is as of February 3, 2026.

**<u>Bancreek Capital Advisors</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Position with<br> Bancreek Capital Advisors\*</u>** | &nbsp;&nbsp;**<u>Name of Other Company\*</u>** | &nbsp;&nbsp;**<u>Connection with Other Company\*</u>** |
| &nbsp;&nbsp;Andrew Skatoff, Founder and Chief Investment Officer | &nbsp;&nbsp; Bancreek Capital Management, LP<br>Bancreek Capital Strategies, LLC | &nbsp;&nbsp; Partner<br>Founder and Chief Investment Officer |
| &nbsp;&nbsp;Kevin Polli, Chief Financial Officer and Chief Compliance Officer | &nbsp;&nbsp; Bancreek Capital Management, LP<br>Bancreek Capital Strategies, LLC | &nbsp;&nbsp; Partner<br>Chief Financial Officer and Chief Compliance Officer |
| &nbsp;&nbsp;Anton Yen, Chief Data Scientist | &nbsp;&nbsp; Bancreek Capital Management, LP<br>Bancreek Capital Strategies, LLC | &nbsp;&nbsp; Partner<br>Chief Data Scientist |

---

\* Information provided is as of April 22, 2026.

**<u>Bancreek Capital Strategies</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Position with <br> Bancreek Capital Strategies\*</u>** | &nbsp;&nbsp;**<u>Name of Other Company\*</u>** | &nbsp;&nbsp;**<u>Connection with Other Company\*</u>** |
| &nbsp;&nbsp;Andrew Skatoff, Founder and Chief Investment Officer | &nbsp;&nbsp; Bancreek Capital Management, LP<br>Bancreek Capital Advisors, LLC | &nbsp;&nbsp; Partner<br>Founder and Chief Investment Officer |
| &nbsp;&nbsp;Kevin Polli, Chief Financial Officer and Chief Compliance Officer | &nbsp;&nbsp; Bancreek Capital Management, LP<br>Bancreek Capital Advisors, LLC | &nbsp;&nbsp; Partner<br>Chief Financial Officer and Chief Compliance Officer |
| &nbsp;&nbsp;Anton Yen, Chief Data Scientist | &nbsp;&nbsp; Bancreek Capital Management, LP<br>Bancreek Capital Advisors, LLC | &nbsp;&nbsp; Partner<br>Chief Data Scientist |

---

\* Information provided is as of April 22, 2026.

**<u>Cabana</u>**

---

| | | |
|:---|:---|:---|
| **<u>Name and Position</u>**<br> **<u>with Cabana\*</u>** | **<u>Name of Other Company\*</u>** | **<u>Connection with</u>** <br> **<u>Other Company\*</u>** |
| George Chaddwick Mason,<br> Chief Executive Officer | The Cabana Group, LLC<br> Cabana Black, LLC<br> Cabana Realty, LLC<br> 6620, LLC<br> Cabana Law Group, LLC<br> Mason Farms, LLC<br> Mason & Co. LLC<br> 224 North Block LLC<br> 736 Bluff Lane LLC<br> 632 Penrose LLC<br> 6606 Mission LLC<br> 6204 Mission LLC<br> 6394 Mission LLC | Officer and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member<br> Attorney and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member |
| Louis Abraham Shaff<br> Chief Financial Officer | The Cabana Group, LLC<br> Cabana Black, LLC<br> Cabana Realty, LLC<br> BLBS, LLC<br> Prevost Shaff Mason & Carns, PLLC<br> Grove Holdings LLC<br> Hesse<sup>3</sup>, Blythe and Carns PC | Officer and Member<br> Officer and Member<br> Officer and Member<br> Officer and Member<br> Attorney and Member<br> Member<br> Attorney |
| Sonya Clements<br> Chief Compliance Officer &<br> Chief Operating Officer | The Cabana Group, LLC<br>| Employee<br>|

---

\* Information provided is as of March 24, 2026.

**<u>Long Pond</u>**

---

| | | |
|:---|:---|:---|
| **<u>Name and Position with Long <br> Pond\*</u>** | &nbsp;&nbsp;**<u>Name of Other Company\*</u>** | **<u>Connection with Other <br> Company\*</u>** |
| &nbsp;&nbsp;John Khoury, Portfolio Manager and Managing Partner | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* Information provided is as of March 24, 2026.

**<u>Saba</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Position <br> With Saba\*</u>** | &nbsp;&nbsp;**<u>Name of Other Company\*</u>** | &nbsp;&nbsp;**<u>Connection with Other <br> Company\*</u>** |
| &nbsp;&nbsp;Boaz Weinstein, Portfolio Manager | &nbsp;&nbsp; Saba Capital Income & Opportunities Fund<br>Saba Capital Income & Opportunities Fund II | &nbsp;&nbsp; President<br>President |
| &nbsp;&nbsp;Paul Kazarian, Portfolio Manager | &nbsp;&nbsp; Saba Capital Income & Opportunities Fund<br>Saba Capital Income & Opportunities Fund II<br>ASA Gold and Precious Metals Limited | &nbsp;&nbsp; Principal Executive Officer<br>Principal Executive Officer<br>Director |

---

\* Information provided is as of March 24, 2026.

**<u>Skylar</u>**

---

| | | |
|:---|:---|:---|
| **<u>Name and Position</u>** <br> **<u>With Skylar\*</u>** | **<u>Name of Other Company\*</u>** | **<u>Connection with Other <br> Company\*</u>** |
| &nbsp;&nbsp;William O. Perkins, III, CIO and President of Skylar Capital Management GP LLC ("SCMGP"), the General Partner of Skylar Capital Management LP ("SCM") | &nbsp;&nbsp;Skylar Capital Advisers, LP ("SCA") | &nbsp;&nbsp;President of its General Partner, SCMGP |
|  | &nbsp;&nbsp;Skylar Capital Energy Global Master Fund LP ("SCEGMF") | &nbsp;&nbsp;President of its General Partner, SCA |
|  | &nbsp;&nbsp;Skylar Capital Energy Fund LP | &nbsp;&nbsp;President of its General Partner, SCA |
|  | &nbsp;&nbsp;Skylar Capital Energy Global Ltd | &nbsp;&nbsp;Director |
|  | &nbsp;&nbsp;Skylar Clearing LLC | &nbsp;&nbsp;President |
|  | &nbsp;&nbsp;Skylar Opportunities LLC | &nbsp;&nbsp;President |
|  | &nbsp;&nbsp;Townsite Solar 2 LLC | &nbsp;&nbsp;President |
|  | &nbsp;&nbsp;Small Ventures USA, L.P. | &nbsp;&nbsp;President of its General Partner, Small Ventures USA GP, LLC |
|  | &nbsp;&nbsp;SynMax, Inc. | &nbsp;&nbsp;President; Director |
|  | &nbsp;&nbsp;Optisense, Inc. | &nbsp;&nbsp;President; Director |
|  | &nbsp;&nbsp;Jupiter Supper Club, LLC | &nbsp;&nbsp;President |

---

---

| | | |
|:---|:---|:---|
| **<u>Name and Position</u>** <br> **<u>With Skylar\*</u>** | **<u>Name of Other Company\*</u>** | **<u>Connection with Other <br> Company\*</u>** |
| &nbsp;&nbsp;Paul A. Queneau, CFO, and Executive Vice President & Secretary Skylar Capital Management GP LLC ("SCMGP"), the General Partner of Skylar Capital Management LP ("SCM") | &nbsp;&nbsp;KPMG LLP, Tax Partner | &nbsp;&nbsp;Former Employment from 2016-2025. KPMG is the audit and tax provider for all Skylar entities |
|  | &nbsp;&nbsp;Skylar Capital Advisers, LP ("SCA") | &nbsp;&nbsp;Executive Vice President & Secretary of its General Partner, SCMGP |
|  | &nbsp;&nbsp;Skylar Capital Energy Global Master Fund LP ("SCEGMF") | &nbsp;&nbsp;Executive Vice President & Secretary of its General Partner, SCA |
|  | &nbsp;&nbsp;Skylar Capital Energy Fund LP ("SCEF") | &nbsp;&nbsp;Executive Vice President & Secretary, SCA |
|  | &nbsp;&nbsp;Skylar Clearing LLC ("SCLLC") | &nbsp;&nbsp;Executive Vice President & Secretary |
|  | &nbsp;&nbsp;Skylar Opportunities LLC ("SOPP") | &nbsp;&nbsp;Executive Vice President & Secretary |
|  | &nbsp;&nbsp;Townsite Solar 2 LLC ("TS2") | &nbsp;&nbsp;Executive Vice President & Secretary |
|  | &nbsp;&nbsp;Small Ventures USA, L.P. ("SMV") | &nbsp;&nbsp;Executive Vice President & Secretary of its General Partner, Small Ventures USA GP, LLC |
|  | &nbsp;&nbsp;Jupiter Supper Club, LLC | &nbsp;&nbsp;Executive Vice President & Secretary |
| &nbsp;&nbsp;Gerald Balboa, COO and Vice President of Skylar Capital Management GP LLC ("SCMGP"), the General Partner of Skylar Capital Management LP ("SCM") | &nbsp;&nbsp;Skylar Capital Advisers, LP ("SCA") | &nbsp;&nbsp;Vice President of its General Partner, SCMGP |
|  | &nbsp;&nbsp;Skylar Capital Energy Global Master Fund LP ("SCEGMF") | &nbsp;&nbsp;Vice President of its General Partner, SCA |
|  | &nbsp;&nbsp;Skylar Capital Energy Fund LP ("SCEF") | &nbsp;&nbsp;Vice President of its General Partner, SCA |
|  | &nbsp;&nbsp;Skylar Clearing LLC ("SCLLC") | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp; Skylar Opportunities LLC ("SOPP")<br>[\*Renewable energy project entity.] | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Townsite Solar 2 LLC ("TS2") | &nbsp;&nbsp;Vice President |

---

\* Information provided is as of June 22, 2026.

**<u>WallStreetX ETFs, Inc., DBA xETFs</u>**

---

| | | |
|:---|:---|:---|
| **<u>Name and Position with WallStreetX ETFs, Inc., DBA xETFs\*</u>** | <br> **<u>Name of Other Company\*</u>** | **<u>Connection</u>**<br> **<u>with Other Company\*</u>** |
| Johnny Wu, Co-Founder, CEO and Director | Quartzy Capital Advisors | CEO and Founder |
| Kenneth Wong, Co-Founder, CIO and Director | BlackRock | Employed until September 2025 |
| Elisabeth Donohoe, Co-Founder, CFO, COO and CCO, Director | PEO Partners, LLC | Employed as COO/ CCO until September 2025 |

---

\* Information provided is as of March 20, 2026.

**Item 32.** **Principal Underwriters\***

---

| | |
|:---|:---|
| Item 32(a) | Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |

---

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM ETF Products Trust

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Alternative Strategies Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. AMG ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Amplify ETF Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Applied Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Applied Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. BondBloxx ETF Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Brinker Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Build Funds Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Calamos Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Calamos Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Catalyst/Perini Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Center Coast Brookfield MLP & Energy Infrastructure Fund

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Cliffwater Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Coatue Innovative Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Cohen & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. CrossingBridge Ultra-Short Duration ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance BMNR Option Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Defiance Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Defiance Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Defiance Retail Kings ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. FIS Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Fortuna Hedged Bitcoin ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Forum Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. GMO ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. GoldenTree Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Grayscale Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Guinness Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Harbor ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Harris Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Hawaiian Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. Horizon Kinetics Texas ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Innovator ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Ironwood Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Lone Peak Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Mairs & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. NXG NextGen Infrastructure Income Fund

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Perkins Discovery Fund, Series of World Funds Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. REX ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Tidal Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. TIFF Investment Program

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Trailmark Series Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. Virtus Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. Wedbush Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. XAI Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Address</u> | &nbsp;&nbsp;<u>Position with Underwriter</u> | &nbsp;&nbsp;<u>Position with Registrant</u> |
| &nbsp;&nbsp;Teresa Cowan | &nbsp;&nbsp;190 Middle Street, Suite 301,<br> Portland, ME 04101 | &nbsp;&nbsp;President/Manager |  |
| &nbsp;&nbsp;Chris Lanza | &nbsp;&nbsp;190 Middle Street, Suite 301,<br> Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Kate Macchia | &nbsp;&nbsp;190 Middle Street, Suite 301,<br> Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Alicia Strout | &nbsp;&nbsp;190 Middle Street, Suite 301,<br> Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| &nbsp;&nbsp;Gabriel E. Edelman | &nbsp;&nbsp;190 Middle Street, Suite 301,<br> Portland, ME 04101 | &nbsp;&nbsp;Secretary |  |
| &nbsp;&nbsp;Susan L. LaFond | &nbsp;&nbsp;190 Middle Street, Suite 301,<br> Portland, ME 04101 | &nbsp;&nbsp;Treasurer |  |
| &nbsp;&nbsp;Weston Sommers | &nbsp;&nbsp;190 Middle Street, Suite 301, Portland, ME 04101 | &nbsp;&nbsp;Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

\* Information provided in this Item 32 is as of March 2, 2026.

---

| | |
|:---|:---|
| **<u>Item 33.</u>** | **<u>Location of Accounts and Records</u>** |

---

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

Registrant:

c/o Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

Adviser:

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

295 Madison Avenue, 26th Floor

New York, New York 10017

Sub-Advisers:

II Technology, LLC

8710 W. Highway 71, Suite 201

Austin, Texas 78735

Ariam Global, Inc.

9171 Towne Centre Dr., Suite 190

San Diego, CA 92122

Armada ETF Advisors, LLC

39500 High Point Blvd., Suite 200

Novi, MI 48375

Bancreek Capital Advisors, LLC

401 Wilshire Boulevard, Suite 1200

Santa Monica, California 90401

Bancreek Capital Strategies, LLC

401 Wilshire Boulevard, Suite 1200

Santa Monica, California 90401

Cabana Asset Management

220 South School Avenue

Fayetteville, Arkansas 72701

Long Pond Capital, LP

527 Madison Avenue, 15th Floor

New York, New York 10022

Saba Capital Management, L.P.

405 Lexington Avenue, 58th Floor

New York, New York 10174-7199

Skylar Capital Management, LP

5847 San Felipe St., Suite 4450

Houston, TX 77057

Viking Fund Management, LLC

1 N. Main Street

Minot, ND 58703

WallStreetX ETFs, Inc., DBA xETFs

170 E 87th St.

New York, NY 10128

Distributor:

Foreside Fund Services, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

Custodians:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, Massachusetts 02110

U.S. Bank National Association

5065 Wooster Rd

Cincinnati, Ohio 45226

Administrators:

Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022

---

| | |
|:---|:---|
| **<u>Item 34.</u>** | **<u>Management Services</u>** |

---

Not applicable.

---

| | |
|:---|:---|
| **<u>Item 35.</u>** | **<u>Undertakings</u>** |

---

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "1933 Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 331 to the Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York, State of New York, on this 22<sup>nd</sup> day of June 2026.

---

| |
|:---|
| **Exchange Listed Funds Trust** |
| /s/ Richard Malinowski |
| Richard Malinowski |
| President (Principal Executive Officer) |

---

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No. 331 to the Registration Statement has been signed below by the following persons in the capacity and on the date indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Richard Malinowski | President | June 22, 2026 |
| Richard Malinowski | (Principal Executive Officer) |  |
| /s/ Christopher Roleke | Treasurer | June 22, 2026 |
| Christopher Roleke | (Principal Financial and Accounting Officer) |  |
| \* | Trustee | June 22, 2026 |
| Linda Petrone |  |  |
| \* | Trustee | June 22, 2026 |
| Stuart Strauss |  |  |
| \* | Trustee | June 22, 2026 |
| Timothy J. Jacoby |  |  |
| \* | Trustee | June 22, 2026 |
| J. Garrett Stevens |  |  |
| \* /s/ Richard Malinowski |  |  |
| Richard Malinowski |  |  |

---

\* Attorney-in-Fact, pursuant to power of attorney.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| (d)(2) | [Schedule A, as revised June 22, 2026 to the Advisory Agreement](ea029537801_ex99d2.htm) |
| (d)(17) | [Form of Sub-Advisory Agreement between Exchange Traded Concepts, LLC and Skylar Capital Management, LP](ea029537801_ex99d17.htm) |
| (d)(22) | [Form of Investment Management Agreement between Exchange Traded Concepts, LLC and Cayman Islands Subsidiary](ea029537801_ex99d22.htm) |
| (d)(23) | [Form of Sub-Advisory Agreement for Cayman Islands Subsidiary](ea029537801_ex99d23.htm) |
| (e)(17) | [Fourteenth Amendment, effective June 17, 2026, to the Novated ETF Distribution Agreement.](ea029537801_ex99e17.htm) |
| (g)(8) | [Third Amendment, dated April 22, 2026, to the U.S. Bank GFS Fund Servicing Agreement](ea029537801_ex99g8.htm) |
| (g)(9) | [Fourth Amendment, dated June 17, 2026, to the U.S. Bank GFS Fund Servicing Agreement](ea029537801_ex99g9.htm) |
| (g)(15) | [Third Amendment, dated April 22, 2026, to the U.S. Bank Custody Agreement](ea029537801_ex99g15.htm) |
| (g)(16) | [Fourth Amendment, dated June 17, 2026, to the U.S. Bank Custody Agreement](ea029537801_ex99g16.htm) |
| (h)(2) | [Amended Schedule A, dated June 22, 2026, to the Master Services Agreement](ea029537801_ex99h2.htm) |
| (i)(18) | [Opinion and Consent of Counsel, Chapman and Cutler LLP, relating to the Skylar Electricity Futures ETF](ea029537801_ex99i18.htm) |
| (m)(2) | [Revised Exhibit A, dated June 22, 2026, to the Distribution and Service Plan](ea029537801_ex99m2.htm) |
| (p)(10) | [Code of Ethics of Skylar Capital Management, LP](ea029537801_ex99p10.htm) |

---

## Ex-99.(D)(2)

**Exhibit (d)(2)**

**SCHEDULE A**

**Revised June 22, 2026 to the**

**ADVISORY AGREEMENT**

**Dated June 12, 2015 between**

**EXCHANGE LISTED FUNDS TRUST**

**and**

**EXCHANGE TRADED CONCEPTS, LLC**

The Trust will pay to the Adviser, as compensation for the Adviser's services rendered, a fee computed daily at an annual rate based on the average daily net assets of the respective Fund in accordance the following fee schedule:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Rate** | **Effective Date** |
| &nbsp;&nbsp;&nbsp;Saba Closed-End Funds ETF | 110 bps | March 15, 2017 |
| &nbsp;&nbsp;&nbsp;QRAFT AI-Enhanced U.S. Large Cap ETF | 75 bps | May 1, 2019 |
| &nbsp;&nbsp;&nbsp;QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 75 bps | May 1, 2019 |
| &nbsp;&nbsp;&nbsp;ETC Cabana Target Beta ETF | 80 bps | September 4, 2020 |
| &nbsp;&nbsp;&nbsp;ETC Cabana Target Drawdown 10 ETF | 80 bps | September 4, 2020 |
| &nbsp;&nbsp;&nbsp;ETC Cabana Target Leading Sector Moderate ETF | 80 bps | July 2, 2021 |
| &nbsp;&nbsp;&nbsp;LG QRAFT AI-Powered U.S. Large Cap Core ETF | 75 bps | November 1, 2023 |
| &nbsp;&nbsp;&nbsp;Bancreek U.S. Large Cap ETF | 80 bps | December 18, 2023 |
| &nbsp;&nbsp;&nbsp;Bancreek International Large Cap ETF | 90 bps | March 8, 2024 |
| &nbsp;&nbsp;&nbsp;Stratified LargeCap Index ETF | 45 bps | September 19, 2024 |
| &nbsp;&nbsp;&nbsp;Stratified LargeCap Hedged ETF | 95 bps | September 19, 2024 |
| &nbsp;&nbsp;&nbsp;Long Pond Real Estate Select ETF | 100 bps | September 26, 2024 |
| &nbsp;&nbsp;&nbsp;PLUS Korea Defense Industry Index ETF | 65 bps | December 10, 2024 |
| &nbsp;&nbsp;&nbsp;Bancreek Global Select ETF | 90 bps | January 16, 2026 |
| &nbsp;&nbsp;&nbsp;ARMOR Core Risk-Managed ETF | 60 bps | February 17, 2026 |
| &nbsp;&nbsp;&nbsp;Climate Global - Climate Resilient REIT Index ETF | 90 bps on the first $500 million of AUM; 80 bps on the next $500 million of AUM; 70 bps on the next $1,000 million of AUM; 60 bps on AUM above $2 billion | February 11, 2026 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;xETFs NVDA Daily Income ETF | 99 bps | March 30, 2026 |
| &nbsp;&nbsp;&nbsp;xETFs MSTR Daily Income ETF | 99 bps | March 30, 2026 |
| &nbsp;&nbsp;&nbsp;xETFs BMNR Daily Income ETF | 99 bps | March 30, 2026 |
| &nbsp;&nbsp;&nbsp;xETFs PLTR Daily Income ETF | 99 bps | March 30, 2026 |
| &nbsp;&nbsp;&nbsp;xETFs HOOD Daily Income ETF | 99 bps | March 30, 2026 |
| &nbsp;&nbsp;&nbsp;xETFs TSLA Daily Income ETF | 99 bps | March 30, 2026 |
| &nbsp;&nbsp;&nbsp;xETFs COIN Daily Income ETF | 99 bps | March 30, 2026 |
| &nbsp;&nbsp;&nbsp;PurePlay Nvidia Ecosystem Picks & Shovels Index ETF | 75 bps | April 16, 2026 |
| &nbsp;&nbsp;&nbsp;PLUS Korea Manufacturing Core Alliance Index ETF | 65 bps | April 27, 2026 |
| &nbsp;&nbsp;&nbsp;Billionaires Club ETF | 85 bps | April 29, 2026 |
| &nbsp;&nbsp;&nbsp;Integrity Dividend Harvest ETF | 70 bps | Effective as of Effective<br> Date of Registration<br> Statement |
| &nbsp;&nbsp;&nbsp;Skylar Electricity Futures ETF | 95 bps | Effective as of Effective<br> Date of Registration<br> Statement |

---

---

| | |
|:---|:---|
| Exchange Listed Funds Trust: | Exchange Traded Concepts, LLC |
| Richard Malinowski, President | Richard Malinowski, Co-CEO |

---

## Ex-99.(D)(17)

**Exhibit (d)(17)**

**SUBADVISORY AGREEMENT**

THIS SUBADVISORY AGREEMENT (the "Agreement") made as of this [ ] day of June, 2026 by and between Exchange Traded Concepts, LLC, an Oklahoma limited liability company, with its principal place of business at 10900 Hefner Pointe Dr. Ste. 400 Oklahoma City, OK 73120 (the "Adviser") Skylar Capital Management, LP, a Delaware limited partnership, with its principal place of business at 5847 San Felipe St., Suite 4450, Houston, TX 77057 (the "Sub-Adviser"), with respect to each series of the Trust identified on <u>Schedule A</u> to this Agreement (each a "Fund" and collectively, the "Funds"), which may be amended from time to time.

WITNESSETH

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated June 12, 2015 (the "Investment Advisory Agreement"), as amended, with Exchange Listed Funds Trust (the "Trust"), an investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act");

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Advisers Act;

WHEREAS, the Investment Advisory Agreement between the Trust and the Adviser contemplates that the Adviser may appoint one or more Sub-Advisers to perform some or all of the services for which the Adviser is responsible; and

WHEREAS, the Adviser wishes to retain the Sub-Adviser to render certain investment advisory services to each Fund identified on Schedule A to this Agreement, as such Schedule may be amended from time to time upon mutual agreement of the parties, and the Sub-Adviser is willing to render such services.

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the parties hereto agree as follows:

1. Appointment. The Adviser hereby appoints the Sub-Adviser to act as investment sub-adviser to each Fund, for the periods and on the terms set forth herein. The Sub-Adviser accepts the appointment and agrees to furnish the services set forth herein for the compensation provided in <u>Schedule A</u> to this Agreement.

2. Duties of the Sub-Adviser. Subject to supervision and oversight of the Adviser and the Board of Trustees (the "Board") of the Trust, and in accordance with the terms and conditions of the Agreement, the Sub-Adviser shall manage all of the securities and other assets of the Funds entrusted to it hereunder (the "Assets"), including the purchase, retention and disposition of the Assets, in accordance with the Funds' respective investment objectives, policies and restrictions as stated in each Fund's prospectus and statement of additional information, as currently in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the responsibility has been retained by the Adviser,
delegated by the Adviser to another Sub-Adviser, or delegated by the Sub-Advisor to the Adviser or Service Provider (as defined below)
pursuant to any separate written agreement between and/or among them, including without limitation the Services Agreement (as defined
below), the Sub-Adviser shall, subject to subparagraph (b) of this Section 2, determine from time to time what Assets will be purchased,
retained or sold by the Funds, and what portion of the Assets will be invested or held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity
with the Trust's Declaration of Trust (as defined herein), as may be modified, amended or supplemented from time to time, the By-Laws
of the Trust, as may be modified, amended or supplemented from time to time, the Prospectus, the instructions and directions of the Adviser
and of the Board, the terms and conditions of exemptive and no-action relief granted to the Trust as amended from time to time and the
Trust's policies and procedures and will conform to and comply in all material respects with the requirements of the 1940 Act, the
Advisers Act, Commodity Exchange Act, the Internal Revenue Code of 1986, as amended (the "Code") and as applicable, and all
other applicable federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless responsibility for placing orders with respect to transactions in securities or other assets held
or to be acquired by the Funds has been retained by the Adviser, delegated by the Adviser to another Sub-Adviser, or delegated by the
Sub-Advisor to the Adviser or Service Provider pursuant to any separate written agreement between and/or among them, including without
limitation the Services Agreement, the Sub-Adviser will place such orders with or through such persons, brokers or dealers chosen by the
Sub-Adviser to carry out the policy with respect to brokerage set forth in the Funds' Prospectus or as the Board or the Adviser
may direct in writing from time to time, in conformity with all federal securities laws and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts
to seek on behalf of each Fund the best execution and overall terms available. In assessing the best overall terms available for any transaction,
the Sub-Adviser shall consider all factors that it deems relevant, including the breadth of the market in the security, the price of the
security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any,
both for the specific transaction and on a continuing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular
transaction, the Sub-Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e)
of the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established by the Board and
Section 28(e) of the Exchange Act, the Sub-Adviser is authorized to pay to a broker or dealer who provides such brokerage and research
services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of commission another broker or
dealer would have charged for effecting that transaction if, but only if, the Sub-Adviser determines in good faith that such commission
was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that
particular transaction or in terms of the overall responsibilities of the Sub-Adviser to its discretionary clients, including the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers
(including brokers and dealers that are affiliated with the Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser
believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no
instance, however, will the Assets be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter, or
any affiliated person of either the Trust, Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction,
except to the extent permitted by the Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) When instructed by the Advisor to execute a purchase or sale of a security, the Sub-Adviser may, to the
extent permitted by applicable law and regulations, aggregate the order for securities to be sold or purchased with other clients of the
Sub-Advisor. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred in the transaction,
in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such
other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the extent the Adviser or another Sub-Adviser is responsible for placing orders with respect to the
Funds' portfolio transactions, the Sub-Adviser shall provide to the Adviser or such other Sub-Adviser such information concerning
the securities or other assets to be purchased or sold on behalf of the Funds reasonably necessary to execute the transactions, including
the identity of such security or asset, the number of shares or principal amount to be purchased or sold, and the timing of and restrictions,
if any, on the purchase or sale (*e.g.*, a market order versus a limit order).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets
in accordance with applicable laws, rules and regulations. The Sub-Adviser shall keep the books and records relating to the Assets required
to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's
services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940
Act, as requested by the Adviser. The Sub-Adviser agrees that all records that it maintains on behalf of a Fund are property of the Fund
and the Sub-Adviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that the
Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the
periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement,
and shall transfer said records to any successor Sub-Adviser upon the termination of this Agreement (or, if there is no successor Sub-Adviser,
to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide the Fund's custodian and Advisor on each business day with information
relating to all transactions concerning the Assets and shall otherwise cooperate with and provide reasonable assistance to the Adviser,
the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents
and all other agents and representatives of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser shall make available to the Board, the Adviser, the Funds' Chief Compliance Officer
("Fund's CCO") and the Trust's administrator, promptly upon their request, such copies of its records with respect
to the relevant Fund as may be required to assist in their compliance with applicable laws and regulations. As reasonably requested by
the Board or the Adviser, the Sub-Adviser will complete periodic or special questionnaires and/or furnish to the Board and/or the Adviser
such periodic and special reports regarding each Fund and the Sub-Adviser including, but not limited to, reports concerning transactions
and performance of a Fund, quarterly and annual compliance reports and certifications, reports regarding compliance with the Trust's
procedures pursuant to Rules 17e-1, 17a-7, 10f-3 and 12d3-1 under the 1940 Act (as applicable), quarterly reports identifying compliance
matters and any material changes to the Sub-Adviser's compliance program (including revisions to compliance policies and procedures),
fundamental investment restrictions, procedures for opening brokerage accounts and commodity trading accounts, liquidity determinations
for securities and other instruments held by each Fund, compliance with the Sub-Adviser's Code of Ethics, and such other procedures
or requirements that the Adviser may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser shall promptly provide to the Advisor's Chief Compliance Officer ("Advisor
CCO") and the Trust's Chief Compliance Officer (" Trust CCO") a report of any material violations of the Sub-Adviser's
Compliance Program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have
occurred with respect to the Sub-Adviser's Compliance Program. The Sub-Adviser will also provide reasonable access, at the Sub-Adviser's
principal office or such other place as may be mutually agreed to by the parties, to all SEC examination correspondences, including correspondences
regarding books and records examinations and "sweep" examinations, issued during the term of this Agreement, in which the
SEC identified any concerns, issues or matters (such correspondences are commonly referred to as "deficiency letters") relating
to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's responses thereto; provided that the
Sub-Adviser may redact from such correspondences client specific confidential information, material subject to the attorney-client privilege,
and material non-public information, that the Sub-Adviser reasonably determines should not be disclosed to the Trust's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser acknowledges that the Sub-Adviser performs investment advisory services for various other
clients in addition to the Funds and, to the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations,
the Sub-Adviser may give advice and take action with respect to any of those other clients which may differ from the advice given or the
timing or nature of action taken for a particular Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably and foreseeably
likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Unless the responsibility has been retained by the Adviser, delegated by the Adviser to another Sub-Adviser,
or delegated by the Sub-Advisor to the Adviser or Service Provider pursuant to any separate written agreement between and/or among them,
including without limitation the Services Agreement, the Sub-Adviser shall, unless and until otherwise directed by the Adviser or the
Board and consistent with the best interests of each Fund, be responsible for exercising (or not exercising in its discretion) all rights
of security holders with respect to securities held by each Fund, including but not limited to: reviewing proxy solicitation materials,
voting and handling proxies and converting, tendering exchanging or redeeming securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with
any other Sub-Adviser to the Funds or a Sub-Adviser to a portfolio that is under common control with the Funds concerning the Assets,
except as permitted by the policies and procedures of the Funds and subparagraph (c)(v) of this Section 2. The Sub-Adviser shall not provide
investment advice to any assets of the Funds other than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall maintain books and records with respect to the Funds' securities transactions
and keep the Board and the Adviser fully informed on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts
concerning the Sub-Adviser and its key investment personnel providing services with respect to the Funds and the investment and the reinvestment
of the Assets of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall furnish to the Adviser or the Board such reasonably requested regular, periodic
and special reports, balance sheets or financial information, and such other information with regard to its affairs as the Adviser or
Board may reasonably request and the Sub-Adviser will attend meetings with the Adviser and/or the Trustees, as reasonably requested, to
discuss the foregoing. Upon the request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating
to the Assets that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including
the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC. The Sub-Adviser shall
make available to the Board and the Adviser at reasonable times its portfolio managers and other appropriate personnel as mutually agreed
by the Adviser and Sub-Adviser, either in person or, at the mutual convenience of the Board, the Adviser and the Sub-Adviser, by telephone
or other electronic media, in order to review the investment policies, performance and other matters relating to the management of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Sub-Adviser shall, in accordance with procedures and methods established by the Board, which may be
amended from time to time, and in conjunction with the Adviser, promptly notify the Adviser and the Trust's administrator/fund accountant
of securities in a Fund which the Sub-Adviser believes should be fair valued in accordance with the Trust's Valuation Procedures.
Such fair valuation may be required when the Sub-Adviser becomes aware of significant events that may affect the pricing of all or a portion
of a Fund's portfolio. The Sub-Adviser will provide reasonable assistance in determining the fair value of the Assets, as necessary,
and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser
for which market prices are not readily available, it being understood that the Sub-Adviser will not be responsible for determining the
value of any such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Notwithstanding anything herein to the contrary: (a) the parties acknowledge and affirm their respective
obligations under that certain Platform Services and Portfolio Management Services Agreement, dated February 24, 2026, between Advisor,
Sub-Advisor, and ETC Platform Services, LLC ("Service Provider")(such agreement, the "Services Agreement"); and
(b) in the event of a conflict between any provision of this Agreement and any provision of the Services Agreement, the provision of the
Services Agreement shall supersede and control.

3. Duties of the Adviser. The Adviser shall continue to have responsibility for all services to be provided to the Funds pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties under this Agreement; provided, however, that in connection with its management of the Assets, nothing herein shall be construed to relieve the Sub-Adviser of responsibility for compliance with the Trust's Declaration of Trust (as defined herein), the Prospectus, the Statement of Additional Information, the instructions and directions of the Board, the requirements of the 1940 Act, the Code, and all other applicable federal and state laws and regulations, as each is amended from time to time.

4. Delivery of Documents and Information. The Adviser has furnished, or will furnish within a reasonable amount of time, the Sub-Adviser with copies of each of the following documents (collectively, the "Documentation"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration of Trust, as filed with the Secretary of State of Delaware (such
Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Declaration
of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from time
to time, are herein called the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The current Prospectus and Statement of Additional Information of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Resolutions of the Board approving the engagement of the Sub-Adviser as a Sub-Adviser to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Resolutions, policies and procedures adopted by the Board with respect to the Assets to the extent such
resolutions, policies and procedures may affect the duties of the Sub-Adviser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A list of the Trust's principal underwriter and each affiliated person of the Adviser, the Trust
or the principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms and conditions of exemptive and no-action relief granted to the Trust, as amended from time
to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Such other documentation and information as Sub-Advisor may reasonable request at any given time for any
bona fide reason.

The Adviser shall promptly furnish the Sub-Adviser from time to time with copies of all amendments of or supplements to the foregoing. Until so provided, the Sub-Adviser may continue to rely on those documents previously provided. The Adviser shall not, and shall not permit any of the Funds to use the Sub-Adviser's name or make representations regarding Sub-Adviser or its affiliates without prior written consent of Sub-Adviser, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the Sub-Adviser's approval is not required when the information regarding the Sub-Adviser used by the Adviser or the Fund is limited to information disclosed in materials provided by the Sub-Adviser to the Adviser and the information is used (a) as required by applicable law, rule or regulation, in the Prospectus of the Fund or in Fund shareholder reports or proxy statements; or (b) as may be otherwise specifically approved in writing by the Sub-Adviser prior to use.

Advisor acknowledges that Sub-Adviser has relied and will continue to rely on the Documentation that Adviser has provided. Adviser agrees to notify Sub-Adviser promptly, in writing, of any change to the Documentation provided by Adviser. Sub-Adviser shall be under no duty to make any investigation or inquiry as to any statement contained in any of the Documentation and, unless and until specifically advised otherwise, Sub-Adviser may accept the Documentation as conclusive evidence of the truth and accuracy of the statements contained therein.

5. Compensation to the Sub-Adviser. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, a sub-advisory fee at the rate specified in <u>Schedule A</u> which is attached hereto and made part of this Agreement. The fee will be calculated based on the average daily value of the Assets under the Sub-Adviser's management, shall be computed daily, and will be paid to the Sub-Adviser monthly in arrears. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretation), the Sub-Adviser may, in its sole discretion and from time to time, waive a portion of its fee.

In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month. Notwithstanding the foregoing, any minimum annual fee for any Fund (as noted on Schedule A) will not be prorated if this Agreement is terminated with respect to such Fund within twelve (12) months of its inception under this Agreement, but, rather, such minimum annual fee shall be paid by the Adviser in full (minus any investment management fees already paid during such period) at the time of termination.

6. Expenses. Except as provided in the Services Agreement, the Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for the Sub-Adviser to perform its duties under this Agreement and administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser will bear all expenses in connection with the performance of its services under this Agreement, excluding those costs of each Fund associated with brokerage activities. The Sub-Adviser shall bear all expenses and costs of the Trust (including reasonable attorney's fees), if any, arising out of a termination or possible termination of this Agreement as a result of an assignment caused by a change of control or management of the Sub-Adviser, including the preparation, mailing, solicitation and other costs associated with the use of a proxy statement relating to a shareholder vote in respect of a new sub-advisory agreement. The foregoing obligations of the Sub-Adviser shall apply in any circumstance in which the Adviser, in consultation with internal or outside counsel to the Trust, deems that an actual or possible assignment of this Agreement has or may occur, and determines that a vote of shareholders should be obtained.

7. Liability of the Sub-Adviser and Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Sub-Adviser, nor any director, partner, member, manager, officer, agent or employee of the
Sub-Adviser, shall be liable or responsible to Advisor, the Trust or the Funds or any of its or their members or shareholders for (i)
any error of judgment, mistake of law or any loss arising out of any investment, or for any other act or omission in the performance by
such person or persons of their respective duties, except for liability resulting from willful misfeasance, bad faith, gross negligence,
or reckless disregard of their respective duties, (ii) any loss incurred by reason of any act or omission of Advisor, the Trust or the
Funds or any other third party with whom they may deal in connection with the subject matter of this Agreement; (iii) any loss, expense,
or other liability (including, but not limited to, attorneys' fees) incurred by any of them arising from or in connection with Sub-Adviser's
compliance with the Documentation (as defined below) believed by Sub-Adviser to be accurate; and (iv) any loss or failure or delay in
performance of any obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond Sub-Adviser's
reasonable control, including, without limitation, acts of God, earthquakes, fires, floods, wars, terrorism, civil or military disturbances,
sabotage, epidemics, public health emergencies, riots, interruptions, loss or malfunctions of utility, computer software or hardware,
transportation or communication service, accidents, labor disputes, acts of civil or military authority, governmental actions, and inability
to obtain labor, material, equipment, or transportation. Nothing in this Agreement shall constitute
a waiver or limitation of any rights that any of the foregoing persons may have under applicable state or federal law, including without
limitation the state and federal securities laws. The Adviser and the Sub-Adviser each agree to indemnify the other against any claim
against, loss or liability to such other party (including reasonable attorneys' fees) arising out of any action on the part of the
indemnifying party which constitutes willful misfeasance, bad faith, or gross negligence in the performance of duties under this Agreement,
or reckless disregard of the obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth
in the Trust's Declaration of Trust or other organizational document of the Trust and agrees that any obligations of the Trust or
a Fund arising in connection with this Agreement shall be limited in all cases to the relevant Fund and its assets, and the Sub-Adviser
shall not seek satisfaction of any such obligation from any other fund of the Trust or the shareholders or any individual shareholder
of the Fund. Nor shall the Sub-Adviser seek satisfaction of any such obligation from the trustees of the Trust (each, a "Trustee"
and, together, the "Trustees") or any individual Trustee or any officers.

The provisions of this Section shall survive termination of this Agreement.

8. Representations and Warranties of Sub-Adviser. The Sub-Adviser represents and warrants to the Adviser and the Funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser is or, prior to providing services to the Funds pursuant to this Agreement, will be registered
as an investment adviser under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser will notify the Adviser and the Advisor CCO promptly of the occurrence of any event that
would substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser
from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act. The Sub-Adviser will also promptly
notify the Funds and the Adviser if it is served or otherwise receives written notice of any action, suit, proceeding, inquiry or investigation,
at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs
of the Funds or relating to the investment advisory services of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser will notify the Adviser and the Advisor CCO immediately upon detection of (a) any material
failure to manage the Fund(s) in accordance with the Fund(s)' stated investment objectives and policies or any applicable law; or
(b) any material breach of any of the Fund(s)' or the Sub-Adviser's policies, guidelines or procedures as such relate to the
Funds;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser is fully authorized under all applicable law to enter into this Agreement and serve as
Sub-Adviser to the Funds and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser is a limited partnership duly organized and validly existing under the laws of the State
of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;(f) The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's
powers and have been duly authorized by all necessary action on the part of its managing member(s), and no action by or in respect of,
or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance
by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene
or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments,
or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement is a valid and binding agreement of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Form ADV of the Sub-Adviser previously provided to the Adviser is a true and complete copy of the
form filed with the SEC and the information contained therein is accurate and complete in all material respects as of its filing date,
and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which
they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall not divert any Fund's portfolio securities transactions to a broker or dealer
in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other
registered investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser agrees to maintain an appropriate of errors and omissions and professional liability insurance
coverage.

EXCEPT AS PROVIDED IN THIS SECTION 8, SUB-ADVISOR MAKES NO OTHER REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF FITNESS FOR A PARICULAR PURPOSE.

9. Duration and Termination. The effectiveness and termination dates of this Agreement shall be determined separately for each Fund as described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Duration. This Agreement shall become effective with respect to the Fund on the later of (i) its execution
or (ii) the date that it is approved by (A) a vote of the Board of Trustees of the Trust, including a majority of the Trustees of the
Trust who are not parties to this Agreement or interested persons (as defined in the Investment Company Act) of such parties (the "Independent
Trustees") cast in person at a meeting called for the purpose of voting on the approval of this Agreement, unless such requirement
is otherwise excepted by any applicable law or order, and (B) the vote of a majority of the outstanding voting securities (as defined
in the Investment Company Act) of such Fund cast at a meeting called for the purpose of voting on this Agreement. The Agreement shall
remain in effect with respect to the Fund for an initial period of two years from effectiveness, unless sooner terminated as provided
in this Agreement and, thereafter shall continue in effect for additional one (1) year periods so long as such continuance is specifically
approved at least annually either by the vote of the Board of Trustees of the Trust, including a majority of the Independent Trustees,
cast in person at a meeting called for the purpose of voting on such approval, unless such requirement is otherwise excepted by any applicable
law or order, or by the vote of a majority of the outstanding voting securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Termination. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated
at any time with respect to a Fund, without payment of any penalty by (i) vote of a majority of the Board, or by vote of a majority of
the outstanding voting securities of the Funds, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;
(ii) the Adviser immediately upon written notice to the Sub-Adviser if the Sub-Adviser becomes unable to discharge its duties and obligations
under this Agreement; or (iii) the Sub-Adviser upon sixty (60) days' written notice to the Adviser and the Board.

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this <u>Section</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

10. Compliance Program of the Sub-Adviser. The Sub-Adviser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7 under the Advisers Act, the Sub-Adviser has adopted and implemented and
will maintain written policies and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as
such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are
reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the
1940 Act) by the Funds and the Sub-Adviser.

11. Confidentiality. Subject to the duty of the Adviser or Sub-Adviser to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential all non-public information pertaining to the Funds and the actions of the Sub-Adviser and the Funds in respect thereof. It is understood that any information or recommendation supplied by the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Adviser, the Funds, the Board, or such persons as the Adviser may designate in connection with the Funds, in each case, on a strict need to know basis. It is also understood that any information supplied to the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Sub-Adviser in connection with its obligation to provide investment advice and other services to the Funds. The Advisor and Sub-Adviser shall each maintain and enforce adequate security procedures with respect to all materials, records, documents and data relating to any of its responsibilities pursuant to this Agreement including all means for the effecting of investment transactions. The Sub-Adviser will keep in place a policy on insider trading, as amended from time to time, and shall prohibit its employees from trading in violation of such policy.

12. Names.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser hereby consents to the use of its name in each Fund's disclosure documents, shareholder
communications, advertising, sales literature and similar communications. The Sub-Adviser shall not use the name or any tradename, trademark,
trade device, service mark, symbol or any abbreviation, contraction or simulation thereof of the Adviser, the Trust, a Fund or any of
their affiliates in its marketing materials unless it first receives prior written approval of the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) It is understood that the name of each party to this Agreement, and any derivatives thereof or logos associated
with that name, is the valuable property of the party in question and its affiliates, and that each other party has the right to use such

continue in effect. Upon termination of this Agreement, the parties shall forthwith cease to use the names of the other parties (or any
derivative or logo) as appropriate and to the extent that continued use is not required by applicable laws, rules and regulations.

13. Governing Law; Arbitration. This Agreement shall be governed by the laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act. Any dispute or claim concerning this Agreement, including whether such dispute or claim is arbitrable, shall be settled by arbitration. The arbitration proceedings shall be conducted before one arbitrator under the Commercial Arbitration Rules of the American Arbitration Association in effect at the time a demand for arbitration under the rules is made. The decision of the arbitrator, including determination of amount of damages suffered, if any, shall be final and binding on all parties, their heirs, executors, administrators, successors and assigns. Each party shall bear its own expense in the arbitration for arbitrators' fees and attorneys' fees, for its witnesses or other expenses of presenting the case. Other arbitration costs, including administrative fees, and fees for records or transcripts, shall be paid equally by the parties. The location of such arbitration shall be in Los Angeles, California.

14. Severability. Should any part of this Agreement be held invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

15. Notice. Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the party giving notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | Exchange Traded Concepts, LLC<br> 10900 Hefner Pointe Dr. Ste. 400<br> Oklahoma City, OK 73120<br> Attention: J. Garrett Stevens, <br> Chief Business Officer |
| To the Sub-Adviser at: | Skylar Capital Management, LP <br> 5847 San Felipe St., Suite 4450 <br> Houston, TX 77057 <br> Attention: William Perkins III |

---

16. Amendment of Agreement. This Agreement may be amended only by written agreement of the Adviser and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

17. Entire Agreement. This Agreement and any documents references herein (including the Services Agreement) embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

18. Interpretation. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment," and "affiliated persons," as used herein will have the meanings assigned to them by Section 2(a) of the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered, relaxed or otherwise interpreted by a rule, regulation or order of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation or order.

19. Headings. The headings in the sections of this Agreement are inserted for convenience of reference only and will not constitute a part hereof.

In the event the terms of this Agreement are applicable to more than one Fund of the Trust, the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Section 9 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule adding such Fund.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | | |
|:---|:---|:---|
| ADVISER: | ADVISER: | SUBADVISER: |
| Exchange Traded Concepts, LLC | Exchange Traded Concepts, LLC | Skylar Capital Management, LP |
| By: |  | By: |
| Name: | Richard Malinowski | Name: |
| Title: | Co-Chief Executive Officer | Title: |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**by and between**

**Exchange Traded Concepts LLC**

**And** 

**Skylar Capital Management, LP**

As of ______

The Adviser will pay the Sub-Adviser, as full compensation for all services provided under this Agreement, a fee computed daily at an annual rate based on the greater of (1) the Minimum Sub-Advisory Fees or (2) the average daily net assets of the Funds in accordance with the following fee schedule (the "Asset-Based Sub-Advisory Fees"), if the aggregate Asset-Based Sub-Advisory Fees exceed the aggregate Minimum Sub-Advisory Fees.

**[OMMITTED]**

Agreed and Accepted:

---

| | | |
|:---|:---|:---|
| ADVISER: | ADVISER: | SUBADVISER: |
| Exchange Traded Concepts, LLC | Exchange Traded Concepts, LLC | Skylar Capital Management, LP |
| By: |  | By: |
| Name: | Richard Malinowski | Name: |
| Title: | Co-Chief Executive Officer | Title: |

---

## Ex-99.(D)(22)

**Exhibit (d)(22)**

**Investment Management Agreement**

Investment Management Agreement (the *"Agreement"*) made this ___ day of _____, 2026, by and between [_____], a Cayman Islands exempted company (the *"Company"*), and exchange traded concepts, LLC, an Oklahoma limited liability company with its principal place of business at 10900 Hefner Pointe Drive, Suite 207, Oklahoma City, Oklahoma 73120 (the *"Adviser"*).

Whereas, the Company is a wholly-owned subsidiary of the [___] (the *"Fund"*), a series of Exchange Listed Funds Trust, a Delaware statutory trust (the *"Trust"*), which is registered under the Investment Company Act of 1940, as amended (*"1940 Act"*), as an open-end management investment company; and

Whereas, the Adviser has entered into an Advisory Agreement with the Trust, dated as of June 12, 2015 (the *"Trust IMA"*), on the terms and for the consideration set forth therein; and

Whereas, the Company desires to retain the Adviser as investment adviser, to furnish certain investment advisory and portfolio management services to the Company, and the Adviser is willing to furnish such services.

**Witnesseth:**

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company hereby engages the Adviser to act as the investment adviser for, and to manage the investment and reinvestment of the assets of, the Company in accordance with the Company's investment objectives and policies and limitations, and to administer the Company's affairs to the extent requested by and subject to the supervision of the Directors of the Company for the period and upon the terms herein set forth. The investment of the Company's assets shall be subject to the Trust's policies, restrictions and limitations with respect to securities investments as set forth in the Trust's then current registration statement and all applicable laws and the regulations of the Securities and Exchange Commission relating to the management of registered open-end management investment companies.

The Adviser accepts such employment and agrees during such period to render such services, to furnish office facilities and equipment and clerical, bookkeeping and administrative services (other than such services, if any, provided by the Company's transfer agent, administrator or other service providers) for the Company, to permit any of its officers or employees to serve without compensation as directors or officers of the Company if elected to such positions, and to assume the obligations herein set forth for the compensation herein provided. The Adviser shall at its own expense furnish all executive and other personnel, office space, and office facilities required to render the investment management and administrative services set forth in this Agreement. In the event that the Adviser pays or assumes any expenses of the Company not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or similar expense in the future; *provided,* that nothing contained herein shall be deemed to relieve the Adviser of any obligation to the Company under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall neither have the authority to act for nor represent the Company in any way, nor otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser agrees that it will provide the services and facilities described in Section 1 for the consideration set forth in the Trust IMA payable by the Trust, and no further compensation will be due, owning or payable by the Company or the Trust pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. During the term of this Agreement, the Adviser shall pay all of the expenses of the Company (including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees, if any) but excluding any fee payment under this Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser shall arrange for suitably qualified officers, employees or agents of the Adviser to serve, without compensation from the Company, as directors (except for those directors who are not interested persons of the Company), officers or agents of the Company, if duly elected or appointed to such positions, and subject to their individual consent and to any limitations imposed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser is authorized to select the brokers or dealers and futures commissions merchants that will execute the purchases and sales of the Company's securities and other reasonable investments on behalf of the Company, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of the Company's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Company's Board of Directors and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 of the 1940 Act), the Adviser may select brokers, dealers or futures commission merchants affiliated with the Adviser. It is understood that the Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Company, or be in breach of any obligation owing to the Company under this Agreement, or otherwise, solely by reason of its having caused the Company to pay a member of a securities exchange, a broker, dealer or futures commission merchant a commission for effecting a securities transaction for the Company in excess of the amount of commission another member of an exchange, broker, dealer or futures commission merchant would have charged if the Adviser determined in good faith that the commission paid was reasonable in relation to the brokerage or research services provided by such member, broker, dealer or futures commission merchant, viewed in terms of that particular transaction or the Adviser's overall responsibilities with respect to its accounts, including the Company, as to which it exercises investment discretion.

In addition, the Adviser may, to the extent permitted by applicable law, aggregate purchase and sale orders of securities with similar orders being made simultaneously for other accounts managed by the Adviser or its affiliates, if in the Adviser's reasonable judgment such aggregation shall result in an overall economic benefit to the Company, taking into consideration the selling or purchase price, brokerage commissions and other expenses. In the event that a purchase or sale of an asset of the Company occurs as part of any aggregate sale or purchase orders, the objective of the Adviser and any of its affiliates involved in such transaction shall be to allocate the securities so purchased or sold, as well as expenses incurred in the transaction, among the Company and other accounts in an equitable manner. Nevertheless, the Company acknowledges that under some circumstances, such allocation may adversely affect the Company with respect to the price or size of the securities positions obtainable or salable. Whenever the Company and one or more other investment advisory clients of the Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner believed by the Adviser to be equitable to each, although such allocation may result in a delay in one or more client accounts being fully invested that would not occur if such an allocation were not made. Moreover, it is possible that due to differing investment objectives or for other reasons, the Adviser and its affiliates may purchase securities of an issuer for one client and at approximately the same time recommend selling or sell the same or similar types of securities for another client.

The Adviser will not arrange purchases or sales of securities between the Company and other accounts advised by the Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 of the 1940 Act) and the Trust's policies and procedures, (b) the Adviser determines the purchase or sale is in the best interests of the Company, and (c) the Trust's Board of Trustees has approved these types of transactions.

To the extent the Company seeks to adopt, amend or eliminate any objectives, policies, restrictions or procedures in a manner that modifies or restricts the Adviser's authority regarding the execution of the Company's portfolio transactions, the Company agrees to use reasonable commercial efforts to consult with the Adviser regarding the modifications or restrictions prior to such adoption, amendment or elimination.

The Adviser will communicate to the officers and directors of the Company such information relating to transactions for the Company as they may reasonably request. In no instance will portfolio securities be purchased by or sold to the Adviser or any affiliated person of either the Trust or the Adviser, except as may be permitted under the 1940 Act.

The Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will use the same degree of skill and care in providing such services as it uses in providing services to fiduciary accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will conform in all material respects to all applicable rules and regulations of the Securities and Exchange Commission and the Commodity Futures Trading Commission and comply in all material respects with all policies and procedures adopted by the Board of Trustees of the Trust for the Trust and communicated to the Adviser and, in addition, will conduct its activities under this Agreement in all material respects in accordance with any applicable regulations of any governmental authority pertaining to its investment advisory activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will report regularly to the Board of Directors of the Company and will make appropriate persons available for the purpose of reviewing with representatives of the Board of Directors on a regular basis at reasonable times the management the Company, including, without limitation, review of the general investment strategies of the Company, the performance of the Company's investment portfolio in relation to relevant standard industry indices and general conditions affecting the marketplace and will provide various other reports from time to time as reasonably requested by the Board of Directors of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will prepare and maintain such books and records with respect to the Company's securities and other transactions as required under applicable law and will prepare and furnish the Company's Board of Directors such periodic and special reports as the Board of Directors may reasonably request. The Adviser further agrees that all records which it maintains for the Company are the property of the Company and the Adviser will surrender promptly to the Company any such records upon the request of the Company (*provided, however,* that the Adviser shall be permitted to retain copies thereof); and shall be permitted to retain originals (with copies to the Company) to the extent required under Rule 204-2 of the Investment Advisers Act of 1940 or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to applicable statutes and regulations, it is understood that officers, directors, or agents of the Company are, or may be, interested persons (as such term is defined in the 1940 Act and rules and regulations thereunder) of the Adviser as officers, directors, agents, shareholders or otherwise, and that the officers, directors, shareholders and agents of the Adviser may be interested persons of the Company otherwise than as directors, officers or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Adviser shall not be liable for any loss sustained by reason of the purchase, sale or retention of any asset, whether or not such purchase, sale or retention shall have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation shall have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Adviser may retain one or more sub-advisers at the Adviser's own cost and expense for the purpose of furnishing one or more of the services described in Section 1 hereof with respect to the Company. In addition, the Adviser may adjust from time to time the duties delegated to any sub-adviser, the portion of portfolio assets of the Company that the sub-adviser shall manage and the fees to be paid to the sub-adviser pursuant to any sub-advisory agreement or other arrangement entered into in accordance with this Agreement. Retention of a sub-adviser shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall be responsible to the Company for all acts or omissions of any sub-adviser in connection with the performance of the Adviser's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Company acknowledges that the Adviser intends in the future to act as an investment adviser to other managed accounts and as investment adviser or sub-investment adviser to one or more other investment companies that are not a series of the Trust or the Company. In addition, the Trust acknowledges that the persons employed by the Adviser to assist in the Adviser's duties under this Agreement will not devote their full time to such efforts. It is also agreed that the Adviser may use any supplemental research obtained for the benefit of the Company in providing investment advice to its other investment advisory accounts and for managing its own accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement, with respect to the Company, was initially approved, and is effective, *provided* it was approved by a vote of the Board of Trustees of the Trust. This Agreement shall continue in effect until the termination date set forth in the attached Schedule A, unless and until terminated by either party as hereinafter provided, and shall continue in force from year to year thereafter, but only as long as such continuance is specifically approved, at least annually by the Board of Trustees of the Trust.

This Agreement shall automatically terminate in the event of its assignment, and may be terminated at any time without the payment of any penalty by the Company or by the Adviser upon sixty (60) days' written notice to the other party. The Company may effect termination by action of the Board of Directors, accompanied by appropriate notice. This Agreement may be terminated, at any time, without the payment of any penalty, by the Board of Directors of the Company, in the event that it shall have been established by a court of competent jurisdiction that the Adviser, or any officer or director of the Adviser, has taken any action which results in a breach of the material covenants of the Adviser set forth herein. Termination of this Agreement shall not affect the right of the Adviser to receive payments on any unpaid balance of the compensation, described in Section 3, earned prior to such termination and for any additional period during which the Adviser serves as such for the Company, subject to applicable law. The term "assignment" shall have the same meaning set forth in the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement may be amended or modified only by a written instrument executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder shall not be thereby affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Any notice under this Agreement shall be in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such other party may designate for receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. All parties hereto are expressly put on notice of the Company's Memorandum and Articles of Association and all amendments thereto, a copy of which is on file with the Registrar of Companies of the Cayman Islands and the limitation of shareholder and director liability contained therein. This Agreement is executed on behalf of the Company by the Company's officers as officers and not individually and the obligations imposed upon the Company by this Agreement are not binding upon any of the Company's Directors, officers or shareholders individually but are binding only upon the assets and property of the Company, and persons dealing with the Company must look solely to the assets of the Company and those assets belonging to the Company, for the enforcement of any claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement shall be construed in accordance with applicable federal law and the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. None of the provisions of this Agreement shall be for the benefit of, or enforceable by, any person or entity that is not a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The Company represents that the Fund is a "qualified eligible person" within the meaning of Commodity Futures Trading Commission ("CFTC") Regulations Rule 4.7 and, as such, consents to the Adviser treating any futures accounts established by the Adviser in the name and on behalf of the Fund in accordance with the exemption contained in CFTC Regulations Rule 4.7.

Pursuant to an exemption from the Commodity Futures Trading Commission in connection with pools whose participants are limited to qualified eligible persons, an offering memorandum for this pool is not required to be, and has not been, filed with the Commission. The Commodity Futures Trading Commission does not pass upon the merits of participating in a pool or upon the adequacy or accuracy of an offering memorandum. Consequently, the Commodity Futures Trading Commission has not reviewed or approved this offering or any offering memorandum for this pool.

In Witness Whereof, the Company and the Adviser have caused this Agreement to be executed on the day and year above written.

[<u> </u>] Cayman Ltd.

By:  <br> Name:   <br> Title:  

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| | |
|:---|:---|
| Exchange traded concepts, LLC | Exchange traded concepts, LLC |
| By: |  |
|  | Name: |
|  | Title: |

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**Schedule A**

(As of _____)

<u>Company</u> <u>Fund</u> <u>Initial Board Approval Date</u> <u>Initial Effective Date</u> <u>Termination Date</u> <br>

## Ex-99.(D)(23)

**Exhibit (d)(23)**

**Sub-Advisory Agreement**

Sub-Advisory Agreement (this *"Agreement"*) made this __ day of___, 2026, by and between Exchange Traded Concepts, LLC, a registered investment adviser organized under the laws of the State of Oklahoma, with its principal place of business at 10900 Hefner Pointe Dr., Ste. 400, Oklahoma City, OK 73120 (the *"Adviser"*), and, [___], a registered investment adviser organized under the laws of the State of _______a, with its principal place of business at _________(the *"Sub-Adviser"*).

Whereas, Exchange Listed Funds Trust, a Delaware statutory trust (the *"Trust"*), is an open-end management investment company, registered as such under the Investment Company Act of 1940 (the *"1940 Act"*);

Whereas, [___], a Cayman Islands exempted company (the *"Company"*), is a wholly-owned subsidiary of the [__] (the *"Fund"*), a series of the Trust;

Whereas, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the *"Advisers Act"*);

Whereas, the Adviser has entered into an Investment Advisory Agreement dated June 12, 2015 (the *"Advisory Agreement"*) with the Trust, relating to the provision of portfolio management services to the Fund and an Investment Advisory Agreement dated _____, 2026 with the Company relating to the provision of portfolio management services to the Company;

Whereas, the Sub-Adviser has entered into a Sub-Advisory Agreement dated ________(the *"Sub-Advisory Agreement"*) with the Adviser relating to the provision of portfolio management services to the Fund;

Whereas, the Advisory Agreement provides that the Adviser may delegate any or all of its portfolio management responsibilities under the Advisory Agreement to one or more sub-advisers; and

Whereas, the Adviser, Trustees of the Trust and the Directors of the Company desire to retain the Sub-Adviser to render portfolio management services to the Company in the manner and on the terms set forth in this Agreement, and the Sub-Adviser is willing to provide such services.

Now, Therefore, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

Section 1. Appointment and Acceptance of Appointment.

The Adviser hereby appoints the Sub-Adviser to act as an investment adviser to the Company for the periods and on the terms herein set forth. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

Section 2. Sub-Advisory Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, subject to the supervision and oversight of the Adviser, manage the investment and reinvestment of such portion of the assets of the Company, as the Adviser may from time to time allocate to the Sub-Adviser for management (the *"Sub-Advised Assets"*). The Sub-Adviser shall manage the Sub-Advised Assets in conformity with (i) the investment objective, policies and restrictions of the Company set forth in the Trust's prospectus and statement of additional information relating to the Fund, as they may be amended from time to time, any additional policies or guidelines, including without limitation compliance policies and procedures, established by the Adviser, the Trust's Chief Compliance Officer, or by the Trust's Board of Trustees (*"Board"*) that have been furnished in writing to the Sub-Adviser, (ii) the written instructions and directions received from the Adviser and the Trust as delivered; and (iii) the requirements of the 1940 Act, the Investment Advisers Act of 1940 (*"Advisers Act"*), and all other federal and state laws applicable to registered investment companies and the Sub-Adviser's duties under this Agreement, all as may be in effect from time to time. The foregoing are referred to below together as the *"Policies."*

For purposes of compliance with the Policies, the Sub-Adviser shall be entitled to treat the Sub-Advised Assets as though the Sub-Advised Assets constituted the entire Company, and the Sub-Adviser shall not be responsible in any way for the compliance of any assets of the Company, other than the Sub-Advised Assets, with the Policies. Subject to the foregoing, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Company, without regard to the length of time the securities have been held and the resulting rate of portfolio turnover or any tax considerations; and the majority or the whole of the Sub-Advised Assets may be invested in such proportions of stocks, bonds, other securities or investment instruments, or cash, as the Sub-Adviser shall determine. Notwithstanding the foregoing provisions of this Section 2(a), however, (i) the Sub-Adviser shall, upon and in accordance with written instructions from the Adviser, effect such portfolio transactions for the Sub-Advised Assets as the Adviser shall determine are necessary in order for the Company to comply with the Policies, and (ii) upon notice to the Sub-Adviser, the Adviser may effect in-kind redemptions with shareholders of each Company with securities included within the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Absent instructions from the Adviser or the officers of the Trust or the Company to the contrary, the Sub-Adviser shall place orders pursuant to its determinations either directly with the issuer or with any broker and/or dealer, futures commission merchant or other person who deals in the securities or financial instruments in which the Company is trading. With respect to common and preferred stocks, in executing portfolio transactions and selecting brokers or dealers, the Sub-Adviser shall use its best judgment to obtain the best overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser shall consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker, dealer, or futures commission merchant and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available and in selecting the broker, dealer, or futures commission merchant to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to the Company and/or other account over which the Sub-Adviser and/or an affiliate of the Sub-Adviser exercises investment discretion. With respect to securities other than common and preferred stocks, in placing orders with brokers, dealers, futures commission merchants or other persons, the Sub-Adviser shall attempt to obtain the best net price and execution of its orders, *provided* that to the extent the execution and price available from more than one broker, dealer futures commission merchant or other such person are believed to be comparable, the Sub-Adviser may, at its discretion but subject to applicable law, select the executing broker, dealer, futures commission merchant or such other person on the basis of the Sub-Adviser's opinion of the reliability and quality of such broker, dealer, futures commission merchant or such other person; brokers, dealers or futures commission merchants selected by the Sub-Adviser for the purchase and sale of securities or other investment instruments for the Sub-Advised Assets may include brokers, dealers or futures commission merchants affiliated with the Sub-Adviser, provided such orders comply with Rules 17e-1 and 10f-3 under the 1940 Act and the Trust's Rule 17e-1 and Rule 10f-3 Procedures, respectively, in all respects, or any other applicable exemptive rules or orders applicable to the Sub-Adviser. Notwithstanding the foregoing, the Sub-Adviser will not effect any transaction with a broker, dealer or futures commission merchant that is an "affiliated person" (as defined under the 1940 Act) of the Sub-Adviser or the Adviser without the prior approval of the Adviser. The Adviser shall provide the Sub-Adviser with a list of brokers, dealers or futures commission merchants that are affiliated persons of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser acknowledges that the Adviser and the Trust may rely on Rules 17a-7, 17a-10, 10f-3 and 17e-1 under the 1940 Act, and the Sub-Adviser hereby agrees that it shall not consult with any other investment adviser to the Trust with respect to transactions in securities for the Sub-Advised Assets or any other transactions in the Trust's assets, other than for the purposes of complying with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Adviser with a true and complete copy of its compliance policies and procedures for compliance with "federal securities laws" (as such term is defined under Rule 38a-1 of the 1940 Act) and Rule 206(4)-7 of the Advisers Act (the *"Sub-Adviser Compliance Policies"*). The Sub-Adviser's chief compliance officer (*"Sub-Adviser CCO"*) shall provide to the Trust's Chief Compliance Officer (*"Trust CCO"*) or his or her delegate promptly (and in no event more than 10 business days) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report of any "material compliance matters," as defined by Rule 38a-1 under the 1940 Act, that have occurred in connection with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the Sub-Adviser CCO's report with respect to the annual review of the Sub-Adviser Compliance Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust CCO may request) certification regarding the Sub-Adviser's compliance with Rule 206(4)-7 under the Advisers Act and Section 38a-1 of the 1940 Act as well as the foregoing sub-paragraphs (i)-(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Company as well as other fiduciary or agency accounts managed by the Sub-Adviser, aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best overall terms available and execution with respect to common and preferred stocks and the best net price and execution with respect to other securities. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it considers to be most fair and equitable over time to the Company and to its other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser, in connection with its rights and duties with respect to the Company shall use the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The services of the Sub-Adviser hereunder are not deemed exclusive, and the Sub-Adviser shall be free to render similar services to others (including other investment companies) so long as its services under this Agreement are not impaired thereby. The Sub-Adviser will waive enforcement of any non-compete agreement or other agreement or arrangement to which it is currently a party that restricts, limits, or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide investment advisory or other services and will transmit to any person or entity notice of such waiver as may be required to give effect to this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall furnish the Adviser reports concerning portfolio transactions and performance of the Sub-Advised Assets as the Adviser may reasonably determine in such form as may be mutually agreed upon, and agrees to review the Sub-Advised Assets with the Adviser and discuss the management of them. The Sub-Adviser shall promptly respond to requests by the Adviser and the Trust CCO or their delegates for copies of the pertinent books and records maintained by the Sub-Adviser relating directly to the Company. The Sub-Adviser shall also provide the Adviser with such other information and reports, including information and reports related to compliance matters, as may reasonably be requested by it from time to time, including without limitation all material requested by or required to be delivered to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise instructed by the Adviser, the Sub-Adviser shall not have the power, discretion or responsibility to vote any proxies in connection with securities in which the Sub-Advised Assets may be invested, and the Adviser shall retain such responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) The Sub-Adviser shall cooperate promptly and fully with the Adviser and/or the Trust in responding to any regulatory or compliance examinations or inspections (including any information requests) relating to the Trust, the Fund, the Company or the Adviser brought by any governmental or regulatory authorities. The Sub-Adviser shall provide the Trust CCO or his or her delegate with notice within a reasonable period of any deficiencies or other issues identified by the United States Securities and Exchange Commission (*"SEC"*) or any other regulator or regulatory organization in an examination or otherwise that relate to or that may affect the Sub-Adviser's responsibilities with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser shall be responsible for the preparation and filing of Form 13F on behalf of the Sub-Advised Assets. The Sub-Adviser shall not be responsible for the preparation or filing of any other reports required on behalf of the Sub-Advised Assets, except as may be expressly agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall maintain separate detailed records of all matters pertaining to the Sub-Advised Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Adviser on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Adviser further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is likely to impair the Sub-Adviser's ability to fulfill its commitments under this Agreement.

Section 3. Representations and Warranties of the Parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser represents and warrants to the Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser is a registered investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Form ADV that the Sub-Adviser has previously provided to the Adviser is a true and complete copy of the form as currently filed with the SEC, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Adviser will promptly provide the Adviser and the Trust with a complete copy of all subsequent amendments to its Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This Agreement has been duly authorized and executed by the Sub-Adviser; 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;(v) Sub-Adviser is currently relying on an exemption from registration with the Commodity Futures Trading Commission as a commodity trading advisor pursuant to Section 4m(1) of the Commodity Exchange Act, and, therefore represents that: (i) during the course of the preceding twelve months, Sub-Adviser has not furnished commodity trading advice to more than fifteen persons; and (ii) the Sub-Adviser does not hold itself out generally to the public as a commodity trading advisor. Sub-Adviser agrees to notify Adviser promptly upon the occurrence of any event that prevents the Sub-Adviser's continued reliance on the foregoing exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser is registered under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser and the Trust has duly authorized the execution of this Agreement by the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) That the Fund is a "qualified eligible person" within the meaning of CFTC Regulations Rule 4.7 and, as such, consents to the Sub-Adviser treating any futures accounts established by the Sub-Adviser in the name and on behalf of the Fund in accordance with the exemption contained in CFTC Regulations Rule 4.7.

Section 4. Obligations of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall provide (or cause the Company's Custodian (as defined in Section 5 hereof, the Company's accountant and the Company's distributor, if any) to provide) timely information to the Sub-Adviser regarding such matters as the composition of the Sub-Advised Assets, cash requirements and cash available for investment in the Sub-Advised Assets, and all other information as may be reasonably necessary for the Sub-Adviser to perform its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has furnished the Sub-Adviser with a copy of the prospectus and statement of additional information of the Fund and it agrees during the continuance of this Agreement to furnish the Sub-Adviser copies of any revisions or supplements thereto at, or, if practicable, before the time the revisions or supplements become effective. The Adviser agrees to furnish the Sub-Adviser with copies of any financial statements or reports made by the Fund to its shareholders, and any further materials or information that the Sub-Adviser may reasonably request to enable it to perform its functions under this Agreement.

Section 5. Custodian.

The Adviser shall provide the Sub-Adviser with a copy of the Fund's and/or the Company's agreement with the custodian designated to hold the assets of the Fund and the Company (the *"Custodian"*) and any material modifications thereto (the *"Custody Agreement"*) that may affect the Sub-Adviser's duties, copies of such modifications to be provided to the Sub-Adviser reasonably in advance of the effectiveness of such modifications. The Sub-Advised Assets shall be maintained in the custody of the Custodian identified in, and in accordance with the terms and conditions of, the Custody Agreement (or any sub-custodian properly appointed as provided in the Custody Agreement). The Sub-Adviser shall have no liability for the acts or omissions of the Custodian, unless such act or omission is taken solely in reliance upon instruction given to the Custodian by a representative of the Sub-Adviser properly authorized to give such instruction under the Custody Agreement. Any assets added to the Company shall be delivered directly to the Custodian.

Section 6. Use of Name.

During the term of this Agreement, the Adviser shall have permission to use the Sub-Adviser's name in the offering and marketing of the Fund, and agree to furnish the Sub-Adviser, for its prior approval at its principal office all prospectuses, brochures, advertisements, promotional materials, web-based information, proxy statements shareholder reports and other similar informational materials that are to be made available to shareholders of a Fund or to the public and that refer to the Sub-Adviser in any way. The Sub-Adviser agrees that the Adviser may request that the Sub-Adviser approve use of a certain type, and that the Adviser need not provide for approval each additional piece of marketing material that is of substantially the same type.

During the term of this Agreement, the Sub-Adviser shall not use the Adviser's name, the Trust's or the Company's name without the prior consent of the Adviser.

Section 7. Expenses.

During the Term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with the performance of its duties under paragraph 2 hereof other than the cost (including taxes, brokerage commissions and other transaction costs, if any) of the securities or other investment instruments purchased or sold for the Company.

Section 8. Compensation of the Sub-Adviser.

As full compensation for all services rendered, facilities furnished and expenses borne by the Sub-Adviser hereunder, the Sub-Adviser shall be paid the fees specified in the Sub-Advisory Agreement for the Fund, and no further compensation will be due, owning or payable by the Company pursuant to this Agreement.

Section 9. Independent Contractor Status.

The Sub-Adviser shall for all purposes hereof be deemed to be an independent contractor and shall, unless otherwise provided or authorized, have no authority to act for or represent the Company or the Adviser in any way or otherwise be deemed an agent of the Company or the Adviser.

Section 10. Liability and Indemnification.

&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) *Liability*. The duties of the Sub-Adviser shall be confined to those expressly set forth herein with respect to the Sub-Advised Assets. The Sub-Adviser shall not be liable for any loss arising out of any portfolio investment or disposition hereunder, except a loss directly resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder. The Sub-Adviser shall have no liability for any indirect, incidental, consequential, special, exemplary or punitive damages even if the Sub-Adviser has been advised of the possibility of such damages. Furthermore, under no circumstances shall the Sub-Adviser be liable for any loss arising out of any act or omission taken by another sub-adviser, or any other third party, in respect of any portion of the Company's assets not managed by the Sub-Adviser pursuant to this Agreement. Notwithstanding the foregoing, nothing herein shall be deemed to relieve the Sub-Adviser of any liability it would otherwise have under applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification*. (i) The Sub-Adviser shall indemnify the Adviser, the Trust, the Company and the Fund, and their respective affiliates and controlling persons (the *"Adviser Indemnified Persons"*) for any liability and expenses, including reasonable attorneys' fees, which the Adviser, the Trust, the Company or the Fund and their respective affiliates and controlling persons may sustain as a result of the Sub-Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder or violation of applicable law; *provided, however,* that the Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result of the either of the Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser shall indemnify the Sub-Adviser, its affiliates and its controlling persons (the *"Sub-Adviser Indemnified Persons"*) for any liability and expenses, including reasonable attorneys' fees, arising from, or in connection with, the Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of their duties hereunder or violation of applicable law; *provided, however,* that the Sub-Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

Section 11. Effective Date and Termination.

This Agreement shall become effective as of the date of its execution, 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;(a) unless otherwise terminated, this Agreement shall continue in effect until two years from signing date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board, and (ii) by vote of a majority of the Trustees of the Trust who are not interested persons of the Trust, the Adviser or the Sub-Adviser;

&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) this Agreement may at any time be terminated on sixty (60) days' written notice to the Sub-Adviser by vote of the Board;

&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) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Agreement may be terminated by the Sub-Adviser on 180 days' written notice to the Adviser and the Trust, or by the Adviser immediately upon notice to the Sub-Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination of this Agreement pursuant to this Section 11 shall be without the payment of any penalty.

Section 12. Amendment.

This Agreement may be amended at any time by mutual consent of the Adviser and the Sub-Adviser, *provided* that, if required by law, such amendment shall also have been approved by vote of a majority of the Trustees of the Trust who are not interested persons of the Trust, either of the Adviser, or the Sub-Adviser.

Section 13. Assignment.

The Sub-Adviser may not assign this Agreement, and this Agreement shall automatically terminate in the event of an "assignment," as such term is defined in Section 2(a)(4) of the 1940 Act. The Sub-Adviser shall notify the Adviser in writing sufficiently in advance of any proposed change of "control," as defined in Section 2(a)(9) of the 1940 Act, so as to enable the Trust and/or the Adviser to: (a) consider whether an assignment will occur, (b) consider whether to enter into a new Sub-Advisory Agreement with the Sub-Adviser, and (c) prepare, file, and deliver any disclosure document to the Fund's shareholders as may be required by applicable law.

Section 14. Miscellaneous.

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors (subject to paragraph 11(c) hereof) and, to the extent provided in paragraph 10 hereof, each Sub-Adviser and Adviser Indemnified Person. Anything herein to the contrary notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties to do anything in violation of any applicable laws or regulations. Any provision in this Agreement requiring compliance with any statute or regulation shall mean such statute or regulation as amended and in effect from time to time.

Section 15. Regulation S-P.

In accordance with Regulation S-P, if non-public personal information regarding any party's customers or consumers is disclosed to the other party in connection with this Agreement, the other party receiving such information will not disclose or use that information other than as necessary to carry out the purposes of this Agreement.

Section 16. Confidentiality.

Any information or recommendations supplied by either the Adviser or the Sub-Adviser, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including without limitation portfolio holdings of the Company, financial information, formulas, research, trade secrets, strategies or other information relating to a party to this Agreement, are to be regarded as confidential (*"Confidential Information"*) and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, the Custodian, and such persons as the Adviser may designate in connection with the Sub-Advised Assets.

Section 17. Notices.

All notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below of each applicable party in person or by registered or certified mail or a private mail or delivery service providing the sender with notice of receipt or such other address as specified in a notice duly given to the other parties. Notice shall be deemed given on the date delivered or mailed in accordance with this paragraph.

For: Exchange Traded Concepts, LLC<br> 10900 Hefner Pointe Drive, Suite 400<br> Oklahoma City, OK 73120<br> Attn: Richard Malinowski

---

| | |
|:---|:---|
| For: | [___]<br> [___] |
|  | [___] |
|  | Attn: [___] |
| For: | Exchange Listed Funds Trust<br> 10900 Hefner Pointe Drive, Suite 400<br> Oklahoma City, OK 73120<br> Attn: Richard Malinowski |

---

Section 18. Counterparts.

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Section 19. Governing Law.

This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, or any applicable provisions of the Investment Company Act. To the extent that the laws of the State of Delaware, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the Investment Company Act shall control.

Section 20. Severability and Survival.

Should any portion of this Agreement for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein. Section 10 shall survive the termination of this Agreement.

Pursuant to an exemption from the Commodity Futures Trading Commission in connection with accounts of qualified eligible persons, this brochure or account document is not required to be, and has not been, filed with the Commission. The Commodity Futures Trading Commission does not pass upon the merits of participating in a trading program or upon the adequacy or accuracy of commodity trading advisor disclosure. Consequently, the Commodity Futures Trading Commission has not reviewed or approved this trading program or this brochure or account document.

---

| | |
|:---|:---|
| [_____] | [_____] |
| By: |  |
|  | Name: |
|  | Title: |
| Exchange Traded Concepts, LLC | Exchange Traded Concepts, LLC |
| By: |  |
|  | Name: Richard Malinowski |
|  | Title: Co-Chief Executive Officer |

---

## Ex-99.(E)(17)

**Exhibit (e)(17)**

**FOURTEENTH AMENDMENT TO<br> NOVATED ETF DISTRIBUTION AGREEMENT**

This fourteenth amendment (this "Amendment") to the novated ETF distribution agreement dated as of September 30, 2021 (the "Agreement"), is made by and between Exchange Listed Funds Trust (the "<u>Trust</u>") and Foreside Fund Services, LLC (together with the Trust, the "Parties") and is effective on June 17, 2026.

**WHEREAS**, ACA Foreside and the Trust (the "Parties") desire to amend Exhibit A of the Agreement; and,

**WHEREAS**, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing.

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit A to the Agreement is hereby deleted in its entirety and replaced by Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended hereby, all the provisions of the Agreement are restated and in full force
and effect to the same extent as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment shall be governed by, and the provisions of this Amendment shall be construed and interpreted
under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF**, the Parties have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers.

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE LISTED FUNDS TRUST** | **EXCHANGE LISTED FUNDS TRUST** | **FORESIDE FUND SERVICES, LLC** | **FORESIDE FUND SERVICES, LLC** |
| By: | /s/ Richard Malinowski | By: | /s/ Teresa Cowan |
| Name: | Richard Malinowski | Name: | Teresa Cowan |
| Title: | President | Title: | President |
| Date: | 6/17/2026 | Date: | 6/17/26 |

---

**ETFDISTRIBUTIONAGREEMENT EXHIBIT A**

**Effective as of June 17, 2026**

<u>FUNDS</u>

Saba Closed-End Funds ETF

Qraft AI-Enhanced U.S. Large Cap ETF

Qraft AI-Enhanced U.S. LargeCap Momentum ETF

ETC Cabana Target Beta ETF *(f/k/a Cabana Target Beta ETF) (f/k/a Cabana Target Drawdown 7 ETF)*

ETC Cabana Target Drawdown 10 ETF *(f/k/a Cabana Target Drawdown 10 ETF)*

ETC Cabana Target Leading Sector Moderate ETF *(f/k/a Cabana Target Leading Sector Moderate ETF)*

LG Qraft AI-Powered U.S. Large Cap Core ETF Bancreek U.S. Large Cap ETF

Bancreek International Large Cap ETF Long Pond Real Estate Select ETF Stratified LargeCap Index ETF Stratified LargeCap Hedged ETF

PLUS Korea Defense Industry Index ETF Bancreek Global Select ETF

ARMOR Core Risk-Managed ETF

Climate Global – Climate Resilient REIT Index ETF xETFs NVDA Daily Income ETF

xETFs TSLA Daily Income ETF xETFs MSTR Daily Income ETF xETFs BMNR Daily Income ETF xETFs HOOD Daily Income ETF xETFs PLTR Daily Income ETF xETFs COIN Daily Income ETF

PurePlay Nvidia Ecosystem Picks & Shovels Index ETF PLUS Korea Manufacturing Core Alliance Index ETF Billionaires Club ETF

Integrity Dividend Harvest ETF Skylar Electricity Futures ETF

## Ex-99.(G)(8)

**Exhibit (g)(8)**

**THIRD AMENDMENT TO THE** 

**EXCHANGE LISTED FUNDS TRUST**

**Fund Servicing Agreement**

**THIS THIRD AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Fund Servicing Agreement dated as of March 3, 2026, as amended (the "<u>Agreement</u>"), is entered into by and between **EXCHANGE LISTED FUNDS TRUST**, a Delaware statutory trust (the "<u>Trust</u>") and **U.S. BANCORP FUND SERVICES, LLC (d/b/a U.S. BANK GLOBAL FUND SERVICES)**, a Wisconsin limited liability company ("<u>USBGFS</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following fund:

● Integrity Dividend Harvest ETF

**WHEREAS,** Section 14(f) of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Trust's Board.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE LISTED FUNDS TRUST** | **EXCHANGE LISTED FUNDS TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Richard Malinowski | By: | /s/ Gregory Farley |
| Name: | Richard Malinowski | Name: | Gregory Farley |
| Title: | President | Title: | Senior Vice President |
| Date: | 04/22/2026 | Date: | 4/22/2026 |

---

**EXHIBIT A**

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

xETFs BMNR Daily Income ETF

xETFs COIN Daily Income ETF

xETFs HOOD Daily Income ETF

xETFs MSTR Daily Income ETF

xETFs NVDA Daily Income ETF

xETFs PLTR Daily Income ETF

xETFs TSLA Daily Income ETF

PurePlay Nvidia Ecosystem Picks & Shovels Index ETF

Integrity Dividend Harvest ETF

## Ex-99.(G)(9)

**Exhibit (g)(9)**

**FOURTH AMENDMENT TO THE** 

**EXCHANGE LISTED FUNDS TRUST**

**Fund Servicing Agreement**

**THIS FOURTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Fund Servicing Agreement dated as of March 3, 2026, as amended (the "<u>Agreement</u>"), is entered into by and between **EXCHANGE LISTED FUNDS TRUST**, a Delaware statutory trust (the "<u>Trust</u>") and **U.S. BANCORP FUND SERVICES, LLC (d/b/a U.S. BANK GLOBAL FUND SERVICES)**, a Wisconsin limited liability company ("<u>USBGFS</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Skylar Electricity Futures ETF

**WHEREAS,** Section 14(f) of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Trust's Board.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE LISTED FUNDS TRUST** | **EXCHANGE LISTED FUNDS TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Richard Malinowski | By: | /s/ Elizabeth Scalf |
| Name: | Richard Malinowski | Name: | Elizabeth Scalf |
| Title: | President | Title: | Senior Vice President |
| Date: | 6/17/2026 | Date: | 6/17/2026 |

---

**EXHIBIT A**

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

xETFs BMNR Daily Income ETF

xETFs COIN Daily Income ETF

xETFs HOOD Daily Income ETF

xETFs MSTR Daily Income ETF

xETFs NVDA Daily Income ETF

xETFs PLTR Daily Income ETF

xETFs TSLA Daily Income ETF

PurePlay Nvidia Ecosystem Picks & Shovels Index ETF

Integrity Dividend Harvest ETF

Skylar Electricity Futures ETF

## Ex-99.(G)(15)

**Exhibit (g)(15)**

**THIRD AMENDMENT TO THE**

**EXCHANGE LISTED FUNDS TRUST**

**ETF CUSTODY AGREEMENT**

**THIS THIRD AMENDMENT** effective as of the last date on the signature page (the "Effective Date"), to the ETF Custody Agreement dated as of March 3, 2026, as amended (the "Agreement"), is entered into by and between **EXCHANGE LISTED FUNDS TRUST,** a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Integrity Dividend Harvest ETF

**WHEREAS,** Section 15.03 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE LISTED FUNDS TRUST** | **EXCHANGE LISTED FUNDS TRUST** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Richard Malinowski | By: | Gregory Farley |
| Name: | Richard Malinowski | Name: | Gregory Farley |
| Title: | President | Title: | Senior Vice President |
| Date: | 04/22/2026 | Date: | 4/22/2026 |

---

**<u>EXHIBIT A</u>**

**Custody Agreement**

Separate Series of Exchange Listed Funds Trust

<u>Name of Series</u> 

xETFs BMNR Daily Income ETF

xETFs COIN Daily Income ETF

xETFs HOOD Daily Income ETF

xETFs MSTR Daily Income ETF

xETFs NVDA Daily Income ETF

xETFs PLTR Daily Income ETF

xETFs TSLA Daily Income ETF

PurePlay Nvidia Ecosystem Picks & Shovels Index ETF

Integrity Dividend Harvest ETF

## Ex-99.(G)(16)

**Exhibit (g)(16)**

**FOURTH AMENDMENT TO THE**

**EXCHANGE LISTED FUNDS TRUST**

**ETF CUSTODY AGREEMENT**

**THIS FOURTH AMENDMENT** effective as of the last date on the signature page (the "Effective Date"), to the ETF Custody Agreement dated as of March 3, 2026, as amended (the "Agreement"), is entered into by and between **EXCHANGE LISTED FUNDS TRUST,** a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Skylar Electricity Futures ETF

**WHEREAS,** Section 15.03 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE LISTED FUNDS TRUST** | **EXCHANGE LISTED FUNDS TRUST** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Richard Malinowski | By: | /s/ Elizabeth Scalf |
| Name: | Richard Malinowski | Name: | Elizabeth Scalf |
| Title: | President | Title: | Senior Vice President |
| Date: | 6/17/2026 | Date: | 6/17/2026 |

---

**<u>EXHIBIT A</u>**

**Custody Agreement**

Separate Series of Exchange Listed Funds Trust

<u>Name of Series</u> 

xETFs BMNR Daily Income ETF

xETFs COIN Daily Income ETF

xETFs HOOD Daily Income ETF

xETFs MSTR Daily Income ETF

xETFs NVDA Daily Income ETF

xETFs PLTR Daily Income ETF

xETFs TSLA Daily Income ETF

PurePlay Nvidia Ecosystem Picks & Shovels Index ETF

Integrity Dividend Harvest ETF

Skylar Electricity Futures ETF

## Ex-99.(H)(2)

**Exhibit (h)(2)**

**SCHEDULE A** 

**to the**

**ETF Master Services Agreement**

**between**

**Exchange Listed Funds Trust**

**and**

**Ultimus Fund Solutions, LLC**

**dated December 5, 2023**

**<u>Fund Portfolio(s)</u>**

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by II Technology, LLC</u>**

Armor Core Risk-Managed ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by Bancreek Capital Advisors, LLC</u>**

Bancreek U.S. Large Cap ETF

Bancreek International Large Cap ETF

Bancreek Global Select ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by Bancreek Capital Strategies, LLC</u>**

Billionaires Club ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by Cabana Asset Management</u>**

Cabana Target Drawdown 10 ETF

Cabana Target Beta ETF

Cabana Target Leading Sector Moderate ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by Long Pond Capital, LP</u>**

Long Pond Real Estate Select ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by Saba Capital Management, L.P.</u>**

Saba Closed-End Funds ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by Skylar Capital Management L.P.</u>**

Skylar Electricity Futures ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by Viking Fund Management, LLC</u>**

Integrity Dividend Harvest ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

**<u>subadvised by WallStreetX ETFs, Inc.</u>**

xETFs NVDA Daily Income ETF

xETFs MSTR Daily Income ETF

xETFs BMNR Daily Income ETF

xETFs HOOD Daily Income ETF

xETFs PLTR Daily Income ETF

xETFs TSLA Daily Income ETF

xETFs COIN Daily Income ETF

**<u>Exchange Traded Concepts, LLC advised Fund(s)</u>**

Climate Global – Climate Resilient REIT Index ETF

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF

QRAFT AI-Enhanced U.S. Large Cap ETF

LG QRAFT AI-Powered US Large Cap Core ETF

Stratified LargeCap Index ETF

Stratified LargeCap Hedged ETF

PurePlay Nvidia Ecosystem Picks & Shovels Index ETF

**<u>Exchange Traded Concepts, LLC advised "PLUS" Branded Fund(s)</u>**

PLUS Korea Defense Industry Index ETF

PLUS Korea Manufacturing Core Alliance Index ETF

***Signatures are located on the next page.***

Schedule A to <br> Ultimus ETF Master Services Agreement A-2

The parties duly executed this Schedule A as of June 22, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Exchange Listed Funds Trust** | **Exchange Listed Funds Trust** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Richard Malinowski | By: | /s/ Gary Tenkman |
| Name: | Richard Malinowski | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Schedule A to <br> Ultimus ETF Master Services Agreement A-3

## Ex-99.(I)(18)

**Exhibit (i)(18)**

---

| | |
|:---|:---|
| ![](ex99i_001.jpg) | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3484<br> warren@chapman.com |

---

June 22, 2026

Exchange Listed Funds Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, Oklahoma 73120

Re: Exchange Listed Funds Trust <br> <u>(Registration Nos. 333-180871 and 811-22700)</u>

Ladies and Gentlemen:

We have acted as counsel to Exchange Listed Funds Trust, a Delaware statutory trust (the *"Trust"*), with respect to the filing with the U.S. Securities and Exchange Commission of Amendment No. 333 and Post-Effective Amendment No. 331 (the *"Amendment"*) to the Trust's Registration Statement on Form N-1A under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended. The Trust filed the Amendment on or about June 22, 2026 in order to register shares (the *"Shares"*) of beneficial interest of the Skylar Electricity Futures ETF, a series of the Trust (the *"Fund"*). The Amendment seeks to register an unlimited number of Shares of the Fund.

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; and such other legal and factual matters as we have considered necessary.

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 have assumed the following for purposes of this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The legal capacity of all natural persons, the accuracy and completeness of all documents and records
that we have reviewed, the genuineness of all signatures, the authenticity of the documents submitted to us as originals and the conformity
to authentic original documents of all documents submitted to us as certified, conformed or reproduced copies.

![](ex99i_002.jpg)

![](ex99i_001.jpg)

June 22, 2026 <br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund's Shares will be issued against consideration therefor as described in the Trust's
prospectus relating thereto.

This opinion relates solely to the registration of Shares of the Fund and not to the registration of any other series or classes of the Trust that have previously been registered.

Based upon the foregoing, it is our opinion that, upon the effectiveness of the Amendment, the Shares of beneficial interest of the Fund, when issued upon the terms and for the consideration described in the Amendment, will be validly issued, fully paid and non-assessable.

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, | Respectfully submitted, |
| By: | /s/ Chapman and Cutler LLP |
|  | Chapman and Cutler llp |

---

## Ex-99.(M)(2)

**Exhibit (m)(2)**

<u>Exhibit A</u>

<u>(as of June 22, 2026)</u>

Saba Closed-End Funds ETF

QRAFT AI-Enhanced US Large Cap ETF

QRAFT AI-Enhanced US Large Cap Momentum ETF

QRAFT AI-Powered U.S. Large Cap Core ETF

ETC Cabana Target Drawdown 10 ETF

ETC Cabana Target Leading Sector Moderate ETF

ETC Cabana Target Beta ETF

Bancreek U.S. Large Cap ETF

Bancreek International Large Cap ETF

Stratified LargeCap Index ETF

Stratified LargeCap Hedged ETF

PLUS Korea Defense Industry ETF

Long Pond Real Estate Select ETF

Bancreek Global Select ETF

ARMOR Core Risk-Managed ETF

Climate Global - Climate Resilient REIT Index ETF

xETFs NVDA Daily Income ETF

xETFs TSLA Daily Income ETF

xETFs MSTR Daily Income ETF

xETFs BMNR Daily Income ETF

xETFs HOOD Daily Income ETF

xETFs PLTR Daily Income ETF

xETFs COIN Daily Income ETF

PurePlay Nvidia Ecosystem Picks & Shovels Index ETF

PLUS Korea Manufacturing Core Alliance Index ETF

Billionaires Club ETF

Integrity Dividend Harvest ETF

Skylar Electricity Futures ETF

## Ex-99.(P)(10)

**Exhibit (p)(10)**

**Skylar Capital Management LP**

**(in its capacity as Sub-adviser for**

**Skylar Electricity Futures ETF)**

**Code of Ethics**

**June 2026**

**THIS MANUAL IS THE PROPERTY OF SKYLAR CAPITAL MANAGEMENT LP AND MUST BE RETURNED BY ALL PERSONNEL UPON TERMINATION OF EMPLOYMENT OR CONTRACTUAL ENGAGEMENT, AS APPLICABLE. THE CONTENTS OF THIS MANUAL ARE CONFIDENTIAL AND MUST NOT BE REVEALED TO THIRD PARTIES.**

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**TABLE OF CONTENTS**

1. INTRODUCTION 5

2. OVERSIGHT OF THE CODE 6

2.1 Acknowledgement of the Code and ETC's Trust Policy 6

2.2 Reporting Violations 6

2.3 Sanctions for Failure to Comply with the Code of Ethics 6

2.4 CCO's Preclearance Requests 6

3. PERSONNEL SUPERVISION 6

4. WHISTLEBLOWER POLICY 7

4.1 Introduction 7

4.2 Non-Retaliation Policy 7

4.3 SEC's Whistleblower Program 8

5. CONFLICTS OF INTEREST GENERALLY 8

6. GIFTS AND ENTERTAINMENT 8

6.1 Gifts and Entertainment Policy 8

6.2 Permissible Gifts and Entertainment 9

6.3 Pre-Approval of Gifts 9

6.4 Pre-Approval of Entertainment 9

6.5 Reporting of Gifts and Entertainment 10

6.6 Government Officials 10

6.7 Gifts and Entertainment Policy Annual Compliance Attestation 10

6.8 Charitable Donations 10

7. ANTI-BRIBERY POLICY AND PROCEDURES 10

7.1 Anti-Bribery Policy 10

7.1.1 Foreign Corrupt Practices Act 11

7.1.2 FCPA Red Flags 11

7.1.3 Pre-Approval Requirement 11

8. POLITICAL CONTRIBUTIONS AND PAY TO PLAY 11

8.1 Introduction 11

8.2 Pay to Play Policy 12

8.3 New Personnel Certification 12

8.4 Pre-Approval of Political Contributions 12

8.5 Pay to Play Policy Annual Compliance Attestation 13

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

9. PERSONAL TRADING POLICY 13

9.1 General Policy 13

9.2 Definition of Covered Account 13

9.3 Definition of Non-Discretionary Managed (or Third-Party Managed) Account 13

9.4 Definition of Reportable Security 14

9.5 Reporting of Holdings and Transactions 15

9.5.1 Initial Holdings Report 15

9.5.2 Annual Holdings Report 15

9.5.3 Duplicate Brokerage Statements (Quarterly Transaction Report) 15

9.5.4 New Accounts 16

9.5.5 Exemption from Reporting on Automatic Investment Plans 16

9.6 Prohibited Transactions 16

9.7 Pre-approval Under the Personal Trading Policy 16

9.8 Limited Offerings 17

9.8.1 Limited Offerings Policy Annual Compliance Attestation 17

9.9 Specific Account Exemptions 17

9.10 Review and Retention of Reports 17

9.10.1 Escalation of Violations and Sanctions 17

9.10.2 Confidentiality 18

9.11 The Restricted List 18

10. OUTSIDE BUSINESS ACTIVITIES 18

10.1 Outside Business Activities Policy 18

10.2 Family Member's Conflicts of Interest 19

10.3 Outside Business Activities Policy Annual Compliance Attestation 19

11. INSIDER TRADING 19

11.1 Introduction 19

11.2 Penalties for Insider Trading 20

11.3 Important Definitions 20

11.3.1 Nonpublic Information 20

11.4 Material Information 20

11.4.1 Insider and Temporary Insider 20

11.4.2 Tipper / Tippee Liability 20

11.5 Breach of Duty 21

11.6 Adviser's Insider Trading Policy 21

11.7 Procedures Designed to Detect and Prevent Insider Trading 21

11.7.1 Procedures Governing Communication with Third Parties 21

11.7.2 Procedures Governing Formal and Informal Confidentiality Agreements 22

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

11.7.3 Required Pre-Approval for Service as a Director or on a Creditor's
Committee or in a Similar Capacity 22

11.7.4 Required Procedures for Service as a Director or on a Creditor's
Committee or in a Similar Capacity 23

11.8 Insider Trading Policy Annual Compliance Attestation 23

11.9 Compliance Responsibilities 23

12. PAID EXPERT POLICY AND PROCEDURES 23

12.1 Introduction 23

12.2 Paid Expert Procedures 24

12.2.1 Consultant not retained through an Expert Consultant Provider 24

13. POLITICAL INTELLIGENCE FIRMS 24

13.1 Definition 24

13.2 Meetings with Government Officials 24

14. COMMUNICATIONS WITH OTHER "BUY SIDE" FIRMS 25

14.1 Introduction 25

14.2 Compliance Review of Communications with Buy-Side Firms 25

15. ALTERNATIVE DATA PROVIDERS 25

15.1 Webscraping 25

---

| | |
|:---|:---|
| Appendix A – Personnel Acknowledgement of Receipt and Compliance Attestation | 32.0 |
| Appendix B – New Personnel Political Contribution Disclosure Form | 33.0 |
| Appendix C – Political Contribution Pre-Approval Request Form | 35.0 |
| Appendix D – [Initial]/[Annual] Holdings Report | 37.0 |
| Appendix E – Trade Pre-Approval Request Form | 40.0 |
| Appendix F – Limited Offerings Participation Request Form | 41.0 |
| Appendix G – Outside Business Activity Pre-Approval and Insider Disclosure Statement | 44.0 |

---

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

1. INTRODUCTION

The "**Code of Ethics Rule**" of the Investment Advisers Act of 1940 (the "**Advisers Act**") requires investment advisers registered with the U.S. Securities and Exchange Commission ("**SEC**") to adopt a written code of ethics. Skylar Capital Management LP (the "**Adviser**") has adopted this code of ethics (the **"Code"**) to establish the Adviser's and its Personnel's fiduciary duty to the Adviser's clients, which at this time includes only the ETF as defined below (together with potential future clients ("**Clients**")). The Code also addresses certain possible conflicts of interest and includes the Adviser's personal trading policy. The Code should be read in conjunction with the Adviser's Supervisory Procedures and Compliance Manual (the "**Manual**").

This Code sets forth standards of conduct expected for any person supervised by the Adviser in its capacity as sub-adviser of Skylar Electricity Futures ETF (the "**ETF**"), i.e., any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of the Adviser or any other person who provides investment advice to the ETF on the Adviser's behalf and is subject to the Adviser's supervision and control (hereafter, "**Personnel**").

The following standards of business conduct will govern the interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· The interests of Clients must be placed first at all times.

&nbsp;&nbsp;&nbsp;&nbsp;· All investment transactions (including personal trading transactions) must be conducted
consistent with this Code, and in such a manner as to avoid any actual or perceived conflict of interest, or any abuse of Personnel's
position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;· Personnel must not misrepresent the Adviser or their role within the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;· Personnel should not take inappropriate advantage of their positions with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;· Personnel must comply with all applicable "**Federal Securities Laws**."

The Code is designed to cover a variety of circumstances and conduct. However, no policy or procedure can anticipate every possible situation. Consequently, all Personnel are expected not only to abide by the letter of the Code, but also to aspire to its spirit by upholding the Adviser's fundamental ideals that include integrity, honesty and trust. The Code should be an active part of all Personnel's normal course of business.

The Adviser serves as the sub-adviser of the ETF, while Exchange Traded Concepts, LLC ("**ETC**") serves as the primary adviser ("**Primary Adviser**") of the ETF pursuant to a Platform Services and Portfolio Management Services Agreement signed by the Adviser and ETC. Therefore, the Adviser is subject to ETC's Trust Policy and any other relevant policies pertaining to the ETF and agree to be bound thereto. Such policies will be distributed to Personnel alongside this Code.

The Adviser has designated a qualified individual to be the Chief Compliance Officer (the "**CCO**") who may delegate the day-to-day management of certain of his or her compliance duties to other qualified Personnel, including but not limited to the Chief Operating Officer ("**COO**") and Chief Financial Officer ("**CFO**"). The Adviser may modify any or all of the policies and procedures set forth in the Code. Should revisions be made, Personnel will receive written notification from the CCO or his or her designee. In addition, the Adviser has engaged the services of an independent compliance consulting firm, Optima Partners LLC ("**Optima**"), to assist the CCO with the implementation and management of the CCO's compliance duties. In the event any Personnel has any questions regarding his or her responsibilities under the Code, he or she must contact the CCO or Optima.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

2. OVERSIGHT OF THE CODE

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Acknowledgement of the Code and ETC's Trust Policy

All Personnel must execute and return to the CCO the "**Personnel Acknowledgement of Receipt and Compliance Attestation**" form attached hereto as **Appendix A** (or similar acknowledgement), upon hire and annually thereafter, certifying that he or she has read and understands the contents of the Code and ETC's Trust Policy.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Reporting Violations

All Personnel must promptly report any violations of the Code or any Federal Securities Laws to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Sanctions for Failure to Comply with the Code of Ethics

If it is determined that any Personnel has committed a violation of the Code, the Adviser may impose sanctions and/or take other action as deemed appropriate. These actions may include, among other things, disgorgement of profits, criminal or civil penalties, a letter of caution or warning, suspension or termination of employment, and/or notification to the SEC or other federal regulatory authority of the violations.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 CCO's Preclearance Requests

In all circumstances requiring pre-approval of an activity under the Code, the President, Executive Vice President, or Vice President of the General Partner will provide pre-approval to the CCO according to the provisions of the Code.

3. PERSONNEL SUPERVISION

Pursuant to Advisers Act Section 203(e), if an investment adviser fails to reasonably supervise an employee or other personnel and that person violates the Federal Securities Laws, the SEC may censure, limit the activities of, or revoke the registration of the investment adviser. However, Section 203(e)(6) states that an investment adviser will not be deemed to have failed to reasonably supervise any person if the adviser has: (i) established procedures and a system for applying such procedures, that would reasonably be expected to prevent and detect, insofar as practicable, any such violation by such other person; and (ii) reasonably discharged the duties and obligations incumbent upon it by reason of such procedures and system without reasonable cause to believe that such procedures and system were not being complied with.

The Adviser takes seriously its obligation to supervise its Personnel. Accordingly, the Adviser's "**Compliance Program**," which is comprised of the policies and procedures contained in the Manual and this Code (and any other then-applicable standalone policies or procedures, for example, the Adviser's Business Continuity Plan), is designed to ensure that it reasonably supervises its Personnel with a view to preventing violations of the Advisers Act and its rules, as well as other applicable Federal Securities Laws. The Adviser expects all Personnel who act in a supervisory capacity to oversee any other Personnel under his or her supervision in a manner consistent with the policies and procedures contained in the Compliance Program. The Adviser's management shall have overall responsibility for assigning supervisory responsibility. Any questions regarding the scope of this expectation should be brought to the attention of the President, Executive Vice President, or Vice President of the General Partner.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

Where CCO (or other managerial) approval is required for the Adviser or any Personnel to take certain actions, the CCO (or such other person) may deny or withhold approval if, in the CCO's (or such other person's) good faith determination, the proposed action by the Personnel would not be in the best interests of the Adviser and its Clients, or would otherwise violate applicable policies and procedures, contractual restrictions or laws and regulations.

The Adviser retains an independent third party that conducts routine background checks on prospective employees or personnel (for example, confirming employment histories, disciplinary records, financial background and credit information) and may contact personal references. In addition, the Adviser will not employ persons with a prior disciplinary history (for example, discipline regarding misappropriation, unauthorized trading, forgery, bribery or making unsuitable recommendations). However, should the Adviser employ a person with a disciplinary history, the Adviser will implement additional procedures so that the Adviser is able to identify any misconduct by such person.

4. WHISTLEBLOWER POLICY

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Introduction

Pursuant to the Adviser's "**Whistleblower Policy**," it is the responsibility of all Personnel to comply with the Adviser's policies and procedures as well as all applicable laws and to report violations or suspected violations including, but not limited to, instances of financial impropriety or irregularity, dishonest activity or any other conduct that is prohibited by the Adviser's policies and procedures or applicable law(s). Personnel making reports or complaints pursuant to this Whistleblower Policy will be protected from retaliation under the Adviser's Non-Retaliation Policy that is a part of this Whistleblower Policy. The Whistleblower Policy is intended to encourage and enable Personnel to raise serious concerns within the Adviser prior to seeking resolution outside of the Adviser.

The Adviser encourages its Personnel to share their questions, concerns, suggestions or complaints with someone who can address them properly. In most cases, Personnel's direct supervisor is in the best position to address an area of concern. However, if any Personnel is not comfortable speaking with his or her supervisor, or any Personnel is not satisfied with his or her supervisor's response, such Personnel is encouraged to speak with the CCO and/or with the General Partner. Alternatively, Personnel may make reports and complaints through Whispli (https://saysomething.whispli.com/speak-up), an anonymous, third-party reporting system engaged by the Adviser for this purpose.

The Adviser will investigate all suspected violations. The CCO is responsible for promptly investigating and resolving all reported complaints or allegations of violations of the Adviser's policies and procedures and/or applicable laws. The CCO, at his or her discretion, may advise the General Partner of any allegations. Any Personnel filing a complaint concerning a violation or suspected violation of the Adviser's policies and procedures or applicable law(s) must act in good faith and have reasonable grounds for believing that the information disclosed indicates a violation. Any allegation that proves to have been made maliciously or knowingly false will be viewed as a serious disciplinary offense.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Non-Retaliation Policy

The Adviser forbids retaliation against anyone who, in good faith, reports or complains, assists in making a complaint, or cooperates in an investigation of financial impropriety or irregularity, dishonest activity or any other conduct that is prohibited by the Adviser's policies and procedures or applicable law. Any Personnel participating in an investigation is required to keep all interviews and other details of the investigation confidential to the fullest extent practicable and to refrain from discussing such matters with anyone, other than those individuals conducting or directing the investigation. Nothing in this policy prohibits any Personnel from making a report, complaint, or charge to any governmental agency or from communicating with a governmental agency in connection with a report, complaint, or charge (*see* "**SEC's Whistleblower Program**," below). Any Personnel who retaliates against another employee or personnel in violation of this policy will be subject to discipline, up to and including immediate termination.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

&nbsp;&nbsp;&nbsp;&nbsp;4.3 SEC's Whistleblower Program

The SEC's "**Whistleblower Program**" provides monetary incentives for individuals to come forward and report possible violations of the Federal Securities Laws to the SEC. Under the SEC's Whistleblower Program, eligible whistleblowers are entitled to an award of between 10% and 30% of the monetary sanctions for information that leads to a successful SEC action resulting in an order of monetary sanctions exceeding $1 million. An "eligible whistleblower" is a person who voluntarily provides the SEC with original information about a possible violation of the Federal Securities Laws that has occurred, is ongoing, or is about to occur. Personnel are eligible for an award for information reported internally if the information is reported to the SEC (by either any Personnel or the Adviser) within 120 days of Personnel's internal reporting. The Adviser encourages Personnel to follow the Adviser's Whistleblower Policy and to submit any inquiries regarding the SEC's Whistleblower Program to the CCO.

5. CONFLICTS OF INTEREST GENERALLY

It is the Adviser's policy that all Personnel act in good faith and in the Client's best interests. To this end, Personnel must not put themselves or the Adviser in a position that would create even the appearance of a conflict of interest. If you have any doubts or questions about the appropriateness of any interests or activities, you should contact the CCO. Any interest or activity that might constitute a conflict of interest under this Code must be fully disclosed to the CCO so that a determination may be made whether such interest or activity should be disclosed to Clients, disposed of, discontinued or limited. The following sections of this Code are designed to address the material conflicts of interest that Personnel can expect to encounter in fulfilling their responsibilities to the Adviser.

6. GIFTS AND ENTERTAINMENT

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Gifts and Entertainment Policy

Any Personnel giving or receiving gifts or entertainment to individuals or firms with whom the Adviser does, or is likely to do, business with may give the appearance of a conflict of interest. This policy does not govern gifts and entertainment outside of business or potential business activities of the Adviser. The Adviser's "**Gifts and Entertainment Policy**" distinguishes between a "**Gift**" and "**Entertainment**". Gifts are items (or services) of value that a third party provides to any Personnel (or any employee or personnel to a third party) where there is no business communication involved in the enjoyment of the Gift. Entertainment requires that the giver participates with the recipient in the enjoyment of the item or service. Entertainment is only appropriate when used to foster and promote business relationships for the Adviser. If any Personnel believes the meal or Entertainment might be excessive, or appear excessive, he or she must obtain the CCO's or COO's pre-approval.

Solicitation of Gifts and/or Entertainment from individuals or firms with whom the Adviser does, or is likely to do, business with is unprofessional and is strictly prohibited. All Personnel also are prohibited from directly or indirectly making, soliciting or accepting any loans (for example, crowdfunding loans) other than accepting personal loans from a recognized lending institution made in the ordinary course of business on usual and customary terms.

As set forth in Section 6.6 below, any proposed Gift or Entertainment involving government officials requires the CCO's or COO's pre-approval.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Permissible Gifts and Entertainment

Personnel may receive or give Gifts and Entertainment from anyone with whom the Adviser has or is likely to have any business dealings, without any obligation to report or seek CCO or COO pre-approval as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Meals and Entertainment customarily associated with ethical business practices
that cannot be reasonably interpreted by others as constituting an inducement to take a particular action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Meals that are provided on-site for Personnel to share by a person or firm with
whom the Adviser has or is likely to have business dealings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Items that have been branded with a company's logo, such as pens, golf balls,
tote bags, etc. are considered to not have the intrinsic value of the gift pre-branding and therefore do not count towards the gift limits
UNLESS the gift is clearly of high value (over $250). Please contact the CCO if you require clarification on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Gift given to any Personnel from a business or corporate gift list on the same
basis as other recipients of the sponsor and not personally selected for such Personnel (for example, holiday gifts) UNLESS the gift is
clearly of high value (over $250). Please contact the CCO if you require clarification on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts from a sponsor to celebrate or acknowledge a transaction or event that are
given to a wide group of recipients and not personally selected for such Personnel (for example, closing dinner gifts, Gifts given at
an industry conference or seminar UNLESS the gift is clearly of high value (over $250). Please contact the CCO if you require clarification
on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personnel may receive wedding, graduation or similar types of Gifts from Clients
that in some cases may be difficult to return to the sender. The CCO will consider such Gifts on a case-by-case basis and determine whether
such Gifts present a conflict of interest in light of the overall relationship with the Client.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Pre-Approval of Gifts

Personnel may not give or receive Gifts with a value in excess of $250 to or from each person or firm with whom the Adviser has or is likely to have business dealings per occurrence but not to exceed $500 in a calendar year on a cumulative basis, unless pre-approved by the CCO. If any Personnel is unable to judge the value of a Gift, whether a Gift is considered a cash equivalent, or believes that the Gift may be excessive, he or she must contact the CCO for guidance.

Gifts to charity at the request of Clients are not permissible. Furthermore, Personnel are prohibited in any circumstance from receiving or giving cash or cash equivalent Gifts, such as gift cards, gift certificates, or any item that can be used as, or alongside, hard currency, and must forfeit such Gifts to the CCO who will decide the best course of action for disposing of the Gift which may include, but is not limited to, returning the Gift to the giver or donating the Gift to charity.

&nbsp;&nbsp;&nbsp;&nbsp;6.4 Pre-Approval of Entertainment

Outside of the permissible Entertainment as outlined above, any other Entertainment, given or received, that is in excess of $500 per person or not usual and customary and involves an organization or entity which does or may potentially do business with the Adviser requires pre-approval with the CCO or COO. If the value of the entertainment was only known to such Personnel after being received, then it must be disclosed to the CCO or COO promptly to determine which action must be taken, if any. This includes, but is not limited to, attendance at sporting events, theater/art events, conferences or similar events.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

If any Personnel believes the Entertainment might be, or appears to be, excessive or extravagant, it should be reported to the CCO or COO. Spouses and other family members may at times attend Entertainment events. Trends, unusually high frequency, and the value of such situations should be monitored by such Personnel to ensure that actual or apparent conflicts of interest are avoided. All Personnel are required to notify the CCO or COO if any family members will be attending an Entertainment event.

&nbsp;&nbsp;&nbsp;&nbsp;6.5 Reporting of Gifts and Entertainment

Personnel must notify the CCO or COO promptly upon receiving or prior to giving a Gift or invitation for Entertainment other than those Gifts and Entertainment which are permissible or require pre-approval as per the above. The CCO is responsible for recording the information on the Gift and Entertainment Log to the extent such is outside of this policy and requires CCO approval.

&nbsp;&nbsp;&nbsp;&nbsp;6.6 Government Officials

Given enhanced regulatory scrutiny as well as jurisdictional considerations with respect to government engagement, any Gift or Entertainment given to or received from a government official is strictly prohibited without the CCO or COO's pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;6.7 Gifts and Entertainment Policy Annual Compliance Attestation

All Personnel are required to complete an Annual Compliance Attestation to confirm that they are complying with the Gifts and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;6.8 Charitable Donations

All Personnel are prohibited from making charitable donations in the Adviser's name or on its behalf without the CCO or COO's prior pre-approval. Personnel may not solicit charitable donations from an employee of a broker-dealer, an investor, a prospective investor, an individual appointed by the Adviser to serve as an independent director, a data provider, accounting firm, law firm, or any other person or entity that does or seeks to do business with or on behalf of Adviser without the CCO or COO's pre-approval.

7. ANTI-BRIBERY POLICY AND PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Anti-Bribery Policy

The Adviser's "**Anti-Bribery Policy**" prohibits Personnel from offering payments, or anything else of value, to a government official that will assist the Adviser in obtaining or retaining business or securing any improper business advantage, including making, promising or offering bribes to maintain existing business relationships or operations. Anyone at the Adviser found to be violating the Anti-Bribery Policy will be subject to disciplinary action, which may include termination. The Adviser requires all Personnel to report any suspicious activity that may violate the Anti-Bribery Policy to the CCO. Any Personnel's failure to report known or suspected violations may itself lead to disciplinary action.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Foreign Corrupt Practices Act

The U.S. Foreign Corrupt Practices Act ("**FCPA**") prohibits individuals and companies from corruptly making or authorizing an offer, payment or promise to pay anything of value to a "**Foreign Official**"<sup>1</sup> for the purpose of influencing an official act or decision to obtain or retain business. The FCPA applies to all Foreign Officials and all employees of state-owned enterprises. The definition of Foreign Official is broadly interpreted by the SEC and the U.S. Department of Justice both of whom enforce the FCPA's prohibitions.

Under the FCPA, both the Adviser and its Personnel can be criminally liable for payments made to agents or intermediaries "knowing" that some portion of those payments will be passed on to (or offered to) a foreign official. The knowledge element required is not limited to actual knowledge but includes "consciously avoiding" the high probability that a third party representing the Adviser will make or offer improper payments to a Foreign Official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 FCPA Red Flags

Investment advisers that engage foreign agents are expected to be attuned to any "red flags" in connection with the relationship, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The foreign country's reputation for corruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requests by a foreign agent for offshore or other unusual payment methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refusal of a foreign agent to certify that it will not make payments that would be unlawful under the
FCPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An apparent lack of qualifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-existent or non-transparent accounting standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether the foreign agent comes "required" by a Foreign Official.

Sanctions for violating the FCPA are severe and may include fines for the Adviser and/or Personnel and jail terms for Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Pre-Approval Requirement

All Personnel are prohibited from giving anything of value to a Foreign Official without the CCO's pre-approval.

8. POLITICAL CONTRIBUTIONS AND PAY TO PLAY

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Introduction

The Advisers Act's "**Pay to Play Rule**" restricts the Adviser and its Personnel from making U.S. political contributions that may appear to be made for pay to play purposes, regardless of the Personnel/contributor's intent. The SEC uses the phrase "pay to play" to refer to arrangements whereby investment advisers make political contributions or related payments to government officials in order to be awarded with, or afforded the opportunity to compete for, contracts to manage the assets of public pension plans and other government accounts.

<sup>1</sup> A "Foreign Official" includes: any officer or employee of or person acting in an official capacity for or on behalf of a foreign government or any department, agency, or instrumentality thereof, or of a public international organization; any employee or official of any court system, government regulatory or financial bodies, state-owned or controlled enterprises, and sovereign wealth funds; and foreign political parties and candidates for office.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

The Pay to Play Rule generally creates: (i) a two-year time-out from receiving compensation for providing advisory services to a state and local government entity after political contributions have been made to government officials that are involved in awarding advisory contracts to manage the assets of state or local pension funds; (ii) a prohibition on soliciting or coordinating certain political contributions and/or payments; and (iii) a prohibition from paying certain third parties from soliciting state and local government entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Pay to Play Policy

The Adviser's "**Pay to Play Policy**" prohibits the Adviser and its Personnel from making any "contribution" (i) to candidates running for U.S. state or local political office, (ii) to candidates running for U.S. federal office who currently hold a U.S. state or local political office, or (iii) to political parties or political action committees ("**PACs**") that may contribute to such campaigns (collectively, a "**Political Contribution**"). "**Contribution**" is broadly defined and means the giving of "anything of value" in connection with any election for U.S. state, local or federal office (if the candidate running for U.S. federal office currently holds a U.S. state or local political office), including contributions to any candidate for political office, political party or PAC. Anything of value includes providing services to a campaign, political part or PAC.

The Adviser will not make Political Contributions or otherwise endorse or support political parties or candidates (including through intermediary organizations such as PACs or campaign funds) with the intent of directly or indirectly influencing any investment management relationship. In addition, under no circumstances may any Personnel engage in any of the foregoing activities indirectly, such as by funneling payments through third parties including, for example, Immediate Family Members (as defined below), attorneys, friends or companies affiliated with the Adviser as a means of circumventing the Pay to Play Rule.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 New Personnel Certification

When an individual is employed or engaged by the Adviser, the Adviser must "look back" to that Personnel's prior Political Contributions. If the Personnel is involved in soliciting Clients for the Adviser, then the Adviser is required to look back at the Personnel's Political Contributions for two

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) years. If the Personnel is not involved in soliciting Clients, then the Adviser is only required to look back six (6) months. The CCO will determine whether any such past Political Contribution will affect the Adviser's business. Upon joining the Adviser, all new Personnel must complete a "New Hire/Engaged Political Contributions Certification" (attached hereto as **Appendix B**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Pre-Approval of Political Contributions

The Adviser prohibits Personnel from making political contributions to local, state or federal officials and/or political parties and affiliates without the CCO's written pre-approval obtained by completing a "**Political Contribution Pre-Approval Request Form**" (maintained by the CCO and included as **Appendix C**) hereto before making a Political Contribution.

<sup>2</sup> The Pay to Play Rule contains a "catch-all" provision that prohibits indirect acts, which if done directly, would violate the Rule.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Pay to Play Policy Annual Compliance Attestation

Personnel are required to complete an Annual Compliance Attestation to confirm that they are complying with the Pay to Play Policy.

9. PERSONAL TRADING POLICY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 General Policy

Pursuant to the Advisers Act's Code of Ethics Rule, the Adviser has adopted the following "**Personal Trading Policy**." The Code of Ethics Rule requires that any "**Access Person**" submit to the CCO reports of the Access Person's current securities holdings. An Access Person is defined as any Personnel who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Has access to Nonpublic Information (as defined below) regarding any Clients'
purchase or sale of securities, or Nonpublic Information regarding the portfolio holdings of any reportable fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is involved in making securities recommendations to Clients, or who has access
to such recommendations that are Nonpublic.

**For purposes of this Personal Trading Policy, all Personnel (i.e., those assisting with providing advisory services to the ETF) are Access Persons**. Pursuant to the Advisers Act's Books and Records Rule, the Adviser maintains a record of: (i) each report made by an Access Person pursuant to the Code of Ethics Rule; (ii) the names of persons who are currently, or within the past five (5) years were, Access Persons of the Adviser; and (iii) any decision, and the reasons supporting the decision, to approve the acquisition of securities by such Access Persons pursuant to this Personal Trading Policy for at least five (5) years after the end of the fiscal year in which the approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Definition of Covered Account

This policy applies to all "**Covered Accounts**" of Personnel, including accounts of the Personnel's children, stepchildren, grandchildren, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, brother-in-law, or sister-in-law, and adoptive relationships residing in his or her household (an "**Immediate Family Member**").

 ****

***It is the responsibility of all Personnel to ensure that his or her Immediate Family Members are aware of this Personal Trading Policy and adhere to it.***

&nbsp;&nbsp;&nbsp;&nbsp;9.3 Definition of Non-Discretionary Managed (or Third-Party Managed) Account

A "**Non-Discretionary Managed Account**" includes: (i) an account in which such Personnel does not have any direct or indirect influence or control over specific investment decisions, such as in the case of a fully discretionary investment management account (all investment decisions are made by an appropriate third party); (ii) an account in which such Personnel does not have any direct or indirect influence or control and has no knowledge of the account holdings, such as a blind account or trust; and (iii) an investment fund whereby all investment decisions are made by a third party who is unrelated to such Personnel.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

The CCO must pre-approve any arrangement whereby a Non-Discretionary Managed Account is exempt from the trading restrictions and prohibitions contained in this Personal Trading Policy. In considering whether to grant pre-approval, the CCO may request the following information (to be submitted as determined by the CCO):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information about the third-party adviser's, broker's or trustee's relationship to such Personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial and annual certifications by such Personnel and the applicable third-party adviser, broker or
trustee regarding such Personnel's influence or control over the account; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reports on holdings and/or transactions made in the account.

Any Personnel who is the beneficial owner of a Non-Discretionary Managed Account is prohibited from communicating with the third-party adviser, broker or trustee administering the account regarding any specific investment decisions. All Non-Discretionary Accounts require a written discretionary investment management agreement or similar document covering the account for it to be considered for exemption from the Personal Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;9.4 Definition of Reportable Security

"**Reportable Securities**" include a wide variety of investments such as stocks, bonds, fixed income, options, warrants, futures, currencies, and derivatives.<sup>3</sup> A Reportable Security also includes all Exchange Traded Funds ("**ETFs**") and Exchange Traded Notes ("**ETNs**") (*see **Section 9.7** below for exceptions)*. A Reportable Security does not include (a "**Non-Reportable Security**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions and holdings in direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Money market instruments defined as bankers' acceptances, bank certificates of
deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end funds (mutual funds); provided that such funds are not
advised by the Adviser or an affiliate and such fund's advisor or principle underwriter is not controlled or under common with the
Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Units of a unit investment trust; if the unit investment trust is invested exclusively
in one or more open-end funds, provided that such funds are not advised by the Adviser or an affiliate and such fund's adviser or
principle underwriter is not controlled or under common control with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies (including, but not limited to, Bitcoin); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tokens issued in an initial coin offering ()"**ICO** "). 4

Personnel are permitted to trade Non-Reportable Securities and, with the exception of providing disclosure of all brokerage accounts held at the time of joining the Adviser and annually thereafter (*see* **Appendix D-2**, "**Non-Reportable Securities Holdings**"), Personnel are not required to report or seek pre-approval of trades of Non-Reportable Securities.

<sup>3</sup> The SEC defines a "security" as "any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, … transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security … or on any group or index of securities … or [any] warrant or right to subscribe to or purchase any of the foregoing."

<sup>4</sup> For the purposes of this policy, we have classified Bitcoin, other cryptocurrencies, and tokens or other products issues in an ICO as a Reportable Security, regardless of the status of such products under the federal securities laws.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Reporting of Holdings and Transactions

All Personnel are required periodically to report their personal securities transactions and holdings to the CCO and/or the CCO's designee (the "Designee"). Upon commencement of employment or contractual engagement with the Adviser, all Personnel must provide the CCO and/or Designee with the names of <u>**any**</u> brokerage firms or banks where such Personnel has an account in which any securities, futures or commodities are held. This includes, but is not limited to, brokerage, 401(k), IRA and 529 account plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.1 Initial Holdings Report

Each new Personnel must provide the CCO and/or Designee with an "**Initial Holdings Report**" attached hereto as **Appendix D** for Covered Accounts and Non-Discretionary Managed Accounts, as well as any Limited Offerings. The Initial Holdings Report must be submitted within ten (10) days of his or her commencement of employment and the report must be current as of a date not more than 45 days prior to the individual being hired.

The Initial Holdings Report for accounts listed on Appendix D.(1.A.) must include, at a minimum, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The title and type of security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The exchange ticker symbol OR CUSIP number, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The principal amount of each Reportable Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer, or bank where securities are held

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date the Access Person submitted the report

All Initial Limited Offerings must be disclosed using Appendix D.(1.B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.2 Annual Holdings Report

All Personnel must provide the CCO and/or Designee with an "**Annual Holdings Report**" (and, together with the Initial Holdings Report, the "**Holdings Reports**") also attached hereto as **Appendix D** for disclosing Covered Accounts and Non-Discretionary Managed Accounts, as well as any Limited Offerings, containing the same information required in the Initial Holdings Report as described above. The Annual Holdings Report must be submitted within 45 days of year end and must be current as of a date not more than 45 days prior to the date that the Annual Holdings Report is submitted.

Annual Holdings Reports are subject to the same criteria listed above regarding Initial Holdings Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.3 Duplicate Brokerage Statements (Quarterly Transaction Report)

Under the Code of Ethics Rule, the Adviser is required to obtain a "**Quarterly Transaction Report**" from its Personnel. However, the Code of Ethics Rule permits Personnel to submit brokerage statements in lieu of the Quarterly Transaction Report. Therefore, the Adviser requires all Personnel to instruct their brokerage firm(s) to submit duplicate brokerage account statements for all Covered Accounts directly to the CCO and/or Designee. In the event that any Personnel's brokerage firm does not submit the brokerage statements directly to the CCO, such Personnel is required to provide the CCO with copies of his or her monthly or quarterly brokerage account statements relating to each Covered Account. Brokerage statements must be submitted within 30 days of the end of the calendar quarter.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

The Quarterly Transaction Report must include, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Date of transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Title and number of shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interest rate and maturity date, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principal amount of each security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Nature of transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Price of security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Name of broker, dealer or bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.4 New Accounts

All Personnel must notify the CCO promptly (but in any event within ten (10) business days) in writing (email will suffice) if he or she opens any new account(s) with a brokerage firm or other custodian or moves an existing account to a different brokerage firm or other custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.5 Exemption from Reporting on Automatic Investment Plans

Personnel are not required to submit a Holdings Report or a Quarterly Transaction Report with respect to transactions effected pursuant to an "**Automatic Investment Plan**."<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;9.6 Prohibited Transactions

Personnel and Covered Accounts are not permitted to directly transact or direct others to transact in Reportable Securities, including single named securities, held by the Adviser, or any ETF or ETN that directly mimics the performance of any single energy commodity futures contract (such as the United States Natural Gas Fund "UNG" and the United States Oil Fund "USO"). All Personnel are prohibited from personally, or on behalf of a Client, purchasing or selling securities that appear on the Adviser's Restricted List (see **Section 10.15** below) and also are prohibited from participating in Initial Public Offerings ("**IPOs**") without the CCO's pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;9.7 Pre-approval Under the Personal Trading Policy

All Personnel must obtain the CCO's (or their chosen delegate's) written pre-approval in using the "**Trade Pre-Approval Request Form**" attached hereto as **Appendix E** for transactions in the following securities within any Covered Account(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Reportable Security in the energy sector

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial public offerings ()"**IPOs** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial coin offerings ()"**ICOs** ")<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Limited Offerings *(see below)* 

 

<sup>5</sup> "Automatic investment plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

<sup>6</sup> An initial coin offering ("ICO") is an event where a company sells a new cryptocurrency to raise money. Investors receive cryptocurrency in exchange for their financial contributions.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

Approvals are valid for a two-week period after the approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;9.8 Limited Offerings

The Code of Ethics Rule requires Access Persons to obtain the CCO's pre-approval prior to investing in a "**Limited Offering**."<sup>7</sup> Pursuant to the Adviser's "**Limited Offerings Policy**," Personnel and their immediate family members must obtain the CCO's pre-approval before entering into a Limited Offering, often known as a private placement, using the form attached hereto as **Appendix F**. Limited Offerings include private investment partnerships, interests in oil and gas ventures, real estate syndications, participation in certain tax shelters, and shares issued prior to a public distribution.

Prior to making the initial or any follow-on investment, such Personnel must arrange for the CCO to obtain and review any private placement memorandum, subscription agreement(s) or other like documents pertaining to the investment. Where confirmation(s) and statement(s) or other like documents are not available from the issuer, such Personnel must promptly inform the CCO of any changes in the investment and provide the CCO with a brief written yearly update. Approvals are valid for a 3-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8.1 Limited Offerings Policy Annual Compliance Attestation

All Personnel are required to complete an Annual Compliance Attestation to confirm that they are complying with the Limited Offerings Policy.

&nbsp;&nbsp;&nbsp;&nbsp;9.9 Specific Account Exemptions

Any Personnel who wishes to seek an exemption of a specific Covered Account from coverage under the Code must contact the CCO for an exemption/waiver request. The CCO will make a determination of whether such exemption/waiver would be in the best interests of the Adviser's Clients. The CCO will prepare a written memorandum of any exemption/waiver granted, describing the circumstances of, and reasons for, the exemption/waiver. The CCO must obtain pre-approval from the General Partner for any account exemption requests.

&nbsp;&nbsp;&nbsp;&nbsp;9.10 Review and Retention of Reports

The CCO shall review the Holdings Reports, duplicate brokerage statements (in lieu of Quarterly Transaction Reports) and any successful pre-approval requests to determine whether any violations of the Adviser's policies or Federal Securities Laws have occurred. If there are any discrepancies between holdings reports, transaction reports or preclearance forms, the CCO shall contact the responsible Personnel to resolve the discrepancy. If the Adviser determines that any Personnel has violated the Code, such Personnel may be subject to disciplinary action, termination of his or her engagement, or restrictions on further trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10.1 Escalation of Violations and Sanctions

Upon discovering a violation of the procedures contained in this Code, the CCO will notify the General Partner, and the Adviser may impose sanctions as it deems appropriate.

<sup>7</sup> "Limited offering" means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6), or pursuant to Rules 504, 505, or 506, under Regulation D of the Securities Act of 1933.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10.2 Confidentiality

The CCO and any other designated compliance personnel receiving reports of any Personnel's holdings and transactions under this Code will keep such reports confidential, except to the extent that the Adviser is required by law to disclose the contents of such reports to regulators.

&nbsp;&nbsp;&nbsp;&nbsp;9.11 The Restricted List

The Firm may place certain securities on a "**Restricted List**." All Personnel are prohibited from personally, or on behalf of a Client, purchasing or selling securities that appear on the Restricted List. A security may be placed on the Adviser's Restricted List for a variety of reasons including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser or any Personnel is in possession of material, nonpublic information
(as defined below) about an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Personnel is in a position, such as a member of an issuer's board of
directors, that may be likely to cause the Adviser or such Personnel to receive Material Non-Public Information ()"**MNPI** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser has executed a non-disclosure or similar agreement with a specific
issuer that restricts trading in that issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personnel trading in the security may present the appearance of a conflict of interest
or an actual conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An investor relationship that involves a senior officer or director of an issuer,
a "**Value-Added Investor**," may present the appearance of a conflict of interest or an actual conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security which at the time of such transaction is:

– being considered for purchase or sale by a Client,

– being purchased or sold by a Client, or

– at the time of such proposed transaction, held for the account of one or more Clients.

The CCO is responsible for maintaining the Restricted List and securities will remain on the Restricted List until such time as the CCO deems their removal appropriate.

10. OUTSIDE BUSINESS ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Outside Business Activities Policy

Pursuant to the Adviser's "**Outside Business Activities Policy**," Personnel must obtain the CCO's pre-approval before engaging in outside business activities, except in cases of general participation in non-profit, civic, or religious organizations that does not involve a governance or compensated role. Participation in any investment clubs or committees does not satisfy this exemption. An "**Outside Business Activity**" includes being (whether or not on behalf of the Adviser) an officer, director, limited or general partner, member of a limited liability company, employee or consultant of any non-adviser entity or organization. Personnel must notify the CCO if any such organization has or may have a business relationship with the Adviser or otherwise pose an actual or perceived conflict of interest with the Adviser's business. Personnel wishing to enter into or engage in an Outside Business Activity requiring the CCO's pre-approval must obtain such using the "**Outside Business Activity Pre-Approval and Insider Disclosure Statement**" attached hereto as **Appendix G**.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Family Member's Conflicts of Interest

Personnel have an ongoing responsibility to notify the Adviser about any special relationship that such Personnel has with an Immediate Family Member<sup>8</sup> (*see* Personal Trading Policy for definition, above), that may result in a conflict of interest for such Personnel, regardless of whether the Immediate Family Member resides with such Personnel.

Personnel must notify the CCO if an Immediate Family Member engages in an activity that presents a potential conflict of interest, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is running for a board position or involved in a proxy contest at a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conducts business with or works for an entity that conducts business with the Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Works for or on behalf of any newspaper, radio, television, magazine, Internet or other media organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Outside Business Activities Policy Annual Compliance Attestation

All Personnel are required to complete an Annual Compliance Attestation to confirm that they are complying with the Outside Business Activities Policy.

11. INSIDER TRADING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Introduction

Insider trading is prohibited primarily by Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (the "**Exchange Act**"). In addition, Section 204A of the Advisers Act requires investment advisers to adopt, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of MNPI by the Adviser or any of its Personnel or affiliates. Some examples of MNPI include but are not limited to unpublished quarterly earnings of a publicly traded company, unannounced mergers and acquisitions, upcoming stock splits or buybacks, and pending trades in a fund.

The term "**Insider Trading**" generally means one or more of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading while in possession of MNPI received from an Insider, Temporary Insider
(as defined below) or a person breaching a duty of trust or confidence to a source of confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading while in possession of MNPI<sup>9</sup> received from a Temporary Insider
or a person breaching a duty of trust or confidence to a source of confidential information, where the information (i) was disclosed by
the Temporary Insider in violation of the Temporary Insider's duty to keep the information confidential or (ii) was misappropriated
by the person breaching a duty of trust or confidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recommending the purchase or sale of securities while in possession of MNPI; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tipping MNPI to others.

<sup>8</sup> For purposes of the Outside Business Activities Policy, Immediate Family Members also include any partnership, corporation or other entity in which the Immediate Family Member has a 25% or greater beneficial ownership interest or in which such Personnel exercises effective control.

<sup>9</sup> "In possession of MNPI" means that the person is aware of MNPI at the time of the trade.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Penalties for Insider Trading

Trading securities while in possession of MNPI or improperly communicating that information to others may expose Personnel to stringent penalties including fines and jail terms. The SEC can also recover profits gained or losses avoided through Insider Trading, impose a penalty of up to three (3) times the illicit windfall, and issue an order permanently barring such Personnel from the securities business. Personnel also can be sued by investors seeking to recover damages for Insider Trading. In addition, any violation of the Code's Insider Trading Policy (see below) can be expected to result in serious sanctions by the Adviser, including termination of employment or contractual engagement. Under certain circumstances, the Adviser also may be liable for Insider Trading conducted by Personnel and, even if the Adviser is not found guilty of Insider Trading, the reputational damage resulting from the allegation alone may cause the Adviser irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Important Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1 Nonpublic Information

Information is considered "**Nonpublic**" if it has not been broadly disseminated to investors in the marketplace. Information is broadly disseminated when it has been made available to the public through publications of general circulation (i.e., *The Wall Street Journal*) or in a public disclosure document filed with the SEC (i.e., Form 8K). There is no set time period between the information's release and the time it is considered to be fully disseminated into the marketplace. The speed of dissemination depends on how the information was communicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Material Information

Information is "**Material**" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision. This includes earnings information, merger and acquisition information, significant changes in assets, and significant new products or discoveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1 Insider and Temporary Insider

The term "**Insider**" is construed by the courts to refer to an individual or entity that, by virtue of a relationship with an issuer of securities, has knowledge of, or access to, MNPI. This can be any employee of an issuer (regardless of title), as well as any controlling shareholder. In addition, a person can be a "**Temporary Insider**" if he or she enters into a special confidential relationship in the conduct of an issuer's affairs and, as a result, is given access to information. Temporary Insiders include, among others, the Adviser's attorneys, accountants, consultants, financial advisors, and lending officers, and the employees of these organizations. Personnel may be considered a Temporary Insider depending on the facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2 Tipper / Tippee Liability

Personnel (the "**Tipper**") who does not trade the security but learns of MNPI from an Insider, Temporary Insider or a person misappropriating information in violation of a duty of trust or confidence, and then shares the MNPI with someone else (the "**Tippee**") who then trades that security, may be liable for the trading done by the Tippee. It therefore is important that Personnel never pass on MNPI to anyone else who may trade while in possession of MNPI or who may pass it on to others that may trade. The Tippee may be subject to liability for insider trading if the Tippee knows or should have known that the Tipper breached a duty of trust or confidence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Breach of Duty

Insider Trading liability is premised on a breach of fiduciary duty, or similar relationship of trust or confidence. In addition to an Insider, the prohibition against Insider Trading can apply to a person even if that person has no employment or contractual affiliation with the issuer of the securities that are traded, such as a Temporary Insider or an individual who misappropriates the information. The Adviser does not expect Personnel to evaluate this element of Insider Trading but should be aware of the source of information received that may be Nonpublic and/or Material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Adviser's Insider Trading Policy

The Adviser's "**Insider Trading Policy**" applies to all Personnel and extends to activities outside the scope of his or her duties at the Adviser. The Adviser forbids all Personnel from engaging in any activities that would be considered illegal Insider Trading. Any questions regarding this Insider Trading Policy must be referred to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;11.7 Procedures Designed to Detect and Prevent Insider Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Before trading on his or her own behalf, or for others, all Personnel must consider
the following questions regarding information in his or her possession:

Is the information Nonpublic? Is the information Material? If, after consideration of the above, such Personnel believes that the information is Material and Nonpublic, or if such Personnel has questions as to whether the information is Material and Nonpublic, he or she should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Report the potential MNPI immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not communicate the information inside or outside of the Adviser, other than
to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not purchase or sell the securities either on behalf of himself or herself or
on behalf of others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· After the CCO has reviewed the issue, the Personnel will be instructed whether
to continue the prohibition against communication and trading.

Personnel are required to refer to the following guidance and requirements in connection with situations that may result in the receipt of MNPI. Additionally, as discussed in **Section 10** – "**Personal Trading Policy**," Personnel are required to disclose the existence and location of all Covered Accounts and to arrange for copies of all Covered Account brokerage statements to be sent from the outside financial institution to the Adviser's CCO and/or Designee. Such statements will be reviewed by the CCO and/or Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.1 Procedures Governing Communication with Third Parties

When Personnel communicates with third parties there is a risk that they may obtain MNPI that restricts the Adviser's ability to purchase and sell securities. The Adviser has adopted specific procedures governing Personnel's interactions, which are designed to limit the Adviser's inadvertent receipt of potentially restricting information and to alert the Adviser to any circumstance in which potentially restricting information has been conveyed to the Personnel.

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To help prevent unwanted receipt of MNPI, Personnel generally should preface conversations with third parties that have a high likelihood of being in possession of MNPI with the statement that the Adviser (i) is a public investor, (ii) does not want to receive MNPI, (iii) will <u>not</u> agree to keep information confidential and (iv) will <u>not</u> agree to refrain from trading on that information (the Adviser will engage in its own, internal legal analysis on the lawfulness of any trading it contemplates and will comply with all legal requirements).<sup>10</sup> If any Personnel receives requests for the Adviser to participate in investment or trading activities that convey the receipt of non-public information about an issuer or its securities, they are expected to notify the CCO immediately. The CCO will assess the nature of the information conveyed or anticipated and determine whether or not to add the issuer to the Restricted List. Solicitations to participate in a private investment in public equity ("**PIPE**"), when the PIPE has not been publicly announced, conveys MNPI since a company's need for financing reflects generally on the company's financial situation. These are to be alerted to the CCO immediately so that the issuer can be added to the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.2 Procedures Governing Formal and Informal Confidentiality Agreements

In the normal course of business, Personnel may be given the opportunity to learn of confidential information about an issuer provided pursuant to a confidentiality agreement between the Adviser and an issuer or an adviser to the issuer (for example, when considering the purchase of a privately negotiated investment, such as bank debt). In order to track the Adviser's obligations and assess any potential restrictions on trading as a result of receipt of confidential information, all confidentiality agreements must be reviewed, approved, and maintained by the CCO, and the relevant Personnel, in consultation with the CCO, will determine if the issuer should be placed on the Restricted List.

The opportunity to learn of confidential information about an issuer, and the confidential information itself, may be presented orally (for example, via a call from a bank or broker acting as adviser or agent of an issuer). At times, the party providing the information by telephone may follow up with an email to the Adviser which assigns certain legal terms to the confidential information provided (which may or may not have been conveyed orally) and either requests a confirmation by email of those terms or asserts that such terms have already been agreed to orally. It is important that no one other than the President of the General Partner, COO, CFO, or General Counsel ("**GC**") reply to any emailed "over-the-wall" confidentiality agreements. An "over-the-wall" confidentiality agreement refers to any communication in which a bank, broker, issuer, or other counterparty seeks to provide the Adviser with MNPI or other confidential information subject to explicit or implied confidentiality restrictions, including restrictions on trading. Accordingly, if you receive (or if you have any question about whether you may have received) an "over-the-wall" confidentiality agreement, you should contact the President of the General Partner, COO, CFO, GC, or CCO immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.3 Required Pre-Approval for Service as a Director or on a Creditor's Committee or in a Similar
Capacity

Personnel may not serve as a director to any company or entity without obtaining the CCO's pre-approval. Personnel may not serve on a creditors' committee (whether formal or ad hoc), or in a similar capacity, without obtaining the CCO's pre-approval. Service in these capacities may give Personnel access to one or more of the following: (i) information subject to the attorney-client privilege (for example, communications from counsel hired by a creditors' committee); (ii) non-public company information (for example, corporate information shared with the board of directors); and (iii) confidential information (for example, ad hoc committee members' strategies, shared under a confidentiality agreement). Potential trading restriction issues will be addressed in determining whether to approve the proposed service, as well as other considerations, including the potential liability and conflicts of interest associated with such positions.

<sup>10</sup> Conversations that Personnel may have about a public company with the senior management of that public company pose significantly less risk of trading restrictions and of appearance issues, since senior company managers are expected to understand and comply with their duties to not selectively disclose their companies' MNPI, and the Adviser does not pay for the time of these senior company managers. These interactions nonetheless could result in the receipt of MNPI and Personnel are expected to notify the CCO immediately, as required by the Insider Trading Policy, if the Personnel believes that he or she has received what may be MNPI during any such interaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.4 Required Procedures for Service as a Director or on a Creditor's Committee
or in a Similar Capacity

Personnel who serve on a creditors' committee (whether formal or ad hoc), or in a similar capacity, should inform the CCO after attending any committee meetings. The Personnel should not, under any circumstances, misuse any MNPI received as a result of participation.

Personnel serving on ad hoc creditors' committees must attest on a quarterly basis during any period in which they are actively serving that they have not misused any MNPI received as a result of participating in this capacity. Once service concludes, an annual attestation is sufficient for the remainder of that calendar year.

Personnel generally should not share the Adviser's confidential information with companies on whose boards or committees such Personnel sit. Personnel must consult the CCO if he or she believes that sharing the Adviser's confidential information may be in the best interest of the Adviser's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 Insider Trading Policy Annual Compliance Attestation

Personnel are required to complete an Annual Compliance Attestation to confirm that they are complying with the Adviser's Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 Compliance Responsibilities

The CCO will discuss the Insider Trading Policy during initial compliance training for all Personnel, and the Adviser's annual compliance training meetings thereafter, to ensure that Personnel are properly trained and aware of the required reporting procedures. The CCO will check the Restricted List against trade pre-approval requests. The CCO and /or Designee also will check the Restricted List against the Adviser's portfolio trades for potential violations of the Insider Trading Policy. The Adviser's order management system (OMS) checks the Adviser's portfolio trades against the Restricted List and blocks attempted trades of restricted securities.

12. PAID EXPERT POLICY AND PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Introduction

The use of paid research consultants ("Paid Expert") is an important part of the Adviser's research investment process. This Policy Statement sets forth the Adviser's policies and procedures regarding the use of Paid Experts.

In furtherance of the Insider Trading Policy (see below), it is the Adviser's "**Paid Expert Policy**" that it not receive from Paid Experts: (i) MNPI; (ii) information that a Paid Expert has agreed to keep confidential, or (iii) information the transmittal of which would breach any duty or law by the Paid Expert. The reason for the Paid Expert Policy, in part, is to reduce the risk of the Adviser or its Personnel trading on the basis of MNPI in violation of the federal securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Paid Expert Procedures

In furtherance of the Paid Expert Policy, the Adviser has adopted procedures that all Personnel are required to follow in utilizing the services of a Paid Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 Consultant not retained through an Expert Consultant Provider

The Adviser may engage Paid Experts. The Personnel recommending engagement of the Paid Expert must complete the "**Consultant Questionnaire (Engagement Outside of Paid Expert Provider)**" contained herein as <u>Exhibit A</u> below, for the COO's review and approval.

13. POLITICAL INTELLIGENCE FIRMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Definition

As part of its research process, the Adviser may retain research firms or consultants to advise on legislative, regulatory or political developments in the U.S. and other countries ("**Political Intelligence Firms**"). The Stop Trading on Congressional Knowledge Act (the "**STOCK Act**") explicitly recognizes that Members of Congress and other U.S. public officials have a duty of confidentiality with respect to MNPI obtained through their official positions. Foreign officials and government employees often have similar duties of confidentiality as well. An investment adviser that employs a Political Intelligence Adviser may be exposed to insider trading liability if (i) the Political intelligence firm receives MNPI/Inside Information from a Member or employees of Congress and (ii) the investment adviser trades on such information. In the event that the Adviser wishes to engage a political intelligence firm or consultant, the following procedures will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser will not engage with any political intelligence consultant, whether
through a firm or directly, who is known to have been a government official or employee within the past six (6) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prior to engaging a political intelligence firm or consultant, Adviser will perform
due diligence on the firm or individual, which would include reviewing any insider trading knowledge or controls in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will review the terms of any agreement with the political intelligence
firm or consultant. Such an agreement will include provisions relating to confidential information or MNPI/Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Meetings with Government Officials

Personnel must obtain the CCO's pre-approval to participate in meetings, calls, or conferences with government officials or government employees. If there is an unplanned interaction with a government official or government employee in a small group setting, the Personnel involved must immediately inform the CCO whether organized by a broker, political consultant or directly with the government official/employee.

The Adviser and its Personnel are prohibited from compensating or providing anything of value to any government official or government employee, whether directly or through any political intelligence firm, consultant or other third party without prior written pre-approval from the CCO.

Personnel must ensure that all such interactions are logged in the appropriate Firm tracking spreadsheet.

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**If any Personnel believes any MNPI**/**Inside Information may have been disclosed by a political intelligence firm or consultant or government official or government employee, the Personnel must immediately end the conversation and contact the CCO.**

14. COMMUNICATIONS WITH OTHER "BUY SIDE" FIRMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Introduction

Communications with other "**Buy Side Firms**" (i.e., other investment managers or investing institutions) may constitute a significant part of the Firm's research process and may occur on a formal (for example, "idea dinners") or informal basis. While such communications can be very beneficial to Clients by assisting the research process, these communications also entail certain additional risks. In particular, these risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *MNPI:* There is a heightened risk of obtaining MNPI in discussions with
other Buy Side Firms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Front-Running:* The sharing of investment targets and other confidential
portfolio-level information could cause other buy side firms to front-run trading for Clients, which could operate as a detriment to the
Clients' investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Disclosure of confidential or proprietary information*: Confidential or otherwise
proprietary information may be improperly shared with other market participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Compliance Review of Communications with Buy-Side Firms

Except in the case of private investments in which the Adviser is investing alongside third parties, Personnel generally are prohibited from communicating information pertaining to specific securities transactions prior to those transactions taking place with anyone outside the Adviser (including Buy Side Firms). Commensurate with these risks, the Adviser has implemented training sessions for all investment team Personnel relating to communications with Buy Side Firms. The CCO also will conduct testing and surveillance to monitor whether such Personnel are improperly communicating with other Buy Side Firms. Such testing may include review of electronic communications between Personnel and personnel of other Buy Side Firms.

15. ALTERNATIVE DATA PROVIDERS

Personnel are required to obtain the CCO's pre-approval prior to engaging a new research provider or alternative data provider, or purchasing a new research product or service from a new or existing provider. This includes providers of data or "big data," or firms that would "webscrape" or extract data from websites, in addition to other research providers. This requirement applies to "trial periods," irrespective of whether a written contract is to be executed.

Personnel are required to obtain the CCO's approval prior to requesting any customized research, even if the research is conducted by a service provider that already works with the Adviser. If Personnel learns that an existing research or alternative data provider has shifted its approach or is offering materially new products or services, for example, if a traditional sell-side research firm starts offering alternative data, the CCO must be alerted so he or she may consider whether additional diligence should be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Webscraping

For purposes of the Policy, webscraping refers to either the Adviser internally developed webscraping functionally or webscraping provided through Data Providers. To the extent that the Data Provider's product includes webscraped data, the CCO also should assess whether the proposed webscraping meets the criteria detailed below.

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The CCO must pre-approve any "webscraping" projects or projects involving internal webscraping activities, extracting data from websites or other similar automated methods for retrieving data at scale. The CCO will work with the requesting Personnel to evaluate proposed webscraping to determine whether they are consistent with the principles articulated in this Policy. The CCO may impose conditions that must be met or procedures that must be followed for proposed webscraping in addition to those described in this Policy.

Personnel who wish to conduct webscraping activities should do so in accordance with the following best practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Limit to Public Portions of Websites

– Limit webscraping to portions of websites which are publicly available. This ensures that the information is meant for public consumption and reduces the risk that MNPI or personal information will be captured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid Passwords/Logins, and/or CAPTCHAs

Limit webscraping to portions of websites which can be accessed without passwords/logins or CAPTCHAs. Exceptions to this may apply where the Adviser is given consent by the website operator allowing for the ability to webscrape. However, embedded terms and conditions on a website which are not positively affirmed may generally be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid Masking Identity

– Avoid masking, manipulating IP addresses or any other measures to hide an identity or conceal that webscraping technology is being used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Website Capacity and Avoid Excessive Requests

Avoid excessive requests to ensure that it does not disrupt regular traffic to the website, including by increasing website latency or otherwise affecting the website's operation or degrading the user experience of other visitors to the website. . The CCO will determine the appropriate threshold for webscraping limits during the due diligence process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid Capturing or Anonymize any PII after capture

– Avoid PII or promptly anonymize PII (e.g., via a one-way hash) after capture with the original information deleted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid identifying or re-identifying any individuals

– Where applicable, analyze webscraped information in the aggregate and avoid identifying or re-identifying any individuals. Special care should be taken in this regard when combining datasets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promptly Suspend Webscraping Upon Demand

– Ensure that webscraping activities are sufficiently transparent and traceable such that if a website were to detect such activity and want to request that the Adviser discontinue such activities, the website could identify the Adviser without undue effort.

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**<u>EXHIBIT A</u>**

<u>**CONSULTANT QUESTIONNAIRE**</u>

<u>**(Engagement Outside of Paid Expert Provider)**</u>

In connection with each consultation, please complete this form and submit it to the CCO. If you have any questions, please contact the CCO.

A. General Information

&nbsp;&nbsp;&nbsp;&nbsp;1. Subject of consultation:

&nbsp;&nbsp;&nbsp;&nbsp;2. Company being researched:

3. Do you expect to talk about any particular companies? ☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If so, please identify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Anticipated Consultation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select all documents that the consultant has executed and that you have submitted to the CCO:

☐ Pre-Consultation Questionnaire and Acknowledgement

☐ Consulting Agreement - Non-Expert Network Consultant

&nbsp;&nbsp;&nbsp;&nbsp;B. Consultant Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Consultant Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employer Type:

☐ Issuer of publicly traded securities

☐ Private company

☐ Issuer of publicly traded securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consultant/Consultant's employer's relationship to company being researched (select all
applicable)

☐ Customer ☐ Distributor

☐ Supplier ☐ Competitor

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☐ Former Employee ☐ Other

If you selected "other," please describe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. What information do you expect to consultant to provide?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Will the consultant be asked to provide information about a customer of or supplier to the company
that employs the consultant?

☐ Yes ☐ No

By submitting this questionnaire, I affirm that the information provided herein is complete and accurate, and I understand that I am required to obtain approval from the CCO prior to engaging in any subsequent communications with this consultant. I further agree to notify the CCO immediately upon becoming aware of any issues involving this consultant.

Name:

Date Submitted: _______________

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**<u>EXHIBIT B</u>**

<u>**ORAL CONSULTATION STATEMENT**</u>

Prior to the beginning of each consultation, please read in substance the following statement:

 

*You have signed and returned to Skylar Capital Management LP the questionnaire and acknowledgment for this call. Are your responses to that document still accurate today?*

 

*Thank you. As you know, I am calling from Skylar Capital Management LP, an investment adviser that trades securities. As such, we do not want to receive any confidential or material, nonpublic information about any publicly traded companies because we do not want to restrict our trading ability.*

Please do not proceed with the consultation if the Paid Expert is unable to confirm the continued accuracy of the Pre-Consultation Questionnaire and Acknowledgment (<u>Exhibit C</u> following), if the Paid Expert has not signed and returned such a Pre-Consultation Questionnaire and Acknowledgment or if the Paid Expert otherwise indicates that he cannot proceed with the call or the meeting.

**Please consult with the CCO if you have any questions about a Paid Expert's response.**

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**<u>EXHIBIT C</u>**

<u>**PRE-CONSULTATION QUESTIONNAIRE AND ACKNOWLEDGMENT**</u>

**Subject of consultation:<u> </u>**

**Specific companies relevant to consultation:<u> </u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Skylar Capital Management LP ()"**Skylar**") does not want to receive
material nonpublic information or other information that is proprietary or confidential. Do you agree that you will not provide Skylar
with such information?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;2. Skylar does not want to receive information if the provision of such information
would violate any duty of confidentiality that you have as a result of an agreement or contract, your employer's restrictions or
because of your position or otherwise. Do you agree that you will not provide Skylar with such information?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;3. Skylar does not wish to receive material nonpublic information, such as information
about aggregate earnings, sales, or revenues or about a merger or acquisition that has not been announced. Do you agree that you will
not provide Skylar with such information?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;4. Are you prohibited by your employer from participating in a consultation?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;5. A. Are you currently or have you within the past 6 months served as an officer,
director, employee, or acted in any similar capacity for any publicly traded company or a subsidiary of a publicly traded company?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If you answered "Yes" to 6A, please provide the company name and your position held at the company.

Company Name: _________________________________

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Position: ___________________________________

&nbsp;&nbsp;&nbsp;&nbsp;6. A. Except as disclosed in question 6, are you currently or have you within the
past 6 months acted as a consultant, attorney, auditor, or other position in which you had access to confidential information about any
publicly traded company or subsidiary of a publicly traded company?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If you answered "Yes" to 7A, please provide the company name and your role in which you had access to the confidential information.

Company Name: _________________________________

Role: ___________________________________

&nbsp;&nbsp;&nbsp;&nbsp;7. A. Are you currently an official, employee, or serve on a board or committee of a governmental (federal,
state or local) entity?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If you answered "Yes" to 8A, please provide the name of the entity and your position held.

Entity Name: _________________________________

Position: ___________________________________

&nbsp;&nbsp;&nbsp;&nbsp;8. A. Have you accepted employment or otherwise entered into an agreement to provide services to a publicly
traded company, subsidiary of a publicly traded company, or governmental entity?

☐ Yes ☐ No

If you answered "Yes" to 9A, please provide the name of the entity and your position held or to be held.

Entity Name: _________________________________

Position: ___________________________________

&nbsp;&nbsp;&nbsp;&nbsp;9. By submitting a response to this questionnaire, you acknowledge that the responses
you have submitted are accurate, you understand that Skylar will rely on your responses and you agree that, if you are selected for a
consultation, you will affirmatively notify Skylar of any changes to your responses prior to the commencement of the consultation.

Agree / Disagree

Please complete, sign, date and return to the CCO.

Name: _______________________________ Date: _______________________

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Appendix A – Personnel Acknowledgement of Receipt and Compliance Attestation**

All Personnel are required to read this Code and ETC's Trust Policy and acknowledge having understood its contents by entering their name, signing, dating, and returning it to the CCO.

I do hereby acknowledge that I have received and read the Code and ETC's Trust Policy. I understand its contents and agree to the policies and procedures set forth herein. I have had the opportunity to ask the CCO questions and I have received adequate responses. I am aware of the penalties for violation of provisions of the Code and I agree to such provisions.

Name:________________________________

Signature:____________________________

Date:_______________________________<u> </u>

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Appendix B – New Personnel Political Contribution Disclosure Form**

Pursuant to the Adviser's Pay to Play Policy you must disclose each direct or indirect Contribution<sup>11</sup> you made to an official of a government entity (including any state, city, county or other political subdivision and any instrumentality thereof) or candidate for such office, and each direct or indirect payment to a political party of a state or political subdivision thereof, in each case during the two-year period prior to the date of this Disclosure Form. Please attach additional pages as necessary and direct any questions about this Form to the CCO.

Name of individual (or entity) who made the Contribution:

________________________________________________________________________________________________________________

Name of candidate/political party/political action committee to whom Contribution was made (for candidates, include name, title and any city/county/state/federal or other political subdivision affiliation):

________________________________________________________________________________________________________________

Date and form of Contribution (i.e., campaign contribution, gift, loan, fundraising activity, volunteer of time, etc.):

________________________________________________________________________________________________________________

Office to which candidate seeks or sought election:

________________________________________________________________________________________________________________

Candidate's position at time of Contribution:

________________________________________________________________________________________________________________

Contribution amount (or value of non-cash Contribution):

$___________________________________________________________

___________________________________________

<sup>11</sup> "**Contribution**" is broadly defined and means the giving of anything of value in connection with any election for U.S. federal (if the candidate running for U.S. federal office currently holds a U.S. state or local political office), state or local office, including Contributions to any candidate for political office, political party or political action committee. Reportable Contributions include any gift, subscription, loan, advance, deposit of money, or anything of value (regardless of to whom paid) made for the purpose of influencing any election, satisfying any debt incurred in connection with any such election, or paying the transition or inaugural expenses of a successful candidate, and any solicitation or coordination of the making of any of the foregoing contributions or payments to a political party (including fundraising activities). **Note that you must disclose contributions made by a spouse, domestic partner, minor children and other immediate family members living in your household.**

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

To the best of your knowledge, did or does the position to which the candidate sought election or the position held by the candidate at the time of the election: (a) involve direct or indirect responsibility for, or confer the ability to influence the outcome of, the hiring of an investment adviser by a government entity; or (b) involve authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity?

____Yes<u> </u> No

Has your spouse, domestic partner, minor children or other immediate family member(s) living in your household made Contributions to the above referenced official/candidate or other official/candidate?

____Yes<u> </u> No

If yes, please provide details of such Contribution:

_____________________________________________________________________________________

The undersigned hereby certifies that (i) all information provided herein is accurate and complete; and (ii) none of the Contributions or payments set forth above were made for the purpose of influencing the official conduct of any public official of a government entity or candidate for such office.

Name:________________________________________________________________________________________

Signature:______________________________________________________________________________________

Date:________________________________

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Appendix C – Political Contribution Pre-Approval Request Form**

Pursuant to the Adviser's Pay-to-Play Policy, you and your Immediate Family Members (as defined in this Code) are required to obtain the CCO's pre-approval for Contributions as defined in **Appendix B** above. Please direct any questions about this Form to the CCO.

Personnel's name and title:

Personnel's place of principal residence (city and state):

I hereby request pre-approval for the following Contribution:

Name of candidate/political party/political action committee to whom Contribution will be made (for candidates, include name, title and any city/county/state or other political subdivision affiliation):

Expected date and form of Contribution (i.e., campaign contribution, gift, loan, fundraising activity, volunteer of time, etc.):

Office to which candidate seeks election:

Candidate's position at time of Contribution:

Contribution amount (or value of non-cash Contribution):

$

Representations:

To the best of my knowledge, the position to which the candidate seeks election or the position currently held by the candidate does not: (a) involve any direct or indirect responsibility for, or ability to influence the outcome of, the hiring of an investment adviser by a government entity; or (b) involve authority to appoint any person who is directly or indirectly responsible for, or able to influence the outcome of, the hiring of an investment adviser by a government entity.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

I have not made any other Contributions to this candidate, or payments on behalf of this candidate's candidacy, during this election cycle. If so, I have received a separate pre-approval for such Contribution, a copy of which is attached to this request.

The undersigned hereby certifies that (i) all information provided herein is accurate and (ii) the Contribution for which the undersigned seeks pre-approval as set forth above will not be made for the purpose of influencing the official conduct of any public official of a government entity or candidate for such office.

Name: _________________________________________________________________________________________

Signature:_________________________________________________________________________________________

Date: _____________________________

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Appendix D – [Initial]/[Annual] Holdings Report**

**D.(1.) REPORTABLE SECURITIES HOLDINGS**

Personnel's name: ______________________________________________________________

The following sets forth all Covered Accounts and Non-Discretionary Managed Accounts (as defined in the Personal Trading Policy) holding Reportable Securities and/or Limited Offerings as of the date indicated below.

**<u>D.(1.A.) – REPORTABLE SECURITIES</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name on <br> Account** | **Relationship<br> to Personnel** | **Broker-Dealer or<br> Bank Where<br> Securities Held** | **Type of<br> Account** | &nbsp;&nbsp;**Discretionary<br> (self-directed)<br> or<br> Non-Discretionary<br> (3rd party<br> managed)** | **Date of<br> Statement <br> of<br> Holdings<br> provided** | **Account Number** |

---

__ I have no Covered Accounts or Non-Discretionary Managed Accounts.

---

| | |
|:---|:---|
| __ | Please see the attached brokerage statement(s) provided to the CCO that contains information regarding the Reportable Securities (and to the extent applicable, Limited Offerings) above including the name on the account, title and type of securities held, security identifier/CUSIP, number of shares, amount held and the name of the broker-dealer or bank holding the positions on such Personnel's behalf. |

---

**Please note that you are required to update the CCO promptly when a new Covered Account is opened or changed.**

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**<u>D.(1.B.) – LIMITED OFFERINGS / PRIVATE PLACEMENTS</u>**

Please list below <u>**all**</u> private investments presently held by you, or in an entity controlled by you.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Full Legal Name of<br> Investment Entity** | **Holder Name** | **Transaction<br> Date** | &nbsp;&nbsp;&nbsp;**Committed<br> Investment<br> Amount<br> (currency)** | **Investment Strategy** |

---

__ I have no Limited Offerings or Private Placements.

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**D.(2.) <u>NON-REPORTABLE SECURITIES HOLDINGS</u>**

Please list below <u>**all**</u> additional brokers-dealers or banks where the Personnel maintains a Covered Account that holds anything other than Reportable Securities ("**Non-Reportable Securities Holdings**"). This includes, but is not limited to, 401K accounts, mutual fund only accounts and 529 plans.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name on <br> Account** | **Relationship<br> to Personnel** | **Broker-Dealer or<br> Bank Where<br> Securities Held** | **Type of<br> Account** | &nbsp;&nbsp;**Discretionary<br> (self-directed)<br> or<br> Non-Discretionary<br> (3<sup>rd</sup> party<br> managed)** | **Date of<br> Statement of<br> Holdings<br> provided** | **Account <br> Number** |

---

__ I have no accounts described above that need to be disclosed.

Personal brokerage statements and statements for private investments do <u>**not**</u> have to be provided quarterly for Non-Reportable Securities Holdings, but the list of those accounts needs to be maintained with the CCO.

I hereby certify that (i) all information provided herein is accurate and complete; and (ii) he or she has not engaged in any transactions that would violate the Personal Trading Policy.

Name: ____________________________________________________________________________________

Signature: ____________________________________________________________________________________

Date: ___________________________________

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Appendix E – Trade Pre-Approval Request Form**

Pre-approval from the CCO is required for all transactions as set forth in the Personal Trading Policy contained in this Code. The CCO will check the Adviser's Restricted List (as defined in the Code) prior to granting approval. Please direct any questions about this Form to the CCO.

Personnel's name: _____________________________________________________________________

Account holder(s):<u> </u>_____________________________________________________________________

Relationship to Personnel: _____________________________________________________________________

Type of Security: _____________________________________________________________________

Issuer: _____________________________________________________________________

Buy/Sell:____ _______________Quantity: ___________________ Current Price: ____________________

Buy/Sell:____ _______________Quantity: ___________________ Current Price: ____________________

Buy/Sell:____ _______________Quantity: ___________________ Current Price: ____________________

**I REPRESENT THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) I am not in possession of material, nonpublic information concerning or affecting the issuer(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) I am not aware of a pending research report involving or relating to the issuer(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) I am not aware of a material pending client or proprietary trade involving these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) These trades conform to the Personal Trading Policy contained in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If approved, I understand that the authorization is valid only for 24 hours.

Name: ______________________________________________________

Signed: ______________________________________________________

Date: ______________________________________________________

APPROVAL: ______________________________________________________

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Appendix F – Limited Offerings Participation Request Form**

Pre-approval from the CCO is required for all transactions as set forth in the Personal Trading Policy contained in this Code. The CCO will check the Adviser's Restricted List (as defined in the Code) prior to granting approval. Please direct any questions about this Form to the CCO.

Personnel name: ____________________________________________________________________________

Name of Organization: ____________________________________________________________________________

Nature of Business: ____________________________________________________________________________

Legal Status of Entity (corporation, LP, LLC): ___________________________________________________________

Business Address:____________________________________________________________________________

Principals:____________________________________________________________________________

__Publicly Traded __Privately Placed __ Non-Profit

To the best of your knowledge, does the company or any of its affiliates conduct or plan to conduct business with the Adviser? __ Yes __ No

If yes, please explain:

To the best of your knowledge, has the company or anyone associated with the company been the subject of a disciplinary proceeding issued by a securities regulatory authority, or been found guilty of a criminal offense within the last ten years? __Yes __No

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

If yes, please explain:

**Description of Limited Offering Transaction**

***(Please provide CCO with purchase and/or subscription agreement and related documentation)***

 ****

**Type and amount of securities you are investing in:**

Indicate the total dollar amount of your investment:

Do you own any other securities of the company or its affiliates? __Yes __No

If yes, please explain:

Estimate your total equity ownership interest in the company: __ %

Through your investment do you have the right to participate in management, or the right to board membership or board observation rights? __Yes __ No

If yes, please explain:

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**I REPRESENT THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) I am not in possession of material, nonpublic information concerning or affecting the issuer(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) I am not aware of a pending research report involving or relating to the issuer(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) I am not aware of a material pending client or proprietary trade involving these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) These trades conform to the Personal Trading Policy contained in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If approved, I understand that the authorization is valid only for 24 hours.

Name: ___________________________________________________

Signed: ___________________________________________________

Date: ___________________________________________________

APPROVAL: ___________________________________________________

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Appendix G – Outside Business Activity Pre-Approval and Insider Disclosure Statement**

**Outside Affiliations**

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| | | | |
|:---|:---|:---|:---|
| 1. | Other businesses in which I am engaged (i.e., take an active role): | Other businesses in which I am engaged (i.e., take an active role): | Other businesses in which I am engaged (i.e., take an active role): |
| | *Name of Business* | | *Role* |
| | | | |
| | | | |
| | *Name of Business* | | *Role* |
| 2. | Entities by which I am employed or receive compensation: | Entities by which I am employed or receive compensation: | Entities by which I am employed or receive compensation: |
| | *Name of Entity* | | *Affiliation or Title* |
| | *Name of Entity* | | *Affiliation or Title* |
| 3. | Business organizations in which I am an officer, director, partner or employee: | Business organizations in which I am an officer, director, partner or employee: | Business organizations in which I am an officer, director, partner or employee: |
| | | | *____________________________Public Co.* ☐ *Yes* ☐ *No* |
| | *Name of Entity* | | *Affiliation or Title* |
| | | | *____________________________Public Co.* ☐ *Yes* ☐ *No* |
| | *Name of Entity* | | *Affiliation or Title* |

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4. Describe interests in any securities, financial or kindred business: <br>__________________________________________________________________

5. Do you own a significant position in any publicly held company's securities? Describe: <br>__________________________________________________________________

Skylar Capital Management LP June 2026 Code of Ethics <br> (as Sub-adviser for Skylar Electricity Futures ETF)

**Insider Disclosure**

Please indicate below whether you or any member of your immediate family is an executive officer, director or 5% or greater stockholder of a public company?

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| | |
|:---|:---|
| *Name of Family Member* | *Relationship* |
| *Name of Entity* | *Affiliation or Title* |
| *Name of Family Member* | *Relationship* |
| *Name of Entity* | *Affiliation or Title* |

---

I certify and acknowledge that the above statements are true and correct to the best of my knowledge.

Name: __________________________________________________________________________________

Signature: __________________________________________________________________________________

Date:<u> </u>________________