# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-25-009394
**Filing Date:** 2025-7
**Character Count:** 363994
**Document Hash:** 86f3ec23cc7df2ac84d8a673bfccc98f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-009394.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001999371-25-009394

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**EFFECTIVENESS DATE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust I
- **CENTRAL INDEX KEY:** 0001742912

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285813
- **FILM NUMBER:** 251133945

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust
- **DATE OF NAME CHANGE:** 20180606

**As filed with the U.S. Securities and Exchange Commission on July 18, 2025**

**Registration No. 333-285813**

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

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

---

| | |
|:---|:---|
| Pre-Effective Amendment No. |  |
| Post-Effective Amendment No. 1 | ☒ |
| (Check appropriate box or boxes) |  |

---

**TIDAL TRUST I**<br> (Exact Name of Registrant as Specified in Charter)

**234 West Florida Street, Suite 203**<br> **Milwaukee, WI 53204**<br> (Address of Principal Executive Offices, Zip Code)

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

**The Corporation Trust Company**<br> **1209 Orange Street**<br> **Corporation Trust Center**<br> **Wilmington, DE 19801**<br> (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** | **Christopher M. Cahlamer**<br> **Godfrey & Kahn, S.C.** <br> **833 East Michigan Street, Suite 1800**<br> **Milwaukee, Wisconsin 53202** |

---

**Explanatory Note**: The Prospectus and Statement of Additional Information, each in the form filed on April 16, 2025 pursuant to Rule 497 (File No. [333-285813](https://www.sec.gov/Archives/edgar/data/1742912/000199937125004273/atac_497-060525.htm)) (Accession Number 0001999371-25-004273), are incorporated herein by reference. The sole purpose of this amendment is to file the final tax opinion of Godfrey & Kahn, S.C. and certain servicing agreements as exhibits to this Registration Statement.

**PART C**

**Other Information**

**Item 15. Indemnification**

Every person who is, has been, or becomes a Trustee or officer of the Trust (hereinafter referred to as a "Covered Person") shall be indemnified by the Trust to the fullest extent permitted by law against any and all liabilities and expenses reasonably incurred or paid by them in connection with the defense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having been such a Trustee or officer, and against amounts paid or incurred by them in the settlement thereof. Every person who is, has been, or becomes an agent of the Trust may, upon due approval of the Trustees (including a majority of the Trustees who are not interested persons of the Trust), be indemnified by the Trust, to the fullest extent permitted by law, against any and all liabilities and expenses reasonably incurred or paid by them in connection with the defense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having been an agent, and against amounts paid or incurred by him in the settlement thereof. Every Person who is serving or has served at the request of the Trust as a director, officer, partner, trustee, employee, agent or fiduciary of another domestic or foreign corporation, partnership, joint venture, trust, other enterprise or employee benefit plan ("Other Position") and who was or is a party or is threatened to be made a party to any proceeding by reason of alleged acts or omissions while acting within the scope of his or her service in such Other Position, may, upon due approval of the Trustees (including a majority of the Trustees who are not interested persons of the Trust), be indemnified by the Trust, to the fullest extent permitted by law, against any and all liabilities and expenses reasonably incurred or paid by them in connection with the defense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having held such Other Position, and against amounts paid or incurred by them in the settlement thereof.

The Trust shall indemnify each Covered Person who was or is a party or is threatened to be made a party to any proceeding, by reason of alleged acts or omissions within the scope of their service as a Covered Person, against judgments, fines, penalties, settlements and reasonable expenses (including attorneys' fees) actually incurred by them in connection with such proceeding to the maximum extent consistent with state law and the Investment Company Act of 1940, as amended.

No indemnification shall be provided to any person who shall have been adjudicated by a court or body before which the proceeding was brought: (i) to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office, or (ii) not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust.

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

**Item 16.** **Exhibits:**

(1) (a) [Amended and Restated Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-ai.htm) dated June
2, 2025, as filed with the state of Delaware on June 2, 2025, for Tidal Trust I (formerly known as Tidal ETF Trust) (the "Trust"
or the "Registrant"), previously filed with Post-Effective Amendment No. 267 to the Trust's registration statement
on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(b) [Registrant's Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-aii.htm) , previously filed with Post-Effective Amendment No. 267 to the Trust's
 registration statement on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(2) [Registrant's Amended and Restated By-Laws](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-b.htm) , previously filed with Post-Effective Amendment No. 267 to the Trust's registration
 statement on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(3) Not
 Applicable.

(4) [Form of Agreement and Plan of Reorganization](http://www.sec.gov/Archives/edgar/data/1742912/000199937125002648/atac_n14-031325.htm) – previously filed as Exhibit B of this Registration Statement on Form N-14
 on March 14, 2025 and is incorporated herein by reference.

(5) Instruments
 Defining Rights of Security Holders - See relevant portions of Declaration of Trust and By-Laws.

(6) (a) [Investment Advisory Agreement between the Trust (on behalf of ATAC Rotation Fund) and Tidal Investments LLC ("Tidal")](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-dxxii.htm) ,
 previously filed with Post-Effective Amendment No. 273 to the Trust's registration statement on Form N-1A on June 25,
 2025 and is incorporated herein by reference.

(b) [Investment Sub-Advisory Agreement between Tidal and Tactical Rotation Management, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-dxli.htm) , previously filed with Post-Effective Amendment
 No. 273 to the Trust's registration statement on Form N-1A on June 25, 2025 and is incorporated herein by reference.

(7) [Distribution Agreement between the Trust and Foreside (on behalf of the ATAC Rotation Fund)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-eii.htm) , previously filed with Post-Effective Amendment
 No. 273 to the Trust's registration statement on Form N-1A on June 25, 2025 and is incorporated herein by reference.

(8) Bonus,
 profit sharing contracts - Not Applicable.

(9) [Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association](ex99-9.htm) – **filed herewith.** 

(10) (a) [Distribution (Rule 12b-1) Plan](ex99-10a.htm) – **filed herewith.** 

(b) [Rule 18f-3 Plan](ex99-10b.htm) – **filed herewith.** 

(11) [Opinion and Consent regarding the validity of shares to be issued](http://www.sec.gov/Archives/edgar/data/1742912/000199937125002648/ex99-11.htm) , previously filed with Form N-14 on March 14, 2025 and is hereby
 incorporated by reference.

(12) [Opinion and Consent regarding certain tax matters](ex99-12.htm) — **filed herewith**.

(13) (a) [Amended and Restated Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007961/ex99-hi.htm) , previously filed with Post-Effective Amendment No. 271 to the Trust's registration statement on Form
 N-1A on June 18, 2025 and is incorporated herein by reference.

(b) [Amended and Restated Sub-Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](ex99-13b.htm) – **filed herewith.** 

(c) [Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](ex99-13c.htm) – **filed herewith.** 

(d) [Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](ex99-13d.htm) – **filed herewith.** 

(14) Consent
 of Independent Registered Public Accounting Firm – Not Applicable

(15) Not
 applicable

(16) [Powers of attorney](http://www.sec.gov/Archives/edgar/data/1742912/000199937125002648/ex99-16.htm) , previously filed with Form N-14 on March 14, 2025 and is hereby incorporated by reference.

(17) [Form of Proxy Coard](http://www.sec.gov/Archives/edgar/data/1742912/000199937125002648/ex99-17.htm) , previously filed with Form
N-14 on March 14, 2025 and is hereby incorporated by reference.

**Item 17. Undertakings**

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the reoffering prospectus will contain the information called for by the applicable registration form for re-offerings by persons who may be deemed underwriters, in addition to the information called for by other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of securities at that time shall be deemed to be the initial bona fide offering of them.

**SIGNATURES**

As required by the Securities Act of 1933, this registration statement has been signed on behalf of the Registrant, in the City of Milwaukee, State of Wisconsin, on July 18, 2025.

---

| | |
|:---|:---|
| **TIDAL TRUST I** | **TIDAL TRUST I** |
| By: | /s/ Eric W. Falkeis |
| Name: | Eric Falkeis |
| Title: | President |

---

Pursuant to the requirements of the 1933 Act, this registration statement has been signed as of July 18, 2025 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/ Eric W. Falkeis* | President (principal executive officer), Trustee and Chairman |
| Eric W. Falkeis |  |
| *Dusko Culafic\** | Trustee |
| Dusko Culafic |  |
| *Mark H. W. Baltimore\** | Trustee |
| Mark H. W. Baltimore |  |
| *Eduardo Mendoza\** | Trustee |
| Eduardo Mendoza |  |
| */s/ Aaron Perkovich* | Treasurer (principal financial officer and principal accounting officer) |
| Aaron Perkovich |  |

---

---

| | |
|:---|:---|
| \*By: | */s/ Eric W. Falkeis* |
|  | Eric W. Falkeis<br> Attorney-in-Fact pursuant to <br> Powers of Attorney |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit</u>** |
| [(9)](ex99-9.htm) | [Custody Agreement](ex99-9.htm) |
| [(10)(a)](ex99-10a.htm) | [Distribution (Rule 12b-1) Plan](ex99-10a.htm) |
| [(10)(b)](ex99-10b.htm) | [Rule 18f-3 Plan](ex99-10b.htm) |
| [(12)](ex99-12.htm) | [Opinion and Consent regarding certain tax matter](ex99-12.htm) |
| [(13)(b)](ex99-13b.htm) | [Sub-Administration Servicing Agreement](ex99-13b.htm) |
| [(13)(c)](ex99-13c.htm) | [Fund Accounting Servicing Agreement](ex99-13c.htm) |
| [(13)(d)](ex99-13d.htm) | [Transfer Agent Servicing Agreement](ex99-13d.htm) |

---

## Exhibit 99.9

[Tidal Trust I POS EX](atac-posex_071825.htm)

**Exhibit 99(9)**

**AMENDED AND RESTATED**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **TIDAL TRUST I** (formerly, TIDAL ETF TRUST), a Delaware statutory trust, (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian"). **Tidal Investments LLC** (formerly, Toroso Investments, LLC), a Delaware limited liability company, the investment adviser to the Trust (the "Adviser"), is a party hereto with respect to Section 7.01 only.

WHEREAS, the parties entered into a Custody Agreement dated as of December 21, 2018, as amended (the "Original Agreement");

WHEREAS, the parties desire to amend and restate the Original Agreement with the terms of this Agreement;

WHEREAS, the Original Agreement is hereby superseded and replaced in its entirety with this Agreement;

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and is authorized to issue shares of beneficial interest in separate series advised by the Adviser, with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Trust desires to retain the Custodian to act as custodian of the cash and securities of each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (each a "Fund" and collectively, the "Funds"); and

WHEREAS, the Board of Trustees (as defined below has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Trust.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows with respect to each Fund listed in Exhibit A hereto:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 <u>"Authorized Person"</u> means any Officer or person (including an authorized person of one of the Advisers or other agent) who has been designated by written notice as such from the Trust or one of the Advisers or other agent and is named in <u>Exhibit C</u> attached hereto. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust or the Adviser or other agent that any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <u>"Board of Trustees"</u> shall mean the trustees from time to time serving under the Trust's declaration of trust, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 <u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Trust computes the net asset value of Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <u>"Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 <u>"Eligible Securities Depository"</u> shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>"Foreign Securities"</u> means any investments of the Fund (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect such Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Trust (or the Fund), which is provided for in Section 3.02 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>"IRS"</u> shall mean the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>"Officer"</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>"Proper Instructions"</u> shall mean Written Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>"Shares"</u> shall mean, with respect to the Fund, the shares of common stock issued by the Trust on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 <u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Trust, on behalf of the Fund, will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 <u>"Written Instructions"</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.** 

**APPOINTMENT OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Appointment</u>. The Trust hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Trust hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 copy of the Trust's declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 copy of the Trust's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 copy of the resolution of the Board of Trustees of the Trust appointing the Custodian,
 certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 copy of the current prospectus of the Fund (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 certification of the Chairman or the President and the Secretary of the Trust setting
 forth the names and signatures of the current Officers of the Trust and other Authorized
 Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An
 executed authorization required by the Shareholder Communications Act of 1985, attached
 hereto as <u>Exhibit D</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Notice of Appointment of Transfer Agent</u>. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Trust, except if the Trust appoints an affiliate of the Custodian to serve as transfer agent of the Trust, the Custodian hereby waives the Trust's obligation to provide such written notice.

**ARTICLE III.** 

**CUSTODY OF CASH AND SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Trust, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody Accounts</u>. The Custodian shall open and maintain in its trust department a custody account in the name of the Trust coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Fund which are delivered to it. Absent a written instruction from an Authorized Person, securities and cash held by the Custodian shall not be sold, rehypothecated, pledged, assigned, invested or otherwise disposed of by the Custodian and beneficial ownership of the Securities shall be freely transferable without payment of money or value other than for safe custody and administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 Appointment of Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 its discretion, the Custodian may appoint one or more Sub-Custodians to establish and
 maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign
 Custodians that are members of the Sub-Custodian's network to hold Securities and
 cash of the Fund and to carry out such other provisions of this Agreement as it may determine;
 provided, however, that the appointment of any such agents and maintenance of any Securities
 and cash of the Fund shall be at the Custodian's expense and shall not relieve
 the Custodian of any of its obligations or liabilities under this Agreement. The Custodian
 shall be liable for the actions of any Sub-Custodians (regardless of whether assets are
 maintained in the custody of a Sub-Custodian, a member of its network or an Eligible
 Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 after the initial appointment of Sub-Custodians by the Board of Trustees in connection
 with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property
 of the Fund, it will so notify the Trust and make the necessary determinations as to
 any such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 performing its delegated responsibilities as foreign custody manager to place or maintain
 the Fund's assets with a Sub-Custodian, the Custodian will determine that the Fund's
 assets will be subject to reasonable care, based on the standards applicable to custodians
 in the country in which the Fund's assets will be held by that Sub-Custodian, after
 considering all factors relevant to safekeeping of such assets, including, without limitation
 the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 agreement between the Custodian and each Sub-Custodian acting hereunder shall contain
 the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 the end of each calendar quarter after the date of this Agreement, the Custodian shall
 provide written reports notifying the Board of Trustees of the withdrawal or placement
 of the Securities and cash of the Fund with a Sub-Custodian and of any material changes
 in the Fund's arrangements. Such reports shall include an analysis of the custody
 risks associated with maintaining assets with any Eligible Securities Depositories. The
 Custodian shall promptly take such steps as may be required to withdraw assets of the
 Fund from any Sub-Custodian arrangement that has ceased to meet the requirements of Rule
 17f-5 or Rule 17f-7 under the 1940 Act, as applicable, and shall use reasonable efforts
 to notify the Board of Trustees as promptly as practicable under the circumstances of
 such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With
 respect to its responsibilities under this Agreement, including without limitation, this
 Section 3.03, the Custodian hereby warrants to the Trust that it agrees to exercise reasonable
 care, prudence and diligence such as a professional person having responsibility for
 the safekeeping of property of the Fund. The Custodian further warrants that the Fund's
 assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering
 all factors relevant to the safekeeping of such assets, including, without limitation:
 (i) the Sub-Custodian's practices, procedures, and internal controls for certificated
 securities (if applicable), its method of keeping custodial records, and its security
 and data protection practices; (ii) whether the Sub-Custodian has the requisite financial
 strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's
 general reputation and standing and, in the case of a Securities Depository, the Securities
 Depository's operating history and number of participants; (iv) ensuring Fund assets
 held by a Sub-Custodian shall not be sold, rehypothecated, pledged, assigned, invested
 or otherwise disposed of by the Sub-Custodian and beneficial ownership of the Securities
 held by such Sub-Custodian shall be freely transferable without payment of money or value
 other than for safe custody and administration; and (v) whether the Fund will have jurisdiction
 over and be able to enforce judgments against the Sub-Custodian, such as by virtue of
 the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's
 consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Custodian shall establish a system or ensure that its Sub-Custodian has established a
 system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's
 assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's
 network; (ii) the performance of the contract governing the Fund's arrangements
 with such Sub-Custodian or Eligible Foreign Custodian's members of a Sub-Custodian's
 network; and (iii) the custody risks of maintaining assets with an Eligible Securities
 Depository. The Custodian must promptly notify the Fund or its Adviser of any material
 change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Custodian shall use commercially reasonable efforts to collect all income and other payments
 with respect to Foreign Securities to which the Fund shall be entitled and shall credit
 such income, as collected, to the Fund. In the event that extraordinary measures are
 required to collect such income, the Trust and Custodian shall consult as to the measures
 and as to the compensation and expenses of the Custodian relating to such measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Delivery of Assets to Custodian</u>. The Trust shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry
 System all Securities eligible for deposit therein and shall make use of such Securities
 Depository or Book-Entry System to the extent possible and practical in connection with
 its performance hereunder, including, without limitation, in connection with settlements
 of purchases and sales of Securities, loans of Securities, and deliveries and returns
 of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an
 account ("Depository Account") of the Custodian in such Book-Entry System
 or Securities Depository which includes only assets held by the Custodian as a fiduciary,
 custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry
 System or Securities Depository shall, by book-entry, identify such Securities as belonging
 to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 Securities purchased by the Fund are to be held in a Book-Entry System or Securities
 Depository, the Custodian shall pay for such Securities upon (i) receipt of advice from
 the Book-Entry System or Securities Depository that such Securities have been transferred
 to the Depository Account, and (ii) the making of an entry on the records of the Custodian
 to reflect such payment and transfer for the account of the Fund. If Securities sold
 by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall
 transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities
 Depository that payment for such Securities has been transferred to the Depository Account,
 and (ii) the making of an entry on the records of the Custodian to reflect such transfer
 and payment for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Custodian shall provide the Trust with copies of any report (obtained by the Custodian
 from a Book-Entry System or Securities Depository in which Securities of the Fund are
 kept) on the internal accounting controls and procedures for safeguarding Securities
 deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 anything to the contrary in this Agreement, the Custodian shall be liable to the Trust
 for any loss or damage to the Fund resulting from (i) the use of a Book-Entry System
 or Securities Depository by reason of any negligence or willful misconduct on the part
 of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian or any Sub-Custodian
 to enforce effectively such rights as it may have against a Book-Entry System or Securities
 Depository. At its election, the Trust shall be subrogated to the rights of the Custodian
 with respect to any claim against a Book-Entry System or Securities Depository or any
 other person from any loss or damage to the Fund arising from the use of such Book-Entry
 System or Securities Depository, if and to the extent that the Fund has not been made
 whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With
 respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under
 the 1940 Act, the Custodian hereby warrants to the Trust that it agrees to (i) exercise
 due care in accordance with reasonable commercial standards in discharging its duty as
 a securities intermediary to obtain and thereafter maintain such assets, (ii) provide,
 promptly upon request by the Trust, such reports as are available concerning the Custodian's
 internal accounting controls and financial strength, and (iii) require any Sub-Custodian
 to exercise due care in accordance with reasonable commercial standards in discharging
 its duty as a securities intermediary to obtain and thereafter maintain assets corresponding
 to the security entitlements of its entitlement holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 the purchase of Securities for the Fund but only in accordance with Section 4.01 of this
 Agreement and only (i) in the case of Securities (other than options on Securities, futures
 contracts and options on futures contracts), against the delivery to the Custodian (or
 any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or
 in proper form for transfer, or if the purchase of such Securities is effected through
 a Book-Entry System or Securities Depository, in accordance with the conditions set forth
 in Section 3.05 above; (ii) in the case of options on Securities, against delivery to
 the Custodian (or any Sub-Custodian) of such receipts as are required by the customs
 prevailing among dealers in such options; (iii) in the case of futures contracts and
 options on futures contracts, against delivery to the Custodian (or any Sub-Custodian)
 of evidence of title thereto in favor of the Fund or any nominee referred to in Section
 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered
 into between the Trust and a bank that is a member of the Federal Reserve System or between
 the Trust and a primary dealer in U.S. Government securities, against delivery of the
 purchased Securities either in certificate form or through an entry crediting the Custodian's
 account at a Book-Entry System or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with the conversion, exchange or surrender, as set forth in Section 3.07(f)
 below, of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 payment of the redemption price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the payment of any expense or liability incurred by the Fund, including, but not limited
 to, the following payments for the account of the Fund: interest; taxes; administration,
 investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal
 fees; and other operating expenses of the Fund; in all cases, whether or not such expenses
 are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For
 transfer in accordance with the provisions of any agreement among the Trust, the Custodian
 and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to
 compliance with rules of the Options Clearing Corporation and of any registered national
 securities exchange (or of any similar organization or organizations) regarding escrow
 or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For
 transfer in accordance with the provisions of any agreement among the Trust, the Custodian
 and a futures commission merchant registered under the Commodity Exchange Act, relating
 to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
 market (or any similar organization or organizations) regarding account deposits in connection
 with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For
 the funding of any uncertificated time deposit or other interest-bearing account with
 any banking institution (including the Custodian), which deposit or account has a term
 of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 any other proper purpose, but only upon receipt, in addition to Proper Instructions,
 declaring such purpose to be a proper trust purpose, and naming the person or persons
 to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Proper Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the sale of Securities for the account of the Fund but only against receipt of payment
 therefor in cash, by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of a sale effected through a Book-Entry System or Securities Depository, in
 accordance with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 an offeror's depository agent in connection with tender or other similar offers
 for Securities of the Fund; provided that, in any such case, the cash or other consideration
 is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian
 or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for
 exchange for a different number of certificates or other evidence representing the same
 aggregate face amount or number of units; provided that, in any such case, the new Securities
 are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the broker selling the Securities, for examination in accordance with the "street
 delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For
 exchange or conversion pursuant to any plan of merger, consolidation, recapitalization,
 reorganization or readjustment of the issuer of such Securities, or pursuant to provisions
 for conversion contained in such Securities, or pursuant to any deposit agreement, including
 surrender or receipt of underlying Securities in connection with the issuance or cancellation
 of depository receipts; provided that, in any such case, the new Securities and cash,
 if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon
 receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement
 entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
 the case of warrants, rights or similar Securities, upon the exercise thereof, provided
 that, in any such case, the new Securities and cash, if any, are to be delivered to the
 Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 delivery in connection with any loans of Securities of the Fund, but only against receipt
 of such collateral as the Trust shall have specified to the Custodian in Proper Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For
 delivery as security in connection with any borrowings by the Fund requiring a pledge
 of assets by the Trust, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant
 to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For
 delivery in accordance with the provisions of any agreement among the Trust, the Custodian
 and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to
 compliance with the rules of the Options Clearing Corporation and of any registered national
 securities exchange (or of any similar organization or organizations) regarding escrow
 or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For
 delivery in accordance with the provisions of any agreement among the Trust, the Custodian
 and a futures commission merchant registered under the Commodity Exchange Act, relating
 to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
 market (or any similar organization or organizations) regarding account deposits in connection
 with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For
 any other proper corporate purpose, but only upon receipt , in addition to Proper Instructions,
 specifying the Securities to be delivered, declaring such purpose to be a proper trust
 purpose, and naming the person or persons to whom delivery of such Securities shall be
 made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To
 brokers, clearing banks or other clearing agents for examination or trade execution in
 accordance with market custom; provided that in any such case the Custodian shall have
 no responsibility or liability for any loss arising from the delivery of such securities
 prior to receiving payment for such securities except as may arise from the Custodian's
 own negligence, fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 <u>Actions Not Requiring Proper Instructions</u>. Unless otherwise instructed by the Trust, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 9.04 below, collect on a timely basis all income and other payments to which
 the Fund is entitled either by law or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
 for payment and, subject to Section 9.04 below, collect on a timely basis the amount
 payable upon all Securities that may mature or be called, redeemed, or retired, or otherwise
 become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse
 for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender
 interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute,
 as custodian, any necessary declarations or certificates of ownership under the federal
 income tax laws or the laws or regulations of any other taxing authority now or hereafter
 in effect, and prepare and submit reports to the IRS and the Trust at such time, in such
 manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold
 for the Fund, either directly or, with respect to Securities held therein, through a
 Book-Entry System or Securities Depository, all rights and similar Securities issued
 with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary
 details in connection with the sale, exchange, substitution, purchase, transfer and other
 dealings with Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to
 any ADRs the Fund may purchase and own and which the Custodian custodies on the Funds
 behalf, the Fund understands that the holding of American Depository Receipts (" <u>ADRs</u> ")
 may require the disclosure of the beneficial ownership information (Name, Address, TIN/SSN,
 Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in
 foreign jurisdictions to avoid tax penalties and to obtain the most preferential tax
 treatment for the Fund. The Fund acknowledges and consents to any and all disclosures
 or releases of beneficial information, described above, by the Custodian to any third
 parties relating to ADRs and release, hold harmless, and indemnify the Custodian from
 any liability for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Trust's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Custodian shall maintain complete and accurate records with respect to Securities, cash
 or other property held for the Fund, including (i) journals or other records of original
 entry containing an itemized daily record in detail of all receipts and deliveries of
 Securities and all receipts and disbursements of cash; (ii) ledgers (or other records)
 reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies
 and Securities borrowed and monies and Securities loaned (together with a record of the
 collateral therefor and substitutions of such collateral), (D) dividends and interest
 received, and (E) dividends receivable and interest receivable; (iii) canceled checks
 and bank records related thereto; and (iv) all records relating to its activities and
 obligations under this Agreement. The Custodian shall keep such other books and records
 of the Fund as the Trust shall reasonably request, or as may be required by the 1940
 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 such books and records maintained by the Custodian shall (i) be maintained in a form
 acceptable to the Trust and in compliance with the rules and regulations of the SEC,
 (ii) be the property of the Trust and at all times during the regular business hours
 of the Custodian be made available upon request for inspection by duly authorized officers,
 employees or agents of the Trust and employees or agents of the SEC, and (iii) if required
 to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed
 in Rules 31a-1 and 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Trust with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Other Reports by Custodian</u>. As the Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities which are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights or other similar transactions (collectively, "Corporate Events"). If the Trust, on behalf of a Fund, desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action (the "Notification Deadline"); provided, however, that if the Trust notifies the Custodian in connection with Corporate Events on or after the Notification Deadline, the Custodian shall use reasonable efforts to take any such action or exercise any such rights in respect of Corporate Events on or after the Notification Deadline. The Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.** 

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Trust to facilitate the settlement of the Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

**ARTICLE V.** 

**REDEMPTION OF FUND SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Proper Instructions specifying that the funds are required to redeem Shares of the Fund, the Custodian shall wire each amount specified in such Proper Instructions to or through such bank or broker-dealer as the Trust may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.** 

**SEGREGATED ACCOUNTS**

Upon receipt of Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Trust, the Custodian and a
 broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission
 merchant registered under the Commodity Exchange Act), relating to compliance with the
 rules of the Options Clearing Corporation and of any registered national securities exchange
 (or the Commodity Futures Trading Commission or any registered contract market), or of
 any similar organization or organizations, regarding escrow or other arrangements in
 connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options
 thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance
 of segregated accounts by registered investment companies in connection with reverse
 repurchase agreements and when-issued, delayed delivery and firm commitment transactions;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 other proper trust purposes, but only upon receipt of Proper Instructions, setting forth
 the purpose or purposes of such segregated account and declaring such purposes to be
 proper trust purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Proper Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.** 

**COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such reasonable and documented miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. With respect to any exchange-traded fund series of the Trust operating under a unitary fee structure, the Adviser shall pay all such fees and reimbursable expenses owed to the Custodian under this Agreement. With respect to any mutual fund series of the Trust or exchange-traded fund series of the Trust that does not operate under a unitary fee structure, the Trust, out of the assets of the applicable Fund, shall pay all such fees and reimbursable expenses owed to the Custodian under this Agreement. Payments made to the Custodian shall be made within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust or the Adviser, as applicable, shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust or the Adviser, as applicable is disputing any amounts in good faith. The Trust or the Adviser, as applicable shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust or the Adviser, as applicable, is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Overdrafts</u>. The Trust is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time)

**ARTICLE VIII.** 

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Representations and Warranties of the Trust</u>. The Trust hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement has been duly authorized, executed and delivered by the Trust in accordance
 with all requisite action and constitutes a valid and legally binding obligation of the
 Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of
 creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 is a U.S. Bank as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Agreement has been duly authorized, executed and delivered by the Custodian in accordance
 with all requisite action and constitutes a valid and legally binding obligation of the
 Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
 reorganization, moratorium and other laws of general application affecting the rights
 and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement.

**ARTICLE IX.** 

**CONCERNING THE CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Standard of Care</u>. The Custodian shall use reasonable efforts and exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud, or for any loss suffered by the Trust in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice, provided that such action or inaction is consistent with the Custodian's rights and responsibilities hereunder. The Custodian shall promptly notify the Trust of any action taken or omitted by the Custodian pursuant to advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's reports on Form N-CEN, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-1A, and (ii) the fulfillment by the Trust of any other requirements of the SEC.

The Custodian shall provide any reasonable sub-certifications related to the services provided herein which are reasonably requested by the Trust in connection with any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 or any rules or regulations promulgated by the SEC thereunder, provided the same shall not be deemed to change the Custodian's standard of care as set forth herein.

In order to assist the Trust in satisfying the requirements of Rule 38a-1 under the 1940 Act (the "Rule"), the Custodian will provide the Trust's Chief Compliance Officer with reasonable access to the Custodian's personnel and records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving the Custodian that affect or could affect the Trust upon request.

**ARTICLE X.** 

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Indemnification by Trust</u>. The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Trust, or (b) upon Proper Instructions, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that in all cases neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with or act in accordance with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement, provided that the Fund's continuing obligation to indemnify the Custodian after the termination of this Agreement shall relate solely to those claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) sustained in connection with the Custodian's provision of services pursuant to this Agreement. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Trust from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party's refusal or failure to comply with or act in accordance with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Trust's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, fraud, negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification, provided that (i) the Custodian shall furnish the Fund with a detailed invoice which reasonably describes any such claim, demand, loss, expense or liability at least two Business Days prior to the date on which the Custodian intends to exercise such set off rights and (ii) the Fund has failed to promptly repay the Custodian prior to the date on which the Custodian indicated it intended to exercise its set off rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special
 or punitive damages under any provision of this Agreement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 anything to the contrary contained in this Agreement, any amounts owed or liabilities
 incurred by a Fund, shall be satisfied solely from the assets of the Fund and not any
 other entity or person. In no event, shall Custodian, any Sub-Custodian or any of either
 of their affiliates have recourse, whether by set-off or otherwise, with respect to any
 such amounts owed or liabilities incurred, to or against (i) any other series of the
 Trust other than the applicable Fund to which such obligations relate, (ii) any assets
 of any person or entity under the management of the Adviser of the Fund or (iii) except
 in the case of any Adviser-directed overdrafts, any assets of the Adviser of the Fund
 or any affiliate of such Adviser. Neither the Trust nor any of its series, other than
 the Fund, are obligated to make contributions, loans or otherwise provide funding to
 the Fund.

**ARTICLE XI.** 

**FORCE MAJEURE**

Neither the Custodian nor the Trust shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII.** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, although the Custodian will promptly report such disclosure to the Trust if disclosure is permitted by applicable law and regulation, or (iii) when so requested by the Trust. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 Further, the Custodian will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 The Trust agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

**ARTICLE XIII.** 

**EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period</u>. This Agreement shall become effective as of the last date on the signature page and will continue in effect for a period of one (1) year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
 the initial term, this Agreement shall automatically renew for successive one (1) year
 terms unless either party provides written notice at least 90 days prior to the end of
 the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 13.03, this Agreement may be terminated by either party (in whole or with
 respect to one or more Funds) upon giving 90 days' prior written notice to the
 other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 party may terminate this Agreement immediately (in whole or with respect to one or more
 Funds) if the continued service of such Funds or the Trust under this Agreement would
 cause such party or any of its affiliates to be in violation of any applicable law, rule,
 regulation, or order of any governmental, regulatory or judicial authority of competent
 jurisdiction, provided that in such event which causes the Custodian to terminate this
 Agreement, the Custodian shall, to the extent it is legally permitted and able to do
 so, provide reasonable assistance to transition such Funds or the Trust to a successor
 service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 Agreement may be terminated by any party upon the breach of the other party of any material
 term of this Agreement if such breach is not cured within 15 days of notice of such breach
 to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Trust may, at any time, immediately terminate this Agreement in the event of the appointment
 of a conservator or receiver for the Custodian by regulatory authorities or upon the
 happening of a like event at the direction of an appropriate regulatory agency or court
 of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 <u>Early Termination</u>. In the absence of any material breach of this agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the life of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All miscellaneous fees associated with converting services to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider, as agreed upon by both parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All reasonable and documented miscellaneous costs associated with a) through c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Trustees, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Trust shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which the Custodian has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Trust on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company (i) is a "bank" as defined in the 1940 Act, and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the Trust.

**ARTICLE XIV.** 

**CLASS ACTIONS**

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

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

**ARTICLE XV.** 

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 <u>Compliance with Laws</u>. The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-1A. Further, each party agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms that required consents, disclosures and notices are in place to enable collection and processing of personal data by Custodian. The Custodian's services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Board of Trustee's oversight responsibility with respect thereto. The Trust shall immediately notify the Custodian if the investment strategy of any Fund materially changes or deviates from the investment strategy disclosed in the current prospectus, or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Trust or any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Trust, and authorized or approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of the Custodian, or by the Custodian without the written consent of the Trust accompanied by the authorization or approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.04 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

and notice to the Trust shall be sent to:

c/o Tidal Investments LLC

234 West Florida Street, Suite 203

Milwaukee, WI 53204

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 <u>References to Custodian</u>. The Trust shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Trust shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 <u>Insurance</u>. The Custodian shall maintain a fidelity bond covering larceny and embezzlement, an insurance policy with respect to directors and officers errors and omissions coverage and electronic data processing insurance coverage, in amounts that are appropriate in light of its duties and responsibilities hereunder. Upon the request of the Trust, the Custodian shall provide evidence that coverage is in place. The Custodian shall notify the Trust should its insurance coverage with respect to professional liability or errors and omissions coverage be canceled. Such notification shall include the date of cancellation and the reasons therefore. The Custodian shall notify the Trust promptly of any material claims against it with respect to services performed under this Agreement, whether or not they may be covered by insurance, and shall notify the Trust promptly should the total outstanding claims made by the Custodian under its insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 <u>Entire Agreement</u>. This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, sets forth the sole and complete understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements relating thereto, whether written or oral, between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 <u>Trust Limitations</u>. This Agreement is executed by the Trust with respect to each of the Funds and the obligations hereunder are not binding on any of the trustees, officers or shareholders of the Trust individually but are binding only on the Fund to which such obligations pertain and the assets and property of such Fund. All obligations of the Trust under this Agreement shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 <u>Construction</u>. Any reference in this Agreement to a form, statute or regulation shall include any successor thereto.

(**signatures on the following page)**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST I** | **TIDAL TRUST I** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Eric Falkeis | By: | /s/ Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | Co-Founder & COO | Title: | Senior Vice President |
| Date: | 7/11/2025 | Date: | 7/11/2025 |

---

**TIDAL INVESTMENTS LLC** (with respect to Section 7.01 only)

---

| | |
|:---|:---|
| By: | /s/ Daniel Carlson |
| Name: | Daniel Carlson |
| Title: | Co-Founder & Chief of Staff |
| Date: | 7/11/2025 |

---

**<u>EXHIBIT A</u>**

**to the Custody Agreement**

Separate Series of Tidal Trust I

<u>Name of ETF Series</u> 

Academy Veteran Impact ETF<br> Acruence Active Hedge U.S. Equity ETF<br> Adasina Social Justice All Cap Global ETF<br> American Customer Satisfaction ETF<br> ATAC Credit Rotation ETF<br> ATAC Equity Leverage Rotation ETF<br> ATAC US Rotation ETF<br> Aztlan Global Stock Selection DM SMID ETF<br> Aztlan North America Nearshoring Stock Selection ETF<br> Digital Asset Debt Strategy ETF<br> FolioBeyond Alternative Income and Interest Rate Hedge ETF<br> FolioBeyond Enhanced Fixed Income Premium ETF<br> God Bless America ETF<br> Gotham 1000 Value ETF Sound Fixed Income ETF<br> Gotham Enhanced 500 ETF<br> Gotham Short Strategies ETF<br> Intelligent Real Estate ETF<br> Ionic Inflation Protection ETF<br> Leatherback Long/Short Absolute Return ETF<br> Leatherback Long/Short Alternative Yield ETF<br> Residential REIT ETF<br> Robinson Alternative Yield Pre-Merger SPAC ETF<br> RPAR Risk Parity ETF<br> SoFi Enhanced Yield ETF<br> SoFi Next 500 ETF<br> SoFi Select 500 ETF<br> SoFi Social 50 ETF<br> SonicShares<sup>™</sup> Global Shipping ETF<br> Sound Enhanced Equity Income ETF<br> Sound Enhanced Fixed Income ETF<br> Sound Equity Dividend Income ETF<br> Sound Total Return ETF<br> SP Funds Dow Jones Global Sukuk ETF<br> SP Funds S&P 500 Sharia Industry Exclusions ETF<br> SP Funds S&P Global REIT Sharia ETF<br> The Free Markets ETF<br> Unlimited HFEM Emerging Markets ETF<br> Unlimited HFEQ Equity Long/Short ETF<br> Unlimited HFEV Event Driven ETF<br> Unlimited HFFI Fixed Income ETF

Unlimited HFGM Global Macro ETF<br> Unlimited HFMF Managed Futures ETF<br> Unlimited HFND Multi-Strategy Return Tracker ETF<br> Unlimited Low-Beta HFND Multi-Strategy ETF<br> Unlimited Ultra HFND Multi-Strategy ETF<br> Unusual Whales Subversive Democratic Trading ETF<br> Unusual Whales Subversive Republican Trading ETF<br> UPAR Ultra Risk Parity ETF<br> ZEGA Buy and Hedge ETF

<u>Name of Mutual Fund Series</u>

ATAC Rotation Fund

**<u>EXHIBIT B</u>**

**to the Custody Agreement - Fee Schedule for Domestic and Global Services**

**<u>EXHIBIT C</u>**

**to the Custody Agreement - Authorized Persons**

Set forth below are the names and specimen signatures of the persons authorized by the Trust to administer the Fund Custody Accounts.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Telephone/Fax Number</u>** | **<u>Signature</u>** |

---

**<u>EXHIBIT D</u>**

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**TIDAL TRUST I**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities in the U.S. and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.* 

---

| | |
|:---|:---|
| ______ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| ______ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

**TIDAL TRUST I**

---

| |
|:---|
| By: |
| Title: |
| Date: |

---

## Exhibit 99.10

[Tidal Trust I POS EX](atac-posex_071825.htm)

**Exhibit 99(10)(a)**

**TIDAL TRUST I (f/k/a TIDAL ETF TRUST)**

**<u>DISTRIBUTION (RULE 12b-1) PLAN</u>**

The following Distribution Plan (the "Plan") has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"), by Tidal Trust I (f/k/a Tidal ETF Trust) (the "Trust"), a Delaware statutory trust, on behalf of the series of the Trust listed on Schedule A as may be amended from time to time (each, a "Fund"). The Plan has been approved by a majority of the Trust's Board of Trustees (the "Board"), including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any Rule 12b-1 Agreement (as defined below) (the "Disinterested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan.

In approving the Plan, the Board determined that adoption of the Plan would be prudent and in the best interests of each Fund and its shareholders. Such approval by the Board of Trustees included a determination, in the exercise of its reasonable business judgment and in light of its fiduciary duties, that there is a reasonable likelihood that the Plan will benefit the Fund and its shareholders.

The provisions of the Plan are as follows:

1. PAYMENTS BY THE FUND TO PROMOTE THE SALE OF FUND SHARES

The Trust, on behalf of each identified Class of the Fund, will pay Foreside Fund Services, LLC (the "Distributor"), as principal distributor of the Class's shares, a distribution fee and shareholder servicing fee equal to a percentage of the average daily net assets of each Fund as shown on Schedule A in connection with the promotion and distribution of Fund shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. The Distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person (the "Recipient") who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement (the "Rule 12b-1 Agreement"), a form of which is attached hereto as Appendix A with respect to each Fund. To the extent not so paid by the Distributor, such amounts may be retained by the Distributor. Payment of these fees shall be made monthly promptly following the close of the month.

2. RULE 12b-1 AGREEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Rule 12b-1 Agreement shall be entered into with respect to the Fund and no payments shall be made pursuant to any Rule 12b-1 Agreement, unless such Rule 12b-1 Agreement is in writing and the form of which has first been delivered to and approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement. The form of Rule 12b-1 Agreement relating to the Fund attached hereto as Appendix A has been approved by the Board as specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Rule 12b-1 Agreement shall describe the services to be performed by the Recipient and shall specify the amount of, or the method for determining, the compensation to the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Rule 12b-1 Agreement may be entered into unless it provides (i) that it may be terminated with respect to the Fund at any time, without the payment of any penalty, by vote of a majority of the shareholders of the Fund, or by vote of a majority of the Disinterested Trustees, on not more than 60 days' written notice to the other party to the Rule 12b-1 Agreement, and (ii) that it shall automatically terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Rule 12b-1 Agreement shall continue in effect for a period of more than one year from the date of its execution only if such continuance is specifically approved at least annually by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement.

3. QUARTERLY REPORTS

The Distributor shall provide to the Board, and the Board shall review at least quarterly, a written report of all amounts expended pursuant to the Plan. This report shall include the identity of the recipient of each payment and the purpose for which the amounts were expended and such other information as the Board may reasonably request.

4. EFFECTIVE DATE AND DURATION OF THE PLAN

The Plan shall become effective immediately upon approval by the vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on the approval of the Plan. The Plan shall continue in effect with respect to the Fund for a period of one year from its effective date unless terminated pursuant to its terms. Thereafter, the Plan shall continue with respect to each Fund from year to year, provided that such continuance is approved at least annually by a vote of a majority of the Board of Trustees, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such continuance. The Plan, or any Rule 12b-1 agreement, may be terminated with respect to each Fund at any time, without penalty, on not more than 60 days' written notice by a majority vote of shareholders of the Fund, or by vote of a majority of the Disinterested Trustees.

5. SELECTION OF DISINTERESTED TRUSTEES

During the period in which the Plan is effective, the selection and nomination of those Trustees who are Disinterested Trustees of the Trust shall be committed to the discretion of the Disinterested Trustees.

6. AMENDMENTS

All material amendments of the Plan shall be in writing and shall be approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such amendment. In addition, the Plan may not be amended to increase materially the amount to be expended by the Fund hereunder without the approval by a majority vote of shareholders of the Fund.

7. RECORDKEEPING

The Trust shall preserve copies of the Plan, any Rule 12b-1 Agreement and all reports made pursuant to Section 3 for a period of not less than six years from the date of this Plan, any such Rule 12b-1 Agreement or such reports, as the case may be, the first two years in an easily accessible place.

(Originally adopted May 29, 2025)

**Schedule A**

**to the**

**Distribution (Rule 12b-1) Plan**

---

| | |
|:---|:---|
| **<u>Series of Tidal Trust I (f/k/a Tidal ETF Trust)</u>** | **<u>Rule 12b-1 Fee</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATAC Rotation Fund<br> Investor Class Shares | Up to 0.25% of average daily net assets |

---

**Appendix A**

**<u>Rule 12b-1 Related Agreement</u>**

[Distributor Letterhead]

[Adviser name and address]

Ladies and Gentlemen:

This letter will confirm our understanding and agreement with respect to payments to be made to you pursuant to a Distribution Plan (the "Plan") adopted by Tidal Trust I (f/k/a Tidal ETF Trust) (the "Trust"), on behalf of each series of the Trust listed on Schedule A as may be amended from time to time (each a "Fund"), pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"). The Plan and this related agreement (the "Rule 12b-1 Agreement") have been approved by a majority of the Board of Trustees of the Trust (the "Board"), including a majority of the Board who are not "interested persons" of the Trust, as defined in the Act, and who have no direct or indirect financial interest in the operation of the Plan or in this or any other Rule 12b-1 Agreement (the "Disinterested Trustees"), cast in person at a meeting called for the purpose of voting thereon. Such approval included a determination by the Board that, in the exercise of its reasonable business judgment and in light of its fiduciary duties, there is a reasonable likelihood that the Plan will benefit the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To the extent you provide distribution and marketing services in the promotion of the Fund's shares and/or services to the Fund's shareholders, including furnishing services and assistance to your customers who invest in and own shares, including, but not limited to, answering routine inquiries regarding the Fund and assisting in changing account designations and addresses, we shall pay you a fee as described on Schedule A. We reserve the right to increase, decrease or discontinue the fee at any time in our sole discretion upon written notice to you.

You agree that all activities conducted under this Rule 12b-1 Related Agreement will be conducted in accordance with the Plan, as well as all applicable state and federal laws, including the Act, the Securities Exchange Act of 1934, the Securities Act of 1933, the U.S. PATRIOT Act of 2001 and any applicable rules of the Financial Industry Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You shall furnish us with such information as shall reasonably be requested either by the Board or by us with respect to the services provided and the fees paid to you pursuant to this Rule 12b-1 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We shall furnish to the Board, for its review, on a quarterly basis, a written report of the amounts expended under the Plan by us and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Rule 12b-1 Agreement may be terminated: (a) on 60 days' written notice after the vote of a majority of shareholders, or (b) at any time by the vote of a majority of the Disinterested Trustees, in each case, without payment of any penalty. In addition, this Rule 12b-1 Agreement will be terminated by any act which terminates the Plan or the Distribution Agreement between the Trust and us and shall terminate immediately in the event of its assignment. This Rule 12b-1 Agreement may be amended by us upon written notice to you, and you shall be deemed to have consented to such amendment upon effecting any purchases of shares for your own account or on behalf of any of your customer's accounts following your receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Rule 12b-1 Agreement shall become effective on the date accepted by you and shall continue in full force and effect so long as the continuance of the Plan and this Rule 12b-1 Agreement are approved at least annually by a vote of the Board and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting thereon. All communications to us should be sent to the above address. Any notice to you shall be duly given if mailed or faxed to you at the address specified by you below.

**[Distributor]**

By:

Name:

Title:

**Accepted**:

---

| |
|:---|
| (Dealer or Service Provider Name) |
| (Street Address) |
| (City)(State)(ZIP) |
| (Telephone No.) |
| (Facsimile No.) |

---

By:

(Name and Title)

**Schedule A**

**to the**

**Rule 12b-1 Related Agreement**

---

| | |
|:---|:---|
| **<u>Series of Tidal Trust I (f/k/a Tidal ETF Trust)</u>** | **<u>Rule 12b-1 Fee</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATAC Rotation Fund<br> Investor Class Shares | Up to 0.25% of average daily net assets |

---

For all services rendered pursuant to the Rule 12b-1 Agreement, we shall pay you the fee shown above calculated as follows:

The above fee as a percentage of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by your firm as nominee for your customers or which are owned by those customers of your firm whose records, as maintained by the Trust or its agent, designate your firm as the customer's dealer or service provider of record.

We shall make the determination of the net asset value, which determination shall be made in the manner specified in the Fund's current prospectus, and pay to you, on the basis of such determination, the fee specified above, to the extent permitted under the Plan.

## Exhibit 99.10

[Tidal Trust I POS EX](atac-posex_071825.htm)

**Exhibit 99(10)(b)**

**TIDAL TRUST I (f/k/a TIDAL ETF TRUST)**

**MULTIPLE CLASS PLAN**

Pursuant to Rule-18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act"), Tidal Trust I (f/k/a Tidal ETF Trust) (the "Trust") has adopted this Multiple Class Plan (the "Plan") on behalf of the series of the Trust listed on Exhibit A hereto (each, a "Fund"). Exhibit A sets forth the method for allocating fees and expenses among each class of shares (each a "Class" and collectively, the "Classes") of the Funds. In addition, the Plan sets forth the maximum initial sales charges, contingent deferred sales charges ("CDSCs"), Rule 12b-1 distribution fees, shareholder servicing fees, conversion features, exchange privileges and other shareholder services applicable to each class of shares of the Funds.

The Trust is an open-end series investment company registered under the 1940 Act, the shares of which are registered on Form N-1A under the Securities Act of 1933. The Trust hereby elects to offer multiple classes of shares of the Funds pursuant to the provisions of Rule 18f-3 and the Plan. Exhibit A hereto, as may be amended from time to time, lists the Funds that have approved the Plan and the classes of such Funds.

**Section 1. Rights and Obligations.** Except as set forth herein, all Classes of shares issued by the Funds shall have identical voting, dividend, liquidation and other rights, preferences, powers, restrictions, limitations, qualifications, designations, and terms and conditions. The only differences among the various Classes of shares relate solely to the following: (a) each Class may be subject to different Class expenses and sales charges as discussed under <u>Section 3</u> of this Plan; (b) each Class may bear a different identifying designation; (c) each Class has exclusive voting rights with respect to matters solely affecting such Class; (d) each Class may have different redemption or exchange fees and exchange privileges; and (e) each Class may provide for the automatic conversion of that Class into another Class.

**Section 2. Class Arrangements.** The class arrangements for each Class shall be as set forth in the applicable exhibit hereto.

**Section 3. Allocation of Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Class Expenses.** Each Class of shares may be subject to different Class expenses (collectively,
"Class Expenses") consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Front-end sales charges or CDSCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Rule 12b-1 plan distribution and servicing fees, and shareholder servicing plan fees, if applicable
to a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transfer agency and other recordkeeping costs to the extent allocated to a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SEC and blue sky registration fees incurred separately by a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Litigation or other legal expenses relating solely to a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Printing and postage expenses related to the preparation and distribution of Class specific materials
such as shareholder reports, prospectuses and proxies to shareholders of a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Expenses of administrative personnel and services as required to support the shareholders of a
particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Audit or accounting fees or expenses relating solely to a particular Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Trustee fees and expenses incurred as a result of issues relating solely to a particular Class;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any other expenses, excluding advisory or custodial fees or other expenses related to the management
of a Fund's assets, subsequently identified that should be properly allocated to a particular Class, which shall be approved
by the Trust's Board of Trustees (the "Board") and a majority of the trustees of the Board who are not interested
trustees (each, a "Disinterested Trustee").

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Other Expenses.** Except for the Class Expenses discussed above (which will be allocated
to the appropriate Class), all expenses incurred by a Fund will be allocated to all Classes of shares on the basis of the net asset

of an operating expense limit on one or more Classes shall be considered general Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Waivers and Reimbursements of Expenses.** The Funds' investment adviser and any
provider of services to the Funds may waive or reimburse the expenses of a particular Class or Classes; <u>provided</u>, <u>however</u>,
that such waiver shall not result in cross-subsidization between Classes.

**Section 4. Allocation of Income.** The Funds will allocate income and realized and unrealized capital gains and losses and appreciation and depreciation based on the relative net assets of each Class of shares.

**Section 5. Exchange Privileges.** Shareholders of each Fund may participate in an exchange of shares, subject to the Funds' right to reject any exchange request, in whole or in part, for any reason and without prior notice. A Fund may decide to restrict purchase and sale activity (including exchanges) in its shares based on various factors, including whether frequent purchase and sale activity will disrupt portfolio management strategies and adversely affect its performance. Each Fund reserves the right to terminate or modify the exchange privileges of Fund shareholders in the future. Shares to be exchanged will be redeemed at their next calculated net asset value following receipt of an exchange request in the form of a proper redemption request, as described in the applicable prospectus. An exchange of shares will be subject to any redemption fee applicable to a redemption of shares. See each Fund's current prospectus for more information about share exchanges.

**Section 6. Conversions.** Currently, no Class of shares will automatically convert into shares of another Class. However, a shareholder of Investor Class shares may request to convert to Institutional Class shares if they are eligible in accordance with the Fund's current prospectus. Any implementation of a conversion feature is subject to the continuing availability of a ruling or regulations of the Internal Revenue Service ("IRS"), or of an opinion of counsel or tax adviser, stating that the conversion of one Class of shares to another does not constitute a taxable event under federal income tax law. The conversion feature may be suspended if such a ruling, regulation or opinion is not available.

**Section 7. Board Review.** The Board shall review the Plan as it deems necessary. Prior to any material amendment(s) to the Plan with respect to any of the Fund's shares, the Board, including a majority of the Trustees that are not interested persons of the Trust, shall find that the Plan, as proposed to be amended (including any proposed amendments to the method of allocating class and/or fund expenses), is in the best interest of each class of shares of the Fund individually and the Fund as a whole. In considering whether to approve any proposed amendment(s) to the Plan, the Board shall request and evaluate such information as they consider reasonably necessary to evaluate the proposed amendment(s) to the Plan.

**SECTION 8. Effective Date.** The Plan shall become effective when initially approved by both the Board and a majority of Disinterested Trustees.

(Originally adopted specific to the Funds May 29, 2025)

**Exhibit A**

**MULTIPLE CLASS PLAN**

**TIDAL TRUST I (f/k/a TIDAL ETF TRUST)**

**Investor Class**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Maximum**<br>**Initial**<br>**Sales**<br>**Charge**<br>| **Contingent**<br>**Deferred**<br>**Sales**<br>**Charge**<br>| **Maximum**<br>**Annual**<br>**Rule 12b-1 Distribution**<br>**Fee**<br>| **Maximum**<br>**Annual**<br>**Shareholder Servicing**<br>**Fee**<br>| **Conversion**<br>**Features**<br>| **Exchange**<br>**Privileges**<br>| **Redemption**<br>**Fees**<br>|
| ATAC Rotation Fund |  |  | 0.25% |  |  |  |  |

---

**Institutional Class**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Maximum**<br>**Initial**<br>**Sales**<br>**Charge**<br>| **Contingent**<br>**Deferred**<br>**Sales <br> Charge**<br>| **Maximum**<br>**Annual**<br>**Rule 12b-1 Distribution**<br>**Fee**<br>| **Maximum**<br>**Annual**<br>**Shareholder Servicing**<br>**Fee**<br>| **Conversion**<br>**Features**<br>| **Exchange**<br>**Privileges**<br>| **Redemption**<br>**Fees**<br>|
| ATAC Rotation Fund |  |  |  |  |  |  |  |

---

## Exhibit 99.12

[Tidal Trust I POS EX](atac-posex_071825.htm)

**Exhibit 99(12)**

---

| | |
|:---|:---|
| ![](ex9912001.jpg) | ![](ex9912002.jpg) |

---

July 14, 2025

Board of Trustees

Managed Portfolio Series

615 East Michigan Street

Milwaukee, WI 53202

Board of Trustees<br> Tidal Trust I<br> 234 West Florida Street, Suite 203<br> Milwaukee, WI 53204

Ladies and Gentlemen:

We have been requested to render this opinion concerning certain U.S. federal income tax consequences in connection with the proposed acquisition of all the assets of ATAC Rotation Fund (the "<u>Target Fund</u>"), a series of Managed Portfolio Series, a statutory trust organized under the laws of Delaware ("<u>MPS</u>"), by the ATAC Rotation Fund (the "<u>Acquiring Fund</u>"), a series of Tidal Trust I (f/k/a Tidal ETF Trust), a statutory trust organized under the laws of Delaware ("<u>Tidal Trust</u>"). The foregoing transfer of the Target Fund's assets is in exchange solely for shares of the Acquiring Fund of the corresponding classes of the Target Fund (the "<u>Acquiring Fund Shares</u>"), of equal value to the net assets of the Target Fund and the assumption by the Acquiring Fund of all the liabilities of the Target Fund. The Target Fund will then distribute its Acquiring Fund Shares pro rata by class to the shareholders of record of the Target Fund ("<u>Target Fund Shareholders</u>") in exchange for their shares of the Target Fund (the "<u>Target Fund Shares</u>") in complete liquidation and termination of the Target Fund. The transfer of all the assets of the Target Fund in exchange for the assumption of all the liabilities of the Target Fund by the Acquiring Fund and the delivery of the Acquiring Fund Shares to the Target Fund, followed by the distribution of the Acquiring Fund Shares to the Target Fund Shareholders of the corresponding class in complete liquidation and termination of the Target Fund, is referred to as the "<u>Reorganization</u>." The Reorganization will be consummated in accordance with that certain Agreement and Plan of Reorganization dated as of June 2, 2025 (the "<u>Agreement</u>") entered into by and among (1) MPS, on behalf of the Target Fund, (2) Tidal Trust, on behalf of the Acquiring Fund, (3) solely for the purposes of Sections 1.1(f), 9.2, 11.1, and 11.2 of the Agreement, Tidal Investments LLC, a Delaware limited liability company (the investment adviser to the Target Fund and the Acquiring Fund), and (4) solely for the purposes of Sections 9.2, 11.1, and 11.2 of the Agreement, Tactical Rotation Management, LLC, a New York limited liability company (investment sub-adviser to the Acquiring Fund). Except as otherwise provided, capitalized terms referred to herein have the meanings as set forth in the Agreement.

![](ex9912003.jpg)

Board of Trustees<br> Managed Portfolio Series

Board of Trustees<br> Tidal Trust I

July 14, 2025

We have acted as counsel to the Tidal Trust in connection with the Reorganization. As such, and for the purpose of rendering this opinion, we have examined and are relying upon (without any independent investigation or review thereof) the truth and accuracy, at all relevant times, including on the anticipated Closing Date, of the statements, covenants, conditions, representations, and warranties contained in the following documents, including all schedules and exhibits thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Registration Statement on Form N-14 of Tidal Trust as filed with the Securities and Exchange Commission on March 14, 2025 (the "<u>Registration Statement</u>"), and the definitive Combined Proxy Statement and Prospectus and Statement of Additional Information as filed pursuant to Rule 497 under the Securities Act of 1933, as amended, with the Securities and Exchange Commission on April 16, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Officer Certificate of MPS, for itself, and on behalf of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Officer Certificate of Tidal Trust, for itself, and on behalf of the Acquiring Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Such other instruments and documents related to the formation, organization, and operation of the Target Fund and the Acquiring Fund or the consummation of the Reorganization and the transactions contemplated thereby as we have deemed necessary or appropriate.

In connection with rendering this opinion, we have assumed the following (and are relying thereon, without any independent investigation or review thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That original documents, including signatures, are authentic, that documents submitted to us as copies conform to the original documents or the forms thereof submitted for signature, and that there has been due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The accuracy of any representation or statement made "to the knowledge of" or similarly qualified language; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. That the Reorganization will be consummated pursuant to the Agreement in accordance with the terms thereof and without waiver or breach of any material provision thereof.

Board of Trustees<br> Managed Portfolio Series

Board of Trustees<br> Tidal Trust I

July 14, 2025

Based on our examination of the foregoing items and subject to the assumptions, exceptions, limitations, and qualifications set forth herein, we are of the opinion that for federal income tax purposes with respect to the Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Reorganization will constitute a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the Target Fund and the Acquiring Fund will each be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In accordance with Sections 361(a) and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of all of its Assets to the Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the Liabilities of the Target Fund, and in accordance with Section 361(c) of the Code, no gain or loss will be recognized by the Target Fund upon the distribution (whether actual or constructive) of the Acquiring Fund Shares to the Target Fund Shareholders in exchange for their Target Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In accordance with Section 1032 of the Code, no gain or loss will be recognized by the Acquiring Fund upon its receipt of all the Assets of the Target Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of all the Liabilities of the Target Fund as part of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In accordance with Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund Shareholders upon the receipt of the Acquiring Fund Shares solely in exchange for their Target Fund Shares as part of the Reorganization (including fractional shares to which they may be entitled);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In accordance with Section 358 of the Code, the aggregate tax basis of the Acquiring Fund Shares received by a Target Fund Shareholder (including fractional shares to which such Target Fund Shareholder may be entitled) pursuant to the Reorganization will be equal to the aggregate tax basis of the Target Fund Shares held by such Target Fund Shareholder immediately prior to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In accordance with Section 1223 of the Code, the holding period of the Acquiring Fund Shares received by a Target Fund Shareholder (including fractional shares to which such Target Fund Shareholder may be entitled) will include the period during which the Target Fund Shares surrendered in exchange therefor were held by such Target Fund Shareholder, provided that the Target Fund Shares were held as a capital asset in the hands of such Target Fund Shareholder at the Closing Time;

Board of Trustees<br> Managed Portfolio Series

Board of Trustees<br> Tidal Trust I

July 14, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In accordance with Section 362(b) of the Code, the tax basis of each Asset of the Target Fund acquired by the Acquiring Fund in the Reorganization will be the same as the tax basis of such Asset in the hands of the Target Fund immediately prior to the transfer thereof in the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In accordance with Section 1223 of the Code, the holding period of each Asset of the Target Fund acquired by the Acquiring Fund in the Reorganization will include the period during which that Asset was held by the Target Fund immediately prior to the transfer thereof in the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Reorganization will not result in the termination of the Target Fund's taxable year, provided the Reorganization constitutes a reorganization under Section 368(a)(1)(F) of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Acquiring Fund will succeed to and take into account the items of the Target Fund, if any, described under Code Section 381(c), subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the U.S. Treasury regulations thereunder, if applicable.

We express no opinion as to whether any gain or loss will be recognized (1) on Assets in which gain or loss recognition is required by the Code even if the transaction otherwise constitutes a nontaxable transaction, (2) on "Section 1256 contracts" as defined in Section 1256(b) of the Code, (3) on stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, (4) as a result of the closing of a taxable year (or a termination thereof) due to the occurrence of an event other than the Reorganization if otherwise applicable, (5) upon termination of a position, or (6) upon any redemption of shares of the Target Fund not in connection with the Reorganization. In addition, no opinion will be expressed as to any other U.S. federal, estate, gift, state, local, or foreign tax consequences that may result from the Reorganization.

In addition to the assumptions set forth above, this opinion is subject to the exceptions, limitations, and qualifications set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Our opinion with respect to an issue represents our best judgment as to the outcome on the merits with respect to such issue, is not binding upon the Internal Revenue Service or the courts and is not a guarantee that the Internal Revenue Service will not assert a contrary position with respect to an issue, or that a court will not sustain such a position if asserted by the Internal Revenue Service. No ruling has been or will be requested from the Internal Revenue Service concerning the federal income tax consequences of the Reorganization. Future legislative, judicial, or administrative changes, on either a prospective or retroactive basis, may adversely affect the accuracy of the opinion expressed herein. Nevertheless, we undertake no responsibility to advise you of any new developments in the application or interpretation of the federal income tax laws.

Board of Trustees<br> Managed Portfolio Series

Board of Trustees<br> Tidal Trust I

July 14, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Our opinion concerning certain U.S. federal income tax consequences of the Reorganization is limited to the specific U.S. federal income tax consequences presented above. No opinion is expressed as to any transactions other than the Reorganization, including any transactions undertaken in connection with the Reorganization. In addition, this opinion does not address any other U.S. federal, estate, gift, state, local, or foreign tax consequences that may result from the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Our opinion is void and may not be relied upon if (a) any of the transactions described in the Agreement are not consummated in accordance with the terms thereof and without waiver or breach of any material provision thereof, or (b) any of the representations, warranties, covenants, conditions, statements, and assumptions upon which we relied are not materially true and accurate at all relevant times.

This opinion is being delivered solely for the purpose of satisfying the requirements set forth in paragraph 8.5 of the Agreement. Our opinion is being rendered to MPS and its Board of Trustees and Tidal Trust and its Board of Trustees, and may be relied upon only by MPS and its Board of Trustees, Tidal Trust and its Board of Trustees, and the shareholders of the Target Fund and the Acquiring Fund, it being understood that we are not thereby establishing an attorney-client relationship with any shareholder.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement to be filed with the SEC and to the use of our name in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, or the rules and regulations thereunder.

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| |
|:---|
| Very truly yours, |
| */s/ Godfrey & Kahn, S.C.* |
| GODFREY & KAHN, S.C. |

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## Exhibit 99.13

[Tidal Trust I POS EX](atac-posex_071825.htm)

**Exhibit 99(13)(b)**

**AMENDED AND RESTATED**

**FUND SUB-ADMINISTRATION SERVICING AGREEMENT**

THIS AGREEMENT is made and entered into as of the last day written on the signature page by and between **TIDAL ETF SERVICES LLC** (the "Company"), with respect to **TIDAL TRUST I** (formerly, Tidal ETF Trust), 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>USBGFS</u>"). **TIDAL INVESTMENTS LLC** (formerly, Toroso Investments, LLC), **the investment adviser to the Trust (the "Adviser"), is a party hereto with respect to Section 4 only.**

WHEREAS, the parties entered into a Fund Sub-Administration Servicing Agreement dated as of December 21, 2018, as amended (the "Original Agreement");

WHEREAS, the parties desire to amend and restate the Original Agreement with the terms of this Agreement;

WHEREAS, the Original Agreement is hereby superseded and replaced in its entirety with this Agreement;

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, USBGFS is, among other things, in the business of providing fund administration services for the benefit of its customers; and

WHEREAS, the Company serves as administrator to the Trust and desires to retain USBGFS to provide fund administration services to each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (each a "Fund" and collectively, the "Funds").

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Appointment of USBGFS as Administrator** 

The Trust hereby appoints USBGFS as administrator of the Trust on the terms and conditions set forth in this Agreement, and USBGFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBGFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder.

**2.** **Services and Duties of USBGFS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Services and duties of USBGFS in regards to any series of the Trust that is an exchange-traded fund (each such series, an "ETF")
listed on Exhibit A are provided on Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Services and duties of USBGFS in regards to any mutual fund series of the Trust (each such series, a "Mutual Fund")
listed on Exhibit A are provided on Schedule 2.

**3.** **License of Data; Warranty; Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS has entered into agreements with various data service providers (each, a "Data Provider"), including, without
limitation, MSCI index data services ("MSCI"), Standard & Poor Financial Services LLC ("S&P"),
Morningstar, Broadridge, FTSE, and ICE to provide data services that may include, without limitation, index returns and pricing
information (collectively, the "Data") to facilitate the services provided by USBGFS to each Fund. These Data Providers
have required USBGFS to include certain provisions regarding the use of the Data in this Agreement attached hereto as <u>Exhibit C</u>. The Data is being licensed, not sold, to the Fund. The Trust acknowledges and agrees that certain Data Providers may also
require the Trust or one or more Funds to enter into an agreement directly with the Data Provider for the use of that Data Provider's
Data. The provisions in <u>Exhibit C</u> shall not have any effect upon the standard of care and liability USBGFS has set forth
in Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust agrees to indemnify and hold harmless USBGFS, its information providers, and any other third party involved in or
related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees
and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys'
fees and costs, as incurred, arising in and any manner out of the Trust's or any third party's use of, or inability
to use, the Data or any breach by the Trust of any provision contained in this Agreement regarding the Data. The immediately preceding
sentence shall not have any effect upon the standard of care and liability of USBGFS as set forth in Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBGFS has entered into agreements with Bloomberg Finance L.P. ("Bloomberg") to provide data (the "N-PORT
Data") for use in or in connection with the reporting requirements under the Rule, including preparation and filing of Form
N-PORT. In connection with the provision of the N-PORT Data, Bloomberg requires certain provisions to be included in the Agreement.

The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the N-PORT Data, (b) not extract the N-PORT Data from the view-only portal, (c) not use the N-PORT Data for any purpose independent of complying with the requirements of Rule 30b1-9 (which prohibition shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available enterprise-wide for the Trust's internal use)), (d) permit audits of its use of the N-PORT Data by Bloomberg, its affiliates or, at the Trust's request, a mutually agreed upon third party auditor (provided that the costs of an audit by a third party shall be borne by the Trust), (e) exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the N-PORT Data (including expressly disclaiming all warranties). The Trust further agrees that Bloomberg shall be a third party beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (e).

**4.** **Compensation** 

USBGFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such reasonable miscellaneous expenses set forth in <u>Exhibit B</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. With respect to any ETF operating under a unitary fee structure, the Adviser shall pay all such fees and reimbursable expenses owed to USBGFS under this Agreement. With respect to any Mutual Fund or ETF that does not operate under a unitary fee structure, the Trust, out of the assets of the Fund, shall pay all such fees and reimbursable expenses owed to USBGFS under this Agreement. The Trust or Adviser, as applicable, shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust or Adviser, as applicable, shall notify USBGFS in writing within 30 calendar days following receipt of each invoice if the Trust or Adviser, as applicable, is disputing any amounts in good faith. The Trust or Adviser, as applicable, shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust or Adviser, as applicable, is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the Fund involved.

**5.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company hereby represents and warrants to USBGFS, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Company in accordance with all requisite action and
constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A registration statement under the 1940 Act and, if applicable, the Securities Act of 1933, as amended, will be made effective
prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and appropriate state
securities law filings will be made prior to the effective date of this Agreement and will continue to be made during the term
of this Agreement as necessary to enable the Trust to make a continuous public offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) All records of the Trust provided to USBGFS by the Company or Trust or by a prior service provider of the Trust are accurate
and complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS hereby represents and warrants to the Company, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by USBGFS in accordance with all requisite action and constitutes
a valid and legally binding obligation of USBGFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement.

**6.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS shall use reasonable efforts and exercise reasonable care in the performance of its duties under this Agreement. Neither
USBGFS nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by
the Company, Trust, any Fund, the Adviser or any other service provider to the Company, Trust or a Fund, or any employee of the
foregoing; or for any loss suffered by the Company, Trust, a Fund, or any third party in connection with USBGFS' duties under
this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond
USBGFS' reasonable control, except a loss arising out of or relating to USBGFS' refusal or failure to comply with the
terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, fraud, negligence,
or willful misconduct in the performance of its duties under this Agreement or breach of this Agreement. Notwithstanding any other
provision of this Agreement, if USBGFS has used reasonable efforts and exercised reasonable care in the performance of its duties
under this Agreement, the Company shall indemnify and hold harmless USBGFS and its affiliates and suppliers from and against any
and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees)
that USBGFS or its affiliates and suppliers may sustain or incur or that may be asserted against USBGFS or its affiliates and suppliers
by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance
with the foregoing standards, or (ii) in reasonable reliance upon any written or oral instruction provided to USBGFS by any duly
authorized officer of the Company or Trust, except for any and all claims, demands, losses, expenses, and liabilities arising out
of or relating to USBGFS' refusal or failure to comply with the terms of this Agreement (other than where such compliance
would violate applicable law) or from its bad faith, fraud, negligence or willful misconduct in the performance of its duties under
this Agreement or breach of this Agreement. This indemnity shall be a continuing obligation of the Company, its successors and
assigns, notwithstanding the termination of this Agreement; provided that the Company's continuing obligation to indemnify
USBGFS after the termination of this Agreement shall relate solely to those claims, demands, losses, expenses and liabilities of
any and every nature (including reasonable attorneys' fees) sustained in connection with Fund Services' provision of
services pursuant to this Agreement. As used in this paragraph, the term "USBGFS" shall include USBGFS' directors,
officers and employees.

USBGFS shall indemnify and hold the Company harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Company may sustain or incur or that may be asserted against the Company, Trust or Fund by any person arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS' refusal or failure to comply with the terms of this Agreement, breach of this Agreement, or from USBGFS' bad faith, fraud, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Company" shall include the Company's directors, officers and employees and the term "Trust" shall include the Trust's trustees, officers and employees.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); or (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

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

Notwithstanding the above, USBGFS reserves the right to reprocess and correct non-material administrative errors at its own expense, provided that USBGFS shall provide advance written notice to the Company detailing the action it intends to take prior to taking such actions. For material administrative errors, USBGFS reserves the right to reprocess and correct administrative errors at its own expense upon consultation with the Company and in such manner as agreed to by the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If USBGFS is acting in another capacity for the Company pursuant to a separate agreement, nothing herein shall be deemed to
relieve USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In conjunction with the tax services provided to the Trust by USBGFS hereunder, USBGFS shall not be deemed to act as an income
tax return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the IRC, or any successor thereof.
Any information provided by USBGFS to a Fund for income tax reporting purposes with respect to any item of income, gain, loss,
or credit will be performed solely in USBGFS' administrative capacity. USBGFS shall not be required to determine, and shall
not take any position with respect to whether, the reasonable belief standard described in Section 6694 of the IRC has been satisfied
with respect to any income tax item. The Trust, on behalf of a Fund, and any appointees thereof, shall have the right to inspect
the transaction summaries produced and aggregated by USBGFS, and any supporting documents thereto, in connection with the tax reporting
services provided to each Fund by USBGFS. USBGFS shall not be liable for the provision or omission of any tax advice with respect
to any information provided by USBGFS to a Fund. The tax information provided by USBGFS shall be pertinent to the data and information
made available to USBGFS, and is neither derived from nor construed as tax advice.

**7.** **Data Necessary to Perform Services** 

The Company or the Trust or their respective agents shall furnish to USBGFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

**8.** **Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially
and as proprietary information of the Company or the Trust, all records and other information relative to the Company or the Trust
and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and
information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification
to and approval in writing by the Company or the Trust, which approval shall not be unreasonably withheld and may not be withheld
where USBGFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such
information by duly constituted authorities provided that USBGFS shall promptly notify the Company of such request if permitted
by applicable law, or (iii) when so requested by the Company or the Trust. Records and other information which have become known
to the public through no wrongful act of USBGFS or any of its employees, agents or representatives, and information that was already
in the possession of USBGFS prior to receipt thereof from the Company, the Trust or their respective agents, shall not be subject
to this paragraph.

Further, USBGFS will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Company or the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company and the Trust agree on behalf of themselves and their trustees, officers, and employees
to treat confidentially and as proprietary information of USBGFS, all non-public information relative to USBGFS (including, without
limitation, information regarding USBGFS' pricing, products, services, customers, suppliers, financial statements, processes,
know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations,
systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications,
schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with
the services provided under this Agreement, except (i) after prior notification to and approval in writing by USBGFS, which approval
shall not be unreasonably withheld and may not be withheld where the Company or the Trust may be exposed to civil or criminal contempt
proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when
so requested by the USBGFS. Information which has become known to the public through no wrongful act of the Company or the Trust
or any of its employees, agents or representatives, and information that was already in the possession of the Company or the Trust
prior to receipt thereof from USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding anything herein to the contrary, (i) the Company and the Trust shall be permitted to disclose the identity
of USBGFS as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's
registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) USBGFS shall
be permitted to include the name of the Company and the Trust in lists of representative clients in due diligence questionnaires,
RFP responses, presentations, and other marketing and promotional purposes.

**9.** **Records** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Company, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that all such records prepared or maintained by USBGFS relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request. Notwithstanding the foregoing, USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction.

**10.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company and the Trust have and retain primary responsibility for all compliance matters relating to the Fund, including
but not limited to compliance with the 1940 Act, the Code, the SOX Act, the USA PATRIOT Act of 2001 and the policies and limitations
of the Trust relating to its portfolio investments as set forth in its Registration Statement. Further, each party agrees that
it complies with any and all applicable local, state, federal, and international data protection laws, and confirms required consents,
disclosures and notices are in place to enable collection and processing of personal data by USBGFS. USBGFS' services hereunder
shall not relieve the Company or the Trust of its responsibilities for assuring such compliance or the Board of Trustee's
oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company shall promptly notify USBGFS if the investment strategy of the Trust or any Fund materially changes or deviates
from the investment strategy disclosed in the current Prospectus, or if the Trust (or any Fund) becomes subject to any new law,
rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations
of the Trust or any Fund or the services provided under this Agreement.

**11.** **Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective as of the last date written on the signature page and will continue in effect until August
1, 2025 (the "Initial Term"). Following the Initial Term, this Agreement may renew for an additional term upon mutual
written agreement of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject to Section 12, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon
giving 90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each party may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the continued service
of such Funds or the Trust under this Agreement would cause such party or any of its affiliates to be in violation of any applicable
law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if
such breach is not cured within 15 days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Agreement may not be amended or modified in any manner except by written agreement executed by USBGFS and the Company,
and if such written agreement is authorized or approved by the Trust's Board of Trustees.

**12.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Company elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Company agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all monthly fees through the remaining term of the Agreement, including the repayment of any negotiated discounts (provided
that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion
to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all reasonable and documented miscellaneous costs associated with a.-c. above.

**13.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Company or Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Company (if such form differs from the form in which USBGFS has maintained the same, the Company shall pay any reasonable and documented miscellaneous expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Company.

**14.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Company without the written consent of USBGFS, or by USBGFS without the written consent of the Company.

**15.** **Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

**16.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**17.** **Services Not Exclusive** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**18.** **Invalidity** 

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

**19.** **Legal-Related Services** 

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Company acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Company or Trust and rely on outside counsel retained by the Company to review all services provided by USBGFS and to provide independent judgment on the Company's behalf. The Company acknowledges that because no attorney-client relationship exists between the Trust and USBGFS (or any employee of USBGFS or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

**20.** **Insurance** 

Fund Services shall maintain a fidelity bond covering larceny and embezzlement, an insurance policy with respect to directors and officers errors and omissions coverage and electronic data processing insurance coverage, in amounts that are appropriate in light of its duties and responsibilities hereunder. Upon the request of the Company, Fund Services shall provide evidence that coverage is in place. Fund Services shall notify the Company should its insurance coverage with respect to professional liability or errors and omissions coverage be canceled. Such notification shall include the date of cancellation and the reasons therefore. Fund Services shall notify the Company promptly of any material claims against it with respect to services performed under this Agreement, whether or not they may be covered by insurance, and shall notify the Company promptly should the total outstanding claims made by Fund Services under its insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage.

**21.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: President

and notice to the Trust shall be sent to:

c/o Tidal Investments LLC

234 West Florida Street, Suite 203

Milwaukee, WI 53204

**22.** **No Third Party Rights** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

**23.** **Multiple Originals** 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**(SIGNATURES ON THE FOLLOWING PAGE)**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL ETF SERVICES LLC** | **TIDAL ETF SERVICES LLC** | **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: | Co-Founder & COO | Title: | Senior Vice President |
| Date: | 7/11/2025 | Date: | 7/11/2025 |
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |  |  |
| (with respect to Section 4 only) | (with respect to Section 4 only) |  |  |
| By: | /s/ Daniel Carlson |  |  |
| Name: | Daniel Carlson |  |  |
| Title: | Co-Founder & Chief of Staff |  |  |
| Date: | 7/11/2025 |  |  |

---

**Exhibit A**

**to the**

**Fund Sub-Administration Servicing Agreement** 

**Fund Names** 

Separate Series of Tidal Trust I

<u>Name of ETF Series</u>

Academy Veteran Impact ETF

Acruence Active Hedge U.S. Equity ETF

Adasina Social Justice All Cap Global ETF

American Customer Satisfaction ETF

ATAC Credit Rotation ETF

ATAC Equity Leverage Rotation ETF

ATAC US Rotation ETF

Aztlan Global Stock Selection DM SMID ETF

Aztlan North America Nearshoring Stock Selection ETF

Digital Asset Debt Strategy ETF

FolioBeyond Alternative Income and Interest Rate Hedge ETF

FolioBeyond Enhanced Fixed Income Premium ETF

God Bless America ETF

Gotham 1000 Value ETF Sound Fixed Income ETF

Gotham Enhanced 500 ETF

Gotham Short Strategies ETF

Intelligent Real Estate ETF

Ionic Inflation Protection ETF

Leatherback Long/Short Absolute Return ETF

Leatherback Long/Short Alternative Yield ETF

Residential REIT ETF

Robinson Alternative Yield Pre-Merger SPAC ETF

RPAR Risk Parity ETF

SoFi Enhanced Yield ETF

SoFi Next 500 ETF

SoFi Select 500 ETF

SoFi Social 50 ETF

SonicShares<sup>™</sup> Global Shipping ETF

Sound Enhanced Equity Income ETF

Sound Enhanced Fixed Income ETF

Sound Equity Dividend Income ETF

Sound Total Return ETF

SP Funds Dow Jones Global Sukuk ETF

SP Funds S&P 500 Sharia Industry Exclusions ETF

SP Funds S&P Global REIT Sharia ETF

The Free Markets ETF

Unlimited HFEM Emerging Markets ETF

Unlimited HFEQ Equity Long/Short ETF

Unlimited HFEV Event Driven ETF

Unlimited HFFI Fixed Income ETF

Unlimited HFGM Global Macro ETF

Unlimited HFMF Managed Futures ETF

Unlimited HFND Multi-Strategy Return Tracker ETF

Unlimited Low-Beta HFND Multi-Strategy ETF

Unlimited Ultra HFND Multi-Strategy ETF

Unusual Whales Subversive Democratic Trading ETF

Unusual Whales Subversive Republican Trading ETF

UPAR Ultra Risk Parity ETF

ZEGA Buy and Hedge ETF

<u>Name of Mutual Fund Series</u>

ATAC Rotation Fund

**Exhibit B to the Fund Sub-Administration Servicing Agreement** 

**Exhibit C to the Fund Sub-Administration Servicing Agreement**

REQUIRED PROVISIONS OF DATA SERVICE PROVIDERS

● The Trust shall use the Data solely for internal purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.

● The Trust will not use or permit anyone else to use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

● The Trust shall will treat the Data as proprietary to the Data Provider. Further, the Trust shall acknowledge that the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

● The Trust will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including, without limitation, the Trust's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

● The Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

● The Trust shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by the Trust.

● The Trust acknowledges that the Data Providers may, in their sole and absolute discretion and at any time, terminate USBGFS' right to receive and/or use the Data.

● The Trust acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements between the Data Providers and USBGFS with respect to the provision of the Data, entitled to enforce all provisions of such agreement relating to the Data.

● THE DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. USBGFS, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

● THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL USBGFS, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

**Schedule 1 – ETF Services**

USBGFS shall provide the following administration services to the Trust with respect to each ETF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Fund Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Act as liaison among Fund service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Supply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Non-investment-related statistical and research data
as requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Coordinate the Trust's board of trustees (the "Board of Trustees" or the "Trustees") communications,
such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare meeting agendas and resolutions, with the assistance
of Fund counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare reports for the Board of Trustees based on financial
and administrative data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist with the selection of the independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If requested by the Trust, secure and monitor fidelity
bond and director and officer liability coverage, and make the necessary Securities and Exchange Commission (the "SEC")
filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare minutes of meetings of the Board of Trustees
and Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Recommend dividend declarations to the Board of Trustees
and prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Attend Board of Trustees meetings and present materials
for the Trustees' review at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Audits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the independent auditors,
and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC, FINRA or other regulatory audits, provide requested
information to the SEC, FINRA or other regulatory agencies, or the Trust to assist the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Pay Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Keep the Trust's governing documents, including its charter, bylaws and minutes, but only to the extent such documents
are provided to USBGFS by the Trust or its representatives for safe keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Regulatory Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor compliance with the 1940 Act requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculation of asset and diversification tests on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Calculation of total return and SEC yields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Maintenance of books and records under Rule 31a-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Code of ethics requirements under Rule 17j-1 for the disinterested Trustees, if requested to provide such service by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. After each quarter-end and on a post-trade basis, monitor
each Fund's compliance with the policies and investment limitations as set forth in its prospectus (the "Prospectus")
and statement of additional information (the "SAI") included in its registration statement on Form N-1A (or similar
documents) filed with the SEC ("Registration Statement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Perform its duties hereunder in compliance with all applicable
laws and regulations and provide any sub-certifications reasonably requested by the Trust in connection with (i) any certification
required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Act") or any rules or regulations promulgated
by the SEC thereunder, and (ii) the operation of USBGFS' compliance program as it relates to the Trust, provided the same
shall not be deemed to change USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In order to assist the Trust in satisfying the requirements
of Rule 38a-1 under the 1940 Act (the "Rule"), USBGFS will provide the Trust's Chief Compliance Officer with
reasonable access to USBGFS' fund records relating to the services provided by it under this Agreement, and will provide
quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving
USBGFS that affect or could affect the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Monitor compliance with regulatory exemptive relief (as
applicable) for ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) SEC Registration and Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assist Fund counsel in annual update of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare and file annual and semiannual shareholder reports
and other filings, such as Form N-CEN, Form N-CSR, Form N-Q, Form N-PORT, and Rule 24f-2 notices. As requested by the Fund, prepare
and file Form N-PX and Form N-LIQUID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Coordinate the printing, filing and mailing of Prospectuses
and shareholder reports, and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. File fidelity bond under Rule 17g-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Monitor sales of Fund shares and ensure that such shares
are properly registered or qualified, as applicable, with the SEC and the appropriate state authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Assist Fund counsel with application for exemptive relief,
when applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) IRS Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor the Fund's status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986,
as amended (the "Code"), including without limitation, review of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Diversification requirements on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Qualifying income requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate required annual excise distribution amounts
for the review and approval of Fund management and/or its independent accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Financial Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provide financial data required by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prepare financial reports for officers, shareholders, tax authorities, performance reporting companies, the Board of Trustees,
the SEC, and the independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Supervise the Fund's custodian and fund accountants in the maintenance of the Fund's general ledger and in the
preparation of the Fund's financial statements, including oversight of expense accruals and payments, and the declaration
and payment of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Compute the yield, total return, expense ratio and portfolio turnover rate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Monitor expense accruals and make adjustments as necessary; notify the Fund's management of adjustments expected to materially
affect the Fund's expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Prepare financial statements, which include, without limitation, the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Statement of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement of Cash Flows (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Note to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Prepare for the review of the independent accountants and/or Fund management the federal and
state tax returns including without limitation, Form 1120 RIC and applicable state returns including any necessary schedules.
USBGFS will prepare annual Fund federal and state income tax return filings as authorized by and based on the instructions received
by Fund management and/or its independent accountant. File on a timely basis appropriate federal
and state tax returns including, without limitation, Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Provide the Fund's management and Fund's independent accountant with tax reporting information pertaining to the
Fund and available to USBGFS as required in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Prepare Fund financial statement tax footnote disclosures for the review and approval of Fund management and/or the Fund's
independent accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Prepare and file on behalf of Fund management Form 1099 MISC for payments to disinterested
trustees and other qualifying service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Monitor wash sale losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Calculate Qualified Dividend Income ("QDI") for qualifying Fund shareholders.

**Schedule 2 – Mutual Fund Services**

USBGFS shall provide the following administration services to the Trust with respect to each mutual fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Fund Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Act as liaison among Fund service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Supply non-investment-related statistical and research data as requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Coordinate the Trust's board of trustees (the "Board of Trustees" or the "Trustees") communications,
such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare meeting agendas and resolutions, with the assistance of Fund counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare reports for the Board of Trustees based on financial and administrative data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist with the selection of the independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If requested by the Trust, secure and monitor fidelity bond and director and officer liability coverage, and make the necessary
Securities and Exchange Commission (the "SEC") filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare minutes of meetings of the Board of Trustees and Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Recommend dividend declarations to the Board of Trustees and prepare and distribute to appropriate parties notices announcing
declaration of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Attend Board of Trustees meetings and present materials for the Trustees' review at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Audits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the independent auditors,
and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC or other regulatory audits, provide requested information to the SEC, other regulatory agencies, or the Trust to assist
the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Pay Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Keep the Trust's governing documents, including its charter, bylaws and minutes, but only to the extent such documents
are provided to USBGFS by the Trust or its representatives for safe keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Regulatory Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor compliance with the 1940 Act requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculation of asset and diversification tests on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Calculation of total return and SEC yields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Maintenance of books and records under Rule 31a-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Code of ethics requirements under Rule 17j-1 for the disinterested Trustees, if requested to provide such service by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. After each quarter-end and on a post-trade basis, monitor each Fund's compliance with the policies and investment limitations
as set forth in its prospectus (the "Prospectus") and statement of additional information (the "SAI") included
in its registration statement on Form N-1A (or similar documents) filed with the SEC ("Registration Statement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust in connection with (i) any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002
(the "SOX Act") or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of USBGFS'
compliance program as it relates to the Trust, provided the same shall not be deemed to change USBGFS' standard of care as
set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In order to assist the Trust in satisfying the requirements of Rule 38a-1 under the 1940 Act (the "Rule"), USBFS
will provide the Trust's Chief Compliance Officer with reasonable access to USBGFS' fund records relating to the services
provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material
Compliance Matter (as defined in the Rule) involving USBGFS that affect or could affect the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Blue Sky Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare and file with the SEC and appropriate state securities authorities any and all required compliance filings (*e.g.,* Form D and "blue sky" filings) relating to the qualification of the securities of the Fund so as to enable the
Fund to make a continuous offering of its shares in all states and applicable U.S. territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Monitor status and maintain registrations in each state and applicable U.S. territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) SEC Registration and Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assist Fund counsel in annual update of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare and file annual and semiannual shareholder reports
and other filings, such as Form N-CEN, Form N-CSR, Form N-PORT, and Rule 24f-2 notices. As requested by the Fund, prepare and
file Form N-PX and Form N-LIQUID.bv78V

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Coordinate the printing, filing and mailing of Prospectuses
and shareholder /;., and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. File fidelity bond under Rule 17g-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Monitor sales of Fund shares and ensure that such shares
are properly registered or qualified, as applicable, with the SEC and the appropriate state authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) IRS Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor the Fund's status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986,
as amended (the "Code"), including without limitation, review of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Diversification requirements on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Qualifying income requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate required annual excise distribution amounts
for the review and approval of Fund management and/or its independent accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Financial Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provide financial data required by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prepare financial reports for officers, shareholders, tax authorities, performance reporting companies, the Board of Trustees,
the SEC, and the independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Supervise the Fund's custodian and fund accountants in the maintenance of the Fund's general ledger and in the
preparation of the Fund's financial statements, including oversight of expense accruals and payments, and the declaration
and payment of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Compute the yield, total return, expense ratio and portfolio turnover rate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Monitor expense accruals and make adjustments as necessary; notify the Fund's management of adjustments expected to materially
affect the Fund's expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Prepare financial statements, which include, without limitation, the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Statement of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Statement of Cash Flows (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Note to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Prepare for the review of the independent accountants and/or Fund management the federal and
state tax returns including without limitation, Form 1120 RIC and applicable state returns including any necessary schedules.
USBGFS will prepare annual Fund federal and state income tax return filings as authorized by and based on the instructions received
by Fund management and/or its independent accountant. File on a timely basis appropriate federal
and state tax returns including, without limitation, Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Provide the Fund's management and Fund's independent accountant with tax reporting information pertaining to the
Fund and available to USBGFS as required in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Prepare Fund financial statement tax footnote disclosures for the review and approval of Fund management and/or the Fund's
independent accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Prepare and file on behalf of Fund management Form 1099 MISC for payments to disinterested
trustees and other qualifying service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Monitor wash sale losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Calculate Qualified Dividend Income ("QDI") for qualifying Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Fund so elects, USBGFS shall provide additional services that are further described in the fee schedule Exhibit B.

## Exhibit 99.13

[Tidal Trust I POS EX](atac-posex_071825.htm)

**Exhibit 99(13)(c)**

**AMENDED AND RESTATED<br> FUND ACCOUNTING SERVICING AGREEMENT**

THIS AGREEMENT is made and entered into as of the last day written on the signature page by and between **TIDAL TRUST I** (formerly, Tidal ETF Trust), 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>USBGFS</u>"). **Tidal Investments LLC** (formerly Toroso Investments, LLC), the investment adviser to the Trust (the "Adviser"), is a party hereto with respect to Section 7 only.

WHEREAS, the parties entered into a Fund Accounting Servicing Agreement dated as of December 21, 2018, as amended (the "Original Agreement");

WHEREAS, the parties desire to amend and restate the Original Agreement with the terms of this Agreement;

WHEREAS, the Original Agreement is hereby superseded and replaced in its entirety with this Agreement;

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, USBGFS is, among other things, in the business of providing mutual fund accounting services to investment companies; and

WHEREAS, the Trust desires to retain USBGFS to provide accounting services to each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (each a "Fund" and collectively, the "Funds").

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows with respect to each Fund:

**1.** **Appointment of USBGFS as Fund Accountant** 

The Trust hereby appoints USBGFS as fund accountant of the Trust on the terms and conditions set forth in this Agreement, and USBGFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBGFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder.

**2.** **Services and Duties of USBGFS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Services
 and duties of USBGFS in regards to any series of the Trust that is an exchange-traded
 fund (each such series, an "ETF") listed on Exhibit A are provided on Schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Services
 and duties of USBGFS in regards to any mutual fund series of the Trust (each such series,
 a "Mutual Fund") listed on Exhibit A are provided on Schedule 2.

**3.** **License of Data; Warranty; Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 valuation information and evaluations being provided to the Trust by USBGFS pursuant
 hereto (collectively, the "Data") are being licensed, not sold, to the Trust.
 The Trust has a limited license to use the Data only for purposes necessary to valuing
 the Trust's assets and reporting to regulatory bodies (the "License").
 The Trust does not have any license nor right to use the Data for purposes beyond the
 intentions of this Agreement including, but not limited to, resale to other users or
 use to create any type of historical database. The License is non-transferable and not
 sub-licensable. The Trust's right to use the Data cannot be passed to or shared
 with any other entity.

The Trust acknowledges the proprietary rights that USBGFS and its suppliers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. THE
 TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED,
 AS TO MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBGFS
 may stop supplying some or all Data to the Trust if USBGFS' suppliers terminate
 any agreement to provide Data to USBGFS. Also, USBGFS may stop supplying some or all
 Data to the Trust if USBGFS reasonably believes that the Trust is using the Data in violation
 of the License, or breaching its duties of confidentiality provided for hereunder, or
 if any of USBGFS' suppliers demand that the Data be withheld from the Trust. USBGFS
 will provide notice to the Trust of any termination of provision of Data as soon as reasonably
 possible.

**4.** **Pricing of Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. For
 each valuation date, USBGFS shall obtain prices from a pricing source approved by the
 Board of Trustees and apply those prices to the portfolio positions of the Fund. For
 those securities where market quotations are not readily available, the Board of Trustees
 shall approve, in good faith, procedures for determining the fair value for such securities.

If the Trust desires to provide a price that varies from the price provided by the pricing source, the Trust shall promptly notify and supply USBGFS with the price of any such security on each valuation date. All pricing changes made by the Trust will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 the event that the Trust at any time receives Data containing evaluations, rather than
 market quotations, for certain securities or certain other data related to such securities,
 the following provisions will apply: (i) evaluated securities are typically complicated
 financial instruments. There are many methodologies (including computer-based analytical
 modeling and individual security evaluations) available to generate approximations of
 the market value of such securities, and there is significant professional disagreement
 about which method is best. No evaluation method, including those used by USBGFS and
 its suppliers, may consistently generate approximations that correspond to actual "traded"
 prices of the securities; (ii) methodologies used to provide the pricing portion of certain
 Data may rely on evaluations; however, the Trust acknowledges that there may be errors
 or defects in the software, databases, or methodologies generating the evaluations that
 may cause resultant evaluations to be inappropriate for use in certain applications;
 and (iii) the Trust assumes all responsibility for edit checking, external verification
 of evaluations, and ultimately the appropriateness of using Data containing evaluations,
 regardless of any efforts made by USBGFS and its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBGFS
 shall not have any obligation to verify the accuracy or appropriateness of any prices,
 evaluations, market quotations, or other data or pricing related inputs received from
 the Trust, the Fund, any of their affiliates, or any third party source. Notwithstanding
 anything else in this Agreement to the contrary, USBGFS and its affiliates shall not
 be responsible or liable for any mistakes, errors, or mispricing, or any losses related
 thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations,
 market quotations, or other data or pricing related inputs received from the Trust, the
 Fund, any of their affiliates, or any third party source.

**5.** **Changes in Accounting Procedures** 

Any resolution passed by the Board of Trustees that affects accounting practices and procedures under this Agreement shall be effective upon written notice to USBGFS.

**6.** **Changes in Equipment, Systems, Etc.** 

USBGFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such changes do not adversely affect the services provided to the Trust under this Agreement.

**7.** **Compensation** 

USBGFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such reasonable miscellaneous expenses set forth in <u>Exhibit B</u> as are reasonably incurred by USBGFS in performing its duties hereunder. With respect to any ETF operating under a unitary fee structure, the Adviser shall pay all such fees and reimbursable expenses owed to USBGFS under this Agreement. With respect to any Mutual Fund or ETF that does not operate under a unitary fee structure, the Trust, out of the assets of the Fund, shall pay all such fees and reimbursable expenses owed to USBGFS under this Agreement. The Trust or the Adviser, as applicable, shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust or the Adviser, as applicable, shall notify USBGFS in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust or Adviser, as applicable, shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust or Adviser, as applicable, is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the Fund involved.

**8.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Trust hereby represents and warrants to USBGFS, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 Agreement has been duly authorized, executed and delivered by the Trust in accordance
 with all requisite action and constitutes a valid and legally binding obligation of the
 Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of
 creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A
 registration statement under the 1940 Act and, if applicable, the Securities Act of 1933,
 as amended, will be made effective prior to the effective date of this Agreement and
 will remain effective during the term of this Agreement, and appropriate state securities
 law filings will be made prior to the effective date of this Agreement and will continue
 to be made during the term of this Agreement as necessary to enable the Trust to make
 a continuous public offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) All
 records of the Trust provided to USBGFS by the Trust or by a prior service provider of
 the Trust are accurate and complete and USBGFS is entitled to rely on all such records
 in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS
 hereby represents and warrants to the Trust, which representations and warranties shall
 be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 Agreement has been duly authorized, executed and delivered by USBGFS in accordance with
 all requisite action and constitutes a valid and legally binding obligation of USBGFS,
 enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of
 creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement.

**9.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS
 shall use reasonable efforts and exercise reasonable care in the performance of its duties
 under this Agreement. Neither USBGFS nor any of its affiliates or suppliers shall be
 liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any
 Fund, the adviser or any other service provider to the Trust or a Fund, or any employee
 of the foregoing; or for any loss suffered by the Trust, a Fund, or any third party in
 connection with USBGFS' duties under this Agreement, including losses resulting
 from mechanical breakdowns or the failure of communication or power supplies beyond USBGFS'
 reasonable control, except a loss arising out of or relating to USBGFS' refusal
 or failure to comply with the terms of this Agreement (other than where such compliance
 would violate applicable law) or from its bad faith, fraud, negligence, or willful misconduct
 in the performance of its duties under this Agreement or breach of this Agreement. Notwithstanding
 any other provision of this Agreement, if USBGFS has used reasonable efforts and exercised
 reasonable care in the performance of its duties under this Agreement, the Trust shall
 indemnify and hold harmless USBGFS and its affiliates and suppliers from and against
 any and all claims, demands, losses, expenses, and liabilities of any and every nature
 (including reasonable attorneys' fees) that USBGFS or its affiliates and suppliers
 may sustain or incur or that may be asserted against USBGFS or its affiliates and suppliers
 by any person arising out of or related to (X) any action taken or omitted to be taken
 by it in performing the services hereunder (i) in accordance with the foregoing standards,
 or (ii) in reasonable reliance upon any written or oral instruction provided to USBGFS
 by any duly authorized officer of the Trust, as approved by the Board of Trustees of
 the Trust, or (Y) the Data, or any information, service, report, analysis or publication
 derived therefrom, provided that Fund Services shall be liable for any errors or omissions
 in its own calculations contained in such information, service report or analysis, except
 for any and all claims, demands, losses, expenses, and liabilities arising out of or
 relating to USBGFS' refusal or failure to comply with the terms of this Agreement
 (other than where such compliance would violate applicable law), breach of this Agreement
 or from its bad faith, fraud, negligence or willful misconduct in the performance of
 its duties under this Agreement. This indemnity shall be a continuing obligation of the
 Trust, its successors and assigns, notwithstanding the termination of this Agreement;
 provided that the Trust's continuing obligation to indemnify USBGFS after the termination
 of this Agreement shall relate solely to those claims, demands, losses, expenses and
 liabilities of any and every nature (including reasonable attorneys' fees) sustained
 in connection with Fund Services' provision of services pursuant to this Agreement.
 As used in this paragraph, the term "USBGFS" shall include USBGFS'
 directors, officers and employees.

The Trust acknowledges that the Data is intended for use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed judgments concerning securities. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

USBGFS shall indemnify and hold the Trust harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS' refusal or failure to comply with the terms of this Agreement, breach of this Agreement, or from USBGFS' bad faith, fraud, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

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

Notwithstanding the above, USBGFS reserves the right to reprocess and correct non-material administrative errors at its own expense, provided that USBGFS shall provide advance written notice to the Trust detailing the action it intends to take prior to taking such action. For material administrative errors, Fund Services reserves the right to reprocess and correct administrative errors at its own expense upon consultation with the Trust and in such manner as agreed to by the Trust.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); or (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 indemnity and defense provisions set forth in this Section 9 shall indefinitely survive
 the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If
 USBGFS is acting in another capacity for the Trust pursuant to a separate agreement,
 nothing herein shall be deemed to relieve USBGFS of any of its obligations in such other
 capacity.

**10.** **Notification of Error** 

The Trust will notify USBGFS of any discrepancy between USBGFS and the Trust, including, but not limited to, failing to account for a security position in the Fund's portfolio, upon the later to occur of: (i) three business days after receipt of any reports rendered by USBGFS to the Trust; (ii) three business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three business days after receiving notice from any shareholder regarding any such discrepancy.

**11.** **Data Necessary to Perform Services** 

The Trust or its agent shall furnish to USBGFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

**12.** **Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS
 agrees on behalf of itself and its directors, officers, and employees to treat confidentially
 and as proprietary information of the Trust, all records and other information relative
 to the Trust and prior, present, or potential shareholders of the Trust (and clients
 of said shareholders), and not to use such records and information for any purpose other
 than the performance of its responsibilities and duties hereunder, except (i) after prior
 notification to and approval in writing by the Trust, which approval shall not be unreasonably
 withheld and may not be withheld where USBGFS may be exposed to civil or criminal contempt
 proceedings for failure to comply, (ii) when requested to divulge such information by
 duly constituted authorities, provided that USBGFS shall promptly notify the Trust of
 such request if permitted by applicable law, or (iii) when so requested by the Trust.
 Records and other information which have become known to the public through no wrongful
 act of USBGFS or any of its employees, agents or representatives, and information that
 was already in the possession of USBGFS prior to receipt thereof from the Trust or its
 agents or service providers, shall not be subject to this paragraph.

Further, USBGFS will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially
 and as proprietary information of USBGFS, all non-public information relative to USBGFS
 (including, without limitation, the Data and information regarding USBGFS' pricing,
 products, services, customers, suppliers, financial statements, processes, know-how,
 trade secrets, market opportunities, past, present or future research, development or
 business plans, affairs, operations, systems, computer software in source code and object
 code form, documentation, techniques, procedures, designs, drawings, specifications,
 schematics, processes and/or intellectual property), and not to use such information
 for any purpose other than in connection with the services provided under this Agreement,
 except (i) after prior notification to and approval in writing by USBGFS, which approval
 shall not be unreasonably withheld and may not be withheld where the Trust may be exposed
 to civil or criminal contempt proceedings for failure to comply, (ii) when requested
 to divulge such information by duly constituted authorities, or (iii) when so requested
 by the USBGFS. Information which has become known to the public through no wrongful act
 of the Trust or any of its employees, agents or representatives, and information that
 was already in the possession of the Trust prior to receipt thereof from USBGFS, shall
 not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
 anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity
 of USBGFS as a service provider, redacted copies of this Agreement, and such other information
 as may be required in the Trust's registration or offering documents, or as may
 otherwise be required by applicable law, rule, or regulation, and (ii) USBGFS shall be
 permitted to include the name of the Trust in lists of representative clients in due
 diligence questionnaires, RFP responses, presentations, and other marketing and promotional
 purposes.

**13.** **Records** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that all such records prepared or maintained by USBGFS relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

**14.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Trust has and retains primary responsibility for all compliance matters relating to the
 Funds, including but not limited to compliance with the 1940 Act, the Code, the SOX Act,
 the USA PATRIOT Act of 2001 and the policies and limitations of the Fund relating to
 its portfolio investments as set forth in its current prospectus and statement of additional
 information (or similar disclosure documents) included in its registration statement
 on Form N-1A filed with the SEC. Further, each party agrees that it complies with any
 and all applicable local, state, federal, and international data protection laws, and
 confirms required consents, disclosures and notices are in place to enable collection
 and processing of personal data by USBGFS. USBGFS' services hereunder shall not
 relieve the Trust of its responsibilities for assuring such compliance or the Board of
 Trustee's oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust shall promptly notify USBGFS if the investment strategy of any Fund materially
 changes or deviates from the investment strategy disclosed in the current prospectus,
 or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of
 a governmental or judicial authority of competent jurisdiction that materially impacts
 the operations of the Trust or any Fund or the services provided under this Agreement.

**15.** **Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This
 Agreement shall become effective as of the last date written on the signature page and
 will continue in effect for a period of one (1) year. Following the initial term, this
 Agreement shall automatically renew for successive one (1) year terms unless either party
 provides written notice at least 90 days prior to the end of the then current term that
 it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject
 to Section 16, this Agreement may be terminated by either party (in whole or with respect
 to one or more Funds) upon giving 90 days' prior written notice to the other party
 or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each
 party may terminate this Agreement immediately (in whole or with respect to one or more
 Funds) if the continued service of such Funds or the Trust under this Agreement would
 cause such party or any of its affiliates to be in violation of any applicable law, rule,
 regulation, or order of any governmental, regulatory or judicial authority of competent
 jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Agreement may be terminated by any party upon the breach of the other party of any material
 term of this Agreement if such breach is not cured within 15 days of notice of such breach
 to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This
 Agreement may not be amended or modified in any manner except by written agreement executed
 by USBGFS and the Trust, and authorized or approved by the Trust's Board of Trustees.

**16.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all
 monthly fees through the remaining term of the Agreement, including the repayment of
 any negotiated discounts (provided that no such fees shall be paid with respect to any
 Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all
 fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all
 fees associated with any record retention and/or tax reporting obligations that may not
 be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all
 reasonable and documented miscellaneous costs associated with a. to c. above.

**17.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Trust (which shall include only reasonable and documented miscellaneous expenses), transfer to such successor all relevant books, records, correspondence and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust.

**18.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBGFS, or by USBGFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board of Trustees.

**19.** **Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

**20.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**21.** **Services Not Exclusive** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**22.** **Invalidity** 

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

**23.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Attn: President

and notice to the Trust shall be sent to:

c/o Tidal Investments LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, WI 53204

**24.** **No Third Party Rights** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement.

**25.** **Multiple Originals** 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**26.** **Fidelity Bond** 

Fund Services shall maintain a fidelity bond covering larceny and embezzlement, an insurance policy with respect to directors and officers errors and omissions coverage and electronic data processing insurance coverage, in amounts that are appropriate in light of its duties and responsibilities hereunder. Upon the request of the Trust, Fund Services shall provide evidence that coverage is in place. Fund Services shall notify the Trust should its insurance coverage with respect to professional liability or errors and omissions coverage be canceled. Such notification shall include the date of cancellation and the reasons therefore. Fund Services shall notify the Trust promptly of any material claims against it with respect to services performed under this Agreement, whether or not they may be covered by insurance, and shall notify the Trust promptly should the total outstanding claims made by Fund Services under its insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage.

**27.** **Entire Agreement** 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, sets forth the sole and complete understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements relating thereto, whether written or oral, between the parties.

**28.** **Limited Recourse** 

This Agreement is executed by the Trust with respect to each of the Funds and the obligations hereunder are not binding on any of the trustees, officers or shareholders of the Trust individually but are binding only on the Fund to which such obligations pertain and the assets and property of such Fund. All obligations of the Trust under this Agreement shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

**29.** **Construction** 

Any reference in this Agreement to a form, statute or regulation shall include any successor thereto.

SIGNATURES ON THE FOLLOWING PAGE

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

**TIDAL TRUST I**

---

| | |
|:---|:---|
| By: | /s/ Eric Falkeis |
| Name: | Eric Falkeis |
| Title: | Co-Founder & COO |
| Date: | 7/11/2025 |

---

**U.S. BANCORP FUND SERVICES, LLC**

---

| | |
|:---|:---|
| By: | /s/ Gregory Farley |
| Name: | Gregory Farley |
| Title: | Senior Vice President |
| Date: | 7/11/2025 |

---

**TIDAL INVESTMENTS LLC** (with respect to Section 7 only)

---

| | |
|:---|:---|
| By: | /s/ Daniel Carlson |
| Name: | Daniel Carlson |
| Title: | Co-Founder & Chief of Staff |
| Date: | 7/11/2025 |

---

**Exhibit A to the Fund Accounting Servicing Agreement** 

Separate Series of Tidal Trust I

<u>Name of ETF Series</u>

Academy Veteran Impact ETF<br> Acruence Active Hedge U.S. Equity ETF<br> Adasina Social Justice All Cap Global ETF<br> American Customer Satisfaction ETF<br> ATAC Credit Rotation ETF<br> ATAC Equity Leverage Rotation ETF<br> ATAC US Rotation ETF<br> Aztlan Global Stock Selection DM SMID ETF<br> Aztlan North America Nearshoring Stock Selection ETF<br> Digital Asset Debt Strategy ETF<br> FolioBeyond Alternative Income and Interest Rate Hedge ETF<br> FolioBeyond Enhanced Fixed Income Premium ETF<br> God Bless America ETF<br> Gotham 1000 Value ETF Sound Fixed Income ETF<br> Gotham Enhanced 500 ETF<br> Gotham Short Strategies ETF<br> Intelligent Real Estate ETF<br> Ionic Inflation Protection ETF<br> Leatherback Long/Short Absolute Return ETF<br> Leatherback Long/Short Alternative Yield ETF<br> Residential REIT ETF<br> Robinson Alternative Yield Pre-Merger SPAC ETF<br> RPAR Risk Parity ETF<br> SoFi Enhanced Yield ETF<br> SoFi Next 500 ETF<br> SoFi Select 500 ETF<br> SoFi Social 50 ETF<br> SonicShares<sup>™</sup> Global Shipping ETF<br> Sound Enhanced Equity Income ETF<br> Sound Enhanced Fixed Income ETF<br> Sound Equity Dividend Income ETF<br> Sound Total Return ETF<br> SP Funds Dow Jones Global Sukuk ETF<br> SP Funds S&P 500 Sharia Industry Exclusions ETF<br> SP Funds S&P Global REIT Sharia ETF<br> The Free Markets ETF<br> Unlimited HFEM Emerging Markets ETF<br> Unlimited HFEQ Equity Long/Short ETF<br> Unlimited HFEV Event Driven ETF<br> Unlimited HFFI Fixed Income ETF

Unlimited HFGM Global Macro ETF<br> Unlimited HFMF Managed Futures ETF<br> Unlimited HFND Multi-Strategy Return Tracker ETF<br> Unlimited Low-Beta HFND Multi-Strategy ETF<br> Unlimited Ultra HFND Multi-Strategy ETF<br> Unusual Whales Subversive Democratic Trading ETF<br> Unusual Whales Subversive Republican Trading ETF<br> UPAR Ultra Risk Parity ETF

ZEGA Buy and Hedge ETF

<u>Name of Mutual Fund Series</u>

ATAC Rotation Fund

**Exhibit B to the Fund Accounting Servicing Agreement** 

**Schedule 1 – ETF Services**

USBGFS shall provide the following accounting services to the Trust with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio
Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain
 portfolio records on a trade date+1 basis using security trade information communicated
 from the Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 each valuation date, obtain prices from a pricing source approved by the board of trustees
 of the Trust (the "Board of Trustees") and apply those prices to the portfolio
 positions. For those securities where market quotations are not readily available, the
 Board of Trustees shall approve, in good faith, procedures for determining the fair value
 for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Identify
 interest and dividend accrual balances as of each valuation date and calculate gross
 earnings on investments for each accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine
 gain/loss on security sales and identify them as short-term or long-term; account for
 periodic distributions of gains or losses to shareholders and maintain undistributed
 gain or loss balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) On
 a daily basis, reconcile portfolio holdings and cash of the Fund with the Fund's
 custodian and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Transmit
 a copy of the portfolio valuation to the Fund's investment adviser daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Review
 the impact of current day's activity on a per share basis, and review changes in
 market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense
Accrual and Payment Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 each valuation date, monitor the expense accrual amounts as directed by the Fund as to
 methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Process
 and record payments for Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Account
 for Fund expenditures and maintain expense accrual balances at the level of accounting
 detail, as agreed upon by USBGFS and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide
 expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Fund
Valuation and Financial Reporting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Account
 for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other
 Fund share activity as reported by the Fund's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Determine
 net investment income (earnings) for the Fund as of each valuation date. Account for
 periodic distributions of earnings to shareholders and maintain undistributed net investment
 income balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintain
 a general ledger and other accounts, books, and financial records for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine
 the net asset value of the Fund according to the accounting policies and procedures set
 forth in the Fund's current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Calculate
 per share net asset value, per share net earnings, and other per share amounts reflective
 of Fund operations at such time as required by the nature and characteristics of the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Prepare
 monthly reconciliations of sub-ledger reports to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax
Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain
 accounting records for the investment portfolio of the Fund to support the tax reporting
 required for "regulated investment companies" under the Internal Revenue
 Code of 1986, as amended (the "Code").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain
 tax lot detail for the Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculate
 taxable gain/loss on security sales using the tax lot relief method designated by the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance
Control Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Support
 reporting to regulatory bodies and financial statement preparation by making the Fund's
 accounting records available to the Trust, the Securities and Exchange Commission (the
 "SEC"), and the independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain
 accounting records for the Fund as required by the 1940 Act and regulations provided
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Perform
 its duties hereunder in compliance with all applicable laws and regulations and provide
 any sub-certifications reasonably requested by the Trust in connection with any certification
 required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Act")
 or any rules or regulations promulgated by the SEC thereunder, provided the same shall
 not be deemed to change USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In
 order to assist the Trust in satisfying the requirements of Rule 38a-1 under the 1940
 Act (the "Rule"), USBGFS will provide the Trust's Chief Compliance
 Officer with reasonable access to USBGFS' fund records relating the services provided
 by it under this Agreement, and will provide quarterly compliance reports and related
 certifications regarding any Material Compliance Matter (as defined in the Rule) involving
 USBGFS that affect or could affect the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Cooperate
 with the Trust's independent accountants and take all reasonable action in the
 performance of its obligations under this Agreement to ensure that the necessary information
 is made available to such accountants for the expression of their opinion on the Fund's
 financial statements without any qualification as to the scope of their examination.

**Schedule 2 – Mutual Fund Services**

USBGFS shall provide the following accounting services to the Trust with respect to each mutual Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio
 Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain
 portfolio records on a trade date+1 basis using security trade information communicated
 from the Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 each valuation date, obtain prices from a pricing source approved by the board of trustees
 of the Trust (the "Board of Trustees") and apply those prices to the portfolio
 positions. For those securities where market quotations are not readily available, the
 Board of Trustees shall approve, in good faith, procedures for determining the fair value
 for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Identify
 interest and dividend accrual balances as of each valuation date and calculate gross
 earnings on investments for each accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine
 gain/loss on security sales and identify them as short-term or long-term; account for
 periodic distributions of gains or losses to shareholders and maintain undistributed
 gain or loss balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) On
 a daily basis, reconcile cash of the Fund with the Fund's custodian and/or prime
 brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Review
 the impact of current day's activity on a per share basis, and review changes in
 market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense
Accrual and Payment Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 each valuation date, monitor the expense accrual amounts as directed by the Fund as to
 methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Process
 and record payments for Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Account
 for Fund expenditures and maintain expense accrual balances at the level of accounting
 detail, as agreed upon by USBGFS and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide
 expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Fund
Valuation and Financial Reporting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Account
 for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other
 Fund share activity as reported by the Fund's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Determine
 net investment income (earnings) for the Fund as of each valuation date. Account for
 periodic distributions of earnings to shareholders and maintain undistributed net investment
 income balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintain
 a general ledger and other accounts, books, and financial records for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine
 the net asset value of the Fund according to the accounting policies and procedures set
 forth in the Fund's current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Calculate
 per share net asset value, per share net earnings, and other per share amounts reflective
 of Fund operations at such time as required by the nature and characteristics of the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Prepare
 monthly reconciliations of sub-ledger reports to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax
Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain
 accounting records for the investment portfolio of the Fund to support the tax reporting
 required for "regulated investment companies" under the Internal Revenue
 Code of 1986, as amended (the "Code").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain
 tax lot detail for the Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculate
 taxable gain/loss on security sales using the tax lot relief method designated by the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance
Control Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Support
 reporting to regulatory bodies and financial statement preparation by making the Fund's
 accounting records available to the Fund, the Securities and Exchange Commission (the
 "SEC"), and the independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain
 accounting records for the Fund as required by the 1940 Act and regulations provided
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Perform
 its duties hereunder in compliance with all applicable laws and regulations and provide
 any sub-certifications reasonably requested by the Fund in connection with any certification
 required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Act")
 or any rules or regulations promulgated by the SEC thereunder, provided the same shall
 not be deemed to change USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In
 order to assist the Trust in satisfying the requirements of Rule 38a-1 under the 1940
 Act (the "Rule"), USBGFS will provide the Trust's Chief Compliance
 Officer with reasonable access to USBGFS' fund records relating the services provided
 by it under this Agreement, and will provide quarterly compliance reports and related
 certifications regarding any Material Compliance Matter (as defined in the Rule) involving
 USBGFS that affect or could affect the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Cooperate
 with the Fund's independent accountants and take all reasonable action in the performance
 of its obligations under this Agreement to ensure that the necessary information is made
 available to such accountants for the expression of their opinion on the Fund's
 financial statements without any qualification as to the scope of their examination.

## Exhibit 99.13

[Tidal Trust I POS EX](atac-posex_071825.htm)

**Exhibit 99(13)(d)**

**AMENDED AND RESTATED**

**TRANSFER AGENT SERVICING AGREEMENT**

THIS AGREEMENT is made and entered into as of the last day written on the signature page by and between **TIDAL TRUST I** (formerly, Tidal ETF Trust)**,** a Delaware statutory trust (the "Trust"), **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>USBGFS</u>"). **Tidal Investments LLC** (formerly, Toroso Investments, LLC), the investment adviser to the Trust (the "Adviser"), is a party hereto with respect to Section 5 only.

WHEREAS, the parties entered into a Transfer Agent Servicing Agreement dated as of December 21, 2018, as amended (the "Original Agreement");

WHEREAS, the parties desire to amend and restate the Original Agreement with the terms of this Agreement;

WHEREAS, the Original Agreement is hereby superseded and replaced in its entirety with this Agreement;

WHEREAS, the Trust desires to retain USBGFS to provide transfer and dividend disbursing agent services to each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (each, a "Fund," and together, the "Funds"), which includes series (each, an "ETF Series") that offer an exchange-traded class of shares known as "Shares" for each **ETF** Series as well as open-end mutual funds (each, a "Mutual Fund");

WHEREAS, the Shares shall be created and redeemed in bundles called "Creation Units." The Trust, on behalf of each **ETF** Series, shall create and redeem Shares of each **ETF** Series only in Creation Units principally in kind for portfolio securities of the particular **ETF** Series ("Deposit Securities") or in cash, as more fully described in the current prospectus and statement of additional information of the Trust, included in its registration statement on Form N-1A. Only brokers or dealers that are "Authorized Participants" and that have entered into an Authorized Participant Agreement with Foreside Fund Services, LLC, the Fund's Distributor (the "Distributor"), acting on behalf of the Trust, shall be authorized to create and redeem Shares in Creation Units from the Trust. The Trust wishes to engage USBGFS to perform certain services on behalf of the Trust with respect to the creation and redemption of Shares, as the Trust's agent, namely to provide transfer agent services for Shares of each **ETF** Series; and to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation ("NSCC")) with respect to the settlement of trade orders with Authorized Participants. The Trust has engaged U.S. Bank, National Association (the "Custodian") to provide custody services under the terms of a Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for Shares and the redemption of Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each **ETF** Series.

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, the Trust will ordinarily issue for purchase and redeem Shares only in aggregations of Shares known as Creation Units principally in kind or in cash;

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee Cede & Company, will be the registered owner (the "Shareholder") of all Shares;

WHEREAS, USBGFS is, among other things, in the business of administering transfer and dividend disbursing agent functions for the benefit of its customers; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows with respect to each Fund:

**1.** **Appointment of USBGFS as Transfer Agent** 

The Trust hereby appoints USBGFS as transfer agent of the Trust on the terms and conditions set forth in this Agreement, and USBGFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBGFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder.

**2.** **Services and Duties of USBGFS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Services
 and duties of USBGFS in regard to any ETF Series listed on Exhibit A are provided on
 Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Services
 and duties of USBGFS in regard to any Mutual Fund listed on Exhibit A are provided on
 Schedule 2.

**3.** **Lost Shareholder Due Diligence Searches and Servicing** 

The Trust hereby acknowledges that USBGFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended. Costs associated with such searches will be passed through to the Trust as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit D</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes USBGFS to conduct a more in-depth search in order to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder.

**4.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs** 

The Trust acknowledges that it had an opportunity to review and consider the written procedures provided by USBGFS describing various processes used by USBGFS which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer's identity (collectively, the "Procedures"). Further, the Trust has determined that the Procedures, as part of the Trust's overall anti-money laundering program and identity theft prevention program responsibilities, are reasonably designed to help: (i) prevent the Trust from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act, the Fair and Accurate Credit Transactions Act of 2003, and the implementing regulations thereunder (together "AML Rules").

Based on this determination, the Trust hereby instructs and directs USBGFS to implement the Procedures, as applicable, on the Trust's behalf, as such may be amended from time to time. It is contemplated that these Procedures will be amended from time to time by USBGFS and any such amended Procedures will be provided to the Trust. Should the Trust desire that USBGFS perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in the attached fee schedule.

The Trust acknowledges and agrees that although it is directing USBGFS to implement the Procedures on its behalf, USBGFS is implementing the Procedures as a service provider to the Trust and the Trust is and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention, economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and board adoption of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

The Trust further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures, or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Trust. The Trust has had the opportunity to discuss the Procedures with USBGFS, and the Trust understands and agrees which portions of the Procedures may not be implemented on behalf of the Trust. Without limitation of the foregoing, USBGFS shall not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships where there is a sub-transfer agency or similar arrangement between the Trust and the intermediary.

The Trust hereby directs, and USBGFS acknowledges, that USBGFS shall (i) permit federal regulators access to such information and records maintained by USBGFS and relating to USBGFS' implementation of the Procedures, on behalf of the Trust, as they may request, and (ii) permit such federal regulators to inspect USBGFS' implementation of the Procedures on behalf of the Trust.

**5.** **Compensation** 

USBGFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit D</u> hereto (as amended from time to time in writing by the parties to this Agreement). USBGFS shall also be reimbursed for such reasonable and documented miscellaneous expenses set forth in <u>Exhibit D</u> as are reasonably incurred by USBGFS in performing its duties hereunder. With respect to any ETF Series operating under a unitary fee structure, the Adviser shall pay all such fees and reimbursable expenses owed to USBGFS under this Agreement. With respect to any Mutual Fund or ETF Series that does not operate under a unitary fee structure, the Trust, out of the assets of the applicable Fund, shall pay all such fees and reimbursable expenses owed to USBGFS under this Agreement. The Trust or Adviser, as applicable, shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust or Adviser, as applicable, shall notify USBGFS in writing within 30 calendar days following receipt of each invoice if the Trust or Adviser, as applicable, is disputing any amounts in good faith. The Trust or Adviser, as applicable, shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust or Adviser, as applicable, is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of assets and property of the particular Fund involved.

**6.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Trust hereby represents and warrants to USBGFS, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 Agreement has been duly authorized, executed and delivered by the Trust in accordance
 with all requisite action and constitutes a valid and legally binding obligation of the
 Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of
 creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A
 registration statement under the 1940 Act and, if applicable, the Securities Act of 1933,
 as amended, will be made effective prior to the effective date of this Agreement and
 will remain effective during the term of this Agreement, and appropriate state securities
 law filings will be made prior to the effective date of this Agreement and will continue
 to be made during the term of this Agreement as necessary to enable the Trust to make
 a continuous public offering of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) All
 records of the Trust (including, without limitation, all shareholder and account records)
 provided to USBGFS by the Trust or by a prior transfer agent of the Trust are accurate
 and complete and USBGFS is entitled to rely on all such records in the form provided;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 Trust has a reasonable belief that it knows the true identity of all shareholders of
 the Trust as of the date of this Agreement including, to the extent applicable, the beneficial
 owners of such shareholders, and USBGFS is entitled to rely on such identification by
 the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS
 hereby represents and warrants to the Trust, which representations and warranties shall
 be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 Agreement has been duly authorized, executed and delivered by USBGFS in accordance with
 all requisite action and constitutes a valid and legally binding obligation of USBGFS,
 enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of
 creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, bylaws or any contract
 binding it or affecting its property which would prohibit its execution or performance
 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) It
 is a registered transfer agent under the Exchange Act.

**7.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS
 shall use reasonable efforts and exercise reasonable care in the performance of its duties
 under this Agreement. Neither USBGFS nor any of its affiliates or suppliers shall be
 liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any
 Fund, the adviser or any other service provider to the Trust or a Fund, or any employee
 of the foregoing; or for any loss suffered by the Trust, a Fund, or any third party in
 connection with USBGFS' duties under this Agreement, including losses resulting
 from mechanical breakdowns or the failure of communication or power supplies beyond USBGFS'
 reasonable control, except a loss arising out of or relating to USBGFS' refusal
 or failure to comply with the terms of this Agreement (other than where such compliance
 would violate applicable law) or from its bad faith, fraud, negligence, or willful misconduct
 in the performance of its duties under this Agreement or breach of this Agreement. Notwithstanding
 any other provision of this Agreement, if USBGFS has used reasonable efforts and exercised
 reasonable care in the performance of its duties under this Agreement, the Trust shall
 indemnify and hold harmless USBGFS and its affiliates and suppliers from and against
 any and all claims, demands, losses, expenses, and liabilities of any and every nature
 (including reasonable attorneys' fees) that USBGFS or its affiliates and suppliers
 may sustain or incur or that may be asserted against USBGFS or its affiliates and suppliers
 by any person arising out of any action taken or omitted to be taken by it in performing
 the services hereunder (i) in accordance with the foregoing standards, or (ii) in reasonable
 reliance upon any written or oral instruction provided to USBGFS by any duly authorized
 officer of the Trust, except for any and all claims, demands, losses, expenses, and liabilities
 arising out of or relating to USBGFS' refusal or failure to comply with the terms
 of this Agreement (other than where such compliance would violate applicable law) or
 from its bad faith, fraud, negligence or willful misconduct in the performance of its
 duties under this Agreement or breach of this Agreement. This indemnity shall be a continuing
 obligation of the Trust, its successors and assigns, notwithstanding the termination
 of this Agreement; provided that the Company's continuing obligation to indemnify
 USBGFS after the termination of this Agreement shall relate solely to those claims, demands,
 losses, expenses and liabilities of any and every nature (including reasonable attorneys'
 fees) sustained in connection with Fund Services' provision of services pursuant
 to this Agreement. As used in this paragraph, the term "USBGFS" shall include
 USBGFS' directors, officers and employees.

USBGFS shall indemnify and hold the Trust harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS' refusal or failure to comply with the terms of this Agreement, breach of this Agreement, or from USBGFS' bad faith, fraud, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); or (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

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

Notwithstanding the above, USBGFS reserves the right to reprocess and correct non-material administrative errors at its own expense, provided that USBGFS shall provide advance written notice to the Trust detailing the action it intends to take prior to taking such action. For material administrative errors, Fund Services reserves the right to reprocess and correct administrative errors at its own expense upon consultation with the Trust and in such manner as agreed to by the Trust.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 indemnity and defense provisions set forth in this Section 7 shall indefinitely survive
 the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If
 USBGFS is acting in another capacity for the Trust pursuant to a separate agreement,
 nothing herein shall be deemed to relieve USBGFS of any of its obligations in such other
 capacity.

**8.** **Data Necessary to Perform Services** 

The Trust or its agent shall furnish to USBGFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

**9.** **Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS
 agrees on behalf of itself and its directors, officers, and employees to treat confidentially
 and as proprietary information of the Trust, all records and other information relative
 to the Trust and prior, present, or potential shareholders of the Trust (and clients
 of said shareholders), and not to use such records and information for any purpose other
 than the performance of its responsibilities and duties hereunder, except (i) after prior
 notification to and approval in writing by the Trust, which approval shall not be unreasonably
 withheld and may not be withheld where USBGFS may be exposed to civil or criminal contempt
 proceedings for failure to comply, (ii) when requested to divulge such information by
 duly constituted authorities, provided that USBGFS shall promptly notify the Trust of
 such request if permitted by applicable law, or (iii) when so requested by the Trust.
 Records and other information which have become known to the public through no wrongful
 act of USBGFS or any of its employees, agents or representatives, and information that
 was already in the possession of USBGFS prior to receipt thereof from the Trust or its
 agent, shall not be subject to this paragraph.

Further, USBGFS will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially
 and as proprietary information of USBGFS, all non-public information relative to USBGFS
 (including, without limitation, information regarding USBGFS' pricing, products,
 services, customers, suppliers, financial statements, processes, know-how, trade secrets,
 market opportunities, past, present or future research, development or business plans,
 affairs, operations, systems, computer software in source code and object code form,
 documentation, techniques, procedures, designs, drawings, specifications, schematics,
 processes and/or intellectual property), and not to use such information for any purpose
 other than in connection with the services provided under this Agreement, except (i)
 after prior notification to and approval in writing by USBGFS, which approval shall not
 be unreasonably withheld and may not be withheld where the Trust may be exposed to civil
 or criminal contempt proceedings for failure to comply, (ii) when requested to divulge
 such information by duly constituted authorities, or (iii) when so requested by USBGFS.
 Information which has become known to the public through no wrongful act of the Trust
 or any of its employees, agents or representatives, and information that was already
 in the possession of the Trust prior to receipt thereof from USBGFS, shall not be subject
 to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
 anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity
 of USBGFS as a service provider, redacted copies of this Agreement, and such other information
 as may be required in the Trust's registration or offering documents, or as may
 otherwise be required by applicable law, rule, or regulation, and (ii) USBGFS shall be
 permitted to include the name of the Trust in lists of representative clients in due
 diligence questionnaires, RFP responses, presentations, and other marketing and promotional
 purposes.

**10.** **Records** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that all such records prepared or maintained by USBGFS relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request. Notwithstanding the foregoing, USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction.

**11.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Trust has and retains primary responsibility for all compliance matters relating to the
 Trust, including but not limited to compliance with the 1940 Act, the Internal Revenue
 Code of 1986, the Sarbanes-Oxley Act of 2002, the USA PATRIOT Act of 2001 and the policies
 and limitations of the Trust relating to a Fund's portfolio investments as set
 forth in its Prospectus and statement of additional information. Further, each party
 agrees that it complies with any and all applicable local, state, federal, and international
 data protection laws, and confirms required consents, disclosures and notices are in
 place to enable collection and processing of personal data by USBGFS. USBGFS' services
 hereunder shall not relieve the Trust of its responsibilities for assuring such compliance
 or the Board of Trustee's oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust shall promptly notify USBGFS if the investment strategy of any Fund materially
 changes or deviates from the investment strategy disclosed in the current Prospectus,
 or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of
 a governmental or judicial authority of competent jurisdiction that materially impacts
 the operations of the Trust or any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If,
 and to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended
 ("GDPR") or the Cayman Islands Data Protection Law, 2017, as amended ("DPL"),
 are applicable to USBGFS and the Trust the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 parties agree USBGFS is a "Data Processor" under GDPR and DPL, as applicable,
 in the performance of its services under this the Agreement. Notwithstanding the foregoing,
 the parties agree USBFS is a "Data Controller" under GDPR and DPL, as applicable,
 solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client
 onboarding obligations. In either case, the Trust shall ensure that all necessary and
 appropriate consents, disclosures and notices, including data subject consents, are in
 place to enable the processing of "Personal Data" (as defined by GDPR and
 DPL) by USBGFS, the transfer of Personal Data to USBGFS, and the transfer of Personal
 Data by USBGFS to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 parties further agree the Trust is a "Data Controller" under GDPR and DPL,
 as applicable. The Trust, either alone or jointly with others, determines or controls
 the content, use, purpose and means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) USBGFS
 shall process the Personal Data: (i) in accordance with instructions of the Trust pursuant
 to this Agreement and any authorized persons list executed pursuant thereto, for the
 purpose of discharging USBGFS' obligations under the Agreement; and (ii) when required
 by law or regulation, or required or requested by any court or regulator (each a "Processing
 Order") to which USBGFS is subject. In the event USBGFS receives a request to process
 Personal Data pursuant to any Processing Order, it shall, to the extent legally permissible
 and reasonably practicable under the circumstances, notify the Trust prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If
 required by the applicable provisions of such regulations, the Trust is solely responsible
 for developing and implementing its internal policies and procedures with respect to
 GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) USBGFS
 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. ensure
 that persons handling Personal Data on its behalf are subject to confidentiality obligations
 similar to those contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. implement
 appropriate technical and organizational measures to protect Personal Data including
 against unauthorized or unlawful processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. only
 appoint sub-processors with the prior written consent of the Trust (standing instructions
 or general written authorization are sufficient), and only if the sub-processors provide
 sufficient guarantees in writing to USBGFS that they have implemented appropriate technical
 and organizational measures in such a manner that processing will comply with GDPR and
 DPL, as applicable<sup>1</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. beyond
 the initial appointment, inform the Trust of any intended material changes concerning
 the addition or replacement of sub-processors, thereby giving the Trust the opportunity
 to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. taking
 into account the nature of the processing, reasonably assist the Trust by appropriate
 technical and organizational measures, insofar as possible, to enable the Trust to comply
 with its obligation to respond to requests for exercising a data subject's rights
 under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. provide
 reasonable assistance to the Trust in ensuring their compliance with obligations regarding
 Personal Data breaches, data protection impact assessments and prior consultation subject
 to the nature of the processing and the information reasonably available to USBGFS, and
 inform the Trust of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. at
 the written direction of the Trust, delete or return all Personal Data to the Trust after
 the end of the provision of services under the Agreement relating to processing, and
 delete existing copies of Personal Data unless applicable law or internal data retention
 or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. make
 available to the Trust all information reasonably necessary to demonstrate compliance
 with GDPR or DPL, as applicable, and allow for and reasonably cooperate with audits,
 including inspections, conducted by the Trust or its auditor; and immediately inform
 the Trust if, in its opinion, the Trust's instructions regarding this subsection
 infringes on GDPR or DPL.

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Each
 party shall comply with any other applicable law or regulation which implements GDPR
 and DPL in relation to the Personal Data. Nothing in the Agreement shall be construed
 as preventing either party from taking such other steps as are necessary to comply with
 GDPR, DPL or any other applicable data protection laws.

**12.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS has maintained the same, the Trust shall pay any documented expenses (no personnel costs) associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust.

**13.** **Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This
 Agreement shall become effective as of the last date written on the signature page and
 will continue in effect for a period of one (1) year. Following the initial term, this
 Agreement shall automatically renew for successive one (1) year terms unless either party
 provides written notice at least 90 days prior to the end of the then current term that
 it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject
 to Section 14, this Agreement may be terminated by either party (in whole or with respect
 to one or more Funds) upon giving 90 days' prior written notice to the other party
 or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each
 party may terminate this Agreement immediately (in whole or with respect to one or more
 Funds) if the continued service of such Funds or the Trust under this Agreement would
 cause such party or any of its affiliates to be in violation of any applicable law, rule,
 regulation, or order of any governmental, regulatory or judicial authority of competent
 jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Agreement may be terminated by any party upon the breach of the other party of any material
 term of this Agreement if such breach is not cured within 15 days of notice of such breach
 to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This
 Agreement may not be amended or modified in any manner except by written agreement executed
 by USBGFS and the Trust, and authorized or approved by the Trust's Board of Trustees.

**14.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all
 monthly fees through the remaining term of the Agreement, including the repayment of
 any negotiated discounts (provided that no such fees shall be paid with respect to any
 Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all
 fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all
 fees associated with any record retention and/or tax reporting obligations that may not
 be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all
 reasonable and documented miscellaneous costs associated with a-c above.

**15.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBGFS, or by USBGFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board of Trustees.

**16.** **Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the Securities and Exchange Commission thereunder.

**17.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**18.** **Services Not Exclusive** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**19.** **Invalidity** 

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

**20.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: President

and

Notice to the Trust shall be sent to:

c/o Tidal Investments LLC

234 West Florida Street, Suite 203

Milwaukee, WI 53204

**20.** **No Third Party Rights** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement.

**21.** **Multiple Originals** 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**22.** **Fidelity Bond** 

USBGFS shall maintain a fidelity bond covering larceny and embezzlement, an insurance policy with respect to directors and officers errors and omissions coverage and electronic data processing insurance coverage, in amounts that are appropriate in light of its duties and responsibilities hereunder. Upon the request of the Trust, Fund Services shall provide evidence that coverage is in place. USBGFS shall notify the Trust should its insurance coverage with respect to professional liability or errors and omissions coverage be canceled. Such notification shall include the date of cancellation and the reasons therefore. USBGFS shall notify the Trust promptly of any material claims against it with respect to services performed under this Agreement, whether or not they may be covered by insurance, and shall notify the Trust promptly should the total outstanding claims made by USBGFS under its insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage.

**23.** **Entire Agreement** 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, sets forth the sole and complete understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements relating thereto, whether written or oral, between the parties.

**24.** **Limited Recourse** 

This Agreement is executed by the Trust with respect to each of the Funds and the obligations hereunder are not binding on any of the trustees, officers or shareholders of the Trust individually but are binding only on the Fund to which such obligations pertain and the assets and property of such Fund. All obligations of the Trust under this Agreement shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

**25.** **Construction** 

Any reference in this Agreement to a form, statute or regulation shall include any successor thereto.

(SIGNATURES ON THE FOLLOWING PAGE**)**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

**TIDAL TRUST I**

---

| | |
|:---|:---|
| By: | /s/ Eric Falkeis |
| Name: | Eric Falkeis |
| Title: | Co-Founder & COO |
| Date: | 7/11/2025 |

---

**U.S. BANCORP FUND SERVICES, LLC**

---

| | |
|:---|:---|
| By: | /s/ Gregory Farley |
| Name: | Gregory Farley |
| Title: | Senior Vice President |
| Date: | 7/11/2025 |

---

**TIDAL INVESTMENTS LLC** (with respect to Section 5 only)

---

| | |
|:---|:---|
| By: | /s/ Daniel Carlson |
| Name: | Daniel Carlson |
| Title: | Co-Founder & Chief of Staff |
| Date: | 7/11/2025 |

---

**Exhibit A to the Transfer Agent Servicing Agreement**

Separate Series of Tidal Trust I

<u>Name of ETF Series</u>

Academy Veteran Impact ETF

Acruence Active Hedge U.S. Equity ETF

Adasina Social Justice All Cap Global ETF

American Customer Satisfaction ETF

ATAC Credit Rotation ETF

ATAC Equity Leverage Rotation ETF

ATAC US Rotation ETF

Aztlan Global Stock Selection DM SMID ETF

Aztlan North America Nearshoring Stock Selection ETF

Digital Asset Debt Strategy ETF

FolioBeyond Alternative Income and Interest Rate Hedge ETF

FolioBeyond Enhanced Fixed Income Premium ETF

God Bless America ETF

Gotham 1000 Value ETF Sound Fixed Income ETF

Gotham Enhanced 500 ETF

Gotham Short Strategies ETF

Intelligent Real Estate ETF

Ionic Inflation Protection ETF

Leatherback Long/Short Absolute Return ETF

Leatherback Long/Short Alternative Yield ETF

Residential REIT ETF

Robinson Alternative Yield Pre-Merger SPAC ETF

RPAR Risk Parity ETF

SoFi Enhanced Yield ETF

SoFi Next 500 ETF

SoFi Select 500 ETF

SoFi Social 50 ETF

SonicShares<sup>™</sup> Global Shipping ETF

Sound Enhanced Equity Income ETF

Sound Enhanced Fixed Income ETF

Sound Equity Dividend Income ETF

Sound Total Return ETF

SP Funds Dow Jones Global Sukuk ETF

SP Funds S&P 500 Sharia Industry Exclusions ETF

SP Funds S&P Global REIT Sharia ETF

The Free Markets ETF

Unlimited HFEM Emerging Markets ETF

Unlimited HFEQ Equity Long/Short ETF

Unlimited HFEV Event Driven ETF

Unlimited HFFI Fixed Income ETF

Unlimited HFGM Global Macro ETF

Unlimited HFMF Managed Futures ETF

Unlimited HFND Multi-Strategy Return Tracker ETF

Unlimited Low-Beta HFND Multi-Strategy ETF

Unlimited Ultra HFND Multi-Strategy ETF

Unusual Whales Subversive Democratic Trading ETF

Unusual Whales Subversive Republican Trading ETF

UPAR Ultra Risk Parity ETF

ZEGA Buy and Hedge ETF

<u>Name of Mutual Fund Series</u>

ATAC Rotation Fund

**Exhibit B to the Fund Transfer Agent Servicing Agreement**

"As of" Processing Policy

USBGFS will reimburse each Fund for any Net Material Loss that may exist on the Fund's books and for which USBGFS is responsible, at the end of each calendar month. "Net Material Loss" shall be defined as any remaining loss, after netting losses against any gains, which impacts a Fund's net asset value per share by at least ½ cent. Gains and losses will be reflected on the Fund's daily share sheet, and the Fund will be reimbursed for any net material loss on a monthly basis. USBGFS will reset the "as of" ledger each calendar month so that any losses which do not exceed the materiality threshold of ½ cent will not be carried forward to the next succeeding month. USBGFS will notify the adviser to the Fund on the daily share sheet of any losses for which the adviser may be held accountable.

**Exhibit C to the Transfer Agent Servicing Agreement**

**1.** **Services and Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Internet
 Access – Shareholder internet access by shareholders to their shareholder account
 information and investment transaction capabilities (" <u>Internet Service</u> ").
 Internet Service is connected directly to the Fund group's web site(s) through
 a transparent hyperlink. To the extent offered by the Fund, Shareholders can access,
 among other information, account information and portfolio listings within the Funds,
 view their transaction history, and purchase additional shares through the Automated
 Clearing House (" <u>ACH</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Informa</u> <sup>TM</sup>"
 means the system made available through DST Output, a wholly owned subsidiary of DST
 Systems, Inc. ("DST") known as "Informa<sup>TM</sup>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>INFORMA Services</u> " means the services that enable DST to make available certain data
 from DST's TA2000® mutual fund record-keeping systems through the Internet
 to authorized Users available to consenting end-users ("User", as defined
 below) through the systems known as Fan Web or Digital Investor (as defined below), whereby
 certain electronic statements ("E-Statements", as further defined below)
 may be searched, viewed, downloaded and printed. INFORMA Services also include notification
 to the end-user of the availability of E-Statements and storage of E-Statement documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>E-Statement</u> "
 means an electronic version of daily confirms, monthly, quarterly or annual statements,
 and shareholder tax statements created with investor transaction data housed on DST's
 TA2000® mutual fund record keeping system, with images available online via a secure
 web site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Vision Electronic Statement Services</u> " – Online account access for broker/dealers,
 financial planners, and registered investment advisers (" <u>RIAs</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Chat</u> "
 – A web-based system to permit shareholders and potential shareholders to engage
 customer service agents through Internet chat. Services offered through chat are the
 same as through telephone servicing and include account information, transaction history,
 account maintenance, purchase, liquidation, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Digital Investor</u> " – An internet portal for Shareholder access (a successor to
 Fan Web)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Fan Web</u> " – An internet portal for Shareholder access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Electronic
 Services shall consist of those services set out in paragraph A through H above (" <u>Electronic Services</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>End User(s)</u> " or " <u>User(s)</u> " means the consenting person(s) to
 whom Electronic Services are made available.

**2.** **Duties and Responsibilities of USBGFS** 

USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Make
 the Internet Service available 24 hours a day, 7 days a week, subject to scheduled maintenance
 and events outside of USBGFS' reasonable control. Unless an emergency is encountered,
 no routine maintenance will occur during the hours of 8:00 a.m. to 3:00 p.m. Central
 Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide
 installation services for Electronic Services, which shall include review and approval
 of the Fund's network requirements, recommending method of establishing (and, as
 applicable, cooperate with the Fund to implement and maintain) a hypertext link between
 the Electronic Services site and the Fund's web site(s) and testing the network
 connectivity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain
 and support the Electronic Services, which shall include providing error corrections,
 minor enhancements and interim upgrades to the Electronic Services that are made generally
 available to the Electronic Services customers and providing help desk support to provide
 assistance to the Fund's employees and agents with their use of the Electronic
 Services. Maintenance and support, as used herein, shall not include (i) access to or
 use of any substantial added functionality, new interfaces, new architecture, new platforms,
 new versions or major development efforts, unless made generally available by USBGFS
 to the Electronic Services customers, as determined solely by USBGFS or (ii) maintenance
 of customized features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Establish
 systems to guide, assist and permit End Users (as defined above) who access the Electronic
 Services from the Fund's web site(s) to electronically perform inquiries and create
 and transmit transaction requests to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Address
 and mail, at each applicable Fund's expense, notification and promotional mailings
 and other communications provided by the Fund to shareholders regarding the availability
 of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prepare
 and process new account applications received through the Internet Service from shareholders
 determined by the Fund to be eligible for such services and in connection with such,
 the Fund agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
 permit the establishment of shareholder bank account information over the Internet in
 order to facilitate purchase activity through ACH; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 applicable Fund shall be responsible for any resulting gain/loss liability associated
 with the ACH process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Provide
 the End User with a transaction confirmation number for each completed purchase, redemption,
 or exchange of the applicable Fund's shares upon completion of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Informa,
 Digital Investor, Fan Web, Vision, and E-Statement are provided by a third party ("Third
 Party Electronic Services"). Third Party Electronic Services utilize commercially
 reasonable encryption and secure transport protocols intended to prevent fraud and ensure
 confidentiality of End User accounts and transactions. USBGFS will take reasonable actions,
 including periodic scans of Internet interfaces and the Electronic Services, to protect
 the Internet web site(s) that provide the Electronic Services and related network(s),
 against viruses, worms and other data corruption or disabling devices, and unauthorized,
 fraudulent or illegal use, by using appropriate anti-virus and intrusion detection software
 and by adopting such other security procedures as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Inform
 the Fund promptly of any malfunctions, problems, errors or service interruptions with
 respect to the Electronic Services of which USBGFS becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Exercise
 reasonable efforts to maintain all on-screen disclaimers and copyright, trademark and
 service mark notifications, if any, provided by the Fund to USBGFS in writing from time
 to time, and all "point and click" features of the Electronic Services relating
 to shareholder acknowledgment and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Establish
 and provide to the Fund written procedures, which may be amended from time to time by
 USBGFS with the written consent of the Fund, regarding End User access to the Electronic
 Services and that are reasonably designed to protect the security and confidentiality
 of information relating to the Fund and End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Provide
 the Fund with daily reports of transactions listing all purchases or transfers made by
 each End User separately. USBGFS shall also furnish the Fund with monthly reports summarizing
 shareholder inquiry and transaction activity without listing all transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Annually
 engage a third party to audit its internal controls for the Electronic Services and compliance
 with all guidelines for the Electronic Services included herein and provide the Fund
 with a copy of the auditor's report promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Maintain
 its systems and perform its duties and obligations hereunder in accordance with all applicable
 laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Be
 responsible for timely and adequately notifying User via e-mail that the User's
 E-Statement is available at the appropriate Internet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Ensure
 the E-Statement is available for the User on the Fund's Internet site for a minimum
 period of 24 months after delivery.

**3.** **Duties and Responsibilities of the Fund** 

The Fund assumes exclusive responsibility for the consequences of any instructions it may give to USBGFS, for the Fund's or End Users' failure to properly access the Electronic Services in the manner prescribed by USBGFS, and for the Fund's failure to supply accurate information to USBGFS.

Also, the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Revise
 and update the applicable Prospectus(es) and other pertinent materials, such as user
 agreements with End Users, to include the appropriate consents, notices and disclosures
 for Electronic Services, including disclaimers and information reasonably requested by
 USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Be
 responsible for designing, developing and maintaining one or more web sites for the Fund
 through which End Users may access the Electronic Services, including provision of software
 necessary for access to the Internet, which must be acquired from a third party vendor.
 Such web sites shall have the functionality necessary to facilitate, implement and maintain
 the hypertext links to the Electronic Services and the various inquiry and transaction
 web pages. The Fund shall provide USBGFS with the name of the host of the Fund's
 web site server and shall notify USBGFS of any change to the Fund's web site server
 host.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide
 USBGFS with such information and/or access to the Fund's web site(s) as is necessary
 for USBGFS to provide the Electronic Services to End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Promptly
 notify USBGFS of any problems or errors with the applicable Electronic Services of which
 the Fund becomes aware or any changes in policies or procedures of the Fund requiring
 changes to the Electronic Services.

**4.** **Additional Representations and Warranties** 

The parties hereby warrant that neither party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible through the Electronic Services or Fund's web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

**5.** **Proprietary Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each
 party acknowledges and agrees that it obtains no rights in or to any of the software,
 hardware, processes, trade secrets, proprietary information or distribution and communication
 networks of the other hereunder. Any software, interfaces or other programs a party provides
 to the other hereunder shall be used by such receiving party only in accordance with
 the provisions of this <u>Exhibit C</u>. Any interfaces, other software or other programs
 developed by one party shall not be used directly or indirectly by or for the other party
 or any of its affiliates to connect such receiving party or any affiliate to any other
 person, without the first party's prior written approval, which it may give or
 withhold in its sole discretion. Except in the normal course of business and in conformity
 with Federal copyright law or with the other party's consent, neither party nor
 any of its affiliates shall disclose, use, copy, decompile or reverse engineer any software
 or other programs provided to such party by the other in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Fund's web site(s) and the Electronic Services may contain certain intellectual
 property, including, but not limited to, rights in copyrighted works, trademarks and
 trade dress that is the property of the other party. Each party retains all rights in
 such intellectual property that may reside on the other party's web site, not including
 any intellectual property provided by or otherwise obtained from such other party. To
 the extent the intellectual property of one party is cached to expedite communication,
 such party grants to the other a limited, non-exclusive, non-transferable license to
 such intellectual property for a period of time no longer than that reasonably necessary
 for the communication. To the extent that the intellectual property of one party is duplicated
 within the other party's web site to replicate the "look and feel,"
 "trade dress" or other aspect of the appearance or functionality of the first
 site, that party grants to the other a limited, non-exclusive, non-transferable license
 to such intellectual property for the period during which this <u>Exhibit C</u> is in
 effect. This license is limited to the intellectual property needed to replicate the
 appearance of the first site and does not extend to any other intellectual property owned
 by the owner of the first site. Each party warrants that it has sufficient right, title
 and interest in and to its web site and its intellectual property to enter into these
 obligations, and that to its knowledge, the license hereby granted to the other party
 does not and will not infringe on any U.S. patent, copyright or other proprietary right
 of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each
 party agrees that the nonbreaching party would not have an adequate remedy at law in
 the event of the other party's breach or threatened breach of its obligations under
 this Section of this <u>Exhibit C</u> and that the nonbreaching party would suffer irreparable
 injury and damage as a result of any such breach. Accordingly, in the event either party
 breaches or threatens to breach the obligations set forth in this Section of this <u>Exhibit C</u>, in addition to and not in lieu of any legal or other remedies a party may pursue
 hereunder or under applicable law, each party hereby consents to the aggrieved party
 seeking equitable relief (including the issuance of a temporary restraining order, preliminary
 injunction or permanent injunction) against it by a court of competent jurisdiction,
 without the necessity of proving actual damages or posting any bond or other security
 therefor, prohibiting any such breach or threatened breach. In any proceeding upon a
 motion for such equitable relief, a party's ability to answer in damages shall
 not be interposed as a defense to the granting of such equitable relief. The provisions
 of this Section relating to equitable relief shall survive termination of the provision
 of services set forth in this <u>Exhibit C</u>.

**6.** **Compensation** 

USBGFS shall be compensated for providing the Electronic Services selected by the Fund from time to time in accordance with the fee schedule set forth in <u>Exhibit D</u> (as amended from time to time).

**7.** **Additional Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject
 to Section 2, USBGFS CANNOT AND DOES NOT GUARANTEE AVAILABILITY OF THE ELECTRONIC SERVICES.
 Accordingly, USBGFS' sole liability to a Fund, the Fund, or any third party (including
 End Users) for any claims, notwithstanding the form of such claims (e.g., contract, negligence,
 or otherwise), arising out of the delay of or interruption in the Electronic Services
 to be provided by USBGFS hereunder shall be to use its best reasonable efforts to commence
 or resume the Electronic Services as promptly as is reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS
 shall, at its sole cost and expense, defend, indemnify, and hold harmless the Fund and
 each Fund and the Fund's trustees, officers, agents, and employees from and against
 any and all claims, demands, losses, expenses and liabilities of any and every nature
 (including reasonable attorneys' fees) arising out of or relating to (a) any infringement,
 or claim of infringement, of any United States patent, trademark, copyright, trade secret,
 or other proprietary rights based on the use or potential use of the Electronic Services
 and (b) the provision of the Fund Files (as defined below) or Confidential Information
 (as defined below) to a person other than a person to whom such information may be properly
 disclosed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If
 an injunction is issued against the Fund's use of the Electronic Services by reason
 of infringement of a patent, copyright, trademark, or other proprietary rights of a third
 party, USBGFS shall, at its own option and expense, either (i) procure for the Fund the
 right to continue to use the Electronic Services on substantially the same terms and
 conditions as specified hereunder, or (ii) after notification to the Fund, replace or
 modify the Electronic Services so that they become non-infringing, provided that, in
 the Fund's judgment, such replacement or modification does not materially and adversely
 affect the performance of the Electronic Services or significantly lessen their utility
 to the Fund. If in the Fund's judgment, such replacement or modification does materially
 adversely affect the performance of the Electronic Services or significantly lessen their
 utility to the Fund, the Fund may terminate all rights and responsibilities under this <u>Exhibit C</u> immediately on written notice to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Because
 the ability of USBGFS to deliver Electronic Services is dependent upon the Internet and
 equipment, software, systems, data and services provided by various telecommunications
 carriers, equipment manufacturers, firewall providers and encryption system developers
 and other vendors and third parties, USBGFS shall not be liable for delays or failures
 to perform its obligations hereunder to the extent that such delays or failures are attributable
 to circumstances beyond its reasonable control which interfere with the delivery of the
 Electronic Services by means of the Internet or any of the equipment, software and services
 which support the Internet provided by such third parties. USBGFS shall also not be liable
 for the actions or omissions of any third party wrongdoers (i.e., hackers not employed
 by USBGFS or its affiliates) or of any third parties involved in the Electronic Services
 and shall not be liable for the selection of any such third party, unless USBGFS selected
 the third party in bad faith or in a grossly negligent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. USBGFS
 shall not be responsible for the accuracy of input material from End Users nor the resultant
 output derived from inaccurate input. The accuracy of input and output shall be judged
 as received at USBGFS' data center as determined by the records maintained by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Notwithstanding
 anything to the contrary contained herein, USBGFS shall not be obligated to ensure or
 verify the accuracy or actual receipt, or the transmission, of any data or information
 contained in any transaction via the Electronic Services or the consummation of any inquiry
 or transaction request not actually reviewed by USBGFS. USBGFS is entitled to presume
 that all information and transaction requests submitted through the Electronic Services
 are genuine in the absence of actual information to the contrary. USBGFS will not be
 liable for any loss, liability, cost or expense for following instructions communicated
 through the Electronic Services, including fraudulent or unauthorized instructions.

**8.** **File Security and Retention; Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS
 and its agents will provide commercially reasonable security provisions to ensure that
 unauthorized third parties do not have access to the Fund's data bases, files,
 and other information provided by the Fund to USBGFS for use with the Electronic Services,
 the names of End Users or End User transaction or account data (collectively, "Fund
 Files"). USBGFS' security provisions with respect to the Electronic Services,
 the Fund's web site(s) and the Fund Files will be no less protected than USBGFS'
 security provisions with respect to its own proprietary information. USBGFS agrees that
 any and all Fund Files maintained by USBGFS for the Fund hereunder shall be available
 for inspection by the Fund's regulatory authorities during regular business hours,
 upon reasonable prior written notice to USBGFS, and will be maintained and retained in
 accordance with applicable requirements of the 1940 Act. USBGFS will take such actions
 as are necessary to protect the intellectual property contained within the Fund's
 web site(s) or any software, written materials, or pictorial materials describing or
 creating the Fund's web site(s), including all interface designs or specifications.
 USBGFS will take such actions as are reasonably necessary to protect all rights to the
 source code and interface of the Fund's web site(s). In addition, USBGFS will not
 use, or permit the use of, names of End Users for the purpose of soliciting any business,
 product, or service whatsoever except where the communication is necessary and appropriate
 for USBGFS' delivery of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS
 shall treat as confidential and not disclose or otherwise make available any of the Fund's
 lists, information, trade secrets, processes, proprietary data, information or documentation
 (collectively, the "Confidential Information"), in any form, to any person
 other than agents, employees or consultants of USBGFS. USBGFS will instruct its agents,
 employees and consultants who have access to the Confidential Information to keep such
 information confidential by using the same care and discretion that USBGFS uses with
 respect to its own confidential property and trade secrets. Upon termination of the rights
 and responsibilities described in this <u>Exhibit C</u> for any reason and upon the Fund's
 request, USBGFS shall return to the Fund, or destroy and certify that it has destroyed,
 any and all copies of the Confidential Information which are in its possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
 the above, USBGFS will not have an obligation of confidentiality under this Section with
 regard to information that (1) was known to it prior to disclosure hereunder, (2) is
 or becomes publicly available other than as a result of a breach hereof, (3) is disclosed
 to it by a third party not subject to a duty of confidentiality, or (4) is required to
 be disclosed under law or by order of court or governmental agency.

**9.** **Warranties** 

EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC SERVICES ARE PROVIDED BY USBGFS "AS IS" ON AN "AS-AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND, AND USBGFS EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

**10.** **Duties in the Event of Termination** 

In the event of termination of the services provided pursuant to this <u>Exhibit C</u>, (i) End Users will no longer be able to access the Electronic Services and (ii) the Fund will, to the extent reasonably technically practicable and permitted by applicable law, return all codes, system access mechanisms, programs, manuals and other written information provided to it by USBGFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium.

**Exhibit D to the Fund Transfer Agent Servicing Agreement**

**Schedule 1 – ETF Services**

(I) USBGFS
 shall provide the following transfer agent and dividend disbursing agent services to
 the Trust with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Facilitate
 purchases and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Prepare
 and transmit by means of DTC's book-entry system payments for dividends and distributions
 on or with respect to the Shares declared by the Trust on behalf of the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain
 the record of the name and address of the Shareholder and the number of Shares issued
 by the Trust and held by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Record
 the issuance of Shares of the Trust and maintain a record of the total number of Shares
 of the Trust which are outstanding, and, based upon data provided to it by the Trust,
 the total number of authorized Shares. USBGFS shall have no obligation, when recording
 the issuance of Shares, to monitor the issuance of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Prepare
 and transmit to the Trust and the Trust's administrator and/or sub-administrator
 and to any applicable securities exchange (as specified to USBGFS by the Trust) information
 with respect to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. On
 days that the Trust may accept orders for purchases or redemptions, calculate and transmit
 to USBGFS and the Trust the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. On
 days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized
 Participant Agreement), transmit to USBGFS, the Trust and DTC the amount of Shares purchased
 on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Confirm
 to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Prepare
 and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Extend
 the voting rights to the Shareholder for extension by DTC to DTC participants and the
 beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry
 only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Maintain
 those books and records of the Trust specified by the Trust and agreed upon by USBGFS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Prepare
 a monthly report of all purchases and redemptions of Shares during such month on a gross
 transaction basis, and identify on a daily basis the net number of Shares either redeemed
 or purchased on such business day and with respect to each Authorized Participant purchasing
 or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Receive
 from the Distributor or from its agent purchase orders from Authorized Participants (as
 defined in the Authorized Participant Agreement) for Creation Unit Aggregations of Shares
 received in good form and accepted by or on behalf of the Trust by the Distributor, transmit
 appropriate trade instructions to the NSCC, if applicable, and pursuant to such orders
 issue the appropriate number of Shares of the Trust and hold such Shares in the account
 of the Shareholder for each of the respective Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Receive
 from the Authorized Participants redemption requests, deliver the appropriate documentation
 thereof to the Trust's custodian, generate and transmit or cause to be generated
 and transmitted confirmation of receipt of such redemption requests to the Authorized
 Participants submitting the same; transmit appropriate trade instructions to the NSCC,
 if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares
 held in the account of the Shareholder for each of the respective Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Confirm
 the name, U.S. taxpayer identification number and principle place of business of each
 Authorized Participant.

In addition to the services set forth above, USBGFS shall: perform the customary services of a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder; and obtaining at the request of the Trust from the Shareholder a list of DTC participants holding interests in the Global Certificate.

USBGFS shall keep records relating to the services to be performed hereunder, in the form and manner required by applicable laws, rules, and regulations under the 1940 Act and to the extent required by Section 31 of the 1940 Act and the rules thereunder (the "Rules"), all such books and records shall be the property of the Trust, will be preserved, maintained and made available in accordance with such Section and Rules, and will be surrendered promptly to the Trust on and in accordance with its request.

**Schedule 2 – Mutual Fund Services**

(I) USBGFS
 shall provide the following transfer agent and dividend disbursing agent services to
 the Trust with respect to each mutual Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Receive
 and process all orders for transactions of shares in accordance with applicable regulations,
 and as specified in the Fund's prospectus and Statement of additional information
 (or similar disclosure documents) (the "Prospectus") filed with the Securities
 and Exchange Commission ("SEC") .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Process
 purchase and redemption orders with prompt delivery, where appropriate, of payment and
 supporting documentation to the shareholder based on the shareholder's or the Fund's
 custodian instructions, and record the appropriate number of shares being held in the
 appropriate shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Pay
 proceeds upon receipt from the Fund's custodian, where relevant, in accordance
 with the instructions of redeeming shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Process
 transfers of shares in accordance with the shareholder's instructions, after receipt
 of appropriate documentation from the shareholder as specified in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Prepare
 and transmit payments, or apply reinvestments for income dividends and capital gains
 distributions declared by the Trust with respect to a Fund, after deducting any amount
 required to be withheld by any applicable laws, rules and regulations and in accordance
 with shareholder instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Serve
 as the Fund's agent in connection with systematic plans including, but not limited
 to, systematic investment plans, systematic withdrawal plans, and systematic exchange
 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Make
 changes to shareholder records, including, but not limited to, address and plan changes
 in plans (e.g., systematic investment and withdrawal and dividend reinvestment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Handle
 load and multi-class processing, including rights of accumulation and purchases by letters
 of intent in accordance with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Record
 the issuance of shares of the Fund and maintain, pursuant to Rule 17Ad-10(e) promulgated
 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
 a record of the total number of shares of each Fund which are authorized, issued and
 outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Prepare
 ad-hoc reports as necessary at prevailing rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Mail
 shareholder reports and Prospectuses to current shareholders for whom USBGFS has direct
 access and appropriate registration information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Prepare
 and file U.S. Treasury Department Forms 1099 and other appropriate information returns
 required with respect to dividends and distributions for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Provide
 shareholder account information upon shareholder or Fund requests and prepare and mail
 confirmations and statements of account to shareholders for all purchases, redemptions
 and other confirmable transactions as agreed upon with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Mail
 and/or obtain shareholders' certifications under penalties of perjury and pay on
 a timely basis to the appropriate federal or state authorities any taxes to be withheld
 on dividends and distributions paid by the Fund, all as required by applicable federal
 and state tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Provide
 the total number of shares of the Fund sold in each state to enable the Trust to monitor
 such sales for blue sky purposes; provided that the Trust, not USBGFS, is responsible
 for ensuring that shares are not sold in violation of any requirement under the securities
 laws or regulations of any state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Answer
 correspondence from shareholders, securities brokers and others relating to USBGFS'
 duties hereunder within required time periods established by applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Reimburse
 the Fund each month for all material losses resulting from "as of" processing
 errors for which USBGFS is responsible in accordance with the "as of" processing
 guidelines set forth on <u>Exhibit B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Calculate
 average assets held in shareholder accounts for purposes of paying Rule 12b-1 and/or
 shareholder servicing fees as directed by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. Provide
 service and support to financial intermediaries including but not limited to trade placements,
 settlements and corrections.

(II) USBGFS
 shall provide the following additional transfer agent services to the Trust with respect
 to each Fund for Internet Access, Vision Electronic Statement Service, Chat and <u>INFORMA</u> <sup>TM</sup>

If the Fund so elects, USBGFS shall provide the following services that are further described and that may be subject to additional terms and conditions specified in their respective exhibits, as such may be amended from time to time:

**Digital Investor, Vision Electronic Statement Service, Chat and <u>INFORMA</u><sup>TM</sup>** (<u>Exhibit C</u>) or the services described on <u>Exhibit D</u>.

The Fund hereby acknowledges that exhibits are an integral part of this Agreement and, to the extent services included in <u>Exhibits C or D</u> are selected by the Fund, such services shall also be subject to the terms and conditions of this Agreement. To the extent the terms and conditions of this Agreement conflict with the terms and conditions included in <u>Exhibits C or D</u>, the exhibit shall control. The provisions of <u>Exhibits C or D</u>, as applicable, shall continue in effect for as long as this Agreement remains in effect, unless sooner terminated.