# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-25-017305
**Filing Date:** 2025-11
**Character Count:** 583257
**Document Hash:** 1ee36a00b93408135df05c0826c2c951
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-017305.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001999371-25-017305

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 251464400

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221764
- **FILM NUMBER:** 251464399

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

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

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

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

## Series and Classes Contracts Data

### Fundstrat Granny Shots US Large Cap & Income ETF (Series ID: S000096525)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000265405 | Fundstrat Granny Shots US Large Cap & Income ETF | GRNI            |

### Fundstrat Granny Shots US Small- & Mid-Cap ETF (Series ID: S000096526)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000265406 | Fundstrat Granny Shots US Small- & Mid-Cap ETF | GRNJ            |

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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 10, 2025

1933 Registration File No. 333-221764

1940 Act File No. 811-23312

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 146 | ☑ |
| and/or |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 149 | ☑ |

---

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

(Exact Name of Registrant as Specified in Charter)

**Tidal ETF Services LLC 234 West Florida Street, Suite 203 Milwaukee, WI 53204**

(Address of Principal Executive Offices, Zip Code)

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

**The Corporation Trust Company 1209 Orange Street Corporation Trust Center Wilmington, DE 19801**

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| **Eric W. Falkeis<br> Tidal ETF Services LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, WI 53204** | **Domenick Pugliese<br> Sullivan & Worcester LLP <br> 1251 Avenue of the Americas, 19<sup>th</sup> Floor <br> New York, New York 10020** |

---

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

---

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

---

**Explanatory Note**: This Post-Effective Amendment No. 146 to the Registration Statement of Tidal Trust III (the "Trust") is being filed to respond to Staff comments with respect to the registration of the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF, as two new series of the Trust and to make other permissible changes under Rule 485(b).

![](fundstrat001.jpg)

---

| | |
|:---|:---|
| **GRNJ** | **Fundstrat Granny Shots US Small- & Mid-Cap ETF** |

---

---

| | |
|:---|:---|
| **GRNI** | **Fundstrat Granny Shots US Large Cap & Income ETF** |

---

**listed on NYSE Arca, Inc.**

**PROSPECTUS**

**November 10, 2025**

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Fundstrat Granny Shots US Small- & Mid-Cap ETF – Fund Summary](#fundstrata001)** | 1 |
| **[Fundstrat Granny Shots US Large Cap & Income ETF – Fund Summary](#fundstrata002)** | 6 |
| **[Additional Information about the Funds](#fundstrata003)** | 13 |
| **[Portfolio Holdings Information](#fundstrata004)** | 21 |
| **[Management](#fundstrata005)** | 21 |
| **[How to Buy and Sell Shares](#fundstrata006)** | 24 |
| **[Dividends, Distributions, and Taxes](#fundstrata007)** | 25 |
| **[Distribution](#fundstrata008)** | 28 |
| **[Premium/Discount Information](#fundstrata009)** | 28 |
| **[Additional Notices](#fundstrata010)** | 29 |
| **[Financial Highlights](#fundstrata011)** | 29 |

---

**FUNDSTRAT GRANNY SHOTS US SMALL- & MID-CAP ETF – FUND SUMMARY**

**Investment Objective**

The Fundstrat Granny Shots US Small- & Mid-Cap ETF (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.75% |
| &nbsp;&nbsp;&nbsp;Distribution and Service (12b-1) Fees | 0.00% |
| &nbsp;&nbsp;&nbsp;Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.75% |

---

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

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

**Expense Example**

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $77 | $240 |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund, an actively-managed exchange-traded fund ("ETF"), seeks to achieve its investment objective by investing in U.S. small- & mid-capitalization equity securities. The term "granny shot" is a basketball term that refers to an older, unconventional manner of shooting free throws. For the Fund, this term refers to the unique proprietary research process of Fundstrat Capital, LLC (the "Sub-Adviser"). The Sub-Adviser uses this process to select a portfolio of stocks that match certain themes that, in the Sub-Adviser's assessment, have the potential to fundamentally impact the U.S. economy and stock market. The Sub-Adviser's investment process is designed to include top-down fundamental analyses, including qualitative assessments of thematic relevance and correlation analysis followed by a quantitative screening process, as discussed in further detail below.

The Sub-Adviser begins its portfolio construction process by analyzing certain broad research areas, including macro-economics, monetary policy, demographics, behavioral trends, industrial and technology trends, and the business cycle. Through this analysis, the Sub-Adviser seeks to identify themes within each research area that it believes will fundamentally impact the U.S. economy and stock market going forward. Factors considered when determining whether a theme should be incorporated into the investment process include the significance of the theme to the overall economy and equity markets, the probability of the theme materializing, the cross-impact of the theme with other themes, whether the market has already recognized the potential impact of the theme, and the feasibility of investing in the theme.

For example, the rising influence of the millennial generation could be identified and substantiated as one theme (i.e., an investible opportunity) within the larger demographics research area. In this case, the Fund may include target sectors in its process which historically exhibit sensitivity to changes in macroeconomic readings, such as the personal consumption expenditures index. These sectors may include technology, digital services, e-commerce, social media, fintech, and streaming platforms, which align with the millennial generation's digital-first lifestyle. Additionally, industries focused on health and wellness, sustainable products, and experiences over goods may be likely to benefit from this generation's values and consumption patterns.

Once a theme is identified, the Sub-Adviser conducts a top-down fundamental analysis of small- and mid- capitalization U.S. companies (as defined below). This analysis involves both qualitative and quantitative assessments aimed at identifying sectors and sub-sectors, and ultimately individual companies, within the investment universe that it believes will most benefit from the identified theme.

The Sub-Adviser employs distinct approaches when conducting this top-down process. These include correlation analysis of stock price movements, revenues, and capex (capital expenditures) with the corresponding theme, as well as qualitative assessments of a company's business focus and strategic alignment with the theme.

Additionally, the Sub-Adviser uses a keyword frequency analysis to identify theme-related terms in transcripts from company earnings calls, investor meetings, and other corporate communications. This transcript analysis helps gauge a company's alignment with the theme based on how often executives discuss it in strategic discussions.

For example, if the investment theme focuses on the millennial generation, the Sub-Adviser might search for terms like "millennial," "Gen Y," "digital engagement," or "sustainability." The frequency of such terms helps assess the company's strategic focus and relevance to the theme, which is then evaluated qualitatively to determine whether the company's engagement with the theme is substantive. The companies remaining after this top-down analysis make up the pool from which Fund portfolio holdings will be selected and the Sub-Adviser consistently monitors the pool of stocks that represent the investible theme.

Themes will change over time as the Sub-Adviser's analysis changes. For example, the Sub-Adviser may determine that a specific theme, once a central focus of the Fund's portfolio construction, no longer offers the best investment opportunities based on evolving qualitative assessments and quantitative data. Themes are generally categorized as being shorter-term (e.g., 6 months) or longer-term (e.g., 3-5 years) in nature; however, the timeframe varies and is ultimately dependent upon the Sub-Adviser's research process.

After establishing a pool, the Sub-Adviser conducts a proprietary quantitative screening of its constituents. The Sub-Adviser considers several factors when conducting this quantitative screening process including free cash flow, yield parity, leverage, asset turnover, investment, labor intensity, valuation, relative price, momentum, and sentiment. For a stock to be included in the Fund's final portfolio it must be identified as a top-performer in two or more themes. Finally, the Sub-Adviser gives each qualifying stock an equal weighting in the final portfolio, and reallocates the portfolio to equal weight across each stock every quarter, subject to industry concentration restraints. Please see the section in the Fund's Prospectus titled "Additional Information About the Fund" for information about the foregoing financial terms.

*Portfolio Attributes*

The Fund's portfolio will generally hold approximately 20 to 100 positions.

The number of themes represented in the Fund's portfolio will vary over time but generally will be between 5 and 10.

Under normal market circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in small- and mid-capitalization U.S. companies. The Fund defines small- and mid-capitalization U.S. companies as those with market capitalizations in the bottom 15% of the total U.S. equity market by market capitalization. As of September 30, 2025, this includes companies with market capitalizations of $24.2 billion or lower. The Fund reallocates its portfolio to an equal weighting once every quarter, ensuring broad exposure across the selected stocks.

**Principal Investment Risks**

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

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

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

**Market Capitalization Risks.**

*○* *Mid-Capitalization Investing*. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

*○* *Small-Capitalization Investing*. Small-cap companies may be less stable and more susceptible to market changes, with their securities being more volatile and less liquid.

**Models and Data Risk.** The composition of the Fund's portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund's portfolio. Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund.

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

**ETF Risks.**

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

*○* *Costs of Buying or Selling Shares.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

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

*○* *Trading.* Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund's portfolio holdings may deteriorate.

**Management Risk.** The Fund is subject to the risk that its active management approach, including the execution of buy-and-hold investment strategies by the Sub-Adviser, may not enable it to achieve its investment objective. This risk includes the potential for underperformance or failure to meet investment goals due to the Sub-Adviser's decisions and implementation of investment strategies over time.

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

**Newer Sub-Adviser Risk.** The Sub-Adviser is a recently formed entity and has limited experience with managing an exchange-traded fund, which may limit the Sub-Adviser's effectiveness.

**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, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Performance**

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

**Management**

*Investment Adviser*

Tidal Investments LLC (the "Adviser") serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Fundstrat Capital, LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund.

*Portfolio Managers*

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

Thomas J. Lee, CFA, Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2025.

Ken Xuan, CFA, FRM, Portfolio Manager for the Sub-Advisor, has been a portfolio manager of the Fund since its inception in 2025.

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

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

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute. FRM<sup>®</sup> is a registered certification mark of the Global Association of Risk Professionals.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**FUNDSTRAT GRANNY SHOTS US LARGE CAP & INCOME ETF – FUND SUMMARY**

**Investment Objective**

The Fundstrat Granny Shots US Large Cap & Income ETF (the "Fund") primarily seeks to provide current income, with a secondary objective of long-term capital appreciation.

**Fees and Expenses of the Fund**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.99% |
| &nbsp;&nbsp;&nbsp;Distribution and Service (12b-1) Fees | 0.00% |
| &nbsp;&nbsp;&nbsp;Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.99% |

---

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

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

**Expense Example**

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $101 | $315 |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund, an actively-managed exchange-traded fund ("ETF"), primarily seeks to generate cash distributions through options strategies (the "Options Strategies") as described below. Secondarily, the Fund seeks long-term capital appreciation by investing in U.S. large capitalization equity securities (the "Equity Strategies"). The Fund's Options Strategies are overseen by the Adviser and the Fund's Equity Strategies are overseen by the Fund's investment sub-adviser, Fundstrat Capital, LLC (the "Sub-Adviser"). Additionally, the Fund will maintain an allocation to cash or U.S. Treasuries.

*Options Strategies*

The Fund seeks to generate options premiums through the use of options strategies on certain of its holdings selected in accordance with the Equity Strategies (the "Underlying Securities"). These strategies are expected to derive the majority of the Fund's yield.

The Fund earns premiums from selling (writing) options. When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. Receipt of an option premium does not always represent income; depending on the outcome of the overall options transaction.

The Fund's use of specific options strategies may affect its overall risk and return characteristics, influencing volatility, income, potential for capital appreciation, and capital preservation. For example, by writing covered calls, selling call options on securities already held by the Fund, the Fund may limit its upside potential in exchange for generating options premiums. The Adviser selects one or a combination of options strategies based on its market outlook and evaluation of the performance of the Underlying Securities, seeking to achieve the Fund's desired level of options premium generation while allowing for potential capital appreciation. Because premiums are influenced by market volatility, with higher volatility generally leading to higher premiums, the Adviser actively monitors market conditions to determine when and which strategies to employ. Through ongoing management of the Fund's options positions, the Adviser seeks to enhance and optimize the Fund's ability to generate consistent options premium levels.

The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earn premiums by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectus section titled "Additional Information About the Funds" for a list of the options strategies that the Fund may utilize, together with a description of each options strategy.

*Equity Strategies*

The term "granny shot" is a basketball term that refers to an older, unconventional manner of shooting free throws. For the Fund, this term refers to the unique proprietary research process of the Sub-Adviser. The Sub-Adviser uses this process to select a portfolio of stocks that match certain themes that, in the Sub-Adviser's assessment, have the potential to fundamentally impact the U.S. economy and stock market. The Sub-Adviser's investment process is designed to include top-down fundamental analyses, including qualitative assessments of thematic relevance and correlation analysis, followed by a quantitative screening process, as discussed in further detail below.

When implementing the Fund's Equity Strategies, the Sub-Adviser begins its portfolio construction process by analyzing certain broad research areas, including macro-economics, monetary policy, demographics, behavioral trends, industrial and technology trends, and the business cycle. Through this analysis, the Sub-Adviser seeks to identify themes within each research area that it believes will fundamentally impact the U.S. economy and stock market going forward. Factors considered when determining whether a theme should be incorporated into the investment process include the significance of the theme to the overall economy and equity markets, the probability of the theme materializing, the cross-impact of the theme with other themes, whether the market has already recognized the potential impact of the theme, and the feasibility of investing in the theme.

For example, the rising influence of the millennial generation could be identified and substantiated as one theme (i.e., an investible opportunity) within the larger demographics research area. In this case, the Fund may include target sectors in its process which historically exhibit sensitivity to changes in macroeconomic readings, such as the personal consumption expenditures index. These sectors may include technology, digital services, e-commerce, social media, fintech, and streaming platforms, which align with the millennial generation's digital-first lifestyle. Additionally, industries focused on health and wellness, sustainable products, and experiences over goods may be likely to benefit from this generation's values and consumption patterns.

Once a theme is identified, the Sub-Adviser conducts a top-down fundamental analysis of large capitalization U.S. companies (as defined below). This analysis involves both qualitative and quantitative assessments aimed at identifying sectors and sub-sectors, and ultimately individual companies, within the investment universe that it believes will most benefit from the identified theme.

The Sub-Adviser employs distinct approaches when conducting this top-down process. These include correlation analysis of stock price movements, revenues, and capex (capital expenditures) with the corresponding theme, as well as qualitative assessments of a company's business focus and strategic alignment with the theme.

Additionally, the Sub-Adviser uses a keyword frequency analysis to identify theme-related terms in transcripts from company earnings calls, investor meetings, and other corporate communications. This transcript analysis helps gauge a company's alignment with the theme based on how often executives discuss it in strategic discussions.

For example, if the investment theme focuses on the millennial generation, the Sub-Adviser might search for terms like "millennial," "Gen Y," "digital engagement," or "sustainability." The frequency of such terms helps assess the company's strategic focus and relevance to the theme, which is then evaluated qualitatively to determine whether the company's engagement with the theme is substantive. The companies remaining after this top-down analysis make up the pool from which Fund portfolio holdings will be selected and the Sub-Adviser consistently monitors the pool of stocks that represent the investible theme.

Themes will change over time as the Sub-Adviser's analysis changes. For example, the Sub-Adviser may determine that a specific theme, once a central focus of the Fund's portfolio construction, no longer offers the best investment opportunities based on evolving qualitative assessments and quantitative data. Themes are generally categorized as being shorter-term (e.g., 6 months) or longer-term (e.g., 3-5 years) in nature; however, the timeframe varies and is ultimately dependent upon the Sub-Adviser's research process.

After establishing a pool, the Sub-Adviser conducts a proprietary quantitative screening of its constituents. The Sub-Adviser considers several factors when conducting this quantitative screening process including free cash flow, yield parity, leverage, asset turnover, investment, labor intensity, valuation, relative price, momentum, and sentiment. For a stock to be included in the Fund's final portfolio it must be identified as a top-performer in two or more themes. Finally, the Sub-Adviser gives each qualifying stock an equal weighting in the final portfolio, and reallocates the portfolio to equal weight across each stock every quarter, subject to industry concentration restraints. Please see the section in the Fund's Prospectus titled "Additional Information About the Fund" for information about the foregoing financial terms.

**Collateral**

In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Fund's derivatives transactions and contributing to the Fund's income generation.

*Portfolio Attributes*

The Fund's equity portfolio will generally hold approximately 20 to 50 positions. The number of themes represented in the Fund's equity portfolio will vary over time but generally will be between 5 and 10. The Fund intends to distribute income on a monthly basis.

Under normal market circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in large-capitalization U.S. companies or derivatives instruments that provide exposure to those securities. For purposes of compliance with this investment policy, derivative instruments will be valued at their notional value. The Fund defines large-capitalization U.S. companies as those with market capitalizations in the top 85% of the total U.S. equity market by market capitalization. As of September 30, 2025, this includes companies with market capitalizations greater than $24.2 billion.

The Fund reallocates its equity portfolio to an equal weighting once every quarter, ensuring broad exposure across the selected stocks. The Fund's Income Strategies are expected to result in high portfolio annual turnover rate for the Fund.

**Principal Investment Risks**

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

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

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

**Derivatives Risk.** Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of an Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund's investments in derivatives are subject to the following risks:

*○* *Options Contracts.* The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying security or instrument, including the anticipated volatility, which is affected by fiscal and monetary policies, changes in the actual or implied volatility of the underlying security or instrument, the time remaining until the expiration of the option contract and economic events. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying security or instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying security or instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying security or instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund may continuously maintain indirect exposure to one or more of the underlying securities or instruments through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as "rolling." If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared ("cleared derivatives"). In a transaction involving cleared derivatives, the Fund's counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member's individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund's clearing member. In addition, although clearing members guarantee performance of their clients' obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member's bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund's behalf, which heightens the risks associated with a clearing member's default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund's behalf, the Fund may be unable to effectively implement its investment strategy.

**Market Capitalization Risk.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

**Distribution Risk.** The Fund intends to distribute income on a monthly basis. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

**NAV Decline Risk Due to Distributions.** When the Fund makes a distribution, the Fund's NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund's NAV and trading price over time. As a result, an investor may suffer losses to their investment.

**Models and Data Risk.** The composition of the Fund's portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund's portfolio. Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund.

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

**ETF Risks** **.**

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

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

*○* *Costs of Buying or Selling Shares.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

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

*○* *Trading.* Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund's portfolio holdings may deteriorate.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade all or a significant portion of the Fund's holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**Management Risk.** The Fund is subject to the risk that its active management approach, including the execution of buy-and-hold investment strategies by the Sub-Adviser, may not enable it to achieve its investment objective. This risk includes the potential for underperformance or failure to meet investment goals due to the Sub-Adviser's decisions and implementation of investment strategies over time.

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

**Newer Sub-Adviser Risk.** The Sub-Adviser is a recently formed entity and has limited experience with managing an exchange-traded fund, which may limit the Sub-Adviser's effectiveness.

**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, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

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

**Performance**

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

**Management**

*Investment Adviser*

Tidal Investments LLC (the "Adviser") serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Fundstrat Capital, LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund.

*Portfolio Managers*

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

Thomas J. Lee, CFA, Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2025.

Ken Xuan, CFA, FRM, Portfolio Manager for the Sub-Advisor, has been a portfolio manager of the Fund since its inception in 2025.

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

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

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute. FRM<sup>®</sup> is a registered certification mark of the Global Association of Risk Professionals.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Investment Objective**

The Fundstrat Granny Shots US Small- & Mid-Cap ETF seeks long-term capital appreciation.

The Fundstrat Granny Shots US Large Cap & Income ETF primarily seeks to provide current income, with a secondary objective of long-term capital appreciation.

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

**Principal Investment Strategies**

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

*EQUITY STRATEGIES:*

The following description relates to the Fundstrat Granny Shots US Small- & Mid-Cap ETF's investment strategy, and the Fundstrat Granny Shots US Large Cap & Income ETF's Equity Strategies:

*<u>Market Trends</u>:*

As noted above, each Fund's investment strategy is based on, or includes, an analysis of various trends which are used to identify investment themes. These trends include the following:

● *Macro-economic trends* –refer to the broad, overarching factors that impact an economy at a national or global level. These include GDP growth, inflation rates, unemployment rates, and trade balances.

&nbsp;&nbsp;&nbsp;&nbsp;○ Example: A global recession leading to decreased consumer spending and investment.

● *Monetary policy trends* - involve the actions of central banks to manage the money supply and interest rates to achieve economic goals like controlling inflation, maintaining employment levels, and stabilizing the currency.

&nbsp;&nbsp;&nbsp;&nbsp;○ Example: The Federal Reserve increasing interest rates to combat high inflation.

● *Demographic trends* - pertain to changes in the population's structure, such as age distribution, birth rates, migration patterns, and life expectancy.

&nbsp;&nbsp;&nbsp;&nbsp;○ Example: An aging population leading to increased demand for healthcare services and retirement planning products.

● *Behavioral trends* - refer to changes in consumer behavior and preferences, influenced by cultural, social, and economic factors.

&nbsp;&nbsp;&nbsp;&nbsp;○ Example: The growing preference for online shopping over brick-and-mortar retail stores.

● *Industrial and technology trends* - encompass advancements and shifts within industries and technological innovations that drive efficiency, productivity, and new product development.

&nbsp;&nbsp;&nbsp;&nbsp;○ Example: The rise of renewable energy technologies leading to a decline in the use of fossil fuels.

● *Business cycle trends* - describe fluctuations in economic activity over time, including periods of expansion, peak, contraction, and trough.

&nbsp;&nbsp;&nbsp;&nbsp;○ Example: An economic expansion phase characterized by rising GDP, low unemployment, and increasing corporate profits.

*<u>Financial Terms</u>*:

The following provide concise definitions of the financial terms used in each Fund's principal investment strategy discussion:

● *Free Cash Flow*: The amount of cash generated by a company after accounting for capital expenditures, which is available for distribution to shareholders or reinvestment in the business.

● *Yield Parity*: The spread between a company's dividend yield and its long-term bond yield (7-10yr maturities).

● *Leverage*: The use of borrowed funds to increase the potential return on investment, which also amplifies the potential risk of loss.

● *Asset Turnover*: A financial ratio that measures the efficiency of a company's use of its assets to generate sales revenue, calculated as total sales divided by total assets.

● *Investment*: The allocation of resources, usually money, into assets or projects with the expectation of generating income or profit over time.

● *Labor Intensity*: The degree to which a business process or industry relies on human labor as opposed to capital, such as machinery and technology, for production.

● *Valuation*: The process of determining the present worth of an asset, company, or investment, often through various analytical methods.

● *Relative Price*: The measurement of the current price of a security in comparison to its high and low over the last 5 years

● *Momentum*: A market phenomenon where the price of an asset continues to move in its current direction (up or down) due to investor behavior and trends.

● *Sentiment*: The overall attitude or feeling of investors towards a particular market or asset, which can influence trading behaviors and market movements.

<u>Correlation Analyses</u>:

The Sub-Adviser evaluates correlation between an industry/sector to a theme both qualitatively and quantitatively. From a quantitative perspective, the Sub-Adviser uses various types of data as an indicator to quantify the correlation or relativity. For example, to evaluate the correlation of an industry to the theme "Easing Financial Conditions" the Sub-Adviser may use the price history of a particular industry, or sector, to run a correlation against major indices measuring financial conditions, such as, the National Financial Conditions Index from the Chicago Fed, the US Financial Conditions Index from Goldman Sachs, and the United States Financial Conditions Index from Bloomberg.

From a qualitative perspective, the Sub-Adviser may examine industry trends, management commentary, and broader market sentiment to assess the degree of alignment with the theme. For instance, the Sub-Adviser might review earnings calls, investor presentations, and media coverage to gauge how industry leaders are discussing financial conditions and whether they perceive an easing environment. This qualitative approach enables the Sub-Adviser to interpret how market participants and key stakeholders are reacting to, or planning for, changes in financial conditions, offering insights that quantitative data alone may not fully capture.

*OPTIONS STRATEGIES*

The following description relates to the Fundstrat Granny Shots US Large Cap & Income ETF's Options Strategies:

**Options Terminology**

The Fundstrat Granny Shots US Large Cap & Income ETF's options contracts are derivative instruments whose value are based on the share prices of some or all of its Underlying Securities (as described above)("Underlying Assets"). These contracts give the Fund the right or obligation to buy or sell shares of the Underlying Assets on or before the expiration date at the specified strike price, depending on whether it is a call option or a put option, and whether the Fund is the buyer or seller of the contract.

● In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset (like shares of the Underlying Assets) at a specified price (the "strike price").

● If exercised, an option contract obligates the seller to deliver shares (for a sold or "short" call) or buy shares (for a sold or "short" put) of the underlying asset at a specified price (the "strike price").

● Options contracts must be exercised or traded to close within a specified time frame, or they can be left to expire.

● A *traditional* covered options strategy is an investment strategy where an investor (the Fund) sells a call option on an underlying asset it owns.

● A *synthetic* covered options strategy is similar to a traditional covered options strategy in that the investor sells a call option that is based on the share price of the underlying asset. However, in a synthetic covered options strategy, the investor (the Fund) does not own the underlying asset, but rather seeks to synthetically replicate 100% of the price movements of the underlying asset through the use of various investment instruments.

As noted above under the Fund's principal investment strategy disclosures, the Fundstrat Granny Shots US Large Cap & Income ETF is managed using various options strategies. The Fund's options strategies using options contracts will be "covered." That is, the Fund will implement an options strategy on an Underlying Security that the Fund owns.

In particular, the following describes the income strategies that the Adviser plans to implement at various times for the Fundstrat Granny Shots US Large Cap & Income ETF.

**1. Selling Calls** 

**Strategy Overview**: Selling calls involves writing call options on a security, aiming to generate additional income from the premium received. This strategy profits if the security's share price remains below the strike price.

**Market Movement Scenarios**:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the strike price, the Fund will lose the difference between the security's share price and strike price, offset by the premium received.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Security Remains the Same**: If the security's share price remains the same, the call option will expire worthless, and the Fund keeps the premium received as profit.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Security Decreases in Value**: If the security's share price decreases, the call option will expire worthless, and the Fund keeps the premium received as profit.

**2. Selling Credit Spreads** 

**Strategy Overview**: Selling credit spreads involves writing a call option at one strike price and buying another call option at a higher strike price or writing a put option at one strike price and buying another put option at a lower strike price. This strategy limits the potential loss compared to selling an option outright by capping it at the difference between the strike prices minus the net premium received.

● **Market Movement Scenarios (Call Example)**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the higher strike price, the Fund's loss is capped at the difference between the strike prices minus the net premium received. Between strikes the Fund loses the difference between the security's share price and the lower strike.

2. **Security Remains the Same**: If the security's share price remains the same, both options will expire worthless, and the Fund keeps the net premium received as profit.

3. **Security Decreases in Value**: If the security's share price decreases, both options will expire worthless, and the Fund keeps the net premium received as profit.

● **Market Movement Scenarios (Put Example)**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security increases in Value**: If the security's share price increases, both options will expire worthless, and the Fund keeps the net premium received as profit.

2. **Security Remains the Same**: If the security's share price remains the same, both options will expire worthless, and the Fund keeps the net premium received as profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Security decreases in Value**: If the security's share price decreases below the higher strike price, the Fund's loss is capped at the difference between the strike prices minus the net premium received. Between strikes the Fund loses the difference between the security's share price and the lower strike.

**3. Selling Diagonal Call Spreads** 

**Strategy Overview**: Selling diagonal call spreads involves selling a call option with a nearer expiration date and buying a call option with a later expiration date at a different strike price. This strategy aims to benefit from the time decay (see below) of the nearer-term option.

● Time decay is the reduction in an option's value as the time to its expiration date approaches. An option's decay accelerates as its expiration date gets closer because there is less time for an investor to earn a profit from that option.

**Market Movement Scenarios (at the max maturity date of the options)**:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the higher strike price, the Fund's loss is capped at the difference between the strike prices minus the net premium received. Between strikes the Fund loses the difference between the security's share price and the lower strike.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Security Remains the Same**: If the security's share price remains the same, both options will expire worthless, and the Fund keeps the net premium received as profit.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Security Decreases in Value**: If the security's share price decreases, both options will expire worthless, and the Fund keeps the net premium received as profit.

**4. Cash-Secured Put Selling** 

**Strategy Overview**: Cash-secured put selling involves selling put options while holding enough cash to buy the security at the strike price if assigned. This strategy generates income from the premium received.

**Market Movement Scenarios**:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises, the put option will expire worthless, and the Fund keeps the premium received.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Security Remains the Same**: If the security's share price remains the same, the put option will expire worthless, and the Fund keeps the premium received.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Security Decreases in Value**: If the security's share price decreases, the Fund may be assigned the security at the strike price, but the Fund effectively buys it at a lower net price due to the premium received.

**5. Selling Calendar Call Spreads** 

**Strategy Overview**: Selling calendar call spreads involves selling a short-term option and buying a longer-term option at the same strike price. This strategy benefits when the underlying remains near the strike price but loses if the price moves significantly away (up or down).

**Market Movement Scenarios (between the two maturity dates)**:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the strike, the short-term option will be exercised at a loss, but the long-term option increases in value, limiting some losses.

2. **Security Remains the Same (below the strike)**: If the security's share price remains the same, the short-term option expires worthless, and the Fund profits from the time decay differential.

3. **Security Decreases in Value**: If the security's share price decreases, the short-term option expires worthless, and the Fund profits from the time decay differential.

**6. Selling Collars** 

**Strategy Overview**: Selling collars involves selling a call option and buying a put option to protect against significant price movements. The premium received from selling the call offsets the cost of buying the put, while limiting potential losses.

**Market Movement Scenarios**:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the call strike price, the Fund loses the difference between the security's share price and strike price.

2. **Security Remains the Same**: If the security's share price remains the same, both options expire worthless, and the Fund keeps the premium received from the call option but offset by the premium paid on the put option.

3. **Security Decreases in Value**: If the security's share price falls below the put strike price, the Fund gains the difference between the security's share price and strike price.

**Supplemental Options Strategy (Debit and Credit Spreads)**

In concert with one or more the foregoing Options Strategies, the Fund may buy call or put spreads, known as debit spreads, and/or, sell call or put spreads, known as credit spreads. Although these transactions do not directly generate income, the Adviser may use them strategically with the other Options Strategies to offset margin requirements and enhance overall income potential. The Fund may "leg into" these spreads by entering the spread in stages, starting with an initial position and later adding the second leg. For example, the Adviser may use debit spreads instead of covering a worthless call. In this case, the Fund would enter a call spread with a lower strike call, thereby increasing the Fund's potential for gains while maintaining the cost efficiency of the position.

**Options Premiums – Income/Return of Capital**

Receipt of an option premium does not always represent income. Depending on whether the transaction as a whole results in a gain or loss, such amounts may be treated for accounting or tax purposes as income or as a return of capital ("ROC"). ROC represents a return of a shareholder's own invested capital and does not reflect traditional income such as dividends or interest**. A portion (sometimes a significant portion) of a Fund's cash distributions may be classified as ROC, which generally refers to the portion of a distribution that represents a return of the original investment (principal) rather than income or profit.** Accordingly, such distributions do not necessarily reflect traditional income or yield, and receipt of an option premium could ultimately result in a net loss on the transaction if offset by subsequent closing transactions, exercise or settlement.

**There is no guarantee that a Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.**

**Investments by Registered Investment Companies**

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

**Principal Risks of Investing in the Funds**

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Fundstrat Granny Shots US Small- & Mid-Cap ETF** | &nbsp;&nbsp;**Fundstrat Granny Shots US Large Cap & Income ETF** |
| &nbsp;&nbsp;**Counterparty Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Derivatives Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;***—*Options Contracts** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Distribution Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Economic and Market Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**ETF Risks** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;***—*Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;***—* Cash Redemption Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Costs of Buying or Selling Shares** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Shares May Trade at Prices Other Than NAV** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Trading** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Equity Market Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**High Portfolio Turnover Risk** | &nbsp;&nbsp;- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Management Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Market Capitalization Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**—Large-Capitalization Investing** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Mid-Capitalization Investing** | &nbsp;&nbsp;X | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;**— Small-Capitalization Investing** | &nbsp;&nbsp;X | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;**Models and Data Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**NAV Decline Risk Due to Distributions** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**New Fund Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Newer Sub-Adviser Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Operational Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**U.S. Government and U.S. Agency Obligations Risk** | &nbsp;&nbsp;- | &nbsp;&nbsp;X |

---

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared ("cleared derivatives"). In a transaction involving cleared derivatives, the Fund's counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member's individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund's clearing member. In addition, although clearing members guarantee performance of their clients' obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member's bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund's behalf, which heightens the risks associated with a clearing member's default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund's behalf, the Fund may be unable to effectively implement its investment strategy.

**Derivatives Risk.** Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of an Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund's investments in derivatives are subject to the following risks:

*○* *Options Contracts.* The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying security or instrument, including the anticipated volatility, which is affected by fiscal and monetary policies, changes in the actual or implied volatility of the underlying security or instrument, the time remaining until the expiration of the option contract and economic events. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying security or instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying security or instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying security or instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund may continuously maintain indirect exposure to one or more of the underlying securities or instruments through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as "rolling." If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses.

**Distribution Risk.** The Fund intends to distribute income on a monthly basis. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

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

**ETF Risks.**

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

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

*○* *Costs of Buying or Selling Shares.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

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

*○* *Trading.* Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund's portfolio holdings may deteriorate.

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade all or a significant portion of the Fund's holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**Management Risk.** The Fund is subject to the risk that its active management approach, including the execution of buy-and-hold investment strategies by the Sub-Adviser, may not enable it to achieve its investment objective. This risk includes the potential for underperformance or failure to meet investment goals due to the Sub-Adviser's decisions and implementation of investment strategies over time.

**Market Capitalization Risks.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

○ *Mid-Capitalization Investing.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

○ *Small-Capitalization Investing*. Small-cap companies may be less stable and more susceptible to market changes, with their securities being more volatile and less liquid.

**Models and Data Risk.** The composition of the Fund's portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund's portfolio. Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund.

**NAV Decline Risk Due to Distributions.** When the Fund makes a distribution, the Fund's NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund's NAV and trading price over time. As a result, an investor may suffer losses to their investment.

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

**Newer Sub-Adviser Risk.** The Sub-Adviser is a recently formed entity and has limited experience with managing an exchange-traded fund, which may limit the Sub-Adviser's effectiveness.

**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, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

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

**PORTFOLIO HOLDINGS INFORMATION**

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

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC (the "Adviser" or "Tidal"), a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, is an SEC-registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and Tidal is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of September 30, 2025, Tidal had assets under management of approximately $48.87 billion and served as the investment adviser or sub-adviser for 277 registered funds.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Unitary Fee Rate** |
| &nbsp;&nbsp;Fundstrat Granny Shots US Small- & Mid-Cap ETF | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap & Income ETF | &nbsp;&nbsp;0.99% |

---

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

**Investment Sub-Adviser**

Fundstrat Capital, LLC ("Sub-Adviser"), a Delaware limited liability company, located at 150 East 52nd Street, New York, NY 10022 serves as the investment sub-adviser for the Funds. The Sub-Adviser was founded in July 2024 and became an SEC-registered investment adviser in 2024. As of the September 30, 2025, the Sub-Adviser had assets under management of approximately $2.957 billion.

The Sub-Adviser is responsible for the day-to-day management of each Fund's portfolio, including determining the securities and financial instruments purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Sub-Adviser serves as the sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement").

For its services as sub-adviser, the Sub-Adviser is entitled to receive a fee from the Adviser, which fee is calculated daily and payable monthly, at an annual rate of 0.04% of the average daily net assets of each Fund. However, as Fund Sponsor, the Sub-Adviser may automatically waive all or a portion of its sub-advisory fee. See "Fund Sponsor" below for more information.

**Advisory and Sub-Advisory Agreements**

A discussion regarding the basis for the Board's approval of the Funds' Advisory Agreement and Sub-Advisory Agreement will be available in the Funds' semi-annual N-CSR report for the period ending April 30, 2026.

**Portfolio Managers** 

The following individuals (each, a "Portfolio Manager") have served as portfolio managers of the Funds, as indicated below, since inception. Messrs. Lee and Xuan are jointly and primarily responsible for the day-to-day management of each Fund's equity securities investments. Ms. Duan and Messrs. McCaig, Mullen and Snyder oversee trading and execution for the Funds, as indicated below, and in the case of the Fundstrat Granny Shots US Large Cap & Income ETF, Messrs. Mullen and Snyder are responsible for the Fund's Income Strategies.

*Thomas J. Lee, CFA, Portfolio Manager for the Sub-Adviser (both Funds*)

Thomas J. Lee is a Portfolio Manager, Managing Director, and the Head of Research at the Sub-Adviser. Tom co-founded Fundstrat Global Advisors (an affiliate of the Sub-Adviser) in 2014, a research advisory firm serving clients in over 26 countries. Prior to co-founding Fundstrat Global Advisors, he served most recently as J.P. Morgan's Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services. Tom graduated from the University of Pennsylvania/Wharton School of Business with a BSE in Economics and dual concentration in Finance and Accounting. He is a CFA® charterholder.

*Ken Xuan, CFA, FRM, Portfolio Manager for the Sub-Adviser (both Funds)*

Ken Xuan is a Portfolio Manager at the Sub-Adviser, and the Head of Data Science at Fundstrat Global Advisors, where he maintains and optimizes the firm's proprietary portfolio and quant models to construct portfolios and select stocks. He is also responsible for all data-related tasks, including identifying relevant alternative data sources, maintaining and updating the database, and automating reports. Before joining Fundstrat Global Advisors in 2017, he worked at West Monroe Partners and Chinese EV manufacturer BYD Motors Inc.. Ken holds B.S. degrees in Management and Economics from Purdue University and an M.S. degree in Operations Research from Columbia University. He is a CFA® charterholder and an FRM-Certified Professional.

*Qiao Duan, CFA, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Small- & Mid-Cap ETF only)*

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

*Ben McCaig, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Small- & Mid-Cap ETF only)*

Mr. McCaig serves as Portfolio Manager of the Adviser, having joined the Adviser in August 2021. Mr. McCaig previously served as a portfolio manager, compliance, and operations manager at the Ohio Treasurer's Office from July 2017 to August 2021. Previously, Mr. McCaig was Senior Equity Trader for the trust department at Huntington National Bank. Mr. McCaig attended Bowling Green State University where he received a Bachelor of Science in Business Administration with a specialization in Finance.

*Christopher P. Mullen, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Large Cap & Income ETF only)*

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

*Scott Snyder, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Large Cap & Income ETF only)*

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

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute. FRM<sup>®</sup> is a registered certification mark of the Global Association of Risk Professionals.

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

**FUND SPONSOR**

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

In return for its financial support for the Funds, the Adviser has agreed to pay the Sub-Adviser any remaining profits generated by unitary management fee the Funds. If the amount of the unitary management fees for the Funds exceeds the Funds' operating expenses (including the sub-advisory fee) and the Adviser-retained amount, that excess amount is considered "remaining profit." In that case, the Adviser will pay the remaining profits to the Sub-Adviser.

During months when the funds generated by the unitary management fees are insufficient to cover the entire sub-advisory fee, those fees are automatically waived (and any such waived fees are not subject to recoupment). Further, if the amount of the unitary management fee for a Fund is less than the Fund's operating expenses and the Adviser-retained amount, the Sub-Adviser is obligated to reimburse the Adviser for the shortfall.

**HOW TO BUY AND SELL SHARES**

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

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

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

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Shares**

Neither Fund imposes any restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by a Fund's shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with a Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Funds accommodate frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, each Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by such Fund in effecting trades. In addition, the Funds and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

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

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

Exchange-traded options are valued at the composite mean price, calculated as the average of the highest bid and lowest ask prices across the exchanges on which the option is principally traded.

**Fair Value Pricing**

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

**Investments by Other Registered Investment Companies in the Funds**

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

**Delivery of Shareholder Documents – Householding**

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fundstrat Granny Shots US Small- & Mid-Cap ETF intends to pay out dividends and interest income, if any, quarterly, and distribute any net realized capital gains to its shareholders at least annually

The Fundstrat Granny Shots US Large Cap & Income ETF intends to pay out dividends and interest income, if any, monthly, and distribute any net realized capital gains to its shareholders at least annually.

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

**Taxes**

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

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

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

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

**Taxes on Distributions** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Funds may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Funds may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause a 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, a Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

**Important Tax Considerations When Purchasing Fund Shares**

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

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

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

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

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

**DISTRIBUTION**

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

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

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

**PREMIUM/DISCOUNT INFORMATION**

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

**ADDITIONAL NOTICES**

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

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

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

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

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

**FINANCIAL HIGHLIGHTS**

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

**Fundstrat Granny Shots US Small- & Mid-Cap ETF**

 **Fundstrat Granny Shots US Large Cap & Income ETF**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Fundstrat Capital, LLC** <br> 150 East 52nd Street <br> New York, NY 10022 |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 N. Rivercenter Dr.<br> Milwaukee, Wisconsin 53212 | &nbsp;&nbsp;**Independent**<br> **Registered Public**<br> **Accounting Firm** | &nbsp;&nbsp;**Tait, Weller & Baker LLP**<br> Two Liberty Place 50 South 16th Street, <br>Philadelphia, Pennsylvania 19102 |
| &nbsp;&nbsp;**Fund Accountant and Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 | &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Sullivan & Worcester LLP**<br> 1251 Avenue of the Americas, 19<sup>th</sup> Floor <br> New York, NY 10020 |

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

**Statement of Additional Information:** The Funds' SAI provides additional details about the investments of each Fund and certain other additional information. A current SAI dated November 10, 2025, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Funds' investments will be available in the Funds' 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 each Fund's performance after the first fiscal year each Fund is in operation. In Form N-CSR, you will find each Fund's annual and semi-annual financial statements.

When available, you can obtain free copies of these documents, request other information or make general inquiries about the Funds by contacting the Funds at Fundstrat Granny Shots Funds, c/o U.S. Bank Global Fund Services, 219252, Kansas City, Missouri 64121-9252 or calling (844) 954-5777.

Shareholder reports and other information about the Funds will also be available:

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

● Free of charge from the Funds' Internet website at www.grannyshots.com; or

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

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

![](fundstrat001.jpg)

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| | |
|:---|:---|
| **GRNJ** | **Fundstrat Granny Shots US Small- & Mid-Cap ETF** |

---

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| | |
|:---|:---|
| **GRNI** | **Fundstrat Granny Shots US Large Cap & Income ETF** |

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***Each listed on NYSE Arca, Inc.***

**STATEMENT OF ADDITIONAL INFORMATION**

**November 10, 2025**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF (each a "Fund" and collectively the "Funds"), each a series of Tidal Trust III (the "Trust"), dated November 10, 2025, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Funds at (844) 954-5777, visiting www.grannyshots.com, or writing to the Fundstrat Granny Shots ETFs, c/o U.S. Bank Global Fund Services, PO Box 219252, Kansas City, Missouri 64121-9252.

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [General Information about the Trust](#fundstratb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#fundstratb002) | 1 |
| [Description of Permitted Investments](#fundstratb003) | 2 |
| [Investment Restrictions](#fundstratb004) | 11 |
| [Exchange Listing and Trading](#fundstratb005) | 12 |
| [Management of the Trust](#fundstratb006) | 12 |
| [Principal Shareholders, Control Persons and Management Ownership](#fundstratb007) | 17 |
| [Codes of Ethics](#fundstratb008) | 17 |
| [Proxy Voting Policies](#fundstratb009) | 17 |
| [Investment Adviser](#fundstratb010) | 18 |
| [Investment Sub-Adviser](#fundstratb011) | 18 |
| [Portfolio Managers](#fundstratb012) | 19 |
| [The Distributor](#fundstratb013) | 21 |
| [Administrator](#fundstratb014) | 22 |
| [Transfer Agent and Fund Accountant](#fundstratb015) | 23 |
| [Custodian](#fundstratb016) | 23 |
| [Legal Counsel](#fundstratb017) | 23 |
| [Independent Registered Public Accounting Firm](#fundstratb018) | 23 |
| [Portfolio Holdings Disclosure Policies and Procedures](#fundstratb019) | 23 |
| [Description of Shares](#fundstratb020) | 23 |
| [Limitation of Trustees' Liability](#fundstratb021) | 24 |
| [Brokerage Transactions](#fundstratb022) | 24 |
| [Portfolio Turnover Rate](#fundstratb023) | 26 |
| [Book Entry Only System](#fundstratb024) | 26 |
| [Purchase and Redemption of Shares in Creation Units](#fundstratb025) | 27 |
| [Determination of Net Asset Value](#fundstratb026) | 32 |
| [Dividends and Distributions](#fundstratb027) | 32 |
| [Federal Income Taxes](#fundstratb028) | 33 |
| [Financial Statements](#fundstratb029) | 38 |

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**GENERAL INFORMATION ABOUT THE TRUST**

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

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

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

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

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

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

**Diversification**

Each Fund is "diversified" within the meaning of the 1940 Act. Under applicable federal laws, to qualify as a diversified fund, a Fund, with respect to 75% of its total assets, may not invest greater than 5% of its total assets in any one issuer and may not hold greater than 10% of the securities of one issuer, other than investments in cash and cash items (including receivables), U.S. government securities, and securities of other investment companies. The remaining 25% of a Fund's total assets does not need to be "diversified" and may be invested in securities of a single issuer, subject to other applicable laws. The diversification of a Fund's holdings is measured at the time a Fund purchases a security. However, if a Fund purchases a security and holds it for a period of time, the security may become a larger percentage of a Fund's total assets due to movements in the financial markets. If the market affects several securities held by a Fund, a Fund may have a greater percentage of its assets invested in securities of fewer issuers.

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

**General Risks**

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

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

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

**DESCRIPTION OF PERMITTED INVESTMENTS**

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

**Borrowing**

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

**Equity Securities**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Foreign Securities**

A Fund may invest directly in foreign securities or have indirect exposure to foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards, and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than exists in the United States. Interest and dividends paid by foreign issuers as well as gains or proceeds realized from the sale or other disposition of foreign securities may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to a Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, the imposition of economic sanctions, confiscatory taxation, political, economic or social instability, or diplomatic developments that could affect assets of a Fund held in foreign countries. The establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations. In addition, investing in foreign securities will generally result in higher commissions than investing in similar domestic securities.

Decreases in the value of currencies of the foreign countries in which a Fund may invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which a Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Investing in emerging markets can have more risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated relative to investments in foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting systems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than in countries with more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market countries may be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of a company's assets, and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions on a Fund's ability to repatriate investment income or capital and, thus, may adversely affect the operations of the Fund. Certain emerging markets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly against the U.S. dollar. For these and other reasons, the prices of securities in emerging markets can fluctuate more significantly than the prices of securities of companies in developed countries. The less developed the country, the greater effect these risks may have on a Fund.

**Depositary Receipts**

To the extent a Fund invests in stocks of foreign corporations, 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. American Depositary Receipts ("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 U.S. 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.

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.

A Fund will not invest in any unlisted depositary receipts or any depositary receipt that is deemed to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored. However, a Fund may invest in unsponsored depositary receipts under certain limited circumstances. 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 value of the depositary receipts.

**Illiquid Investments and Restricted Securities**

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

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

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

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

**Investment Company Securities**

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

Pursuant to Section 12(d)(1), each Fund may invest in the securities of another investment company (the "acquired company") provided that such Fund, immediately after such purchase or acquisition, does not own in the aggregate: (1) more than 3% of the total outstanding voting stock of the acquired company; (2) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (3) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, each Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above.

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

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

**Initial Public Offering Risk**

The Funds may participate in IPOs. The market value of IPO shares may fluctuate considerably and is often subject to speculative trading due to factors such as the absence of a prior public market, unseasoned trading, a smaller number of shares available for trading and limited information available about the issuer, its business model, the quality of management, earnings growth potential and other criteria used to evaluate its investment prospects. Such stocks may have exhibited price appreciation in connection with the IPO that is not sustained, and it is not uncommon for stocks to decline in value in the period following the IPO. Additionally, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that a Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

**Money Market Funds**

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

**Other Short-Term Instruments**

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

**Derivative Instruments**

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

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

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

SEC Rule 18f-4 ("Rule 18f-4" or the "Derivatives Rule") regulates the ability of a Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, such as TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be "similar to" reverse repurchase transactions, such as certain securities lending transactions in connection with which a Fund obtains leverage. Among other things, under Rule 18f-4, a Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives transactions that a Fund may enter into based on the value-at-risk ("VaR") of the Fund inclusive of derivatives. A Fund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its "designated reference portfolio." The "designated reference portfolio" is a representative unleveraged index or the Fund's own portfolio absent derivatives holdings, as determined by the Fund's derivatives risk manager. This limits test is referred to as the "Relative VaR Test." If a Fund determines that the Relative VaR Test is not appropriate in light of its strategy, subject to specified conditions, the Fund may instead comply with the "Absolute VaR Test." A Fund will satisfy the Absolute VaR Test if the VaR of its portfolio does not exceed 20% of the value of the Fund's net assets.

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

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

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

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

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

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

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

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

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

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

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

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including because of the dealer's bankruptcy or insolvency. While the Funds use only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Funds may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When a Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which such Fund originally wrote the option. A Fund may suffer a loss if it is not able to exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

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

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

An interest rate cap can be used to increase or decrease exposure to various interest rates, including to hedge interest rate risk. By purchasing an interest rate cap, the buyer of the cap can benefit from rising interest rates while limiting its downside risk to the amount of the premium paid. If a Fund buys an interest rate cap and the Adviser or Sub-Adviser is correct at predicting the direction of interest rates, the interest rate cap will increase in value. But if the Adviser or Sub-Adviser is incorrect at predicting the direction, the interest rate cap will expire worthless.

By writing (selling) an interest rate cap, the seller of the cap can benefit by receiving a premium in exchange for assuming an obligation to make payments at set intervals for which a floating interest rate exceeds an agreed upon interest rate. If interest rates rise above the agreed upon cap, the seller's obligation to make payments may result in losses in excess of the premium received.

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

*Risks of options*. The Funds' options investments involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Funds may have difficulty effecting closing transactions in particular options. Therefore, a Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. A Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when a Fund cannot affect a closing transaction with respect to a put option it wrote, and the buyer exercises, such Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If a Fund, as a covered call option writer, is unable to affect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund's portfolio that is being hedged. In addition, a Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Adviser or Sub-Adviser is not successful in using options in managing a Fund's investments, such Fund's performance will be worse than if the Adviser or Sub-Adviser did not employ such strategies.

**Securities Lending**

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

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

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

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

**Tax Risks**

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

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

**Temporary Defensive Strategies**

Under normal market conditions, each Fund will stay fully invested according to its principal investment strategies. For temporary defensive purposes during adverse market, economic, political, or other conditions, a Fund may invest up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments. Taking a temporary defensive position may result in a Fund not achieving its investment objective.

**INVESTMENT RESTRICTIONS**

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

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

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

2. Make loans, except to the extent permitted under the 1940 Act.

3. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts ("REITs") or securities of companies engaged in the real estate business.

4. Purchase or sell commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.

5. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act.

6. Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, investment companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.

7. With respect to 75% of its total assets, purchase the securities of any one issuer if, immediately after and as a result of such purchase, (a) the value of the Fund's holdings in the securities of such issuer exceeds 5% of the value of the Fund's total assets, or (b) the Fund owns more than 10% of the outstanding voting securities of the issuer (with the exception that this restriction does not apply to the Fund's investments in the securities of the U.S. government, or its agencies or instrumentalities, or other investment companies).

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

For purposes of applying the limitation set forth in the concentration policy set forth above, a Fund may use the Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to identify each industry. A Fund's method applying the limitations in the above concentration policy, including the classification levels used, may differ from those of the Trust's other series.

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

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

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

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

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board oversees the management and operations of the Trust. Like all mutual funds, the day-to-day management and operation of the Trust is the responsibility of the various service providers to the Trust, such as the Adviser, the Sub-Adviser, the Distributor, the Administrator, the Custodian, and the Transfer Agent, each of whom is discussed in greater detail in this Statement of Additional Information. The Board has appointed various senior employees of the Administrator as officers of the Trust, with responsibility to monitor and report to the Board on the Trust's operations. In conducting this oversight, the Board receives regular reports from these officers and the service providers. For example, the Treasurer reports as to financial reporting matters and the President reports as to matters relating to the Trust's operations. In addition, the Adviser provides regular reports on the investment strategy and performance of the Funds. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and involve the Board's review of recent operations. In addition, various members of the Board also meet with management in less formal settings, between formal "Board Meetings," to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

As part of its oversight function, the Board receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (e.g., investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Board meets regularly with the CCO to discuss compliance and operational risks and the Audit Committee meets with the Trust's independent public accounting firms to discuss, among other things, the internal control structure of the Trust's financial reporting function.

The full Board also receives reports from the Adviser as to investment risks of the Funds. In addition to these reports, from time to time the full Board receives reports from the Administrator and the Adviser as to enterprise risk management.

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

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

The Board is composed of a majority (80 percent) of Independent Trustees. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust, even though there is no Lead Independent Trustee. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees of the Trust constitute a majority of the Board, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust III, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204.

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name**<br> **and**<br> **Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held** <br> **with** <br> **the Trust** | &nbsp;&nbsp; **Term of**<br> **Office**<br> **and Length**<br> **of Time**<br> **Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp; **Number**<br> **of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>(2)</sup><br> **Overseen** <br> **by Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held by Trustee** <br> **During Past 5 Years** |
| &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** |
| &nbsp;&nbsp;Monica H. Byrd<br> Born: 1979 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite<br> term; since August 2023 | &nbsp;&nbsp;Chief Financial Officer of LFO Management, LLC (since 2019); Chief Financial Officer of Glencoe Capital/Stockwell Capital (2018 to 2019); Vice President Finance of Glencoe Capital/Stockwell Capital (2016 to 2018). | &nbsp;&nbsp;59 |  |
| &nbsp;&nbsp;Pamela Cytron<br> Born: 1966 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since August 2023 | &nbsp;&nbsp;President, The Founder's Arena (since 2023); CEO & Founder, Pendo Systems, Inc. (2020 to 2023); Non-executive Board advisor, RegAlytics (2021 to 2022). | &nbsp;&nbsp;59 | &nbsp;&nbsp;Serves on the Boards of First Rate Inc. (since 2015); First Rate Ventures (since 2022); Privacy Lock (since 2022) (nonexecutive Board role); and World Technology Partners (since 2022) (Vice President). Served on the Board of Global Recovery Initiatives Foundation (2011 to 2022) (Chairman). |
| &nbsp;&nbsp;Lawrence Jules<br> Born: 1968 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since August 2023 | &nbsp;&nbsp;Vice President and Head Trader at 3Edge Asset Management LLC (since 2022); and Director and Head Trader at Charles Schwab Investment Management (2008 to 2022). | &nbsp;&nbsp;59 | &nbsp;&nbsp;Serves as a director of the 600 Atlantic/Federal Reserve Bank of Boston Federal Credit Union. |
| &nbsp;&nbsp;Ethan Powell<br> Born: 1975 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; Trustee since May 2016 | &nbsp;&nbsp;Principal and CIO of Brookmont Capital; President and Founder of Impact Shares LLC ("Impact Shares") (2015 to 2025) | &nbsp;&nbsp;59 | &nbsp;&nbsp;Serves as Independent Chairman of the Board of the Highland Fund Complex and the NexPoint Credit Strategies Fund Complex (collectively, 25 funds) and is a member of the Board of Kelly Strategic Management Fund. |
| &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustees<sup>(4)</sup>** |
| &nbsp;&nbsp;Guillermo Trias<br> Born: 1976 | &nbsp;&nbsp;Trustee; Chairman of the Board | &nbsp;&nbsp;Indefinite term; <br> Trustee since August 2023; and Chairman of the Board since May 2024 | &nbsp;&nbsp;Co-Founder & CEO of the Tidal Financial Group of companies (since 2016). | &nbsp;&nbsp;59 | &nbsp;&nbsp;Manager (director) of Tidal Investments LLC. |

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

<sup>(2)</sup> The group of Funds sponsored by Tidal and managed by Tidal or its affiliates, including Tidal Trust I, Tidal Trust II, Tidal Trust III and Tidal Trust IV.

<sup>(3)</sup> All Independent Trustees of the Trust are not "interested persons" of the Trust as defined under the 1940 Act.

<sup>(4)</sup> Mr. Trias is deemed an "interested person" of the Trust, as defined in the 1940 Act, because of his current affiliation with Tidal Investments LLC, the Funds' investment adviser.

**Individual Trustee Qualifications**

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills ("Trustee Attributes") appropriate to their service as Trustees of the Trust in light of the Trust's business and structure. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them. Certain of these business and professional experiences are set forth in detail in the table above. The Board annually conducts a 'self-assessment' wherein the effectiveness of the Board and individual Trustees is reviewed.

In addition to the information provided in the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes. The information provided below, and in the table above, is not all-inclusive. Many Trustee Attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to serve effectively as Trustees of the Trust.

The Board has concluded that Ms. Byrd should serve as a Trustee because of her substantial financial services experience through her current position as CFO at LFO Management, LLC, as well as through former positions. Ms. Byrd, CPA serves as the Chairperson of the Audit Committee. The Board believes Ms. Byrd's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, leads to the conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Ms. Cytron should serve as a Trustee because of her substantial executive experience through her current position as President of The Founder's Arena and her former position as CEO & Founder, Pendo Systems, Inc., as well as through service on other boards. Ms. Cytron serves as the Chairperson of the Nominating and Governance Committee. The Board believes Ms. Cytron experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, leads to the conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Jules should serve as a Trustee because of his substantial financial services experience through his current position as Vice President and Head Trader at 3Edge Asset Management LLC, as well as through former positions. The Board believes Mr. Jules' experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, leads to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Powell should serve as a Trustee because of his substantial financial industry experience and his board service for other registered investment companies. The Board believes Mr. Powell' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees leads to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Trias should serve as a Trustee because of his substantial financial industry experience, executive experience and administrative and managerial experience as CEO of Tidal Financial Group. The Board believes Mr. Trias' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees leads to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

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

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

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

<u>Nominating and Governance Committee</u>. The Board has a standing Nominating and Governance Committee that is composed of each of the Independent Trustees of the Trust. The Nominating and Governance Committee operates under a written charter approved by the Board. The Nominating and Governance Committee is responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time and meets only as necessary. The Nominating and Governance Committee generally will not consider nominees recommended by shareholders. The Nominating and Governance Committee is also responsible for, among other things, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees' annual "self-assessment." Ms. Cytron is the chair of the Nominating and Governance Committee. The Nominating and Governance Committee meets periodically, as necessary, but at least annually. Because the Funds have not yet commenced operations, the Nominating and Governance Committee has not yet met or taken any action with respect to the Funds as of the date of the SAI.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Tidal Trust III, 234 West Florida St, Suite 203, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust's officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s) Held** <br> **with the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and** <br> **Length of Time** <br> **Served<sup>1</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** |
| &nbsp;&nbsp;Eric W. Falkeis <br> Born: 1973 | &nbsp;&nbsp;President and Principal Executive Officer | &nbsp;&nbsp;Indefinite term; since 2024 | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). |
| &nbsp;&nbsp;William H. Woolverton, Esq. <br> Born: 1951 | &nbsp;&nbsp;Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp;Indefinite term; since 2023 | &nbsp;&nbsp;Chief Compliance Officer (since 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Director, Hadron Specialty Insurance Company (since 2023); Compliance Advisor (2022 to 2023), Tidal Investments LLC; Senior Compliance Advisor, ACA Global (2020 to 2022). |
| &nbsp;&nbsp;Aaron J. Perkovich <br> Born: 1973 | &nbsp;&nbsp;Treasurer, Principal Financial Officer and Principal Accounting Officer | &nbsp;&nbsp;Treasurer since 2023, Indefinite term; Principal Financial Officer and Principal Accounting Officer since 2024; Indefinite term | &nbsp;&nbsp;SVP of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024), Fund Administration Manager, (2022 to 2023), Tidal ETF Services LLC; Assistant Director Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |
| &nbsp;&nbsp;Lissa M. Richter <br> Born: 1979 | &nbsp;&nbsp;Vice President and Secretary | &nbsp;&nbsp;Vice President since 2025; Indefinite term; Secretary since 2023; Indefinite term | &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024); ETF Regulatory Manager, (2021 to 2023) Tidal ETF Services LLC; Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S Bancorp Fund Services LLC, (2005 to 2013). |
| &nbsp;&nbsp; Jennifer Smith<br> Born: 1985<br>| &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term; since 2024 | &nbsp;&nbsp;Assistant Vice President of Fund Administration, Tidal ETF Services LLC (Since 2024); Analyst, Tidal ETF Services, LLC (2023 to 2024); Fund Administrator, U.S. Bancorp Fund Services, LLC (2006 to 2023). |

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

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

As of the date of this SAI, the Funds had not yet commenced operations and no Shares were outstanding.

**Board Compensation**

The Independent Trustees each receive an annual retainer of $25,000 and $5,000 per each meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Audit Committee Chair receives an annual retainer of $10,000 and the Nominating and Governance Committee Chair receives an annual retainer of $5,000. The Trust has no pension or retirement plan.

The following table shows the compensation estimated to be earned by each Trustee for the Funds' fiscal year ending October 31, 2026. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Estimated Aggregate Compensation**<br> **From Funds** | **Estimated Total Compensation From** <br> **Fund Complex Paid to Trustees<sup>(1)</sup>** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| &nbsp;&nbsp;&nbsp;Guillermo Trias | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| &nbsp;&nbsp;&nbsp;Monica H. Byrd | $0 | $55000 |
| &nbsp;&nbsp;&nbsp;Pamela Cytron | $0 | $50000 |
| &nbsp;&nbsp;&nbsp;Lawrence Jules | $0 | $45000 |
| &nbsp;&nbsp;&nbsp;Ethan Powell | $0 | $45000 |

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<sup>(1)</sup> Compensation is based on estimated amounts for the fiscal year ending October 31, 2026.

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Funds.

As of the date of this SAI, the Funds had not yet commenced operations and no Shares were outstanding.

**CODES OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust, the Adviser, and the Sub-Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each code of ethics permits personnel subject to that code of ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund. The Distributor (as defined below) relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust, the Adviser, or the Sub-Adviser, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust, Adviser, or the Sub-Adviser. There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be found on the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

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

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

The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies. When available, information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling (844) 954-5777, (2) on the Fund's website at www.grannyshots.com, or (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Unitary Fee Rate** |
| &nbsp;&nbsp;Fundstrat Granny Shots US Small- & Mid-Cap ETF | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap & Income ETF | &nbsp;&nbsp;0.99% |

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

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

The Funds are new and have not paid fees to the Adviser pursuant to the Advisory Agreement as of the date of this SAI.

**INVESTMENT SUB-ADVISER**

The Adviser has retained Fundstrat Capital, LLC ("Fundstrat" or the "Sub-Adviser"), a Delaware limited liability company, located at 150 East 52nd Street, New York, NY 10022, to serve as investment sub-adviser to the Funds pursuant to a sub-advisory agreement between the Adviser and Fundstrat (the "Sub-Advisory Agreement"). Fundstrat is responsible for the day-to-day management of each Fund's portfolio, subject to the supervision of the Adviser and the Board. For its services, Fundstrat is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.04% of each Fund's average daily net assets.

Fundstrat has agreed to assume the Adviser's obligation to pay expenses incurred by the Funds, except for the sub-advisory fee payable to Fundstrat and Excluded Expenses. For assuming the payment obligations for the Fund, the Adviser has agreed to pay Fundstrat the profits, if any, generated by each Fund's unitary management fee. Such expenses incurred by the Funds and paid by Fundstrat include fees charged by Tidal ETF Services, LLC, the Funds' administrator and an affiliate of the Adviser.

The Sub-Advisory Agreement with respect to each Fund will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement will be renewable from year to year with respect to each Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time, without penalty, by the Board, including a majority of the Independent Trustees, or by the vote of a majority of the outstanding voting securities of the Fund, on 60 days' written notice to the Adviser and Fundstrat, or by the Adviser or Sub-Adviser on 60 days' written notice to the Trust and the other party. The Sub-Advisory Agreement provides that Fundstrat shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The Funds are new, and the Adviser has not paid fees with respect to the Funds to Fundstrat as of the date of this SAI.

**PORTFOLIO MANAGERS**

The Funds are managed by Thomas J. Lee, CFA, and Ken Xuan, CFA, FRM, each a Portfolio Manager of the Sub-Adviser. The Fundstrat Granny Shots US Small- & Mid-Cap ETF is also managed by Qiao Duan, CFA, and Ben McCaig, each a Portfolio Manager of the Adviser. The Fundstrat Granny Shots US Large Cap & Income ETF is also managed by Christopher P. Mullen and Scott Snyder, each a Portfolio Manager of the Adviser.

**Other Accounts.** In addition to the Funds, the portfolio managers managed the following other accounts as of September 30, 2025.

*Thomas J. Lee, CFA, Portfolio Manager for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number**<br> **of Accounts** | &nbsp;&nbsp;**Total Assets** <br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | 1 | $2957 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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*Ken Xuan, CFA, FRM, Portfolio Manager for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number** <br> **of Accounts** | &nbsp;&nbsp;**Total Assets of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | 1 | $2957 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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*Qiao Duan, CFA, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Small- & Mid-Cap ETF)*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts** | &nbsp;&nbsp;**Total Assets** <br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;121 | &nbsp;&nbsp;$23162 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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*Ben McCaig, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Small- & Mid-Cap ETF)*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts** | &nbsp;&nbsp;**Total Assets** <br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;8 | &nbsp;&nbsp;$3335 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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*Christopher P. Mullen, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Large Cap & Income ETF)*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts** | &nbsp;&nbsp;**Total Assets** <br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;93 | &nbsp;&nbsp;$14356 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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*Scott Snyder, Portfolio Manager for the Adviser (Fundstrat Granny Shots US Large Cap & Income ETF)*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of** <br> **Accounts** | &nbsp;&nbsp;**Total Assets** <br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to a** <br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;16 | &nbsp;&nbsp;$189 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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**Portfolio Manager Fund Ownership.** The Funds are required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Funds had not yet commenced operations and no Shares were owned by the portfolio managers.

**Portfolio Manager Compensation.**

There is no direct compensation or incentive structure for either Mr. Lee or Mr. Xuan based on the performance of the Fund. Mr. Lee's compensation for managing the Funds is based off his ownership stake in TLJB LLC, the Sub-Adviser's parent company. Mr. Lee does not receive a salary from the Sub-Adviser, nor does he receive any deferred compensation, or any incentive directly related to the performance of the Fund. Similarly, Mr. Xuan, does not receive a salary from the Sub-Adviser. Mr. Xuan may receive a discretionary bonus based on the overall economics of the Sub-Adviser. However, Mr. Xuan also does not receive any deferred compensation, or any incentive directly related to the performance of the Funds.

Ms. Duan, Mr. McCaig, Mr. Mullen and Mr. Snyder are each compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Funds. Each of Ms. Duan, Mr. McCaig and Mr. Mullen is an equity owner of the Adviser, and therefore may benefit indirectly from the revenue generated by the Funds' Advisory Agreement with the Adviser.

As of the date of this SAI, Mr. Snyder has been issued membership units in the Adviser that have not yet vested. Once the membership units vest, Mr. Snyder may benefit indirectly from the revenue generated by the Funds' Advisory Agreement with the Adviser.

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

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Funds and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

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

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

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

The Funds are new and have not incurred any underwriting commissions and the Distributor has not retained any amounts as of the date of this SAI.

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

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

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

If you have any additional questions, please call (844) 954-5777.

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

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

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

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

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

**ADMINISTRATOR**

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

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

**TRANSFER AGENT AND FUND ACCOUNTANT**

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

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

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

**CUSTODIAN**

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

**LEGAL COUNSEL**

Sullivan & Worcester LLP, 1251 Avenue of the Americas, 19<sup>th</sup> Floor, New York, NY 10020, serves as legal counsel for the Trust and the Independent Trustees.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Tait, Weller & Baker LLP, Two Liberty Place 50 South 16th Street, Philadelphia, Pennsylvania 19102, serves as the independent registered public accounting firm for the Funds.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

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

**DESCRIPTION OF SHARES**

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

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

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

**LIMITATION OF TRUSTEES' LIABILITY**

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

**BROKERAGE TRANSACTIONS**

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

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

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

The Adviser and Sub-Adviser each may use a Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser and Sub-Adviser do not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser and Sub-Adviser, under certain circumstances, to cause a Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser or 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, a Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser or Sub-Adviser, but only if the Adviser or Sub-Adviser, as applicable, determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

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

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

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

The Funds are new and have not paid any brokerage commissions as of the date of this SAI.

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

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

**Directed Brokerage**

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

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

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

**PORTFOLIO TURNOVER RATE**

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

The Funds are new and do not have a portfolio turnover rate to report as of the date of this SAI.

**BOOK ENTRY ONLY SYSTEM**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

All orders to purchase Shares directly from a Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is expected to be 4:00 p.m. Eastern time for Fundstrat Granny Shots US Small- & Mid-Cap ETF and 1:00 p.m. Eastern time for Fundstrat Granny Shots US Large Cap & Income ETF, which time may be modified by a Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

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

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

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the subcustodian of a Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than 4:00 p.m. Eastern time for Fundstrat Granny Shots US Small- & Mid-Cap ETF and 1:00 p.m. Eastern time for Fundstrat Granny Shots US Large Cap & Income ETF (or such other time as specified by the Trust) on the contractual settlement date. If the applicable Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian no later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of such Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 4:00 p.m. Eastern time for Fundstrat Granny Shots US Small- & Mid-Cap ETF and 1:00 p.m. Eastern time for Fundstrat Granny Shots US Large Cap & Income ETF, with the Custodian on the contractual settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 4:00 p.m. Eastern time for Fundstrat Granny Shots US Small- & Mid-Cap ETF and 1:00 p.m. Eastern time for Fundstrat Granny Shots US Large Cap & Income ETF on the contractual settlement date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

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

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 4:00 p.m. Eastern time for Fundstrat Granny Shots US Small- & Mid-Cap ETF and 1:00 p.m. Eastern time for Fundstrat Granny Shots US Large Cap & Income ETF (or such other time as specified by the Trust) on the contractual settlement date. If the applicable Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation**<br> **Transaction Fee** | **Maximum Variable**<br> **Transaction Fee** |
| Fundstrat Granny Shot US Small- & Mid-Cap ETF | $300 | 2% |
| Fundstrat Granny Shot Large Cap & Income ETF | $300 | 2% |

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Redemption**<br> **Transaction Fee** | **Maximum Variable**<br> **Transaction Fee** |
| Fundstrat Granny Shot US Small- & Mid-Cap ETF | $300 | 2% |
| Fundstrat Granny Shot Large Cap & Income ETF | $300 | 2% |

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

**Procedures for Redemption of Creation Units.** Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to 4:00 p.m. Eastern time for Fundstrat Granny Shots US Small- & Mid-Cap ETF and 1:00 p.m. Eastern time for Fundstrat Granny Shots US Large Cap & Income ETF. A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

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

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

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

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

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

**DETERMINATION OF NET ASSET VALUE**

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

In calculating each Fund's NAV per Share, such Fund's investments are generally valued using pricing services. The Funds may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources. For assets traded on an exchange, the Funds may value investments using market valuations. A market valuation generally means a valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer), (2) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (3) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share.

When market prices are not "readily available" or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments.

**DIVIDENDS AND DISTRIBUTIONS**

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

<u>General Policies</u>. Each Fund intends to pay out dividends and interest income, if any, quarterly for Fundstrat Granny Shots US Small- & Mid-Cap ETF and monthly for Fundstrat Granny Shots US Large Cap & Income ETF, and distribute any net realized capital gains to its shareholders at least annually. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

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

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

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

**FEDERAL INCOME TAXES**

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

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

The tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Many of the changes applicable to individuals are temporary and would apply only to taxable years before January 1, 2026. There were only minor changes with respect to the specific rules applicable to RICs, such as the Funds. The Tax Act, however, also made numerous other changes to the tax rules that may affect shareholders and the Funds. Subsequent legislation has modified certain changes to the U.S. federal income tax rules made by the Tax Act which may, in addition, affect shareholders and the Funds. You are urged to consult with your own tax advisor regarding how this legislation affects your investment in a Fund.

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

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

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

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

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

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

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

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

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

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

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

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

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain "qualified foreign corporations." Subject to certain limitations, "qualified foreign corporations" include those incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by a Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of a Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, such Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the Fund does not meet certain holding period and other requirements with respect to dividend paying stocks in its portfolio, or the shareholder does not meet certain holding period and other requirements with respect to the Shares on which the dividends were paid. Distributions by the Fund of its net short-term capital gains will be taxable to shareholders as ordinary income.

In the case of corporate shareholders, certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other RICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those Shares.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Funds have completed a fiscal year of operations. When available, you may request a copy of each Fund's annual report at no charge by calling (844) 954-5777 or through the Funds' website at www.grannyshots.com.

**PART C**

**OTHER INFORMATION**

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| **Item 28** | **Exhibits** | **Exhibits** |
| (a) (i) | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm) – previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm) – previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (a) | [First Amendment to the Certificate of Trust of Impact Shares Trust I (the "Trust" or the "Registrant") dated February 2, 2018](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aia.htm) – previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (b) | [Second Amendment to the Certificate of Trust of Tidal Trust III (the "Trust" or the "Registrant") dated March 19, 2024](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aib.htm) – previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (ii) | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii1.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii2.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/0001722388/000199937125000421/ex99-aiii3.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii4.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii5.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii6.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (iv) | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99dxx.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Future Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv2.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  |  | (a) [First Amendment to the Futures Trading Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011720/ex99-aiv2a.htm) **–** previously filed with Post-Effective Amendment No. 131 on Form N-1A on August 20, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv3.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv4.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv6.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |

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|:---|:---|
| (v) | Organizational Documents for Cayman Subsidiary (for the Stoneport Advisors Commodity Long Short ETF). |
| (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av1.htm) – previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
| (2) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av2.htm) – previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
| (3) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av3.htm) – previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
| (4) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av4.htm) – previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
| (5) | [Form of Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av5.htm) – previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
| (b) | [Amended and Restated By-laws of the Registrant dated August 23, 2024](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-b.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (c) | [Instruments defining rights of security holders with respect to the Registrant are contained in the Third Amended and Restated Agreement and Declaration of Trust and Amended and Restated By-Laws,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) which are incorporated herein by reference to Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024. |
| (d) (i) | [Amended and Restated Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000119312521257394/d221608dex99d2.htm) between the Registrant (with respect to Impact Shares NAACP Minority Empowerment ETF and Impact Shares Women's Empowerment ETF) and Impact Shares, Corp., dated July 16, 2021, is incorporated herein by reference to Post-Effective Amendment No. 20 to Registrant's Registration Statement on Form N-1A, File No. 333-221764, filed on August 26, 2021. |
| (a) | [First Amendment to Amended and Restated Investment Advisory Agreement (with respect to the Impact Shares Women's Empowerment ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000119312523265072/d503370dex99d1i.htm), previously filed with Post-Effective Amendment No. 37 on Form N-1A October 27, 2023 and is incorporated herein by reference. |
| (ii) | [Investment Advisory Agreement between Registrant (for the Impact Shares Women's Empowerment ETF), and Tidal Investments, LLC (formerly, Toroso Investments, LLC)](http://www.sec.gov/Archives/edgar/data/1722388/000119312523265072/d503370dex99d3.htm), previously filed with Post-Effective Amendment No. 37 on Form N-1A on October 27, 2023 and is incorporated herein by reference. |
| (iii) | [Investment Advisory Agreement between the Trust (for Unity Wealth Partners Dynamic Capital Appreciation & Options ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-diii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (iv) | [Investment Advisory Agreement between the Trust (for Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-div.htm), previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (v) | [Investment Advisory Agreement between the Trust (for TradersAI Large Cap Equity & Cash ETF) and Tidal Investments LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-dv.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (vi) | [Investment Advisory Agreement between the Trust (for 4E Quality Growth ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (vii) | [Investment Advisory Agreement between the Trust (for GammaRoad Market Navigation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010374/ex99-dvii.htm), previously filed with Post-Effective Amendment No. 55 on Form N-1A on August 20, 2024 and is incorporated herein by reference. |

---

(viii) [Investment Advisory Agreement between the Trust (for VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-dviii.htm), previously filed with Post-Effective Amendment No. 61 on Form N-1A on September 13, 2024 and is incorporated herein by reference.

(a) [First Amendment to Investment to the Advisory Agreement (for the VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF, and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-dviiia.htm)**–**previously filed with Post-Effective Amendment No. 103 on Form N-1A on February 28, 2025 and is incorporated herein by reference**.**

(b) [Second Amendment to the Investment Advisory Agreement (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-dviiib.htm) – previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference**.**

(c) [Third Amendment to the Investment Advisory Agreement (for the VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-dviiic.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

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

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

(f) Sixth Amendment to the Investment Advisory Agreement (for the VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF) – **to be filed by amendment.**

(g) Seventh Amendment to the Investment Advisory Agreement (for the VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment.**

(h) Eighth Amendment to the Investment Advisory Agreement (for the VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven?Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) – **to be filed by amendment.**

(ix) [Investment Advisory Agreement between the Trust (for Fundstrat Granny Shots US Large Cap ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-dix.htm), previously filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference

[(a)](ex99-dixa.htm) [First Amendment to the Investment Advisory Agreement (for the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](ex99-dixa.htm) **– filed herewith.**

(x) [Investment Advisory Agreement between the Trust (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-dx.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(xi) [Investment Advisory Agreement between the Trust (for Ninepoint Energy ETF and Ninepoint Energy Income ETF) and Tidal Investments LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-dxi.htm) previously filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference.

(xii) [Investment Advisory Agreement between the Trust (for The Beehive ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-dxii.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference.

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

(xiv) [Investment Advisory Agreement between the Trust (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-dxv.htm)**,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(xv) [Investment Advisory Agreement between the Trust (for USCF Daily Target 2X Copper Index ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-dxvi.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xvi) [Investment Advisory Agreement between the Trust (for Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF and Battleshares™ GOOGL vs NYT ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-dxvii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

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

(xvii) [Investment Advisory Agreement between the Trust (for TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-dxix.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(xviii) [Investment Advisory Agreement between the Trust (for PEO AlphaQuest™ Thematic PE ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99dxx.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xix) [Investment Advisory Agreement between the Trust (for World Dynamic Momentum Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003999/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 98 on Form N-1A on January 27, 2025 and is incorporated herein by reference.

(xx) [Investment Advisory Agreement between the Trust (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xxi) [Investment Advisory Agreement between the Trust (for MRP SynthEquity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.

(xxii) [Investment Advisory Agreement between the Trust (for Alpha Brands™ Consumption Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

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

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

(xxv) [Investment Advisory Agreement between the Trust (for Stoneport Advisors Commodity Long Short ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-dxxvi.htm) – previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference**.**

(xxvi) [Investment Advisory Agreement between the Trust (for NovaTide Flexible Allocation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-dxxvii.htm) – previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

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

(xxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Rockefeller Asset Management (for Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-dxii.htm) – previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(xxix) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Route 20 Private Wealth Inc. (for 4E Quality Growth ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-dxvii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(xxx) [Investment Sub-Advisory Agreement between Tidal Investments LLC and VistaShares Advisors LLC (for VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-dxix.htm), previously filed with Post-Effective Amendment No. 61 on Form N-1A on September 13, 2024 and is incorporated herein by reference.

(a) [First Amendment to Investment Sub-Advisory Agreement (for the VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF, and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-dxxviia.htm) – previously filed with Post-Effective Amendment No. 103 on Form N-1A on February 28, 2025 and is incorporated herein by reference.

(b) [Second Amendment to the Investment Sub-Advisory Agreement (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-dxxxb.htm) – previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference**.**

(c) [Third Amendment to Investment Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-dxxxiic.htm) (for the VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference**.**

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

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

(f) Sixth Amendment to Investment Sub-Advisory Agreement (for the VistaShares Target 15TM International Innovators Distribution ETF, VistaShares Target 15TM European High Dividend Payers Distribution ETF, VistaShares Target 15TM Global 100 Distribution ETF, and VistaShares Target 15TM S&P 100 Distribution ETF) – **to be filed by amendment.**

(g) Seventh Amendment to Investment Sub-Advisory Agreement (for the VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment.**

(h) Eighth Amendment to the Investment Sub-Advisory Agreement (for the VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven?Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) – **to be filed by amendment.**

(xxxi) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Fundstrat Capital, LLC (for Fundstrat Granny Shots US Large Cap ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-dxxiii.htm), previously filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference.

(a) [First Amendment to the Investment Sub-Advisory Agreement (for the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](ex99-dxxxia.htm) **– filed herewith.**

---

| | |
|:---|:---|
| (xxxii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Ned Davis Research Inc. (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (xxxiii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Ninepoint Partners LP (for Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-dxxv.htm) previously filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference. |
| (xxxiv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Cannell & Spears LLC (for The Beehive ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-dxxx.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.** |
| (xxxv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Nest Egg ETFs, LLC. (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-dxxxv.htm)**,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference. |
| (xxxvi) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and USCF Advisers LLC (for USCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-dxxxvi.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (xxxvii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and TH GARP ETFS LTD (for TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-dxxxvii.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference. |
| (xxxviii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and PEO Partners, LLC (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-dxxxviii.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | [First Amendment to the Investment Sub-Advisory Agreement (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011720/ex99-dxla.htm) – previously filed with Post-Effective Amendment No. 131 on Form N-1A on August 20, 2025 and is incorporated herein by reference . |
| (xxxix) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and AlphaQuest LLC (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-dxxxix.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (xl) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Intech Investment Management LLC (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxli.htm), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference. |
| (xli) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Measured Risk Portfolios, Inc. (for MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxlii.htm), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference. |
| (xlii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Accuvest Global Advisors Inc. (for Alpha Brands™ Consumption Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxli.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
| (xliii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Azoria Capital Inc. (for the Azoria ETFs)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-dxliv.htm), previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference. |
| (xliv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Harmonic Capital, LLC (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-dxlvii.htm) – previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
| (e) (i) | [Distribution Agreement between the Trust and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-eiv.htm) – previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |

---

(i) [First Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-eivi.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

(ii) [Second Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-eivii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(iii) [Third Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-eiiiii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(iv) [Fourth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-eiiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(v) [Fifth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-eiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(vi) [Sixth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-eivi.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.**

(vii) [Seventh Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (addingBattleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-evii.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(viii) [Eighth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-eiviii.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(ix) [Ninth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-eix.htm) **–** previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(x) [Tenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-ex.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

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

(xii) [Twelfth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF, Battleshares™ Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-eixii.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(xiii) [Thirteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-exiii.htm), previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference.

[(xiv)](ex99-eixiv.htm) [Fourteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF, Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](ex99-eixiv.htm) – **filed herewith.** 

(xv) Fifteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment.**

(xvi) Sixteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) – **to be filed by amendment**.

---

| | |
|:---|:---|
| (ii) | [Distribution Services Agreement between Tidal Investments LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ev.htm) – previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (iii) | [Form of Authorized Participant Agreement between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-evi.htm) – previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (f) | Not applicable. |
| (g) (i) | [Custodian Agreement between the Trust and U.S. Bank National Association (covering Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (i) | [First Amendment to the Custodian Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-giii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (ii) | [Second Amendment to the Custodian Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-giii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | [Third Amendment to the Custodian Agreement (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-giiii.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (iv) | [Fourth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-giiv.htm) previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (v) | [Fifth Amendment to the Custodian Agreement (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-giv.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
| (vi) | [Sixth Amendment to the Custodian Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-gvi.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference. |
| (vii) | [Seventh Amendment to the Custodian Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-givii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference. |
| (viii) | [Eighth Amendment to the Custodian Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-gviii.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference**.** |
| (ix) | [Ninth Amendment to the Custodian Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-gix.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
| (x) | [Tenth Amendment to the Custodian Agreement (adding the Azoria ETFs)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-gix.htm), previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference. |
| (xi) | [Eleventh Amendment to the Custodian Agreement (adding Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF, Battleshares™ Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-gixi.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference. |
| (xii) | [Twelfth Amendment to the Custodian Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-gxii.htm), previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference. |
| (xiii) | [Thirteenth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](ex99-gixiii.htm) – **filed herewith.**<br>|
|(xiv) | Fourteenth Amendment to the Custodian Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF, VistaShares Target 15™ S&P 100 Distribution ETF, VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment.** |
|(xv) | Fifteenth Amendment to the Custodian Agreement (adding VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) - **to be filed by amendment**. |
| (h) (i) | [Amended and Restated Fund Administration Servicing Agreement between the Registrant, Tidal ETF Services, LLC and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hi.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference. |
| (i) | [First Amendment to the Amended and Restated Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125015906/ex99-hii.htm) (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF), previously filed with Post-Effective Amendment No. 142 on Form N-1A on October 23, 2025 and is incorporated herein by reference. |

---

(ii) [Second Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF, Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](ex99-hiii.htm) **– filed herewith.** 

(iii) Third Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment.**

(iv) Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) - **to be filed by amendment**.

(ii) [Transfer Agent Agreement between Registration and U.S. Bancorp Fund Services, LLC (covering Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-hiii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Transfer Agency Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-hiiii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(ii) [Second Amendment to the Transfer Agency Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-hiiiii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(iii) [Third Amendment to the Transfer Agency Agreement (adding FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiii.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [Fourth Amendment to the Transfer Agency Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. 

(v) [Fifth Amendment to the Transfer Agency Agreement (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-hiiv.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.**

(vi) [Sixth Amendment to the Transfer Agency Agreement (addingBattleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF,TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-hiivi.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vii) [Seventh Amendment to the Transfer Agency Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-hiivii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(viii) [Eighth Amendment to the Transfer Agency Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiviii.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Ninth Amendment to the Transfer Agency Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiix.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

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

(xi) [Eleventh Amendment to the Transfer Agency Agreement (adding Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF, Battleshares™ Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hiixi.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference**.**

(xii) [Twelfth Amendment to the Transfer Agency Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-hiixii.htm), previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference.

(xiii) [Thirteenth Amendment to the Transfer Agency Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF](ex99-hiixiii.htm)) – **filed herewith.** 

(xiv) Fourteenth Amendment to the Transfer Agency Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF, VistaShares Target 15™ S&P 100 Distribution ETF, VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment.**

(xv) Fifteenth Amendment to the Transfer Agency Agreement (adding VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) - **to be filed by amendment**.

(iii) [Fund Accounting Agreement between Registration and U.S. Bancorp Fund Services, LLC (Unity Wealth Partners Dynamic Capital Appreciation & Options ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Fund Accounting Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-hivi.htm), previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(ii) [Second Amendment to the Fund Accounting Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-hivii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

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

(iv) [Fourth Amendment to the Fund Accounting Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

---

| | | |
|:---|:---|:---|
|  | (v) | [Fifth Amendment to the Fund Accounting Agreement (adding The BeeHive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-hiiiv.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.** |
|  | (vi) | [Sixth Amendment to the Fund Accounting Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-hiiivi.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference. |
|  | (vii) | [Seventh Amendment to the Fund Accounting Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-hiiivii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference. |
|  | (viii) | [Eighth Amendment to the Fund Accounting Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiiviii.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
|  | (ix) | [Ninth Amendment to the Fund Accounting Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiiix.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
|  | (x) | [Tenth Amendment to the Fund Accounting Agreement (adding the Azoria ETFs)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007812/ex99-hiiix.htm), previously filed with Post-Effective Amendment No. 121 on Form N-1A on June 16, 2025 and is incorporated herein by reference. |
|  | (xi) | [Eleventh Amendment to the Fund Accounting Agreement (adding Battleshares™ Bitcoin vs Ether ETF, Battleshares™ Ether vs Bitcoin ETF, Battleshares™ Bitcoin vs Gold ETF, Battleshares™ Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hiiixi.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference. |
|  | (xii) | [Twelfth Amendment to the Fund Accounting Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-hiiixii.htm), previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference. |
|  | (xiii) | [Thirteenth Amendment to the Fund Accounting Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](ex99-hiiixiii.htm) – **filed herewith.**<br>|
|  | (xiv) | Fourteenth Amendment to the Fund Accounting Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF, VistaShares Target 15™ S&P 100 Distribution ETF, VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment** |
|  | (xv) | Fifteenth Amendment to the Fund Accounting Agreement (adding VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) - **to be filed by amendment**. |
| (iv) | [Sub-License Agreement with Impact Shares, Corp dated July 17, 2018, as amended, is incorporated herein by reference to Post-Effective Amendment No. 8 to Registrant's Registration Statement on Form N-1A, File No. 333-221764](http://www.sec.gov/Archives/edgar/data/1722388/000119312519227602/d794897dex99h3.htm), previously filed on August 23, 2019. | [Sub-License Agreement with Impact Shares, Corp dated July 17, 2018, as amended, is incorporated herein by reference to Post-Effective Amendment No. 8 to Registrant's Registration Statement on Form N-1A, File No. 333-221764](http://www.sec.gov/Archives/edgar/data/1722388/000119312519227602/d794897dex99h3.htm), previously filed on August 23, 2019. |

---

(v) [Powers of Attorney,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124006474/ex99-hiv.htm) previously filed with Post-Effective Amendment No. 39 on Form N-1A on May 22, 2024 and is incorporated herein by reference.

(vi) [Form of ETF Support Agreement by and among Tidal Investments LLC, Tidal ETF Services, LLC, and one or more fund sponsor(s)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-hvi.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference.

(vii) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the GammaRoad Market Navigation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010374/ex99-hviii.htm), previously filed with Post-Effective Amendment No. 55 on Form N-1A on August 20, 2024 and is incorporated herein by reference.

(viii) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the Ned Davis Research 360º Dynamic Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hviii.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(ix) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the FIRE Funds™ Wealth Builder ETF and FIRE Funds™ Income Target ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124014388/ex99-hix.htm)**,** previously filed with Post-Effective Amendment No. 75 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(x) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-hx.htm)**,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(i) [Opinion of legal counsel relating to Impact Shares NAACP Minority Empowerment ETF, dated July 9, 2018, is incorporated herein by reference to Pre-Effective Amendment No. 3 to Registrant's Registration Statement on Form N-1A, File No. 333-221764, filed on July 10, 2018.](http://www.sec.gov/Archives/edgar/data/1722388/000119312518215453/d663343dex99i.htm)

 (ii) [Opinion of legal counsel relating to Impact Shares Women's Empowerment ETF, dated August 22, 2018, is incorporated herein by reference to Post-Effective Amendment No. 3 to Registrant's Registration Statement on Form N-1A, File No. 333-221764, filed on August 22, 2018.](http://www.sec.gov/Archives/edgar/data/1722388/000119312518255101/d605872dex99i.htm)

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

 (iv) [Opinion and Consent of Counsel (for the Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF and Rockefeller New York Municipal Bond ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-iiv.htm), previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

 (v) [Opinion and Consent of Counsel (for Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010590/ex99-iviii.htm), previously filed with Post-Effective Amendment No. 57 on Form N-1A on August 23, 2024 and is incorporated herein by reference.

 (vi) [Opinion and Consent of Counsel (for the VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-iix.htm), previously filed with Post-Effective Amendment No. 61 on Form N-1A on September 13, 2024 and is incorporated herein by reference.

 (vii) [Opinion and Consent of Counsel (for the Fundstrat Granny Shots US Large Cap ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-ix.htm), previously filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference.

 (viii) [Opinion and Consent of Counsel (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-ixi.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. 

 (ix) [Opinion and Consent of Counsel (for Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-ixii.htm), previously filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference.

 (x) [Opinion and Consent of Counsel (for The Beehive ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-ixiii.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.**

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

(xii) [Opinion and Consent of Counsel (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-ixvi.htm)**,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(xiii) [Opinion and Consent of Counsel (for USCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-ixvii.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xiv) [Opinion and Consent of Counsel (for Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF and Battleshares™ GOOGL vs NYT ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-ixviii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(xv) [Opinion and Consent of Counsel (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011125/ex99-ixix.htm), previously filed with Post-Effective Amendment No. 101 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xvi) [Opinion and Consent of Counsel (for TH GARP Global Rising Leaders ETF), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-ixx.htm), and is incorporated herein by reference.

(xvii) [Opinion and Consent of Counsel (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-ixxii.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xviii) [Opinion and Consent of Counsel (for World Dynamic Momentum Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003999/ex99-ixxiii.htm) – previously filed with Post-Effective Amendment No. 98 on Form N-1A on January 27, 2025 and is incorporated herein by reference.

(xix) [Opinion and Consent of Counsel (for TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225004123/ex99-ixxiv.htm) – previously filed with Post-Effective Amendment No. 99 on Form N-1A on January 28, 2025 and is incorporated herein by reference.

(xx) [Opinion and Consent of Counsel (for MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011278/ex99-ixxiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xxi) [Opinion and Consent of Counsel (for VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-ixxv.htm) – previously filed with Post-Effective Amendment No. 103 on Form N-1A on February 28, 2025 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for Alpha Brands™ Consumption Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-ixxv.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. 

(xxiii) [Opinion and Consent of Counsel (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-ixxvi.htm) – previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference.

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

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

(xxvi) [Opinion and Consent of Counsel (for VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-ixxvii.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

---

| | |
|:---|:---|
|(xxvii) | Opinion and Consent of Counsel (for Smart Allocation<sup>TM</sup> High Income ETF) – **to be filed by amendment.** |
|(xxviii) | [Opinion and Consent of Counsel (for Stoneport Advisors Commodity Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-ixxix.htm)– previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference**.**<br>|
|(xxix) | [Opinion and Consent of Counsel (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-ixxx.htm) – previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|(xxx) | Opinion and Consent of Counsel (for VistaShares BitBonds 1-3 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Income ETF) – **to be filed by amendment.** |
|(xxxi) | [Opinion and Consent of Counsel (for Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](ex99-ixxxi.htm) – **filed herewith.** |
|(xxxii) | Opinion and Consent of Counsel (VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF) – **to be filed by amendment.** |
|(xxxiii) | Opinion and Consent of Counsel (for VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF) – **to be filed by amendment.** |
|(xxxiv) | Opinion and Consent of Counsel (for VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF) – **to be filed by amendment.** |
|(xxxv) | Opinion and Consent of Counsel (for VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF) - **to be filed by amendment**. |
| (j) | [Consent of Independent Registered Public Accounting Firm](ex99-j.htm) – **filed herewith.** |
| (k) | Not applicable. |
| (l) | Not applicable. |
| [(m)](ex99-m.htm) | [Amended and Restated Rule 12b-1 Distribution Plan](ex99-m.htm) **– filed herewith**. |
| (n) | Not applicable. |
| (o) | Reserved. |
| (p) (i) | [Code of Ethics for Tidal Trust III](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-pi.htm), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference. |
| (ii) | [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-pii.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference. |
| (iii) | Code of Ethics for Foreside Fund Services, LLC - not applicable per Rule 17j-1(c)(3). |
| (iv) | [Code of Ethics for Unity Wealth Partners LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-pv.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (v) | [Code of Ethics for Rockefeller Asset Management](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-pvi.htm), previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (vi) | [Code of Ethics for Traders A.I., Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-pvii.htm), previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |

---

(vii) [Code of Ethics for Route 20 Private Wealth Inc.,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-pviii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(viii) [Code of Ethics for VistaShares Advisors LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-pviii.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Code of Ethics for Ned Davis Research Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-pix.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(x) [Code of Ethics for Ninepoint Partners LP](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-px.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(xi) [Code of Ethics for Fundstrat Capital, LLC](ex99-pxi.htm) - filed herewith.

(xii) [Code of Ethics for Cannell & Spears LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125004846/ex99-pxii.htm) – previously filed with Post-Effective Amendment No. 110 on Form N-1A on April 28, 2025 and is incorporated herein by reference.

(xiii) [Code of Ethics for Harmonic Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-pxiii.htm) – previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xiv) [Code of Ethics for Nest Egg ETFs, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006925/ex99-pxiv.htm) – previously filed with Post-Effective Amendment No. 119 on Form N-1A on May 30, 2025 and is incorporated herein by reference**.**

(xv) [Code of Ethics for USCF Advisers LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-pxv.htm) previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xvi) [Code of Ethics for TH GARP ETFS LTD](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-pxvi.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(xvii) [Code of Ethics for PEO Partners, LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-pxvii.htm) previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xviii) [Code of Ethics for AlphaQuest LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-pxviii.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xix) [Code of Ethics for Intech Investment Management LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011125/ex99-pxix.htm), previously filed with Post-Effective Amendment No. 101 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xx) [Code of Ethics for Measured Risk Portfolios, Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011278/ex99-pxx.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xxi) [Code of Ethics for Accuvest Global Advisors Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-pxxi.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

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

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

Not Applicable.

**Item 30.** **Indemnification**

Reference is made to Article IV of the Registrant's Third Amended and Restated Agreement and Declaration of Trust. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the Securities Act), the Registrant furnishes the following undertaking: Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31.** **Business and Other Connections of Investment Adviser**

Each of the investment advisers and investment sub-advisers to one or more of the Funds is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The list required by this Item 31 of officers and directors of each adviser/sub-adviser together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to the respective Schedules A and D of Form ADV filed by each such firm pursuant to the Advisers Act. Each adviser's/sub-adviser's state of organization and SEC Advisers Act file number is noted below.

---

| | |
|:---|:---|
| **<u>Investment Adviser</u>** | **<u>SEC File No.</u>** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |
| **<u>Investment Sub-Advisers</u>** |  |
| Impact Shares Corp. | 801-112391 |
| Unity Wealth Partners LLC | 801-130370 |
| Rockefeller Asset Management, a division of Rockefeller & Co. LLC | 801-113009 |
| Traders A.I., Inc. | 801-130642 |
| Route 20 Private Wealth Inc. | 801-130981 |
| VistaShares Advisors LLC | 801-130962 |
| Fundstrat Capital, LLC | 801-131012 |
| Ned Davis Research Inc. | 801-60241 |
| Ninepoint Partners LP | 801-111715 |
| Cannell & Spears LLC | 801-67401 |
| Harmonic Capital, LLC | 801-132705 |
| Nest Egg ETFs, LLC | 801-131316 |
| USCF Advisers LLC | 801-79985 |
| TH GARP ETFS LTD | 801-131592 |
| PEO Partners, LLC | 801-131277 |
| AlphaQuest LLC | 801-108500 |
| Intech Investment Management LLC | 801-60987 |
| Measured Risk Portfolios, Inc. | 801-80124 |
| Accuvest Global Advisors Inc. | 801-68887 |
| Azoria Capital Inc. | 801-132033 |

---

**Item 32.** **Foreside Fund Services, LLC**

---

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

---

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

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

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

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

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

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

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

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. Amplify ETF Trust

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

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

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

18. Ardian Access LLC

19. ARK ETF Trust

20. ARK Venture Fund

21. Bitwise Funds Trust

22. BondBloxx ETF Trust

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

24. Bridgeway Funds, Inc.

25. Brinker Capital Destinations Trust

26. Brookfield Real Assets Income Fund Inc.

27. Build Funds Trust

28. Calamos Convertible and High Income Fund

29. Calamos Convertible Opportunities and Income Fund

30. Calamos Dynamic Convertible and Income Fund

31. Calamos Global Dynamic Income Fund

32. Calamos Global Total Return Fund

33. Calamos Strategic Total Return Fund

34. Carlyle Tactical Private Credit Fund

35. Cascade Private Capital Fund

36. Catalyst Strategic Income Opportunities Fund

37. CBRE Global Real Estate Income Fund

38. Center Coast Brookfield MLP & Energy Infrastructure Fund

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

40. Cliffwater Corporate Lending Fund

41. Cliffwater Enhanced Lending Fund

42. Coatue Innovative Strategies Fund

43. Cohen & Steers ETF Trust

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

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

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

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

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

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

50. Davis Fundamental ETF Trust

51. Defiance Connective Technologies ETF, Series of ETF Series Solutions

52. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

53. Defiance Quantum ETF, Series of ETF Series Solutions

54. Denali Structured Return Strategy Fund

55. Dodge & Cox Funds

56. DoubleLine ETF Trust

57. DoubleLine Income Solutions Fund

58. DoubleLine Opportunistic Credit Fund

59. DoubleLine Yield Opportunities Fund

60. DriveWealth ETF Trust

61. EIP Investment Trust

62. Ellington Income Opportunities Fund

63. ETF Opportunities Trust

64. Exchange Listed Funds Trust

65. Exchange Place Advisors Trust

66. FlexShares Trust

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

68. Forum Funds

69. Forum Funds II

70. Forum Real Estate Income Fund

71. Fundrise Growth Tech Fund, LLC

72. GoldenTree Opportunistic Credit Fund

73. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

74. Grayscale Funds Trust

75. Guinness Atkinson Funds

76. Harbor ETF Trust

77. Harris Oakmark ETF Trust

78. Hawaiian Tax-Free Trust

79. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

80. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

81. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

82. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

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

84. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

85. Innovator ETFs Trust

86. Ironwood Institutional Multi-Strategy Fund LLC

87. Ironwood Multi-Strategy Fund LLC

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

89. John Hancock Exchange-Traded Fund Trust

90. Kurv ETF Trust

91. Lazard Active ETF Trust

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

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

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

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

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

97. Manor Investment Funds

98. MoA Funds Corporation

99. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

100. Morgan Stanley ETF Trust

101. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

102. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

103. Morningstar Funds Trust

104. NEOS ETF Trust

105. Niagara Income Opportunities Fund

106. North Square Evanston Multi-Alpha Fund

107. NXG Cushing® Midstream Energy Fund

108. NXG NextGen Infrastructure Income Fund

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

110. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

111. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

112. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

113. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

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

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

116. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

117. Palmer Square Funds Trust

118. Palmer Square Opportunistic Income Fund

119. Partners Group Private Income Opportunities, LLC

120. Perkins Discovery Fund, Series of World Funds Trust

121. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

122. Plan Investment Fund, Inc.

123. Point Bridge America First ETF, Series of ETF Series Solutions

124. Precidian ETFs Trust

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

126. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

127. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

128. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

129. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

130. Renaissance Capital Greenwich Funds

131. REX ETF Trust

132. Reynolds Funds, Inc.

133. RMB Investors Trust

134. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

135. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

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

137. Roundhill Cannabis ETF, Series of Listed Funds Trust

138. Roundhill ETF Trust

139. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

140. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

141. Roundhill Video Games ETF, Series of Listed Funds Trust

142. Rule One Fund, Series of World Funds Trust

143. Russell Investments Exchange Traded Funds

144. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

145. Six Circles Trust

146. Sound Shore Fund, Inc.

147. SP Funds Trust

148. Sparrow Funds

149. Spear Alpha ETF, Series of Listed Funds Trust

150. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

151. STF Tactical Growth ETF, Series of Listed Funds Trust

152. Strategic Trust

153. Strategy Shares

154. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

155. Tekla World Healthcare Fund

156. Tema ETF Trust

157. The 2023 ETF Series Trust

158. The 2023 ETF Series Trust II

159. The Community Development Fund

160. The Cook & Bynum Fund, Series of World Funds Trust

161. The Finite Solar Finance Fund

162. The Private Shares Fund

163. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

164. Third Avenue Trust

165. Third Avenue Variable Series Trust

166. Tidal Trust I

167. Tidal Trust II

168. Tidal Trust III

169. TIFF Investment Program

170. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

171. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

172. Timothy Plan International ETF, Series of The Timothy Plan

173. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

174. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

175. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

176. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

177. Total Fund Solution

178. Touchstone ETF Trust

179. Trailmark Series Trust

180. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

181. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

182. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

183. T-Rex 2x Long Ether Daily Target ETF

184. U.S. Global Investors Funds

185. Union Street Partners Value Fund, Series of World Funds Trust

186. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

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

188. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

189. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

190. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

191. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

192. Virtus Stone Harbor Emerging Markets Income Fund

193. Volatility Shares Trust

194. WEBs ETF Trust

195. Wedbush Series Trust

196. Wellington Global Multi-Strategy Fund

197. Wilshire Mutual Funds, Inc.

198. Wilshire Variable Insurance Trust

199. WisdomTree Digital Trust

200. WisdomTree Trust

201. XAI Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| **Item 32(b)** | **The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Address</u>** | **<u>Position with Underwriter</u>** | **<u>Position with Registrant</u>** |
| Teresa Cowan | 190 Middle Street, Suite 301<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301 <br> Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301 <br> Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Item 32(c)** | **Not applicable.** |

---

**Item 33.** **Location of Accounts and Records**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Impact Shares, Corp, 5950 Berkshire Lane, Suite 1420, Dallas, Texas 75225

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Tidal Investments LLC (formerly Toroso Investments, LLC), 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tidal ETF Services LLC, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) U.S. Bancorp Fund Services, LLC, 615 E. Michigan Street, Milwaukee, Wisconsin 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) U.S. Bank, National Association, 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Foreside Fund Service, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101

(7) Unity Wealth Partners LLC, 4050 W. Metropolitan Dr., Suite 150, Orange, CA 92868

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Rockefeller Asset Management (a division of Rockefeller & Co. LLC), 510 Madison Avenue, 21st Floor, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Traders A.I., Inc., 10300 Eaton Pl, Suite 440/448, Fairfax, VA 22030

(10) Route 20 Private Wealth Inc., 401 East Las Olas Boulevard, Suite 1400, Fort Lauderdale, Florida 33301

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) VistaShares Advisors LLC, 1111B S Governors Avenue, Suite 20096, Dover, Delaware 19904

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Fundstrat Capital, LLC, 150 East 52nd Street, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Ned Davis Research Inc., 3665 Bee Ridge Road, Suite 306 Sarasota, Florida 34233

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Ninepoint Partners LP, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Cannell & Spears LLC, 545 Madison Avenue, 11th Floor, New York, New York 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Harmonic Capital, LLC, 444 North Wabash Ave, Chicago, IL 60611

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Nest Egg ETFs, LLC., 8141 2<sup>nd</sup>Street, Suite 330, Downey, California 90241

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) USCF Advisers LLC, 1850 Mt. Diablo Blvd. Suite 640, Walnut Creek, CA 94596

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) TH GARP ETFS LTD, 99 Bishopsgate, London, UK EC2M 3XD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) PEO Partners, LLC, 100 Park Avenue, 26<sup>th</sup>Floor, New York, New York 10017

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) AlphaQuest LLC, 126 East 56<sup>th</sup>Street, 25<sup>th</sup>Floor, New York, New York 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Intech Investment Management LLC, 250 S. Australian Avenue, Suite 1700,West Palm Beach, Florida 33401

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Measured Risk Portfolios, Inc., 5230 Carroll Canyon Road, Suite 224, San Diego, CA 92121

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) Accuvest Global Advisors Inc., 3575 N. 100 E. Suite 350, Provo, UT 84604

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) Azoria Capital Inc., 740 15<sup>th</sup> Street NW, 8<sup>th</sup> Floor, Washington, DC 20005

**Item 34.** **Management Services**

Not applicable.

**Item 35.** **Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 146 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 146 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on November 10, 2025.

---

| |
|:---|
| **Tidal Trust III** |
| /s/ Eric W. Falkeis |
| Eric W. Falkeis<br> President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on November 10, 2025.

---

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

---

---

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

---

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | &nbsp;&nbsp;**Description** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;[(d)(ix)(a)](ex99-dixa.htm) | &nbsp;&nbsp;[First Amendment to the Investment Advisory Agreement](ex99-dixa.htm) |
| &nbsp;&nbsp;[(d)(xxxi)(a)](ex99-dxxxia.htm) | &nbsp;&nbsp;[First Amendment to the Investment Sub-Advisory Agreement](ex99-dxxxia.htm) |
| &nbsp;&nbsp;[(e)(i)(xiv)](ex99-eixiv.htm) | &nbsp;&nbsp;[Fourteenth Amendment to the Distribution Agreement](ex99-eixiv.htm) |
| &nbsp;&nbsp;[(g)(i)(xiii)](ex99-gixiii.htm) | &nbsp;&nbsp;[Thirteenth Amendment to the Custodian Agreement](ex99-gixiii.htm) |
| &nbsp;&nbsp;[(h)(i)(ii)](ex99-hiii.htm) | &nbsp;&nbsp;[Second Amendment to the Amended and Restated Fund Administration Servicing Agreement](ex99-hiii.htm) |
| &nbsp;&nbsp;[(h)(ii)(xiii)](ex99-hiixiii.htm) | &nbsp;&nbsp;[Thirteenth Amendment to the Transfer Agency Agreement](ex99-hiixiii.htm) |
| &nbsp;&nbsp;[(h)(iii)(xiii)](ex99-hiiixiii.htm) | &nbsp;&nbsp;[Thirteenth Amendment to the Fund Accounting Agreement](ex99-hiiixiii.htm) |
| &nbsp;&nbsp;[(i)(xxxi)](ex99-ixxxi.htm) | &nbsp;&nbsp;[Opinion and Consent of Counsel](ex99-ixxxi.htm) |
| &nbsp;&nbsp;[(j)](ex99-j.htm) | &nbsp;&nbsp;[Consent of Independent Registered Public Accounting Firm](ex99-j.htm) |
| &nbsp;&nbsp;[(m)](ex99-m.htm) | &nbsp;&nbsp;[Amended and Restated Rule 12b-1 Distribution Plan](ex99-m.htm) |
| &nbsp;&nbsp;[(p)(xi)](ex99-pxi.htm) | &nbsp;&nbsp;[Code of Ethics](ex99-pxi.htm) |

---

## Ex-99.(D)(Ix)(A)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(d)(ix)(a)**

**FIRST AMENDMENT TO THE**

**TRUST**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

This First Amendment to the Investment Advisory Agreement (the "<u>Amendment</u>") is made as of October 22, 2025, by and between **TIDAL TRUST III** (the "<u>Trust</u>") and **TIDAL INVESTMENTS LLC** (the "<u>Adviser</u>").

**BACKGROUND:**

A. The
 Trust and the Adviser have entered into an Investment Advisory Agreement dated as of
 October 10, 2024 (the " <u>Agreement</u> ") pursuant to which the Adviser is
 engaged by the Trust to serve as the investment adviser to each Fund identified on the
 then-current Schedule A to the Agreement.

B. The
 Trust and the Adviser desire to amend and restate Schedule A to the Agreement to add
 the following new Funds:

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF

C. Section
 21 of the Agreement allows for the amendment of the Agreement by a written instrument
 executed by both parties.

D. This
 Background section and the Schedule attached to this Amendment are incorporated by reference
 into, and made a part of, this Amendment.

**TERMS:**

NOW, THEREFORE, intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 current Schedule A to the Agreement is hereby amended and restated in its entirety as
 set forth on the Amended and Restated Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capitalized
 terms not defined in this Amendment shall have the respective meanings set forth in the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except
 as specifically amended by this Amendment, and except as necessary to conform to the
 intention of the parties herein above set forth, the Agreement shall remain unaltered
 and in full force and effect and is hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Agreement, as amended hereby, together with its Schedule, constitutes the complete understanding
 and agreement of the parties with respect to the subject matter hereof and supersedes
 all prior communications with respect thereto. This Amendment may be executed in two
 or more counterparts, each of which shall be deemed an original, but all of which together
 shall constitute one and the same instrument. The facsimile signature of any party to
 this Amendment shall constitute the valid and binding execution hereof by such party.

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| on behalf of its series listed on <u>Amended and Restated Schedule A</u> | on behalf of its series listed on <u>Amended and Restated Schedule A</u> |  |  |
| By: | /s/Eric Falkeis | By: | /s/Daniel Carlson |
| Name: | Eric Falkeis | Name: | Daniel Carlson |
| Title: | President | Title: | Co-Founder & Chief of Staff |
| Date: | 10-23-2025 | Date: | 10-23-2025 |

---

**Amended AND RESTATED**

**Schedule A**

**to the**

**TIDAL TRUST III**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

---

| | |
|:---|:---|
| **Fund Name** | **Advisory Fee** |
| &nbsp;&nbsp;Fundstrat Granny Shot US Large Cap ETF | 0.75% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Small- & Mid-Cap ETF | 0.75% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap & Income ETF | 0.99% |

---

[remainder of page left intentionally blank]

## Ex-99.(D)(Xxxi)(A)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(d)(xxxi)(a)**

**FIRST AMENDMENT TO THE**

**SUB-ADVISORY AGREEMENT**

This First Amendment to the Sub-Advisory Agreement (the "<u>Amendment</u>") is made as of October 22, 2025, by and between **TIDAL INVESTMENTS LLC** (the "<u>Adviser</u>") and **FUNDSTRAT CAPITAL, LLC** (the "<u>Sub-Adviser</u>").

**BACKGROUND:**

A. The Adviser and the Sub-Adviser are parties to a Sub-Advisory Agreement
dated as of October 10, 2024 (the " <u>Agreement</u> ").

B. Pursuant to Section 22 of the Agreement the parties desire to amend and
restate Schedule A to the Agreement to add the following new series:

Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Background section and the Schedule attached to this Amendment are
incorporated by reference into, and made a part of, this Amendment.

**TERMS:**

**NOW, THEREFORE**, intending to be legally bound, the parties agree as follows:

* The current Schedule A to the Agreement is hereby
amended and restated in its entirety as set forth on the Amended and Restated Schedule A attached hereto.

* <u>Miscellaneous</u>.

* Capitalized terms not defined in this Amendment shall
have the respective meanings set forth in the Agreement.

* Except as specifically amended by this Amendment,
and except as necessary to conform to the intention of the parties hereinabove set forth, the Agreement shall remain unaltered and in
full force and effect and is hereby ratified and confirmed.

* The Agreement, as amended hereby, together with its
Amended and Restated Schedule A, constitutes the complete understanding and agreement of the parties with respect to the subject matter
hereof and supersedes all prior communications with respect thereto. This Amendment may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The facsimile signature
of any party to this Amendment shall constitute the valid and binding execution hereof by such party.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.

---

| | |
|:---|:---|
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/Daniel Carlson |
| Name: | Daniel Carlson |
| Title: | Co-Founder & Chief of Staff |
| Date: | 10/23/2025 |
| **FUNDSTRAT CAPITAL, LLC** | **FUNDSTRAT CAPITAL, LLC** |
| By: | /s/John Bai |
| Name: | John Bai |
| Title: | Managing Member |
| Date: | 10/31/2025 |

---

**Amended and Restated Schedule A**

**to the**

**Sub-Advisory Agreement by and between Tidal Investments LLC and Fundstrat Capital, LLC**

**(October 22, 2025)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | **Sub-Advisory<br> Fee** | **Effective Date** | **Trading<br> Authority** | **Proxy<br> Voting<br> Authority** |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF | 0.04% | Commencement of Operations | Non-Discretionary |  |
| &nbsp;&nbsp;Fundstrat Granny Shots US Small- & Mid-Cap ETF | 0.04% | Commencement of Operations | Non-Discretionary |  |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap & Income ETF | 0.04% | Commencement of Operations | Non-Discretionary |  |

---

[Remainder of page left blank intentionally]

## Ex-99.(E)(I)(Xiv)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(e)(i)(xiv)**

**FOURTEENTH AMENDMENT**

**TO ETF DISTRIBUTION AGREEMENT**

This fourteenth amendment ("Amendment") to the ETF Distribution Agreement dated as of June 18, 2024 (the "Agreement"), by and between Tidal Trust III (the "Trust") and Foreside Fund Services, LLC ("Foreside" and together with the Trust, the "Parties") is entered into as of October 22, 2025 (the "Effective Date").

**WHEREAS**, The Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and

**WHEREAS**, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized
 terms not otherwise defined herein shall have the meanings set forth in Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit
 A of the Agreement is hereby deleted and replaced in its entirety by Exhibit A attached
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 as expressly amended hereby, all of the provisions of the Agreement shall remain unamended
 and in full force and effect to the same extent as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This
 Amendment shall be governed by, and the provisions of this Amendment shall be construed
 and interpreted under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers, as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **FORESIDE FUND SERVICES, LLC** | **FORESIDE FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Teresa Cowan |
| Name: | Eric Falkeis | Name: | Teresa Cowan |
| Title: | President | Title: | President |

---

**EXHIBIT A**

TradersAI Large Cap Equity & Cash ETF<br> Rockefeller Opportunistic Municipal Bond ETF<br> Rockefeller California Municipal Bond ETF<br> Rockefeller New York Municipal Bond ETF<br> Rockefeller Global Equity ETF<br> Rockefeller U.S. Small-Mid Cap ETF<br> 4E Quality Growth ETF<br> GammaRoad Market Navigation ETF<br> Impact Shares Women's Empowerment ETF<br> Impact Shares NAACP Minority Empowerment ETF<br> VistaShares Artificial Intelligence Supercycle ETF<br> VistaShares Electrification Supercycle ETF<br> FIRE Funds™ Wealth Builder ETF <br> FIRE Funds™ Income Target ETF <br> Fundstrat Granny Shot US Large Cap ETF<br> Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF <br> Ned Davis Research 360º Core Equity ETF <br> Ninepoint Energy ETF <br> Ninepoint Energy Income ETF<br> The BeeHive ETF<br> NestYield Total Return Guard ETF<br> NestYield Dynamic Income ETF<br> NestYield Visionary ETF<br> USCF Daily Target 2X Copper Index ETF<br> Battleshares™ NVDA vs INTC ETF<br> Battleshares™ AMZN vs M ETF <br> Battleshares™ COIN vs WFC ETF <br> Battleshares™ MSTR vs JPM ETF <br> Battleshares™ NFLX vs CMCSA ETF<br> Battleshares™ LLY vs YUM ETF<br> Battleshares™ GOOGL vs NYT ETF<br> TH GARP Global Rising Leaders ETF<br> TH GARP India Rising Leaders ETF<br> PEO AlphaQuest™ Thematic PE ETF <br> World Dynamic Momentum Leaders ETF<br> VistaShares Target 15 Berkshire Select Income ETF<br> VistaShares Target 15 USA Momentum Income ETF<br> VistaShares Target 15 USA Value Income ETF<br> VistaShares Target 15 USA Quality Income ETF<br> VistaShares Target 15 USA Low Volatility Income ETF<br> VistaShares Animal Spirits Strategy ETF<br> VistaShares Animal Spirits Daily 2X Strategy ETF<br> Intech S&P Large Cap Diversified Alpha ETF<br> Intech S&P Small-Mid Cap Diversified Alpha ETF<br> MRP SynthEquity ETF<br> Alpha Brands™ Consumption Leaders ETF<br> Azoria Golden Age ETF

Azoria 500 Meritocracy ETF<br> Azoria TSLA Convexity ETF<br> Battleshares™ Bitcoin vs Ether ETF<br> Battleshares™ Ether vs Bitcoin ETF<br> Battleshares™ Bitcoin vs Gold ETF<br> Battleshares™ Gold vs Bitcoin ETF<br> VistaShares Target 15 ACKtivist Distribution ETF<br> VistaShares ACKtivist Select ETF<br> VistaShares BigShort Select ETF<br> VistaShares Target 15 BigShort Distribution ETF<br> VistaShares DRUKMacro Select ETF<br> VistaShares Target 15 DRUKMacro Distribution ETF<br> VistaShares Berkshire Select ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Option Income ETF<br> VistaShares BitBonds 5 Yr Enhanced Weekly Option Income ETF<br> VistaShares BitBonds 10 Yr Enhanced Weekly Option Income ETF<br> VistaShares BitBonds 20 Yr Enhanced Weekly Option Income ETF<br> VistaShares Bitcoin Treasury Income ETF<br> VistaShares Ethereum Treasury Income ETF<br> VistaShares Ethereum Treasury ETF<br> VistaShares IPO and Income ETF<br> VistaShares Target 15™ International Innovators Income ETF<br> VistaShares Target 15™ European High Dividend Payers Income ETF<br> VistaShares Target 15™ S&P 100 Distribution ETF<br> VistaShares Target 15™ Global 100 Distribution ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF

## Ex-99.(G)(I)(Xiii)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(g)(i)(xiii)**

**THIRTEENTH AMENDMENT TO THE**

**TIDAL TRUST III**

**CUSTODY AGREEMENT**

**THIS THIRTEENTH AMENDMENT** effective as of October 22, 2025 (the "Effective Date"), to the Custody Agreement dated as of July 11, 2024, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● Fundstrat Granny Shots US Small- & Mid-Cap ETF

● Fundstrat Granny Shots US Large Cap & Income ETF

**WHEREAS,** the parties desire to remove the following funds:

● 2X Daily Software Platform ETF

● Battleshares™ TSLA vs F ETF

**WHEREAS,** Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE** 

**IN WITNESS WHEREOF,** the parties hereto have caused this Thirteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 10/28/2025 | Date: | 10/29/2025 |

---

**Exhibit A to the Custody Agreement**

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF<br> VistaShares DRUKMacro Select ETF<br> VistaShares Target 15 DRUKMacro Select Income ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF |

---

## Ex-99.(H)(I)(Ii)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(h)(i)(ii)**

**SECOND AMENDMENT**

**TO THE AMENDED AND RESTATED FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS SECOND AMENDMENT**, effective as of October 22, 2025, to the Amended and Restated Fund Administration Servicing Agreement (the "<u>Agreement</u>") dated as of August 1, 2025, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), **Tidal ETF Services LLC**, a Delaware limited liability company ("<u>Tidal</u>") and **Tidal Investments LLC** (the "<u>Adviser</u>"), solely in respect of the rights and obligations set forth in Section 4 and applicable provisions of Section 12 and 13 of the Agreement.

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

VistaShares BitBonds 1-3 Yr Enhanced Weekly Option Income ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Option Income ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Option Income ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Option Income ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares IPO and Income ETF

VistaShares Target 15™ International Innovators Income ETF

VistaShares Target 15™ European High Dividend Payers Income ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF

Remove the following funds:

2X Daily Software Platform ETF

Battleshares™ TSLA vs F ETF

**WHEREAS,** Section 11 of the Agreement allows for its amendment by written agreement executed by the Trust and Tidal and approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Amended Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

[Signature Page Follows]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **TIDAL ETF SERVICES LLC** | **TIDAL ETF SERVICES LLC** |
| By: | /s/Lissa Richter | By: | /s/Eric Falkeis |
| Name: | Lissa M. Richter | Name: | Eric Falkeis |
| Title: | Secretary | Title: | Co-Founder & CCO |
| Date: | 10/27/2025 | Date: | 10/23/2025 |

---

**Amended Exhibit A** 

**to the** 

**Amended and Restated Fund Administration Servicing Agreement** 

Separate Series (Funds) of Tidal Trust III

<u>Name of Series</u>

Impact Shares Women's Empowerment ETF<br> Impact Shares NAACP Minority Empowerment ETF

TradersAI Large Cap Equity & Cash ETF

Rockefeller Opportunistic Municipal Bond ETF<br> Rockefeller California Municipal Bond ETF<br> Rockefeller New York Municipal Bond ETF<br> Rockefeller Global Equity ETF<br> Rockefeller U.S. Small-Mid Cap ETF

4E Quality Growth ETF

GammaRoad Market Navigation ETF

VistaShares Artificial Intelligence Supercycle ETF<br> VistaShares Electrification Supercycle ETF<br> VistaShares Animal Spirits Strategy ETF<br> VistaShares Animal Spirits Daily 2X Strategy ETF

VistaShares Target 15 Berkshire Select Income ETF

VistaShares Target 15 USA Momentum Income ETF

VistaShares Target 15 USA Value Income ETF

VistaShares Target 15 USA Quality Income ETF

VistaShares Target 15 USA Low Volatility Income ETF

VistaShares Target 15 ACKtivist Distribution ETF

VistaShares ACKtivist Select ETF

VistaShares BigShort Select ETF

VistaShares Target 15 BigShort Distribution ETF

VistaShares DRUKMacro Select ETF

VistaShares Target 15 DRUKMacro Distribution ETF

VistaShares Berkshire Select ETF

VistaShares BitBonds 1-3 Yr Enhanced Weekly Option Income ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Option Income ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Option Income ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Option Income ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares IPO and Income ETF

VistaShares Target 15™ International Innovators Income ETF

VistaShares Target 15™ European High Dividend Payers Income ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

FIRE Funds™ Wealth Builder ETF <br> FIRE Funds™ Income Target ETF

Fundstrat Granny Shot US Large Cap ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF

Ned Davis Research 360º Dynamic Allocation ETF<br> Ned Davis Research 360º Core Equity ETF

Ninepoint Energy ETF<br> Ninepoint Energy Income ETF

The BeeHive ETF

NestYield Total Return Guard ETF<br> NestYield Dynamic Income ETF<br> NestYield Visionary ETF

USCF Daily Target 2X Copper Index ETF

Battleshares™ NVDA vs INTC ETF<br> Battleshares™ AMZN vs M ETF <br> Battleshares™ COIN vs WFC ETF <br> Battleshares™ MSTR vs JPM ETF<br> Battleshares™ NFLX vs CMCSA ETF<br> Battleshares™ LLY vs YUM ETF<br> Battleshares™ GOOGL vs NYT ETF

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF

TH GARP Global Rising Leaders ETF<br> TH GARP India Rising Leaders ETF

PEO AlphaQuest™ Thematic PE ETF

World Dynamic Momentum Leaders ETF

Intech S&P Large Cap Diversified Alpha ETF<br> Intech S&P Small-Mid Cap Diversified Alpha ETF

MRP SynthEquity ETF

Alpha Brands™ Consumption Leaders ETF

Azoria Golden Age ETF

Azoria 500 Meritocracy ETF

Azoria TSLA Convexity ETF

## Ex-99.(H)(Ii)(Xiii)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(h)(ii)(xiii)**

**THIRTEENTH AMENDMENT TO THE** 

**TIDAL TRUST III**

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS THIRTEENTH AMENDMENT** effective as of October 22, 2025 (the "Effective Date"), to the Transfer Agent Servicing Agreement (the "Agreement") dated as of July 11, 2024, as amended, is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS** 

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● Fundstrat Granny Shots US Small- & Mid-Cap ETF

● Fundstrat Granny Shots US Large Cap & Income ETF

**WHEREAS,** the parties desire to remove the following funds:

● 2X Daily Software Platform ETF

● Battleshares™ TSLA vs F ETF

**WHEREAS,** Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE** 

**IN WITNESS WHEREOF,** the parties hereto have caused this Thirteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 10/28/2025 | Date: | 10/29/2025 |

---

**Exhibit A to the** 

**Transfer Agent Servicing Agreement**

Separate Series of Tidal Trust III

<u>Name of Series</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF |

---

## Ex-99.(H)(Iii)(Xiii)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(h)(iii)(xiii)**

**THIRTEENTH AMENDMENT TO THE**

**TIDAL TRUST III**

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS THIRTEENTH AMENDMENT** effective as of October 22, 2025 (the "Effective Date"), to the Fund Accounting Servicing Agreement dated as of July 11, 2024, as amended, (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● Fundstrat Granny Shots US Small- & Mid-Cap ETF

● Fundstrat Granny Shots US Large Cap & Income ETF

**WHEREAS,** the parties desire to remove the following funds:

● 2X Daily Software Platform ETF

● Battleshares™ TSLA vs F ETF

**WHEREAS,** Section 15 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE** 

**IN WITNESS WHEREOF,** the parties hereto have caused this Thirteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 10/28/2025 | Date: | 10/29/2025 |

---

**Exhibit A to the** 

**Fund Accounting Servicing Agreement** 

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF |

---

## Ex-99.(I)(Xxxi)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(i)(xxxi)**

![A logo with a purple and blue crown AI-generated content may be incorrect.](corresp_001.jpg)

November 10, 2025

Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF, each a series of Tidal Trust III

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We have acted as counsel to Tidal Trust III, a Delaware statutory trust with transferable shares (the "Trust") in connection with the Trust's Post-Effective Amendment No. 146 to its Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "Amendment") relating to the issuance by the Trust of an unlimited number of shares of beneficial interest, with no par value per share (the "Shares") in respect of Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF, each a series of the Trust.

We have examined copies, either certified or otherwise proved to be genuine to our satisfaction, of the Trust's Third Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust") and Amended and Restated By-Laws ("By-laws"), and other documents relating to its organization, operation, and proposed operation, and we have made such other investigations as, in our judgment, are necessary or appropriate to enable us to render the opinion expressed below.

We express no opinion herein as to any laws other than Chapter 38 of Title 12 of the Delaware Code Annotated, as amended, entitled "Treatment of Delaware Statutory Trusts" (the "Delaware Statutory Trust Act") and the federal laws of the United States. We call to your attention that our opinion herein is based solely upon our examination of the Delaware Statutory Trust Act as currently in effect.

This letter expresses our opinion as to the provisions of the Declaration of Trust, but does not extend to the Delaware Uniform Securities Act, or to other state securities laws.

Based upon the foregoing and subject to the qualifications set forth herein, we hereby advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is validly existing as a statutory trust under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust is authorized to issue an unlimited number of shares of beneficial interest, the Shares have
been duly and validly authorized by all action of the Trustees of the Trust, and no action of the shareholders of the Trust is required
in such connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Shares, when issued in accordance with the Declaration of Trust and By-laws, will be legally issued,
fully paid and non-assessable by the Trust.

We understand that this opinion is to be used in connection with the registration of the Shares for offering and sale pursuant to the 1933 Act. We consent to the filing of this opinion with and as a part of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations promulgated thereunder. We also hereby consent to the use of our name as legal counsel in the Registration Statement.

Very truly yours,

/s/ Sullivan & Worcester LLP

SULLIVAN & WORCESTER LLP

DP/RLS

## Ex-99.(J)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the references to our firm in the Post-Effective Amendment No. 146 and Amendment No. 149, to the Registration Statement on Form N-1A of Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF, each a series of Tidal Trust III.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**November 10, 2025**

## Ex-99.(M)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99.(m)**

**Amended and Restated**

**Rule 12b-1 Distribution and Servicing Plan**

**Tidal Trust III**

**1. <u>The Trust</u>.** Tidal Trust III (formerly known as Impact Shares Trust I) (the "Trust") is an open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a series trust (each series of the Trust is referred to herein as a "Fund").

**2. <u>The Plan</u>.** The Trust desires to adopt a plan of distribution pursuant to Rule 12b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of each Fund, and the Board of Trustees of the Trust (the "Board of Trustees") has determined that there is a reasonable likelihood that adoption of this Rule 12b-1 Plan (the "Plan") will benefit each Fund and the holders of its Shares. Accordingly, each Fund hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Funds' registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

**3. <u>The Distributor</u>.** The Trust has entered into a written Distribution Agreement with the Trust's distributor (the "Distributor"), pursuant to which the Distributor will act as the principal underwriter with respect to the distribution of Shares as described in the Funds' registration statement for each Fund.

**4. <u>Payments</u>.** Each Fund may pay fees to the Distributor, or to such person or persons as may from time to time be designated by the Distributor, pursuant to this Plan at annual rates set forth on Exhibit A attached hereto, or such lower rates, if any, as may hereafter be determined from time to time by the Board of Trustees as compensation for services rendered in connection with the sale of such Shares by the Distributor and related expenses incurred by the Distributor. Payments made hereunder may be used by the Distributor for any purpose, including (but not limited to) to compensate the Distributor, the Fund's investment adviser or any of their affiliates, as well as any banks, broker/dealers or other financial institutions for distribution or sales support services rendered, and related expenses incurred, for or on behalf of a Fund. The Distributor may also use the fees hereunder for the provision of personal services to investors in the Shares and/or the maintenance of shareholder accounts, and it is intended that, to the extent such fees are so used, such fees qualify as "service fees" as defined in Rule 2830 of the NASD Manual of the Financial Industry Regulatory Authority ("FINRA"). All agreements related to this Plan shall be in writing and shall provide: (A) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operator of this Plan or in any agreement related to this Plan (the "Independent Trustees") or by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, on not more than 60 days' written notice to any other party to the agreement, and (B) that such agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

**5. <u>Effective Date</u>.** This Plan shall become effective upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**6. <u>Term</u>.** This Plan shall, unless terminated as hereinafter provided, remain in effect with respect to the Fund for one year from its effective date and shall continue thereafter, provided that its continuance is specifically approved at least annually by a vote of both a majority of the Trustees and a majority of Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**7. <u>Amendment</u>.** This Plan may be amended at any time by the Board of Trustees, provided that, except to the extent permitted by applicable law (a) any amendment to increase materially the rate at which payments may be made by a Fund under this Plan shall be effective only upon approval by a vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund, and (b) any material amendment of this Plan shall be effective only upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such amendment.

**8. <u>Termination</u>.** This Plan may be terminated with respect to a Fund at any time, without payment of any penalty, by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund. In the event of termination or non-continuance of this Plan, the Trust may reimburse any expense that it incurred prior to such termination or non-continuance, provided that such reimbursement is specifically approved by both a majority of the Board of Trustees and a majority of the Independent Trustees.

**9. <u>Reports</u>.** While this Plan is in effect, the Distributor shall provide to the Trustees, and the Trustees shall review, at least quarterly, a written report of the amounts expended pursuant to the Plan and the purposes for which such expenditures were made.

**10. <u>Records</u>.** The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in paragraph 9 hereof for a period of at least six years from the date of the Plan, agreement and report, the first two years in an easily accessible place.

**11. <u>Independent Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act).

**12. <u>Severability</u>.** If any provision of the Plan shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.

Plan adopted: April 12, 2018

Amended and Restated: May 7, 2024

Amended: October 22, 2025

**EXHIBIT A TO** 

**AMENDED AND RESTATED RULE 12b-1 DISTRIBUTION AND SERVICING PLAN**

**As of September 11, 2025**

The fees payable to the Distributor under this Plan shall not exceed, with respect to a particular Fund, if applicable, on an annualized basis, the percentage of such Fund's average daily net assets set forth below next to the Fund's name.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Fee Limitation</u>** |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller Global Equity ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;4E Quality Growth ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Fundstrat Granny Shot US Large Cap ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ned Davis Research 360º Core Equity ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ninepoint Energy ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ninepoint Energy Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;The BeeHive ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NestYield Total Return Guard ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NestYield Dynamic Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NestYield Visionary ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ TSLA vs F ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF | &nbsp;&nbsp;0.25% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;MRP SynthEquity ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF<br> VistaShares Animal Spirits Strategy ETF | &nbsp;&nbsp;0.25%<br> 0.25% |
| &nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Azoria Golden Age ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;2X Daily Software Platform ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; VistaShares Target 15 ACKtivist Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BigShort Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; VistaShares Target 15 BigShort Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; VistaShares Target 15 DRUKMacro Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NovaTide Flexible Allocation ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Stoneport Advisors Commodity Long Short ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 1-3 Yr Enhanced Weekly Option Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 5 Yr Enhanced Weekly Option Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 10 Yr Enhanced Weekly Option Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 20 Yr Enhanced Weekly Option Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Bitcoin Treasury Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Ethereum Treasury Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Ethereum Treasury ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares IPO and Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ International Innovators Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ European High Dividend Payers Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ S&P 100 Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ Global 100 Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Small- & Mid-Cap ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap & Income ETF | &nbsp;&nbsp;0.25% |

---

## Ex-99.(P)(Xi)

[Tidal Trust III 485BPOS](fundstrat_485bpos-111025.htm)

**Exhibit 99(p)(xi)**

**Code of Ethics**

**for**

**Fundstrat Capital, LLC**

**CRD # 332163**

**SEC File No. 801- 131012**

<br> **Confidential**

**May 22, 2025**

**Fundstrat Capital, LLC is the sole owner of all rights to this document. Upon termination of employment, return this document and any copies of this document to Fundstrat Capital, LLC immediately. The information contained herein is confidential and proprietary and may not be disclosed to any third party or otherwise shared or disseminated in any way without the prior written approval of the Chief Compliance Officer.**

**Table of Contents**

---

| | |
|:---|:---|
| INTRODUCTION | 3 |
| CODE OF ETHICS | 4 |
| INSIDER TRADING | 16 |
| APPENDIX 1: CODE OF ETHICS CERTIFICATION | 18 |
| APPENDIX 2: OUTSIDE BUSINESS ACTIVITIES DISCLOSURE FORM | 19 |
| APPENDIX 3: PRE-APPROVAL FORM: PERSONAL SECURITIES TRANSACTION | 20 |
| APPENDIX 4: PERSONAL SECURITIES ACCOUNT CERTIFICATION | 22 |
| APPENDIX 5: PERSONAL HOLDINGS CERTIFICATION | 23 |
| APPENDIX 6: QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT | 24 |

---

**INTRODUCTION**

**Entity Structure**

Fundstrat Capital, LLC is a limited liability company organized in the State of Delaware and located at 150 East 52nd Street, New York, NY 10022. The entity was formed in June 2024, with TLJB LLC serving as the principal owner. TLJB LLC, in turn, is equally owned by its Managing Members John Sungho Bai and Thomas Jong Lee. Fundstrat Capital, LLC expects to be named the discretionary sub-adviser (**Sub-Adviser**) to a 1940 Investment Company Act product, Fundstrat Granny Shots US Large Cap ETF (ticker **GRNY**).<sup>1</sup>

**Sub-Adviser** 

Fundstrat Capital, LLC (**Fundstrat**, **We**, **Us**, or the **Firm**) is Sub-Adviser to Fundstrat Granny Shots US Large Cap ETF (**GRNY**, **Fund**, or the **ETF**) providing sub-advisory services for an annual fee based on the percentage of the value of the assets that are sub-advised. Fundstrat is a non-trading Sub-Adviser providing discretionary portfolio management decisions to the adviser. Fundstrat does not provide personalized advice to individual shareholders of GRNY. Terms of service are outlined in the Sub-Advisory Agreement, while terms of investment are detailed in the Fund's prospectus. The Sub-Advisory Agreement executed between Fundstrat and the investment adviser of the ETF, Tidal Investments LLC (**Tidal Investments**), is the primary governance document which conveys explicit responsibilities and obligations to Fundstrat and its employees relative to portfolio management and monitoring, risk management reporting, and compliance.

**Regulatory Background**

Rule 204A-1 under the Investment Advisers Act of 1940, as amended (**Advisers Act**) requires each investment adviser registered with the SEC to adopt a code of ethics that sets forth a standard of business conduct required and expected of all its Access Persons. Rule 17j-1 under the Investment Company Act of 1940, as amended (**1940 Act**) also requires advisers to an ETF to adopt written codes of ethics. As a registered investment adviser, as well as the adviser to the Fund, Fundstrat has adopted this Code of Ethics (**Code**) in accordance with these rules.

**Preamble**

This Code of Ethics has been prepared to assist Access Persons (defined below) in complying with applicable securities laws and adopting a compliance program consistent with sound business practices. These guidelines are not intended to address every situation. Access Persons are expected to obey all securities laws. Fundstrat recognizes its need to respond flexibly to dynamic business needs and circumstances. Accordingly, Fundstrat reserves the right to revoke, modify, interpret, and apply its guidelines, policies, or procedures at its sole discretion, and without prior notice. This Code of Ethics is not intended to be a contract or legally binding agreement, nor does it promise specific treatment in specific situations.

Fundstrat expects Access Persons to comply with the letter of the Code and to observe its spirit. Always consider how your actions will reflect on the Firm as a whole and yourself as a professional. At the commencement of your employment or designation as an Access Person with Fundstrat, and each time a new version of the Code is issued, you must certify that you understand and agree to abide by the terms of the Code by signing the Code of Ethics Certification, found in **Appendix 1**.

If an Access Person acts in a manner contrary to the Code, s/he could be subject to disciplinary sanctions depending on the evaluation of the circumstances. The standards of conduct set forth herein are applied fully and fairly without reliance upon technical distinctions to justify questionable conduct. Intentional and inadvertent Code violations may trigger disciplinary action, up to and including termination of employment, depending upon the severity or frequency.

<sup>1</sup> Part of Tidal Trust III - 1933 Act Registration File No: 333-221764, 1940 Act File No. 811-23312.

**CODE OF ETHICS**

**Important Notes**

For purposes of this Code of Ethics, the term "**client**" is interpreted to mean Tidal Investments and the ETF.

This Code makes reference to certain reporting forms and certifications which are shown in the Appendix section of this Code. These forms and certifications are provided for reference purposes only and are subject to change. Furthermore, the Firm is authorized to utilize an electronic system to facilitate pre-approval, reporting and monitoring of various items and compliance certification submission by personnel. The Chief Compliance Officer will provide instructions as to the proper means of reporting.

**General**

This is the Code of Ethics of Fundstrat. The Firm's Personal Securities Transactions reporting and Insider Trading Procedures can be found in this Code.

**Fiduciary Duty**

This Code of Ethics is predicated on the principle that the Firm owes a fiduciary duty to its clients. A fiduciary is to approach his or her client's affairs with the same prudence as would be used in the management of his or her own affairs. Fiduciaries are expected to place the interests of the client before their own. Fiduciaries cannot withhold material information from a client that would affect the client's investment decision. Accordingly, Access Persons must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of clients.

At all times, the Firm will:

● **Place client interests ahead of the Firm's** – As a fiduciary, the Firm will serve its clients' best interests. In other words, Access Persons may not benefit at the expense of advisory clients. This concept is particularly relevant when Access Persons are making personal investments in securities traded by advisory clients.

● **Engage in personal investing that is in full compliance with the Firm's Code of Ethics** – Access Persons must review and abide by the Firm's Personal Securities Transaction and Insider Trading Policies.

● **Avoid taking advantage of your position** – Access Persons must not accept investment opportunities, gifts or other gratuities from individuals seeking to conduct business with the Firm, or on behalf of an advisory client, unless in compliance with the Gift Policy below.

● **Maintain full compliance with the Federal Securities Laws** – Access Persons must abide by the standards set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act.

Any questions with respect to this Code of Ethics should be directed to the Chief Compliance Officer (**CCO**). As discussed in greater detail below, Access Persons must promptly report any violations of the Code of Ethics to the CCO. All reported Code of Ethics violations will be treated on an anonymous basis when it is necessary and appropriate to do so, unless compelled by regulatory requirements or laws.

**Definitions**

**CCO:** Chief Compliance Officer per rule 206(4)-7 of the Advisers Act.

**Associated Person:** For purposes of this Compliance Manual, all Supervised Persons and Access Persons are collectively referred to as "Associated Persons."

**Supervised Person:** A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. This may also include all temporary workers, consultants, independent contractors, and anyone else designated by the Chief Compliance Officer. For purposes of the Code, such 'outside individuals' will generally only be included in the definition of a supervised person, if their duties include access to certain types of information, which would put them in a position of sufficient knowledge to necessitate their inclusion under the Code. The Chief Compliance Officer shall make the final determination as to which of these are considered supervised persons.

**4** 

**Access Person (you):** Any of Fundstrat's Supervised Persons who have access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. As of the effective date of this Code, the following Fundstrat employees and Directors are designated as Access Persons. This list is subject to change and will be reviewed by the CCO from time to time:

● Thomas Lee

● Xiaofeng (Ken) Xuan

● Carrie Presley

**All Supervised Persons are deemed "Access Persons" and are therefore subject to the Code of Ethics and its related policies. The CCO maintains a list of Supervised Persons separately from this Code.**

**Beneficial Ownership:** Access Persons are considered to have beneficial ownership of securities if they have or share a direct or indirect pecuniary interest in the securities. They have a pecuniary interest in securities if they have the ability to profit from a securities transaction directly or indirectly.

The following are examples of indirect pecuniary interests in securities:

● Securities held by members of an Access Person's immediate family sharing the same household. Immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law. Adoptive relationships are included;

● Access Person's interests as a general partner in securities held by a general or limited partnership; and

● Access Person's interests as a manager/member in the securities held by a limited liability company.

Access Persons do not have an indirect pecuniary interest in securities held by entities in which they hold an equity interest unless they are a controlling equity holder, or they share investment control over the securities held by the entity.

The following circumstances constitute beneficial ownership by Access Persons of securities held by a trust:

● Ownership of securities as a trustee where either the Access Person or members of the immediate family have a vested interest in the principal or income of the trust;

● Ownership of a vested beneficial interest in a trust; and

● An Access Person's status as a settlor/grantor of a trust unless the consent of all of the beneficiaries is required in order for the Access Person to revoke the trust.

**Covered Account:** An account that currently holds or **could hold** reportable Funds and/or Reportable Securities (as both terms are defined below) in an account in which an Access Person makes the trading decisions. Accounts that are managed by investment adviser(s) are not considered Covered Accounts but must still be reported to the Firm. If and when the Access Person exerts discretion in any such account, it immediately converts to a Covered Account.

**Initial Public Offering:** An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

**Limited Offering:** An offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

**Private Placement:** Also known as an unregistered offering, is the purchase of any security or offering exempt from the Securities Act of 1933.

**Reportable Fund:** The Fundstrat Granny Shots US Large Cap ETF, ticker symbol **GRNY** (**Fund**) is considered a reportable fund because Fundstrat serves as Sub-Adviser to the Fund.

**Reportable Security:** any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, 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 (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**Reportable Security does not include (Excepted Securities):**

&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers'
 acceptances, bank certificates of deposit, commercial paper, and high-quality short-term
 debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;3. Shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
 issued by open-end funds other than reportable funds;

&nbsp;&nbsp;&nbsp;&nbsp;5. Shares
 issued by unit investment trusts that are invested exclusively in one or more open-end
 funds, none of which are reportable funds; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Exchange-traded
 futures contracts or options on them, when such futures are based on broad-based indexes
 or their sectors (e-mini futures ES, NQ etc.)

**Conflict of Interest:** For the purposes of this Code of Ethics, a "conflict of interest" will be deemed to be present when an individual's private interest interferes in anyway, or even appears to interfere, with the interests of a client, the Firm, or one or more of its affiliates, as a whole.

This Code's procedures, standards, and restrictions do not and cannot address each potential conflict of interest. Rather, they attempt to prevent some of the more common types of problems. Ethics and faithful discharge of our fiduciary duties require adherence to the spirit of this Code and activities other than personal securities transactions could involve conflicts of interest. If there is any doubt about a transaction for a reportable account or for an Employee's personal account, the CCO should be consulted.

**Personal Account Trading**

Personal trading for any Covered Account should never be conducted in such a way as to create any questions of "front running," otherwise taking personal advantage of the trading activity that is conducted for the Firm, or in any way seeking personal profits at the expense of the trading conducted for the Firm. An Access Person's first priority in all trading decisions must be to benefit the Firm's clients.

**Private Investment Funds and Distributions**

Pre-approval of an investment in a private investment fund is required. Moreover, when an Access Person is notified by the fund of a distribution of securities, the employee must notify the CCO in order to record the manner of acquisition of the securities. Any subsequent sales of such shares are subject to the trade restrictions outlined in this Code.

**Other Trading Restrictions**

Access Persons are prohibited from engaging in any trading (in a personal account or for Fundstrat) that violates the law<sup>2</sup>. In addition, an Access Person may not receive from another party "hot tips," favored commission rates, or other personal brokerage or other trading benefits in exchange for the employee's giving the other party Company business, such as allocation of brokerage, or any other benefit. Receiving gifts or entertainment consistent with the Firm's Gift and Entertainment Policy is permissible, as is attendance at sponsored seminars or conferences within the guidelines contained in that policy, but in all instances, it is important to avoid even the appearance of providing business in exchange for personal benefits. Access Persons are restricted as to the purchase and sale of their personal security holdings to the extent that a Fund advised by the Firm holds or is expected to trade the same security. The Code also contains restrictions on, and procedures designed to help prevent inappropriate trading while Fundstrat is in possession of material nonpublic information.

**Prohibited, Dishonest, and Unethical Practices**

The following activities are expressly prohibited:

● Recommending to the Fund the purchase, sale, or exchange of any security without reasonable grounds to believe that the recommendation is suitable for the Fund;

● Borrowing or loaning money or securities from or to a client unless the client is a broker-dealer, an affiliate of the Firm, or a financial institution engaged in the business of loaning funds;

● Misrepresenting to any client, or prospective client, the qualifications of the Access Person, or misrepresenting the nature of the advisory services being offered or fees to be charged for such service;

● Guaranteeing a client that a specific result will be achieved with advice rendered;

● Engaging in any act, practice, or course of business which is fraudulent, deceptive, manipulative, or unethical; or

● Engaging in conduct or any act, indirectly or through or by any other person, which would be unlawful for such person to do directly under the provisions of the Advisers Act and any rule or order thereunder.

**Conflicts of Interest**

The Firm has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interest of its clients. Access Persons must strive to avoid any activity or a personal interest that presents a "conflict of interest." A conflict of interest may arise if the Access Person's personal interest interferes or appears to interfere with the interests of the Firm or its clients. A conflict of interest can arise whenever an Access Person takes action or has an interest that makes it difficult for him/her to perform his/her duties and responsibilities at the Firm honestly, objectively, and effectively.

While it is impossible to describe all of the possible circumstances under which a conflict of interest may arise, below are situations that most likely could result in a conflict of interest and that are prohibited under this Code of Ethics:

● Access Persons are prohibited from using knowledge about pending or currently considered securities transactions for clients to profit personally, directly, or indirectly, as a result of such transactions, including by purchasing or selling such securities.

● Access Persons are prohibited from recommending, implementing, or considering any securities transaction for a client without having disclosed any material beneficial ownership, business or personal relationship, or other material interest in the issuer or its affiliates, to the CCO. If the CCO deems the disclosed interest to present a material conflict, the Access Person may not participate in any decision-making process regarding the securities of that issuer.

<sup>2</sup> For example, an Access Person may not trade on the basis of material nonpublic information.

**Spread of False Information**

Fundstrat unequivocally prohibits and forbids all Access Persons from communicating or transmitting "false rumors" or other information regarding any Fund, portfolio investment, or any registered security which such Access Person does not know or reasonably believe to be true to any person outside of Fundstrat for any reason.

If the CCO, upon due investigation, finds that any Access Person has engaged in the spread of false rumors or information as described above, the CCO may recommend sanctions including, but not limited to, dismissal of the person or persons involved and/or reporting of any improper conduct to the SEC or other regulatory authorities.

**Gifts and Entertainment**

Access Persons should not accept inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could influence their decision-making or make them feel beholden to a person or firm. Similarly, Access Persons should not offer gifts, favors, entertainment, or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the Firm or the Access Person.

No Access Person may receive any gift, service, or other thing of more than *de minimis* value of from any person or entity that does business with or on behalf of the Firm. No Access Person may give or offer any gift of more than *de minimis* value to existing clients, prospective clients, or any entity that does business with or on behalf of the Firm without written pre-approval by the CCO. Gifts received from or given to the same source valued at $100.00 or less will be considered *de minimis*. Additionally, the receipt of an occasional dinner, a ticket to a sporting event or the theater, or comparable entertainment also will be considered to be of *de minimis* value.

No Access Person may give or accept cash gifts or cash equivalents to or from a client, prospective client, or any entity that does business with or on behalf of the Firm.

Bribes and kickbacks are criminal acts, strictly prohibited by law. Access Persons must not offer, give, solicit, or receive any form of bribe or kickback.

**Political Contributions**

SEC Rule 206(4)-5 restricts contributions and solicitation practices of investment advisers and their affiliates. Specifically, the Rule prohibits an investment adviser from providing advisory services to any state or local government entity, for two years, if that investment adviser or any "Covered Associate" has made a contribution to a public official who is in a position to influence the award of that advisory service contract. The Rule further prohibits an investment adviser, or a Covered Associate, from paying directly or indirectly any person to solicit a government entity for advisory services on behalf of the adviser unless such person is: a registered investment adviser representative, or an executive officer, general partner, managing member or an employee of the adviser.

A "**Covered Associate**" includes: (1) any general partner, managing member or executive officer of the Firm, (2) any employee who solicits a governmental entity on behalf of Fundstrat and anyone directly or indirectly supervising such employee, and (3) any political action committee controlled by Fundstrat or one of its Covered Associates.

"**Contribution**" means any gift, subscription, loan, advance, or deposit of money, or anything of value made for:

● the purpose of influencing any election for federal, state, or local office;

● the payment of debt incurred in connection with any such election;

● transition or inaugural expenses incurred by a successful candidate for state or local office; or

● charitable donations and contributions to a political action committee (PAC).

For purposes of this policy, all Access Persons are deemed to be Covered Associates. **It is Fundstrat's policy that no Covered Associate is permitted to make a political contribution to any candidate, officeholder, political party, or PAC.**

**Confidentiality**

Access Persons must respect the confidentiality of information acquired in the course of their work and must not disclose such information, except when they believe they are authorized or legally obliged to disclose the information. They may not use confidential information acquired in the course of their work for their personal advantage. Access Persons must keep all information about clients (including former clients) in strict confidence, including the client's identity (unless the client consents), the client's financial circumstances, the client's security holdings, and advice furnished to the client by the Firm.

**Service on a Board of Directors and Other Outside Interests**

Access Persons may not serve on the board of directors of publicly traded companies without the prior authorization of the CCO. Any such approval may only be made if it is determined that such board service will be consistent with the interests of the clients and of the Firm, and that such person serving as a director will be isolated from those making investment decisions with respect to such company by appropriate procedures. A director of a private company may be required to resign, either immediately or at the end of the current term, if the company goes public during his or her term as director.

Access Persons must obtain prior approval from the CCO for any outside business activity that was not already underway at the time this policy was first adopted. Pre-approval should be requested by submitting an e-mail to the CCO detailing the contemplated outside activity, anticipated time commitment, compensation, and disclosure of any potential conflicts of interest associated with the activity.

An outside activity or interest may never:

● Present a substantial risk of confusing clients or the public as to the capacity in which the Access Person is acting;

● Pose a reputational risk for Fundstrat;

● Inappropriately influence an Access Person's business dealings or otherwise create a conflict of interest vis-à-vis the interests of Fundstrat or clients; and/or

● Involve use of Fundstrat's client, or proprietary information.

On an annual basis, Access Persons must review and certify to outside business activities. See **Appendix 2** for the Outside Business Activities Disclosure Form. At all times, the Access Person should ensure that his/her outside business activities do not present a risk of a conflict of interest for Fundstrat, and that the Access Person make it known that, while serving an outside entity, s/he is not acting or providing advice on behalf of Fundstrat.

The CCO may require further information concerning any outside activity for which an Access Person requests approval, including the number of hours involved and the compensation to be received. The CCO will review each reported outside business activity and decide whether such activity must be restricted, monitored, and/or disclosed by Fundstrat. Access Persons are advised to consult the CCO with any questions as to whether an outside activity or interest is reportable under this policy.

**Case-by-Case Exemptions**

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from certain Prohibitions on a case-by-case basis. Any request for such consideration must be submitted to the CCO in writing. Exceptions will only be granted in those cases in which the CCO determines that granting the request will not create any potential, apparent, or actual conflicts of interest.

**Personal Securities Transactions Procedures and Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. 7-Day Blackout Rule.** Fundstrat imposes upon all Access Persons a blackout period for all purchases or sales of the GRNY ETF within a Covered Account (defined above) beginning 7 days prior to the rebalance date (date when Fundstrat sends the ETF basket to Tidal Investments) and ends after the rebalance has been completed and the updated holdings have been made publicly available. Fundstrat will rebalance the ETF quarterly, with discretion over the precise date quarter to quarter. Similarly, Access Persons are prohibited from personal trading beginning 7 days prior to the Fundstrat rebalance in any security or equivalent security having a pending buy or sell order. Regardless of the blackout period, a personal trade by any Access Person shall not prevent the Fund from trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Preclearance of Securities.** Access Persons must preclear all buys and sells of GRNY, AND all single security trades in a Covered Account with the exception of those identified in the list below. All approved orders must be executed within 48 hours of preclearance approval, unless the CCO instructs otherwise. If any order is not timely executed, a request for pre-clearance must be resubmitted. Exceptions to the requirement to resubmit preclearance requests may be granted in advance by the CCO for unusual circumstances.

**The following are exempt from preclearance:**

● Non-proprietary, open-ended mutual funds and ETFs (e.g., mutual funds and ETFs not managed, advised, or sub-advised by Fundstrat).

● Broad based index and commodity options and futures.

● Discretionary accounts that are managed externally by an independent third party (e.g., an external investment adviser with discretionary authority).

● Exceptions by prior written approval.

● Automatic investment/withdrawal programs and automatic rebalancing as part of a model portfolio managed by Fundstrat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. IPOs are Prohibited.** No Access Person or household member thereof may acquire any security in an Initial Public Offering (**IPO**). For purposes of this policy, an IPO does not include offerings of government or municipal securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Preclearance Required for Limited Offerings and Private Placements.** Securities issued in limited offerings and private placements (including investments in limited partnerships such as buyout, venture capital, oil and gas, real estate, and hedge funds or funds of funds) may only be acquired by an Access Person or household member thereof with the advance written approval of the CCO. A request for approval of a private placement or limited offering should generally be submitted at least one week in advance of the proposed date of investment. Certain limited partnership investments may not be securities, such as a partnership created to invest in a building. Access Persons are urged to consult the CCO with any questions about limited offerings. Preclearance does not preclude subsequent reporting of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Cryptocurrencies**. A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. There is some debate as to whether cryptocurrencies are securities. If there is a centralized third party, along with purchasers of a cryptocurrency with an expectation of a return, then the transaction should be considered a securities transaction. Bitcoin is not deemed to be a security because it is decentralized: there is no central party whose efforts are a key determining factor in the enterprise. In addition, ether is also not a security because the Ethereum network is also decentralized. Access Persons are not required to pre-clear, or report transactions or holdings related to cryptocurrencies which are not deemed to be securities.

Cryptocurrencies that are deemed to be securities and Initial Coin Offerings (**ICOs**) are included in the definition of a covered security. If there is any question by an Access Person as to whether a security is "covered" under this Code, s/he should consult with the CCO for clarification on the issue before entering any trade for his/her personal account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Preclearance Required for Option Writing.** Access Persons must preclear any option writing with the CCO. This does not apply to any options written on security types listed as exempt from preclearance under Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Short Selling Restrictions.** Access Persons and household members are prohibited from selling short any security which is owned in a client portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Investment Clubs are Prohibited.** Access Persons and household members are prohibited from participating in investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Trustee Arrangements**. Access Persons must receive pre-approval from the CCO before accepting a trustee position for any person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Prohibition on Trading Securities on the Restricted Security List.** Fundstrat may from time to time establish a Restricted Security List that includes certain securities where Fundstrat has, or may receive, material nonpublic information about such companies because of a special relationship between Fundstrat or an Access Person and such companies or otherwise. No Access Persons or household member thereof can trade or invest in any securities listed on the Restricted Security List without the prior consent of the CCO. This restriction covers all instruments of the issuer, including equity, debt, and derivative instruments.

If any Access Person or household member thereof already holds a security that is on the Restricted Security List and has not received consent from the CCO, such Access Person or household member must continue to hold and may not execute any buy or sell orders for the relevant security until such security is removed from the Restricted Security List. This requirement covers all instruments of the issuer. All Access Persons are responsible for knowing the contents of the Restricted Security List prior to effecting or soliciting a transaction in a security. Any Access Person with access to the Restricted Security List is prohibited from disclosing the securities listed on the Restricted Security List to third parties (except household members to facilitate their compliance with this policy) without the authorization of the CCO.

The CCO will determine whether a security should be placed on the Restricted Security List and maintain and update the Restricted Security List, as necessary. The CCO will periodically monitor transactions by Access Persons and their respective household members that are reported to the CCO pursuant to the Code to ascertain any pattern of conduct which may violate the restriction requirements or evidence front-running, scalping, or other inappropriate behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Restrictions on Disclosures**. You may not disclose any nonpublic information (whether or not it is material) relating to Fundstrat or securities transactions on behalf of clients to any person outside Fundstrat (unless such disclosure has been authorized by Fundstrat). You may not communicate material nonpublic information to anyone, including persons within Fundstrat, except as permitted by this Code and related policies outlined in this Manual. All material nonpublic information must be secured. For example, access to files containing material, nonpublic information should be restricted, and conversations containing such information, if appropriate at all, should be conducted in a private setting to the extent practicable. Conversations in public places, such as elevators, restaurants, and airplanes, should be limited to matters that do not pertain to information of a sensitive or confidential nature. Disclosure restrictions are not intended to preclude an Access Person's rights under the Whistleblower Policy, outlined below.

The CCO will review and consider any proper request for relief or exemption from any restriction, limitation or procedure contained in this Code which you believe will cause you a hardship. The decision of the CCO is completely within his discretion.

Each Access Person is solely responsible for any violation of this Code by a household member thereof.

**Pre-Clearance Procedure**

For any activity where it is indicated in the Code of Ethics that pre-clearance is required, the following procedure must be followed:

● Pre-clearance requests must be submitted by the requesting Access Person to the CCO in writing (see **Appendix 3** for the Pre-Approval Form: Personal Securities Transaction). The request must describe in detail what is being requested and any relevant information about the proposed activity.

● The CCO will respond in writing to the request as quickly as is practical, either giving an approval or declination of the request, or requesting additional information for clarification.

● Pre-clearance authorizations expire 48 hours after the approval, unless otherwise noted by the CCO on the written authorization response.

● Records of all pre-clearance requests and responses will be maintained by the CCO for monitoring purposes and ensuring the Code of Ethics is followed.

**Reporting Requirements**

**Initial Personal Securities Account Report**

No later than ten (10) days after the person becomes an Access Person and annually thereafter, every Access Person must file a personal securities account report containing the information specified in **Appendix 4**, the Personal Securities Account Certification.

**Initial and Annual Holdings Reports**

No later than ten (10) days after the person becomes an Access Person and annually thereafter, every Access Person must file a holdings report containing the following information:

● The title, exchange ticker symbol or CUSIP number, type of security, number of shares and principal amount of each Reportable Security in which the Access Person had any direct or indirect beneficial ownership when the person becomes an Access Person;

● The name of any broker,

● ● dealer, or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person; and

● The date that the report is submitted by the Access Person.

See **Appendix 5** for the Personal Holdings Certification. The holdings reports must be current as of a date not more than 45 days prior to the individual becoming an access person (in the case of an initial report) or the date the report is submitted (in the case of an annual report).

**Quarterly Reports**

No later than thirty (30) days after the end of calendar quarter, every Access Person must file transaction reports containing the following information:

● For each transaction involving a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership, the Access Person must provide the date of the transaction, the title, exchange ticker symbol or CUSIP number, type of security, the interest rate and maturity date (if applicable), number of shares and principal amount of each involved in the transaction;

● The nature of the transaction (e.g., purchase, sale)

&nbsp;&nbsp;&nbsp;&nbsp;

● The price of the security at which the transaction was effected

● The name of any broker, dealer, or bank with or through the transaction was effected; and

● The date that the report is submitted by the Access Person.

See **Appendix 6** for the Quarterly Personal Securities Transactions Report. Access Persons may use duplicate brokerage confirmations and account statements, provided that all of the required information is contained in those confirmations and statements, and the Access Person submits Appendix 6 confirming that Fundstrat is in receipt of all confirmations and statements.

**Exceptions from Reporting Requirement**

Initial, annual, and quarterly reporting is not required for any account over which an Access Person or a household member has no direct or indirect influence or control. However, each Access Person must report the existence of such an account to the CCO. The CCO has the authority to request further information and documentation from you regarding any account over which you claim to have no influence or control, including to direct the adviser or broker to the account to provide an affirmative certification that the Access Person or household member has no direct or indirect influence or control. Each Access Person must certify annually that he or she, or a household member when applicable, does not have direct or indirect influence or control over the account. If the Access Person's level of discretion changes relative to a non-discretionary account, the CCO must be notified immediately. All related documentation pertaining to a personal account exemption will be maintained by the CCO pursuant to Fundstrat's Books and Records policy.

The reporting requirements of this section of this Code of Ethics do not apply to transaction reports with respect to transactions effected pursuant to an automatic investment plan, including dividend reinvestment plans.

The reporting requirements of this section of this Code of Ethics do not apply to transaction reports if the report would contain duplicate information contained in broker trade confirmations or account statements that the Firm holds in its records so long as the Firm receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

Furthermore, accounts restricted solely to the purchase and sale of mutual funds, 529 College Savings Plans, and 403b/401k plans are not subject to this policy and do not require disclosure or quarterly reporting. However, if the accounts described above can trade other securities, (e.g., ETFs, individual equity names or GRNY), those accounts are subject to the policy even if they hold only mutual funds.

**Responsibility to Report**

All reports must be filed with the CCO or her named designee. The responsibility for taking the initiative to report is imposed on each Access Person required to make a report. Any effort by the CCO to facilitate the reporting process does not change or alter that responsibility. Any Access Person who has failed to provide the referenced information by the prescribed deadline will be deemed to have violated Fundstrat's Code of Ethics and may be subject to disciplinary action.

**Monitoring of Personal Securities Transactions**

The Firm is required by the Advisers Act to review Access Persons' personal securities transactions and reports periodically. The CCO is responsible for reviewing these. To avoid self-review if the CCO is not the only Access Person, another officer of the Firm is responsible to review transactions and reports and approve pre-clearance requests submitted by the CCO.

**Confidentiality**

Access Persons must report personal securities accounts and holdings to the CCO as outlined herein. It is the intent of the CCO to regard and preserve information pertaining to Access Person personal trading activities as confidential in nature. However, in certain circumstances, Fundstrat may be authorized to disclose such information as required by law enforcement or regulatory inquiry and under any circumstances wherein Fundstrat deems disclosure to be reasonably necessary to prevent fraud, unauthorized transactions, liability, or to respond to judicial process or subpoena.

**Certification of Compliance**

**Initial Certification**

The Firm is required to provide all Access Persons with a copy of the Code. All Access Persons are to certify in writing that they have: (a) received a copy of the Code; (b) read and understand all provisions of the Code; and (c) agreed to comply with its terms.

**Acknowledgement of Amendments**

The Firm must provide Access Persons with any amendments to the Code and Access Persons must submit a written acknowledgement that they have received, read, and understood the amendments to the Code.

**Annual Certification**

All Access Persons must annually certify that they have read, understood, and complied with the Code of Ethics and that the Access Persons has made all of the reports required by the Code and has not engaged in any prohibited conduct.

The CCO will maintain records of these certifications of compliance.

**Reporting Violations**

All Access Persons must report violations of the Firm's Code of Ethics promptly to the CCO. If the CCO is involved in the violation or is unreachable, Access Persons may report directly to senior management. All reports of violations will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. Persons may report violations of the Code of Ethics on an anonymous basis. Examples of violations that must be reported are (but are not limited to):

● noncompliance with applicable laws, rules, and regulations;

● fraud or illegal acts involving any aspect of the Firm's business;

● material misstatements in regulatory filings, internal books and records, clients records or reports;

● activity that is harmful to clients; and

● deviations from required controls and procedures that safeguard clients and the Firm.

No retribution will be taken against a person for reporting, in good faith, a violation or suspected violation of this Code of Ethics. Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of the Code. *See Fundstrat's Whistleblower Policy found in the Fundstrat Compliance Manual.*

**Compliance Officer Duties**

**Training and Education**

The CCO is responsible for training and educating Access Persons regarding the Code. Training will occur as needed and all Access Persons are required to attend any training sessions or read any applicable materials in accordance with CCO direction.

**Recordkeeping**

The CCO will ensure that the Firm maintains the following records in a readily accessible place:

● A copy of each Code of Ethics that has been in effect at any time during the past five years;

● A record of any violation of the Code and any action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;

● A record of all written acknowledgements of receipt of the Code and amendments for each person who is currently, or within the past five years was, an Access Person. These records must be kept for five years after the individual ceases to be an Access Person of the Firm;

● Holdings and transactions reports made pursuant to the Code, including any brokerage confirmation and account statements made in lieu of these reports;

● A list of the names of persons who are currently, or within the past five years were, Access Persons;

● A record of any decision and supporting reasons for approving the acquisition of securities by Access Persons in initial public offerings and limited offerings for at least five years after the end of the fiscal year in which approval was granted;

● A record of all requests for pre-approval and reports related to gifts, entertainment, and outside business activities, along with any supporting records related to such pre-approvals and reports; and

● A record of any decisions that grant employees or Access Persons a waiver from or exception to the Code.

**Annual Review**

The CCO will review at least annually the adequacy of the Code of Ethics and the effectiveness of its implementation.

**Sanctions**

Any violations discovered by or reported to the CCO will be reviewed and investigated promptly. Such report will include the corrective action taken and any recommendation for disciplinary action deemed appropriate by the CCO. Such recommendation will be based on, among other things, the severity of the infraction, whether it is a first or repeat offense, and whether it is part of a pattern of disregard for the letter and intent of this Code of Ethics. The CCO may impose such sanctions for violation of this Code of Ethics, as he deems appropriate, including, but not limited to:

● Cease & Desist Letter

● Warning Letter

● Civil and/or criminal legal proceedings

● Suspension of employment

● Termination of employment

● Referral to law enforcement

● Referral to regulatory authorities

**INSIDER TRADING**

It is the policy of Fundstrat that no Access Person may engage in what is commonly known as "insider trading." Specifically, the Firm prohibits:

● Trading, either in a Reportable Account or on behalf of any other person (including client accounts), on the basis of material nonpublic information; or

● Communicating material nonpublic information to others in violation of the law.

**Insider Trading Policy**

Section 204A of the Advisers Act requires every Investment Adviser to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by such Investment Adviser or any Access Person with such Investment Adviser. In accordance with Section 204A of the Act, the Firm has instituted procedures to prevent the misuse of nonpublic information.

In the past, securities laws have been interpreted to prohibit the following activities:

● Trading by an insider while in possession of material nonpublic information; or

● Trading by a non-insider while in possession of material nonpublic information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

● Communicating material nonpublic information to others in breach of a fiduciary duty.

**Who Is Covered by the Policy?**

This policy covers all of the Firm's Access Persons as well as all transactions in any securities participated in by family members, trusts, or corporations directly or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which the Access Person is an officer, director or 10% or greater stockholder and a partnership of which the Access Person is a partner unless such person has no direct or indirect control over the partnership.

**Material Information**

Individuals may not be held liable for trading on inside information unless the information is material. Advance knowledge of the following types of information is generally regarded as material:

● Dividend or earnings announcements

● Write-downs or write-offs of assets

● Additions to reserves for bad debts or contingent liabilities

● Expansion or curtailment of company or major division operations

● Merger, joint venture announcements

● New product/service announcements

● Discovery or research developments

● Criminal, civil and government investigations, and indictments

● Pending labor disputes

● Debt service or liquidity problems

● Bankruptcy or insolvency problems

● Tender offers, stock repurchase plans, etc.

● Recapitalization

Information provided by a company could be material because of its expected effect on a particular class of a company's securities, all of the company's securities, the securities of another company, or the securities of several companies. The misuse of material nonpublic information applies to all types of securities, including equity, debt, commercial paper, government securities, and options.

Material information does not have to relate to a company's business. For example, material information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material.

**Nonpublic Information**

In order for issues concerning insider trading to arise, information must not only be material, but also nonpublic as well.

Once material, nonpublic information has been effectively distributed to the investing public, it is no longer classified as material, nonpublic information. However, the distribution of nonpublic information must occur through commonly recognized channels for the classification to change. In addition, the information must not only be publicly disclosed, but there must also be adequate time for the public to receive and digest the information. Lastly, nonpublic information does not change to public information solely by selective dissemination.

Access Persons must be aware that even when there is no expectation of confidentiality, a person may become an insider upon receiving material, nonpublic information. Whether the "tip" made to the Access Person makes such person a "tippee" depends on whether the corporate insider expects to benefit personally, either directly or indirectly, from the disclosure.

"Benefit" is not limited to a present or future monetary gain; it could be a reputational benefit or an expectation of a *quid pro quo* from the recipient by a gift of the information. Access Persons may also become insiders or "tippees" if they obtain material, nonpublic information by happenstance, at social gatherings, by overhearing conversations, etc.

**Fair Dealing vs. Self-Dealing**

Access Persons must act in a manner consistent with the obligation to deal fairly with all clients when taking investment action. The Firm will not tolerate self-dealing for personal benefit or the benefit of the Firm at the expense of clients.

**Front Running**

"Front running" and "scalping" refer to the buying or selling of securities in a Reportable Account, prior to clients, in order to benefit from any price movement that may be caused by client transactions or the Firm's recommendations regarding the security. It also includes buying or selling options, rights, warrants, futures contracts, convertible securities, or other securities that are related to a security in which clients may affect transactions or which the Firm may make recommendations. The Firm strictly prohibits front running and any other form of market manipulation.

**APPENDIX 1**

**<u>CODE OF ETHICS CERTIFICATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 undersigned Access Person with Fundstrat Capital, LLC (**Fundstrat**), hereby acknowledges,
 certifies, represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;2. He
 or she has received a copy of the Fundstrat Code of Ethics and has read and understands
 the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;3. He
 or she will abide by: (i) all rules, restrictions, policies, and procedures described
 in the Code of Ethics (as amended from time to time); and (ii) all covered laws applicable
 to him or her (as amended from time to time), whether in connection with his or her activities
 on behalf of Fundstrat or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;4. If
 applicable, he or she has complied with Fundstrat's Code of Ethics since the last
 date on which such person signed and delivered this Certification (or its predecessor
 form) to Fundstrat.

&nbsp;&nbsp;&nbsp;&nbsp;5. He
 or she understands that any violation of Fundstrat's Code of Ethics by him or her
 may lead to sanctions, including the termination of his or her employment with Fundstrat
 or other dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;6. He
 or she understands that nothing contained in Fundstrat's Code of Ethics affects
 in any way the at-will nature of his or her employment with Fundstrat, which Fundstrat
 may terminate at any time for any reason without penalty or other payment except as required
 by law or written agreement.

Access Person Name (print) Date

Access Person Signature

**APPENDIX 2**

**<u>OUTSIDE BUSINESS ACTIVITIES DISCLOSURE FORM</u>**

<u>Check One</u>: _____ New Disclosure _____ Updated Disclosure _____ Remove Disclosure

Fundstrat Capital, LLC's Access Persons who engage in any outside business activity, with or without compensation, must complete and submit this form to the CCO for review and approval. See the Code of Ethics for complete information.

An outside business activity includes any business activity that is outside the scope of Fundstrat's business. Such business activity includes acting as a proprietor, partner, officer, director, trustee, consultant, or having any financial interest in another business or organization. An outside business activity also includes non-compensated positions for which you have a fiduciary duty (i.e. president, treasurer, trustee, power of attorney, charitable or other office positions for a nonprofit board). While an outside business activity does not include passive investments, exception might apply by virtue of their nature, position, percentage of ownership or control or obligations with respect to that activity.

Failure to promptly disclose an outside business activity could result in disciplinary actions including termination. You must utilize this Outside Business Activity Disclosure Form to disclose any activity to Fundstrat. Your disclosure must be both accurate and complete to be considered for review.

In the event that you have any change in your outside business activity profile, you must update this form promptly and forward it to the CCO for review and final updating.

**I understand it is my obligation to promptly update any changes in my outside business activities.** 

**Please Initial, Sign and Date:**

I DO NOT engage in any outside business activities. ___________

I DO engage in the following outside activities: ___________

**Description of outside activities, including details related to time spent and compensation received** (list all that apply; attach separate page if needed):

Access Person Name (print) Date Signature

Chief Compliance Officer Approval Signature Date

**APPENDIX 3**

**<u>PRE-APPROVAL FORM: PERSONAL SECURITIES TRANSACTION</u>**

**Page 1 of 2**

This form must be submitted <u>prior to</u> executing a transaction in personal securities (with some exceptions), a private placement, limited offering, sub-advised ETF, or any other transaction the Access Person believes could cause a conflict or compliance violation. IPOs are prohibited. See the Code of Ethics for details.

**IRRESPECTIVE OF APPROVAL BY THE CHIEF COMPLIANCE OFFICER, NO EMPLOYEE MAY EXECUTE ANY SECURITIES TRANSACTION WHILE IN POSSESSION OF INSIDE INFORMATION. SEE THE CODE OF ETHICS FOR MORE INFORMATION ABOUT INSIDER TRADING AND NON-PUBLIC INFORMATION.**

Whether or not an Access Person has "inside information", no employee may "trade ahead" of a client or execute any transaction which might in any respect disadvantage a client account or result in an Access Person in any respect profiting from a transaction executed or positions held for a client.

 

Name as it appears on the Account: ________________________________________

Account Number: ________________________________________

Issuer: ____________________

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| | | |
|:---|:---|:---|
| **Equity Investments**: | ☐ Common | ☐ Preferred |
| Number of shares: | |  |

---

---

| | | |
|:---|:---|:---|
| **Debt Investments**: | ☐ Public | ☐ Private |

---

---

| |
|:---|
| Par Amount/Price: |
| Interest rate: |
| Maturity date: |

---

**Limited Offering:**

Please provide details:

Describe whether and why this investment would or would not be suitable for a client:

Transaction Type (please check):

☐ Purchase

☐ Sale

Estimated Trade Date:   Estimated Price:   <br>Broker/Dealer:  

**APPENDIX 3**

**<u>PRE-APPROVAL FORM: PERSONAL SECURITIES TRANSACTION</u>**

**Page 2 of 2**

Is the investment a limited offering? □ Yes □ No <br>Is the investment a private placement? □ Yes □ No

If yes, will the private placement invest in corporate debt or equity? □ Yes □ No <br> If yes, will you take an active role in the management of investments? □ Yes □ No

**Representation and Signature**:

By executing this form, I represent that the information contained herein is accurate and complete and that my trading in this investment is not based on any material nonpublic information.

Access Person Name Date

Access Person Signature

Compliance Approval: ________________________ Date: _____________________

Duration of preclearance approval: _________________________________

**Approval of a trade does not mean that Fundstrat in any respect recommends or endorses such transaction.** **THIS APPROVAL IS ONLY VALID UNTIL THE LAST DATE LISTED ABOVE. FURTHERMORE, THIS APPROVAL IS NOT VALID IF ANY OF THE INFORMATION LISTED ABOVE CHANGE OR SHOULD THE ASSOCIATED PERSON COME INTO POSSESSION OF "INSIDE INFORMATION".**

**APPENDIX 4**

**<u>PERSONAL SECURITIES ACCOUNT CERTIFICATION</u>**

***To be completed upon employment, promptly upon any changes and annually thereafter***

Check One: New Disclosure _______ Updated Disclosure ________ Annual Disclosure_________

Access Person Name (print):_______________________________________

Date of Report: _________________

**Check <u>one</u> of the following as applicable:**

____ I do not have any personal securities accounts to disclose.

____ I have personal securities accounts to disclose which are listed below.

Listed below are personal securities accounts which I or a household member have beneficial interest as defined in the Fundstrat Personal Trading Policy. Attach additional sheets if necessary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of<br> Account <br> (e.g. brokerage, IRA)** | **Name on<br> Account** | **Relationship<br> to me<br> (e.g. self, spouse)** | **Financial<br> Institution<br> (e.g. Schwab, E-Trade)** | **Account<br> Number** |

---

Access Person Signature:   Date:  

Chief Compliance Officer Approval Signature Date

**APPENDIX 5**

**<u>PERSONAL HOLDINGS CERTIFICATION</u>**

***To be completed upon employment, upon any changes and annually thereafter***

Name of Access Person (print): ______________________________________

Check One: New Disclosure _______ Updated Disclosure ________ Annual Disclosure _________

Please list all other personal holdings in which you have a financial interest or over which you exercise control that have not otherwise been disclosed to Fundstrat <u>or</u> check the box below stating you do not have any additional holdings to disclose.

---

| | | | |
|:---|:---|:---|:---|
| **NAME OF HOLDING, AMOUNT OWNED AND DATE ACQUIRED** | **BROKERAGE FIRM OR CUSTODIAN** | **ACCOUNT NUMBER AND NAME ON ACCOUNT (If applicable)** | **STATEMENTS SENT TO CCO?**<br> **(Yes/No//N/A/Will be Arranged)** |

---

**Attach additional sheets if necessary.**

**OR**

**___________** I do not have any additional personal holdings to disclose (check here only if this applies).

Access Person Signature:   Date:  

Chief Compliance Officer Approval Signature Date

**APPENDIX 6**

**<u>QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT</u>**

**Page 1 of 2**

The Fundstrat Capital, LLC Code of Ethics and SEC regulations require that each Access Person (defined at Rule 204A-1(e)(1)) report, within 30 days of the end of each calendar quarter, any personal securities transactions in any account of the Access Person, or any account in which the Access Person or any immediate family or household member, has a direct or indirect pecuniary interest. If the Access Person has arranged for the CCO or other designee to receive copies of brokerage statements for all covered accounts, then such brokerage reports will negate the need for the Access Person to separately complete this quarterly transaction report. If the Access Person has arranged for Fundstrat to receive copies of brokerage statements for all covered accounts, the use of this form would be limited to reporting transactions in private offerings which are transacted outside of brokerage accounts.

Quarter ending: ______________

____ YES, I had reportable personal securities transactions within the past quarter as reported on (check all that apply):

_____ the attached page/or monthly brokerage statements

_____ confirmations/statements sent directly by my broker-dealer to the Firm

_____ the attached report

_____ NO, I had no reportable personal securities transaction(s) in the past quarter.

This report is to be signed, dated, and returned to the CCO, within 30 days of quarter end.

Access Person Signature

---

| | |
|:---|:---|
| Print Name\* | Date |
| Chief Compliance Officer Signature | Date |

---

\*Important Note: The CCO has discretion to rely upon e-mail or electronic platform attestation in lieu of signatures.

**APPENDIX 6**

**<u>QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT</u>**

**Page 2 of 2**

**Transactions do not need to be reported for:**

● Any account in which the *Access Person* has no direct or indirect influence or control;

● Direct obligations of the U.S. Government, e.g., U.S. Treasury bills, notes, and bonds;

● High quality short-term instruments, e.g., U.S. bank certificates of deposit, bankers' acceptances, and commercial paper;

● Open-end investment companies, i.e., mutual funds unless Fundstrat, or an affiliated company acts as investment adviser, sub-adviser, or principal underwriter to the mutual fund(s);

● 529 Plans, unless Fundstrat or a control affiliate manages, distributes, markets, or underwrites the 529 Plan or the investments (including a fund that is defined as a reportable fund under Rule 204A-1) and strategies underlying the 529 Plan that is a college savings plan; and

● Units of unit investment trusts, so long as the unit investment trust is neither managed by Fundstrat, any affiliate of Fundstrat, nor invested in affiliated mutual funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account Identification Information (Name/#)** | &nbsp;&nbsp;**Trade Date and Transaction Type (Buy/Sell)** | &nbsp;&nbsp;**Transaction Price and Number of Shares** | &nbsp;&nbsp;**Name of Security** | &nbsp;&nbsp;**Ticker or CUSIP** | &nbsp;&nbsp;**Interest Rate and Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Broker** |

---

The reporting or recording of any such transaction should not be construed as an admission you have any direct or indirect beneficial ownership in the security reported.